UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE
ACT OF 1934

 

For the Month of September 2003

 

EDP- Electricidadé de Portugal

 

Praça Marquês de Pombal, 12
1250-162  Lisbon, Portugal

(Address of principal executive offices)

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.)

 

Form 20-F  ý  Form 40-F

 

(Indicate by check mark whether the registrant by
furnishing the information contained in this form
is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)

 

Yes  o    No  ý

 

 



 

 

Financial Results

 

1H2003

 

Investor Relations
Department

 

Pedro Pires, Head of IR

Gonçalo Santos

Elisabete Ferreira

Cristina Requicha

Rui Antunes

Tel:  +351 21 001 2834

Fax:  +351 21 001 2899

Email: ir@edp.pt

Site:   www.edp.pt

 

Reuters:

EDPP.IN / EDP.N

Bloomberg:

EDP PL / EDP US

 

 

Lisbon, 3 September 2003

 

EDP - Electricidade de Portugal, S.A.   Headquarters: Praça Marquês de Pombal,12   1250-162 Lisboa    Portugal

 



 

Table of Contents

 

1H2003 Financial Results

 

1

 

 

 

Results Overview

 

2

 

 

 

Investments and Financial Debt

 

3

 

 

 

EDP Produção

 

4

 

 

 

EDP Distribuição

 

8

 

 

 

Hidrocantábrico

 

12

 

 

 

Bandeirante

 

17

 

 

 

Escelsa

 

19

 

 

 

Enersul

 

21

 

 

 

Telecoms

 

23

 

 

 

Information Technology

 

26

 

 

 

Consolidated Financial Results

 

27

 

 

 

Consolidated Extraordinary Results

 

29

 

 

 

Consolidated Income Statement

 

30

 

 

 

Adjusted Cash Flow and Consolidated Balance Sheet

 

31

 

 

 

Income Statement by Business Areas

 

32

 

 

 

Balance Sheet by Business Areas

 

34

 



 

1H2003 Financial Results

 

€ m

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Operating Revenues

 

3,345.7

 

3,064.0

 

9.2

%

Operating Costs

 

2,468.0

 

2,318.0

 

6.5

%

EBITDA

 

877.7

 

746.0

 

17.6

%

Operating Results

 

406.8

 

353.3

 

15.2

%

Financial Results

 

(182.5

)

(119.7

)

-52.5

%

Extraordinary Results

 

59.4

 

48.2

 

23.2

%

Net Income

 

182.0

 

230.6

 

-21

%

Earnings per share

 

0.061

 

0.077

 

-21.1

%

 

 

 

 

 

 

 

 

Cash Flow (1)

 

652.9

 

623.4

 

4.7

%

Adjusted Cash Flow (2)

 

696.9

 

560.8

 

24.3

%

 

 

 

 

 

 

 

 

Operating Investment

 

342.8

 

447.0

 

-23.3

%

 

 

 

 

 

 

 

 

Financial Debt

 

8,003.1

 

7,994.1

 

0.1

%

 

 

 

 

 

 

 

 

Net Debt

 

7,860.3

 

7,780.1

 

1.0

%

 

€ m

 

rHC

 

r Escelsa

 

r Enersul

 

1H2003(3)

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

228.8

 

124.7

 

72.2

 

2,919.9

 

3,064.0

 

-4.7

%

Operating Costs

 

179.1

 

94.2

 

51.7

 

2,142.9

 

2,318.0

 

-7.6

%

EBITDA

 

49.6

 

30.6

 

20.5

 

777.0

 

746.0

 

4.2

%

Operating Results

 

26.9

 

15.7

 

10.7

 

353.6

 

353.3

 

0.1

%

 

General Indicators

 

1H2003

 

1H2002

 

r%

 

Number of electricity clients

 

 

 

 

 

 

 

Portugal

 

5,689,406

 

5,599,555

 

1.6

%

Hidrocantábrico (4)

 

557,686

 

544,101

 

2.5

%

Brazil

 

2,797,941

 

2,739,368

 

2.1

%

 

 

 

 

 

 

 

 

Electricity sales (GWh)

 

 

 

 

 

 

 

Portugal

 

19,000

 

18,681

 

1.7

%

Hidrocantábrico (4)

 

5,805

 

5,543

 

4.7

%

Brazil

 

9,165

 

9,422

 

-2.7

%

 

 

 

 

 

 

 

 

Number of employees in the core business

 

 

 

 

 

 

 

Portugal

 

8,977

 

9,391

 

-4.4

%

Hidrocantábrico (4)

 

1,383

 

1,346

 

2.7

%

Brazil

 

3,640

 

3,745

 

-2.8

%

 

The EDP Group reported a significant growth at the operating level in the first half of 2003. EBITDA increased by €131.7 million or 18%, and EBIT was up €53.6 million or 15%. The change in the Group’s consolidation perimeter was an important reason for this increase in EBITDA. Hidrocantábrico contributed an additional €49.6 million, while Escelsa and Enersul added €30.6 million and €20.5 million respectively.

 

If we exclude this effect, the Group’s EBITDA increased by a solid 4% or €31.0 million. The generation subsidiary EDP Produção contributed €9.7 million as a result of the company’s successful effort in maintaining operating costs strictly under control. ONI had a positive impact of €22.4 million due to the increase in voice traffic, lower interconnection tariffs, rigorous cost cutting and the closure of its mobile venture ONI Way. The positive contribution of the abovementioned businesses was partly offset by Bandeirante’s €11.5 million fall in EBITDA due to the devaluation of the Real. In local currency terms, the company’s EBITDA was up 18%.

 

The Group’s EBIT improved by €53.6 million or 15%. The “new subsidiaries” contributed €53.3 million. However, consolidated EBIT was negatively affected by higher amortisation charges and an increase in provisions at EDP Distribuição. The poor economic environment led to a €14.0 million increase in provisions of which €7.2 million relate to the higher level of doubtful debtors and a further €7.3 million relate to interest charged but not yet received on overdue electricity bills. The anticipated improvement in the economic environment will reverse this situation.

