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

Transcription

1 Eletrobrás Marketletter December / 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 Renegociated receivable Others LONG-TERM RECEIVABLES Loans and financing Marketable securities Studies and projects Concessions to bid Consumers and resellers Renegotiated receivables Tax credits Temporary investments 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 Reversion of provision 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 Charges on use of electric network Donations and contributions Energy purchased for resale Actuarial Charge Others OPERATING PROFIT NON-OPERATING REVENUE (EXPENSES), NET ( ) ( ) Social contribution ( ) ( ) ( ) ( ) Income tax ( ) ( ) ( ) ( ) INCOME BEFORE MINORITY INTERESTS Employees participation (6.400) (3.450) (31.865) (36.032) Minority interests - - (1.066) NET INCOME FOR THE YEAR INCOME PER THOUSAND SHARES - US$ 6,05 4,57

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 ,35 ( ) (99.021) ELETROSUL , ELETRONORTE ,50 (58.703) (57.813) LIGHTPAR ,54 ( ) ( ) ELETRONUCLEAR ,61 (4.552) (3.714) CGTEE ,94 (17.646) (17.632) OTHER ITAIPU , Dividends SUBTOTAL B) RETURN ON MINORITY SHEREHOLDING ASSOCIATE UTILITIES TOTAL

7 STRUCTURE OF CAPITAL 5 CAPITAL STRUCTURE At December 2001 (Free translation from the Portuguese) COMMON SHARES % PREFERRED SHARES CLASS A PREFERRED SHARES CLASS B TOTAL % FEDERAL GOVERNMENT , ,46 BNDESPAR , ,16 FND , ,24 MINORITYY , ,15 TOTAL , ,00 TOTAL CAPITAL PARTICIPATION MINORITY FEDERAL GOVERNMENT FND BNDESPAR

8 TWELVE MONTH BALANCE SHEET 6 US$ million ACCOUNTS Dec/00 Mar/01 Jun/01 Sept/01 Dec/01 ASSETS CURRENT ASSETS Cash, banks and marketable securities 697,38 671,71 764,38 563, ,722 Loans and financings receivable 1,025,97 1,053,78 1,059,04 1,028,107 1,172,253 Other 1,361,33 1,268,40 57,39 1,381,815 1,329,945 3,084,68 2,993,89 1,880,81 2,973,551 2,982,920 NON-CURRENT ASSETS Loans and financings receivable 13,191,67 12,615,04 12,362,60 11,837,036 11,990,680 Other 390,69 363,83 7,56 304,330 1,063,712 13,582,36 12,978,87 1,2370,16 12,141,366 13,054,392 Advances for future capital increase 1,308,48 1,182,35 1,116,08 988,110 1,190,148 14,890,84 14,161,22 13,486,24 13,129,476 14,224,540 PERMANENT ASSETS Investments 20,490,20 18,539,96 15,746,09 14,815,204 17,017,468 Fixed assets 7,90 6,98 6,31 5,22 6,044 Deferred 2,66 2,41 2,27 1,95 2,241 20,500,76 18,549,35 15,754,67 14,822,374 17,025,753 T O T A L 38,476,28 35,704,46 31,121,72 30,925,401 34,233, Current Asset Non-Current Asset Permanent dec/00 mar jun sept/01 dec/01

9 TWELVE MONTH BALANCE SHEET 7 US$ million ACCOUNTS Dec/00 Mar/01 Jun/01 Sept/01 Dec/01 LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Loans and financings payable 311,61 354,64 270,11 206, ,121 Taxes and contributions 313,95 193,38 283,60 307,279 23,019 Other 927,46 903,97 20,70 784,140 1,234,487 1,553,02 1,452,00 574,41 1,298,190 1,469,627 NON-CURRENT LIABILITIES Loans and financings payable 1,537,15 1,428,54 1,499,23 1,551,177 1,489,670 Taxes and contributions 106,82 78,05 55,15 31,121 17,051 Other 3,502,50 3,408,24-3,312,884 3,572,363 5,146,47 4,914,83 1,554,38 4,895,182 5,079,084 STOCKHOLDERS EQUITY Revalued paid-up capital 10,541,17 9,535,62 8,942,77 7,719,924 8,883,036 Reserves 20,367,18 18,469,23 17,367,72 15,041,679 17,358,787 Retained earnings 234,47 738,53 1,005,85 1,448, ,460 31,142,82 28,743,38 27,315,95 24,209,800 27,07,7283 Advances for future capital increase 633,97 594,25 578,87 522,23 627,219 31,776,79 29,337,63 27,894,82 24,732,029 27,704,502 T O T A L 38,476,28 35,704,46 30,023,61 30,925,401 34,273, Current Liabilities Non-Current Liabilities Stockholders' Equity dec/00 mar/01 jun sept/01 dec/01

