I CONSOLIDATED BALANCE SHEET IN R$ II STATEMENT INVESTIMENTS 4 III CAPITAL STRUCTURE 5 TWELVE MONTH BALANCE SHEET - SUMMARY

Transcription

1 Eletrobrás Marketletter September / 2001

2 INDEX I CONSOLIDATED BALANCE SHEET IN R$ Assets 1 Liabilities 2 Operating Revues 3 II STATEMENT INVESTIMENTS 4 III CAPITAL STRUCTURE 5 IV TWELVE MONTH BALANCE SHEET - SUMMARY Assets 6 Liabilities 7 Operating Revues 8 V TWELVE MONTH RATIOS - SUMMARY 9 VI STOCK MARKET 10 VII ADR S MARKET 11 VIII INSTITUCIONAL INFORMATION 12 IX BALANCE SHEET IN US$ Assets 13 Liabilities 14 Operating Revues 15 DF/DFR Av. Presidente Vargas, 409-9º andar CEP Rio de Janeiro - RJ Tel.: (21) / Fax.: (21) arlindo@eletrobras.gov.br

3 ASSETS Expressed in thousands of Reais (Free translation from the Portuguese) BALANCE SHEET 1 Under the Corporate Law PARENT COMPANY CONSOLIDATED ASSETS Reclassified CURRENT ASSETS Cash and banks Consumers and resellers Loans and financing Interest, commissions and charges Marketable securities Temporary investments Tax credits Inventory - materials Remuneration of investments Sundry receivables Fuel consumption account - CCC Others LONG-TERM RECEIVABLES Loans and financing Marketable securities Studies and projects Concessions to bid Renegotiated receivables Tax credits Others Advances for capital increase PERMANENT ASSETS Investments Participation in electric power companies Equity accounting Cost Others Property, plant and equipment Deferred charges

4 LIABILITIES AND STOCKHOLDERS EQUITY Expressed in thousands of Reais BALANCE SHEET 2 (Free translation from the Portuguese) Under the Corporate Law PARENT COMPANY CONSOLIDATED LIABILITIES Reclassified CURRENT LIABILITIES Loans and financing Charges on loans and financing Due to subsidiaries Fuel consumption account - CCC Suppliers Compulsory loan Estimated obligations Shareholders' remuneration Taxes and social contributions Provisions for contingencies Remuneration and reimbursement Actuarial liability Others LONG-TERM LIABILITIES Loans and financing Due to subsidiaries Global reversal reserve Compulsory loan Taxes and social contributions Deferred tax liabilities Provisions for contingencies Actuarial liability Others Obligations linked to concessions MINORITY INTERESTS IN SUBSIDIARIES STOCKHOLDERS' EQUITY Capital Capital reserves Revenue reserves Retained earnings Advances for capital increase

5 BALANCE SHEET 3 STATEMENT OF INCOME Expressed in thousands of Reais (Free translation from the Portuguese) Under the Corporate Law PARENT COMPANY CONSOLIDATED Reclassified Reclassified OPERATING REVENUES Electric energy sales Subventions - fuel consumption Arrears interest on energy sales Loans and financing Interest, commissions and charges Net monetary variations Equity accounting ( ) Other investment income Others OPERATING EXPENSES Loans and financing Personnel, materials and services Depreciation and amortization PASEP and COFINS Charges on taxes paid in installments Provisions for contingencies Charges on stockholders' remuneration Charges on traded securities Remuneration and reimbursement Fuel for electric energy production Donations and contributions Energy purchased for resale Others OPERATING PROFIT NON-OPERATING REVENUE (EXPENSES), NET (3.768) (36.344) (58.307) Social contribution ( ) ( ) ( ) ( ) Income tax ( ) ( ) ( ) ( ) INCOME BEFORE MINORITY INTERESTS Minority interests NET INCOME FOR THE YEAR INCOME PER THOUSAND SHARES - R$ 6,34 2,60