 


(1) Cash flow = Net Income + Depreciation + Provisions

 

(2) Adjusted Cash flow = Cash Flow + Tariff Adjustment + Hydrological Correction + Hydrological Account Interest

 

(3) Excluding the changes in the consolidation perimeter

 

(4) Hidrocantábrico is proportionally consolidated in accordance with EDP’s stake in Hidrocantábrico (40%). Figures presented above correspond to Hidrocantábrico 100%.

 

Note: The accounts presented in this document are non-audited.

 

 

 

1



 

 

 

Results Overview

 

Revenues (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

EDP Produção

 

643.6

 

726.2

 

-11.4

%

EDP Distribuição

 

1,788.3

 

1,727.7

 

3.5

%

Hidrocantábrico

 

280.1

 

51.4

 

 

Bandeirante

 

226.6

 

345.4

 

-34.4

%

Escelsa

 

124.7

 

 

 

Enersul

 

72.2

 

 

 

Telecoms

 

161.7

 

149.2

 

8.4

%

Information Technology

 

95.2

 

113.8

 

-16.3

%

Other & Adjustments

 

(46.8

)

(49.7

)

5.7

%

 

 

 

 

 

 

 

 

Consolidated

 

3,345.7

 

3,064.0

 

9.2

%

 

 

 

EBITDA (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

EDP Produção

 

407.6

 

398.0

 

2.4

%

EDP Distribuição

 

265.1

 

266.8

 

-0.6

%

Hidrocantábrico

 

61.9

 

12.3

 

 

Bandeirante

 

31.9

 

43.4

 

-26.5

%

Escelsa

 

30.6

 

 

 

Enersul

 

20.5

 

 

 

Telecoms

 

(2.5

)

(24.9

)

90.0

%

Information Technology

 

21.1

 

21.5

 

-1.7

%

Other & Adjustments

 

41.4

 

29.0

 

42.7

%

 

 

 

 

 

 

 

 

Consolidated

 

877.7

 

746.0

 

17.6

%

 

 

EBIT (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

EDP Produção

 

284.6

 

276.2

 

3.0

%

EDP Distribuição

 

50.1

 

74.8

 

-33.0

%

Hidrocantábrico

 

33.4

 

6.6

 

 

Bandeirante

 

13.8

 

27.3

 

-49.3

%

Escelsa

 

15.7

 

 

 

Enersul

 

10.7

 

 

 

Telecoms

 

(38.4

)

(58.1

)

34.0

%

Information Technology

 

9.5

 

12.5

 

-23.8

%

Other & Adjustments

 

27.4

 

14.0

 

95.0

%

 

 

 

 

 

 

 

 

Consolidated

 

406.8

 

353.3

 

15.2

%

 

 

Cost control is still a key management target. In the first half of this year supplies and services on a consolidated basis, stripping out the impact of first time consolidations, went down by 3%. Personnel costs were down 1%. EDP will continue to focus on cost cutting through operational savings and personnel reduction particularly now that an agreement has been reached with the regulator. Up to €485.7 million of the costs incurred in a dowsizing program for 2003 and 2004 will be passed through to the electricity tariff over the next 20 years as from 2005. This will allow the company to implement a thorough modernization program in order to reach the desired efficiency levels.

 

EDP’s pre-tax profit was flat at €283.7 million following a 53% or €62.9 million net increase in financial charges versus the first half of 2002. Once again, the change in the consolidation perimeter was key. It had an impact on net interest costs of €28.1 million and €24.6 million in increased goodwill amortisation. The balance is due to the increase in debt at the holding level following the acquisition of the 40% stake in Hidrocantábrico and the first time appropriation of the accumulated losses since 2000 (€7.2 million) from Electra (Cabo Verde’s distribution company in which the Group owns 30.6%).

 

Despite the Group’s good operating performance, net profit for the period decreased from €230.6 million in the 1H2002 to €182.0 million. There were several one-offs in the tax items.

 

The apparent tax rate went up from 30% to 39% or €25.4 million in absolute terms compared to the same period last year. The taxable base was negatively impacted by the increase in goodwill and the change in the consolidation method of Escelsa and Enersul. However the biggest impact was due to a €30 million swing over the previous years’ tax estimate: (i) €22,7 million less in 1H2002 relative to an over-estimation of 2001 taxes and : (ii) an additional €7,7 million in 1H2003 due to an under-estimation of 2002 taxes. This is a one-off item.  Minorities were €25.1 million lower due lower net losses at Oni and the positive contribution of the Brazilian subsidiaries following their full consolidation.

2



 

Investments and Financial Debt

 

Operating Investments (€ m)

 

1H2003

 

YE2002

 

1H2002

 

 

 

 

 

 

 

 

 

EDP Produção

 

86.8

 

286.4

 

113.7

 

 

 

 

 

 

 

 

 

EDP Distribuição

 

141.2

 

371.2

 

137.8

 

(-) Subsidies in cash

 

28.5

 

56.9

 

29.1

 

(-) Edinfor asset transfer

 

 

80.5

 

38.4

 

(=) EDP Distribuição cash investments

 

112.7

 

233.8

 

70.2

 

 

 

 

 

 

 

 

 

Hidrocantábrico (40%)

 

33.2

 

84.8

 

30.8

 

 

 

 

 

 

 

 

 

Brazil

 

68.3

 

202.8

 

96.9

 

 

 

 

 

 

 

 

 

Telecoms

 

18.2

 

312.0

 

95.0

 

 

 

 

 

 

 

 

 

Information Technology

 

18.1

 

41.8

 

23.8

 

 

 

 

 

 

 

 

 

Other

 

5.4

 

53.9

 

16.6

 

 

 

 

 

 

 

 

 

Total

 

342.8

 

