Eletrobrás. Marketletter

Transcription

1 Eletrobrás Marketletter June/2000

2 INDEX I BALANCE SHEET 1 II STATEMENT OF INVESTMENTS 4 III CAPITAL STRUCTURE 5 IV TWELVE MONTH BALANCE SHEET - SUMMARY 6 V TWELVE MONTH RATIOS - SUMMARY 9 VI STOCK MARKET 10 VII INSTITUTIONAL INFORMATION 11 IX CONSOLIDATED BALANCE SHEET 13 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 American Dollars (Free translation from the Portuguese) BALANCE SHEET 1 Under the Corporate Law Parent Company Consolidated CURRENT ASSETS Cash and banks , ,278 Consumers and resellers 970, ,462 Loans and financing , ,536 Interest, commissions and charges receivable , ,436 Federal Government's resources 722,134 Tax credits , ,738 Temporary investments , ,226 Marketable securities , ,333 Stored materials , ,678 Remuneration of investments ,364 1,364 Sundry receivables , ,173 Oil Consumption Account - CCC ,082 Other , , ,125,201 4,289,846 NON-CURRENT ASSETS Loans and financing receivable ,147,268 3,303,749 Concessions to bid , ,638 Federal Government's resources 1,329,219 Tax credits 346, ,676 Marketable securities ,199 31,437 Projects and Studies ,811 18,349 Fiscal deferred rights ,119 87,716 Other , , ,131,922 5,868,822 Advances for future capital increase ,085 2, ,140,007 5,871,407 PERMANENT ASSETS Investments Participation in electric power companies On the equity method At restated cost ,262,096 2,699,319 Other 38,580 83, ,300,676 2,782,401 Property plant and equipment ,807,108 40,124,997 Deferred charges , , ,499,112 43,321,403 TOTAL ,764,319 53,482,656

4 BALANCE SHEET 2 LIABILITIES AND STOCKHOLDERS EQUITY Expressed in thousands of American Dollars (Free translation from the Portuguese) Under the Corporate Law Parent Company Consolidated CURRENT LIABILITIES Loans and financing payable ,579 1,042,454 Payable to subsidiaries Oil Consumption Account - CCC , ,711 Suppliers , ,538 Charges of loans and financing , ,872 Compulsory loan , ,942 Estimated obligations ,993 72,624 Remuneration to the shareholders , ,210 Taxes and social contribution ,868 1,419,128 Provision for labor contingencies 620,936 1,100,293 Other , , NON-CURRENT LIABILITIES Loans and financing payable ,715,328 6,037,478 Payable to subsidiaries Global Reversion Reserve RGR , ,137 Compulsory loan ,399,728 1,267,316 Taxes and social contributions , ,384 Fiscal deferred obligation , ,423 Provisions for contingencies , ,009 Actuarial liabilities , ,263 Other , , ,498,811 9,832,833 Special obligations 383,809 4,086, ,882,620 13,919,187 MINORITY STOCKHOLDING IN SUBSIDIARIES 148, ,787 STOCKHOLDERS EQUITY Restated, paid-up capital ,451,220 11,451,220 Capital reserves ,620,054 12,620,054 Revenue reserves ,687,899 8,488,423 Retained earnings ,406 1,199, ,206,580 33,759,138 Advances for future capital increase , , ,575,562 34,067,964 TOTAL ,764,319 53,582,656

