centrais elÉtricas brasileiras s - latibex · centrais elÉtricas brasileiras s.a. eletrobrÁs ......

BOVESPA: ELET3, ELET6 LATIBEX: XELTO, XELB ADR: CAIFY, CAIGY www.eletrobras.gov.br [email protected] Index by Company: Companies Page Eletrobrás 01 Itaipu 17 Furnas 22 Chesf 28 Eletronorte 34 Eletrosul 40 Eletronuclear 46 CGTEE 51 Lightpar 56 Ceron 61 Eletroacre 67 Ceal 73 Cepisa 79 Ceam 84

CENTRAIS ELÉTRICAS BRASILEIRAS S.A.

ELETROBRÁS

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ELETROBRÁS’ PERFORMANCE DURING THE

SECOND QUARTER 2003

letrobrás recorded in the second quarter of 2003 a net loss of R$ 1,544 million, corresponding to R$ 2.87 per 1,000 shares. During the same period of year 2002, the company recorded a

net income of R$ 350 million, equivalent to R$ 0.65 per 1000 shares. As regarding the result for the semester ended in June, 2003 Eletrobrás ended the period with a loss in the amount of R$ 1,772 million, equivalent to R$ 3.30 per 1000 shares, whereas in the first semester of 2002, the company recorded a net income of R$ 649 million, equivalent to R$ 1.21 per 1000 shares. During the second quarter of 2003 the Real appreciation in comparision with the US dollar was 14.35%, whereas in the same period of 2002 there was a Real devaluation towards the US dollar, of 22.41%. The Real appreciation had a negative impact on the company’s result, since Eletrobrás is the owner of credits represented by loans and financing receivable, which are dollar denominated, mainly derived from Itaipu, and thus recorded a high amount of expenses originated from the currency variation. Such appreciation, however, has positively influenced the result on the equity method, on the holding company financials. During the second quarter of 2003 currency variation recorded a loss R$ 2,980 million on the holding’ result. In that period, due to the existant price level, of (0.35%) according to IGP-M, monetary variation also caused a loss to the company’s loans and financing portfolio, in local currency terms, of R$ 84 million. As for the same period of 2002, there was a gain of R$ 3,162 million on the currency variation and a gain of R$ 247 million on monetary variation. As for the semester, Eletrobrás recorded a loss in the amount of R$ 3,995 million on the account named “Net Currency variation”, as compared with a net gain of R$ 3,182 million in 2002. As regarding Net Monetary variation, during the first semester of 2003 there was a gain of R$ 275 million, as compared with a gain of R$ 239 million for the same period of 2002.

E

Centrais Elétricas Brasileiras S.A. - Eletrobrás Marketletter - June 2003

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In consolidated terms, Currency Variation generated a loss in the amount of R$ 2,593 million during the second quarter of 2003, whereas Monetary Variation recorded a loss of R$ 136 million in the same period. In the first semester of 2003, consolidated numbers recorded a loss in Currency Variation in the amount of R$ 3,376 million and in Monetary Variation a loss of R$ 169 million. The result of shareholding partcipation was R$ 700.3 million, of which R$ 649 million were the result of revenue on the equity method. As for the semester, shareholding participation were R$ 780 million, and equity shareholding was responsible for R$ 730 million. The main indeces from Eletrobrás financing contracts recorded the following variations: 2003 2002

2nd Quarter 1st Semester 2nd Quarter 1st Semester IGP-M (0.35%) 5.90% 2.95% 3.48% US$ (14.35%) (18.72%) 22.41% 22.58% Results of participation Subsidiary Companies

R$ Million Second quarter/2003 Second quarter/2002

Company Result for the quarter EBITDA Result for the

quarter EBITDA Furnas (**) 282.1 329.0 56.0 342.1 Chesf 278.0 504.8 (134.5) 399.3 Eletronorte 24.2 136.3 (417.8) 147.9 Eletrosul (*) 22.2 44.9 43.3 45,1 Eletronuclear 22.0 37.8 (219.9) 53.2 CGTEE 5.9 18.3 2.5 20.0

(*) EBITDA of 2002 without of energy from Itaipu (**) Decrease in 2003 EBITDA influenced by amount of discontracted energy. Temporary Investments The companies classified as Temporary Investements continue to Record losses. During this quarter a provision in the amount of R$ 331.7 million was made, for coverage of losses in the realization of advances for shareholding participation granted to: Cepisa (R$ 29.8 million), Ceron (R$ 110.3 million), Eletroacre (R$ 59.3 million) and Ceam (R$ 132.3 million), which corresponds to the amount of assets until the limit of coverage of the stockholders equity of those companies. In light of the economic and financial situation of those companies, which continue to record losses in this quarter, a provision has been made, in the amount of R$ 331,7 million, for coverage of losses in the realization of advances for shareholding participation granted to companies such as CEPISA (R$ 29,8 million), CERON (R$ 110,3 million), ELETROACRE (R$ 59,3 million) and CEAM (R$ 132,3 million), since negative values of Stockholders Equity have been recorded for those companies, in an amount above the capital provided until the end of the second quarter, and such capital was insufficient for covering the liabilities.


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Of the R$ 331,7 million, as mentioned above, R$ 328,3 million refers to Advances for future capital increase made in previous periods and R$ 3,4 million, throughout 2003. Considering that the privatization of those companies did not take place according to the scheduled period, ELETROBRÁS records such investments as Non-current assets. Due to the difference between the cost of acquisition of temporary investments and the eventual value of their realization, ELETROBRÁS, in a conservative procedure, adopts as a reference the stockholders equity value of those companies, considering the advances for future capital increase, even in the case of negative values, in light of the commitment to enhance the economic-financial situation of those companies. As a result, a complementary provision was made, in the amount of R$ 6,976 thousand (54,473 thousand for the 1st quarter, 2003), as uncovered liabilities, coming to a provision of R$ 690,907 thousand (R$ 683,931 thousand as at March 31, 2003).

R$ Million Second quarter/2003 Second quarter/2002

Company Result for the quarter EBITDA Result for the

quarter EBITDA Ceam (19.3) (12.2) (16.7) (13.3) Cepisa (6.3) (7.7) (30.0) (12.2) Ceron (1.3) (6.7) (26.6) 2.3 Eletroacre (0.8) 0.4 (2.0) 0.8 Ceal (6.8) 5.2 (6.7) 9.5

Funding in companies under Temporary Investments During year 2003, funds in the amount of R$ 62,6 million were transferred to companies classified as temporary investments, of which R$ 54,5 million as loans and R$ 8,1 million as Advances for future capital increase. Of those values, in the second quarter R$ 31,3 million were funded as loans and R$ 7,5 million as Advances for future capital increase. Trade of energy from Itaipu ELETROBRÁS started the billing of this service to the distribution companies, in January, 2003. In light of this, the commitment of acquisition and pass-on of energy signed by Furnas and Eletrosul with the electric energy distribution companies, equivalent to 72,384 GW/year, were transferred to ELETROBRÁS. Supply tariff of Itaipu Binacional during 2003 is fixed at US$ 15.93/kW and the repass tariff (sale) at US$ 17.5553/kW, representing an average tariff of US$ 27,43/MWh plus US$ 0,88/MWh for the cession to Paraguay. Shareholders’ remuneration The account named Shareholders Remuneration is the result of the application of Selic rate on three accounts: Dividends, regarding dividend for year 2002 paid on 05/12/2003, in the amount of R$ 449 million;


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Reserve of non-distributed dividends, calculated over the remaining stock of reserve of dividends of common shares, whose stock as at 03/31/2003 was R$ 3,993.7 million; Advance for future capital increase – calculated on the remaining stock of the account Advances for future capital increase, whose stock, as at March 31, 2003 was R$ 1,8 billion originated from, mainly, from the purchase of CGTEE and shares of CEEE, representing R$ 1,6 billion of that amount. R$ thousand

2nd quarter/2003

1st semester/2003

2nd quarter/2002

1st semester/2002

Financial charges over advances for future capital increase

106,524.4 205,153.5 64,915.5 126,153.1

Financial charges on non- distributed dividends

15,727.9 39,886.3 61,586.7 119,026.5

Financial charges on reserves of non-distributed dividends

231,990.2 446,793.5 141,425.8 274,854.7

Total 354,242.5 691,833.3 267,928.0 520,034.3 Energy Generation and Transmission The following map shows the extension of transmission lines, installed capacity and stockholders equity of the ELETROBRÁS System companies.

Transmission Lines

Installed Capacity

Stockholders Equity

Company

Thousand Km MW R$ billion Chesf 18.9 10,726 9.5 Furnas 18.7 9,292 11.2 Eletronorte 8.1 5,941 9.8 Itaipu 6,000 0.3 CGTEE 490 0.7 Eletrosul 9.0 1.5

Partnerships Eletrobrás, pursuing a better tax policy, dating from the first quarter of 2003, has promoted changes to its investments policy, under minority participation in new projects. Previously, the company invested in equity, through the purchase of a put option, on an specific date, with taxes charged periodically over the net income regarding the sale of shares. The new policy for investments considers the permanent participation as partner in the project.


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Assets Parent Company

(R$ thousand) June /2003 March/2003 June /2002

CURRENT ASSETS Cash and banks 495,001 579,062 715,252 Consumers and resellers 1,709,338 1,410,577 5,659 Loans and financing 2,670,175 3,002,361 2,985,568 Interest, commissions and charges 1,691,593 1,799,289 1,843,311 Marketable securities 260,436 255,744 79,612 Tax credits 581,762 396,676 316,836 Stored materials 531 733 774 Investment remuneration 219,403 306,492 498,205 Sundry receivables 2,587 2,660 6,099 Fuel consumption account - CCC 736,303 730,793 896,183 Renegotiated receivables 333,836 389,758 830,384 Trade of electric energy 218,794 211,496 - Others 371,737 353,926 63,707

9,291,496 9,439,567 8,241,590

NON-CURRENT ASSETS Loans and financing 36,043,298 39,052,380 31,874,724 Marketable securities 831,859 809,349 896,300 Studies and projects 60,916 61,622 49,357 Concessions to bid 233,570 233,570 242,481 Tax credits 910,142 906,434 272,190 Temporary investments 19,990 22,324 31,319 Collateral and linked deposits 38,335 38,335 36,818 Others 8,451 8,890 82,148

38,146,561 41,132,904 33,485,337 Advances for capital participation 2,998,693 3,280,206 3,004,652

41,145,254 44,413,110 36,489,989 PERMANENT Investments 37,581,807 36,965,560 38,660,071 Property, plant and equipment 6,004 5,983 12,891 Deferred 49 49 49

37,587,860 36,971,592 38,673,011 Total Assets 88,024,610 90,824,269 83,404,590


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Liabilities Parent Company


CURRENT LIABILITES Loans and financing 249,196 284,875 287,385 Charges on loans and financing 61,177 129,197 62,940 Subsidiaries payables 1,331,668 1,504,010 4,723 Fuel consumption account - CCC 709,603 714,621 833,469 Suppliers 1,854,593 1,382,877 6,240 Compulsory loan 316,183 271,372 238,300 Shareholders remuneration 48,009 481,656 1,509,234 Taxes and social contribution 328,382 407,637 244,888 Actuarial liability 21,641 21,745 22,615 Others 56,223 58,414 65,045

4,976,675 5,256,404 3,274,839

NON-CURRENT LIABILITIES Loans and financing 4,606,146 5,380,119 4,620,482 Subsidiaries payables - - 1,034,269 Global Reversion Reserve - RGR 4,583,271 4,364,327 2,705,611 Compulsory loan 3,783,634 3,713,245 3,152,270 Taxes and social contribution 2,787,711 3,697,823 2,173,717 Provision for contingencies 1,081,455 1,012,160 737,374 Provision for deficits in investments 690,907 683,931 282,608 Actuarial liability 79,583 75,777 79,034 Others 3,963 3,812 8,036

17,616,670 18,931,194 14,793,401

STOCKHOLDERS EQUITY Capital 20,785,196 20,612,196 20,612,196 Capital reserves 23,418,790 23,418,790 22,716,098 Income reserves 19,292,996 19,061,006 17,838,086 Accumulated Income (Losses) (6,079) 1,710,912 2,588,031

63,490,903 64,802,904 63,754,411 Advances for capital increase 1,940,362 1,833,767 1,581,939

65,431,265 66,636,671 65,336,350 Total Liabilities 88,024,610 90,824,269 83,404,590


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Statement of Income

Parent Company

(R$ thousand) OPERATING REVENUES Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Electric energy sales 1,620,249 3,517,672 - - Arrears interest on energy sales 8,250 8,434 - - Loans and financing: Interest, commisssions and charges 779,156 1,815,828 479,432 1,271,505 Net monetary variations (83,548) 275,156 246,716 239,130 Net currency variations (2,980,070) (3,994,691) 3,161,568 3,181,668 Equity accounting 700,321 780,290 (1,472,776) (1,314,551) Financial profit from applications 42,691 89,456 53,839 98,683 Others 10,504 39,395 29,629 39,885 (-) PASEP and COFINS (106,986) (236,200) (48,125) (73,241) Reversal of prov.for questionable debtors 81,570 112,122 - -

72,137 2,407,462 2,450,283 3,443,079 OPERATING EXPENSES Loans and financing 163,904 380,891 191,743 329,228 Personnel, material and services 31,670 58,508 27,885 49,018 Depreciation and amortization 304 650 5,895 6,596 Charges on taxes paid in installments 496 5,392 2,487 8,560 Provision for contingencies 69,295 164,224 - 217,449 Provision for questionable debtors 3,241 5,739 - - Provision for recording of assets 331,707 331,707 - - Energy purchased for resale 1,578,043 3,419,641 17,375 17,844 Charges on shareholders remuneration 354,242 691,833 267,928 520,034 Charges on consumers (20,133) - - - Donations and contributions 15,021 34,898 16,929 32,250 Others 16,220 41,381 36,525 64,580

2,544,010 5,134,864 566,767 1,245,559 OPERATING RESULT (2,471,873) (2,727,402) 1,883,516 2,197,520 NON-OPERATING RESULT (6,312) (66,591) (282,710) (274,385) RESULT BEFORE SOCIAL CONT. AND INCOME TAX (2,478,185) (2,793,993) 1,600,806 1,923,135 Social contribution 246,899 269,722 (331,472) (337,494) Income tax 687,295 752,591 (919,174) (936,211) NET INCOME (LOSS) FOR THE PERIOD (1,543,991) (1,771,680) 350,160 649,430 INCOME(LOSS) PER 1000 SHARES (R$2.87) (R$3.30) R$0.65 R$1.21


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Assets Consolidated


CURRENT ASSETS Cash and banks 1,784,314 1,859,195 1,726,244 Consumers and resellers 5,681,152 5,180,534 5,879,615 Loans and financing 1,012,189 882,764 991,033 Interest, commissions and charges 119,302 123,044 441,612 Marketable securities 269,997 265,174 220,691 Tax credits 884,069 683,162 613,732 Stored materials 489,382 439,203 363,162 Investment remuneration 41,275 28,983 2,454 Sundry receivables 447,161 398,581 380,956 Fuel consumption account - CCC 730,830 737,831 888,706 Renegotiated receivables 171,949 146,853 81,916 Trade of electric energy 218,794 211,496 - Others 395,931 453,077 170,705 12,246,345 11,409,897 11,760,826 NON-CURRENT LIABILITIES Loans and financing 15,121,707 16,607,767 13,488,993 Marketable securities 1,215,811 1,203,773 1,110,219 Nuclear fuel stock 259,381 275,333 207,582 Studies and projects 60,916 61,622 49,357 Concessions to bid 247,850 247,847 257,427 Consumers and resellers 718,297 1,023,119 1,238,788 Renegotiable credits 1,798,463 1,570,339 929,176 Tax credits 1,054,619 906,434 872,464 Temporary Investments 19,990 22,324 31,319 Collaterals and linked deposits 169,675 375,730 36,818 Others 775,214 922,727 514,441