10 TWELVE MONTH BALANCE SHEET 8 US$ million ACCOUNTS Dec/00 Mar/01 Jun/01 Sept/01 Dec/01 OPERATING REVENUES From financings and loans 2,165,94 976,55 1,715,93 2,724,029 2,404,643 From investments (1) 185,51 (12,64) (92,18) (177,302) Other 89,25 27,65 55,53 74, ,026 2,440,70 991,56 1,679,28 2,621,350 2,969,501 OPERATING EXPENSES Charges on loan and financings 258,26 57,34 111,43 152, ,346 Other 599,14 140,33 50,22 507, , ,40 197,67 161,65 660,089 1,080,021 Operating income 1,583,30 793,89 1,213,44 1,961,261 (368,932) NON-OPERATING INCOME 41,66-1,444 1,385 (246,253) Net income before income tax and social contribution 1,624,96 793,89 1,214,89 1,962,646 1,792,944 Social Contribution (79,38) (71,89) (125,38) (196,736) (120,596) Provision for income tax (current) (287,90) (195,57) (282,56) (489,427) (268,394) INCOME BEFORE MINORITY PARTICIPATION 1.257,68 526,43 806,94 1,276,483 1,403,954 Employees earning participation (1,77) (2,758) Net income 1,255,91 526,43 806,94 1,276,483 1,401,196 Net income per share 0,0023 0, , , , Equity value 0,06 0,05 0,05 0,05 0,05 OBS.: (1) Equity Account 40,54 12,63 (44,76) (191,46) 273,83

11 TWELVE MONTH BALANCE SHEET 9 RATIOS Dec/00 Mar/01 Jun/01 Sept/01 Dec/01 Cash, banks and marketable securities / Current liabilities 44,90% 46,26% 53,43% 43,42% 32,71% Current Assets / Current Liabilities 198,62% 206,19% 220,31% 229,05% 202,97% CAPITAL STRUCTURE Current Liabilities / Stockholders Equity 4,99% 5,05% 5,24% 5,36% 5,43% (Current Liabilities + Non-Current Liabilities) / Stockholders Equity 21,51% 22,15% 23,32% 25,58% 18,76% Total of Loans and Financings / Stockholders Equity 5,94% 6,34% 6,48% 7,15% 6,28% Loans and Financings Current Liabilities / Total of Loans and Financings 16,85% 21,67% 15,27% 12,16% 12,46% Permanent Assets / Stockholders Equity 65,83% 64,50% 63,28% 61,20% 62,85% (Current Liabilities + Non-Current Liabilities) / Total Assets 17,41% 17,83% 18,59% 20,03% 14,83% EARNING CAPACITY VALUE Net income for the year / Operating income 79,32% 66,31% 66,50% 65,08% 68,71% Net income before income tax / Operating income 102,63% 150,81% 100,12% 100,07% 87,92% Net income for the year / Stockholders Equity 4,03% 1,83% 2,95% 5,27% 5,17% MARKET INDICATORS Common Share (US$) 0,0184 0,0192 0,0128 0,0121 0,0144 Preferred Share class B (US$) 0,0184 0,0185 0,0118 0,0113 0,0134 Common Share (US$) / Book value 31,82% 35,91% 25,18% 24,20% 28,57% Preferred Share class B (US$) / Book value 31,78% 34,60% 23,22% 22,60% 26,59% 230,00 220,00 210,00 200,00 190,00 % Current Assets / Current Liabilities 180,00 dec/00 mar/01 jun sept dec/01 Total Loans and Financings / Stockholders' Equity 8 % dec/00 mar/01 jun sept dec/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$ 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% 4 th Quarter/ ,0316 0,0136 0,1169 0,0504 0, ,0026 0,0312 0,0134 5,16 26,69% 6,12% 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$ 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% 4 th Quarter/ ,0336 0,0145 0,1169 0,0504 0, ,0026 0,0333 0,0144 5,50 28,49% 4,00% Shares Traded Daily Average th Quarter/00 1º Quarter/01 2º Quarter/01 3º Quarter/01 4th Quarter/01 PNB ON