1,215.4

 

447.0

 

 

Financial Debt (€ m)

 

1H2003

 

YE2002

 

1H2002

 

 

 

 

 

 

 

 

 

Holding (1)

 

5,783.9

 

5,879.4

 

4,785.1

 

 

 

 

 

 

 

 

 

EDP Produção

 

67.6

 

69.1

 

71.4

 

 

 

 

 

 

 

 

 

EDP Distribuição

 

 

 

 

 

 

 

 

 

 

 

 

Hidrocantábrico (40%)

 

805.8

 

816.6

 

799.7

 

 

 

 

 

 

 

 

 

Brazil

 

631.4

 

550.2

 

226.1

 

 

 

 

 

 

 

 

 

Telecoms

 

675.0

 

622.1

 

589.8

 

 

 

 

 

 

 

 

 

Information Technology

 

22.6

 

25.6

 

34.7

 

 

 

 

 

 

 

 

 

Other

 

16.8

 

31.0

 

0.2

 

 

 

 

 

 

 

 

 

Total Financial Debt

 

8,003.1

 

7,994.1

 

6,507.0

 

Cash and cash equivalents

 

142.8

 

214.0

 

40.4

 

 

 

 

 

 

 

 

 

Net Debt

 

7,860.3

 

7,780.1

 

6,466.6

 

 

Operating investment totalled €342.8 million in the 1H2003. If we exclude ONI Way’s investment in the 1H2002 (€66.0 million), operating investment would have gone down 10.0%.

 

EDPP invested an extra €38.5 million in the new TER CCGT and €14.7 million in the expansion of the Venda Nova hydro power plant. EDPP also invested €6.5 million through Enernova (wind power generation) in adding 18MW installed capacity to the Serra do Barroso (12MW - 6 wind turbines) and Cabeço da Rainha (6MW – 3 wind turbines) wind farms. Most of this capacity (90%) became available during the first half of 2003 but has not yet began operating. The company plans to invest around €400 million in 550MW of new wind generation capacity until 2008.

The bulk of recurring investment at EDPD was related to the expansion and improvement of the distribution network.

40% of Hidrocantábrico’s investment, amounting to an extra €33.2 million in EDP Group’s capex, was mostly in wind farms. Two wind farms with 64 MW and 34 MW of installed capacity will start operating in August and October, respectively.

Oni invested €18.2 million in the 1H2003, or 5% of EDP Group’s total investment. 61% of Oni’s investments were in the Spanish fixed line operations.

 

At the end of the first half of 2003, the EDP Group’s total financial debt amounted to €8,003.1 million. Vis-à-vis the 1H2002, the holding company’s debt increased by €999 million which includes the €783 million paid to EnBW to buy a 40% stake in Hidrocantábrico and the purchase of 357.4 million Bonds of Escelsa for USD268.7 million. The full consolidation of Escelsa and Enersul contributed a €329.3 million net increase to EDP’s consolidated debt (net of EDP S.A.’s portion of the purchased Escelsa’s Senior Notes - approximately 83%).

 

In the 1H2003, Oni and the Brazilian subsidiaries, account for 16% or €1,306.4 million of total EDP Group’s consolidated debt. Excluding the minorities’ share of the financial debt of these subsidiaries, Oni and Brazil represent €531.7 million. In Brazil it is worth mentioning that the electric utilities are financing State receivables through special loans contracted with BNDES to compensate for the rationing losses and “Parcela A” costs. The €81.2 million increase in Brazilian subsidiaries debt since YE2002 is strongly influenced by the 13% Brazilian Real appreciation against the Euro in the period.

 

Following the year-on-year debt increase, total net debt over shareholder’s equity plus minorities, increased from 52% in the 1H2002 to 58% in the 1H2003. 2003 debt levels are expected to reflect peak funding for EDP.

 


(1) Net of overdrafts and deposits

 

3



 

EDP Produção

 

Energy emission (GWh)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Hydroelectric

 

8,709

 

2,940

 

196.2

%

Thermoelectric

 

5,459

 

9,277

 

-41.2

%

Binding Generation

 

14,168

 

12,217

 

16.0

%

HDN

 

86

 

37

 

129.1

%

Hidrocenel

 

173

 

90

 

92.3

%

EDP Energia

 

170

 

57

 

197.1

%

Non-Binding Generation

 

429

 

185

 

132.3

%

Biomass

 

19

 

20

 

-0.9

%

Wind Farms

 

57

 

55

 

3.3

%

Cogeneration

 

346

 

294

 

17.4

%

Small Hydro (1)

 

128

 

65

 

94.9

%

Special Regime Producers

 

549

 

434

 

26.5

%

Total EDP emission

 

15,147

 

12,836

 

18.0

%

 

 

 

 

 

 

 

 

Pego thermal power station (SEP)

 

1,812

 

2,501

 

-27.6

%

Tapada thermal power station (SEP)

 

2,112

 

3,917

 

-46.1

%

Auto-producers (SEI)

 

1,630

 

1,195

 

36.5

%

Import / (Export) net

 

940

 

257

 

265.2

%

Direct sales to Ind. Clients (included in Cogeneration)

 

-257

 

-223

 

-15.4

%

Pumping

 

(211

)

(319

)

34.1

%

Gross demand

 

21,174

 

20,165

 

5.0

%

 

 

 

 

 

 

 

 

Synchronous compensation

 

(20

)

(20

)

-2.3

%

Own consumption - generation

 

(2

)

(2

)

-4.5

%

Own consumption - transmission grid

 

(5

)

(5

)

1.9

%

Losses

 

(398

)

(313

)

27.0

%

 

 

 

 

 

 

 

 

Energy delivered to distribution

 

20,749

 

19,824

 

4.7

%

 

EDP thermal emission (GWh)

 

1H2003

 

1H2002

 

r%

 

Tapada do Outeiro

 

(0

)

28

 

 

Carregado

 

290

 

