Profile - Eletrobras

Transcription

Relatorio Anual 2004 - MOD.indd, Spread 1 of 38 - Pages (capa) 11/9/05 7:00 PM
Praia do Flamengo, 66
Bloco A - 3º andar
Flamengo - CEP: 22.210-903
Rio de Janeiro - RJ - Brasil
Tel.: (55) 21. 2514-6042
Fax: (55) 21. 2514-5959
www.eletrobras.com
Annual Report
2004
Relatorio Anual 2004 - MOD.indd, Spread 1 of 38 - Pages (76, 1) 11/9/05 7:00 PM
Administration COUNCIL
Profile
5
11
43
37
Commercialization
of Energy
EconomicFinancial Aspect
Strategy
Planning
To the
Shareholders
Investments
International
Activities
PRESIDENT
Dilma Vana Rousseff
Councilors
Silas Rondeau Cavalcante Silva
9
31
41
Ronaldo Schuck
Rogério da Silva
Maria da Conceição de Almeida Tavares
Glauco Antônio Truzzi Arbix
Isabel da Silva Ramos Kemmelmeier
Annual Report
2004
José Antônio Gragnani
Administration Council
Table of Contents
Board of Directors
PR – President
Board of Directors
47
Sectorial
Funds
Technological
and Industrial
Development
Program
DE – Engineering Directory
Valter Luiz Cardeal de Souza
69
53
Eletrobras and
Society
DA – Administration Directory
Rogério da Silva
Research and
Development
Activities
DF – Financial Directory
José Drumond Saraiva
DP – Special Projects and Technical
Industrial Development Directory
Aloisio Marcos Vasconcelos Novais
45
Corporate
Management
of Federal
Distribution
Companies
49
Company
Management
63
Board
of Directors
73
Profile
Books published:
•JK, o Estadista
da República
•Dicionário de Música
Popular Brasileira
•Os Imortais através
do Braile (Book for
visual deficients)
Literary Events:
•Festa Literária
de Paraty - RJ
Assets:
•Maintainer of the
Museum of Modern Art
(MAM) – RJ
•Maintainer of Casa
do Pontal
•Restoration of Saint
Francis Church – BA
Music:
•Ernesto Nazaré
Project
• Instrumental
Blue – SC
Eletrobrás • Annual Report • 2004 • page 73
Cultural Sponsorships
In 2004 ELETROBRÁS invested R$21,8 million in cultural projects which benefited
of the Rouanet Law incentives, of which R$6,6 million were distributed in the area
of performing arts, R$9,3 million to audiovisual projects and R$5,9 million in the areas
>>
of exhibits, literary events, assets and music.
in April, 1962 for the purpose of performing studies, projects, building
Centrais Elétricas Brasileiras S.A. – ELETROBRÁS was created
and operation of electric energy plants, of transmission lines and
for the distribution of electric energy, as well as performing
Among such projects stand out:
commercial acts resulting from such activities.
“Who
we are.”
We are a mixed capital and open-end company, we hold
stocks traded at stock exchanges of São Paulo (Bovespa),
of Madrid, Spain, and New York, in the United States. The
controlling interest of the Company belongs to the Federal
Performing Arts:
•O Divã
•Cristal Bacharach
•Bibi in Concert
•Sonata de Outono
Exhibits:
•Olinda: Arte em
toda parte – PE
•Amazônia Sustentável (Itinerant
exhibit)
Government, holding 52.45% of the common and preferred stocks.
ELETROBRÁS is responsible for the management of sectorial funds
represented by the Reversion Global Reserve (RGR), Energetic Deve-
Audiovisual:
•Nós do cinema
•Tainá
•Festival de Gramado
•Festival do Audiovisual do Mercosul
•O Coronel e
o Lobisomem
lopment Account (CDE), Use of Public Property (UBP) and Fuel Consumption Account (CCC). These resources are used in the financing
of important programs of the Federal Government, which are coordinated by ELETROBRÁS, such as:
LUZ PARA TODOS (Light for Everybody)
Universalization of Access to Electric Energy.
RELUZ
National Program of Efficient Public Lighting.
PROINFA
Program of Incentive to Alternative
Sources of Electric Energy.
PROCEL
National Program of Electric Energy Conservation.