21,441,923 23,217,015 18,736,584 Advances for capital participation 257,177 540,414 323,848

21,699,100 23,757,429 19,060,432

PERMANENT Investments 3,170,436 3,281,664 3,286,232 Property, plant and equipment 77,887,616 81,818,721 77,138,872 Deferred 1,056,537 1,024,961 624,419

82,114,589 86,125,346 81,049,523 Total Assets 116,060,034 121,292,672 111,870,781


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Liabilities Consolidated


CURRENT LIABILITIES Loans and financing 1,288,069 1,082,018 1,390,662 Charges on loans and financing 154,735 235,209 95,041 Fuel consumption account - CCC 709,603 719,237 833,469 Suppliers 3,330,983 3,125,458 3,867,264 Compulsory Loan 316,183 271,372 238,300 Estimated obligations 115,943 132,270 135,772 Shareholders remuneration 53,141 494,709 1,514,846 Taxes and social contributions 1,129,556 1,032,216 940,952 Provision for contingencies 184,790 250,899 368,621 Remuneration and reimbursement 306,114 320,559 353,606 Actuarial liability 255,818 245,223 198,879 Others 794,555 879,907 541,046

8,639,490 8,789,077 10,478,458

NON-CURRENT LIABILITIES Loans and financing 24,141,661 27,408,417 22,566,720 Global Reversion Reserve - RGR 4,595,251 4,364,327 2,705,611 Compulsory Loan 3,783,634 3,713,245 3,152,270 Taxes and social contributions 3,779,270 4,681,573 3,179,889 Decommissioning of nuclear units 295,971 330,284 241,327 Provisions for contingencies 1,588,174 1,504,870 1,374,459 Prov. for uncovered investments 690,907 683,931 282,608 Actuarial liability 2,170,924 2,206,329 2,067,418 Others 642,242 676,044 199,643

41,688,034 45,569,020 35,769,945 MINORITY PART. IN SUBSIDIARIES 301,245 297,904 286,028 STOCKHOLDERS EQUITY Capital 20,785,196 20,612,196 20,612,196 Capital Reserves 23,418,790 23,418,790 22,716,098 Income reserves 19,292,996 19,061,006 17,838,086 Accumulated Income (Losses) (6,079) 1,710,912 2,588,031

63,490,903 64,802,904 63,754,411 Advances for capital increase 1,940,362 1,833,767 1,581,939



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Statement of Income Consolidated (R$ thousand)

Second First Second First quarter/ semester/ quarter/ semester/ 2003 2003 2002 2002

OPERATING REVENUES Electric energy sale 4,115,879 8,214,255 4,844,377 7,829,761 Subventions – fuel consumption 616,365 758,100 167,367 329,692 Arrears interest on energy sales 137,799 246,390 62,493 94,867

4,870,043 9,218,745 5,074,237 8,254,320 Loans and financing: Interest, commissions and taxes 374,831 791,852 247,620 391,135 Net monetary variations (136,484) (168,587) 125,004 123,566 Net currency variations (2,593,194) (3,375,974) 2,375,078 2,347,756 Equity accounting 51,008 47,432 (828,088) (817,819) Income from financial applications 124,193 238,274 100,033 175,583 Others 153,679 248,970 113,487 220,742 (-) PASEP and COFINS (220,682) (457,788) (186,313) (360,483) Reversal of prov.for questionable debtors 106,803 137,355 - -

2,730,197 6,680,279 7,021,058 10,334,800 OPERATING EXPENSES Loans and financing 531,714 1,095,147 885,048 1,062,805 Energy purchased for resale 1,098,448 2,547,511 1,673,761 2,473,919 Fuel for production of electric energy 709,955 898,240 233,978 437,304 Personnel, material and services 599,010 1,061,751 548,380 933,764 Depreciation and amortization 299,663 684,109 1,004,172 1,625,727 Charges on taxes paid in installments (2,527) 5,392 27,657 46,379 Provision for contingencies 69,800 169,124 67,918 288,838 Provision for credits of questionable payment 154,819 157,317 - - Provision for losses at recording of assets 331,707 331,707 - - Purchase of electric energy - - 17,844 17,844 Charges on shareholders remuneration 354,242 691,833 267,928 520,034 Remuneration and reimbursement 247,835 512,357 251,256 414,587 Charges on the use of electricity network 35,460 82,613 7,072 35,334 Donations and contributions 19,986 44,857 27,574 51,320 Others 367,321 594,418 260,427 357,886

4,817,433 8,876,376 5,273,015 8,265,741 OPERATING RESULT (2,087,236) (2,196,097) 1,748,043 2,069,059 NON-OPERATING RESULT (9,091) (74,644) (287,695) (282,589) RESULT BEFORE SOC. CONT.AND INCOME TAX (2,096,327) (2,270,741) 1,460,348 1,786,470 Social Contribution 105,541 102,064 (303,510) (316,249) Income Tax 446,891 396,985 (814,559) (830,059) RESULT BEFORE PARTICIPATIONS (1,543,895) (1,771,692) 342,279 640,162 Minority Participation (96) 12 7,881 9,268 NET INCOME (LOSS) FOR THE PERIOD (1,543,991) (1,771,680) 350,160 649,430


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Eletrobrás’ Shares Local Market ELETROBRÁS’ shares recorded an increase in value as at the end of the second quarter, 2003, as follows: preferred class “B” shares with 7.7% increase, and common shares with 8.45%. Regarding the same period, the Ibovespa index recorded a 15.07% increase, as well as the Electric Sector index, from BOVESPA, with a 16.02% increase. During the first quarter, ELETROBRÁS’ shares had daily trading of 157 million common shares and 528 million preferred class “B” shares. During the first semester ELETROBRÁS’ shares were influenced by the strong appreciation of the Real during the first quarter of 2003, with a decrease in prices. Preferred class “B” shares had a decrease of 6.27%, and common shares, a 16.23% decrease. During the first semester, ELETROBRÁS’ shares had daily trading of 154 million common shares and 526 million preferred class “b” shares. Trading at Bolsa de Valores de São Paulo - BOVESPA Common shares Preferred shares

Date Avg. Price

Avg. Daily Volume

Avg. Number of Trade

Avg. Price

Avg. Daily Volume

Avg. Number of Trade

Jan/03 22.28 155,300,000 173 22.98 535,550,000 567 Feb/03 17.65 149,950,000 134 18.52 470,200,000 431 Mar/03 18.06 149,800,000 161 20.15 559,100,000 434 Apr/03 21.13 212,650,000 214 23.42 583,450,000 561 May/03 22.59 114,400,000 166 24.30 559,500,000 567 Jun/03 23.08 122,250,000 147 25.08 415,900,000 436

Obs: Average price = R$ / 1000 shares ADR Market Since 1995, Eletrobrás has a registration in CVM for two American Depositary Receipts – ADR Level I Program, of the company’s common and preferred “B” class shares. The company’s Level I ADR’s are not allowed to publicly trade in the United States, and at the moment are traded on the over-the-counter market. At the end of the second quarter of 2003 the company’s ADR’s had a balance of 108.4 million ADR’s of common shares and 5.6 million ADR’s of preferred shares, with a ratio of 500 shares per each ADR. The ADR programs, due to the Real appreciation in relation to the US dollar, recorded in the 1st quarter of 2003 a depreciation in their quotations, which was inferior to the variation recorded by shares in the local market. ADR’s of preferred shares had a positive variation of 27.2% and of 27.3% for the common shares.


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Latibex Program Since year 2000, ELETROBRÁS registered its common and preferred class “B” shares at LATIBEX, Program for the Trading of Latin-American shares at Madrid Stock Exchange, in Spain, with a reduced level of liquidity. The program for common shares increased 24.8% during the 2nd quarter 2003 as compared with a negative performance of 4.1% for the first semester. The program for preferred shares is not recording daily trading. Capital Structure The 139th General Extraordinary Shareholders’ Meeting, held on May 16, 2003, has approved the increase of ELETROBRÁS‘ capital, in the amount of R$ 173 million, through the capitalization of income reserves, from R$ 20,612,195,909.48 to R$ 20,785,195,909.48, without issuance of new shares.

Capital as at 06.30.2003 % Capital

Shareholders Number of

Shares Real Value Type/Class Total Common 452,511,763,550 17,498,607,525.28 100.00% 84.19%

Federal Gov. 264,328,120,835 10,221,555,364.89 58.41% 49.19% FND 22,810,794,898 882,092,310.99 5.04% 4.24% BNDESpar 67,789,960,070 2,621,434,404.52 14.98% 12.61% Others 97,582,887,747 3,773,525,444.88 21.56% 18.15%

Pref. A 73,460,000 2,840,694.57 100.00% 0.01% Others 73,460,000 2,840,694.57 100.00% 0.01% Pref. B 84,917,297,330 3,283,747,689.63 100.00% 15.80% Federal Gov. 17,595,460,180 680,415,575.28 20.72% 3.27% FND 0 0.00 0.00% 0.00% BNDESpar 532,937,780 20,608,677.61 0.63% 0.10% Others 66,788,899,370 2,582,723,436.74 78.65% 12.43%

Total 537,502,520,880 20,785,195,909.48 100.00%


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Shareholding Participation The complete table of Eletrobrás’ participation is available for consultation at: http://www.eletrobras.gov.br/invest_ing/participacao.asp The shareholding participation in controlled companies and temporary investments are informed together with each company’s financials. Loans and financing Eletrobrás is the owner of a loan portfolio of R$ 40 billion, as compared with its debt of R$ 5 billion, according to the table below: R$ thousand

Receivable Payable Subsidiaries 33,034,131 Local Currency 473,966 Temporary Investments 7,345,497 Foreign Currency 4,442,554 Others 25,438 Total 40,405,066 Total 4,916,520

58,4 %

15,0%5,0% 5,9%

15,7% Minority residentMinority non-resident

Federal GovernmentBNDESPARFND

58,4 %

15,0%5,0% 5,9%

15,7%

58,4 %

15,0%5,0% 5,9%

15,7% Minority residentMinority non-resident

Federal GovernmentBNDESPARFND

18,3%18,3%20,7 %20,7 %

61,0%61,0%

18,3%18,3%20,7 %20,7 %

61,0%61,0%

15,8%

Common84,2%

Preferred15,8%

Common84,2%

Preferred

http://www.eletrobras.gov.br/invest_ing/participacao.asp


Eletrobrás

14

Renegotiations of loans and financing contracts During years 2001 and 2002, some subsidiary and federalized companies, specially ELETRONORTE, ELETRONUCLEAR, CEAM, MANAUS and CEPISA, have faced huge financial difficulties, which caused the increse of their debt towards ELETROBRÁS. With the objective of providing a better payment capacity to those companies, ELETROBRAS renegotiated, in the second quarter/2003, some contracts of loans and financing, with the suspension of payment of principal, postponement of due date of principal and reduction of interest rate and administration rate during 2003, which afterwards, will be adjusted in order to compensate for the decrease of revenue this year. In order to reduce deficit and indebtedness of such companies, ELETROBRAS approved the transfer of the stock of debt of R$ 41 million, past due and due, of some loans and financing contratcs granted to CEAM for future capital increase, and will take the same measure for other federalized companies in the third quarter. Still considering the objective of reducing the indebtedness of subsidiary and federalized companies, ELETROBRAS is taking measures to refinance the debt stock until 12/31/2002, of loans and financing contracts of ELETRONORTE, ELETRONUCLEAR, MANAUS and CEPISA, as shown in the table below:

Companies Values R$ million

Date Note:

Eletronorte 878,059 1,828,692

13.05.2003 13.05.2003

Restructuring of debt Refinancing of past due debt until 12/31/2002.

Eletronuclear 206,230 204,882

09.06.2003 02.07.2003


Ceam 9,456 40,970

7,500

13.05.2003 10.06.2003 24.06.2003

Restructuring of debt Advance for future capital increase Advance for future capital increase

Manaus 30,406 119,017

09.06.2003 02.07.2003


Cepisa 134,674 02.07.2003 Advance for future capital increase

Number of employees

2003 2002 March June March June

792 869 697 696


Eletrobrás

15

External auditing As informed before, by the time the financials for the first quarter of 2003 were released, the Administration of ELETROBRÁS decided that all the companies in which ELETROBRÁS holds shareholding control should hire external auditors for their quarterly reports. In this second quarter of 2003, all companies and also the companies classified as temporary investments, except CGTEE, (who is takinh the necessary steps to hire their external auditors), have their financials audited.