1,314

 

-77.9

%

Barreiro

 

75

 

167

 

-55.3

%

Setúbal

 

699

 

3,071

 

-77.2

%

Sines

 

4,390

 

4,695

 

-6.5

%

Alto de Mira + Tunes

 

6

 

2

 

174.7

%

EDP thermal emission in the PES

 

5,459

 

9,277

 

-41.2

%

 

Hydrological Cofficient

 

 

EDP Produção’s (‘EDPP’) total emission reached 15,147 GWh in 1H2003, of which 61% was hydro generation compared to 25% in 1H2002;

 

The 18.0% increase in EDPP’s emission is due to heavy rainfall at the beginning of the year (hydrological coefficient of 1.30 in 1H2003, 0.51 in 1H2002) and a 5.0% increase in Gross Demand following a cold winter;

 

Given that EDPP owns virtually all the hydro installed capacity in Portugal, its contribution to the total energy delivered to the system rose from 64% in 1H2002 to 72% in 1H2003.

 


(1)          HDN, Hidrocenel and EDP Energia’s power stations with installed capacity of less than 10 MW operating in the Non-Biding system are remunerated as Special Regime Producers (“SRP”). SRP generation in HDN represented 88 GWh in 1H2003 and 45 GWh in 1H2002, in Hidrocenel represented 28 GWh in 1H2003 and 17 GWh in 1H2002 and in EDP Energia represented 12 GWh in 1H2003 and 4 GWh in 1H2002.

 

4



 

Electricity sales (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

PPA Capacity Charge

 

440.5

 

430.7

 

2.3

%

PPA Energy Charge

 

114.4

 

240.7

 

-52.5

%

Total CPPE

 

554.9

 

671.5

 

-17.4

%

 

 

 

 

 

 

 

 

HDN

 

23.1

 

11.5

 

100.3

%

Hidrocenel

 

21.7

 

11.1

 

94.6

%

Total Small Hydro

 

44.8

 

22.7

 

97.5

%

 

 

 

 

 

 

 

 

Wind powered (Enernova)

 

5.0

 

4.6

 

7.8

%

Cogeneration (Soporgen & Energin)

 

20.5

 

12.4

 

64.8

%

Biomass (Bioléctrica)

 

1.3

 

 

 

 

 

 

 

 

 

 

 

Total EDP Produção

 

626.5

 

711.2

 

-11.9

%

 

1H2003

 

 

1H2002

 

 

Fuel costs (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Coal

 

59.7

 

77.1

 

-22.6

%

Fuel-oil

 

45.0

 

146.7

 

-69.3

%

Natural Gas

 

5.8

 

5.2

 

11.6

%

Diesel

 

0.7

 

0.3

 

151.8

%

CPPE

 

111.1

 

229.2

 

-51.5

%

 

 

 

 

 

 

 

 

Natural Gas (Soporgen & Energin)

 

18.9

 

10.5

 

79.9

%

Forest waste (Bioeléctrica)

 

1.0

 

 

 

 

 

 

 

 

 

 

 

Total EDP Produção

 

131.0

 

239.7

 

-45.3

%

 

Electricity Purchases (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

HDN & Hidrocenel

 

30.4

 

6.7

 

 

 

1H2003

 

 

1H2002

 

 

The PPA capacity charge increased 2.3%, reflecting i) higher availability factors at the CPPE’s hydro and thermal power plants and ii) the charge adjustment for inflation as foreseen in the PPA contracts;

 

The PPA energy charge dropped 52.5% due to a lower utilization of CPPE’s thermal plants, because of a wet semester. CPPE was once again able to buy coal and fuel at a lower price than the EU coal price index reflected in the PPA energy charge (€111.1 million vs. €114.4 million). The increase in the natural gas’ cost in 1H2003 is artificial since only 5 months’ costs were booked in 1H2002  (€3,0 million respecting to the consumption of the month of June were only accounted for in the 3Q2002).

 

Despite lower revenues, the electricity generation gross profit at EDPP’s remained stable in 1H2003 at €465.1 million. This is explained by the recurring high availability of CPPE’s power plants and the abovementioned efficient fuel procurement.

 

5



 

Non-Group Supplies & Services (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Insurance costs

 

3.9

 

7.8

 

-49.1

%

Maintenance costs

 

6.3

 

9.0

 

-29.4

%

Surveilance and security

 

1.1

 

1.2

 

-10.2

%

Specialized works

 

2.0

 

1.2

 

67.5

%

Other

 

8.3

 

6.9

 

19.8

%

 

 

 

 

 

 

 

 

Total Non-Group S&S

 

21.7

 

26.1

 

-16.8

%

 

Personnel costs (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Total Personnel Costs

 

61.0

 

60.9

 

0.2

%

Pension Premiums

 

5.9

 

5.5

 

8.0

%

Early Retirement Correction

 

6.6

 

6.6

 

-0.1

%

Social benefits with early retirees

 

0.7

 

0.7

 

-11.1

%

Medical care with inactives

 

1.5

 

1.2

 

29.5

%

 

 

 

 

 

 

 

 

Adjusted Personnel Costs

 

46.3

 

46.9

 

-1.3

%

 

 

 

 

 

 

 

 

Number of employees

 

2,101

 

2,181

 

-3.7

%

 

 

Non-group supplies and services drop 16.8%. However there are some facts that influence this analysis: i) 1H2002 include most of the year’s insurance charge, while 1H2003 includes just 6 months and; ii) During 1H2003 EDP Produção S.A., the holding company of EDP’s generation business in Portugal, moved to a rented building. If we adjust for this, non-group supplies and services in 1H2003 would have dropped 8.8% from 1H2002, thanks to strict management of maintenance costs.

 

Supplies and services provided by Group companies in 1H2003 remained at €7.3 million, approximately half of YE2001 levels, as anticipated in the YE2002 Financial Results report.