Profile
Environment
In 2004, ELETROBRÁS intensified its historical activity as
The holding company ELETROBRÁS is responsible for the
coordinator of the planning of socio-environmental actions
coordination and integration of the group of controlled companies:
relating to the activities of the Brazilian electric sector.
FURNAS, ELETRONORTE, CHESF, ELETROSUL, ELETRONUCLEAR,
LIGHTPAR, CGTEE, CEPEL (Research Center) and ITAIPU BINACIO-
The teams engaged in the environment development of the
NAL – this last one under a regime of joint control, according to the
companies that comprise the ELETROBRÁS Group,
terms of the International Treaty executed between Brazil and
including the Federal Companies of Distribution, hold
Paraguay governments.
meetings every two months since July 2003 and integrate
the Environment Committee of the ELETROBRÁS Group
The companies comprising the ELETROBRÁS group are present all
(COMAGE), created by a Resolution of the Board of
over Brazil with an installed capacity for production of 57,074MW,
Directors in September 2003.
produced by 31 hydroelectric plants, 16 thermal plants and 2 nuclear
plants. ELETROBRÁS is the owner of 55,964km of transmission lines,
Among the activities performed in the environment area,
representing over 60% of the national total. Its activity in the distribu-
stands out the continuous support to the other technical
tion of energy is effected through the federalized companies ELETRO-
and financial activities of the Group, when so requested, as
ACRE (Acre), CEAL (Alagoas), CEAM (Amazonas), CEPISA (Piauí) and
well as to the Ministry of Mines and Energy.
CERON (Rondônia), as well as through the power distributors Manaus
Energia and Boa Vista Energia (both controlled by Eletronorte).
Among the relevant themes dealt with this year, are the
discussions on the populations affected by barrages,
The holding company ELETROBRÁS acts in an integrated manner. The
environmental aspects in the projects of small capacity
policies and guidelines adopted are defined by the Superior Council
generation and of renewable sources, environment policy
of ELETROBRÁS Group (CONSISE) comprising the presidents of the
of the ELETROBRÁS Group, financial compensation due to
controlled companies.
environment impacts, environment liabilities, Greenhouse
Effect gas issue, generation and transmission
In CONSISE sphere, there act the CICOP – Research and Technolo-
undertakings in Amazônia.
gical Development Corporate Integration Committee, comprising the
Controlled Companies and CEPEL, under the coordination of the Spe-
Further were performed activities of development
cial Projects and Technological and Industrial Development Directory.
coordination by third parties of an information system
for the evaluation of the Brazilian Historical Contributions
of Greenhouse Effect Gas Issues, Concentrations and
Climate Changes and Changes in the Use of the Soil,
rendering available the series of historic issues of the three
gases of the Greenhouse Effect: N2O, CH4 and CO2.
turned to the participants in the Associação Beneficente São
Martinho (São Martinho Beneficent Association) – and the
Training Program – intended for students of senior high school,
technical and professional schools, as well as of Higher
The ELETROBRÁS Group invested R$523,7 million in Research and
Education, selected at the registered teaching institutions.
Development from 2000 to 2004, with funds of Net Operating Income of the Companies (Laws 9991/2000 and 10848/2004). As regar-
In addition to programs of wide social effects directly tied to
ding 2005, an investment of funds in the net value of R$248,8 million
the production and consumption of electric energy, such as
is foreseen.
the Luz para Todos (Light for Everybody), the National Program
of Electric Energy Conservation (PROCEL) and the Ribeirinhas
Project, ELETROBRÁS participated in 2004 in social programs
coordinated by several ministries, such as “Estatais na Educação” (Government Owned Companies in Education) (MEC),
“Tecnologias Sociais” (Social Technologies) (SECOM), “Brasil
Quilombola” (Quilombola means runaway slave living in a
hideout) (SEPPIR) and Digital Inclusion.
Capital Structure
Common Shares
Million
Preferred Shares
Participation
Million
Participation
264.328
58,41%
17.596
20,72%
BNDESPar
67.157
14,92%
346
0,4%
FND
22.811
5,04%
-
-
Minority Residents
26.902
5,95%
41.926
49,32%
Minority Non-Residents
70.954
15,68%
25.123
29,56%
452.512
100,00%
84.991
100,00%
Federal Government
To the
Stockholders
ELETROBRÁS, aware of its social role and with a view to conciliating
its institutional and marketing interest with the guidelines of the
Federal Government, approved in 2003 the creation of the
Coordination of Social Responsibility and Human Development.