6 STATEMENT OF INVESTMENTS 4 INVESTMENT AND ADVANCES FOR FUTURE CAPITAL INCREASE Expressed in thousands of Reais (Free translation from the Portuguese) According to Corporate Law STOCKHOLDERS EQUITY ELETROBRÁS EQUITY (%) NET INCOME (LOSS) OF COMPANY EQUITY ADJUSTMENTS EVALUATED ON THE EQUITY METHOD ADVANCES FOR FUTURE CAPITAL INCREASE A) RETURN ON INVESTMENTS SUBSIDIARIES FURNAS , CHESF ,45 (72.451) (69.541) ELETROSUL , ELETRONORTE ,72 ( ) ( ) LIGHTPAR ,61 (1.283) (2.503) ELETRONUCLEAR ,54 ( ) ( ) CGTEE , (2.003) ( ) OTHER ITAIPU , Dividends SUBTOTAL ( ) B) RETURN ON MINORITY SHEREHOLDING ASSOCIATE UTILITIES TOTAL ( )

7 STRUCTURE OF CAPITAL 5 CAPITAL STRUCTURE At September 2001 (Free translation from the Portuguese) COMMON SHARES % PREFERRED SHARES CLASS A PREFERRED SHARES CLASS B TOTAL % FEDERAL GOVERNMENT 264,328,120, ,592,868, ,920,989,015 52,46 BNDESPAR 68,089,960, ,237,780 68,161,197,850 12,68 FND 22,810,794, ,810,794,898 4,24 MINORITYY 97,282,887, ,460,000 67,253,191, ,609,539,117 30,62 TOTAL 452,511,763, ,460,000 84,917,297, ,502,520, TOTAL CAPITAL PARTICIPATION MINORITY FEDERAL GOVERNMENT FND BNDESPAR

8 TWELVE MONTH BALANCE SHEET 6 US$ million ACCOUNTS Sept/00 Dec/00 Mar/01 Jun/01 Sep/01 ASSETS CURRENT ASSETS Cash, banks and marketable securities 579,07 697,38 671,71 764,38 563,.629 Loans and financings receivable 1,362,98 1,025,97 1,053,78 1,059,04 1,028,107 Other 1,451,49 1,361,33 1,268,40 57,39 1,381,815 3,393,54 3,084,68 2,993,89 1,880,81 2,973,551 NON-CURRENT ASSETS Loans and financings receivable 12,913,11 13,191,67 12,615,04 12,362,60 11,837,036 Other 427,49 390,69 363,83 7,56 304,330 13,340,60 13,582,36 12,978,87 1,2370,16 12,141,366 Advances for future capital increase 1,340,98 1,308,48 1,182,35 1,116,08 988,110 14,681,58 14,890,84 14,161,22 13,486,24 13,129,476 PERMANENT ASSETS Investments 22,298,30 20,490,20 18,539,96 15,746,09 14,815,204 Fixed assets 8,82 7,90 6,98 6,31 5,22 Deferred 2,63 2,66 2,41 2,27 1,95 22,309,75 20,500,76 18,549,35 15,754,67 14,822,374 T O T A L 40,384,87 38,476,28 35,704,46 31,121,72 30,925, Current Asset Non-Current Asset Permanent Sept Dec Mar/01 Jun Sept/01

9 TWELVE MONTH BALANCE SHEET 7 US$ million ACCOUNTS Sept/00 Dec/00 Mar/01 Jun/01 Sep/01 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Loans and financings payable 318,73 311,61 354,64 270,11 206,771 Taxes and contributions 486,94 313,95 193,38 283,60 307,279 Other 476,34 927,46 903,97 20,70 784,140 1,282,01 1,553,02 1,452,00 574,41 1,298,190 NON-CURRENT LIABILITIES Loans and financings payable 1,562,64 1,537,16 1,428,54 1,499,23 1,551,177 Taxes and contributions 266,51 106,81 78,05 55,15 31,121 Other 3,422,94 3,502,50 3,408,24-3,312,884 5,252,09 5,146,47 4,914,83 1,554,38 4,895,182 STOCKHOLDERS EQUITY Revalued paid-up capital 11,304,26 10,541,17 9,535,62 8,942,77 7,719,924 Reserves 21,089,35 20,367,19 18,469,23 17,367,72 15,041,679 Retained earnings 802,10 234,47 738,53 1,005,85 1,448,197 33,195,71 31,142,82 28,743,38 27,315,95 24,209,800 Advances for future capital increase 655,06 633,97 594,25 578,87 522,23 33,850,77 31,776,79 29,337,63 27,894,82 24,732,029 T O T A L 40,384,87 38,476,28 35,704,46 30,023,61 30,925, Current Liabilities Non-Current Liabilities Stockholders' Equity Sept Dec Mar/01 Jun Sept/01