 

Personnel costs for the period remained constant at €61.0 million. When corrected for all early-retirements costs, pension premiums and other costs associated with non-active workers, personnel costs fell 1.3%. There was a net reduction of 80 employees in EDPP’s workforce since 1H2002 to 1H2003, mostly attributable to the tranfer of personnel to EDP Valor in the last quarter of 2002.

 

6



 

Operating Income Statement (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Electricity Sales

 

626.5

 

711.2

 

-11.9

%

Services Provided

 

7.5

 

8.5

 

-12.6

%

Other Sales

 

9.6

 

6.5

 

48.9

%

Operating Revenues

 

643.6

 

726.2

 

-11.4

%

 

 

 

 

 

 

 

 

Electricity

 

30.4

 

6.7

 

 

Fuel for electricity generation

 

131.0

 

239.7

 

-45.3

%

Direct Activity Costs

 

161.4

 

246.4

 

-34.5

%

 

 

 

 

 

 

 

 

Gross Profit

 

482.2

 

479.8

 

0.5

%

Gross Profit/Revenues

 

74.9

%

66.1

%

8.9

p.p.

 

 

 

 

 

 

 

 

Sundry materials and goods for resale

 

2.0

 

2.4

 

-15.6

%

Supplies and services - Group

 

7.3

 

7.6

 

-4.3

%

Supplies and services - Non-Group

 

21.7

 

26.1

 

-16.8

%

Personnel costs

 

61.0

 

60.9

 

0.2

%

Generation centre rentals

 

1.9

 

1.8

 

3.2

%

Other operating costs (or revenues)

 

(1.9

)

(2.4

)

22.0

%

Own work capitalised

 

(17.5

)

(14.6

)

-19.6

%

Operating Costs

 

74.6

 

81.8

 

-8.9

%

 

 

 

 

 

 

 

 

EBITDA

 

407.6

 

398.0

 

2.4

%

EBITDA / Revenues

 

63.3

%

54.8

%

8.5

p.p.

 

 

 

 

 

 

 

 

Depreciation and amortisation

 

118.1

 

113.2

 

4.4

%

Provisions

 

4.9

 

8.6

 

-42.6

%

 

 

 

 

 

 

 

 

EBIT

 

284.6

 

276.2

 

3.0

%

EBIT / Revenues

 

44.2

%

38.0

%

6.2

p.p.

 

Investment (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Binding Generation

 

24.0

 

16.4

 

46.1

%

Non-Binding Generation

 

39.3

 

85.8

 

-54.2

%

Special Regime Producers

 

7.4

 

5.1

 

46.4

%

Other investments

 

4.1

 

1.3

 

217.7

%

Financial costs and Investments

 

12.0

 

5.3

 

127.1

%

 

 

 

 

 

 

 

 

Total investment

 

86.8

 

113.9

 

-23.8

%

 

 

 

 

 

 

 

 

Recurring investment

 

10.2

 

9.5

 

8.3

%

Non-recurring investment

 

76.6

 

104.4

 

-26.7

%

 

 

Main Generation Investments at technical cost:

 

 

Total Forecast

 

139.0

 

Conclusion date

 

Sep-2004

 

Invested to Date

 

89.7 or 64.6%

 

 

 

 

 

Total Forecast

 

478.0

 

Conclusion date

 

2004

 

Invested to Date

 

243.8 or 51.0%

 

 

7



 

EDP Distribuição

 

Energy Sales (GWh)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Energy delivered to Distribution

 

20,749

 

19,826

 

4.7

%

Own consumption - distribution

 

(12

)

(11

)

11.9

%

Distribution losses

 

(1,225

)

(1,037

)

18.2

%

 

 

 

 

 

 

 

 

Total electricity sales (1)

 

19,512

 

18,778

 

3.9

%

 

 

 

 

 

 

 

 

Electricity sales - PES

 

17,982

 

18,448

 

-2.5

%

VHV (Very high voltage)

 

554

 

405

 

37.0

%

HV (High voltage)

 

1,718

 

1,736

 

-1.0

%

MV (Medium voltage)

 

4,679

 

5,688

 

-17.7

%

SLV (Special low voltage)

 

1,496

 

1,422

 

5.2

%

LV (Low voltage)

 

8,930

 

8,653

 

3.2

%

PL (Public lighting)

 

605

 

544

 

11.3

%

 

 

 

 

 

 

 

 

Electricity sales – NBES

 

1,530

 

330

 

 

EDP

 

1,018

 

233

 

 

HV (High voltage)

 

30

 

39

 

-23.2

%

MV (Medium voltage)

 

989

 

194

 

 

Non-EDP

 

512

 

97

 

 

HV (High voltage)

 

35

 

49

 

-28.0

%

MV (Medium voltage)

 

477

 

49

 

 

 

Electricity consumers

 

1H2003

 

1H2002

 

r

 

Electricity consumers

 

1H2003

 

1H2002

 

r

 

VHV (Very high voltage)

 

13

 

11

 

2

 

HV (High voltage)

 

102

 

97

 

5

 

MV (Medium voltage)

 

19,307

 

20,084

 

(777

)

SLV (Special low voltage)

 

27,582

 

26,967

 

615

 

LV (Low voltage)

 

5,599,799

 

5,511,812

 

87,987

 

PL (Public lighting)

 

41,690

 

40,549

 

1,141

 

Binding consumers

 

5,688,493

 

5,599,520

 

88,973

 

 

 

 

 

 

 

 

 

HV (High voltage)

 

2

 

2

 

 

MV (Medium voltage)

 

911

 

33

 

878

 

EDP

 

913

 

35

 

878

 

HV (High voltage)

 

2

 

3

 

(1

)

MV (Medium voltage)

 

329

 

10

 

319

 

Non-EDP

 

331

 

13

 

318

 

Non-binding consumers

 

1,244

 

48

 

1,196

 

 

 

 

 

 

 

 

 

Total electricity consumers

 

5,689,737

 

5,599,568

 

90,169

 

% Growth

 

 

 

 

 

1.6

%

 

Total electricity distributed in the 1H2003 reached 19,512 GWh, which represents an annual growth of 3.9% in Portugal’s electricity consumption. The binding system (PES – Public Electricity System) accounted for 92.2% of the total energy distributed in Portugal.