5 OPERATING REVENUES BALANCE SHEET 3 STATEMENT OF INCOME Expressed in thousands of American Dollars (Free translation from the Portuguese) Under the Corporate Law Parent Company Consolidated Energy sales - - 2,799,085 2,480,751 Subsidies - fuel consumption ,142 74,067 Arrears interest on energy sales ,573 28, ,911,799 2,582,952 From financings and loans Interest, commissions and taxes , ,307 Net monetary variation ,982 1,971,717 Equity accounting ( ) Other participation revenues ,706 34,818 Financing revenues ,337 48,396 OPERATING EXPENSES ,331,264 4,819,189 From financings and loans , ,618 Personnel, material and services , ,595 Depreciation and amortization , ,511 PASEP and COFINS ,808 78,944 Energy purchased for resale 858, ,508 Compensation and reimbursement 127, ,391 Fuel for electric energy production Charges on taxes payable in installments , ,644 Charges on shareholders remuneration , ,315 Provision for labor contingencies (15,616) 398,018 Contribution and donation ,171 4,957 Others , , ,735,916 3,279,214 OPERATING INCOME ,358 1,539,6976 NON-OPERATING INCOME (5.925) (30,288) 45,978 NET INCOME BEFORE INCOME TAX ,069 1,585,953 Social Contribution (10.824) ( ) (24,651) (204,823) Income tax ( ) ( ) (129,802) (629,740) INCOME BEFORE MONIRITY STOCKHOLDING Minority Stockholding 968 4,902 EXTRAORDINARY ITEM 439,815 NET INCOME ,584 1,196,108 Net income per share 0, , Equity value of the company s shares 0,0620 Price stock market (PNB - SP) ,0222 Price stock market (ON - SP) ,0206

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 9,711, , ,325 9,666,645 31,154 CHESF 10,022, ,171 95,717 9,962, ,397 ELETROSUL 1,403, ,468 46,332 1,399, ,599 ELETRONORTE 11,757, (223,692) (221,097) 11,621,323 - LIGHTPAR 30, (5,164) (4,214) 25,158 7,463 ELETRONUCLEAR 3,401, (17,263) (16,060) 3,385,689 1,895, ,003 36,060,532 2,342,927 OTHER ITAIPU 180, ,963 90,000 - Dividends SUBTOTAL 168,986 36,150,532 2,342,927 B) RETURN ON MINORITY SHEREHOLDING ASSOCIATE UTILITIES - 3,876,903 14,553 TOTAL 168,986 40,027,435 2,357,480

7 CAPITAL STRUCTURE At June 2000 (Free translation from the Portuguese) STRUCTURE OF CAPITAL 5 COMMON SHARES % PREFERRED SHARES CLASS A PREFERRED SHARES CLASS B TOTAL % FEDERAL GOVERNMENT 264,328,120, ,593,018, ,921,139, BNDESPAR 62,819,960, ,237,780 68,910,479, FND 22,810,794, ,810,794, MINORITYY 102,552,887, ,460,000 67,253,041, ,860,107, 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 ACCOUNTS Jun/99 Sept/99 Dec/99 Mar/00 US$ million ASSETS CURRENT ASSETS Cash, banks and marketable securities Loans and financings receivable 1, , , , , Other 1, , , , , , , , , , NON-CURRENT ASSETS Loans and financings receivable 13, , , , , Other , , , , , Advances for future capital increase 1, , , , , , , , , , PERMANENT ASSETS Investments 23, , , , , Fixed assets Deferred , , , , , T O T A L 41, , , , , Current Asset Non-Current Asset Permanent Jun/99 Set/98 Dez/99 Mar/00 Jun/00

9 TWELVE MONTH BALANCE SHEET 7 ACCOUNTS Jun/99 Sept/99 Dec/99 Mar/00 US$ million LIABILITIES AND STOCKHOLDERS EQUITY CURRENT LIABILITIES Loans and financings payable Taxes and contributions 1, , Other 1, , , , , NON-CURRENT LIABILITIES Loans and financings payable 1, , , , , Taxes and contributions Other 2, , , , , , , , , , STOCKHOLDERS EQUITY Revalued paid-up capital 11, , , , , Reserves 21, , , , , Retained earnings 1, , , , , , , Advances for future capital increase , , , , , T O T A L 41, , , , , Current Liabilities Non-Current Liabilities Stockholders' Equity Jun/99 Set/98 Dez/99 Mar/00 Jun/00