The social activity of ELETROBRÁS is focused in actions for the
improvement of quality of life of the population, particularly in the
areas of insertion of its undertakings, through agreements, financial
support and programs for social inclusion. Tuned with the Federal
Government policy of stimulation of citizenship and fight against
poverty, social projects are developed in the areas of education,
income generation and community development.
In 2004, ELETROBRÁS proceeded with the Program for the Economic
and Social Development of the Communities Affected by Electrical
Undertakings (PRODESCA), by implementing projects together with
its controlled companies and the communities involved. In relation
to such project, the implantation of the first phase of the information
“Responsible
Company
Shines Better.”
system was completed, which will bestow the
Fishing Resources in the Hydroelectric
Undertakings. The system will allow
concentrating information concerning fishing,
fishermen and fishing activities developed in
the hydroelectric plants reservoirs of the
companies of the ELETROBRÁS Group, for the
purpose of contributing for the development of
handling fishing resources, which meet the social responsibility
objectives and the Program Zero Hunger.
To promote the insertion of new professionals in the labor market,
ELETROBRÁS maintains the Pro-Minor Program.
Eletrobrás
and Society
We could not start any comments about the balance of ELETROBRÁS activities in 2004 without first
mentioning the new institutional model of the electric sector approved by the National Congress.
The new structure is an ingenious set of rules and procedures that render viable the energy market
without losing sight of the investors and consumers interest. Said model opens a valuable space
for ELETROBRÁS by strengthening its institutional and investment inductor role in the sector, either
with own funds or in partnerships with the private sector..
Such combination stimulates the competition and the
dynamism of the electric sector, but does not discard
the direct participation of the Government, through
ELETROBRÁS in areas known as strategic from the
structural stand point in the sector.
“Towards
the future,
with energy.”
Another highlighted item in 2004 is the beginning of the
modernization process of the company management by a long term planning. The Strategic Planning
now in course will reflect a variety of ideas and opinions of the staff, thus searching for participation
in the construction of a new ELETROBRÁS, for the purpose of rendering it a world reference in the
energy business, besides continuing to perform the role of leader in the national electric sector.
Therefore, in this new phase, the Company role comes to be directed by the focus on its stockholders, strategic partners and clients, with a view to the valorization of its stocks in the market, where
ELETROBRÁS stockholders, the Government being the main one, may have a greater profitability
and a gain for the consumers, who will receive a reliable energy of high quality.
Thus the holding ELETROBRÁS reassures its strategy of becoming the best company in the Brazilian
electric energy market, consolidating its remarkable position in the ranking of state-owned
companies of mixed economy, entirely in harmony with the private sector, discerning the good
opportunities for business created by the new rules of the sector, through attractive undertakings
which will picture the assurance of the investments and the corresponding return.
It is mandatory to enhance that the company struggles vehemently for its stability, financial and
economic health, in addition to maintaining its functional staff permanently in development and watch over for the intensification of its relationship with its partners and the exercise of its
social responsibility.
In what concerns the economic-financial aspects, ELETROBRÁS achieved in 2004 a net profit 300%
above that of 2003, despite the devaluation of the American Dollar – considering that the Company
receives a high part of its receivables in North American currency.
The results achieved, despite the difficulties presented, authorize us to make a bet in the future of
overcoming the challenges in the sense of providing energy in quantity, quality and profitability, in
order to preserve the necessary competition to meet the requirements of its stockholders.
President
Economic
and Financial
Aspects
Indicators of the Company’s Staff
1. Number of employees at the
end of the period
2. Number of admissions
during the period
3. Number of dismissals
during the period
4. Number of trainees
5. Number of employees
above 45 years of age
6. Number of women working
at the Company
969
57
28
140
541
301
7. Percentage of head positions
exercised by women at the
22,30%
end of the period
8. Number of deficient employees
or employees with special needs 3
Relevant Information as to the Exercise
of Company Citizenship
1. Relation between the highest and the lowest remuneration
1.155%
2. Total of labor accidents
19
SICON System, administrated by the MME. The new system, with state of the art technology (XML), allows the total
transparency of the information reacting to valuables,
contracted companies, type of contracting, etc.