10 TWELVE MONTH BALANCE SHEET 8 US$ million ACCOUNTS Sept/00 Dec/00 Mar/01 Jun/01 Sep/01 OPERATING REVENUES From financings and loans 1,445,29 2,165,94 976,55 1,715,93 2,724,029 From investments (1) 237,22 185,51 (12,64) (92,18) (177,302) Other 64,38 89,25 27,65 55,53 74,623 1,746,89 2,440,70 991,56 1,679,28 2,621,350 OPERATING EXPENSES Charges on loan and financings 193,22 258,26 57,34 111,43 152,629 Other 475,69 599,14 140,33 50,22 507, ,91 857,40 197,67 161,65 660,089 Operating income 1,077,98 1,583,30 793,89 1,213,44 1,961,261 NON-OPERATING INCOME (2,07) 41,66 1,444 1,385 Net income before income tax and social contribution 1,075,91 1,624,96 793,89 1,214,89 1,962,646 Social Contribution (62,57) (79,38) (71,89) (125,38) (196,736) Provision for income tax (current) (246,61) (287,90) (195,57) (282,56) (489,427) INCOME BEFORE MINORITY PARTICIPATION 766,73 1,257,68 56,43 806,94 1,276,483 Employees earning participation (1,77) - Net income 766,73 1,255,91 526,43 806,94 1,276,483 Net income per share 0,0014 0,0023 0, , , Equity value 0,06 0,06 0,05 0,05 0,05 OBS.: (1) Equity adjustments 71,78 40,54 12,63 (44,76) (191,46)

11 TWELVE MONTH BALANCE SHEET 9 RATIOS Sept/00 Dec/00 Mar/01 Jun/01 Sep/01 Cash, banks and marketable securities / Current liabilities 45.17% 44.90% 46.26% 53,43% 43,42% Current Assets / Current Liabilities % % % 220,31% 229,05% CAPITAL STRUCTURE Current Liabilities / Stockholders Equity 3.86% 4.99% 5.05% 5,24% 5,36% (Current Liabilities + Non-Current Liabilities) / Stockholders Equity 19.68% 21.51% 22.15% 23,32% 25,58% Total of Loans and Financings / Stockholders Equity 5.67% 5.94% 6.34% 6,48% 7,15% Loans and Financings Current Liabilities / Total of Loans and Financings 16.94% 16.85% 21.67% 15,27% 12,16% Permanent Assets / Stockholders Equity 67.21% 65.83% 64.50% 63,28% 61,20% (Current Liabilities + Non-Current Liabilities) / Total Assets 16.18% 17.41% 17.83% 18,59% 20,03% EARNING CAPACITY VALUE Net income for the year / Operating income 71.13% 79.32% 66.31% 66,50% 65,08% Net income before income tax / Operating income 99.81% % % 100,12% 100,07% Net income for the year / Stockholders Equity 2.31% 4.03% 1.83% 2,95% 5,27% MARKET INDICATORS Common Share (US$) ,0128 0,0121 Preferred Share class B (US$) ,0118 0,0113 Common Share (US$) / Book value 31.88% 31.82% 35.91% 25,18% 24,20% Preferred Share class B (US$) / Book value 33.27% 31.78% 34.60% 23,22% 22,60% 300,00 % Current Assets / Current Liabilities 250,00 200,00 150,00 100,00 50,00 0,00 Sept Dec Mar/01 Jun Sep/01 Total Loans and Financings / Stockholders' Equity % Sept Dec Mar/01 Jun Sep/01