10 TWELVE MONTH BALANCE SHEET 8 US$ million ACCOUNTS Jun/99 Sept/99 Dec/99 Mar/00 Jun/00 OPERATING REVENUES From financings and loans 2, , , From investments (1) (371.93) (395.96) (978.58) Other , , , , OPERATING EXPENSES Charges on loan and financings Other , , Operating income 2, , NON-OPERATING INCOME (258.62) (8.49) (5.93) Net income before income tax and social contribution 2, , Social Contribution (207.14) (250.42) (146.63) (10.82) Provision for income tax (current) (653.39) (722.44) (467.71) (45.85) (104.01) INCOME BEFORE MINORITY PARTICIPATION 1, , Employees earning participation (1.93) Net income 1, , Net income per share Equity value OBS.: (1) Equity adjustments (371.93) (395.96) (978.58)

11 TWELVE MONTH BALANCE SHEET 9 RATIOS Jun/99 Sept/99 Dec/99 Mar/00 Cash, banks and marketable securities / Current liabilities 13.10% 6.48% 39.12% 33.30% 46.15% Current Assets / Current Liabilities % % % % % CAPITAL STRUCTURE Current Liabilities / Stockholders Equity 7.82% 5.76% 3.49% 3.39% 2.70% (Current Liabilities + Non-Current Liabilities) / Stockholders Equity 21.13% 20.02% 18.32% 18.28% 18.76% Total of Loans and Financings / Stockholders Equity 4.22% 4.82% 4.88% 4.12% 5.75% Loans and Financings Current Liabilities / Total of Loans and Financings 8.17% 7.04% 6.21% 5.17% 5.58% Permanent Assets / Stockholders Equity 69.33% 66.86% 67.70% 67.80% 67.00% (Current Liabilities + Non-Current Liabilities) / Total Assets 17.31% 16.55% 15.35% 15.32% 15.65% EARNING CAPACITY VALUE Net income for the year / Operating income 59.84% 52.73% 52.99% 74.24% 77.32% Net income before income tax / Operating income % 90.07% % 94.86% 98.89% Net income for the year / Stockholders Equity 3.54% 4.30% 0.99% 0.36% 1.24% MARKET INDICATORS Common Share (US$) Preferred Share class B (US$) Common Share (US$) / Book value 29.54% 28.03% 35.36% 28.17% 33.27% Preferred Share class B (US$) / Book value 31.58% 28.56% 37.09% 30.45% 35.88% Current Assets / Current Liabilities % Jun/99 Set/98 Dez/99 Mar/00 Jun/00 % Total Loans and Financings / Stockholders' Equity Jun/99 Set/98 Dez/99 Mar/00 Jun/00

12 STOCK MARKET 10 Stock Performance Preferred Shares Class B Daily Average Market Price Average Equity value of the company s shares Net income per share Market price at the end of the month Index Index Monthly Earning Capacity Traded R$ (*) US$ R$ (*) US$ R$ (*) US$ R$ (*) US$ P / E P / BV Value Jun/99 608,857, % (0.56%) Sep 493,600, % (8.68%) Dec 471,885, % 24.54% Mar/00 430,842, % (17.49%) Jun 418,476, % 19.10% TOTAL 2,423,661,843 Common Shares Daily Average Market Price Average Equity value of the company s shares Net income per share Market price at the end of the month Index Index Monthly Earning Capacity Traded R$ (*) US$ R$ (*) US$ R$ (*) US$ R$ (*) US$ P / E P / BV Value Jun/99 253,676, % (0.30%) Sept 190,933, % (4.19%) Dec 437,709, % 20.94% Mar/00 294,142, % (19.90%) Jun 402,223, % 19.35% TOTAL 1,578,685, V olum e of E letrob rás Shares T raded at B ovespa (D aily A verage) JUN/98 SET DEZ M AR/99 JUN SET DEZ M AR/00 JUN Eletrobrás BN Eletrobrás ON

