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• Investor Relation Directorship Investor Relation Directorship • Financial and Energy Trade DirectorshipFinancial and Energy Trade Directorship
FINANCIAL STATEMENTSFINANCIAL STATEMENTS33rdrd Quarter 2000 Quarter 2000
2
HIGHLIGHTS
OPERATING PERFORMANCE
INCOME STATEMENT
OUTLOOK
A
G
E
N
D
A
3
Cemig at the end of September/2000
• Net Profit R$ 324 million• Shareholders’ Equity R$ 7,727
million• Debt R$ 1,488 million • Capex R$ 345 million• Generating Installed Capacity 5,554 MW• Own Power Facility Output 23,661 GWh• Sales to final customers 28,077 GWh• Customers 5,085,644
Cemig TodayCemig Today
HIGHLIGHTS
4
Net Operating Revenue
Operating Expenses
EBITDA
Net Income
Operating Margin
EBITDA Margin
Sales ( GWh)
Values in Thousands of Reals
HIGHLIGHTS
2,666,443
2,147,882
879,802
324,067
19.4%
33.0%
32,404
Nine months endedSeptember 30, 2000
27.6%
19.4%
41.2%
39.6%
10.7%
6.5%
5
INSTALLED OUTPUT CHANGEFACILITIES CAPACITY
KW MWh 2000/1999
HYDROELECTRIC POWER PLANTS5,381,684 22.833.778 10.9
1. SÃO SIMÃO 1,710,000 9.180.090 13,3 2. EMBORCAÇÃO1,192,000 2.653.103 3,3 3. NOVA PONTE
510,000 2.079.312 7,4 4. JAGUARA424,000 2.317.380 0,6 5. TRÊS MARIAS396,000 1.683.208 22,4
6. VOLTA GRANDE 380,000 1.778.115 5,0
7. MIRANDA 408,000 1.800.875 19,9 8. SALTO GRANDE102,000 363.188 17,2
9. OTHERS 259,684 978.508
THERMAL POWER PLANTS 131.440 622.979 59,7
WIND FARM 1.000 210 -68,3TOTAL5.514.124 23.456.967 12,8
IPATINGA THERMAL PLANT 40.000 204.899
TOTAL 5.554.124 23.661.866 14,0
THIRD PARTY’S POWER PLANTS OPERATED BY CEMIG 379.550 1.532.047
A RECORD OUTPUT
HIGHLIGHTS
6ENERGYBALANCEENERGYBALANCE
HIGHLIGHTS
1.531 Gwh
Operation ServicesContracts Output
721 Gwh
Short Term Energy
840 Gwh
InitialContracts
Itaipú10.203 Gwh
11.764 GwhEnergy Purchase
216 Gwh
Ipatinga
Cemig23.457 Gwh
Cemig’s Plants23.673 Gwh
36.968 Gwh
Total AvailableEnergy
1.207 Gwh
OperationServices
Contracts
Losses 3.357 Gwh
9,1%
640 Gwh
InitialContracts
3.859 Gwh
Short TermEnergy
4.499 Gwh
Wholesale
13.780 Gwh
FreeConsumers
Market
14.326 Gwh
CaptiveMarket
32.404Gwh
Energy Sold
7ENERGYSOLD – GWh
HIGHLIGHTS
2.700
2.800
2.900
3.000
3.100
3.200
3.300
3.400
jan feb mar apr may jun jul aug sep oct nov dec
1998 - R 1999 - R 2000 - P 2000 - R
5,4% per year
4,8%last 12 months
Mercado Faturado
8
HIGHLIGHTS
Residential consumers have slowed the growth
3Q/2Q
2000/%
3Q00/
3Q99/%
Jan/Sep
00/99/%
Sales to end Consumers 4.9 4.9 4.8
Industrial 2.1 6.6 6.6
Residential 0,5 1.2 1.2
Commercial (2.7) 6.5 6.5
Rural 25.1 1.0 1.0
Others 2.8 2.4 1.9
9
28.07
7
26.78
1
2.0161.979
1.2281.217
2.6452.483
16.534
15.517
5.6535.585Res
Consumption (GWh) and Growth Rates (%)
1999 2000
Category
Ind
Com
Rur
Oth
6,5%
1,2%
6,6%
1,9%
Year to Sep.
HIGHLIGHTS
4,8%
1,0%
10
HIGHLIGHTS -6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
Consumption Increase (%) Last 12 months - Sep/00
Commercial
Industrial
Total
Residential
11
SALES
HIGHLIGHTS
RETAIL SALES
7500
8000
8500
9000
9500
10000
1Q 2Q 3Q 4Q
GW
h
.
