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FINANCIAL STATEMENTSFINANCIAL STATEMENTS11stst Quarter 2002 Quarter 2002
FINANCIAL STATEMENTSFINANCIAL STATEMENTS11stst Quarter 2002 Quarter 2002
• Cristiano Correa de BarrosCristiano Correa de Barros• Chief Financial OfficerChief Financial Officer• Chief Investor Relation OfficerChief Investor Relation Officer
2
Total debtR$2,280 Million
DebenturesR$ 625 Million
Highlights on Financials
Net IncomeR$ 220 Million
Return on Equity3%
Shareholders’ EquityR$ 7,122 Million
EBITDAR$ 406 Million
Interest ChargesR$ 55 Million
3Highlights on institutional affairs
CEMIG's SHAREHOLDING CAPITAL
MARCH/2002
State of Minas GeraisSouthern Electric Brasil Part. Ltda.Local Private Investors Foreign Private InvestorsOthers
f
ListingNew York Stock Exchange
BOVESPACorporate Governance
Level I
COMMON SHARES
51%
0% 33%4%
12%
PREFERRED SHARES
1%
0%
44%
53%
2%
TOTAL OF SHARES
23%
32%
1%
14%
30%
20,00
25,00
30,00
35,00
40,00
45,00
8,00
9,00
10,00
11,00
12,00
13,00
14,00
15,00
16,00
17,00
18,00
18/0
9/20
01
25/0
9/20
01
02/1
0/20
01
10/1
0/20
01
17/1
0/20
01
24/1
0/20
01
31/1
0/20
01
07/1
1/20
01
15/1
1/20
01
23/1
1/20
01
30/1
1/20
01
07/1
2/20
01
14/1
2/20
01
21/1
2/20
01
02/0
1/20
02
09/0
1/20
02
16/0
1/20
02
23/0
1/20
02
30/0
1/20
02
06/0
2/20
02
13/0
2/20
02
20/0
2/20
02
27/0
2/20
02
06/0
3/20
02
13/0
3/20
02
20/0
3/20
02
27/0
3/20
02
cig cmig4
4
Industry General Agreement
Industry Revitalization Expansion
IrapéFunding Structure
Porto Estrela112 MW
New consumers58 thousandconnected
CAPEXR$ 139.4 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 Industryrestructuring
5ECONOMIC INDICATORS
Estimated Actual Change %IGP-DI 1.52 0.48 (68.1)
DÓLAR 0.15 (1.05) (801.5)IGP-M 1.52 0.51 (66.1)INPC 1.03 2.01 94.6
Index Three month period ending on March 31, 2002
Major inflation index change in the 1st Quarter/2002Major inflation index change in the 1st Quarter/2002
6Consolidated statement of income – R$ MI Economic BasisConsolidated statement of income – R$ MI Economic Basis
SáCarvalho
Net Operating revenues 1,210.2 23.2 0.5 3.7 1.3 1,238.8
Operating Expenses 933.0 19.7 4.0 1.2 1.0 958.8
Financial Income (expense) 66.9 0.6 (1.5) 0.3 0.2 66.5
Non-operating Result (7.0) 0.0 0.0 0.0 0.0 (7.0)
Income before income tax 337.1 4.1 (5.0) 2.9 0.4 339.5
Net Income 118.6 1.5 (1.7) 1.0 0.1 119.5
Income after income tax 218.5 2.6 (3.3) 1.9 0.3 219.9
Ipatinga TotalDescription Cemig Gasmig Infovias
8Industry Agreement : losses recovery
R $ 3 0 2 ,7 69
C o nsu m e rsE x tra ord in ary R ev en ue
L o ng te rm re ce iva b les
A sse ts
R $ 3 0 2 ,7 69
S ha reh o lde rs ' E qu ity
L iab i li ties
B a la nce S he e t
R $ 2 6 8 ,9 40
E x tra ord in ary R ev en ue
O p era tin g R ev en ue
R $ 3 3 ,8 29
F ina n cia l R ev en ue
F ina nc ia l Incom e
S ta te m e n ts o f In co m e
Revenue Losses
9Industry Agreement : losses recovery
R $ 3 5 ,6 48
A sse ts
B a la nce S he e t
W ho lesa leR $ 3 2 ,2 72
O p era tin g R ev en ue
S ta te m e n ts o f In co m e
Energy sold as independent producer
10Industry Agreement : losses recovery
Energy purchased will be booked as operating expenses
C o nsu m e rs-E x tra ord in ary R ev en ue
R $ 6 3 ,1 15
L o ng te rm re ce iva b les
A sse ts
S up p lie rsR $ 6 1 ,0 18
C ur ren t L ia b i li ties
S up p lie rsR $ 5 8 ,6 95