16

SSuubbssiiddiiaarriieess’’ FFiinnaanncciiaall SSttaatteemmeennttss


Itaipu

17

Assets (US$ 1.00)

June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 105,194,919 122,060,955 31,237,309 Accounts receivable – Service contracts 517,633,717 557,613,965 645,355,232 Obligations and loans receivable 768,993 1,037,084 16,651,162 Debtors 2,914,112 2,489,309 2,970,213 Stored materials 9,345,683 7,791,396 51,528,686 Advances to personnel 1,984,135 1,925,692 1,213,804 Advances to suppliers 1,175,909 1,238,878 1,521,146 Collateral and linked deposits 67,841 54,062 91,382

639,085,309 694,211,341 750,568,934 NON-CURRENT ASSETS Accounts receivable – Service contracts 127,292,465 127,823,987 114,490,549 Obligations and loans receivable 92,645,848 81,093,065 73,720,679 Collateral and linked deposits 14,376,641 10,869,899 11,461,521

234,314,954 219,786,951 199,672,749 RESULTS ACCOUNT Result to compensate from previous years 560,360,776 560,360,776 1,417,492,966 Result of the period 163,334,219 40,443,779 (480,093,354)

723,694,995 600,804,555 937,399,612 PERMANENT Installations, equipment and others 17,609,221,698 17,581,974,584 17,541,002,024

17,609,221,698 17,581,974,584 17,541,002,024 Total Assets 19,206,316,956 19,096,777,431 19,428,643,319


Itaipu

18

Liabilities (US$ 1.00) June /2003 March/2003 June /2002 CURRENT LIABILITIES Loans and financing 497,329,355 451,894,587 448,930,348 Charges in course to be paid 8,136,135 21,428,935 9,197,907 Remuneration and reimbursement 212,925,937 209,019,060 249,775,548 Estimated obligations 20,004,177 20,853,547 - Suppliers and others 12,803,323 12,835,987 24,496,577 Wages and social obligations 21,045,852 14,828,034 18,839,619 Contractual retention given in guaranty 550,212 498,126 490,812

772,794,991 731,358,276 751,730,811 NON-CURRENT LIABILITIES Loans and financing 18,131,277,121 18,074,261,938 18,201,682,926 Charges in course to be paid - 158,155 128,976,315 Remuneration and reimbursement - 5,867,213 - Estimated obligations 202,244,844 185,131,849 246,253,267

18,333,521,965 18,265,419,155 18,576,912,508 STOCKHOLDERS EQUITY Eletrobrás 50,000,000 50,000,000 50,000,000 Ande 50,000,000 50,000,000 50,000,000

100,000,000 100,000,000 100,000,000 Total Liabilities 19,206,316,956 19,096,777,431 19,428,643,319


Itaipu

19

Statement of Income US$ 1.00

Second quarter

2003

First semester

2003

Second quarter

2002

First semester

2002 Operating revenues 361,310,430 538,882,819 417,250,620 627,425,939 Power supply 343,673,820 515,510,730 406,238,420 609,357,630 ANDE 12,744,000 19,116,000 28,263,830 42,593,460 ELETROBRÁS 330,929,820 496,394,730 - - ELETROSUL - - 72,740,290 109,082,190 FURNAS - - 305,234,300 457,681,980 Remuneration on power assignment 11,419,431 16,829,532 9,099,269 14,253,800 ELETROBRÁS 11,274,840 16,684,941 296,435 616,801 ELETROSUL 27,831 27,831 1,694,370 2,624,850 FURNAS 116,760 116,760 7,108,464 11,012,149 Reimbursement of cost on power entailed

6,217,179 6,542,557 1,912,931 3,814,509

ELETROBRÁS 6,211,958 6,537,336 1,912,930 3,814,509 ANDE 5,221 5,221 - - Operating expenses 98,674,638 148,590,563 91,437,831 143,998,817 Remuneration and reimbursement 77,719,988 114,524,271 66,236,531 102,780,224 Royalties 56,143,703 82,565,971 47,259,474 74,696,162 Reimb. of adm. and supervision charges 4,318,746 6,351,229 3,635,344 5,673,510 Capital income 5,838,107 8,777,538 6,242,444 8,156,752 Remuneration due to transfer of energy 11,419,432 16,829,533 9,099,269 14,253,800 Exploration expenses 20,954,650 34,066,292 25,201,300 41,218,593 Personnel 16,891,608 26,658,391 22,064,336 35,127,618 Material and equipment 1,215,560 1,863,137 777,463 1,168,034 Third party services 1,673,179 3,501,324 1,661,560 3,633,271 Others 1,174,303 2,043,440 697,941 1,289,670 Result of Service 262,635,792 390,292,256 325,812,789 483,427,122 Financial revenues 6,315,024 10,885,763 4,650,932 6,998,704 Financial operations income 2,506,877 4,339,433 1,546,136 2,333,593 Arrears on energy bills 1,171,910 2,562,475 606,080 901,972 Others 2,636,237 3,983,855 2,498,716 3,763,139 Financial expenses 197,257,349 441,629,355 232,894,001 325,362,461 Debt charges 206,063,479 310,607,587 216,994,288 320,187,006 Charges on rem. and reimbursement - - 655,641 965,154 Monetary variations (8,806,130) 131,021,768 15,243,959 4,210,188 Others - - 113 113 Operating result 71,693,467 (40,451,336) 97,569,720 165,063,365 Non-operating result (175,802) 7,557 179,561 849,541 Selected revenues 78,574 286,444 211,125 976,167 Selected expenses 254,376 278,887 31,564 126,626 Result for the period 71,517,665 (40,443,779) 97,749,281 165,912,906


Itaipu

20

Main Investments US$ Million

Project

Second quarter

2003

First semester

2003

Second quarter

2002

First semester

2002 Units 9A and 18A 23.3 43.1 19.4 29.7 Plan for conclusion of works 2.5 3.3 1.8 5.2

Power made available

Second quarter

2003 32,361 MW

First semester 2003

64,722 MW

Second quarter 2002

32,361 MW

First semester 2002

64,722 MW

Itaipu makes available 10,387 MW monthly to Eletrobrás and 400 MW to Ande. Power generated

Second

quarter 2003 First semester

2003 Second

quarter 2002 First semester

2002 MWh MWh MWh MWh 22,057,401 43,137,293 21,717,263 40,980,189

Main Clients

Second quarter 2003

First semester 2003

Second quarter 2002

First semester 2002

Client MW US$ Million

MW US$ Million

MW US$ Million

MW US$ Million

Ande 1,200 19.1 2,400 38.2 2,000 37.6 4,259 80.2 Eletrobrás 31,161 496.4 62,322 992.8 Eletrosul 5,844 110.0 11,637 219.1 Furnas 24,517 461.7 48,826 919.4 Installed Capacity - 12.600 MW Itaipu’s installed capacity of 12,600 MW refers to its 18 units, and will remain unalterd until the conclusion of units 18 A and 9 A, scheduled for the 1st semester/2004. Number of employees

2003 2002 Total Generation Total Generation 3,198 1,046 3,192 1,041


Itaipu

21

Legal matters US$ Million

2003 2002 Short term Long term Short term Long term

20.0 202.0 - 246.3 Tariff - per KW of available power per monthly (US$ 1.00)

2003 2002 15.93 18.83

Loans and financing

2003 2002 Creditor US$

Million Due US$

Million Due

BNDES 158.2 2005 214.0 2005 Eletrobrás 6,019.3 2023 6,140.3 2023 National Treasury 11,531.7 2023 11,467.2 2023 External debt - B.do Brasil 927.5 2006 until 2023 967.3 2006 until 2023


Furnas

22

Assets (R$ thousand)

June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 15,558 24,462 27,206 Open-market operations 156,767 185,039 262,761 Consumers, concessionaires and affiliates 2,794,519 2,776,225 3,764,874 Provision for questionable debtors (480,133) (322,816) - Loans and financing 66,990 42,084 23,894 Financed energy credits 123,234 97,914 55,367 Stored materials 51,189 50,932 47,596 Tax credits 226,246 185,010 187,057 Taxes and contributions to be recovered 122,269 71,779 121,686 Expenses paid in advance 49 2,075 1,624 Collaterals and linked deposits 9,870 8,974 9,147 Debtors 140,431 131,282 120,630 Others 19,077 48,546 16,934 3,246,066 3,301,506 4,638,776 NON-CURRENT ASSETS Consumers, concessionaires and affiliates 320,836 438,277 525,025 Concessions to bid 14,280 14,277 14,946 Debtors 153,744 223,585 - Loans and financing 206,359 562,608 168,375 Financed energy credits 553,657 179,475 339,934 Securitized bonds 128,262 125,232 87,509 Collateral and linked deposits 45,093 43,871 26,225 Property and rights for sale 33,043 33,611 34,232 Others 48,426 51,742 83,815 1,503,700 1,672,678 1,280,061 PERMANENT Investments 4,764 4,868 5,019 Property, plant and equipment 13,248,428 13,171,087 12,514,117 (-) Obligations linked to concession (112,540) (112,540) (112,540) Deferred 812 812 785 13,141,464 13,064,227 12,407,381 Total Assets 17.891.230 18,038,411 18,326,218


Furnas

23

Liabilities (R$ thousand)

June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 1,211,249 1,559,422 2,567,589 Debt charges 18,675 26,966 24,148 Taxes and social contributions 622,670 449,397 544,546 Loans and financing 124,414 161,415 203,512 Estimated obligations 28,946 23,589 32,359 Provision for contingencies 92,970 92,297 137,700 Creditors 1,161,605 1,150,816 1,196,872 Fund.Real Grandeza (pension fund) -debt 78,694 76,490 57,086 Interest on capital 145,491 140,373 446,658 Employees’ participation in income 31,114 31,144 20,648 Others 163,422 161,487 97,893 3,679,250 3,873,396 5,329,011 NON-CURRENT LIABILITIES Suppliers - - 424 Loans and financing 1,311,820 1,520,815 1,118,736 Taxes and social contributions 627,057 643,581 672,949 Fund.Real Grandeza (pension fund) actuarial

provision 300,053 300,053 278,963

Fund.Real Grandeza (pension fund) - debt 741,946 751,576 631,020 Others 6 6 6 2,980,882 3,216,031 2,702,098

STOCKHOLDERS EQUITY Capital 1,257,785 1,257,785 1,257,785 Capital reserves 5,689,429 5,689,429 5,267,475 Income reserves 1,495,364 1,495,364 1,113,050 Accumulated incomes 2,757,366 2,475,252 2,625,645 11,199,944 10,917,830 10,263,955 Resources for capital increase 31,154 31,154 31,154 11,231,098 10,948,984 10,295,109 Total Liabilities 17.891.230 18,038,411 18,326,218


Furnas

24

Statement of Income (R$ thousand)

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUES Supply of electric energy 9,539 13,798 4,519 6,352 Gross supply of electric energy 828,531 1,628,015 2,064,475 4,167,365 Short-term energy - 106,672 - 87,350 Use of electric grid 238,350 467,473 211,119 427,840 Other revenues 15,944 21,486 8,088 20,390

1,199,036 2,237,444 2,375,551 4,709,297 Deductions from Operating Revenue Taxes and contributions on revenues 43,443 78,600 84,888 167,742 Global Reversion Reserve 31,566 58,664 29,386 58,334 Other consumer charges 277 543 163 357

72,286 137,807 114,437 226,433 Net Operating Revenue 1,123,750 2,099,637 2,261,114 4,482,864 OPERATING EXPENSES Personnel 57,609 113,869 60,745 120,323 Material 6,873 12,889 7,634 14,218 Third party services 57,511 108,163 60,525 119,669 Financial compensation for use of hydro resources 20,200 39,712 12,637 23,688 Electric energy purchased for resale 447,198 941,288 1,632,115 3,148,411 Short-term energy (8,586) (2,782) 81,670 81,670 Supervision tax for electric energy services 3,920 7,844 3,484 6,865 Provision for questionble debtors - 157,317 - - Provision for contingencies - - 13,098 67,768 Reversion of provisions - - (52) (1,986) Depreciation and amortization 121,384 239,148 117,684 236,057 Research and development 11,102 13,322 - - Others expenses 41,649 80,266 47,174 67,987

916,177 1,711,036 2,036,714 3,884,670 Result of service 207,573 388,601 224,400 598,194 Financial Revenue (Expense) Financial operations income 6,601 17,578 8,983 15,579 Debt charges (23,564) (47,485) (28,695) (51,328) Financial charges on other obligations (27,087) (104,231) (37,204) (66,916) Monetary var. and arrears on energy sold (79,542) (74,594) 333,939 365,873 Monetary var. and arrears on energy purchased 145,097 117,901 (328,600) (340,363) Monetary var. and interest – financed energy credits 21,168 79,440 35,130 36,999 Monetary and currency var. of loans and financing 168,953 219,981 (227,042) (220,920) Monetary var. and interest on loans and financing 85,704 106,953 171 17,919


Furnas

25

Monetary variation on contingencies (751) (1,400) (336) (694) Others (94,044) (90,114) (29,131) (50,170)

202,535 224,029 (272,785) (294,021) Operating Result 410,108 612,630 (48,385) 304,173 Non-operating Result (691) (2,258) (2,539) (3,895) INCOME BEFORE SOC. CONT. AND I.T. 409,417 610,372 (50,924) 300,278 Social Contribution (28,817) (46,952) 31,614 (4,617) Income tax (98,498) (148,868) 75,318 (12,818) INCOME AFTER SOC. CONT. AND I.T. 282,102 414,552 56,008 282,843 Participation in results – adjustment from previous period - 12 - - NET INCOME FOR THE PERIOD 282,114 414,564 56,008 282,843 NET INCOME PER 1000 SHARES - R$ 4 6 1 4


Furnas

26

R$ Million

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

EBITDA 329.0 627.7 342.1 834.3 EBITDA Margin 29.3% 29.9% 15.1% 18.6

Investment Program

R$ Million Project Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Installation of TL Cachoeira Paulista Installation Batéias Transm. System Installation Ouro Preto Transm. Syst. Installation Santa Cruz Thermal Unit

22.8 21.6 17.6 79.5

35.8 113.5

34.5 251.8

2.8 85.6

8.6 20.8

5.4 145.9

14.0 136.9

141.5 435.6 117.8 302.2 Energy sale

Second

quarter/ 2003 First

semester/2003 Second

quarter/ 2002 First

semester/2002 MWh MWh MWh MWh 12,933,682 26,080,860 16,856,456 33,504,389

Energy purchased – purchase at MAE is not included

Second quarter/ 2003

First semester/2003


First semester/2002

MWh MWh MWh MWh 4,406,444 9,508,925 5,665,248 11,130,150

Energy Generated


First semester/2003


First semester/2002

MWh MWh MWh MWh 7,743,372 15,216,502 6,276,123 12,067,923

Level of losses

2003 2002 3% 3%


Furnas

27

Main clients


First semester/ 2003



Clients

MWh R$ million

MWh R$ million

MWh R$ million

MWh R$ million

Light 2,908,051 159 6,075,459 332 3,923,582 171 8,158,386 357 Eletropaulo 2,022,589 127 3,967,068 249 2,755,829 153 5,238,360 290 Cerj 1,466,742 81 3,102,350 171 1,997,597 86 4,151,121 178 CPFL 1,231,025 41 1,285,339 82 889,240 47 1,701,464 90 Installed Capacity – 9,292 MW Number of employees

Employees Contracted personnel 2003 2002 2003 2002 3,441 3,453 2,156 2,092

Average Tariff – R$/MWh

First semester/2003

First semester/2002

68,12 54,28 Transmission Lines extension - km

2003 2002 18,717 18,039

Loans and Financing R$ million

Creditor 2003 2002 Eletrobrás 1,455 1,292 Fund. Real Grandeza (Pension fund)

821 688

Others 55 Total 2,276 2,035

Eletrobrás’ Participation

COMMON PREFERRED TOTAL COM. PREF. TOTAL SOCIAL CAPITAL 50,710,649,000 14,293,398,000 65,004,047,000 Eletrobrás 50,618,949,530 14,088,223,014 64,707,172,544 99.82% 98.56% 99.54%


Chesf

28


June /2003 March/2003 June /2002 CURENT ASSETS Availability Cash and banks 9,956 5,201 27,357 Open-market operations 369,495 379,067 266,514 379,451 384,268 293,871 Credits, values and assets Consumers and concessionaires 741,277 692,182 924,721 Taxes and contributions to compensate 13,007 68,828 86,558 Advances to employees 18,080 17,777 19,816 Fuel consumption account - - 2,781 Stored material 51,831 51,391 45,761 Collateral and attached deposits 76,850 122,654 - Credits towards Eletrobrás - - - Deferred Social Contribution 18,247 13,494 - Securities from the National Treasury 8,902 8,779 - Expenses paid in advance 2,739 732 2,395 Global Reversion Reserve 15,763 15,763 9,888 Others 70,228 66,147 42,303

1,396,375 1,442,015 1,428,094 NON-CURRENT ASSETS Credits, values and assets Consumers and concessionaires 637,397 595,583 620,751 Repassed financing 3,319 2,658 5,069 Securities from the National Treasury 127,751 125,995 100,029 Collateral and attached deposits 13,150 17,346 - Deposits linked to legal actions 33,784 33,841 34,037 Deferred Social Contribution 144,477 160,530 - Assets and rights for sale 5,483 5,449 2,119 Others 3,912 3,834 3,631

969,273 945,236 765,636 PERMANENT Investments 2,801 2,791 2,809 Property, plant and equipment 16,427,812 16,427,955 16,295,642 Obligations linked to concession (155,141) (155,886) (152,986) Deferred 1,196 1,315 1,669

