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Celesc Reports 17 Percent Gain In Net Income to $14.5 Million; Net Operating Revenue Up 19 Percent.

SANTA CATARINA, Brazil--(BUSINESS WIRE)--June 12, 1996-- Centrais Eletricas de Santa Catarina S.A. - CELESC - (OTC: CAIBY/Brazil: CLS8) today reported a 17 percent rise in first quarter 1996 net income, inflation adjusted using the IGP-M index, to R$ 14.4 million ($14.5 million) over the first quarter of 1995. Unadjusted, Celesc s net income was R$ 21.2 million ($21.5 million).

Net operating revenue reached R$ 172.3 million ($174.4 million) compared with R$ 144.7 million ($146.5 million), a gain of 19 percent.

Ricardo Moritz, Celesc s Chief Financial Officer, said the increases in net operating revenue and net income were due to a 2.6 percent rise in sales of electricity to final consumers and to the rate increase granted in November 1995 by the Federal Government.

Total energy consumption in Celesc s concession area, the state of Santa Catarina, rose by 2.6 percent to 2,307 gigawatt-hours in the first three months of 1996, up from 2,250 gigawatt-hours in the comparable period last year. On an annualized basis, the volume of electricity sold in the 12-month period ended March 31, 1996 was up by 6.3 percent, with residential and commercial customers recording growth of 12.4 and 12.9 percent, respectively.

Operating expenses for the first quarter increased 12.8 percent principally because of a 37.8 percent rise in personnel expenses. Contributing factors included a 3.7 percent real wage increase, a contribution to CELOS, Celesc s employee pension fund, an item which, in the first quarter of 1995, had been accounted for as in other expenses, a provision for employee benefits which was not recorded in the first quarter of 1995, and labor contingencies.

Celesc s total debt at March 31 was R$ 94.3 million, representing only 7.1 percent of shareholders' equity. Of the total, 78 percent is long term debt. -0-

 CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
 Statement of Income
 (Expressed in thousands of Reais at March 31, 1996 price levels)


Exchange Rate at March 31, 1996: R$0.9880 = US$1.00


 Three Months Period Ended March 31,
 1996 1995
Operating Revenue
Sales to final consumers 227,400 198,513
Value-added Tax (ICMS) (48,356) (47,277)
Sales to other utilities 1,102 986
Other Revenue 5,817 4,123
PIS and COFINS (5,783) (3,828)
Regulatory charges (7,884) (7,792)
Net Operating Revenue 172,296 144,725
Operating Expenses (155,171) (137,605)
Purchases of electricity (77,164) (75,385)
Personnel (39,820) (28,895)
Third-party Goods and Services (15,352) (14,349)
Depreciation and Amortization (13,983) (13,517)
Other Expenses (8,852) (5,459)
Operating Income (loss) before
 Financial Income (expense) 17,125 7,120
Interest Income 11,918 12,585
Interest expense (4,604) (2,317)
Non-operating income (expense) (11) 1,046
Income (loss) Before Taxes 24,428 18,434
Provision for taxes:
 Social contribution tax (3,182) (2,126)
 Income tax (6,875) (3,983)
Net Income (loss) for the Year 14,371 12,325
Net Income (loss) per thousand
Shares in Reais (R$) 23.61 20.25




 Three Month Period Ended March 31,
Financial Indices: 1996 1995
Net Income (Loss) (R$1,000) 14,371 12,325
Earnings per 1,000 shares (R$) 23.61 20.25
Gross Margin 9.9% 4.9%
Net Margin 14.2% 12.7%
Return on Equity 1.1% 0.9%
Profit Margin 8.3% 8.5%
EBITDA (R$1,000) 31,108 20,637


-0-


 CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
 Balance Sheet
 (Expressed in thousands of Reais at March 31, 1996 price levels)


 Three Month Period Ended March 31,
 1996 1995
ASSETS
Current Assets 203,266 173,328
Cash and Cash equivalents 23,545 20,874
Accounts Receivable: 135,938 142,071
Allowance for doubtful accounts (4,535) (1,621)
Other current assets 48,318 12,004
Long-Term Receivables 362,812 335,742
Receivable from the State Government 336,823 317,779
Other assets 25,989 17,963
Permanent Assets 1,183,231 1,156,151
Investments 8,262 4,876
Property, plants and equipment 1,173,440 1,085,366
Deferred charges 1,529 65,909
Total Assets 1,749,309 1,665,221


LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities 175,256 119,009
Accounts payable 65,125 49,367
Loans and interest payable 21,137 9,644
Taxes and social charges payable 34,355 22,795
Accrued payroll 37,758 26,317
Other payables and accruals 16,881 10,886
Long-Term Liabilities 249,747 155,108
Bank Loans and Financing 33,790 28,190
Debentures 39,397 39,978
Accrued liabilities 79,411 0
Special obligations 97,098 84,198
Other 51 2,742
Stockholders' Equity 1,324,306 1,391,104
Paid-in capital 578,846 578,846
Capital reserves 722,952 799,232
Retained earnings (deficit) 14,371 12,325
Funds for capital increase 8,137 701
Total Liabilities and Stockholders'Equity 1,749,309 1,665,221




 CENTRAIS ELETRICAS DE SANTA CATARINA S.A. - CELESC
 Energy Sales (in MWh)


Consumption Class 1st Quarter 1996 1st Quarter 1995


Residential 623,546 568,248
Industrial 985,120 1,032,366
Commercial 293,662 270,912
Rural 228,633 213,022
Public Entities 51,117 46,539
Public Lighting 79,761 74,024
Public Service 42,314 41,388
Own Consumption 3,339 3,332
TOTAL 2,307,492 2,249,831


Other Utilities 37,360 35,788
TOTAL 2,344,852 2,285,619


Date: March 31, 1996
 Year ended December 31,
 1996 1995
AVERAGE RATES
To Final Consumers (R$/MWh) 77.59 67.22
Wholesale (R$/MWh) 29.50 27.55


CONTACT: Irineu Theiss - Asst. to the CFO, CELESC

Tel. 011-5548-231-5100 Fax 011-5548-231-5030

or

Jane Valdez - The Anne McBride Company, Inc.

Tel. 212-752-0504 Fax 212-752-7633
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