CEMIG POSTS NINE-MONTH PROFIT OF $119 MILLION; Power Consumption In Minas Gerais Rises 9.4 Percent.BELO HORIZONTE Belo Horizonte (bəl'  rēzôN`tĭ) [Port.,=beautiful horizon], city (1996 pop. 2,091,770), capital of Minas Gerais state, E Brazil. , Brazil--(BUSINESS WIRE)--Nov. 20, 1995-- Companhia
Energitica de Minas Gerais Minas Gerais (mē`nəs zhərīs`) [Port.,=various mines], state (1996 pop. 16,660,691), 226,707 sq mi (587,171 sq km), E Brazil. The capital is Belo Horizonte. Minas Gerais continues to produce more than half of Brazil's mineral wealth. - CEMIG CEMIG Companhia Energética de Minas Gerais (Brazil) - (OTC OTCSee: Over-the-counter. OTC See over-the-counter market (OTC). : CEMCY/Brazilian EX: CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. 3), Brazil's largest fully integrated energy company, today reported net income of 113.950 million reais ($119.445 million) for the nine months ended September September: see month. 30, down from 186.358 million reais ($195.344 million) for the first nine months of 1994. Cemig's Chief Financial Officer, Mr. Francisco Francisco may refer to:
A common surname in the Portuguese language, namely in Portugal and Brazil.
n. pl. pen·nae A contour feather of a bird, as distinguished from a down feather or a plume. [Latin, feather; see pet- in Indo-European roots. , said energy consumption in the Company's service concession, the State of Minas Gerais, grew 9.4 percent during the period, but financial results were adversely impacted by the Federal government's failure to lift the July July: see month. 1994 ceiling on energy tariffs This is a list of tariffs and trade legislation:
adj. Of, associated with, or tending to cause inflation: inflationary prices; inflationary policies. Adj. 1. pressures. "Prices have increased 42 percent in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. over the past 15 months," Mr. Penna added, "and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in some third party instances were up another 25 percent over that, while Cemig's energy rates were held in check by Federal authorities until November November: see month. 6. We nevertheless returned a quite respectable profit for the period because of the large gain in volume and careful control of operating costs operating costs npl → gastos mpl operacionales , including a reduction in employment." Mr. Penna also said Brazil's regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , DNAEE, has so far ignored Cemig's request to "prove" that its new rate proposal is fair to both Cemig and consumers, but the Company expects such an opportunity soon. "We welcome the rate increase, which will enable Cemig to improve results next year," Mr. Penna declared, "although it represents less of an increase than we had hoped to receive." The energy tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic for the State of Minas Gerais was increased 20 percent to R$53.40 per kilowatt hour Kil´o`watt` hour 1. (Elec.) A unit of work or energy equal to that done by one kilowatt acting for one hour; - approximately equal to 1.34 horse-power hour. Noun 1. , up from the previous rate of R$44.5 per kilowatt hour. The current Brazilian inflation rate is running at 0.74 percent per month, down from 1.32 percent per month at the beginning of the year. Mr. Penna said inflation in the country "has finally been tamed tame adj. tam·er, tam·est 1. Brought from wildness into a domesticated or tractable state. 2. Naturally unafraid; not timid: "The sea otter is gentle and relatively tame" ." Cemig's revenues for the nine months dropped 3.4 percent to R$1.294 billion ($1.356 billion), down from R$1.323 billion ($1.387 billion) for the 1994 nine months. The Company's profit margin was 9 percent as contrasted with 14 percent in 1994, while gross margins were 10.14 percent and 19.53 percent, respectively. Earnings per 1000-share unit were R$0.93 ($0.97) as compared with R$1.52 ($1.59) for last year. Return on equity was 1.3 percent, which Cemig described as low by international standards. Cemig realized several gains unrelated to energy sales during the period: -- Interest of R$16 million, owed by the State of Minas Gerais due to the sale of CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. credits, was recorded as financial income. -- A gain of R$5.17 million under the reversal provision for bad debt related to a customer in receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. . -- A discount of R$14 million, recorded as financial income, under the Federal government's Brady Bra·dy , James Buchanan Known as "Diamond Jim." 1856-1917. American financier and philanthropist who gained his nickname because of his attraction to diamonds and his extravagant lifestyle. Noun 1. Plan for rescheduling of debt. -- A gain of R$30 million under Brazil s reversion reversion: see atavism. of income tax law. On the down side, personnel expenses continue to show the impact of the November 1994 wage increase and inflationary adjustment, although employment has been reduced to 16,697 from 17,442. Depreciation increased partly due to the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of the Nova Ponte Ponte (meaning bridge in both Italian, Galician) in Portuguese) may refer to any one of many towns in Italy and Portuguese-speaking countries, among which: Places