12 STOCK MARKET 10 Stock Performance Preferred Shares Class B Daily Average Traded Market Price Average Equity value of the company s shares Net income per share Market price at the end of the quarter Index P / E Index P / BV Quarterly Earning Capacity Value R$ US$ R$ US$ R$ US$ R$ US$ 3 rd Quarter/ ,0402 0,0218 0,1126 0,060 0, ,0014 0,0375 0, ,38 33,21% (6,27%) 4 th Quarter/ ,0351 0,0180 0,1133 0,058 0, ,0023 0,0360 0,0184 7,88 31,78% (3,74%) 1 st Quarter/ ,0379 0,0175 0,1156 0,053 0, ,0010 0,0400 0, ,87 34,60% 11,05% 2 nd Quarter/ ,0306 0,0133 0,1171 0,051 0, ,0006 0,0272 0, ,30 23,22% (31,98%) 3 rd Quarter/ ,0300 0,0112 0,1262 0,047 0, ,0011 0,0294 0, ,21 23,30% 8,09% Common Share Daily Average Traded Market Price Average Equity value of the company s shares Net income per share Market price at the end of the quarter Index P / E Index P / BV Quarterly Earning Capacity Value R$ US$ R$ US$ R$ US$ R$ US$ 3 rd Quarter/ ,0376 0,0204 0,1126 0,060 0, ,0014 0,0354 0, ,81 31,88% (2,97%) 4 th Quarter/ ,0348 0,0178 0,1133 0,058 0, ,0023 0,0361 0,0184 7,89 31,82% 0,56% 1 st Quarter/ ,0402 0,0186 0,1156 0,053 0, ,0010 0,0415 0, ,58 35,90% 15,12% 2 nd Quarter/ ,0340 0,0147 0,1171 0,051 0, ,0006 0,0294 0, ,01 25,18% (26,25%) 3 rd Quarter/ ,0339 0,0127 0,1262 0,047 0, ,0011 0,0320 0, ,12 25,37% 8,54% Shares Traded Daily Average 450,00 400,00 350,00 300,00 250,00 200,00 150,00 100,00 PNB ON 50,00 0,00 3rd Quarter/00 4th Quarter/00 1º Quarter/01 2º Quarter/01 3º Quarter/01

13 ADR s Programs 11 Preferred Shares - CAIGY Daily Average Traded Market Price Average Market price at the end of the quarter R$ US$ R$ US$ Quartely Earning Capacity Value 3 rd Quarter/ , , ,4344 9,9986 (7,97%) 4 th Quarter/ ,5796 8, ,3319 9,3750 (6,24%) 1 st Quarter/ ,1753 9, ,9140 8,7500 (6,67%) 2 nd Quarter/ ,5674 6, ,5989 5,9000 (32,57%) 3 rd Quarter/ ,6173 5, ,2274 5,7000 (3,39%) Common Shares CAIFY Daily Average Traded Market Price Average Market price at the end of the quarter R$ US$ R$ US$ Quartely Earning Capacity Value 3 rd Quarter/ , , ,2631 9,9057 (4,43%) 4 th Quarter/ ,5448 8, ,8653 8,6250 (12,93%) 1 st Quarter/ ,6006 9, ,3458 9, ,49% 2 nd Quarter/ ,3980 7, ,4517 6,2700 (36,51%) 3 rd Quarter/ ,9037 6, ,0278 6,0000 (4,31%) ADR`s Traded Daily Average CAIGY CAIFY rd Quarter/00 4th Quarter/00 1th Quarter/01 2nd Quarter/01 3rd Quarter/01 INSTITUTIONAL INFORMATION 12

