Cemig Reports 13 Percent Rise in 1996 Net.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)--March 26, 1997--Economic Stability Leads to 4.5 Percent Gain In Energy Sales Companhia Energetica 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 OTC See: 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 1996, net income rose 13 percent to R$242 million ($251 million) from R$237 million ($230 million) in 1995. Full year revenues reached R$2.6 billion ($2.7 billion) compared with R$2.4 billion ($2.3 billion) in 1995. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was R$774.0 million, and the margin before financial results was 12.0 percent. After financial results and taxes, the margins were 17 percent and 12 percent, respectively. Cemig's Chief Financial Officer, 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 the exceptional financial results for the year 1996 were due largely to a strong 4.5 percent rise in energy consumption in the Company's service concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. , the State of Minas Gerais, an increase of 20.5 percent in the average energy tarrif since November November: see month. , 1995, customer migration to higher rate sectors, and higher sales of firm power compared with interruptible. "The growth in energy consumption during 1996 exceeded the rate of Brazilian economic expansion, showing that the stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of the economy has brought increased purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. to the population," Penna said. Rural energy consumption increased 9.6 percent during the period due to irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. loads, residential consumption was up 8.7 percent from new customers connected to the grid grid: see electron tube. (1) Any interconnected set of nodes such as the electric power network or a communications network. (2) "The Grid" is a nickname for Internet2. See Internet2. and a rise in per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. energy use, and commercial consumption rose 8.6 percent despite reduced economic activity during the period. Cemig said it has reduced its workforce 9.3 percent to 14,923 employees compared with 16,452 at the end of 1995, while its customer count has reached 4.25 million. The customer per employee ratio stood at 284 at year end. 1996 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. increased .6 percent from last year, with depreciation, labor, retirement and pension fund costs, purchases of energy and provision for doubtful debtors accounting for most of the increase. At an operating cost of R$45 per megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt hour, Cemig remains the
lowest cost energy producer among Brazil's major utilities.Cemig's debt at December December: see month. 31 stood at R$1 billion, with 40 percent denominated in Reais and 60 percent in foreign currency. Debt represents less than 11 percent of shareholders equity. Interest charges have ranged from 4 percent to 14.5 percent per annum Per annum Yearly. . "Our results for the year 1996 have been consistent with expectations," Penna declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. , "and we anticipate the current vigorous rate of growth in energy consumption will continue through 1997." November 15, 1996, Cemig successfully launched $150 million of fixed-rate, eight-year notes (put and call options at year five). Cemig said the funds would be used to finance a portion of its 1996 and 1997 capital expenditures. Cemig management will conduct a group conference call Monday Monday: see week. , March 31, at 11 am US Eastern time (1 pm Brazilian time). Those who wish to participate may call 1-800/633-8638 (or 1-609/683-4775 for international callers), about 5 minutes before start. A replay will be available at 2 pm US Eastern time by calling 1-800/835-2663 (or 1-609/896-8185 for international callers). -0-