16,276,668 16,276,176 16,147,134 Total Assets 18,642,316 18,663,427 18,340,864


Chesf

29


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 646,344 641,219 1,286,375 Payment roll 3,832 3,137 9,642 Taxes and Social Contribution 84,330 78,399 44,311 Dividends 12 103,345 4 Participation in income 127 14,467 - Loans and financing 652,086 629,961 743,375 Debt charges 6,183 14,403 29,738 Provision for contingencies 35,139 37,527 36,679 Estimated obligations 41,698 31,077 34,390 Charges on consumers to collect (RGR and CCC) 30,433 30,225 33,821 Financial compensation for the use of hydro resources 17,373 17,997 14,793 Private security entity 112,989 108,288 91,210 Other credits towards Eletrobrás 65,085 65,076 - Others 34,406 32,474 36,187

1,730,037 1,807,595 2,360,525 NON-CURRENT LIABILITIES Suppliers 46,021 50,898 53,275 Loans and financing 5,517,859 5,734,710 5,068,422 Deferred income tax 85,242 69,147 77,024 Taxes and Social Contribution - - 27,095 Deferred ICMS 47,992 46,589 43,582 Private Security entity 866,539 893,296 872,837 Provision for contingencies 215,617 212,415 203,091 Charges on consumers to collect (RGR ) 11,980 10,820 9,651 Others 5,518 5,461 5,325

6,796,768 7,023,336 6,360,302

STOCKHOLDERS EQUITY Social Capital 1,263,333 1,258,333 1,256,333 Capital Reserves 7,416,199 7,416,199 7,416,199 Revenue Reserves 714,756 714,756 733,092 Accumulated income (loss) 426,827 148,812 (79,983)

9,821,115 9,538,100 9,325,641 Resources for future capital increase 294,396 294,396 294,396



Chesf

30


Second quarter

First semester

Second quarter

First semester

2003 2003 2002 2002 OPERATING REVENUE Supply of electric energy 138,632 264,833 118,221 220,409 Gross energy supply 554,252 1,028,005 449,531 969,173 Availability of transmission system 131,158 261,714 101,441 206,877 Other operating revenues 919 1,518 118 15,749 824,961 1,556,070 669,311 1,412,208 DEDUCTIONS FROM OPERATING REVENUE Global Reversion Reserve - RGR (20,613) (38,445) (17,073) (36,245) Fuel for electric energy production (14,393) (27,256) (7,431) (15,348) ICMS on electric energy (19,394) (37,313) (11,786) (22,471) Charge on emergency capacity (12,249) (25,104) (3,302) (3,302) COFINS (5,214) (26,744) (20,202) (41,794) PASEP (6,566) (14,497) (4,377) (9,055) (78,429) (169,359) (64,171) (128,215) NET OPERATING REVENUE 746,532 1,386,711 605,140 1,283,993 COST OF ELECTRIC ENERGY SERVICE Cost with electric energy Energy purchased for resale (67,078) (112,834) (84,504) (388,696) Charges on the use of electric grid (19,288) (37,870) (5,040) (9,978) Cost of operation Personnel (26,470) (45,163) (20,899) (36,462) Material (1,778) (2,943) (1,401) (2,557) Fuel for electric energy production (6,891) (7,469) (1,130) (17,962) Third party services (4,710) (8,718) (4,501) (8,548) Fin. compensation for use of hydro resources (26,664) (54,980) (21,483) (40,427) Depreciation and amortization (120,475) (240,970) (119,884) (239,839) Supervision tax to ANEEL (3,159) (6,319) (2,551) (5,102) Nat. Fund for Scientific and Tech. Develop. (4,050) (8,099) (2,877) (5,755) Others (5,157) (10,434) (2,009) (1,446) (285,720) (535,799) (266,279) (756,772) COST OF SERVICE RENDERED TO OTHERS (2) (3) - - GROSS OPERATING INCOME 460,810 850,909 338,861 527,221 OPERATING EXPENSES Expenses with sales (43) (82) (31) (60) General and adm. Expenses Personnel (49,333) (84,204) (39,542) (68,534) Material (2,495) (4,607) (1,882) (3,479) Third party services (9,512) (17,666) (9,116) (16,147) Depreciation and amortization (7,619) (14,920) (6,647) (13,428) Labour, civil and tax issues (841) (2,843) (2,652) (4,483) Taxes (COFINS, PASEP, IPTU etc.) (8,605) (12,867) (270) (1,702) Others (5,654) (10,286) (5,977) (8,391) (84,102) (147,475) (66,117) (116,224)


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31

RESULT OF SERVICE 376,708 703,434 272,744 410,997 FINANCIAL REVENUE (EXPENSE) Income from financial applications 27,255 53,203 12,838 23,888 Monetary variation and arrears in energy sold 67,126 88,141 10,018 17,373 Other monetary variations – asset 9,510 20,845 2,727 3,446 Other financial revenues 1,451 5,401 2,649 5,193 Debt charges (181,055) (370,331) (150,395) (295,398) Monetary var. linked to permanent assets 144,933 137,906 (310,347) (319,825) Other monetary variations – liability (11,837) (36,047) (13,144) (15,495) Other financial expenses (14,721) (29,725) (6,000) (13,802) 42,662 (130,607) (451,654) (594,620) OPERATING INCOME 419,370 572,827 (178,910) (183,623) Non-operating revenue 144 157 213 229 Non-operating expense (34) (52) (140) (411) Non-operating result 110 105 73 (182) Income (Loss) before Soc. Cont. and Inc. Tax 419,480 572,932 (178,837) (183,805) Current Social Contribution (26,369) (36,386) - - Deferred Social Contribution (11,301) (15,594) - - Current Income Tax (87,701) (129,608) 9,378 (1,534) Deferred Income Tax (16,094) (21,976) 34,939 47,897 NET INCOME (LOSS) FOR THE PERIOD 278,015 369,368 (134,520) (137,442) Net income (loss) per share (R$) 6.69 8.89 (3.24) (3.31)


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32

R$ million

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 EBITDA 504.8 959.3 399.3 664.3 EBITDA margin 67.6% 69.2% 66.0% 51.7%

Main Investments

R$ Project Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Infrastructure 4,371,504 6,941,063 3,709,871 13,194,116 Generation 51,877,188 117,646,716 13,384,714 42,525,320 Irrigation 18,923,622 32,668,618 20,203,970 32,564,008 Installation of Transmission System 49,418,823 84,657,636 45,786,556 84,162,482 Total 124,591,137 241,914,033 83,085,111 168,736,055

Energy sale

Second

quarter/ 2003 First

semester/ 2003 Second

quarter/ 2002 First

semester/2002 MWh R$ mil MWh R$ thous. MWh R$ mil MWh R$ thous.

12,450,774 824,042 24,863,081 1,554,552 12,725,949 669,193 25,190,910 1,396,459

Energy purchased –purchase at MAE is not included





MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

1,014,744 67,078 2,019,813 112,834 1,224,162 79,556 2,452,205 388,696 Energy generated

Second

quarter/ 2003 First


quarter/ 2002 First

semester/ 2002 MWh MWh MWh MWh

9,769,928 20,726,765 10,080,205 18,428,994 Level of losses

2003 2002 5.4% 5.4%


Chesf

33

Main Clients





Clients

MWh R$ MWh R$ MWh R$ MWh R$ Celpe 2,357,682 125,514 4,733,839 229,116 2,488,997 103,175 5,043,831 199,620 Coelba 2,338,988 120,974 4,680,959 219,409 3,077,103 127,139 6,072,895 242,707 Coelce 1,410,217 73,806 2,822,506 133,911 1,852,031 77,323 3,678,326 148,522 Cosern 845,239 42,764 1,694,025 78,791 993,986 39,844 1,979,674 76,933 Ceal 662,729 30,742 1,354,591 62,589 566,902 23,007 1,177,890 47,473 Installed Capacity – 10,726 MW Number of employees

Employees 2003 2002 5,491 5,012

Average tariff – R$/MWh

2003 2002 50.18 41.70

Loans and Financing R$ thousand

Creditor 2003 2002 Eletrobrás 5,433,603 5,426,797 Others 1,277,294 873,071 Total 6,710,897 6,299,868

Legal matters R$ thousand

2003 2002 250,756 239,770


COMMON PREFERRED

TOTAL ORD. PREF.

TOTAL SOCIAL CAPITAL 40,477,564 1,145,290 41,622,854 Eletrobrás 40,477,564 916,435 41,393,999 100.00% 80.02% 99.45%


Eletronorte

34

Assets Consolidated (R$ thousand)

June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 56,893 30,568 21,585 Open-market applications 70,309 35,350 39,243 Consumers and resellers 763,702 771,404 783,190 Provision for credits of questionable liquidation (56,415) (44,854) (40,852) Debtors 36,583 31,562 52,206 Other credits 36,849 37,669 28,878 Stored material 46,420 38,631 38,958 Expenses paid in advance 3,629 5,606 -

957,970 905,936 923,208 NON-CURRENT ASSETS Concessionaires and affiliates 397,461 370,538 194,138 ICMS to recover 407,510 360,311 239,319 Legal deposits 41,538 116,524 52,051 Public titles - ELET 113,931 112,365 143,158 Controlled and holding co’s 1,246,184 1,246,490 1,245,494 Assets and rights for sale 50,561 50,677 57,452 Others 35,787 56,792 17,731

2,292,972 2,313,697 1,949,343 PERMANENT Investments 94,132 94,132 94,132 Property, plant and equipment 15,207,225 15,091,348 14,388,575 Deferred 14,881 15,352 621,456

15,316,238 15,200,832 15,104,163 Total Assets 18,567,180 18,420,465 17,976,714


Eletronorte

35

Liabilities Consolidated


CURRENT LIABILITIES Suppliers 667,326 565,140 652,663 Payment roll 4,800 4,025 3,555 Debt charges 1,598,134 1,378,221 1,172,531 Loans and financing 1,682,378 1,596,926 1,523,225 Private pension entity 41,151 38,673 - Regulatory taxes 54,023 51,548 - Taxes and Social Contribution 49,938 51,151 48,109 Estimated obligations 31,041 33,698 28,319 Provisions for operating contingencies 43,007 102,814 175,041 Others 26,892 34,775 81,490

4,198,690 3,856,971 3,684,933 LONG TERM LIABILITIES Loans and financing 4,311,596 4,542,699 3,135,636 Private pension entity 40,719 47,124 62,788 Suppliers 125,829 103,534 67,627 Taxes and Social Contribution 54,991 58,976 72,726 Others 1,046 1,004 387

4,534,181 4,753,337 3,339,164 STOCKHOLDERS EQUITY Social Capital 2,843,235 2,843,235 2,801,017 Capital Reserves 7,003,627 7,003,627 9,158,640 Accumulated losses (35,053) (59,205) (1,007,040)

9,811,809 9,787,657 10,952,617 Resources for capital increase 22,500 22,500 -



Eletronorte

36

Statement of Income Consolidated

(R$ thousand) Second

quarter 2003

First semester

2003

Second quarter

2002

First semester

2002 OPERATING REVENUE Supply of electric energy 339,664 686,872 293,389 564,471 Gross sale of electric energy 159,735 313,965 138,416 284,710 Use of transmission system 77,367 163,390 65,629 134,978 Electric energy traded at Wholesale Market 10,367 11,887 - 5,781 Donations and subventions - CCC 397,974 730,355 153,782 288,615 Other operating revenues 8,366 12,700 2,572 5,693 993,473 1,919,169 653,788 1,284,248 DEDUCTIONS FROM OPERATING REVENUE ICMS (42,168) (82,362) (52,524) (108,724) PASEP (5,549) (19,250) (2,540) (5,055) COFINS (29,593) (57,188) (11,725) (23,332) ISS (6,331) (6,431) (55) (115) Global reversion reserve - RGR (6,661) (23,069) (11,023) (21,192)

(90,302) (188,300) (77,867) (158,418) NET OPERATING REVENUE 903,171 1,730,869 575,921 1,125,830 ELECTRIC ENERGY COST OF SERVICE Cost with electric energy Electric energy purchased for resale (111,698) (231,102) (86,441) (195,524) Charges on the use of electric grid (24,441) (44,704) (14,038) (27,837)

(136,139) (275,806) (100,479) (223,361) Cost of operation Personnel (49,565) (89,745) (34,784) (70,966) Material (5,466) (16,380) (7,957) (15,887) Third party services (27,135) (48,149) (20,923) (39,095) Fuel for the production of electric energy (432,392) (797,344) (184,424) (343,843) Fin. compensation for use of hydro resources (25,498) (42,548) (16,138) (33,605) Depreciation and amortization (127,917) (257,467) (138,454) (277,089) Provisions - - 239 - Reversal of provisions - - 4,693 4,693 Others (3,903) (10,986) (7,300) (13,217)

(671,876) (1,262,619) (405,048) (789,009) Cost of service rendered to third parties 270 (347) (166) (181)

(807,745) (1,538,772) (505,693) (1,012,551) GROSS OPERATING RESULT 95,426 192,097 70,228 113,279 OPERATING EXPENSES

Expenses with sales (17,554) (23,243) (12,809) (28,564)


Eletronorte

37

General and adm. expenses (50,954) (94,823) (36,681) (68,477) Other operating expenses (18,547) (50,908) (11,252) (25,468)

(87,055) (168,974) (60,742) (122,509) RESULT FROM SERVICE 8,371 23,123 9,486 (9,230) RESULT ON THE EQUITY METHOD FINANCIAL REVENUE (EXPENSE) Income from financial operations 2,831 5,618 2,257 4,747 Arrears on energy sold 17,956 38,680 11,134 28,498 Monetary variation – asset 13,090 47,419 5,419 8,985 Monetary variation – liability 107,457 62,918 (306,856) (361,985) Debt charges (119,297) (200,334) (126,627) (222,661) Result from operations with ELET (452) (1,078) (9,726) (10,091) Others (3,733) (6,158) (1,550) (6,312)

17,852 (52,935) (425,949) (558,819) OPERATING RESULT 26,223 (29,812) (416,463) (568,049) NON-OPERATING RESULT (2,071) (5,241) (1,347) (3,271) Income (Loss) for the period 24,152 (35,053) (417,810) (571,320)


Eletronorte

38

R$ Million

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 EBITDA 136.3 280.6 147.9 267.9 EBITDA Margin 15.1% 16.2% 25.7% 23.8%

Main Investments

R$ thousand Project Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Energy at North Sector Energy at Mid-West Sector Energy at Northeast Sector Energy at Madeira-Amazonas Sector Integration Energy North-South Investment on State Co’s

8,395,316 32,552,283

9,105,784 24,662,074

133,014,014 1,163,798

13,651,007 60,327,449 17,790,535 40,075,209

348,233,149 5,204,182

2,801 62,200 25,076 35,288

187,620 4,022

4,242 80,110 28,524 50,719

288,773 4,612

Total 209,003,269 485,281,531 317,007 456,980 Energy sale

Second

quarter/2003 First


quarter/2002 First

semester/2002 MWh MWh MWh MWh

7,312,634 14,492,530 7,062,462 13,783,315 Energy generated

Second

quarter/2003 First


quarter/2002 First


8,591,231 15,578,551 7,645,924 15,133,256 Energy purchased

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

MWh MWh MWh MWh 275,891 677,213 304,953 449,660

Level of losses

2003 2002 10.5% 11.3%


Eletronorte

39

Main Clients

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

Client Volume (MWh)

R$ thous.