 

Energy sales in the PES were influenced by: (i) a cold winter and (ii) the transfer of some HV and MV customers from the binding to the non-binding system. SLV and LV segments continue to grow at healthy rates of 5.2% and 3.2%, respectively. Additionally, EDPD gained two industrial clients that explain the 37% increase in VHV energy sales.

 

In the Non-Binding Electricity System (NBES), which is benefiting from a growing liberalization, EDP achieved a 66.6% market share, with 1,018 GWh of electricity sold to its 913 clients.

 

Currently, the eligibility threshold for the non-binding system includes all consumers except low voltage ones. By the end of the 1H2003, there were 20,666 eligible clients of which 1,244 chose to acquire energy in the liberalized market. By the end of June 2003, EDP was supplying 913 clients, 563 of which became EDP Energy’s clients during the 1H2003. The electricity market should be liberalized for all voltage levels by the end of 1H2004.

 


(1) Figure presented include Sales to EDP Group.

 

8



 

EDP Distribuição’s (“EDPD”) 1H2003 electricity revenues amounted to €1,778.8 million, up 3.6% from the 1H2002.

 

As mentioned in previous releases, according to the current Portuguese regulation, differences between ERSE’s forecasts for a given year, regarding EDPD’s electricity purchases per kWh, and the unit cost the company actually incurred after taking into account real consumption gives rise to an adjustment that is to be recovered by the company in the tariffs one year later.

 

Additionally, for the 2002-2004 regulatory period, in order to allow for a more efficient pass-through to final tariffs of variations in fuel costs (variable component of energy acquisition costs), ERSE established a mechanism of quarterly adjustments. Accordingly, differences between estimated and real fuel costs are calculated on a quarterly basis and are subsequently: (i) billed by REN to EDPD with a lag of 6 months and (ii) passed-through to final tariffs with a lag of 6 months for HV/MV segments and in the following year for LV segments.

 

Therefore, the €15.0 million tariff adjustment that was recognized in the 1H2003 is composed of the following: (i) €3.4 million from the reposition of the positive tariff adjustment booked in the 1H2001; (ii) €5.1 million from the reposition of last year’s positive tariff adjustment that resulted from the above mentioned mechanism of quarterly adjustments; (iii) €5.5 million from the 1H2003 tariff adjustment as real consumption for the period was below ERSE’s estimate (5.0% growth) used to set up 2003 tariffs not allowing for the full recovery of EDPD’s fixed component of its electricity purchases and (iv) €17.9 million relate to an extraordinary adjustment made to the 2002 tariff adjustment following a correction to the amounts of electricity distributed last year (36,931 GWh instead of 36,741 GWh).

 

We recall that for EDPD, electricity purchases are a complete pass-through to the tariff to final clients. Consequently, the 3.8% increase in electricity gross profit is a result of: (i) a 16.8% rise in allowed revenues for Network Services’ activity; (ii) a 54.7% increase in allowed revenues for the Supply in the Public system activity; (iii) a 3.8% and 2.9% decrease from 2002 to 2003 (in accordance with the ‘CPI - X’ formula), in unit revenues for the Use of the Distribution Grid activity for HV/MV and LV segments, respectively and (iv) a 1.2% estimated increase in electricity consumption (see note below).

 

Regulated Revenues (URD adjusted to 2002 consumption)

 

1H2003

 

1H2002

 

 

 

 

 

 

 

Unit revenue for the Use of the Distribution Grid: HV and MV (€ / MWh)

 

9.84

 

10.23

 

Electricity delivered to binding and non-binding consumers: HV and MV  (GWh)

 

19,136

 

18,842

 

Unit revenue for the Use of the Distribution Grid: LV (€ / MWh)

 

24.55

 

25.29

 

Electricity delivered to binding and non-binding consumers: LV (GWh)

 

10,796

 

10,448

 

t-2 tariff adjustment (€ m)

 

(7.0

)

(7.0

)

URD total allowed revenues (€ m)

 

446.5

 

450.0

 

 

 

 

 

 

 

Allowed revenues for the Network Services activity: VHV; HV and MV (€ m)

 

11.7

 

5.6

 

Allowed revenues for the Network Services activity: SLV (€ m)

 

4.6

 

4.7

 

Allowed revenues for the Network Services activity: LV (€ m)

 

63.2

 

57.8

 

t-2 tariff adjustment (€ m)

 

 

 

CRedes total allowed revenues (€ m)

 

79.5

 

68.0

 

 

 

 

 

 

 

Allowed revenues for the Supply in the Public System activity: VHV; HV and MV (€ m)

 

4.2

 

1.9

 

Allowed revenues for the Supply in the Public System activity: SLV (€ m)

 

1.2

 

0.9

 

Allowed revenues for the Supply in the Public System activity: LV (€ m)

 

39.4

 

36.3

 

t-2 tariff adjustment (€ m)

 

11.4

 

(2.8

)

CSEP total allowed revenues (€ m)

 

56.1

 

36.3

 

 

 

 

 

 

 

t-1 tariff adjustment (€ m) for Energy Aquisition activity

 

5.1

 

 

Total allowed revenues after tariff adjustment (€ m)

 

587.2

 

554.3

 

 

Electricity Sales & Gross Profit Analysis(€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

VHV (Very High Voltage)

 

24.4

 

17.2

 

41.8

%

HV (High Voltage)

 

83.7

 

80.4

 

4.1

%

MV (Medium Voltage)

 

337.8

 

404.9

 

-16.6

%

SLV (Special Low Voltage)

 

142.9

 