1997 1998 1999 2000
12PERFORMANCERATIOS
HIGHLIGHTS
DESCRIPTION 1998 1999GO
2000
UP TO
SET/00
EBITDA – R$ million 1,033.0 852.1 1,209.5 879.8
EBITDA Margin (%) 43.2 29.8 33.5 33.0
Expenses/MWh) – R$ 50.2 74.7 76.1 73.4
Net Operating Margin (%) 20.2 14.1 19.9 19.4
ROE (%) 6.4 0.4 6.9 4.5
Consumers per Employee 391.3 418.5 447.2 439.9
Energy Sold per Employee/MWh 246.5 254.6 301.3 305.0
13
Operating Performance
14.923
12.550 11.947 11.732 11.560
1996 1997 1998 1999 set/00
NUMBER OF EMPLOYEES
282
352391
419 439
1996 1997 1998 1999 set/00
CUSTOMER PER EMPLOYEES
CEMIG TODAY
14NET INCOME GROWTH
OPERATING
-315
64113
172
82
136106
-400
-300
-200
-100
0
100
200
R$
mil
lio
n
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00
15
Net IncomeR$324 million
Net Losses(R$138 million)
Non-Operating Result(R$42 million)
Financial Expenses(R$246 million)
Operating ResultR$519 million
Non-Operating Result(R$52 million)
Financial Expenses(R$429 million)
Operating ResultR$290 million
2000 1999OPERATING
P&L STATEMENTS NINE MONTHS ENDED SEP, 30
16
GROWTH RESUMED IN 2000
NET REVENUE
OPERATING
400
500
600
700
800
900
1000
R$
mil
lio
n
.
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00
17
OPERATING
Sales Volume
20%
9%4%
7%
60%
Industrial Residential CommercialRural Others
Revenues
33%
15%
4%10% 38%
SALES BREAKDOWN
18
Gross Revenue
R$3,567 million
Gross SalesR$3,266 million
WholesaleR$127 million
T Grid RevenueR$104 million
Other RevenuesR$70 million
Year to September 30, 2000
OPERATINGREVENUE
RESULTS
25.9%
21.1%
154.4%
160.2%
49.2%
DeductionsR$902 million
Net RevenueR$2,665 million
21.3% 27.6%
ICMSR$698 million
RGRR$76 million
COFINSR$105 million
PASEP + ISSR$23 million
26.8%
29.3%
24.5%
19.5%
19
Operating ExpensesR$2,148 million
Energy PurchaseR$602 million
LaborR$377 million
DepreciationR$361 million
CCCR$205 million
T Grid ChargesR$179 million
Up to September 30, 2000
OPERATINGEXPENSES
RESULTS
19.4%
11.6%
11.6%
8.5%
107.2%
83.8%
Outsorced servicesR$135 million
Pension Fund Contrib.R$75 million
SuppliesR$49 million
RoyaltiesR$ 28 million
ProvisionsR$19 million
29.3%
23.4%
27.1%
19.6%
(80.1)%
Other ExpensesR$ 118 million
65.9%
20
Operating ExpensesR$2,148 million
Energy PurchaseR$602 million Labor
R$377 million
DepreciationR$361 million
CCCR$205 million
T Grid ChargesR$179 million
Up to September 30, 2000
OPERATING EXPENSES
RESULTS
19.4%
11.6%
8.5%
107.2%
83.8%
Outsorced servicesR$135 million
Pension Fund Contrib.R$75 million
SuppliesR$49 million
RoyaltiesR$ 28 million
ProvisionsR$19 million
29.3%
23.4%
27.1%
19.6% (80.1%)
Other ExpensesR$ 118 million
65.9%
NON-CONTROLLABLE 33,6%CONTROLLABLE
9,0%
11.6%
21
OPERATING EXPENSES
OPERATING
400
450
500
550
600
650
700
750
800
R$
mil
lio
n
1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00
23
Financial Result(R$ 245,5 million)
IncomeR$109,4 million
Expenses(R$327,3 million)
Foreign Currency Losses
(R$27,7 million)
IncomeR$229,3 million
Expenses(R$269,1 million)
Foreign CurrencyLosses
(R$389,5 million)
Financial Result(R$429,3 million)
FINANCIALRESULTS
RESULTS
Year to Sep/00 Year to Sep/99
24
RESULTS
FINANCIALRESULTS
Values in Thousands
SEP/00 SEP/99 VAR. (%) INCOME 109.516 229.324 (52,2)CRC assignment agreement - Interest 59.192 43.293 36,7 CRC assignment agreement – Monetary Var. - 57.241 - Charges on overdue bills 21.846 22.517 (3,0)Short term investment income 27.467 21.635 27,0 Reversal of COFINS tax provision - 76.722 - Other Income 1.011 7.916 (87,2)
EXPENSES (140.277) (269.098) (47,9)Tax Charges (14.971) (42.215) (64,5)Interest Charges (106.139) (111.887) (5,1)Local currency inflationl losses (16.957) (34.203) (50,4)CPMF (9.928) (4.077) 143,5 Marketable security loss provision 16.954 (20.368) 183,2 Pre-paid energy sales (8.383) (62.053) (86,5)Equity Income (853) 5.705 -
INTEREST ON EQUITY (187.000) - -
FOREIGN CURRENCY DEBT LOSSES (27.770) (389.539) (92,9)Loans and Financing (25.136) (381.071) (93,4)Brazilian Treasury Notes 1.985 30.590 (93,5)Expenses - Suppliers (4.619) (39.058) (88,2)
TOTAL (245.531) (429.313) (42,8)
25
UPTURN IN 2000
OUTLOOK 0
500
1000
1500
2000
2500
3000
R$
mil
lio
n
.