13 Angra II Started its Commercial Operation INSTITUTIONAL INFORMATION 11 Started on July,2000 the commercial operation of the thermal nuclear unit Angra II with a installed nameplate capacity of 1,309 MW. This unit located in the southeast region, in the city of Angra dos Reis, on the south shore of the State of Rio de Janeiro, one of the biggest consumer center of electric energy of the country. Angra II represents about 5% of the total installed capacity of Eletrobrás that totaled 65,975 MW, as shown below. 70,000 60,000 50,000 40,000 Others 32,387 MW Generation = 95% hydro Eletrobrás 27,288 MW Itaipu 6,300 MW 30,000 20,000 10, Jul/00 Considering 50% of Itaipu The initial generation process of a thermal nuclear unit requires a gradual growing of production, due to the necessary safety tests. In Brazil, the National Nuclear Energy Commission (Comissão Nacional de Energia Nuclear CNEN), makes these tests. At August 21, 2000, 80% the Angra II unit obtained the generation capacity of 1,065 MW, representing 80% of the total nominal power. At this level it usually takes about 18 days to conclude the tests. Angra dos Reis thermal nuclear generation center is made up of two units: Angra I with 657 MW of installed nameplate capacity and Angra II with 1,309 MW of installed nameplate capacity. At the moment this generation center is producing 1,627 MW, and up to the end of the year it will be producing 100% of its total capacity. The construction an operation of the thermal nuclear units in Brazil is a responsibility of Eletrobrás Termonuclear S.A. Eletronuclear, a subsidiary company, where Eletrobrás has 99,7% of its capital and owner of Angra I and Angra II.

14 CONSOLIDATED BALANCE SHEET 12 ASSETS Expressed in thousands of Reais (Free translation from the Portuguese) Under the Corporate Law Parent Company Consolidated CURRENT ASSETS Cash and banks 744, ,804 1,797,279 1,161,500 Loans and financing 2,604,539 2,529,664 1,013, ,164 Consumers and resellers 1,747,571 1,743,232 Interest, commissions and charges receivable 821, , , ,385 Marketable securities 162, , , ,800 Temporary investments 795, , , ,806 Federal Government s resources 1,299,841 Tax credits 251, , , ,129 Stored materials 450 1, , ,820 Remuneration of investments 76, ,443 2,455 2,455 Sundry receivables 6,207 8, , ,111 Oil Consumption Account - CCC 182, ,348 Other 157,088 78, , ,480 5,804,461 5,654,428 7,425,361 7,721,723 NON-CURRENT ASSETS Loans and financing receivable 22,699,763 23,058,028 5,665,083 5,946,749 Marketable securities 178,845 46, ,958 56,586 Federal Government s financial resources 2,392,595 Renegotiated receivables 624, ,217 Studies and Projects 33,859 33,029 33,859 33,029 Fiscal deferred rights 185, , , ,888 Other 15,506 8, , ,266 23,438,081 24,768,408 7,437,459 10,563,879 Advances for future capital increase 2,357,480 1,813,598 14,553 4,653 25,795,561 26,582,006 7,452,012 10,568,532 PERMANENT ASSETS Investments Participation in electric power companies On the equity method 36,150,532 37,340,306 At restated cost 3,876,903 4,764,218 4,017,772 4,858,775 Other 69, ,546 40,027,435 42,104,524 4,141,216 5,008,321 Property plant and equipment 16,557 50,992 66,252,795 72,224,995 Deferred charges 4,804 5, , ,210 40,048,796 42,130,768 71,098,402 77,978,526 TOTAL 71,648,818 74,637,202 85,975,775 96,268,781

