Celesc's first half net rises 162 percent to R$38.8 million on strong gain in energy consumption, rate increase.SANTA CATARINA Santa Catarina (sän`tə kətərē`nə), state (1996 pop. 4,865,090), 37,060 sq mi (95,985 sq km), S Brazil. The capital is Florianópolis. , Brazil--(BUSINESS WIRE)--August 21, 1996--Centrais Eletricas de Santa Catarina S.A. - CELESC CELESC Centrais Elétricas de Santa Catarina SA (Brazil) - (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CAIBY/Brazil: CLS (Common Language Specification) The structure and syntax of .NET and CLI programming languages. See .NET. 8) today reported an increase of 162 percent in inflation adjusted net income to R$38.8 million ($38.6 million) in the six months to June June: see month. 30, 1996, up from R$14.8 million ($14.7 million) in 1995. Net income per 1,000 shares in 1996 was R$63.8 compared with R$24.3 in 1995. Under Brazil's Corporate Law reporting procedures, unadjusted for inflation, net income came to R$52.1 million in 1996 compared with R$12.7 million in 1995. Ricardo Ri·car·do , David 1772-1823. British economist whose major work, Principles of Political Economy and Taxation (1817), supported the laws of supply and demand in a free market. Noun 1. Moritz People Family name
Given name
While total electricity demand increased by 5.0 percent in first half 1996, residential and commercial demand increased by 12.2 percent and 11.0 percent, respectively, continuing the growth experienced during the 1995 fiscal year. Average tariffs rose by 9.8 percent in real terms, largely due to a 56 percent nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. increase in residential tariffs as a result of a substantial reduction in residential subsidies included in the last 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 adjustment in November 1995. As a result of these factors, revenues from sales to final consumers increased by 13.0 percent to R$455.5 million in 1996 from R$402.7 million in 1995. 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. were 12.0 percent higher in 1996 compared with 1995, in large part due to a 20.2 percent increase in personnel costs to R$88.3 million from R$73.5 million, which was caused by (i) a real increase of 6.5 percent resulting from the implementation of a new salary table and differences between the accounting indices for monetary restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. and the indices used to adjust salaries; (ii) expenses related to incentive payments in connection with the voluntary dismissal Voluntary dismissal is when a law suit is terminated by request of the plaintiff (the party originally bringing the suit to court). In the United States, voluntary dismissal in Federal court is subject to Rule 41(a) of the Federal Rules of Civil Procedure. and early retirement program, and (iii) provision for employee benefits which were not made in the first half of 1995. In addition, purchases of electricity increased from R$147.8 million in 1995 to R$157.8 million in 1996, largely because of an increase of 6.4 percent in the volume of energy purchased by the Company from Eletrosul. After operating expenses, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. reached R$14.5 million in 1996 compared with R$3.6 million in 1995. Net financial income also increased strongly to R$25.5 million in 1996 from R$17.8 million, primarily as a result of fines and interest charged on overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. accounts which have now been renegotiated with the relevant customers. Finally, the Company's net income was boosted substantially by the R$18 million partial reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of a provision for income taxes which was made during 1995. -0-
CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
Statement of Income
(Expressed in thousands of Reais at June 30, 1996 price levels)
Exchange Rate at June 30, 1996: R$1.0044 = US$1.00 Exchange Rate at June 30, 1995: R$0.9220 = US$1.00