Volume (MWh)

R$ thous.

Volume (MWh)

R$ thous.

Volume (MWh)

R$ thous.

Albrás 2,555,986 59,241 3,092,532 123,880 1,544,954 47,826 3,003,076 89,076 Alcoa 790,811 51,951 1,572,996 106,017 786,262 47,871 1,527,719 92,672 Billiton 686,606 45,183 1,365,852 92,176 682,543 41,600 1,326,360 80,551 Celpa 1,062,380 41,406 2,078,919 81,100 1,414,596 51,326 2,758,926 100,250 Cemar 668,465 26,754 1,311,142 52,560 895,764 33,233 1,759,421 65,677 Chesf 525,798 20,685 1,045,818 41,142 701,064 25,673 1,394,424 51,064

Installed Capacity – 5.650 MW Number of employees/contracted personnel

Employees Contracted personnel 2003 2002 2003 2002 2,401 2,414 1,949 Not available


2003 2002 51.54 41.54

Loans and financing R$ thousand

Creditor 2003 2002 Eletrobrás 6,704,303 5,128,312 Others 584,985 433,232 Total 7,289,288 5,561,544 Legal matters R$ thousand

2003 2002 24,930.5 24,930.5


COMMON TOTAL

ORD. TOTAL SOCIAL CPAITAL 69.673,081 69,673,081 Eletrobrás 68,389,272 68,389,272 98.16% 98.16%


Eletrosul

40


June /2003 March/2003 June /2002 Current Assets Cash and banks 251,492 246,392 148,206 Concession of public service of electric energy 175,339 199,959 390,125 Renegotiation of energy credits 53,146 52,290 30,259 Debtors 9,740 8,638 4,583 (-) Provision for credits of questionable liquidation (3,613) (3,613) (3,552) Sales and service in course 12,764 11,930 27,104 Taxes to be compensated 23,518 24,495 12,422 Stored materials 11,427 11,051 10,666 Other credits 3,531 3,008 4,260 537,344 554,150 624,073 Non-Current Assets Negotiable energy credits 424,617 427,086 325,287 Credits under litigation 10,154 10,154 24,869 (-) Provision for credits of questionable liquidation (10,154) (10,154) (8,552) Deferred income tax and social contribution 106,524 103,193 35,730 Deposits linked to legal causes 13,850 13,275 11,876 Taxes to be compensated 6,694 4,022 1,416 Marketable securities 13,444 12,666 9,560 Other credits 8,676 8,393 1,248 573,805 568,635 401,434 Permanent Investments 1,937 1,937 1,859 Property, plant and equipment 1,377,548 1,375,785 1,334,606 Deferred 373 395 460

1,379,858 1,378,117 1,336,925 Total Assets 2,491,007 2,500,902 2,362,432


Eletrosul

41


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 137,383 166,827 384,914 Payment roll 4,565 3,818 3,892 Loans and financing 52,710 39,648 9,738 Interest on capital 42,237 40,145 25,197 Taxes and social contributions 14,340 18,817 18,523 Global Reversion Reserve 1,627 1,626 1,954 Estimated obligations 8,720 6,707 10,491 Provision for contingencies 9,862 16,963 16,751 Private pension fund 25,575 23,139 40,808 Other liabilities 9,504 24,360 26,172

306,523 342,050 538,440

NON-CURRENT LIABILITIES Loans and financing 68,892 73,879 26,976 Deferred income tax and Soc. Contribution 175,737 164,103 102,242 Deposits on legal cause - - 12,268 Provisions for contingencies 240,102 229,340 - Private pension fund 69,644 75,518 71,370 Other liabilities 8 8 936 554,383 542,848 213,792

STOCKHOLDERS EQUITY Social Capital 279,072 279,072 279,072 Capital reserves 965,782 965,782 965,782 Income reserves 188,529 188,529 155,384 Accumulated income 102,142 88,045 115,386

1,535,525 1,521,428 1,515,624 Resources for capital increase 94,576 94,576 94,576



Eletrosul

42


Second quarter

First semester

Second quarter

First semester

2003 2003 2002 2002 OPERATING REVENUES Repass of Itaipu energy - - 304,163 580,708 Use of electric grid 83,909 173,317 63,488 124,854 Other revenues 2,258 4,729 1,182 2,331

86,167 178,046 368,833 707,893 DEDUCTIONS FROM OPERATING REVENUE Global Reversion Reserve - RGR (2,176) (4,519) (1,635) (3,207) COFINS (2,536) (5,233) (2,298) (4,497) PIS/PASEP (1,368) (2,833) (498) (974) ISS (14) (16) - (4)

(6,094) (12,601) (4,431) (8,682) NET OPERATING REVENUE 80,073 165,445 364,402 699,211 COST OF ELECTRIC ENERGY SERVICE Cost of electric energy purchased for resale - - (290,808) (555,189) Cost of operation (36,305) (72,455) (33,289) (63,033) Personnel (13,057) (24,216) (10,887) (20,939) Material (1,106) (2,139) (1,228) (1,946) Third party services (2,585) (5,502) (2,555) (4,452) Depreciation and amortization (16,918) (33,745) (16,316) (31,900) Provision for credits of questionable liquidation - - - 15 Others (2,639) (6,853) (2,303) (3,811) Cost of service rendered to third parties (417) (764) (292) (326) Personnel (306) (622) - (233) Material (1) (2) - - Third party services (110) (140) (59) (93)

(36,722) (73,219) (324,389) (618,548) GROSS OPERATING INCOME 43,351 92,226 40,013 80,663 OPERATING EXPENSE General and adm. expenses (15,776) (27,908) (11,410) (22,125) Personnel (8,525) (15,691) (6,967) (13,018) Material (241) (418) (154) (293) Third party services (2,011) (3,265) (1,544) (3,076) Depreciation and amortization (399) (794) (209) (433) Supervision tax - ANEEL (340) (680) (270) (539) Provision for contingencies (2,662) (4,006) (704) (1,000) Research and development (340) (681) (244) (569) Others (1,258) (2,373) (1,318) (3,197) RESULT FROM SERVICE 27,575 64,318 28,603 58,538


Eletrosul

43

FINANCIAL REVENUE (EXPENSE)

(R$ thousand)

Financial applications income 13,583 25,039 5,376 11,067 Income on negotiable energy credits 12,465 53,182 20,687 32,620 Monetary var. and arrears of energy sold (46,089) (23,848) 55,488 60,098 Monetary var. and arrears of energy purchased 44,838 24,018 (43,914) (45,968) Debt charges (2,632) (4,945) (776) (1,582) Charges on taxes and social contributions (17,106) (32,540) (3,255) (6,538) Interest on capital (8,114) (48,259) - (25,197) Others (1,429) (4,551) (9,892) (12,361)

(4,484) (11,904) (1,483) 12,139 OPERATING INCOME 23,091 52,414 27,120 70,677 NON-OPERATING REVENUE 61 105 - 176 NON-OPERATING EXPENSE (315) (734) (395) (822)

(254) (629) (219) (646) INCOME BEFORE TAXES, PARTICIP. AND REVERSAL OF INTEREST ON CAPITAL 22,837 51,785 26,901 70,031 Social Contribution (2,127) (4,732) (2,421) (6,303) Income tax (6,613) (13,317) (6,396) (16,748) NET INCOME BEFORE REVERSAL OF INTEREST ON CAPITAL 14,097 33,736 18,084 46,980 Reversal of interest on capital 8,114 48,259 - 25,197 NET INCOME FOR THE PERIOD 22,211 81,995 43,281 72,177 INCOME PER SHARE - R$ 0.52 1.92 1.01 1.69


Eletrosul

44

R$ million

Second quarter

2003

First semester

2003

Second quarter 2002(*)

First semester

2002(*) EBITDA 44.9 98.9 31.8 65.4 EBITDA Margin 56.1% 59.8% 52.7% 55.1%

(*) Without the effect of energy from Itaipu Main Investments

R$ Million Project Second

quarter/2003 First


quarter/2002 First

semester/2002 Transm. System in the South 20.8 26.9 37.0 59.6 Electric energy transm. system 1.8 2.2 0.2 0.3 Others 0.5 0.6 19.7 19.7 Total 23.1 29.7 56.9 79.6

Transformation capacity

2003 2002 MVA MVA

14,310 12,666 Transmission grid

2003 2002 Km Km

9,014.6 8,590.7 Sub-station

2003 2002 unit unit 32 30

Main Clients R$ thousand

Clients Second quarter/2003(*)

First semester/2003

Second quarter/ 2002(**)

First semester/2002

Celesc 8,375.6 16,996.9 74,050.0 141,779.9 Eletropaulo 7,859.2 16,374.9 6,466.6 12,880.1 Cemig 6,987.8 14,583.8 6,094.5 12,138.8 CPFL 4,673.8 9,758.4 3,894.6 7,757.3 Light 4,568.6 9,538.8 4,350.1 8,664.4 (*) Use and concession (**) Itaipu, use and concession


Eletrosul

45

Number of employees/contracted personnel

Employees 2003 2002 1,303 1,207

Average tariff – R$/MW

2003 2002 4,774.74 3,612.19


Creditor 2003 2002 Eletrobrás 121,602 36,714

Legal matters R$ thousand

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

2,736 13,761 644 500 Eletrobrás’ Participation COMMON TOTAL COM. TOTAL SOCIAL CAPITAL 42,707,094 42,707,094 Eletrobrás 42,582,422 42,582,422 99.71% 99.71%


Eletronuclear

46


June /2003 March/2003 June /2002 (Reclassified) CURRENT ASSETS Cash and banks 25,688 7,332 32,706 Financial applications - 5,597 4,648 Concessionaires and affiliates 296,327 300,691 279,992 Debtors 37,253 44,654 21,792 Stock - Nuclear fuel elements 124,911 109,443 50,720 - Stored materials 179,672 153,679 85,876 Tax credits 16,304 2,499 4,068 Other rights 54,655 12,765 26,188

734,810 636,660 505,990 NON-CURRENT ASSETS Stock - Uranium concentrate 37,590 44,767 32,565 - Nuclear fuel elements 171,091 106,770 178,617 Service in course – nuclear fuel 50,700 123,796 84,823 Tax credits - - 136,960 Deferred fiscal assets - 102,220 227,265 Collateral and attached deposits 10,914 12,421 8,476 Other rights 11,826 11,736 11,545

282,121 401,710 680,251 PERMANENT Investments 1,265 1,265 1,265 Property, plant and equipment Cost minus depreciation and amortization 6,158,146 6,167,742 6,076,371 (-) Obligations attached to concession (47,314) (47,314) (47,314)

6,112,097 6,121,693 6,030,322 Total Assets 7,129,028 7,160,063 7,216,563


Eletronuclear

47


June /2003 March/2003 June /2002 CURRENT LIABILITIES (Reclassified) Suppliers 184,817 142,631 106,970 Taxes and Social contributions 26,652 27,679 17,483 Debt charges 171,554 176,185 66,967 Interest over capital increase 186,762 155,635 62,254 Loans and financing 247,161 475,082 119,862 Fund. Real Grandeza (pension fund)- debt 10,029 9,748 7,275 Other obligations 26,428 25,078 25,351

853,403 1,012,038 406,162 NON-CURRENT LIABILITIES Loans and financing 1,508,248 1,366,837 1,228,519 Fund for decommissioning 295,971 330,284 241,327 Fundação Real Grandeza (Pension fund) -debt 113,570 114,536 95,040 Fund.Real Grandeza (Pension fund) -actuarial provision 40,917 40,917 37,935 Nucleos (Pension fund) – actuarial provision 70,344 70,344 - Provision for legal contingencies 51,000 50,955 45,839 Other obligations 549 1,088 2,406

2,080,599 1,974,961 1,651,066 STOCKHOLDERS EQUITY Up-dated accomplished capital 507,002 507,002 507,002 Capital reserves 1,542,070 1,542,070 2,057,090 Revenues reserves - 276,919 Accumulated profit (losses) (73,827) (95,789) 111,543

1,975,245 1,953,283 2,952,554 Resources for capital increase 2,219,781 2,219,781 2,206,781



Eletronuclear

48


Second quarter/

2002

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 155,251 348,844 173,626 336,065 Engineering services 66 235 219 524 Revenue from services executed (34) (146) 76 (197) Cost of rendered services 32 89 295 327 Deductions to operating revenue Taxes and contributions over sales (7,126) (15,988) (6,232) (11,997) Global Reversion Reserve (3,943) (9,027) (4,477) (8,618) (11,069) (25,015) (10,709) (20,615) Net Operating revenue 144,214 323,918 163,212 315,777 COST OF ELECTRIC ENERGY SERVICE Cost of operation Personnel 26,108 53,423 22,293 43,207 Material 5,487 11,683 6,420 9,340 Raw material – consumption of fuel 30,225 59,137 26,570 48,847 Third party services 21,622 54,097 20,378 37,889 Depreciation and amortization 42,620 85,236 42,600 85,187 Quotes for uncommissioning 13,255 29,102 21,126 28,039 Other expenses 9,951 15,985 4,338 8,917

149,268 308,663 143,725 261,426 Gross operating income (5,054) 15,255 19,487 54,351 OPERATING EXPENSE General and adm. expenses (2,045) 12,248 8,154 16,687 Other operating expenses 1,805 2,519 733 1,465

(240) 14,767 8,887 18,152

Result from service (4,814) 488 10,600 36,199 FINANCIAL REVENUE (EXPENSE) Debt charges (32,823) (113,234) (81,791) (139,949) Monetary variations – liability 113,732 75,443 (232,875) (225,650) Currency Variation – decomissioning 47,568 65,078 (42,465) (42,584) Others 326 654 1,574 4,522

128,803 27,941 (355,557) (403,661) Operating Income (loss) 123,989 28,429 (344,957) (367,462) Net Non-operating expense 192 (37) (25) (344) Income (loss) for the period before S.C. and I.T. 124,181 28,392 (367,806) (367,806) Social Contribution (39,184) (39,184) 33,101 33,101 Income tax (63,035) (63,035) 91,943 91,943 Net Income (Loss) for the period 21,962 (73,827) (219,938) (242,762)


Eletronuclear

49

R$ million

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

EBITDA 37.8 85.7 53.2 121.4 EBITDA Margin 26.2% 26.5% 32.6% 38.4%

Main Investments:


quarter/2003 First

semester /2003 Second

quarter/2002 First

semester /2002 Angra I 4,187 8,118 13,630 17,712 Angra II 9,917 22,899 26,311 40,558 Angra III 16,198 28,973 12,342 21,206 Outros 3,355 7,661 2,934 5,443 Total 33,657 67,651 55,217 84,919

Energy sale

Second quarter/2003 First semester/2003 Second quarter/2002 First semester/2002

MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

2,784,965 156,642.4 5,899,884 351,018.9 3,501,038 189,672.9 6,370,211 351,030.8 Energy generated

Second

quarter/2003 First


quarter/2002 First


3,041,030.72 6,460,157.91 3,816,309.89 6,940,898.43 Level of losses (technical-operational)

