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Cemig

Cemig Generation and Transmission

Cemig Distribution

Financial Indicators

The achievements are the result of a successful strategy that the Company implemented during the year, raising market value to R$ 16,0 billion anticipating the goal forecasted for Strategic Plan.

The value of the Company (market value plus debt) is more than R$ 24 billion, and the Company value as measured by EBITDA was more than 5,8 times. This demonstrates that our objectives to grow and create value, as determined by the controlling shareholder, the State of Minas Gerais, are producing results at a velocity that exceeds what we were estimating.


SELECTED FINANCIAL INDICATORS
Values in million of reais
  2008 2007
1 – Dividend Payment 944 868
2 – Net Income 1,887 1,743
3 – Operating Result 3,384 3,284
4 – Ebitda 4,099 4,062
5 – Net Revenue 10,890 10,246
6 – Total Debt 7,345 7,525
7 – Repayment of Long Term Financing 893 1,855
8 – Proceeds from Issuance of Long Term Financing 361 1,856
9 – Capital Expenditure - Capex 1,490 1,502
Dividend / Net Income (Pay out) (1/2)- % 50% 50%
Dividend / Ebitda - (1/4) - % 23% 21%
Dividend / Net Revenues (1/5) - % 9% 8%
TBR – Total Shareholder Return - % 3,7 (2,0)


LEADING FINANCIAL INDICATORS
  2008 2007
1 – Ebitda - R$ million 4,099 4,062
2 – Ebitda / Net Operating Revenue – Ebitda Margin  - % 37,65 39,65
3 – Ebitda Interest Coverage 4,80 4,72
4 – Market Value – R$ million 14,303 16,078
5 – Market Value / Net Operating Revenue 1,31 1,57
6 – Fair or Enterprise Value : Market Value + Loans and Financing  21,648 23,602
7 – Fair Value / Ebitda 5,28 5,81
8 – Capitalization : Loans and Financing + Net Equity 15,416 14,913
9 – Debt to Equity 43,99 47,23
10 – Net Equity to Debt 1,27 1,12
11 – Debt to Ebitda  1,79 1,85
12 – Short Term Debt to Debt 17,43 13,56
13 – Indebtness = Long-Term Liabilities / Assets  - % 36,26 39,50
14 – Book Value / 1000 shares 18,84 17,28
15 – Price / Book Value - % 153,01 191,30
16 – Earnings per 1000 shares 3,80 3,59
17 – Price / Earnings - (P/E) 7,58 9,21
18 – Dividend Yield - % 5,8 5,4
19 – Pay Out - % 50 50
20 – Return on Assets (ROA): Net Income / Assets - % 7,75 7,22
21 – Economic Value Added (EVA)  – R$ thousand 671,323 652,264
22 – Pretax Interest Coverage 4,85 4,40
23 – Ebitda – MWh in R$
        Ebitda – MWh in US$
86,38
36,96
91,08
51,42


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