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FINANCIAL STATEMENTS 3 rd QUARTER 2001

FINANCIAL STATEMENTS 3 rd QUARTER 2001. Investor Relations Officer Chief Financial Officer. HIGHLIGHTS. OPERATING PERFORMANCE. AGENDA. P & L STATEMENT. OUTLOOK. Result influenced by macro economical factors. Real devaluation Rationing Increasing regulatory charges. HIGHLIGHTS.

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FINANCIAL STATEMENTS 3 rd QUARTER 2001

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  1. FINANCIAL STATEMENTS 3rd QUARTER 2001 • Investor Relations Officer • Chief Financial Officer

  2. HIGHLIGHTS OPERATING PERFORMANCE AGENDA P & L STATEMENT OUTLOOK

  3. Result influenced by macro economical factors • Real devaluation • Rationing • Increasing regulatory charges HIGHLIGHTS

  4. 36% Real devaluation resulted in losses of R$650 million HIGHLIGHTS

  5. Revenue reductionreached R$286 million HIGHLIGHTS Reduction of 3%

  6. Residential presented the rationing effects Reduction of 9.8% Reduction of 0.7% HIGHLIGHTS Reduction of 4.3%

  7. Growth till May very positive... HIGHLIGHTS ...but, rationing has already reduced growth from June on

  8. Fast growth after crisesshows the Company’s vigor In 1999 the Real devaluationreduced net income promptlyrecovered in 2000 HIGHLIGHTS Even under adverse conditions CEMIG was able to invest

  9. Even facing debt growth financial situation remains sound HIGHLIGHTS

  10. CEMIG as of September 2001 HIGHLIGHTS

  11. Material facts3rd Quarter 2001 • US$ 90 MI Foreign debt rollover (up to Sept./2001) • Aimorés power plant – 330 MW: Construction start-up • Bovespa Level I of Corporate governance • NYSE ADR Level II listing • MAE electricity transactions recording HIGHLIGHTS

  12. Change in relation to 2000 shows impacts Values in R$ thousand % 3.5 14.3 (22.6 ) (1,637.5) (160.1) (43.1) (25.3) (0.5) Net Operating Revenue Operating Expenses EBITDA FX Losses Net Loss Operating Margin EBITDA Margin Sales (GWh) 2,760,750 2,455,389 680,695 (482,489) (194,621) 11.06 % 24.66 % 33,439 HIGHLIGHTS

  13. ENERGY BALANCE Year to September 2001 Energy available for sale 36,195 GWh Captive Market Requirements 13,566 GWh Total Energy 33,439 GWh Reduction (0.5) % Free Customers 13,141 GWh Third party plant supply Losses 7.6 % 2,756 GWh Reduction (27) % 992 GWh Initial Contracts and Short-term Energy 5,740 GWh

  14. Operating performance improves despite crises OPERAT I NG PDI PDV

  15. Operating Performance OPERAT I NG Equivalent duration of outagesper consumer Equivalent frequency of outages per consumer

  16. EBITDA EBITDA – 22.63 % OPERAT I NG

  17. Balance Sheet Assets Value in thousand of reais OPERAT I NG Liabilities and Equity

  18. Rationing already presents its first impacts OPERAT I NG

  19. Operating revenue reflects rationing losses from June on OPERAT I NG Wholesale revenues rose R$28 million as result of MAE electricity trading accounting

  20. OPERATING EXPENSES OPERAT I NG

  21. 14% increase in operating expenses in 2001 OPERAT I NG

  22. Labor expenses Values in million of Reais OPERAT I NG

  23. FINANCIAL RESULTS Real Depreciation: Until Sep/01: 36.61% Until Sep/00: 3.06% 2001 2000 Financial Result ( R$244.7 million) Financial Result ( R$532.6 million ) F I NANC I ALS Revenue R$ 314.1 million Revenue R$110.7 million Expenses ( R$327.6 million ) Expense ( R$364.3 million ) FX Losses (R$27.8 million) FX Losses ( R$482.5 million )

  24. Foreign Debt increased due to Real devaluation F I NANC I ALS

  25. NON-OPERATING RESULTS 2001 2000 Non-operating Result ( R$61.6 million ) Non-operating Result ( R$42.1 million ) F I NANC I ALS Write-off and Disposal losses (R$11.1 million) Write-off and Disposal losses (R$32.8 million) FORLUZ – Managerial cost (R$6.5 million) FORLUZ – Managerial cost (R$5.8 million) Projects write-off and others (R$22.3 million) Projects write-off and others (R$25.2 million)

  26. Sound Cash Flow affords negative impacts F I NANC I ALS

  27. Debt maturity O U T L O O K

  28. Current situation 2001 Funding • Supplier´s and Buyer´s ....................................….R$ 111.5 million • Roll-over • Already done …….......................................….US$121.2 million • Up to September/2001 .......................….US$ 91.2 million • Central Bank approval in progress...….US$30.0 million • Eurobonds .................................................….US$148.1 million • “Waiver”............................................…....US$ 26.7 million • Loans under 4131-STN/BACEN facility ...US$115.0 million • To be repaid ............................................US$ 6.4 million • Local bonds • A Series: .........................................................R$ 312.5 million • B Series:….......................................................R$ 312.5 million O U T L O O K

  29. CAPEX R$3.9 billion planned for the next 5 years O U T L O O K

  30. MAJOR PROJECTS O U T L O O K

  31. CEMIG’S RESTRUCTURING O U T L O O K

  32. BOVESPA Level I: CMIG3 AND CMIG4 • NYSE Level II ADR: CIG • Dow Jones Sustainability Index 2000 and 2001

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