AES Tietê reports net margin of 42.3% in the 2 nd quarter of 2005

Transcription

1 Results for the 2 nd Quarter Q05 Net Income: R$ million AES Tietê reports net margin of 42.3% in the 2 nd quarter of 2005 São Paulo, August 9, 2005 AES Tietê S.A. (Bovespa: GETI3 and GETI4; OTC: CDEEY and CDEOY) announced today its results for the second quarter of All operating and financial information, except where otherwise specified, is based on the Company s consolidated figures in Reais pursuant to Brazilian Corporate Law. All comparisons in this release have been made in relation to the second quarter of 2004, unless otherwise stated. AES Tietê is one of the most efficient electricity generators in Brazil, committed to generating clean, reliable and safe sources of energy. The company s generation assets are made up of ten hydroelectric plants in the central and northeastern regions of the state of São Paulo with an installed capacity of 2,651 megawatts (MW). This corresponds to 21% of the electricity generated in the state according to the State Secretariat for Energy, Water Resources and Sanitation. Net Margin: 42.3% EBITDA: R$ million EBITDA Margin: 83.4% FINANCIAL HIGHLIGHTS R$ million 2Q05 2Q04 Chg (%) Gross Revenues % Net Revenues % Operat. Expenses % EBITDA % EBITDA Margin % 83.4% 81.2% - Net Income % Net Margin % 42.3% 30.2% - Shareholders'Equity % Net Debt , % R$ million 1H05 1H04 Chg (%) Gross Revenues % Net Revenues % Operat. Expenses % EBITDA % EBITDA Margin % 79.5% 78.4% - Net Income % Net Margin % 39.1% 28.4% - Shareholders'Equity % Net Debt , % Reduction of 17.2% in Net Debt LAST PRICE (August 8, 2005): GETI3=R$ GETI4=R$ NUMBER OF SHARES: 95,313,373,337 MARKET CAPITALIZATION: R$ 4.0 billion US$ 1.7 billion CONTACTS: Juliana R. Penna De Zagottis Investor Relations Manager Tel: (5511) juliana.penna@aes.com Thiago Bovolenta Batista Investor Relations Analyst Tel: (5511) thiago.batista@aes.com Página 1 de 12

2 OPERATING PERFORMANCE AES Tietê s operating stability stems from its commercial planning All of AES Tietê s assured energy is contracted for the long-term through a bilateral power purchase agreement with AES Eletropaulo (Bovespa: ELPL3 / ELPL4), which was signed in This contract foresees the automatic contracting, as of 2003, of all of the energy freed up by the initial contracts in an annual proportion of 25%, pursuant to the provisions of the Electric Sector Law (Aneel Resolution no. 450/98). According to this agreement from 2003, once a year in January, 25% of the power generated may be sold through a bilateral contract until, in 2006, all of AES Tietê s assured energy will be sold through the intermediary of this contract. Today, 75% of the volume of energy sold by AES Tietê is governed by this bilateral contract. The remaining 25% of the energy is sold through initial contracts inherited from the privatization process. The bilateral contract s tariffs were set in 2000 on the date it was signed, based upon the regulations in existence at the time, which established the Normative Value - VN as the price parameter for bilateral contracts. Since then, the tariffs have been adjusted according to the IGP-M index. In 1H05, the bilateral contract accounted for 78.8% of gross revenues. CONTRACT PORTFOLIO 100% 80% 60% 40% 20% 0% Elpa - BI Elpa - CI CPFL Elektro Band Brag Nac Pirat Tariff Adjustment The initial contracts are readjusted on a yearly basis according to the following formula as established in these contracts, in compliance with the Electric Sector Law: Rate for Tariff Readjustment = VPA + VPB x IGP-M Revenue In April 2005, therefore having an impact on 2Q05 results, the tariffs for the initial contracts with the CPFL distribution company was readjusted by 10.6%, with the new tariff set at R$ 73.8 / MWh. In July 2005, therefore having an impact only as from 3Q05 results, the tariffs for the contracts with AES Eletropaulo were also readjusted: the initial contract was readjusted by 9.0%, being set at R$ 76.0 / MWh, and the bilateral contract was readjusted by the IGP-M variation, between July/04 and June/05, of 7.1%, being set at R$ / MWh. The chart below summarizes the tariffs practiced by AES Tietê for both the initial and bilateral contracts, including dates and adjustment rates. Page 2 of 12