Six Months Period Ended June 30,
1996 1995
Operating Revenue
Sales to final consumers 455,516 402,681 Value-added Tax (ICMS) (98,987) (93,412) Sales to other utilities 2,333 2,027 Other Revenue 9,950 5,795 PASEP and COFINS (11,756) (10,570) Regulatory charges (20,354) (15,688) Net Operating Revenue 336,702 290,833 Operating Expenses (322,377) (287,242) Purchases of electricity (157,813) (147,849) Personnel (88,291) (73,459) Third-party Goods and Services (32,902) (30,455) Depreciation and Amortization (28,515) (27,829) Other Expenses (14,856) (7,650) Operating Income (loss) before Financial Income (expense) 14,325 3,591 Interest Income 30,218 20,104 Interest expense (4,749) (2,262) Non-operating income (expense) (113) 1,181 Income (loss) Before Taxes 39,681 22,614 Provision for taxes: Social contribution tax (8,194) (3,385) Income tax 7,325 (4,413) Net Income (loss) 38,812 14,816 Net Income (loss) per thousand Shares in Reais (R$) 63.77 24.34
Six Months Period Ended June 30,
Financial Indices: 1996 1995
Net Income (Loss) (R$1,000) 38,812 14,816
Earnings per 1,000 shares (R$) 63.77 24.34
Gross Margin 4.3% 1.2%
Net Margin 11.8% 7.8%
Return on Equity 2.8% 1.0%
Profit Margin 11.5% 5.1%
EBITDA (R$1,000) 42,840 31,420
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CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
Balance Sheet
(Expressed in thousands of Reais at June 30, 1996 price levels)
Six Months Period Ended June 30,
1996 1995
ASSETS
Current Assets 219,870 182,775
Cash and Cash equivalents 13,584 15,570 Accounts Receivable: 138,796 145,701 Allowance for doubtful accounts (4,552) (101) Other current assets 72,042 21,605 Long-Term Receivables 386,002 355,576 Receivable from the State Government 355,751 332,332 Other assets 30,251 23,244 Permanent Assets 1,227,051 1,196,577 Investments 8,173 5,021 Property, plants and equipment 1,217,348 1,123,176 Deferred charges 1,530 68,380 Total Assets 1,832,923 1,734,928 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities 194,153 135,585 Accounts payable 63,207 50,509 Loans and interest payable 13,845 11,620 Taxes and social charges payable 46,426 31,000 Accrued payroll 41,385 2,822 Other payables and accruals 29,290 39,634 Long-Term Liabilities 248,094 164,023 Bank Loans and Financing 31,049 28,694 Debentures 40,808 40,799 Provision for Contingencies 70,172 0 Special obligations 103,308 89,455 Other 2,757 5,075 Stockholders' Equity 1,390,676 1,435,320 Paid-in capital 595,711 595,711 Capital reserves 745,728 769,821 Income Reserves 0 54,251 Retained earnings (deficit) 38,812 14,816 Funds for capital increase 10,425 721
Total Liabilities and Stockholders'
Equity 1,832,923 1,734,928
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CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
Energy Sales (in MWh)
Six month period ended June 30,
1996 1995
Consumption Class
Residential 1,222,071 1,089,198 Industrial 2,055,970 2,086,922 Commercial 566,584 510,355 Rural 461,196 423,170 Public Entities 99,591 88,492 Public Lighting 160,293 149,002 Public Service 83,357 81,771 Own Consumption 6,492 6,229 TOTAL 4,655,554 4,435,139 Other Utilities 75,246 70,849 TOTAL 4,730,800 4,505,988
Six month period ended June 30,
1996 1995
AVERAGE RATES
To Final Consumers (R$/MWh) 76.58 69.73 Wholesale to other utilities (R$/M 31.00 28.62Average rate for sales to final consumers has been computed by dividing sales to final consumers after deduction of ICMS tax by MWh of electricity sold. CONTACT: Irineu Theiss Theiss, river: see Tisza. , Asst. to the CFO See Chief Financial Officer. - CELESC Tel. 011-5548-231-5100 Fax 011-5548-231-5030 or Jane Valdez Valdez (văldēz`), city (1990 pop. 4,068), Valdez-Chitina-Whittier census div., S Alaska, at the head of Valdez Arm inside Prince William Sound; inc. 1901. It has tourist, mining, and fishing industries, as well as salmon spawning grounds. , 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. Co. Tel. 212-752-0504 Fax 212-752-7633 |
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