Cemig management will conduct a conference call at 10 a.m. US eastern time Tuesday, Nov. 21. Anyone wishing take part may call 913-661-9137 about 5 minutes before 10. The call confirmation code is 202296. -0-
CEMIG
Third Quarter Results
Financial Statements
(in thousands of Reais)
R$ .96 = US$1. Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
Net Operating Revenue 1,294,021 1,323,537
Deductions (97,842) (84,911)
Operating Expenses (1,064,967) (980,204)
Earnings before financial (expenses)
income 131,212 258,422
Financial (expenses) income 31,641 (5,656)
Non-operating results (10,680) (3,308)
Profit before income tax 152,173 249,458
Income Tax (38,223) (63,099)
Net Income 113,950 186,359
Earnings per 1000 shares 0.93 1.52
Gross margin 10.14% 19.53%
Net margin 11.76% 18.85%
Return on equity 1.43% 3.08%
Profit margin 9% 14%
EBITDA (R$1000) 418,815 420,891
Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
Net Operating Revenues 1,196,179 1,238,626
Sales to final consumers 1,476,720 1,373,780
Value-added tax (258,911) (280,503)
Non-billed sales 9,420 184,074
Sales to other utilities 49,498 31,038
Other revenues 17,294 15,148
Deductions (97,842) (84,911)
Sales to final consumers 24,073,392 23,046,395
Other utilities 2,804,416 1,508,077
Total Sales in MWh 26,877,808 24,554,472
Average rate (R$/MWh) 44.50 50.44
End users average rate (R$/MWh) 46.91 51.74
Wholesale average rate (R$/MWh) 17.65 20.68
CEMIG
Third Quarter Results
Financial Statements
(in thousands of Reais)
Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
Operating Expenditure 1,064,967 980,204
Electric Power Purchase for 307,145 414,904
Depreciation and amortization 304,865 234,532
Personnel 287,335 186,632
Third party services 68,006 54,409
Other taxes 42,137 52,441
Forluz contribution 30,819 31,238
Supplies 22,710 11,058
Royalties 16,295 14,332
Rentals & leasing 9,569 10,825
Others 41,356 41,305
(Gains) Losses (65,270) (71,472)
Energy Sold (MWh) 26,877,808 24,554,472
Cost per MWh 39.62 39.92
Cost per MWh (without G&L) 42.05 42.83
Third Quarter Results
Balance Sheet
(in thousands of Reais)
Nine Months Ended Nine Months Ended
September 30, 1995 September 30, 1994
CURRENT ASSETS 683,194 500,183 Cash and banks 177,300 175,650 Credits, securities and assets receivable 405,894 324,533 Consumers and dealers 254,752 231,440 Income receivable 11,226 13,717 Sundry receivables 55,926 38,604 Other credits 7,779 2,884 Allowance for doubtful accounts Stores 68,861 30,597 Services in process 5,548 6,878 Prepaid expenses 1,802 412 LONG-TERM RECEIVABLES 766,166 45,668 Securities 38,293 Judicial deposits 1,501 1,675 Other credits - consumers 764,262 5,167 Other 403 532 PERMANENT 9,632,869 9,415,543 Investments 76,601 64,602 Property, plant and equipment 8,210,752 8,101,593 in service 6,896,081 5,840,203 under construction 1,314,671 2,261,390 Deferred charges 1,345,516 1,249,348 TOTAL ASSETS 10,982,229 9,961,394 CURRENT LIABILITIES 497,657 898,698 Suppliers 121,164 179,901 Payroll 68,563 95,632 Loan charges Taxes and contributions 106,233 94,198 Proposed dividends 140 32 Loans and financing 64,649 190,998 Accruals 51,236 40,816 Consumer charges payable 17,723 12,371 Other payables - (advance sales of electric energy) 2,210 35,501 Other payables and accruals 65,639 49,237 LONG-TERM LIABILITIES 1,636,693 1,832,758 Loans and financing 624,713 469,380 Deferred income tax 950,949 1,278,358 Other payable - (advance sales of electric energy) 12,937 Other 61,031 72,083 SPECIAL PAYABLES 895,433 841,923 STOCKHOLDERS' EQUITY 7,952,546 6,588,027 Capital 1,464,394 1,464,334 Capital Reserves 4,613,946 3,903,747 Revenue Reserves 783,549 85,896 Retained Earnings 966,196 1,058,126 Funds for capital increase 124,461 75,924 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 10,982,229 9,961,384
CEMIG ENERGY SALES
(in MWH)
3rd Q 2nd Q 1st Q Yr to Date 1995 Yr to Date 1994
Residential 1,474,440 1,429,635 1,380,948 4,288,023 3,761,232 Industrial 6,421,203 5,441,573 4,788,893 15,651,669 15,687,786 Commercial 579,042 692,114 599,337 1,770,493 1,541,243 Rural 345,563 285,286 237,184 848,033 748,538 Public Entities 108,123 107,910 94,190 308,223 274,252 Public Lighting 193,372 190,150 190,970 574,492 657,499 Public Service 199,728 192,286 184,577 576,589 525,134 Own Consumption 19,405 19,467 19,998 58,870 60,732 TOTAL 8,338,874 8,238,421 7,496,097 24,073,392 23,048,395 Other Utilities 77,490 68,575 63,686 207,750 188,928 Interconnected system 922,944 923,134 750,588 2,598,688 1,339,149 TOTAL 9,339,308 9,228,130 8,310,370 26,877,808 24,554,472 CONTACT: CEMIG Luiz Fernando Rolla, Asst. to CFO See Chief Financial Officer. 011-5531-349-3250 OR The Anne McBride Anne C. McBride (born Nova Scotia) was a frequent candidate in Canadian federal and provincial elections and by-elections in the 1970s, 1980s and 1990s. McBride was an ordained minister in the Assemblies of God, a Pentecostal Christian denomination. Company Jane Valdez, 212-752-0504 |
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