3 Company Month of Adjustment % of adjustment Tariff after adjustment (R$ / MWh) Initial Contracts Bragantina February 12.4% Nacional February 12.4% CPFL April 10.6% AES Eletropaulo July 9.0% Elektro August Bandeirante Energia October Piratininga October Bilateral Contract AES Eletropaulo July 7.1% Reservoirs The energy storage levels in all the regions of the country are quite comfortable. The figures below show the energy storage levels verified in the four regions of Brazil during the last week of the month of Jul/05 and the comparison of the levels of the reservoirs in the Southeast region, as well as the risk aversion curve of the National System Operator s (ONS). The Southeast region, where AES Tietê s reservoirs are located, is presenting the highest levels since Considering the current situation, the risk of an energy deficit projected for the Southeast submarket is very low, over both the short as well as the medium-term. Stored Energy - % Risk Aversion Curve - Southeast % Max. Stored Energy Southeast South Northeast North Source: National System Operator July/2005 Jan Feb Mar Apr May Jun Source: National System Operator Jul Aug Sep 2005 Risk Aversion Curve Risk Aversion Curve Oct Nov Dec Page 3 of 12

4 ECONOMIC AND FINANCIAL PERFORMANCE Gross Revenues In the 2 nd quarter of 2005, AES Tietê s gross revenues were R$ million, 13.8% higher than the same period of Taking into account the accumulated gross revenues during the first half the year, of R$ million, the increase over the 1 st half of 2004 was 16.7%. This increase was the result of the largest volume of energy sold through the bilateral contract and of the tariff readjustments that occurred over the past 12 months. Furthermore, non-recurring revenues in the amount of R$ 2.7 million were recorded in 2Q05 referring to regulatory asset gains related to the increase in PIS and Cofins tax rates on the initial CPFL contract for the period comprising February/04 to March/05. PIS and Cofins Deductions from Company revenues totaled R$ 32.4 million in 2Q05, 284.5% higher than the same quarter of the previous year. The accumulated total for the semester was R$ 60.4 million, 215.2% greater than the same period of This increase stemmed from the higher PIS/Cofins contributions that began to be practiced last year. The new PIS rates took effect in December 2002 while the new Cofins rate went into effect in February 2004, going from 0.65% to 1.65% and from 3.0% to 7.60%, respectively. According to the understanding of the electric sector agents, the new rates did not apply to contracts signed before October 31, 2003 whose expiration dates were longer than one year and called for pre-determined prices. In November/04, the Brazilian IRS (Receita Federal) released Normative Instruction No. 468/04 containing clarifications that longterm contracts as those described above should implement the new rates, provided their prices were adjusted by inflation. Thus, AES Tietê paid the taxes and contributions based upon the new rates. Aneel recognized the new effective rates in the tariffs of the initial contracts whose readjustments already had occurred this year. In the initial contracts with CPFL and AES Eletropaulo, there was recognition of the losses for the period when the new rates were in effect until the dates of the contract readjustments. The recognition of the losses was made as a gain in the regulatory asset, of R$ 2.7 million referring to the initial contract with CPFL, already posted in 2Q05 s gross revenues, and of R$ 5.8 million, referring to the initial contract with AES Eletropaulo, to be booked in next quarter s revenues. The regulatory assets will be paid in 12 installments as of the month following the tariff readjustment. There was no creation of a regulatory asset referring to the increase in the tax rates in the contract with the Bragantina and Nacional distribution companies due to the methodology used by Aneel to calculate these losses. The bilateral contract foresees the pass-through of the tax variations to the tariffs. After the Normative Instruction was published, the Company began invoicing the amounts referring to the new PIS/Cofins rates in the bilateral contract with AES Eletropaulo. Since this distribution company still had not obtained the same recognition from Aneel for its consumer sales tariff in its last tariff readjustment, AES Tietê is provisioning the difference between the billing of the increase until it effectively receives the amount. The amount that has been provisioned for the July/04 June/05 period totals R$ 41.5 million. Net Revenues Net revenues in the 2 nd quarter of 2005 totaled R$ million, representing growth of 4.9% compared to 2Q04. The accumulated net revenues in 1H05 were R$ million, 8.9% higher than net revenues for the same period of This increase was due to the tariff readjustments and the increase in the volume of energy sold through the bilateral contract. Due to the provisioning of the difference between the amounts billed and effectively received referring to the increase in taxes, mainly the bilateral contract with AES Eletropaulo, the impact of the higher deductions from gross revenues meant that net revenues did not grow proportionately to the increase in gross revenues. Page 4 of 12