L on g te rm L ia b i li ties
R $ (2 0 ,95 0)
S ha reh o lde rs ' E qu ity
L iab i li ties
B a la nce S he e t
Energy purchased w ill be booked as operating expenses
11
Tariff R ecom p os it ion R even u eR $ 4 6 .2 2 4
O p era tin g R even u e
E n erg y p u rch ased fo r resa leR $ 1 0 4 .0 0 5
O p era tin g E xp en ses
F in an c ia l R even u eR $ 2 0 .2 6 7
F in an c ia l E xp en sesR $ 1 5 .7 0 8
F in an c ia l R esu lt
In com e S ta tem en ts
Energy sold as independent producer
IIndustry Agreement : losses recovery
Energy purchased will be booked as operating expenses
12Industry Agreement : losses recovery
CVA tracking accountCVA tracking account 1st Quarter 20021st Quarter 2002
C on su m ersE xtraord in ary R even u e
R $ 1 2 ,4 0 2
L on g Term s R ece ivab les
A sse ts
S h areh o ld ers ' E q u ityR $ 1 2 ,4 0 2
L iab ilit ies
B a lan ce S h ee t
W rite o ffR $ 7 8 2
O p era tin g exp en ses
In te res t ch arg esR $ 1 1 ,6 2 0
F in an c ia l R even u es
S ta tem en ts o f In com e
Operating Expensesover the forecasted at the tim e of the tariff increase
13Industry Agreement : losses recovery
Tax Impact
T a x c red itsR $ 2 7 ,3 29
L o ng te rm R ece iv ab les
A sse ts
T a x a nd S o c ia l C h arg e - V A T to p ayR $ 8 9 ,5 37
C urren t L ia b i li ties S ha reh o lde rs ' E qu ityR e du ction
R $ 1 1 6 ,8 66
L iab i li ties
Balance Sheet
14
Tax Impacts
R $ 2 3 ,1 04
G ross o p era tin g sa le s d ed u ction
R $ 2 ,3 98
F ina n cia l e xpe nses
R $ 9 1 ,3 64
In com e a nd so c ia l co n tr ib u tion taxes
Statem ents of Income
Industry Agreement : losses recovery
15Industry Agreement : losses recovery
STATEMENT OF INCOME : three months ending on March 31, 2002 R$ 1000
Extraordinary Revenue 315,164 Electricity sales to the interconnected power system 32,272 Deductions from Operating Revenues (23,104)Operating Expenses (103,223)Financial Revenues 63,318 Financial Expenses (15,708)Income and social contribution taxes (91,364)Total 177,355
After all the transations, Cemig will remain with After all the transations, Cemig will remain with a net balance of R$ 177 milliona net balance of R$ 177 million
16
Assets
Liabilities and Equity
Values in million of ReaisBalance Sheet: Holding
BS reflects the industry agreement booking rules
1st Quarter/2002 Dec-01 %
CURRENT 1,545,981 1,630,315 (5.17)
LONG TERM RECEIVABLES 4,009,742 3,503,619 14.45
PERMANENT 7,967,549 7,989,843 (0.28)
13,523,272 13,123,777 3.04
CURRENT 1,919,449 1,739,339 10.36
LONG TERM LIABILITIES 4,481,820 4,482,382 (0.01)
SHAREHOLDER'S EQUITY 7,122,003 6,902,056 3.19
13,523,272 13,123,777 3.04
17
R$ MI in 03/31/2002 % change
Results as of March 31, 2002Results 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)
1,210.2
933.0
405.7
3.7
219.9
22.9
33.5
8,295
30.2 %
12.9 %
69.0 %
-
-
107.1 %
37.8 %
(13.6) %
18Quarterly net income growthR$ MI – Economic Basis
R$ million
82 136106
91(12) 26 (209)
673
220
-300
-150
0
150
300
450
600
750
19Statements of Income
Holding
1st Qua 2002
1st Qua 2001
4th Qua 2001 2001
Net Revenue 1.210 929 1.952 4.713
Operating Revenue (933) (827) (1.349) (3.804)
EBIT 277 103 603 909
Financial Result 67 (100) 328 (205)
Non Operating Result (7) (23) (28) (90)
Net Income 220 (20) 673 478
Statement of Income
Values in million of Reais
20Net Revenue increased 30%Due to tariff readjustment