CEMIG
Balance Sheet
Years Ended December 31, 1996 and 1995
(In thousand reais)
Exchange rate as of Dec. 31, 1996: R$1.039 = US$1
Exchange rate as of Dec. 31, 1995: R$0.973 = US$1
Currency of Constant Non-Adjusted
Purchase Power Currency
1996 1995 1996 1995
CURRENT ASSETS
Cash and Banks 154,348 160,481 154,348 146,967
Credits, Securities
and Asset Receivable
Consumers and Dealers 338,157 305,060 338,707 280,163
Income receivable 6,329 10,815 6,329 9,904
Taxes and Contributions
Compensation 99,960 59,569 99,960 54,553
Other Payables 56,226 24,646 56,226 22,571
Other Credits 14,543 2,038 14,993 2,198
Allowance for Doubtful
Accounts (31,223) (15,336) (31,223) (14,045)
Stores 94,918 84,292 54,602 46,990
Services in Progress 13,919 5,727 15,738 6,631
592,829 476,811 555,332 408,965
Prepaid Expenses 3,161 3,262 3,161 2,987
750,338 640,554 712,841 558,919
LONG TERM RECEIVABLES
Securities 135,461 135,461
Judicial Deposits 1,714 1,816 1,714 1,663
Other Credits 933,501 880,346 933,501 806,214
1,070,676 882,162 1,070,676 807,877
PERMANENT
Investments 108,917 91,842 100,290 84,150
Property, Plant and
Equipment 11,268,491 9,431,734 10,401,464 8,698,146
Deferred Charges 5,170 1,548,709 4,678 1,418,297
11,382,578 11,072,285 10,506,432 10,200,593
TOTAL ASSETS 13,203,592 12,595,001 12,289,949 11,567,389
CEMIG
Balance Sheet
Years Ended December 31, 1996 and 1995
(In thousand reais)
Exchange rate as of Dec. 31, 1996: R$1.039 = US$1
Exchange rate as of Dec. 31, 1995: R$0.973 = US$1
Currency of Constant Non-Adjusted
Purchase Power Currency
1996 1995 1996 1995
CURRENT LIABILITIES
Supplies 118,876 128,186 136,884 134,394
Payroll 2,486 6,900 2,486 6,319
Loan Charges 10,909 10,067 10,909 9,219
Taxes and Contributions 185,617 148,634 181,308 136,118
Proposed Dividends 130,787 141,903 130,787 129,954
Loans and Financing 141,029 79,291 141,029 72,614
Accruals 182,014 189,683 173,038 173,710
Consumer Charges Payable 66,057 75,134 66,057 68,807
Participation in Profits 12,918 12,918
Other Payables - (Advanced
Sale of Electric Power) 47,832 3,337 47,832 3,056
Other Payables and Accruals 94,306 74,266 94,306 68,012
992,831 857,401 997,554 802,203
Long Term Liabilities
Loans and Financing 879,807 746,634 879,807 683,761
Deferred Income Tax 523,720 492,098 513,238 455,775
Other Payables - (Advance
Sale of Electric Power) 64,315 64,315
Other 30,374 64,556 30,374 59,120
1,498,216 1,303,288 1,487,734 1,198,656
Special Payables 1,143,350 1,041,397 1,051,627 953,703
2,641,566 2,344,685 2,539,361 2,152,359
Stockholders Equity
Capital 1,736,116 1,735,045 1,299,260 1,298,199
Capital Reserves 5,846,192 5,683,970 5,652,110 5,496,077
Retained Earnings 1,929,301 1,946,941 1,766,072 1,782,992
Accumulates Earnings 45,989 15,396 24,970 24,970
9,557,598 9,381,352 8,742,412 8,602,238
Funds for Capital Increase 11,597 11,563 10,622 10,589
9,569,195 9,392,915 8,753,034 8,612,827
Total Liabilities and 13,203,592 12,595,001 12,289,949 11,567,389
Stockholders Equity
The accompanying notes are an integral part
of these financial statements
CEMIG
STATEMENT OF INCOME
Years ended December 31, 1996 and 1995
(in thousand reais)
Exchange rate as of Dec. 31, 1996: R$1.039 = US$1
Exchange rate as of Dec. 31, 1995: R$0.973 = US$1
Currency of Constant Non-Adjusted
Purchase Power Currency
1996 1995 1996 1995
Operating Revenue 2,604,127 2,387,040 2,554,754 2,050,533
Electricity Sales
to Final consumers 2,462,677 2,276,246 2,417,345 1,956,069