138.1

 

3.5

%

LV (Low Voltage)

 

1,113.5

 

1,059.3

 

5.1

%

Public lighting

 

49.2

 

43.3

 

13.5

%

Interruptibility discounts

 

(12.9

)

(12.6

)

-2.3

%

Tariff correction discounts

 

(0.8

)

(3.2

)

75.3

%

Invoiced Sales - PES

 

1,737.8

 

1,727.5

 

0.6

%

 

 

 

 

 

 

 

 

Invoiced Sales - NBES (1)

 

26.1

 

3.3

 

 

 

 

 

 

 

 

 

 

Distribution 2000 Reposition

 

 

10.2

 

 

Distribution 2001 Reposition

 

(3.4

)

 

 

Distribution 2002 Reposition

 

(5.1

)

 

 

Distribution 2002

 

17.9

 

(23.3

)

 

Distribution 2003

 

5.5

 

 

 

Tariff Adjustments

 

15.0

 

(13.0

)

 

 

 

 

 

 

 

 

 

Electricity Revenues

 

1,778.8

 

1,717.8

 

3.6

%

Tariff adjustments’ reposition

 

(8.5

)

10.2

 

 

Reposition of extraordinary tariff adjustment

 

17.9

 

 

 

Sales to customers before reposition

 

1,769.4

 

1,707.6

 

3.6

%

Electricity purchases

 

1,182.2

 

1,141.6

 

3.6

%

 

 

 

 

 

 

 

 

Electricity Gross Profit

 

587.2

 

566.0

 

3.8

%

 


(1)  For the 1H2002, these revenues were accounted for under “Services Provided”. As such, for comparison purposes the figures presented in 1H2002 include the amount accounted for under that item (€3.3 million ).

Note: Allowed Revenues for the 1H2003 and 1H2002 were calculated on the basis of estimated consumption for the period.

 

9



 

Non-Group Supplies & Services (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Maintenance costs

 

14.0

 

21.8

 

-35.8

%

Specialized works

 

17.0

 

14.8

 

14.9

%

Communications

 

8.2

 

7.9

 

3.3

%

Insurance costs

 

2.7

 

4.1

 

-32.6

%

Others

 

10.8

 

10.6

 

2.2

%

 

 

 

 

 

 

 

 

Total Non-Group S&S

 

52.7

 

59.1

 

-10.9

%

 

Personnel costs (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Total Personnel Costs

 

202.5

 

196.1

 

3.3

%

Pension premiums

 

28.0

 

21.2

 

32.2

%

Early retirement correction

 

38.2

 

38.8

 

-1.7

%

Social benefits with early retirees

 

5.6

 

6.2

 

-8.3

%

Medical care with inactives

 

6.7

 

6.5

 

3.2

%

 

 

 

 

 

 

 

 

Adjusted Personnel Costs

 

123.9

 

123.3

 

0.5

%

 

 

 

 

 

 

 

 

Number of employees

 

6,808

 

7,192

 

-5.3

%

 

The 10.9% decrease in supplies and services can be explained by the following: (i) a 35.8% fall in maintenance costs due to both the renegotiation of some maintenance contracts, as payments are no longer made under a retainer basis, and a higher recourse to EDPD’s internal resources; (ii) in 2002 insurance costs were heavily weighted in the first half due to a pessimistic expectation of the increase in 2002’s insurance premiums. The increased in bad debts led an increase in costs with energy cut-offs. Additionaly, The introduction of the SAP platform in 2002 meant that many costs with billing services were accounted for only in the 2H2002 and therefore the comparison is unfavourable. Specialized works increased 14.9% versus the same period last year.

 

Personnel costs for the period totalled €202.5 million, up 3.3% year-on-year, reflecting: (i) a reduction of 384 employees and (ii) a 2.7% average salary increase. If adjusted to exclude all early-retirement costs, pension premiums and other costs associated with non-active workers, active personnel costs would have increased by a mere 0.5%. Note that during the 2Q2003, EDPD reduced its workforce by 122 employees.

 

We recall that on the 8th of August, ERSE approved the pass-through to final tariffs of EDPD’s 2003 and 2004 restructuring costs associated with the “Human Resources Rationalisation Program”. Consequently, EDPD can now proceed with its personnel reduction (including early retirements) program for the years 2003 and 2004, which we recall had been suspended, with the certainty that up to €485.7 million will be recovered through the tariffs.

 

 

 


* Annualised in 1H2003

 

10



 

Operating Income Statement (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Electricity Sales - Group

 

15.8

 

1.3

 

 

Electricity Sales - Non-Group

 

1,763.1

 

1,713.2

 

2.9

%

Services Provided

 

8.6

 

12.5

 

-31.0

%

Other Sales

 

0.8

 

0.7

 

19.6

%

Operating Revenues

 

1,788.3

 

1,727.7

 

3.5

%

 

 

 

 

 

 

 

 

Direct Activity Costs

 

1,182.2

 

1,141.6

 

3.6

%

 

 

 

 

 

 

 

 

Gross Profit

 

606.1

 

586.1

 

3.4

%

Gross Profit/Revenues

 

33.9

%

33.9

%

0.0

p.p.

 

 

 

 

 

 

 

 

Sundry materials and goods for resale

 

51.3

 

31.0

 

65.6

%

Supplies and services - Group

 

42.8

 

30.0

 

42.7

%

Supplies and services - Non-group

 

52.7

 

59.1

 

-10.9

%

Personnel costs

 

202.5

 

196.1

 

3.3

%

Concession fees

 

85.5

 

76.4

 

12.0

%

Other operating costs (or revenues)

 

(5.8

)

(5.3

)

-9.6

%

Own work capitalised

 

(88.1

)

(67.9

)

-29.8

%

Operating costs

 

340.9

 

319.3

 

6.8

%

 

 

 

 

 

 

 

 

EBITDA

 

265.1

 

266.8

 

-0.6

%

EBITDA / Revenues

 

14.8

%

15.4

%

-0.6

p.p.