Holding
1st Qua 2002
1st Qua 2001
4th Qua 2001 2001
Retail Sales 1.134 1.185 1.091 4.553 Extraordinary revenues 315 - 1.058 1.058 Wholesale 39 8 88 144 Transmission Grid Revenue 38 36 39 153 Others 18 25 26 108 Deductions (335) (325) (350) (1.303)
Net Revenue 1.210 929 1.952 4.713
Operating Revenue
Values in million of Reais
21Non controllable costs increased faster
Holding
ExpensesValues in thousands of Reais
1st QUARTER
2002
1st QUARTER2
001
Change
Controllable 411,806 419,949 (2%)
Non controllable 521,184 406,633 28%
Total 932,990 826,582 13%
22Energy purchased reflects rationing adjustment
Holding
1st Qua 2002
1st Qua 2001
4th Qua 2001 2001
Energy Purchased 360 232 699 1,514 Labor 132 167 122 549 Depreciation and amortization 129 123 128 503 CCC 70 71 4 249 Transmission Grid Charges 65 66 46 251 Outsourced Services 50 46 51 214 Forluz - Employee post-retirement benefits 54 50 50 201 Other Expenses 73 72 98 323
Total 933 827 1,198 3,804
Operating ExpensesValues in million of Reais
23
FINANCIAL RESULTSUp 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 ResultR$68.3 MI
Financial Result( R$96.1 MI )
FX GainsR$3.7 MI
Expenses (R$82.5 MI )
RevenueR$145.6 MI
RevenueR$88.9 MI
2002 2001
Expenses(R$66.5 MI)
FX Losses(R$122.9 MI)
Equity Income – AffiliatesR$1.5 MI
Equity Income – AffiliatesR$4.4 MI
24
Million of ReaisMillion of Reais
Foreign Currency debt reducedby Eurobond retirement
Holding
Foreign Currency
31%
69%
Short-term Long-term
Local Currency10%
90%
Short-term Long Term
Total DebtLocal Currency
47%
Foreign Currency
53%
Short-term Long-term TotalForeign Currency 403 895 1,299 Local Currency 121 1,044 1,165 Debt linked deposits (166) (18) (184) Total 358 1,922 2,280
25
332,6
391,4
472,1
434,8
372,5
41,7 36,6 30,3 28,7 28,7
104
17,6
90,7
0
50
100
150
200
250
300
350
400
450
500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014/24
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
2002 2001
NON-OPERATING RESULTSUp to MarchUp to March
1st 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$4,9 MI)
27
Energy delivered to the transmission grid Regulated price Market
Non regulated potencial market
Wholesale
ENERGY BALANCE 1st Quarter 2002ENERGY BALANCE 1st Quarter 2002
Third party plant supply
Energy for sale 11.656 GWh
4,046 GWh
4,029 GWh
2,382 GWh
Total Energy10,788 GWh
Losses 7.4 % 868 GWh
331 GWh
Energy Generated 5,424 Own Generation 4,849 Thirty party plant output 344 Subsidiaries'Generation 231
Energy Purchased 6,232 Itaipu 2,917 Other Utilities Acceptance 582 Short-term Energy/MRE 2,719 Isolated Loads 14
28Rationing reduced sales Volume in 13.6%
01,0002,0003,0004,0005,0006,000
GWh
Industri
al
Resid
entia
l
Comm
ercia
l
Rural
Other
s
Retail Sales
1Q 01 1Q 02
9598
7894
8295
1Q 01 4Q 01 1Q 02
Quarterly Retail Sales in GWh-13.6%
+5.1%
-9.3%
-21.9%-16.9% -19.1%
Retail Sales in R$ million
40%
34%
16%
4% 6%
Industrial Residential Commercial Rural Others
Retail Sales in GWh
62%18%
10%4% 6%
29PRODUCTIVITY GAINS
5.4
12
5,3
43
5.2
39
4,2
48
4,4
73
4,7
23
4,9
17
5,1
41
5,1
86
5,4
71
11,28811,36711,23811,64811,74811,96112,718
15,060
11,59611,357
1,500
3,000
4,500
6,000
4,000
8,000
12,000
16,000
Customers Employees