2003 2002 3% 3%

Main Clients





Client

MWh R$ thous. MWh R$ thous. MWh R$ thous. MWh R$ thous. Furnas 2,784,965 156,642.4 5,899,884 351,018.9 3,501,038 189,672.9 6,370,211 351,030.8

Installed capacity – 2,007 MW


Eletronuclear

50


2003 2002 Employees Contracted Employees Contracted

1,896 321 1.917 415 Average tariff – R$/MWh

2003 2002 63.53 59.60

Legal Matters

R$ thousand 2003 2002

51,000 45,839 Loans and financing R$ Million

Creditor 2003 2002 Eletrobrás 686.2 451.5 Finep 1.4 3.4 KFw 428.3 363.9 Dresdner 443.8 377.0 Furnas 195.7 152.6

Total 1,755.4 1,348.4 Eletrobrás’ Participation

COMMON

PREFERED TOTAL COM. PREF. TOTAL SOCIAL CAPITAL 3,957,573,367 1,112,443,603 5,070,016,970 Eletrobrás 3,950,436,411 1,096,474,999 5,046,911,410 99.82% 98.56% 99.54%


CGTEE

51


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 967 1,025 864 Open-market operations 180,328 156,823 133,463 Concessionaires 34,850 31,729 37,588 Taxes to recover 15,608 13,214 7,711 Acquisition of fuel to recover - CCC 4,767 3,282 3,870 Stored material 9,980 15,268 5,926 Expenses paid in advance 3,746 5,948 3,455 Others 1,538 1,562 1,411

251,784 228,851 194,288 NON-CURRENT ASSETS Taxes to recover 8,585 8,585 8,619 Deposits linked to legal actions 4,206 4,075 2,826 12,791 12,660 11,445 PERMANENT Property, plant and equipment In operation 473,772 491,744 546,166 Under construction 16,776 6,563 3,297 490,548

498,307 549,463

TOTAL ASSETS 755,123 739,818

755,196


CGTEE

52


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 36,729 31,126 39,526 Payment roll 1,532 1,553 1,445 Taxes and Social Contributions 3,081 2,285 2,793 Consumer charges to collect 902 785 594 Estimated obligations 5,538 3,305 5,016 Provision for early retirement 2,345 2,454 2,525 Provision for contingencies 3,812 3,701 1,174 Provision for actuarial liability 2,296 2,296 2,276 Others 2,353 1,238 2,151 58,588 48,743 57,500

NON-CURRENT LIABILITIES Provision for early retirement 6,344 6,749 7,391 Provision for actuarial liability 10,683 10,683 10,683 17,027 17,432 18,074

STOCKHOLDERS EQUITY Up-dated accomplished capital 868,721 868,721 868,721 Capital Reserves 4,436 4,436 4,436 Accumulated losses (193,649) (199,514) (193,535)

679,508 673,643 679,622 TOTAL LIABILITIES 755,123 739,818 755,196


CGTEE

53


Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 43,663 86,078 40,891 82,190 Fossil fuel account - CCC 14,398 27,745 13,524 26,445 Other revenues 140 142 3 94 58,201 113,965 54,418 108,729 DEDUCTIONS FROM OPERATING REVENUE

Global Reversion Reserve (1,258) (2,215) (957) (1,915) Taxes and contribution on revenue (2,407) (4,619) (1,986) (3,965) (3,665) (6,834) (2,943) (5,880) Net Operating Revenue 54,536 107,131 51,475 102,849 OPERATING EXPENSE (56,405) (108,394) (51,934) (104,948) Personnel (7,955) (15,634) (7,561) (14,603) Material (1,443) (2,743) (1,261) (2,986) Third party services (3,818) (7,789) (3,431) (6,246) Fossil fuel account - CCC (16,570) (32,132) (13,690) (26,651) Electric energy purchased for resale - (1,698) (3,264) (7,997) Charges on the use of electric grid (163) (325) (143) (286) Depreciation and amortization (20,120) (40,292) (20,500) (41,193) Other expenses (4,638) (7,781) (2,084) (4,986) FINANCIAL REVENUES 10,503 19,345 5,368 9,776 Income from financial operations 9,303 17,585 5,166 9,350 Interest and penalties 596 1,156 202 426 Other financial revenues - 604 - - FINANCIAL EXPENSES (750) (1,654) (457) (1,011) Debt charges - - - (75) Provisional Cont.over financial transactions (261) (749) (259) (577) Taxes and contributions over fin. revenue (489) (900) (196) (357) Other financial expenses - (5) - (2) Financial Result 9,753 17,691 4,911 8,765 Operating Result 7,884 16,428 4,452 6,666 Non-Operating Result 4 8 130 134 Social Contribution (715) (959) (548) (936) Income tax (1,308) (2,653) (1,516) (2,588) (2,023) (3,612) (2,064) (3,524) Net income for the period 5,865 12,824 2,518 3,276


CGTEE

54

Income per 1000 shares 0.007 0.015 0.003 0.004

R$ million


First semester/2003


First semester/2002

EBITDA 18.3 39.0 20.0 39.1 EBITDA Margin 33.5% 36.4% 38.9% 38.0%

Main Investments

R$ Project Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Maintenance of generation system 11,331,217.05 14,923,031.40 966,279.75 2,061,641.02 Installation of Thermal Power unit Candiota III

110,376.48 299,321.61 300,558.81 507,483.99

Others 918,821.12 976,782.16 526,361.76 972,244.02 Total 12,360,414.65 16,199,135.17 1,793,200.32 3,541,369.03

Energy Sale

Second quarter/2003


Second quarter/2002


MWh R$ thousand

MWh R$ thousand

MWh R$ thousand

MWh R$ thousand

702,327 43,663 1,458,664 86,078 796,226 40,892 1,631,463 82,191 Energy generated



MWh MWh 661,432 694,239

Main Clients

Second quarter/2003


Second quarter/2002


Clients

MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

AES - Sul 310,308 19,761 380,142 23,256 330,939 17,186 406,683 20,915 RGE 310,310 19,761 380,144 23,256 330,939 17,186 406,683 20,915 CEEE 570,367 32,336 698,378 39,567 665,666 32,868 818,096 40,359

Installed capacity – 490 MW


CGTEE

55

Number of employees

2003 2002 488 484

Average Tariff – R$/MWh

2003 2002 55.44 47.31


COMMON TOTAL COM. TOTAL SOCIAL CAPITAL 1,126,947,767 1,126,947,767 Eletrobrás 1,126,273,715 1,126,237,715 99.94% 99.94%


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56

Assets (R$ )

June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 101,285.89 620,863.02 1,073,815.09 Applications of immediate liquidity 698,579.46 1,053,672.43 938,655.05 Accounts to receive 65,776,014.20 57,719,572.86 12,513,214.93 Taxes and Social Contrib. to compensate 4,867,531.36 5,652,648.18 6,791,405.55 Other Credits 46,475.40 46,475.40 46,475.40

71,489,886.31 65,093,231.89 21,363,566.02 NON-CURRENT ASSETS Investment - ELETRONET 499.90 499.90 499.90

PERMANENT Permanent shareholding part. acquisition cost - ELETROPAULO

31,727,634.80 31,727,634.80 31,727,634.80

Permanent shareholding part. acquisition cost - EBE 7,849,849.91 7,849,849.91 7,849,849.91 Permanent shareholding part. acquisition cost - CTEEP 36,818,017.45 36,818,017.45 36,818,017.45 Permanent shareholding part. acquisition cost - EMAE 13,889,494.94 13,889,494.94 13,889,494.94 Permanent shareholding part. acquisition cost - CPFP 3,364,221.40 3,364,221.40 3,364,221.40 Property, plant and equipment 58,434.49 56,712.21 66,600.34 93,707,652.99 93,705,930.71 93,715,818.84 TOTAL ASSETS 165,198,039.20 158,799,662.50 115,079,884.76


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57

Liabilities (R$)

June /2003 March/2003 June /2002 CURRENT LIABILITIES Payables 59,826,731.30 52,933,940.52 12,246,145.35 Obligations towards ELETROBRÁS-Loans 13,969,884.51 13,693,704.63 12,865,164.51 Taxes and Soc. Contribution to collect 46,255.56 253,434.24 141,124.52 Taxes and Soc. Contribution to collect – Income Tax - - 5,582,506.92 Taxes and Soc. Cont. to collect - CSSL - - 1,783,605.24 Penalties –Delay in payment of taxes -IR/CSSL - - 1,473,222.36 Interest-Delay in payment of taxes -IR/CSSL - - 12,603,156.81 73,842,871.37 66,881,079.39 46,694,925.71 NON-CURRENT LIABILITIES Installments of Income Tax and Soc. Contribution - - 8,147,790.75 Obligations to concessions of Cables and structure 500.00 500.00 500.00

500.00 500.00 8,148,290.75 STOCKHOLDER EQUITY Subscribed Social Capital 113,789,737.93 113,789,737.93 113,789,737.93 Advances for capital increase - ELETROBRÁS 59,085,360.50 59,085,360.50 33,870,632.10 Income/Loss – Accumulated (81,684,308.86) (81,684,308.86) (85,583,831.29) Income/Loss for the period 163,878.26 727,293.54 (1,839,870.44) 91,354,667.83 91,918,083.11 60,236,668.30 TOTAL LIABILITIES 165,198,039.20 158,799,662.50 115,079,884.76


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Statement of Income (R$)

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Operating Result Dividends - 111,164.82 - 214,572.79 Interest on capital - 327,959.06 - 79,742.27 Rental of structure 5,668,791.33 16,953,660.27 8,826,166.85 17,136,801.36 (-) COFINS on rental of structure 198,265.67 575,755.23 264,785.01 514,104.04 (-) PIS/PASEP on rental of structure 293,704.91 377,273.41 57,370.09 111,389.22 (-) Repassed revenue (5,668,791.33) (16,953,660.27) (8,826,166.85) (17,136,801.36) Administration tax on business 113,375.81 339,073.17 176,523.36 342,736.05 (-) ISS on Adm. Tax on business 5,668.79 16,953.65 8,826.14 17,136.76 (-) PIS/PASEP on Adm.Tax on business 1,870.70 5,594.70 1,147.41 2,227.79 (-) COFINS on Ad.Tax on business 3,401.27 10,172.18 5,295.70 10,282.08 Interest and monetary correction on rights and penalty/interst delayed payment

1,240,746.45 4,688,613.54 326,336.00 339,525.09

(-) PIS/PASEP and COFINS on interst and mon. correction of rights

25,539.70 136,422.11 6,348.67 6,830.08

(-) Interest/Monetary correction of rights Charge/Interest due to delay in payment

(1,240,746.45) (4,688,613.54) (326,336.00) (339,525.09)

(303,910.41) (343,974.23) 127,065.40 (24,918.86) Non-operating result Financial revenues 56,133.78 112,044.81 38,045.36 73,554.74 Financial applications 182,560.06 405,409.39 - - Other financial revenues 238,693.84 517,454.20 38,045.36 73,554.74 Financial expenses 29,936.88 77,783.81 866,501.63 1,836,879.98 Interest and fees 276,179.88 552,359.73 276,179.82 552,359.70 Interest on loans - ELETROBRÁS 55,236.16 110,472.07 55,235.88 110,471.82 Adm. Tax – ELETROBRÁS’ loans 4,431.30 72,330.63 23,666.83 63,236.03 Others 365,784.22 812,946.24 1,221,584.16 2,562,947.53 Administration expenses

Personnel 462,173.76 975,067.66 403,616.79 851,694.87 Legal and institutional publications 75,868.44 97,260.60 78,580.80 84,446.48 Third party services 258,372.21 417,631.38 283,500.64 533,082.87 Services and Utilities 144,586.69 238,560.00 127,785.19 225,742.28 Material 4,662.08 11,006.03 4,525.63 7,652.23 Depreciation 4,677.72 9,186.12 4,344.99 8,666.64 Others 33,643.22 71,339.45 32,529.87 70,843.56 (-) Recovery of expenses (851,569.63) (2,623,395.77) (1,336,153.11) (2,456,570.14)

132,414.49 (803,344.53) (401,269.20) (674,441.21) RESULT FOR THE PERIOD (563,415.28) 163,878.26 (655,204.20) (1,839,870.44)


Lightpar

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COMMON TOTAL COM. TOTAL SOCIAL CAPITAL 10,390,846,695 10,390,846,695 Eletrobrás 8,480,196,384 8,480,196,384 81.61% 81.61%

60

TTeemmppoorraarryy IInnvveessttmmeennttss


Ceron

61


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 2,594 3,728 5,743 Open-market applications - 473 3,019 Consumers 127,817 133,915 104,439 Installment of electric energy credits 35,215 31,351 22,592 Debtors 683 446 674 (-) Provision for credits of questionable liquidation (58,374) (57,710) (49,430) Purchase of fuel - CCC 9,139 5,289 3,999 Service in course 981 1,007 350 Taxes to compensate 3,761 999 659 Stored material 1,919 3,448 4,153 Low-income tariff 487 1,453 - Expenses paid in advance 56 89 22 Other expenses 917 2,186 2,350

125,195 126,674 98,570 NON-CURRENT ASSETS Consumers 101,899 85,498 68,335 Collaterals and linked deposits 18,246 14,412 17,597 Credits to recover 379 378 378 Account to compensate variation of values from items of part "A" – ANEEL Resolution 90

532 532 -

Other credits 5,518 5,136 2,535 126,574 105,956 88,845

PERMANENT Investments 17,705 17,705 17,705 Net property, plant and equipment 164,493 164,083 162,376

182,198 181,788 180,081 Total Assets 433,967 414,418 367,496


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62


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 24,682 23,357 32,271 Payment roll 231 246 231 Debt charges 350 - 30,403 Taxes and social contributions 66,822 56,439 36,075 Loans and financing 62,648 33,370 86,034 Estimated obligations 3,630 2,832 3,704 Penalties - 236 1,150 Low-income tariff 889 917 - Regulatory taxes 4,041 4,261 2,333 Others 2,385 2,881 2,954

165,678 124,539 195,155 NON-CURRENT LIABILITIES Loans and financing 668,288 697,758 429,169 Provision for Contingencies 44,098 37,042 28,472 Taxes and Social Contributions 15,991 13,885 17,474

728,377 748,685 475,115 STOCKHOLDERS EQUITY Social Capital 362,732 362,732 362,732 Capital Reserves 46,349 46,317 46,199 Accumulated losses (979,449) (978,135) (800,039)

(570,368) (569,086) (391,108) Resources for capital increase 110,280 110,280 88,334

(460,088) (458,806) (302,774) Total Liabilities 433,967 414,418 367,496


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63


Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2003 OPERATING REVENUE Supply of electric energy 76,266 155,060 64,464 123,210 Fossil fuel account - CCC 20,944 38,489 12,386 23,243 Other revenues 509 1,128 527 766

97,719 194,677 77,377 147,219 DEDUCTIONS FROM OPERATING REVENUE ICMS (12,407) (24,901) (9,676) (18,862) COFINS (3,416) (6,199) (2,182) (4,500) PASEP (1,877) (3,358) (473) (975) Global Reversion Reserve (954) (1,908) (962) (1,924)

