Sustainable Growth Delivering Value to Shareholders. December 2007
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1 Sustainable Growth Delivering Value to Shareholders December 2007
2 Disclaimer Some statements contained in this presentation are forward-looking statements within the meaning of the US Securities Law and are subject to risks and uncertainties. Such statements are forecasts which may different from final numbers, which are not under our control. For a discussion of the risks and uncertainties as they relate to us, please refer to our 20F form for 2006, and in particular item 3 which contains Basic Information Risk Factors. All figures are in BR GAAP. 2
3 Brazil Outlook Economics Electric Power Industry BRAZIL Largest Latin America economy 8th largest world economy GDP (2006): US$ 1,067 billion. GDP expected CAGR (5yrs): 4%. Flow of Trade (2006): US$ 229 billion. Inhabitants: 188 million. Area: 8.5 million km 2. Currency: Reais (BRL) US$1 = R$ 1.76 Reserves: US$ 176 billion Power Generation Installed Capacity: 99 GW. 81.2% Hydro; 9.4% Natural Gas 2.1% Nuclear;.5% Coal 1.4% Oil; 4.4% Others 15% of power output are investor owned 2005 revenues: US$ 12.5 billion Power Transmission National Network: 85,399 km revenues: US$ 2.7 billion Federal plan to invest US$ 250 billion in the period of Electric Power Generation: US$ 35 billion. Electric Power Transmission: US$ 7 billion. Renewable Fuel projects*: US$ 9 billion. * Ethanol, Biodiesel and Alcohol pipeline Economic Development Acceleration Plan (PAC) Electricity Distribution Energy Consumption: 347,371 GWh. 44% industries and 25% householders 99% penetration countrywide More than 50% of South America Peak Demand comparable to UK 2005 revenues of US$ 26.7 billion Source: Brazilian Institute for Geography and Statistics (IBGE), Brazilian Electricity Regulator (ANEEL), Brazilian Association of Transmission Companies (ABRATEE), Energy Research Company (EPE). 3
4 Cemig outlook Power Generation: Installed Capacity of 6,684 MW; 57 power plants (mainly hydro); Fifth-largest generator in Brazil. Chile Power Transmission: 5,300 km transmission grid; Construction of a 200 km line in Chile Sixth-largest transmission company in Brazil. Brazil Electricity Distribution: 14 million consumers; Concession area of 570 thousand sq. Km; 442 thousand km of lines; The largest distributor in Brazil. AM RR PA AP MA CE RN Gas Distribution: 244 consumers; Concession area of 589 thousand sq. Km; 359 km of pipes; Sixth-largest gas distributor in Brazil. AC RO MT GO TO DF MG PI BA SE AL PB PE MS ES Leading power utility in Brazil: Total assets: R$ 25.5 billion Stockholders equity: R$ 9.0 billion Consolidated net revenue (9M07): R$ 7.7 billion Market cap: US$ 10 billion Generation Transmission Cemig G Free Clients Distribution RS PR SC SP RJ 4
5 The blend of shareholders provides long term perspective Our shareholder diversity provides a global business management vision focused on sustainability of the company's activities Listed in major stock exchanges BOVESPA (Brazil) Common shares (ON): cmig3 Daily trading volume: R$ 3 million Preferred shares (PN): cmig4 NYSE (USA) Daily trading volume: R$ 60 million ADR (preferred shares backed): CIG Ratio : 1 ADR=1 preferred share Daily trading volume: US$ 22 million Approximately 75 million ADR outstanding (15% of Total Capital) ADR (common shares backed): CIG.C Ratio : 1 ADR=1 preferred share LATIBEX (Spain) Preferred shares : xcmig4 29% SEB(*) 6% 10% 33% Total Shares ON 44% 3% International investors PN 56% 51% 68% Local investors (*) Controlled by international investors ON PN MG 5
6 2007 Highlights EBITDA grew 43% over first Focus on Electricity Business Power generation and transmission and electricity distribution Alignment with strategic plan Companies acquired in 2006 stand for 10% of the 2007 results Solid Financial Situation High credit quality ratings Strong Management Capability 9 months of 2007 EBITDA 9M07: R$ 3.0 billion EBITDA Margin 3T07: 40% Net income grew 32% over first 9 months 2007 Net income 9M07: R$ 1.5 billion Earnings per share: R$ 3.02 Dividends to be distributed : R$ 691 million Dividend per share:r$ 1,42 Net Margin: 19% 6
7 Our Long Term Strategic Plan addresses sustainable growth Expanding to other geographic areas, with focus on the electricity industry Addressing the long-term interests of shareholders: minimum 50% payout dividend policy Incorporation of our goals and commitments to our bylaws Acquisitions are the major short term growth driver Light S.A., in 2006, through RME, a joint venture with private investors : Over 3.8 million consumers in 31 municipalities of the state of do Rio de Janeiro Third largest electricity distributor in Brazil TBE in 2006, a set of five transmission companies located in the North and South of Brazil, totaling 2,000 km of transmission lines Committed to shareholders total return 7
8 Strategic Plan leads to growth and value adding CAGR = 16% 9M 03 9M 07 Net income Ebitda (R$mn), Ebitda margin (%) R$ mn ,487 1,113 1,469 9M03 9M04 9M05 9M06 9M07 Earnings per share (R$) Market capitalization T07 LTM Earnings per share 10,370 7,502 US$ mn 6,124 3,749 2,575 1, M07 8