• In the Accounting/Financial segment, analyses were started
with a view to the acquisition of a system that allows
the automatized generation of ELETROBRÁS financial
statements within the standard USGAAP (United States
Generally Accepted Accounting Principles), an important
step for the rendering feasible new funds sources.
Economic
and Financial
Performance
>> The devaluation of the North-American Dollar in relation to
the Real for the second consecutive year – mainly as a result of the
speculative super-valuation in 2003 – and the fact that ELETROBRÁS
holding a relevant part of its receivables indexed to the North-American currency, created an unfavorable scenario in the year ended in
December 31, 2004.
Internal Social Indicators
Despite this scenario, ELETROBRÁS obtained in 2004 a R$1.293
1. Food
million expressive gain, equivalent to R$2,41 per one thousand lot of
R$ 5.296.575,25
shares, which means a 300% raise. In the previous year, the Com2. Health
pany recorded a R$323 million net profit, equivalent to R$0,60 per
R$ 5.299.803,79
one thousand lot of shares.
3. Safety and Labor Medicine
4. Education
R$ 729.575,89
“Eletrobrás.
Economy
and Finance”
R$ 179.431,54
5.Qualification and professional
development
R$ 2.129.660,70
The shareholding participation, maintained in
several companies of the Brazilian electric sector,
produced a gain of R$723 million, which in 2003
corresponded to a gain of R$1.603 million, representing a 55% drop. In the 12 months of 2004,
ELETROBRÁS registered a R$1.656 million loss,
6. Day care or day care aid
relating to the effects of currency variation, against a R$3.711 million
R$ 491.589,90
loss in 2003. In what concerns monetary variations resulting from
internal price levels in 2004, the Company had a R$748 million gain,
equivalent to that of 2003, an year in which ELETROBRÁS registered
a R$838 million revenue, resulting to monetary variations.
External Social Indicators
The activity of Electric Energy Commercialization, though it means
1. Minor Apprentice Project
R$ 1.468.624,20
Economic
and Financial
Aspects
It is worth registering the success of the first Electronic
an expressive billing of the order of R$6.506 million, corresponding to
Announcement of ELETROBRÁS, which resulted in a decrease
the sale of energy from Itaipu Binacional, does not represent gains for
in price between 18% and 31% in relation to the initial lowest
the Company in accordance with the terms of Law No. 10438/02.
proposed price. ELETROBRÁS Group is already incorporating
this system in all of its purchase activities.
It should also be enhanced that the positive effects, of the order of
R$528 million, produced by the discharge of the contributions to
PASEP and COFINS on the financial income, introduced by Decree
5164/2004, which reduces to zero the rate of said contributions on
financial gains.
Other Activities:
Primary Result
• Completion of the Feasibility Study of Execution of the Digital
Certification Project, identifying several alternatives of use of
such safety mechanism, as the possibility of ELETROBRÁS
acting in the category of Digital Certificates Record Authority.
The primary result achieved by ELETROBRÁS Group in 2004 – represented by the difference between income and expenses, the payment
of interests excluded – registered a R$1,6 billion superavit, against
R$1,2 billion in the previous year. The holding ELETROBRÁS contributed for such result with a R$700 million superavit. This is the best
result in the last years.
Economic Overview
• Availability through Intranet corporative of the Data Base with
juridical information of the Company’s interest. It is named
ELETROJUR and is composed of the sections Documents
and Bulletins.
•Development of the system for control. follow up and
checking of the validity of the judicial litigations existing
against ELETROBRÁS relating to Obligations and Bonds
issued by ELETROBRÁS.
2004 was marked in Brazil by the maintenance of the economic policy
based on the tripod floating rate of exchange, inflation goals and
austere fiscal policy. With these instruments, inflation was kept below
8% and the Country experienced a 5.2% growth in PIB (Gross Do-
• Creation of a Work Group to define the strategy for the
introduction of the Free Software in ELETROBRÁS, in
accordance with the guidelines of the Federal Government.
mestic Product).
As to the foreign picture, fiscal deficits and in U.S. current accounts
•Development of an interface for electronic transference of data
relating to contracts executed by ELETROBRÁS for the SIASG/
caused a drop in the Dollar all over the world.