(18,654) (36,366) (13,293) (26,261) NET OPERATING REVENUE 79,065 158,311 64,084 120,958 COST OF ELECTRIC ENERGY SERVICE Cost with energy Electric energy purchased for resale (34,142) (67,589) (28,000) (56,843) Cost of Operation Personnel (1,886) (3,856) (1,826) (3,713) Material (657) (1,257) (829) (1,823) Third party services (2,547) (4,863) (2,246) (4,418) Raw materials for production of energy (20,266) (39,988) (13,732) (25,840) Fossil fuel account - CCC (2,205) (4,303) (996) (1,752) Depreciation (3,701) (7,509) (3,786) (7,556) Others (192) (421) (21) (5,772)

(31,454) (62,197) (23,436) (50,874) Cost of Service rendered to third parties (65,596) (129,786) (51,436) (107,717) OPERATING INCOME 13,469 28,525 12,648 13,241 OPERATING EXPENSES Expenses with sales (6,170) (10,230) (5,105) (13,340) General and adm. Expenses (17,750) (24,771) (8,959) (26,805)

(23,920) (35,001) (14,064) (40,145) RESULT OF SERVICE (10,451) (6,476) (1,416) (26,904) FINANCIAL REVENUE (EXPENSE) Financial applications income 15 52 171 206 Arrears on energy sold 7,906 8,273 2,219 2,219 Debt charges (1,299) (2,861) (14,613) (31,272) Net monetary variations 5,046 (26,518) (11,311) (13,234) Others (2,548) (2,110) (1,667) (722)

9,120 (23,164) (25,201) (42,803)


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64

OPERATING RESULT (1,331) (29,640) (26,617) (69,707) NON-OPERATING RESULT Non-operating revenue 5 71 20 87 Non-operating Expense 12 12 1 1

17 83 21 88 LOSS FOR THE PERIOD (1,314) (29,557) (26,596) (69,619) LOSS PER THOUSAND SHARES - R$ (0.01) (0.05) (0.04) (0.11)


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65

R$ million

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 EBITDA (6.7) 1.0 2.3 (19.3) EBITDA Margin (8.5%) 0.7% 3.7% (16%)

Main Investments:


quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester

/ 2002 Extension of distribution urban grid 4,157 5,915 3,021 4,500 Transmission works 343 130 534 1,269 Total 4,500 6,045 3,555 5,769 Energy purchased

Second

quarter/ 2003 First


quarter/2002 First

semester/ 2002 MWh R$ thous. MWh R$ thous. MWh R$ MWh R$ thous. 478,815 34,142 931,679 69,940 448,961 28,000 876,416 57,289

Energy sale

Second

quarter/ 2003 First


quarter/ 2002 First

semester/ 2002 MWh R$ thous. MWh R$ thous. MWh R$ MWh R$ thous. 311,434 76,266 619,965 155,060 286,743 64,464 559,477 123,210

Energy generated

Second

quarter/ 2003 First


quarter/ 2002 First

semester/ 2002 MWh MWh MWh MWh

11,875 25,732 12,970 20,489 Level of losses





36.5% 34.8% 37.9% 37.2%


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66

Main Clients

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002

Client

MWh R$ MWh R$ MWh R$ MWh R$ Frigorífico Novo Estado 1,806 233,784 3,853 542,242 1,596 211,307 2,898 389,781 Estanho de Rondônia 1,309 213,024 2,650 463,797 1,580 256,515 3,337 535,344 Irmãos Gonçalves 1,207 188,559 2,607 418,650 1,244 178,600 2,420 348,639

Installed capacity – 460 MW Number of employees/contracted personnel


513 95 509 76 Average tariff – R$/MWh

2003 2002 248.85 218.76

DEC/FEC - Duration and frequency of interruptions

DEC (hours) FEC (number of interruptions) Primeiro

semestre/2003 Primeiro



semestre/2002 19 24 45 48

Loans and financing

R$ thousand Creditor 2003 2002

Eletrobrás 728,813 513,597 Vale do Rio Doce 425 425 Cemig 1,698 1,181

Legal matters

R$ thousand 2003 2002

44,098 28,472 Eletrobrás’ Participation COMMON TOTAL COM. TOTAL SOCIAL CAPITAL 638,409,078,878 638,409,078,878 Eletrobrás 638,179,985,304 638,179,985,304 99.96% 99.96%


Eletroacre

67


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 846 2,145 803 Open-market applications 1,283 2,023 597 Consumers 30,459 29,453 28,566 (-) Provision for questionable credits (16,327) (15,624) (457) Return on applications 1,388 1,866 4,673 Debtors 21,323 21,323 - Taxes to recover 514 436 9,839 Sale of assets and rights 753 1,130 774 Stored materials 1,002 1,049 1,212 Low-income tariff 1,020 765 - Purchase of fuel - CCC 3,047 10,391 1,693 Other credits 2,115 1,919 2,175

47,423 56,876 49,875 NON-CURRENT ASSETS Taxes to recover 421 374 447 Affiliates and controlled or holding companies - - 21,323 Legal deposits 868 727 1,156 Tax credits - - 28,213 Tariff values to compensate 623 623 - Other credits 427 428 133

2,339 2,152 51,272 PERMANENT Investments 22,571 22,571 22,603 Property, plant and equipment 39,547 37,994 34,362

62,118 60,565 56,965 Total Assets 111,880 119,593 158,112


Eletroacre

68


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 9,695 17,548 8,077 Taxes and Social Contributions 16,542 16,005 23,909 Loans and financing 6,582 4,028 - Debt charges - - 552 Estimated obligations 605 458 587 Regulatory taxes 312 319 226 Public lighting tax collected 2,244 2,359 4,461 Provision for contingencies 4,966 5,071 4,423 Others 194 817 820

41,140 46,605 43,055 NON-CURRENT LIABILITIES Suppliers 6,088 6,575 7,793 Taxes and Social Contributions - 128 1,846 Loans and financing 51,988 52,934 39,737

58,076 59,637 49,376 STOCKHOLDERS EQUITY Social Capital 64,590 64,590 64,590 Capital Reserves 2,201 2,059 1,835 Accumulated losses (126,109) (125,280) (70,611) Resources for capital increase 71,982 71,982 69,867

12,664 13,351 65,681 Total Liabilities 111,880 119,593 158,112


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69


Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 23,627 47,618 20,550 41,020 Fossil fuel account – CCC 11,532 22,384 6,226 11,535 Other revenues 842 2,114 620 1,276

36,001 72,116 27,396 53,831 DEDUCTIONS FROM OPERATING REVENUE

ICMS (4,927) (10,029) (4,465) (8,927) COFINS (1,081) (2,164) (822) (1,615) PASEP (593) (1,189) (178) (350) Global Reversion Reserve - RGR (184) (369) (298) (596)

(6,785) (13,751) (5,763) (11,488) Net Operating Revenue 29,216 58,365 21,633 42,343 COST OF ELECTRIC ENERGY SERVICE Cost with energy Electric energy purchased for resale (10,346) (20,266) (8,453) (16,630) Cost of operation Personnel (347) (624) (317) (619) Material (52) (119) (18) (44) Third party services (490) (1,039) (792) (1,189) Raw materials for production of energy (12,136) (23,551) (6,947) (12,935) Fossil fuel account - CCC (723) (1,412) (327) (575) Depreciation (946) (1,891) (911) (1,724) Credit losses from ICMS (216) (518) (106) (271) Others (799) (1,540) (924) (1,527)

(15,709) (30,694) (10,342) (18,884) Cost of service rendered to third parties (26,055) (50,960) (18,795) (35,514) Gross Income 3,161 7,405 2,838 6,829 OPERATING EXPENSES Expenses with sales (1,634) (4,030) (1,689) (4,188) General and adm. expenses (2,035) (3,022) (1,258) (2,511)

(3,669) (7,052) (2,947) (6,699) Result from Service (508) 353 (109) 130 FINANCIAL REVENUES (EXPENSES) Income from financial operations 133 287 66 158 Arrears in energy sold 76 120 - - Debt charges (457) (819) (446) (727) Monetary variations 330 (962) (1,786) (2,402) Others (445) (729) 376 392

(363) (2,103) (1,790) (2,579) OPERATING RESULT (871) (1,750) (1,899) (2,449)


Eletroacre

70

NON-OPERATING RESULT 42 33 (73) (624) LOSS FOR THE PERIOD (829) (1.717) (1.972) (3.073)


Eletroacre

71

R$ million

Second quarter/2003

First semester/

2003

Second quarter/2002

First semester/


Main Investments:

R$ million Project Second

quarter/ 2003

First semestrer/

2003

Second quarter/

2002

First semestrer/

2002 Installation of Distribution Urban grid 1,389 1,832 549 1,900 Installation of Rural Dist. System 86 1,798 201 329 Others 765 171 171 580 Total 2,240 3,801 921 3,109

Energy purchased

Second

quarter/ 2003 First

semestrer/2003 Second

quarter/ 2002 First

semestrer/2002 MWh R$ MWh R$

thous. MWh R$ MWh R$

thous. 142,006 74,080 280,336 20,611 130,952 64,550 257,558 16,630

Energy sale

Second

quarter/ 2003 First

semestrer/2003 Second

quarter/ 2002 First

semestrer/2002 MWh R$ MWh R$

thous. MWh R$ MWh R$

thous. 92,447 18,296 185,474 36,795 94,101 16,334 186,599 32,528

Level of losses


First semestrer/2003



33,4% 32,9% 28,1% 27,6%


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72

Main Clients





Client MWh R$ million

MWh R$ million MWh R$ million

MWh R$ million

Ceam 656 160 1,303 318 647 134 1,275 210 Frig. V.Acre 114 18 123 19 157 20 149 20 Miragina 122 20 105 18 126 18 105 15 Rio Branco Refrig. 78 13 76 13 89 13 82 12 Veneer Lumber 111 17 74 12 62 8 59 8 Number of employees/contracted personnel


200 228 206 273 Average tariff – R$/MWh

2003 2002 198.38 174.32


DEC (hours) FEC (number of interruptions) First

semester/2003 First

semester/2002 First

semester/2003 First

semester/2002 19 24 45 48

Loans and financing





Creditor

R$ thous. R$ thous. R$ thous. R$ thous. Eletrobrás 1,608 58,570 1,541 39,738

Legal matters

2003 2002 9,932 8,846

Eletrobrás’ participation

COMMON

PREFERRED TOTAL COM. PREF. TOTAL SOCIAL CAPITAL 38,551,566,457 14,565,254,245 53,116,820,702 Eletrobrás 36,755,528,692 12,796,536,592 49,552,065,284 95.34% 87.86% 93.29%


Ceal

73


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 6,190 3,323 6,964 Open-market operations - - - Consumers and resellers 131,406 133,112 109,710 Low-income social tariff 22,812 17,911 - Debtors 2,210 2,033 300 (-) Provision for credits of questionable debtors (49,790) (47,083) (37,738) Other credits 5,987 5,497 4,336 Taxes and social contributions to compensate 923 587 694 Stored materials 3,336 3,441 5,115 Program for reduction of elec. consumption 4,357 4,383 10,585 Tariff recomposition for the rationing 9,470 8,635 12,456 Free energy 5,512 6,096 - Non-managerial tariff values to compensate 722 2,195 -

143,135 140,130 112,422

NON-CURRENT ASSETS Consumers 5,544 5,158 3,221 Tariff recomposition for the rationing 20,996 22,282 16,003 Free energy 16,531 16,693 24,484 Taxes and social contrib. to compensate 849 796 643 Marketable securities - - 10,446 Tax credits 110,501 110,501 71,127 Collateral and linked deposits 16,255 15,397 12,157 Non-managerial tariff values to compensate 4,760 4,135 3,802 Others 717 717 495

176,153 175,679 142,378

PERMANENT Investments 133 133 158 Property, plant and equipment 244,035 243,648 246,487

244,168 243,781 246,645 Total Assets 563,456 559,590 501,445


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June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 24,475 32,772 89,248 Free energy 5,972 6,096 - Payment roll 2,442 2,241 1,993 Taxes and social contributions 15,084 28,729 11,866 Loans and financing 41,205 15,551 18,649 Prov. for vacations and respective soc. contributions

4,326 3,986 3,875

Provision for contingencies 15,513 15,599 15,795 Regulatory taxes 1,946 1,810 2,163 Low-income social tariff 1,673 4,501 - Others 5,902 5,132 4,824

118,538 116,417 148,413

NON-CURRENT LIABILITIES Free energy 16,531 17,201 24,483 Taxes and social contributions 19,392 5,441 22,988 Loans and financing 284,953 290,236 212,505 Others 4,162 3,596 3,375

325,038 316,474 263,351

STOCKHOLDERS EQUITY Capital 218,393 218,393 218,393 Accumulated losses (158,999) (152,180) (128,712) 59,394 66,213 89,681 Resources for capital increase 60,486 60,486 -



Ceal

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Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 87,229 180,290 78,396 151,146 Revenue from tariff recomposition - - 2,216 2,216 Low-income social tariff 4,914 9,911 - - Other revenues 491 1,329 644 1,442

92,634 191,530 81,256 154,804 DEDUCTIONS FROM OPERATING REVENUE ICMS over electric energy sales (16,167) (34,378) (14,882) (28,031) COFINS (2,515) (5,464) (2,534) (4,822) PASEP 492 (1,136) (549) (1,045) ISS (1) (1) (1) (1) Global Reversion Reserve - RGR (1,239) (2,501) (1,245) (2,995) Charges on emergency capacity (2,914) (5,971) (2,661) (3,328)

(22,344) (49,451) (21,872) (40,222) Net Operating Revenue 70,290 142,079 59,384 114,582 COST OF ELECTRIC ENERGY SERVICE Cost with energy Electric energy purchased for resale (29,578) (62,456) (23,690) (51,740) Charges on the use of transmission system (7,465) (12,965) (5,086) (10,194)

(37,043) (75,421) (28,776) (61,934) Cost of operation Personnel (6,259) (12,203) (5,142) (10,243) Material (471) (1,157) (301) (1,029) Third party services (2,597) (5,647) (2,460) (5,005) Fossil fuel account - CCC (3,383) (7,408) (1,147) (3,130) Depreciation and amortization (4,422) (8,822) (4,269) (8,508) Others 18 24 (26) (109)

(17,114) (35,213) (13,345) (28,024) Total cost with renedered services (54,157) (110,634) (42,121) (89,958) OPERATING EXPENSES Expenses with sales (11,124) (18,334) (7,999) (17,123) General and adm. expenses (4,239) (8,507) (4,079) (7,518)

(15,363) (26,841) (12,078) (24,641) Result of service 770 4,604 5,185 (17) FINANCIAL REVENUES (EXPENSES) (7,442) (27,189) (11,854) (20,884) OPERATING RESULT (6,672) (22,585) (6,669) (20,901) NON-OPERATING RESULT (147) (316) (41) (25)


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LOSS FOR THE PERIOD (6,819) (22,901) (6,710) (20,926) LOSS PER SHARE - R$ (0.040) (0.010) (0.010) (0.060)


Ceal

77

R$ million


First semester/

2003


First semester/


Main Investments:


quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Installation of transmission system in Alagoas 1.781 2.555 507 1.778 Installation of distribution system in Alagoas 3.113 7.015 3.465 8.924 Luz no Campo Program 110 183 652 1.195 Others 110 242 59 393 Total 5.114 9.995 4.683 12.290

Energy sale

Second

quarter/2003 First


quarter/2002 First

semester/2002 MWh R$

thous. MWh R$

thous. MWh R$

thous. MWh R$

thous. 684,952 37,233 1,401,005 75,441 606,530 29,050 1,236,965 59,524

Energy sold

Second quarter/2003 First semester/2003 Second quarter/2002 First semester/2002

MWh R$ thous. MWh R$ thous.