15 CONSOLIDATED BALANCE SHEET 13 LIABILITIES AND STOCKHOLDERS EQUITY Expressed in thousands of Reais (Free translation from the Portuguese) Under the Corporate Law Parent Company Consolidated CURRENT LIABILITIES Loans and financings payable 191, ,574 1,397,842 1,876,418 Payable to subsidiaries 32, ,889 Fuel consumption account 369, , , ,879 Suppliers 17,663 10, , ,969 Interest, commissions and rates 73,259 60, , ,769 Interest on compulsory loan 211, , , ,896 Estimated obligations 3,909 8,437 89, ,724 Remuneration to the shareholders 71, ,248 71, ,178 Taxes and social contribution 575,775 2,389, ,562 2,554,430 Provision for contingencies 1,117,684 1,980,527 Other 66, , , ,303 1,614,236 4,800,442 5,684,466 9,615,093 NON-CURRENT LIABILITIES Loans and financing payable 3,243,710 2,335,544 10,287,590 10,867,460 Payable to subsidiaries 1,034,269 1,464,549 Global Reversion Reserve - RGR 1,304, ,447 1,304, ,447 Compulsory loan 2,519,511 2,281,169 2,519,511 2,281,169 Taxes and social contributions 523, ,676 1,541, ,292 Fiscal deferred obligation 363, , ,585 1,123,962 Actuarial liabilities 69,859 82,057 1,556,067 1,417,074 Provisions for contingencies 515, , , ,016 Other 25,264 19, , ,679 9,598,570 8,244,424 18,897,860 17,699,099 Special obligations 690,856 7,377,437 9,598,570 8,244,424 19,588,716 25,054,536 MINORITY STOCKHOLDING IN SUBSIDIARIES 266, ,816 STOCKHOLDERS EQUITY Restated, paid-up capital 20,612,196 20,612,196 20,612,196 20,612,196 Capital reserves 22,716,098 22,716,098 22,716,098 22,716,098 Revenue reserves 15,638,219 15,279,162 15,638,219 15,279,162 Retained earnings 805,331 2,158, ,331 2,158,993 59,771,844 60,766,449 59,771,844 60,766,449 Advances for future capital increase 664, , , ,887 60,436,012 61,322,336 60,436,012 61,322,336 TOTAL 71,648,818 74,367,202 85,975,775 96,268,781

16 CONSOLIDATED BALANCE SHEET 14 STATEMENT OF INCOME Expressed in thousands of Reais (Free translation from the Portuguese) Under the Corporate Law Parent Company Consolidated OPERATING REVENUES Energy sales - - 5,038,353 4,465,351 Subsidies - fuel consumption , ,321 Arrears interest on energy sales ,631 50, ,241,239 4,649,314 From financings and loans Interest, commissions and taxes 1,171,188 1,155, , ,352 Net monetary variation 256,716 4,126,994 37,767 3,549,091 Equity accounting 168,986 (658,130) Other participation revenues 127,270 62, ,270 62,672 Financing revenues 76,106 30,360 90,607 87,112 1,800,266 4,717,669 5,996,275 8,674,541 OPERATING EXPENSES Loans and financings 233, , , ,512 Personnel, material and services 69,093 52, , ,671 Depreciation and amortization 2,922 5, ,459 1,307,780 PASEP and COFINS 50,305 50, , ,099 Charges on taxes payable in installments 43, ,923 62, ,760 Energy purchased for resale 1,544,702 1,372,515 Fuel for electric energy production 229, ,504 Charges on shareholders remuneration 299, , , ,767 Donation and contribution 32,708 4,708 32,708 8,923 Provision for contingencies 35,396 29,703 (28,108) 716,433 Other 75,664 40, , , ,054 1,119,474 4,924,631 5,902,585 OPERATING INCOME 958,212 3,598,195 1,071,644 2,771,956 NON-OPERATING INCOME (10,665) 77,498 (54,519) 82,760 NET INCOME BEFORE INCOME TAX 947,547 3,675,693 1,017,125 2,854,716 Social Contribution (19,484) (366,535) (44,372) (368,681) Income tax (187,212) (1,156,165) (233,644) (1,133,532) INCOME BEFORE MINORITY STOCKHOLDING 740,851 2,152, ,109 1,352,503 Minority Stockholding 1,742 8,824 EXTRAORDINARY ITEM 791,667 NET INCOME 740,851 2,152, ,851 2,152,994