5 Costs R$ thousand 2Q05 2Q04 Chg (%) 1H05 1H04 Chg (%) Personnel 7,901 7, % 14,793 13, % Material % % Outsourced Services 5,113 4, % 10,414 10, % Financ. Comp. for Use of Water Res. 10,885 9, % 24,042 17, % Power Purchased for Resale 16,923 18, % 35,924 47, % Depreciation and Amortization 16,003 15, % 31,997 31, % Operational Provisions , Other Expenses 3,183 8, % 7,524 16, % Cost of Goods and/or Services Sold 60,559 63, % 142, , % Operating costs remained practically stable. In 2Q05, they totaled R$ 60.6 million, 5.1% less than in 2Q04. The semester s operating costs increased by 2.6% compared to the first half of 2004, totaling R$ million. The main cost changes occurred in the following accounts: Outsourced services: an increase of 16.0% in 2Q05 and 1.9% in 1H05, when compared to the same periods of the previous year. The increase was due to higher expenditures for strategic consultants. Financial compensation for use of water resources: an increase of 16.9% during the quarter and 33.7% for the semester, in virtue of: (i) a 19.2% readjustment of the Updated Reference Tariff (TAR) established by Aneel in 1Q05, and (ii) the increase in the volume of energy generated, since the financial compensation for the use of water resources is calculated by multiplying the TAR (R$ / MWh) by 6.75% of the volume of energy generated. Power purchased for resale: a reduction of 7.6% during the quarter and 24.1% for the semester, in virtue of the end of the obligation for pass-through of energy from Itaipu and a reduction in free energy purchases. It should be noted that in February/04, the Company incurred a non-recurring Financial Surplus MAE expense, significantly increasing the amount posted to this account in 1H04. Operational provisions: there were no operational provisions in 2Q05. The amount booked in 1H05 refers to the provisioning of the financial investments retained in Banco Santos, which was liquidated by the Central Bank, that were recorded as long-term credits. The provision that was made was on the order of R$ 16.4 million. Other expenses: the significant reductions presented of -60.7% in 2Q05 and -55,0% in 1H05 - refer to the end of the obligation for payment of the Public Asset Tax (UBP) to Aneel. This obligation was scheduled to end five years after privatization. In 1S04, the amount of UBP taxes paid totaled R$ 9.3 million. EBITDA EBITDA in 2Q05 was R$ million, which was 7.6% higher than in 2Q04, with an 83.4% margin. The accumulated EBITDA during the semester was R$ million, an increase of 10.5% over the same period of EBITDA margin for the semester was 79.5%, higher than the 78.4% achieved in 1H04. The increase in the EBITDA margin was due to the greater volume of sales through the bilateral contract and the efficient control of operating costs. Page 5 of 12

6 Financial Expenses/Revenues R$ thousand 2Q05 2Q04 Chg (%) 1H05 1H04 Chg (%) Financial Income 9,856 23, % 28,120 33, % Financial Expenses (43,473) (98,270) -55.8% (103,141) (176,225) -41.5% Financial expenses (40,979) (38,069) 7.6% (80,172) (76,562) 4.7% Currency / Exchange Variation, Net (2,494) (60,201) -95.9% (22,969) (99,663) -77.0% Financial Income (Expenses) (33,617) (74,925) -55.1% (75,021) (142,406) -47.3% AES Tietê has a comfortable cash availability. At the end of the 1 st semester of 2005 (1H05), the balance of its financial investments was R$ million, represented by short-term operations (less than 90 days, with daily liquidity). Of the balance of short-term assets, 85% is in financial investments with average profitability of about 100% of the CDI and 15% with average profitability of the exchange variation. Financial income in 2Q05 was R$ 9.9 million, 57.8% lower than the R$ 23.3 million obtained in 2Q04. Financial income accumulated during the 1 st half of 2005 totaled R$ 28.1 million, 16.9% lower than the R$ 33.8 million achieved during the same period the previous year. This reduction can be mainly attributed to the appreciation of the Real against the dollar for the period in question, which negatively impacted financial investments tied to the exchange variation. Financial Investments Breakdown Private Bonds (A3)- 1% Foreign Bonds - US$ - (Aa1)- 7% Foreign Bonds - US$ - (Aa3) - 8% Federal T Bonds (Ba3) 84% The Company s main debt liability, with Eletrobrás, is restated according to the IGP-M index. Thus, the financial expenses are accrued following the monthly variation in the index, even though the debt is effectively readjusted annually in the month of May. Financial expenses during 2Q05 totaled R$ 43.5 million, significantly less than the amount for the same period of 2004 of R$ 98.3 million. This reduction was a consequence of the lower variation of the IGP-M, of 0.2% in 2Q05, compared to 4.0% in 2Q04. The decrease in the IGP-M also positively impacted accumulated financial expenses for the semester, which totaled R$ million in 1H05 compared to R$ million in 1H04. Page 6 of 12