As a consequence, the Real gained an 8% increase as compared to the North American currency
Company
Management
in the year.
This exchange scenery did not affect the performance of Brazilian exports. The primary superavit in the
public sector – which in December 2004 was 4.61% of the PIB – and the growth of the Brazilian
economy contributed to the drop in the relation between the public debt and PIB: from 58.7% in
Programa do Coração (Heart Program) Reeducação Alimentar
December 2003, to 51.8% in December 2004.
(Nutritional Reeducation) and health events in commemorative dates.
The exports performance - which achieved US$96.475 billion, resulting in a balance amounting to
US$33,693 billion in the trade balance - stimulated the economic activity and a 19% growth in the
Training and Development
industrial production in the 12 month accumulated. The unemployment rate within the economically
active population was 11.7% in the beginning of 2004 and 9.6% at the end of that year.
The permanent qualification of its employees is to ELETROBRÁS
a differential to be constantly improved as a way of stimulating new
Another remarkable fact: the Current Operations Account presented at the end of the year a
ideas and re-evaluation of the patterns adopted. The permanent
US$11,669 billion superavit, equivalent to 1.94% of the PIB.
motivation of the employee expressively contributes for his/her
personal and professional development..
The Brazilian stock market was affected both by internal and external events. The improvement in the
bases of the economy had a positive influence in the profitability of São Paulo Stock Exchange, while
In 2004, ELETROBRÁS maintained its participation in graduate cour-
external facts such as the significant increase in the oil price and the increase in interest rates, both
ses, MBA, Master’s and PhD’s open to the market. The foreign lan-
domestic and foreign, had a negative effect in the stock behavior. In the year, BOVESPA index
guage program was also maintained, open to all employees of the
achieved a 17.81% valuation.
Company, with optional training, free choice of idiom and teaching
institution. With this program, were formed groups aiming to specific
needs that meet both technical demands of the Company and the
New Regulation
interest of the employees.
Law 10848, enacted on 03/15/2004, for the purpose of establishing a new
regulatory mark, redefined roles and action limits of agents and organisms
Administrative Activities
After the fire in February 2004, ELETROBRÁS Administration effected
the immediate transference of all of its administrative units, placing
temporarily its employees in the buildings Flamengo Park Towers, Vital
Brasil and Centro Empresarial Rio Branco. For the purpose of reducing
costs, studies are being made to accommodate all of the employees
in one and sole address and therefore promote a greater integration.
within the national interconnected electro-energetic system, thus creating
a new regulated environment for the distributors.
This law redefined the functions of the Ministério de Minas e Energia
(MME) (Ministry of Mines and Energy), as having granting and policy formulating powers, of the Electric Energy National Agency (Aneel) as a regulating and controlling organ, and of the Electric System National Operator
(ONS), as operator of the national integrated electro-energetic system.
Law No. 10847 created the Empresa de Pesquisa Energética (EPE) (Energetic Research Company) for the purpose of conducting the Brazilian process of energetic short, medium and long term planning, performing
Economic
and Financial
Aspects
studies and projections of the energetic matrix and ensuring an
Company Communication
adequate expansion at lower cost, compatible with the guarantee
of supplying.
Looking for more efficiency and agility in performance, ELETROBRÁS
re-structured in 2004 its area of company communication.
In accordance with Law 10848, the Commercialization Chamber of
Electric Energy (CCEE) was created. Such chamber, successor of the
Wholesale Market of Energy (MAE) was constituted as private law
corporate person under the authorization of the granting power and
“Our mark,
our people.”
This allowed the development and the
improvement of several media tools:
regulation and supervision of Aneel, for the purpose of rendering
viable the marketing of electric energy among concessionaires,
licensees, authorized services and installations of electric energy, in
the National Interconnected System (SIN). It was also organized a
Committee of Monitoring of the Electric Sector (CMSE) for the
permanent monitoring and assessment of the continuity and safety
of the electro-energetic supply all over the national territory, and
• ELETROBRÁS Radio
• ELETROBRÁS Journal
• ELETROBRÁS Agenda
• ELETROBRÁS Information
•Media analysis and
monitoring system
measures were adopted to minimize eventual risks of rationing. The
CMSE comprises MME, Aneel, EPE, ONS and CCEE.