1996 1997 1998 1999 3Q 2000
Net Income Debt EBITDA
26
38,4
119,0
541,8
179,7
0
100
200
300
400
500
600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014-2024
Moeda Nacional Moeda Estrangeira
R$ Million as of September 30, 2000R$ Million as of September 30, 2000
DEBT MATURITY
OUTLOOK
LOCAL CURRENCY FOREIGN CURRENCY
27
OUTLOOK
DEBT ROLLOVER
STN AUTHORIZATION
DATE DESCRIPTION US$
721/COREF/DIREF 01/03/2000 Austria II (38.400.000,00)
3092/COREF 05/07/2000 ABN AMRO (18.313.541,66)
4250/COREF 12/09/2000 Citibank (38.000.000,00)
4726/COREF 13/10/2000 Banco do Brasil (35.500.000,00)
28
OUTLOOK
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
Mar-98
Apr-98
May-98
Jun-98Jul-98Aug-98
Sep-98Oct-98
Nov-98
Dec-98
Jan-99
Feb-99Mar-99
Apr-99
May-99
Jun-99Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00Feb-00Mar-00
Apr-00
May-00
Jun-00Jul-00
Aug-00
Sep-00Oct-00
D A T E
YIE
LD
(p
.a.)
CEMIG - 2004 BRASIL - 2001
EUROBONDSEUROBONDS
Cemig’s bonds show strong correlation with sovereign bonds
29
OUTLOOK
CAPITAL EXPENDITURE
R$ MILLIONUP TO
SEP/2000
TOTAL 345.375
1. Generation 42.614
2. Transmission 5.555
3. Distribution 262.958
4. Other Facilities 34.248
30
OUTLOOK
POWER PROJECTS
% CEMIG MW
CEMIG
FUNDING
R$ Mi
ESTIMATED START-UP
DATE
UHE Sá Carvalho 100 78 87 Oper.
UHE Porto Estrela 33 112 24 Sep/01
UHE Poço Fundo 100 21 8 Mar/02
Co-generation Mannesmann 49 13 7 Jun/02
UHE Pai Joquim 49 23 9 Dec/02
UHE Queimado 65 105 55 Apr/03
UHE Aimorés 49 330 151 May/03
UTE Sul Minas 31 500 300 Sep/03
UHE Funil 49 180 115 Aug/04
UHE Irapé 49 360 180 Apr/05
TOTAL 1722 936
Infovias 49 88
Gasmig 96 13
31
G E N C O1 0 0 %
5 ,5 5 4 M W
T R A N S C O1 0 0 %
4 ,5 0 0 K M
D IS C O /C O M E R C1 0 0 %
5 .1 m illio n clien ts
G A S M IG9 5 %
1 .8 M M M 3 /d a y
P o rto E strela3 3 %
1 1 3 M W
IN F O V IA S4 8 %
A im o rés4 9 %
3 3 0 M W
Ip a tin g a1 0 0 %
4 0 M W
C E M IGH o ld in g C o m p a n y
Future structure to meetregulatory requirements
Porto Estrela: work in progress
OUTLOOK
32
CRC Renegotiation
• Longer term : 25 to 30 years
• Higher interest rates
• Commit State dividends to repay
• Preserve present value
OUTLOOK
33
END
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