Supply to others
utilities and IS 98,868 79,920 95,838 68,123
Others 42,582 30,874 41,571 26,341
DEDUCTIONS (648,395) (661,106) (637,610) (576,049)
RGR (60,401) (121,781) (84,050) (109,965)
CCC (81,806) (75,983) (78,656) (65,653)
Taxes (506,188) (463,342) (494,904) (400,431)
NET OPERATING REVENUE 1,955,732 1,725,934 1,917,144 1,474,484
OPERATING EXPENSES (1,721,301)(1,710,864)(1,711,830)(1,478,592)
Personnel (553,328) (509,730) (546,121) (452,004)
Supplies (38,921) (35,842) (41,065) (34,993)
Third Party
Services (129,070) (110,267) (126,122) (94,161)
Electric Power
Purchase for Resale (435,253) (481,733) (423,254) (389,563)
Depreciation and
Amortization (441,436) (466,480) (428,140) (392,867)
Royalties for
Land Usage (24,937) (25,375) (24,264) (22,227)
Rentals, Leasings (16,104) (15,631) (15,594) (13,258)
Operating Provisions (39,901) (19,667) (39,462) (18,505)
Others (42,651) (66,139) (67,808) (61,014)
Financial Income
and Expenses 95,608 107,147 102,074 (328,770)
Income from Financial
Investments 32,394 70,065 45,958 58,856
Interest on Arrears
of Electricity Bills 59,484 60,044 57,528 50,302
Loan Charges (57,546) (66,475) (56,467) (56,861)
Others 61,276 43,513 55,325 (381,067)
Operating Revenue 330,039 122,217 307,388 (332,878)
Monetary Adjustment 442,235
Monetary Correction 481,761
Changes in Working
Capital (39,526)
Non Operating Result 3,019 (6,902) 3,628 (4,982)
Non Operating Income 17,001 19,546 17,246 17,169
Non Operating Expenses (13,982) (26,448) (13,618) (22,151)
Income before Income
Tax and Profit Sharing 333,058 115,315 311,016 104,375
Income Tax and
Social Contribution (78,151) (68,160) (87,090) (61,232)
Deferred Income Tax 8,082 189,873 8,082 173,884
Profit Sharing (21,414) (21,026)
Net Income for
the Period 241,575 237,028 210,982 217,027
Net Income P/Thousand
Shares - R$ 1.86 1.83 1.62 1.67
CEMIG
MWH
Number of
Consumers 1996 1995
Residential 3,501,576 6,331,111 5,826,442
Industrial 53,715 20,948,387 20,685,703
Commercial 400,873 2,601,781 2,395,838
Rural 245,899 1,268,356 1,157,049
Public Entities 35,960 453,092 419,562
Public Lighting 3,748 812,125 770,105
Public Service 4,660 824,193 780,319
Own Consumption 1,638 77,052 78,020
4,248,069 33,316,097 32,113,038
Wholesale 11 4,219,122 3,791,983
4,248,080 37,535,219 35,905,021
Non-billed Sales
Other revenue
Deductions
Total 4,248,080 37,535,219 35,905,021
Currency of
Constant Purchase Non-Adjusted
Power Currency
1996 1995 1996 1995
Residential 767,569 580,541 763,468 508,376
Industrial 1,090,626 1,117,702 1,070,591 942,355
Commercial 320,316 292,424 314,432 261,797
Rural 99,976 96,247 98,139 81,424
Public Entities 51,831 51,737 50,879 43,076
Public Lighting 60,284 53,790 59,176 46,945
Public Service 57,572 57,371 56,514 48,745
Own Consumption 7,444 6,602
2,448,174 2,257,256 2,403,199 1,939,320
Wholesale 98,868 79,920 95,838 68,123
2,547,042 2,337,176 2,499,037 2,007,443
Non-billed Sale 14,503 18,990 14,146 16,749
Other revenue 42,582 30,874 41,571 26,341
2,604,127 2,387,040 2,554,754 2,050,533
Deductions (648,395) (661,106) (637,610) (576,049)
Total 1,955,732 1,725,934 1,917,144 1,474,484
CONTACT: CEMIG Luiz Fernando Fernando may mean:
Tel. 011-5531-299-3930 Tel. and Fax 011-5531-299-3933 Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. : LRolla@Cemig.com.BR 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 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. , 212/983-1702 Fax 212/983-1736 Internet address: McBrideCo@AOL.com America Online's Internet domain address. When sending e-mail to an AOL subscriber via the Internet, the aol.com is the last part of the address; for example: jjones@aol.com. |
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