7 Net Income AES Tietê s net income in the 2 nd quarter of 2005 was R$ million, an increase of 47.0% over 2Q04. Net margin climbed from 30.2% in 2Q04 to 42.3% in 2Q05. Taking into account the accumulated result for the first half of the year, net income rose 50.0%, totaling R$ million. Net margin went from 28.4% in 1H04 to 39.1% in 1H05. The increase in net income was due to the rise in the volume of sales through the bilateral contract, the efficient management of operating costs and the lower financial expense stemming from the variation of the IGP-M index, which experienced deflation in the months of May/05 and June/05. Debt AES Tietê has no loan contracts with banks. Its only debt is represented by a debt assumption with Eletrobrás, inherited from privatization. Interest of 10% p.a. incurs on this debt, along with annual restatement according to the IGP-M interest, maturing in At the end of 2Q05, the Company s gross debt was R$ 1.5 billion, with the major portion (90.9%) maturing over the long term. Taking into consideration financial investments totaling R$ million at the end of the quarter, the Company s net debt totaled R$ million, 17.2% less than the position presented at the end of 1H04. CAPITAL EXPENDITURES (CAPEX) Capital expenditures in 1H05 totaled approximately R$ 7.2 million and were destined mainly for the refurbishing of plants and investments in environmental and waterway improvements. At the Bariri plant, investments were directed toward re-equipping and modernizing the generating unit. At Água Vermelha the funds were used for equipment modernization. Environmental investments were made in new reforestation projects and the maintenance of existing reforestation projects. The expenditures on the waterway included improvements to dam floodgates. CAPEX Breakdown - 1H05 Others 10% Environment 31% Equipment 40% Waterway 19% Page 7 of 12

8 CAPITAL MARKET 2nd Quarter 2005 Results AES Tietê s common shares (GETI3) declined 3.1% in 2Q05, while the Bovespa Index fell 5.9%. During the January/05 to June/05 period, GETI3 shares rose 10.9% in value, while the Bovespa Index posted a decline of 4.4% for the same period. The Company s preferred shares, GETI4, appreciated by 1.0% during the quarter and recorded an increase of 21.7% over the six-month period. Secondary public offer In June 2005, a secondary public offer of shares was concluded by a group of minority shareholders, namely Banco Banespa, Banco Santander and Banco Nossa Caixa. These shareholders together held the equivalent of 45.1% of the Company s preferred shares and 12.8% of its common shares, which represented 28.4% of AES Tietê s total capital. The offer price was R$ 40.00/thousand preferred shares and R$ 36.50/thousand common shares, leading to a total value of the offer of R$ 1.06 billion. Foreign investors acquired about 80% of the shares placed while domestic investors bought 20%. SHAREHOLDING STRUCTURE Shareholders Before the Public Offering After the Public Offering Shareholders Common Preferred Total Common Preferred Total AES Tietê Empreendimentos 61.7% 14.3% 38.9% AES Tietê Empreendimentos 61.7% 14.3% 38.9% Energia Paulista 0.0% 18.0% 8.7% Energia Paulista 0.0% 18.0% 8.7% AES Tietê Participações 9.6% 0.0% 5.0% AES Tietê Participações 9.6% 0.0% 5.0% Banespa 12.6% 27.0% 19.5% Banespa 0.0% 0.0% 0.0% Banco Nossa Caixa 0.0% 17.0% 8.2% Banco Nossa Caixa 0.0% 0.0% 0.0% Eletrobras 0.0% 16.4% 7.9% Eletrobras 0.0% 16.4% 7.9% Others 16.0% 7.3% 11.8% Others 28.7% 51.3% 39.6% TOTAL 100.0% 100.0% 100.0% TOTAL 100.0% 100.0% 100.0% As of the operation, the company s free float grew by 11.8%, reaching 39.6% of total capital. Before the offer was made, AES Tietê s common shares had shown greater liquidity due to the small availability of preferred shares in the market. The public offer of a volume equivalent to 45.1% of the Company s preferred shares raised the market liquidity of this type of security. Comparing the periods comprising June 28, which was the date the offer expired, to August 8, the date this report was prepared, in both years of 2004 and 2005, there was an increase of 545.5% in the average number of daily trades, 210.8% in the average number of shares traded per trading session and 477.8% in the average daily financial volume of trades involving AES Tietê s preferred shares on the Bovespa.! "# $ % & '()* $+!+ % & '(,* -+!+- % & '('*!!+!+# % & '(./*! -+ $+ % & '()*! + -+$!.&0'( ( &0'( $-+1 +#1 23/&0'( 23/&0'( (+-1 $ AES Tietê vs. Ibovespa - Jul/04 to Jun/05 (Base 100 = Jul.1/04) 50 Jul-04 Sep-04 Nov-04 Jan-05 M ar-05 M ay-05 GETI3 GETI4 Ibovespa End of Secondary Offer Page 8 of 12