14 Institutional Information In the Marketletter relating to the second quarter of 2001 we showed an analysis of Eletrobrás leverage capacity. As shown, Eletrobrás has an extremely favorable index, which qualifies the company for new issues. In this favorable scenario and to acquire funds to the company s budget, which was included in the emergency program of the Brazilian Government, Eletrobrás intends to place issues in the local and international markets, as follows: R$ 200 R$ 300 US$110 Internally Generated Funds Funding Program US$ / R$ Million BNDES Syndicated Loan R$ 650 R$ 550 US$ 220 R$ 600 Internally Generated Funds BNDES Bonds Local Market R$ 250 Local Market Eletrobrás is structuring an transaction in the international market through a Syndicated Loan in the amount of US$ 110 million. Next year Eletrobrás intends to issue a local debenture in the amount of up to R$ 600 million. In 2003 another tranche of R$ 250 million will be issued. In the external market, besides the Syndicated Loans previously mentioned, Eletrobrás will issue a bond of about US$ 220 million. To complete the company budget, Eletrobrás will use its own resources of about R$ 850 million, as well as a financing from Banco Nacional de Desenvolvimento Econômico e Social BNDES in the amount of R$ 850 million.

15 ASSETS Expressed in thousands of American Dollars (Free translation from the Portuguese) CONSOLIDATED BALANCE SHEET 13 Under the Corporate Law PARENT COMPANY CONSOLIDATED ASSETS Reclassified CURRENT ASSETS Cash and banks Consumers and resellers Loans and financing Interest, commissions and charges Marketable securities Temporary investments Tax credits Inventory - materials Remuneration of investments Sundry receivables Fuel consumption account - CCC Others LONG-TERM RECEIVABLES Loans and financing Marketable securities Studies and projects Concessions to bid Renegotiated receivables Tax credits Others Advances for capital increase PERMANENT ASSETS Investments Participation in electric power companies Equity accounting Cost Others Property, plant and equipment Deferred charges

16 LIABILITIES AND STOCKHOLDERS EQUITY Expressed in thousands of American Dollars CONSOLIDATED BALANCE SHEET 14 (Free translation from the Portuguese) Under the Corporate Law PARENT COMPANY CONSOLIDATED LIABILITIES Reclassified CURRENT LIABILITIES Loans and financing Charges on loans and financing Due to subsidiaries Fuel consumption account - CCC Suppliers Compulsory loan Estimated obligations Shareholders' remuneration Taxes and social contributions Provisions for contingencies Remuneration and reimbursement Actuarial liability Others LONG-TERM LIABILITIES Loans and financing Due to subsidiaries Global reversal reserve Compulsory loan Taxes and social contributions Deferred tax liabilities Provisions for contingencies Actuarial liability Others Obligations linked to concessions MINORITY INTERESTS IN SUBSIDIARIES STOCKHOLDERS' EQUITY Capital Capital reserves Revenue reserves Retained earnings Advances for capital increase

17 CONSOLIDATED BALANCE SHEET 15 STATEMENT OF INCOME Expressed in thousands of American Dollars (Free translation from the Portuguese) Under the Corporate Law PARENT COMPANY CONSOLIDATED Reclassified Reclassified OPERATING REVENUES Electric energy sales Subventions - fuel consumption Arrears interest on energy sales Loans and financing Interest, commissions and charges Net monetary variations Equity accounting ( ) Other investment income Others OPERATING EXPENSES Loans and financing Personnel, materials and services Depreciation and amortization PASEP and COFINS Charges on taxes paid in installments Provisions for contingencies Charges on stockholders' remuneration Charges on traded securities Remuneration and reimbursement Fuel for electric energy production Donations and contributions Energy purchased for resale Others OPERATING PROFIT NON-OPERATING REVENUE (EXPENSES), NET (1.411) (13.612) - (21.838) Social contribution ( ) - (42.732) ( ) - (56.902) Income tax ( ) - ( ) ( ) - ( ) INCOME BEFORE MINORITY INTERESTS Minority interests NET INCOME FOR THE YEAR INCOME PER THOUSAND SHARES - US$ 2,37 0,97