MWh R$ thous.

MWh R$ thous.

494,590 72,176 1,006,663 146,000 449,553 65,093 867,572 122,482 Level of losses

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

28.87% 29.03% 29.55% 28.34%


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Main clients

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002

Client MWh R$

thous. MWh R$

thous. MWh R$

thous. MWh R$

thous. Trikem 20,931 2,303 42,885 4,629 22,239 2,269 44,604 4,333 Atol 10,055 830 21,949 1,718 11,407 845 24,425 1,661 Petrobrás-Pilar 15,391 1,727 29,761 3,276 10,824 1,130 16,423 1,851 Petrobrás-Miguel 8,393 954 15,340 1,732 5,325 652 10,821 1,180 Fábrica da Pedra 7,614 873 15,689 1,733 8,213 847 16,450 1,623

Number of employees/contracted

2003 2002 946 957


2003 2002 183.32 177.76


DEC - hours First


quarter/2003 First


quarter/2002 16 15 6 6

FEC – number of interruptions First


quarter/2003 First


quarter/2002 11 12 5 5


Creditor 2003 2002 Eletrobrás 256,067 179,813 Others 61,537 46,401 Total 317,604 226,214

Eletrobrás’ participation

COMMON

PREFERRED TOTAL COM. PREF. TOTAL SOCIALCAPITAL 347,349,691 5,977,958 353,327,649 Eletrobrás 259,954,821 5,620,607 265,575,428 74.84% 94.02% 75.16%


Cepisa

79


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 5,632 1,967 1,447 Cash in course 474 501 213 Financial operations 219 1,250 4,810 Consumers/Resellers 125,106 112,544 87,880 Provision for questionable debtors (61,230) (54,491) (32,904) Tariff recomposition 7,726 10,826 7,726 Taxes and Social Contributions 1,932 1,965 2,410 Securities to receive 7,236 6,480 4,059 Service in course 2,324 2,085 988 Low income consumers Res. 246 and 485/02 25,699 19,934 - Stored materials 5,130 5,208 4,736 Non-managerial tax values to compensate 2,933 2,822 2,465 Others 2,686 1,378 2,000

125,867 112,469 85,830 NON-CURRENT ASSETS Extraordinary tariff recomposition 21,884 20,682 43,003 Free energy 17,868 17,418 20,111 Emergency electric energy program 1,535 14,570 14,556 Securities to receive 1,475 1,456 1,774 FGTS/ Company’s account 112 112 104 Deposits linked to legal suits 7,478 7,325 7,478 Income tax and deferred Social Contribution - - 51,159 50,352 61,563 138,185 PERMANENT Investments 146 146 146 Distribution permanent assets 364,629 364,744 361,108 Administration assets 13,689 13,590 13,586 Commercialization assets 40,265 40,083 38,728 Accumulated depreciation (207,228) (203,025) (190,372) Property in course 26,053 23,958 23,363 237,554 239,496 246,559 Total Assets 413,773 413,528 470,574


Cepisa

80


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 60,539 36,834 80,555 Payment roll 2,596 2,359 573 Debt charges 42,682 36,895 22,561 Taxes and current contributions 11,787 10,511 9,127 Installments of Taxes and Soc. Contributions 429 425 453 Tax Recovery Program - REFIS 3,310 2,987 2,575 Loans and financing 74,520 69,795 41,605 Estimated obligations 5,502 4,687 4,474 Provision for labour and tax contingencies 31,213 30,033 25,797 Consumer charges to collect 4,439 4,075 1,928 Security fund - FACEPI 5,677 4,967 4,956 Others 10,495 18,752 11,404 253,189 222,320 206,008 NON-CURRENT LIABILITIES Res. 72/02 Available energy ASMAE 17,868 17,418 - Free energy - - 20,111 Emergency program of electric energy 756 14,442 13,761 Loans and financing 266,890 276,652 158,835 Installments of taxes and Soc. Contributions - 101 389 Security fund - FACEPI 76,530 77,581 69,384 Provision for Tax Contigencies (REFIS) 16,832 17,528 19,839 Deferred Social Contribution - - 2,532 FGTS/ Company’s account 112 112 104 Obligations linked to concession of service 15,974 15,974 15,974

394,962 419,808 300,929 STOCKHOLDERS EQUITY Up-dated Capital 371,023 371,023 371,023 Capital Reserves 12,013 11,507 10,157 Accumulated losses (647,259) (640,975) (436,776) Resources for capital increase 29,845 29,845 19,233

(234,378) (228,600) (36,363) Total Liabilities 413,773 413,528 470,574


Cepisa

81

Statement of Income (R$ tousand)

Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 70,238 135,238 51,641 111,931 Gross supply of electric energy 820 1,658 508 1,018 Other revenues 1,246 2,245 1,242 2,119 72,304 139,141 53,391 115,068 DEDUCTIONS FROM OPERATING REVENUE

Global Reversion Reserve - RGR 1,397 2,771 1,503 3,007 Emergency charge 1,596 3,392 1,233 1,419 Charge Part A - RGR - - (470) (470) Billed ICMS 11,734 24,085 10,212 19,667 COFINS 2,170 4,175 1,602 3,452 PASEP 565 944 347 748

17,462 35,367 14,427 27,823 NET OPERATING REVENUE 54,842 103,774 38,964 87,245 OPERATING EXPENSE Personnel 11,579 22,945 10,514 20,910 Material 860 1,893 836 1,635 Third party services 6,112 11,515 6,039 10,755 Electric energy purchased for resale 24,607 47,519 19,854 40,531 Transportation of electric power 4,438 8,875 3,394 7,024 Fossil fuel account - CCC 2,753 5,214 1,421 2,864 Depreciation 4,867 9,530 4,915 9,835 Provision for questionable debtors 6,739 14,263 2,447 6,044 Provision for labour and tax contingencies 1,181 1,308 3,836 4,577 Leasing of Substation Macaúba 1,000 2,139 924 1,833 Other expenses 3,281 7,188 1,923 3,991 67,417 132,389 56,103 109,999 RESULT OF SERVICE (12,575) (28,615) (17,139) (22,754) FINANCIAL REVENUE (EXPENSE) Income from financial applications 63 129 31 41 Monetary Var.and arrears on energy 3,210 6,650 2,840 5,451 Monetary Var.and arrears 9,370 7,338 - - Debt charges (8,945) (17,836) (6,248) (12,305) Net monetary var. / Penalties/ Interest 2,853 (7,678) (7,234) (11,235) Others (152) (315) (1,826) (5,175)

6,399 (11,712) (12,437) (23,223) OPERATING RESULT (6,176) (40,327) (29,576) (45,977) NON-OPERATING RESULT (108) (213) (448) (917) LOSS FOR THE PERIOD (6,284) (40,540) (30,024) (46,894)


Cepisa

82

R$ million

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

EBITDA (7.7) (19.1) (12.2) (12.9) EBITDA Margin (14.1%) (18.4%) (31.4%) (14.8%)

Main Investments:


quarter/2003 First


quarter/2002 First

semester/2002 Transmission 2,730,033 3,212,673 525,953 1,650,809 Distribution 4,334,906 6,236,364 2,674,536 4,581,977 Total 7,071,939 9,449,037 3,200,486 6,232,786

Energy sale

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

MWh MWh MWh MWh 333,307 682,527 315,225 592,646

Energy purchased

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

MWh MWh MWh MWh 516,222 1,006,673 471,587 882,509

Main clients

Second quarter/2003

First semester/2003

Client

KWh R$ KWh R$ Itapissuma AS 11,373,988 986,771 18,926,806 1,490,827 Agepisa 7,930,955 934,127 13,076,021 1,477,088 Cia Bras. de Bebidas 3,521,154 508,398 5,847,894 841,615 Ind. Coelho AS 2,693,988 280,106 4,760,300 488,173


Employees 2003 2002 1,119 1,213


Cepisa

83


2003 2002 148.01 148.52

DEC/FEC – Duration and frequency of interruptions

DEC - hours First

semester/2003 First


quarter/2003 Second

quarter/2002 25 23 11 11

FEC – number of interruptions First

semester/2003 First


quarter/2003 Second

quarter/2002 19 19 8 8

Loans and financing R$

Creditor 2003 2002 Eletrobrás 340,032,306.42 200,439,139.46 Legal matters

2003 2002 R$ 31,213,000 R$ 31,213,000


COMMON

PREFERRED TOTAL COM. PREF. TOTAL SOCIAL CAPITAL 25,039,537,135 1,180,830,371 26,220,367,506 Eletrobrás 25,035,223,869 806,807,731 25,842,031,600 99.98% 68.33% 98.56%


Ceam

84


June /2003 March/2003 June /2002 CURRENT ASSETS Cash and banks 9,667 5,147 4,571 Consumers 31,513 31,648 22,865 Provision for credits of questionable liquidation (12,612) (12,103) (9,408) Debtors 1,780 19,428 692 Other credits 4,573 2,677 2,524 Fossil fuel account - CCC 11,758 12,438 6,206 Stored material 10,170 11,138 9,688 Collateral for guarantee 72 97 173

56,921 70,470 37,311 NON-CURRENT ASSETS Affiliates, Controlled and Holding 1,832 1,832 1,832 Taxes and Social Contribution for compensation 27,276 - - Other Credits 540 618 135 Collateral and linked deposits 52 52 52

29,700 2,502 2,019 PERMANENT Investments 6,276 6,281 6,300 Property, plant and equipment 204,306 179,480 155,939

210,582 185,761 162,239 Total Assets 297,203 258,733 201,569


Ceam

85


June /2003 March/2003 June /2002 CURRENT LIABILITIES Suppliers 46,601 34,018 3,822 Payment roll 290 (10) 637 Debt charges 1,022 8,728 6,361 Taxes and Social contribution 3,711 2,150 2,561 Loans and financing 7,271 32,941 25,799 Estimated obligations 3,646 693 995 Contributions and social charges - REFIS 797 797 797 Provisions for contingencies 4,176 5,529 4,981 Other obligations 3,261 3,306 2,128

70,775 88,152 48,081 NON-CURRENT LIABILITIES Loans and financing 85,230 59,220 48,251 Contributions and social charges - REFIS 29,734 28,844 26,271 Others 1,649 1,849 2,448

116,613 89,913 76,970 STOCKHOLDERS EQUITY Up-dated Social Capital 747,874 747,874 747,874 Accumulated losses (894,346) (875,022) (815,652)

(146,472) (127,148) (67,778) Resources for capital increase 256,287 207,816 144,296



Ceam

86


Second quarter/

2003

First semester/

2003

Second quarter/

2002

First semester/

2002 OPERATING REVENUE Supply of electric energy 20,087 39,609 13,526 28,741 Donations and subventions - CCC 52,952 106,747 32,838 60,123 Other operating revenues (138) 16 191 685 72,901 146,372 46,555 89,549 DEDUCTIONS FROM OPERATING REVENUE ICMS (4,884) (9,986) (4,123) (7,809) PASEP 749 (360) (293) (610) COFINS (2,316) (4,483) (1,355) (2,817) Global Reversion Reserve - RGR (236) (472) (297) (593) Fossil fuel account - CCC (583) (1,296) (288) (506)

(7,270) (16,597) (6,356) (12,335) NET OPERATING REVENUE 65,631 129,775 40,199 77,214 COST OF ELECTRIC ENERGY SERVICE Cost with electric energy Electric energy purchased for resale (2,900) (6,164) (1,348) (2,293) Cost of operation Personnel (5,796) (9,516) (3,265) (6,760) Material (2,526) (4,255) (1,328) (2,647) Third party services (1,693) (3,741) (705) (1,251) Fossil fuel for electric generation (55,216) (111,037) (35,402) (65,875) Depreciation and amortization (2,932) (5,883) (3,016) (6,066) Others (4,004) (7,195) (357) (666)

(72,167) (141,627) (44,073) (83,265) (75,067) (147,791) (45,421) (85,558)

GROSS OPERATING INCOME (LOSS) (9,436) (18,016) (5,222) (8,344) OPERATING EXPENSE General and adm. expenses (6,761) (12,235) (8,969) (19,779) Other operating expenses 1,047 443 (2,081) (6,942)

(5,714) (11,792) (11,050) (26,721) RESULT FROM SERVICE (15,150) (29,808) (16,272) (35,065) FINANCIAL REVENUE (EXPENSE) Arrears in energy sold 284 558 190 520 Monetary variation – asset 3,612 3,698 - - Monetary variation – liability (5,506) (5,518) (175) (176) Debt charges (1,112) (2,702) (421) (841) Others (1,464) (1,630) 20 (285)

(4,186) (5,594) (386) (782) OPERATING RESULT (19,336) (35,402) (16,658) (35,847) NON-OPERATING RESULT 11 19 1 44 Net loss for the period (19,325) (35,383) (16,657) (35,803) Loss per share - R$ (0.002) (0.004) (0.002) (0.004)


Ceam

87

R$ Million

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

EBITDA (12.2) (23.9) (13.3) (29.0) EBITDA Margin (18.6%) (18.4%) (33.0%) (37.6%)

Main Investments:

R$ Project Second

quarter/ 2003

First semester/

2003

Second quarter/

2002

First semester/

2002 Extension of urban distribution grid 669,984 1,365,770 2,187,544 7,332,823 Modernization of generation units 677,549 1,446,972 2,350,301 3,944,039 Maintenance of generations units 258,311 999,690 747,430 808,981 Amplification of generation assets 13,944 31,556,036 - - Installation of environment system 27,862 387,842 60,266 161,231 Maintenance of urban distribution grid - 11,037 - - Construction of oil transporting system - 6,430 - 4,104 Others 223,000 312,991 25,067 460,064 Total 1,870,650 36,086,768 5,370,608 12,711,242

Energy purchased

Second

quarter/2003 First


quarter/2002 First

semester/2002 MWh R$ thous. MWh R$

thous. MWh R$

thous. MWh R$

thous. 25,429 3,165,201 50,842 6,261,091 13,720 1,027,096 29,090 2,158,127

Energy sale

Second

quarter/2003 First


quarter/2002 First

semester/2002 MWh R$ thous. MWh R$ thous. MWh R$ thous. MWh R$ thous.

88,609

2,020036 180,460 40,898,931 77,600 14,698,139 156,485 29,714,835

Energy generated

Second

quarter/2003 First


quarter/2002 First


146,761

288,779 148,512 286,487


Ceam

88

Level of losses

Second quarter/2003

First semester/2003

Second quarter/2002

First semester/2002

46.3%

44.8% 51.7% 49.7%

Installed capacity - 251 MW Number of employees/contracted

2003 Employees Contracted

1,085 1,092 Average tariff – R$/MWh

2003 2002

226,53

190,64

Loans and financing R$

Creditor 2003 2002 Eletrobrás 92,501,000 93,998,022

Eletrobrás’ participation COMMON TOTAL COM. TOTAL SOCIAL CAPITAL 8,941,618,681 8,941,618,681 Eletrobrás 8,759,399,013 8,759,399,013 97.96% 97.96%

centrais elÉtricas brasileiras s - latibex · centrais elÉtricas brasileiras s.a. eletrobrÁs ......

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