9 The blend of business assures sustainable growth Cemig Corporation Power Generation 10 companies Revenue: R$ 2,335 million 59% free consumers 41% distributors Net income R$ 586 million Ebitda: R$ 1,118 million Sales Volume 24,852 GWh 7% market share Fifth largest in Brazil Net income 53% 2% 1% 38% 52% Gross Revenue 2% 2%1% 1% 20% 38% 74% 6% Ebitda 3% Electricity Distribution 2 companies Revenue R$ 8,819 million 88% captive market 12% grid usage Net income R$ 827 million Ebitda R$ 1,567 million Sales Volume 18,778 GWh 10% market share Largest in Brazil 7% Power Transmission 10 companies Revenue R$ 387 million Net Income R$ 142 million Ebitda R$ 289 milion 5% market share Sixth largest in Brazil Others 4 companies Revenue R$ 116 million Net income R$ 11 million Ebitda R$ 44 million Holding Co. Revenue R$ 17 million Net income (R$ 131) million Ebitda (R$ 63 million) Gas 1 company Revenue R$ 209 million Net income R$ 34 million Ebitda R$ 47 million Sales Volume 423,698 m3 5 % market share Sixth largest in Brazil values related to months 07
10 Our business portfolio seeks lower risk exposure Power generation More competitive environment Regulated market : long term contracts with distributors sales through public auctions. Un-regulated market : medium term contract with large clients. Contract terms bilaterally negotiated. Power transmission Most successful regulation Stable cash flow: fixed income alike investment Electric energy distribution Strongly regulated Operating expenses: Full pass-through mechanism. Yearly adjustment for non controllable costs and inflation. 5 year rate setting review: sharing productivity gains with users Revenues come from grid use and sales to captive market Natural gas distribution Same concession area of Cemig Distribuição Partnership with Petrobrás Telecommunication backbone services Synergy: usage of power transmission lines for fiber optics cables 60% of capacity used by Cemig Group 10
11 Capital structure contributes to profitability Leverage (%) Debt / (Debt + Stockholder s equity) Payment capacity (%) T07 LTM T07 LTM D / D + SE Debt / Ebitda Optimal capital structure, maintaining payment capacity, translates into maximization of profitability and higher dividend payout Ebitda / Interest 10,26 Profitability (%) ROE Return on Equity 27,88 22,05 23,07 19,10 26 Dividends (%) Payout ROE Payout ( * ) LTM = last 12 months 11
12 Indicators show superior credit quality Description CEMIG consolidated CEMIG GT CEMIG D Debt 7,630 3,135 2,798 Debt in foreign currency 694 (9%) 165 (5%) 374 (13%) Net debt 5,154 2,095 2,171 Ebitda / Interest 4.47 Debt / Ebitda 2.03 Net debt / ( Skh. Eq. + Net debt ) 45.90% CDI/Selic Consolidated debt on September Main indexors 75% 8% 1% 5% 2% Dollar Yen 8% URTJ RGR/Finel IGPM 1% Others Preservation of credit quality in the long term at sufficient levels for a low risk rating Moody s: AA3.br Fitch: A+.br Exposure to CDI and Selic captures benefit of reduction of local interest rates 12 R$ mn 975 (1) % 8.0 % Average cost (% p.a.) 12,09 Balance at Sep. 07 R$ 7.6 bn 11,67 Average tenor 4.5 years % 10.4 % 9,15 9, % 13.1 % 8,56 7,85 dez/04 dez/05 dez/06 mar/07 jun/07 set/07 Debt Profile Real rates % 11.8 % 6.3 % to 2031
13 Sustainability: component of the business Social and Environmental responsibilities are a commitment to our long-term vision: they guarantee the preservation of our activities and prevent undue costs to be passed to the society through a balanced relationship with the environment and the community. Recognition of our actions to ensure sustainability: selection to the Dow Jones Sustainability World Index for the eighth time in a row, this time as world leader in the Utilities Supersector ; Selection to the Corporate Sustainability Index of the Sao Paulo Stock Exchange (Bovespa) for the second year in a row. Best Distribution company of the Southeast region in Brazil Cemig Distribuição S.A. won the Quality Award IASC 2006: Consumer survey organized by ANEEL the Federal Electricity Agency; ISO Certification Cemig Distribuição S.A. expanded the certification of its operating processes to NBR ISO 9001:2000 More than 80% of workforce operates in compliance with this certification; Best Company to Work In Award for the large companies category, survey by Exame magazine Special Award Best and Largest Employer 13
14 Results reflect fundamentals and long-term vision Organizational re-structuring addresses the consolidation process of electricity industry Operational excellence aligned with reduction of costs Strategic Plan guidelines establish high priority for value adding investments Risk management addresses all major processes Corporate governance is a constantly evolving corporate value Financial management focused on the improvement of credit quality and financing cost reduction Major clauses of the Bylaws ensure sustainability and governance Commitment to return for investors 14
15 Investor Relations Phone: (55 31) Fax: (55 31)
Successful Strategy Business Portfolio Ensures Results. Mr. Fernando Henrique Schüffner Neto Chief Officer for Business Development
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