9 Shareholder compensation Dividend Yield* - % During a meeting on August 9, 2005, the Board of Directors approved a proposal for payment of compensation to shareholders in the form of dividends, referring to the result of the first half of The dividends to be paid is R$ 2,00/thousand common shares and R$ 2.20/thousand preferred shares, representing a pay-out of 95.0% on net income for the period, maintaining AES Tietê 's same pay-out rate of the 2003 and 2004 fiscal years % 10.2% 13.4% 12.3% 11.4% 6.6% 17.4% 23.6% ON PN * Based on the average market price in 1H05 2nd QUARTER HIGHLIGHTS - DISTINCTIONS AES Tietê s performance during 2004 was recognized by surveys carried out by a number of important business publications in Brazil, which listed the Company as a standout in its field of activity. In 2004, AES Tietê s net income was R$ 292 million, an increase of 46% compared to the previous year, while its shares rose in value on the Bovespa by 118%, in the case of its common shares, and 205% for the preferred shares. This performance especially reflected operating stability, the result of the priority being given to maintenance and personnel training, as well as strict management of costs and expenditures. The Company s leadership position was the result of efforts underway for a long time that are designed to transform AES Tietê into a center of excellence in the economic, financial and operational areas and as an example of excellent community relationship. Best supplier of public services, according to Exame s The Biggest and the Best of 2004 AES Tietê was considered by Exame Magazine s The Biggest and the Best annual listing as the company with the best performance in the public service area during The judging criteria included a number of performance aspects, such as growth in sales, profitability and capital expenditures. Leader of the Forbes Brasil ranking in 2004 The special Platinum edition of the Forbes Brasil Magazine presented AES Tietê in first place in the electric energy sector and the eighth in the overall classification among the 200 largest publicly-traded companies in Brazil, based upon a ranking prepared by the Economática consulting company. This classification took into account items such as ROE (Return on Equity), net income, and the liquidity and performance of shares on the Bovespa. All statements contained herein with regard to the Company s business prospects, projected results and the potential growth of its business are mere forecasts, based on local management expectations in relation to the Company s future performance. Dependent as they are on market shifts and on the overall performance of the Brazilian economy and the sector and international markets, such estimates are subject to change Page 9 of 12

10 ANNEX I QUARTERLY STATEMENT OF INCOME (Consolidated) R$ thousand 2Q05 2Q04 GROSS REVENUES FROM SALES AND/OR SERVICES 300, ,651 Supply and transmission of energy 296, ,202 Other revenues 3, DEDUCTIONS FROM GROSS REVENUES (32,408) (8,429) NET REVENUES FROM GOODS AND/OR SERVICES SOLD 267, ,222 COST OF GOODS AND/OR SERVICES SOLD (60,559) (63,785) Payroll (7,901) (7,141) Material (551) (597) Third party services (5,113) (4,407) Financial compensation for use of water resources (10,885) (9,309) Electric power purchased for resale (16,923) (18,322) Depreciation and amortization (16,003) (15,907) Operating provisions Other expenses (3,183) (8,102) GROSS RESULT 207, ,437 FINANCIAL RESULT (33,616) (74,921) Financial income 9,856 23,356 Financial expenses (43,472) (98,277) OPERATING INCOME 173, ,516 NON-OPERATING INCOME (2,129) INCOME BEFORE TAXES/PARTICIPATIONS 171, ,516 PROVISION FOR I.T. AND SOCIAL CONTRIBUTION (41,781) (25,566) DEFERRED I.T. (16,428) (13,958) PROFIT/LOSS FOR THE PERIOD 113,209 76,992 Page 10 of 12