The participation in the Feira da Providência (Providence Fair)
The new regulatory mark also allows the agents – independent produ-
disclosed the mark ELETROBRÁS at a national level in 2004.
cers, self-producers and free consumers with a load above 3MW – to
decide for having several suppliers. The contracts will be honored and
the planning for the sector is re-established, creating a guaranteed
Human Resources
income for attraction of new investments in generation and
establishing a harmonious transition.
After two Public Contests in 2002 and 2003 – to meet the demand
for higher level professionals – ELETROBRÁS holding counted, by the
Result of the Auction
of Existing Energy
end of 2004, with 328 new employees, in a total of 969.
In addition to guaranteeing a wide range of benefits, such as
transportation aid, meals aid, partial reimbursement of pre-school
The Auction of Existing Energy, performed in accordance with
expenses and psycho-pedagogical program, ELETROBRÁS promotes
the new regulation, took place on December 07, 2004 and lots
the quality of life among its employees, standing out the Eletrovida
of energy for delivery in 2005, 2006 and 2007 were negotiated
Program, which promotes activities as vaccination campaigns,
in eight year contracts.
• Annual
Report
• 2004
Eletrobrás •Eletrobrás
Annual Report
• 2004
• page
63
Company
Management
The total energy negotiated amounted to 1,192,737 GWh
or an average 17,008MW at the average price of R$62,66/
MWh, totalizing R$74,7 billion.
The ELETROBRÁS Group participated in the auction
through the companies Furnas, Eletronorte, Chesf
and CGTEE and negotiated an average 10,995MW, 64.7%
of all the energy negotiated in the auction at the average
price of R$64,92/MWh.
Analysis of Eletrobrás
and Ibovespa
ELETROBRÁS preferred shares (ELET6) suffered a 14.82% devaluation from December 31
2003 to December 30 2004. In the year, the highest price was R$47,29, in October 06, and
the lowest was R$24,01, in May 20. In December 31, ELET6 closed with the quotation of
R$39,20. The dividend distributed on December 15, 2004 was R$2.67 per lot of one thousand
shares. Therefore, the internal rate of return in the period was positive, of 0.42%.
ELETROBRÁS common shares (ELET3) suffered a 20.62% devaluation from December 31,
2003 to December 31, 2004. In the year, the highest price was R$51,00 in October 06, while
the lowest was R$24,00 in May 20. In December 31, ELET3 closed with a R$39,68 quotation. The dividend distributed on December 15, 2004 was R$0.32 per one thousand lot of
shares. Therefore, the internal rate of return in the period was 5.76% negative.
This movement is perfectly compatible with the characteristics relating to sensitivity of the
companies’ shares and is clearly shown by the analysis of the evolution of the beta coefficient, which measures the sensitivity of a paper to the movements of the market portfolio.
A comparison of the beta of type B (ELET6) preferred and common (ELET3) ELETROBRÁS
shares in relation to the BOVESPA index and to the index of the electric sector (IEE), based
on a period of five years (2000 to 2004), shows the following results:
1
1985 by the Federal Government, is performed by ELETROBRÁS and has as its object the promotion
of the rational and efficient use of electric energy and combat against waste.
ELET6 beta coefficient in relation to the IBOVESPA showed a result of 1.21.
This value indicates that the expected return of the company’s stock is
positively related to the market return, but its movement intensity is greater than that of the market. Thus, if IBOVESPA raises 1%, ELETROBRÁS
preferred stocks will raise 1.21%. In case it falls 1%, the stocks will theoretically fall 1.21%;
2
3
4
In 2004, PROCEL with an investment of R$94 million, including resources of GEF and of RGR,
contributed for an economy of energy of approximately 2,373 GWh, with a corresponding decrease
in demand during the peak load period of approximately 613 MW. These results are equivalent to the
annual consumption of around 1,4 million homes, representing an economy in the electric sector
investments of around R$2,4 billion, an amount that may be directed to governmental priority
programs in the social area.
PROCEL is structured in programs to meet the specificities of the several consumption sectors
of our society. At present, the following programs are being developed: Procel Indústria (Industry),
Procel Sanear (Sanitation), Procel Edifica (Buildings), Procel ReLuz, Procel Gestão Energética Municipal (Municipal Energetic Management), Procel Prédios Públicos (Public Buildings), Procel Hospitalar
(Hospitals), Procel Selo (Stamp) and Procel Educação (Education).