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 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%) 4 th Quarter/ ,2551 6, ,7787 6, ,30% 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 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%) 4 th Quarter/ ,9991 6, ,2428 7, ,67% ADR`s Traded Daily Average th Quarter/00 1th Quarter/01 2nd Quarter/01 3rd Quarter/01 4th Quarter/01 CAIGY CAIFY

14 INSTITUTIONAL INFORMATION 12 According to the latest news published by Eletrobrás, the privatization process of the subsidiary companies will begin with the split-up of generation and transmission assets. The split-up of Furnas in two companies, one Generation Company (FURNAS) and one Transmission Company (ELETROBRÁS TRANSMISSION), will allow that Eletrobrás shareholders become Furnas shareholders (Generation), through a shareholding reorganization of the Eletrobrás System, with the following pattern: Furnas split-up Separation of generation and transmission activities, by means of a partial split-up of Furnas. With this measure, a new company will momentarily be created, controlled by Eletrobrás, the TRANSITION GENERATOR. Partial split-up at Eletrobrás Separation of the shareholding participation of Eletrobrás in the TRANSITION GENERATOR, by means of a split-up at Eletrobrás. With this measure, a paper company will be created, ELETRO-HOLDING, whose shareholders will be the same as Eletrobrás and whose sole asset will be the shareholding participation of present Eletrobrás in the TRANSITION GENERATOR. Merger of the Transition Generator ELETRO-HOLDING incorporates TRANSITION GENERATOR, derived from the split-up of Furnas. With this measure, a new society will be created, FURNAS (GENERATION), whose assets will be those associated with generation activities and whose shareholders, the same as Eletrobrás and the present Furnas minority shareholders. The latest, with their shareholding participation will be adjusted due to its incorporation. Considerations about Furnas Generation Shareholding Structure: 1 share of present Eletrobrás will correspond to 1 share in the capital of Furnas (Generation). To be added to the proportional portion of the present minority shareholders of Furnas. Sale to the market of the exceeding part of the control of shares from FURNAS (GENERATION), contributing to the development of the capital markets. By-laws in accordance to the principles of the New Market and of Corporate Governance. Possibility of using FGTS for sale at local market.

15 Other Subsidiary Companies: CHESF The shareholding reorganization of Chesf involves the multiple uses of water from the São Francisco River, since this is the main source of water available in the region. Creation of a company named CHESF GENERATION, which will hold all power units of Chesf, except for Xingó Power Unit, which will form another company, CHESF XINGÓ. A transmission company will also be created from the split-up of Chesf, named ELETROBRÁS NORTHEAST TRANSMISSION. Eletronorte Due to the Amazon region characteristics, the investments in electric energy in that area have a low level of economic and financial viability. Being so, any shareholding reorganization at Eletronorte should be regarded in the sense of adapting it to the economic and technological factors of the region, keeping energy as a tool for the development and integration of the region. Lines of the proposal To keep generation assets of Eletronorte, including isolated systems, as a whole in one regional company linked to Eletrobrás, with Manaus Energia SA and Boa Vista Energia S.A. been kept as whole subsidiaries, to be eventually later controlled by Eletrobrás.

16 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 Renegociated receivable Fuel consumption account - CCC Others LONG-TERM RECEIVABLES Loans and financing Marketable securities Studies and projects Concessions to bid Consumers and resellers Renegotiated receivables Tax credits Temporary investments Others Advances for capital increase PERMANENT ASSETS Investments Participation in electric power companies Equity accounting Cost Others Property, plant and equipment Deferred charges

17 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

18 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 Reversion of provision 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 Charges on use of electric network Donations and contributions Energy purchased for resale Actuarial Charge Others OPERATING PROFIT NON-OPERATING REVENUE (EXPENSES), NET ( ) ( ) Social contribution ( ) (66.896) ( ) (67.592) Income tax ( ) ( ) ( ) ( ) INCOME BEFORE MINORITY INTERESTS Employees participation (2.758) (1.487) (13.733) (15.528) Minority interests - - (459) NET INCOME FOR THE YEAR INCOME PER THOUSAND SHARES - US$ 2,61 1,97