11 ANNEX II STATEMENT OF INCOME FOR THE SEMESTER (Consolidated) R$ thousand 1H05 1H04 GROSS REVENUES FROM SALES AND/OR SERVICES 597, ,508 Supply and transmission of energy 594, ,570 Other revenues 3, DEDUCTIONS FROM GROSS REVENUES (60,454) (19,181) NET REVENUES FROM GOODS AND/OR SERVICES SOLD 537, ,327 COST OF GOODS AND/OR SERVICES SOLD (142,076) (138,414) Payroll (14,793) (13,492) Material (967) (897) Third party services (10,414) (10,223) Financial compensation for use of water resources (24,042) (17,976) Electric power purchased for resale (35,924) (47,316) Depreciation and amortization (31,997) (31,808) Operating provisions (16,415) Other expenses (7,524) (16,702) GROSS RESULT 395, ,913 FINANCIAL RESULT (75,023) (142,401) Financial income 28,120 33,833 Financial expenses (103,143) (176,234) OPERATING INCOME 320, ,512 NON-OPERATING INCOME (1,633) INCOME BEFORE TAXES/PARTICIPATIONS 318, ,512 PROVISION FOR I.T. AND SOCIAL CONTRIBUTION (81,466) (46,008) DEFERRED I.T. (26,971) (26,241) PROFIT/LOSS FOR THE PERIOD 210, ,263 Page 11 of 12

12 Results for the 2 nd Quarter 2005 ANNEX III BALANCE SHEET (Consolidated) (in R$ thousand) ASSETS 6/30/ /31/2004 LIABILITIES 6/30/ /31/2004 TOTAL ASSETS 2,451,712 2,333,895 TOTAL LIABILITIES 2,451,712 2,333,895 CURRENT ASSETS 924, ,198 CURRENT LIABILITIES 308, ,585 CASH/CASH EQUIVALENTS 643, ,463 LOANS AND FINANCING 139, ,552 Cash and banks 3, Loans and financing 132, ,481 Financial investments 639, ,966 Debt servicing 6,365 6,071 ACCOUNTS RECEIVABLE 181, ,977 SUPPLIERS 44,931 47,413 Distributors 70,098 76,419 TAXES, FEES AND CONTRIBUTIONS 90,380 47,986 Accounts receivable from related parties 111,200 90,558 DIVIDENDS PAYABLE ,945 INVENTORY 1,170 1,185 PROVISIONS 22,347 30,908 OTHERS 97,977 85,573 Payroll and related charges 855 1,115 Taxes and social contribution 75,473 65,512 Estimated liabilities 6,492 10,817 Taxes recoverable 11,859 11,427 Provision for lawsuits and contingencies 15,000 18,976 Other credits 10,389 6,311 OTHERS 10,865 13,781 Pre-paid Expenses 256 2,323 Liabilities with Fundação CESP 3,504 6,241 LONG TERM ASSETS 244, ,295 Consumer charges payable 7,361 7,540 VARIOUS CREDITS 244, ,295 LONG-TERM LIABILITIES 1,474,889 1,527,990 Deferred taxes and social contributions 4,582 4,724 LOANS AND FINANCING 1,407,137 1,449,930 Recoverable taxes 155, ,938 Liabilities with Fundação CESP 19,076 18,914 Distributors 74,386 89,677 Loans and financing 1,388,061 1,431,016 Escrow deposits 7,950 7,868 PROVISIONS 15,908 16,268 Other credits 1,381 18,088 OTHERS 51,844 61,792 PERMANENT ASSETS 1,283,577 1,308,402 SHAREHOLDERS EQUITY 668, ,320 INVESTMENTS 1,520 1,520 PAID UP CAPITAL 207, ,416 PROPERTY, PLANT & EQUIPMENT 1,256,738 1,282,729 CAPITAL RESERVES 226, ,557 DEFERRED ASSETS 25,319 24,153 Contributions and subventions - CMC90 2,204 2,204 Remuneration of fixed assets in progress 17,613 17,613 Special Reserve for Goodwill 206, ,740 EARNINGS RESERVE 24,347 24,347 RETAINED EARNINGS Página 12 de 12