ELET6 beta coefficient in relation to the IEE was equal
These Programs are already in use in all of the States of the federation in accordance with the public
to 1.14. This means that an 1% increase (decrease) in
policies of other ministries with which they have developed strategic partnerships
the index of the electric sector will cause a raise (fall) of
1.14% in such ELETROBRÁS stocks;
ELET3 beta in relation to the IBOVESPA showed a value of
1.16, indicating that for a 1% variation in the IBOVESPA, it is
PROCEL – Energy Saved – GWh/year
expected that ELETROBRÁS common stocks vary 1.16% in
Energetic Efficiency Project (PEE Brasil)
the same direction;
With US$11,9 million resources donated, financed by Global Environment Facility (GEF) through
the World Bank, this project contracted in 2001, invested US$4,4 million in 2004, with the
development of the following sub-projects:
ELET3 beta coefficient in relation to the IEE
showed a 1.11 result. Thus, a 1% raise (fall) in the
IEE causes a 1.11% raise (reduction) in the common shares.
• Brazilian Center for Information on
Energetic Efficiency – Procel-Info
•Disclosure of Information on
Energetic Efficiency
• Evaluation of Energetic
Efficiency Market
• Laboratory capacitation
•Marketing Plan for Procel
• Pilot project of solar pre-heaters
at Coelce and CPFL
• Installation of the videoconference
system at Cepel
Region
North
Quantity
of locations
Economy
of energy
(MWh/year)
Decrease
in demand
(kW)
7.920
891,23
203,12
The table above shows by
region the results obtained with
the ReLuz Program in 2004.
Among the municipalities that
implemented the projects of
Northeast
36.122
12.810,28
2.931,92
the ReLuz Program through the
concessionaries are: Boa Vista/
Southeast
321.030
243.783,96
55.658,43
RR, Salvador/BA, Ouro Preto
do Oeste/RO, Caruaru/PE,
Middle-West
12.705
6.897,00
1.575,00
Fortaleza/CE, Natal/RN, São
Paulo/SP, Duque de Caxias/RJ,
South
135.024
38.611,02
8.815,07
ADR Programs –
“American Depositary Receipts”
Betim/MG, João Pessoa/PB,
CAIFY
ELETROBRÁS common shares (500 shares = 1 ADR)
The ELETROBRÁS common shares ADRs were depreciated in
approximately 14% from December 31, 2003 to December 31, 2004.
In the year, such shares showed the highest value on October 06,
when such value reached US$9.00, and the lowest value occurred
on May 20, when the shares were quoted at US$3.60.
Aracruz/ES, Pelotas/RS, CriciúTotal
512.801,00
38.611,02
69.183,54
ma/SC, Joinville/SC, Bagé/RS,
Niterói/RJ.
Program of Incentives to Alternative
Sources of Electric Energy – PROINFA
PROINFA, created by Law 10438, aims at the diversification of the Brazilian energetic matrix.
To that end, it searches the generation of energy from wind sources, small hydroelectric
plants and biomass, stimulating undertakings by Independent Autonomous Producers
CAIGY
ELETROBRÁS preferred shares (500 shares = 1 ADR)
The ELETROBRÁS preferred shares ADRs were depreciated in
approximately 7% from December 31, 2003 to December 31, 2004.
In the year, such shares showed the highest value on December 03,
when such value reached US$8.90. The lowest quotation occurred
on May 21, when the stocks were quoted at US$3.92.
through long term contracts with income guaranteed and financing facilities. The goal is
to implant in the first phase 3,300MW of installed capacity and until 2025, meet 10% of
the annual consumption of electric energy from alternative sources.
ELETROBRÁS has effective participation in the development of PROINFA and in 2004 stood
out in the support to legislation review, in the search of financing before BNDES, in the
analyses of the value of alternative sources, in the preparation of documents to start the
process of contracting, in the launching of two Public Calls with the contracting of over 150
undertakings, in the management of contracts and in the beginning of elaboration of the
first PROINFA Annual Plan.
