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FINANCIAL STATEMENTS 2001 1 ST Half. Investor Relations Officer Chief Financial Officer. HIGHLIGHTS. OPERATING PERFORMANCE. AGENDA. FINANCIAL STATEMENTS. OUTLOOK. CEMIG at the end of June/2001. HIGHLIGHTS. Outstanding matters year to June 2001.
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FINANCIAL STATEMENTS 2001 1STHalf • Investor Relations Officer • Chief Financial Officer
HIGHLIGHTS OPERATING PERFORMANCE AGENDA FINANCIAL STATEMENTS OUTLOOK
CEMIG at the end of June/2001 HIGHLIGHTS
Outstanding mattersyear to June 2001 • Enrollment of 570 employees at the Voluntary Dismissal Program - PDV • FORLUZ: CVM nº 371 of 12/13/00 – Adjustment of Actuarial Liability, directly recorded in Shareholders’ Equity • Debt rollover : US$ 41.2 MI • Devaluation impact (debt/Itaipu): YTD 17.9% • Start of Aimorés HPP work – Capacity 330 MW • Rationing with Market and revenue losses • The State will purchase R$90.0 MI zero interest bond to finance Irapé power project HIGHLITGHS
R$ thousand as of June 30, 2001 15.8 % 18.9 % 2.8 % (93.5) % (12.0) % (11.2) % (3.6) % Net Operating Revenue Operating Expenses EBITDA FX Losses Net Income (Loss) Operating Margin EBITDA Margin Total Sales (GWh) 1,933,130 1,621,441 559,417 (229,964) 14,151 16.1 % 28.9 % 20,648 H IGHL IGHTS
ENERGY BALANCE 1ST HALF/2001 Energy available for sale 22,436 GWh Captive Market Requirements 9,791 GWh Total Energy Available 20,648 GWh Reduction 3.6 % Free Customers 9,253 GWh Third party plant take 821 GWh Losses 8.0% 1,788 GWh Reduction 29.3 % Sale to the Interconnected System 783 GWh
H IGHL IGHTS
BILLED ENERGY + 4.5% H I GHL I GHTS
Residential presented the first rationing effects Reduction of 1.2% Increase of 6% Increase of 6.9%
H I G H L I G H T S Growth till May very positive … Drop of 3.9% …but, rationing has already reduced growth in June.
PRODUCTIVITY ENHANCEMENT PDI PDV PERFORMANCE
Quality of Service P E R F ORM A NC E
EBITDA EBITDA + 2.8 % F I NANC I A L
NET INCOME PROGRESSION R$ Million F I NANC I A L
Balance Sheet Assets Value in thousands of reais Liabilities and Equity
Rationing already shows first impacts
Rationing already shows first impacts
Rationing already shows first impacts
OPERATING INCOME F I NANC I A L
LABOR EXPENSE R$ MI F I NANC I A L
OPERATING EXPENSES Operating expenses R$1,621.4 MI Controllable Non-controllable 13.0 % 18.4 % 22.7 % Labor R$302.4 MI 38.9 % Energy Purchased R$512.1 MI 17.4 % 20.0 % Outsourced Services R$102.0 MI CCC R$156.3 MI F I NANC I A L 3.7 % 19.8 % Supplies R$33.1 MI Royalties R$20.8 MI 4.0 % 15.2 % Depreciation R$247.7 MI T Grid Charges R$131.8 MI 196.7 % Provisions R$22.6 MI 3.7 % Fuel Purchased R$36.4 MI ( 47.1 ) % 20.8 % Other R$49.6 MI Inspection Fee R$6.6 MI
Financial Result Real Devaluation: 1st Half 01: 17.87% 1st Half 00: 0.61% 1st Half/01 1st Half/00 Financial Result ( R$214.4 MI ) Financial Result ( R$260.7 MI ) F I NANC I A L Revenue R$170.5 MI Revenue R$67.0 MI Expense ( R$268.1 MI ) Expense ( R$201.2 MI ) FX Losses ( R$230.0 MI ) FX Losses (R$13.3) MI
NON-OPERATING RESULTS 1st Half/01 1st Half/00 Non-operating Result ( R$22.8 MI ) Non-operating Result ( R$26.5 MI ) F I NANC I A L Revenue R$5.4 MI Revenue R$3.9 MI Expense R$26.7 MI Expense R$31.9 MI
Even facing a debt growth, the financial situation is sound OUT LOOK
Foreign Debt increases with the Real devaluation
DEBT SERVICE O U T L OOK
FUNDING AND ROLLOVER ROLLOVER • EUROBONDS: PUT On NOV 18th, 2001 • Rollover under 4131 law facility • 1st tranche: Consortium among Citibank, Abn Amro Bank and Lloyds Bank: US$58 million • 2nd tranche: Itaú: US$30 million • FUNDING • DEBENTURE PLACEMENT: Consortium among Itaú, BBA, ING, Sudameris, Bradesco e Unibanco (lead manager) • first serie: 8 year term, put and call at year 4: R$250 million • second serie:10 year term, put and call at year 5: R$250 million OUT LOOK
EUROBONDS Strong correlation between Cemig’s Bond and Brazilian Treasury Bond OUTLOOK Yield to put ( Nov 18, 2001)
Capital Expenditure Cemig will invest R$3.9 billion in 5 years OU T L OOK
MAJOR PROJECTS OU T L OOK
CEMIG’S RESTRUCTURING O U T L O O K