1997 1998 1999 2000 2001 1st T/02 1st T/01Customers per Employee 352 391 418 441 479 482 443 MWh sold / Employee 2,676 3,282 3,332 3,647 3,093 719 817 Labor expenses per net revenue ( % )27.9 19.2 16.0 14.2 11.7 10.9 17.9 Net revenue per expenses 0.83 0.73 0.86 0.81 0.81 0.60 0.89 Added value ratio 1.21 1.38 1.16 1.24 1.24 1.66 1.12 Sales decreased (%) 2001/2000 3.10 2.20 (0.03) 7.00 (16.2) (13.9) (7.2) Operating expenses / MWh 49 50 75 69 109 114 86
30Outlooks 2002
CEMIG increase tariff - 2002CEMIG increase tariff - 2002 ANEEL announced today, April 5th, 2002, the 176 rule, which reajusted the 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 electricity rates, set a new auditing fee and new yearly revenues related to the Cemig’s transmission connection services, effective for the 2002/2003 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 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, 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 rate structure and the X factor that will affect the readjustment formula, and revenues from April 2003 on.revenues from April 2003 on.
The 176 rule increased Cemig’s electricity rates by 10.5%, due mainly to:The 176 rule increased Cemig’s electricity rates by 10.5%, due mainly to: (1) Non-manageable cost items increase: (1) Non-manageable cost items increase: 4,40%4,40%
(2) Manageable cost items increase: (2) Manageable cost items increase: 4,78%4,78%
(3) Sub-total increase :(3) Sub-total increase : 9,18%9,18% (4) CVA related to October to March period increase(4) CVA related to October to March period increase[1] : : 1,90%1,90%
(5) ASMAE operating cost write-off(5) ASMAE operating cost write-off[2] : : -0,57%-0,57% (6) Final rate increase (3 +4 + 5)(6) Final rate increase (3 +4 + 5) 10,51%10,51% [1] Conta de Variação dos Itens da Parcela A - CVA Conta de Variação dos Itens da Parcela A - CVA[2] Structure Costs associated to Energy Gross Market, paid during 1999, 2000 and Structure Costs associated to Energy Gross Market, paid during 1999, 2000 and
2001, purged in 2002 by ANEEL2001, purged in 2002 by ANEEL
31
R$2.7 billion planned for the next 3 yearsEconomic Basis
Capital expenditure – R$ MI Economic Basis
Items 2001(A) 1 Q/02 2002 2003 2004
Generation 169.0 56.6 416.7 201.3 91.2
Transmission 46.8 6.6 44.6 96.6 104.2
Sub-transmission 31.5 11.0 98.8 130.9 121.9
Distribution 348.1 49.8 399.5 354.9 321.0
Other 40.0 15.4 120.0 64.7 87.9
TOTAL 635.3 139.4 1,079.6 848.4 726.2
32Major Projects
R$ MI Start-upUTE Barreiro 100 13 22 Mar. 03UHE Pai Joaquim 100 23 11 Dec. 03UTE Ouro Preto 100 24 15 Apr. 03UHE Aimorés 49 330 199 Dec. 03UTE Sulminas 31 488 186 Dec. 03UHE Capim Branco l ll 21 450 106 NDUHE Irapé 100 360 486 Jun. 05UHE Funil 49 180 95 Dec.02UTE Usiminas II 100 67 161
Total 1.935 1.281 Infovias 48 Efficientia S A 1
DescriptionCEMIG investment%
CEMIGMW
33
M inas Gerais State Government
ASSETSCurrent AssetsReceivable accounts 4,455Taxes and social recovarable charges
ICMS a Compensar 77,773Long term receivableReceivable accounts from Minas Gerais State Governament 1,533,943LIABILITIESCurrent LiabilitiesTaxes and social charges - State VATICMS payable 101,679
INCOMEGross sales 4,489Gross Sales Deduction – ICMS -240,592Interest and monetary restatement – Receivable accounts from theMinas Gerais State Governament
41,838
Values in thousands of ReaisValues in thousands of Reais
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