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1 FINANCIAL STATEMENTS 1 st Quarter 2002 FINANCIAL STATEMENTS 1 st Quarter 2002 Cristiano Correa de BarrosCristiano Correa de Barros Chief Financial OfficerChief.

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Presentation on theme: "1 FINANCIAL STATEMENTS 1 st Quarter 2002 FINANCIAL STATEMENTS 1 st Quarter 2002 Cristiano Correa de BarrosCristiano Correa de Barros Chief Financial OfficerChief."— Presentation transcript:

1 1 FINANCIAL STATEMENTS 1 st Quarter 2002 FINANCIAL STATEMENTS 1 st Quarter 2002 Cristiano Correa de BarrosCristiano Correa de Barros Chief Financial OfficerChief Financial Officer Chief Investor Relation OfficerChief Investor Relation Officer

2 2 Total debt R$2,280 Million Debentures R$ 625 Million Highlights on Financials Net Income R$ 220 Million Return on Equity 3% Shareholders’ Equity R$ 7,122 Million EBITDA R$ 406 Million Interest Charges R$ 55 Million

3 3 Highlights on institutional affairs Listing New York Stock Exchange BOVESPA Corporate Governance Level I cig cmig4

4 4 Industry General Agreement Industry RevitalizationExpansion Irapé Funding Structure Porto Estrela 112 MW New consumers 58 thousand connected CAPEX R$ MI Highlights on strategy Revenue Losses Non controllable costs Purchase of non Regulated price energy Other Regulatory costs The MAE Energy transaction deadlock Assurance on the capacity expansion Moving along with the Industry restructuring

5 5 ECONOMIC INDICATORS Major inflation index change in the 1st Quarter/2002

6 6 Consolidated statement of income – R$ MI Economic Basis Consolidated statement of income – R$ MI Economic Basis

7 7

8 8 Industry Agreement : losses recovery

9 9

10 10 Industry Agreement : losses recovery Energy purchased will be booked as operating expenses

11 11 I Industry Agreement : losses recovery Energy purchased will be booked as operating expenses

12 12 Industry Agreement : losses recovery CVA tracking account 1st Quarter st Quarter 2002

13 13 Industry Agreement : losses recovery

14 14 Industry Agreement : losses recovery

15 15 Industry Agreement : losses recovery After all the transations, Cemig will remain with a net balance of R$ 177 million

16 16 Assets Liabilities and Equity Values in million of Reais Balance Sheet: Holding BS reflects the industry agreement booking rules

17 17 R$ MI in 03/31/2002 % change Results as of March 31, 2002 Holding Net Operating Revenue - R$ MI Operating Expenses – R$ MI EBITDA – R$ MI FX losses – R$ MI Net Income (Loss) – R$ MI Operating Margin (%) EBITDA Margin (%) Retail Sales (GWh) 1, , % 12.9 % 69.0 % % 37.8 % (13.6) %

18 18 Quarterly net income growth R$ MI – Economic Basis R$ million

19 19 Statements of Income Holding

20 20 Net Revenue increased 30% Due to tariff readjustment Holding

21 21 Non controllable costs increased faster Holding Expenses Values in thousands of Reais 1st QUARTER st QUARTER2 001 Change Controllable411,806419,949(2%) Non controllable521,184406,63328% Total932,990826,58213%

22 22 Energy purchased reflects rationing adjustment Holding

23 23 FINANCIAL RESULTS Up to March Real Depreciation: Up to Mar/02: 0.14% Up to Mar/01: 10.55% FX gains in 2002 compared to FX losses in 2001 Holding Financial Result R$68.3 MI Financial Result ( R$96.1 MI ) FX Gains R$3.7 MI Expenses (R$82.5 MI ) Revenue R$145.6 MI Revenue R$88.9 MI Expenses (R$66.5 MI) FX Losses (R$122.9 MI) Equity Income – Affiliates R$1.5 MI Equity Income – Affiliates R$4.4 MI

24 24 Million of Reais Foreign Currency debt reduced by Eurobond retirement Holding

25 25 Debt Maturity as of March 31, 2002 In Reais Million Debt Maturity as of March 31, 2002 In Reais Million The debt is not included at FORLUZ

26 NON-OPERATING RESULTS Up to March 1 st Quarter 2002: guidance Non-operating Result (R$7 MI) Non-operating Result (R$22,7 MI) FORLUZ – operating expenses (R$2.2 MI) Write-off and Disposal losses (R$3.4 MI) Projects write-off and others (R$15,6 MI) FORLUZ – operating expenses (R$2,2 MI) Projects write-off and others (R$1.4 MI) Write-off and Disposal losses (R$4,9 MI)

27 27 Energy delivered to the transmission grid Regulated price Market Non regulated potencial market Wholesale ENERGY BALANCE 1st Quarter 2002 Third party plant supply Energy for sale GWh 4,046 GWh 4,029 GWh 2,382 GWh Total Energy 10,788 GWh Losses 7.4 % 868 GWh 331 GWh

28 28 Rationing reduced sales Volume in 13.6% -13.6% +5.1% -9.3% -21.9% -16.9% -19.1%

29 29 PRODUCTIVITY GAINS

30 30 Outlooks 2002 CEMIG increase tariff ANEEL announced today, April 5th, 2002, the 176 rule, which reajusted the electricity rates, set a new auditing fee and new yearly revenues related to the Cemig’s transmission connection services, effective for the 2002/2003 cycle. Itt also has announced a notice on the rate review process, which will take place over the next 12 months and will result in new allowed revenue, rate structure and the X factor that will affect the readjustment formula, and revenues from April 2003 on. The 176 rule increased Cemig’s electricity rates by 10.5%, due mainly to: (1) Non-manageable cost items increase: 4,40% (2) Manageable cost items increase: 4,78% (3) Sub-total increase :9,18% (4) CVA related to October to March period increase[1] :1,90% [1] (5) ASMAE operating cost write-off[2] : -0,57% [2] (6) Final rate increase ( )10,51% [1] Conta de Variação dos Itens da Parcela A - CVA [1] Conta de Variação dos Itens da Parcela A - CVA[1] [2][2] Structure Costs associated to Energy Gross Market, paid during 1999, 2000 and 2001, purged in 2002 by ANEEL [2]

31 31 R$2.7 billion planned for the next 3 years Economic Basis Capital expenditure – R$ MI Economic Basis

32 32 Major Projects

33 33 Values in thousands of Reais Related parts


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