National Program of Electric
Energy Conservation – PROCEL
The National Program of Eletric Energy Conservation (PROCEL), established on December 30,
LATIBEX
Latin America Stock Market at the Madrid Stock Exchange
ELETROBRÁS common shares quoted at the Madrid Stock
Exchange (XELTO) suffered a 16.28% devaluation between
December 31, 2003 and November 23, 2004 (date of the last
quotation). In the year, such shares showed their highest
quotation on January 02, with a €6.65. The lowest quotation was
€4.00, on June 08 and 09 and July 06. Preferred shares (XELTB)
showed a 13.68% devaluation between December 30, 2003 and
December 31, 2004. In the year, the highest value was €6.60 on
October 07 and 08. The lowest quotation occurred on May 21,
with a €3.30 value.
CDE – Incomes and Applications in 2004 (R$ million)
Economic
and Financial
Aspects
Operation
Opening Balance
Incomes:
Variation in the quotation of shares
negotiated at stock exchange
comprising ELETROBRÁS share
portfolio, between December 31,
2003 and December 31, 2004.
ADR Caigy
Preferred
ADR
Caigy Preferred
Month
Month
January
2004
January
2004
February February
2004
2004
ADR Caigy
Common
ADR
Caigy Common
Closing
(US$)
Closing
(US$)
Number Number
of ADRs of ADRs
Held by Held by
Investors Investors
Closing
(US$)
Closing
(US$)
Number Number
of ADRs of ADRs
Held by Held by
Investors Investors
6,0430
6,0430
4.689.3574.689.357
January
2004
6,0090
6,0090
104.309.535
104.309.535
5,5150
5,5150
5.413.4235.413.423
February February
2004
2004
5,5280
5,5280
104.588.882
104.588.882
4920
4920
5.786.6755.786.675
March
2004
March
2004
6,3120
6,3120
104.268.928
104.268.928
Month
Month
January
2004
March
2004
March
2004
April
2004
April
2004
5,5650
5,5650
5.685.6135.685.613
April
2004
April
2004
5,2610
5,2610
105.193.407
105.193.407
May
2004
May
2004
4,7630
4,7630
5.832.7215.832.721
May
2004
May
2004
4,8020
4,8020
105.182.066
105.182.066
June
2004
June
2004
4,8400
4,8400
5.190.1425.190.142
June
2004
June
2004
5,1500
5,1500
105.831.228
105.831.228
July
2004
July
2004
6,8530
6,8530
4.489.5844.489.584
July
2004
July
2004
7,2170
7,2170
106.002.018
106.002.018
August
2004
August
2004
6,5720
6,5720
4.911.0144.911.014
August
2004
August
2004
6,9040
6,9040
105.954.198
105.954.198
SeptemberSeptember 7,4940
2004
2004
7,4940
4.702.7144.702.714
SeptemberSeptember 7,9920
2004
2004
7,9920
105.805.232
105.805.232
October
2004
7,4210
7,4210
3.740.8523.740.852
October
2004
October
2004
7,7730
7,7730
105.260.121
105.260.121
NovemberNovember 7,9870
2004
2004
7,9870
3.865.3823.865.382
Nov
2004
Nov
2004
8,0880
8,0880
104.366.581
104.366.581
December December 7,3800
2004
2004
7,3800
4.327.2614.327.261
December December 7,1000
2004
2004
7,1000
103.389.140
103.389.140
October
2004
Amount
926,80
1703,10
Collection of Quotas
Other
Applications
Subsidy Luz para Todos
Subsidy Low Income
1520,80
182,30
1531,70
295,8
1.143,6
Aneel Contribution
0,0
Other
0,0
Closing Balance
1098,20
Efficient Public
Lighting Program – RELUZ
Tied to Procel, there exists the Efficient Public Lighting National
Program (Reluz) having as object to reach the improvement of
energetic efficiency of the existing systems, to promote the expansion
of public lighting in areas not yet benefited and special lighting of
monuments and sports public spaces.
The resources are transferred to the concessionaires, which implement
the financed projects up to 75% by the sectorial fund RGR, and
ELETROBRÁS charges a 1.5% administration fee from the project.
In 2004, R$54,0 million were released from RGR resources,
reaching 25 concessionaires, standing out the Eletropaulo program
(R$14,0 million), CPFL (R$6,8 million), Cemig (R$6,4 million),
Elektro (R$4,8 million), Light (R$4,0 million), RGE (R$4,0 million)
and CEB R$2,3 million).

Profile - Eletrobras

Transcription

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