 

 

 

 

 

 

 

 

Depreciation and amortization

 

173.1

 

164.1

 

5.5

%

Provisions

 

42.0

 

27.9

 

50.2

%

 

 

 

 

 

 

 

 

EBIT

 

50.1

 

74.8

 

-33.0

%

EBIT/ Revenues

 

2.8

%

4.3

%

-1.5

p.p.

 

Investment (€ m)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Distribution Grid

 

106.1

 

86.7

 

22.4

%

Public lighting

 

8.3

 

4.2

 

95.8

%

Information Systems

 

8.1

 

38.4

 

 

Other Investments

 

18.8

 

8.5

 

121.8

%

 

 

 

 

 

 

 

 

Operating investment

 

141.2

 

137.8

 

2.5

%

 

 

 

 

 

 

 

 

Investment Subsidies (Cash)

 

28.5

 

29.1

 

-2.2

%

Operating investment (excluding subsidies)

 

112.7

 

108.7

 

3.7

%

 

 

Despite a 3.4% increase in EDPD’s gross profit, EBITDA fell 0.6% year-on-year due to: (i) a 42.7% increase in Group supplies and services, most of which is explained by a €10.3 million bill related to services supplied by EDP Valor and (ii) a 12.0% increase in concession fees reflecting the 0.25 p.p. increase in the average rate paid to municipalities (7.25% on the previous year’s low voltage sales).

 

EBIT, which fell by 33.0% year-on-year, was negatively affected by: (i) the creation of a €7.3 million provision regarding interest charges due to late payment of bills from municipalities; (ii) a €7.2 million increase in bad debt provisions reflecting the Portuguese economic slowdown and (iii) a 5.5% increase in amortization mostly due to the transfer from Edinfor to EDPD of an IT system worth €80.5 million to be amortized over 6 years, and that Edinfor accounted for as ‘Works in Progress’. Also note that the increased costs in sundry materials are being capitalised and accounted for as ‘Own Work Capitalised’ and then depreciated.

 

Operating Investment for the 1H2002 includes €38.4 million that relate to the above mentioned transfer of assets. Excluding this amount, which does not affect the Group cash-(out)flow, EDPD’s operating investment would have increased 42.1% year-on-year. The majority of this investment was made on the distribution grid, of which €28.5 million relate to investments subsidised in cash by EDPD’s clients.

 

11



 

Hidrocantábrico (100%) - Generation

 

Spain Energy Balance (GWh)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Generation

 

89,495

 

85,478

 

4.7

%

Special Regime

 

20,184

 

16,981

 

18.9

%

Imports

 

4,261

 

4,531

 

-6.0

%

 

 

 

 

 

 

 

 

Total Demand

 

113,940

 

106,990

 

6.5

%

 

 

 

 

 

 

 

 

Regulated Distribution

 

79,082

 

74,959

 

5.5

%

Supply

 

31,342

 

30,548

 

2.6

%

Exports

 

3,515

 

1,483

 

137.0

%

 

HC’s Net Electricity Generation (GWh)

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Hydroelectric

 

536

 

385

 

39.2

%

Nuclear

 

578

 

528

 

9.5

%

Aboño

 

3,068

 

3,600

 

-14.8

%

Soto de Ribera

 

1,770

 

2,419

 

-26.8

%

Coal

 

4,839

 

6,019

 

-19.6

%

Castejón CCGT

 

493

 

 

 

 

 

 

 

 

 

 

 

Total Generation

 

6,446

 

6,932

 

-7.0

%

Pumping

 

(63

)

(56

)

13.0

%

 

 

 

 

 

 

 

 

Energy delivered to the Pool

 

6,383

 

6,876

 

-7.2

%

 

HC’s Performance in the Pool

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Average HC Selling Price (1) (€/MWh)

 

32.33

 

47.83

 

-32.4

%

Average Pool Price (1) (€/MWh)

 

34.07

 

51.66

 

-34.0

%

HC’s market share in wholesale market

 

7.1

%

8.0

%

-0.9

p.p.

 

HC’s Fuel Costs

 

1H2003

 

1H2002

 

r%

 

 

 

 

 

 

 

 

 

Average HC Fuel Cost (€/MWh) (2)

 

15.32

 

16.74

 

-8.5

%

 

 

Demand in the Spanish electricity market grew by6.5% (or 4.7% excluding exports) in comparison with the 1H2002 mainly explained by the harsh winter, when the Spanish electricity market reached consumption records.

 

Hydroelectric generation as a percentage of total Spanish electricity emission was much higher following a wet semester. In these market conditions the average pool price fell strongly in comparison with the 1H2002, resulting in a 32% drop in Hidrocantábrico’s average sale price to €32.33/MWh. Nevertheless, in the 2Q2003 the pool prices increased vis-à-vis 1Q2003 as a consequence of a lower hydroelectric emission in this period.

 

Given that Hidrocantábrico is heavily dependent on thermal power, the company’s net emission fell 7.2% on a yearly basis reflected in a 0.9 p.p. drop in market share to 7.1%. Nevertheless, in the 2Q2003 Hidrocantábrico was able to reach a 7.5% market share since the system’s thermal power plants emission increased in this period.

 

Hidrocantábrico’s average fuel cost decreased 8.5% explained by a 17% year-on-year fall in the coal unit cost.

 


(1) Includes wholesale market, ancillary services and capacity payment.

(2) Excluding hydroelectric emission.

 

12



 

Hidrocantábrico (100%) - Distribution & Supply

 

Distribution

 

Energy Sales - GWh

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Low Voltage

 

1,077

 

1,018

 

5.8

%

Medium Voltage

 

434

 

406

 

6.9

%

High Voltage

 

2,677

 

2,750

 

-2.7

%

Total

 

4,188

 

4,174

 

0.3

%

of which: access clients

 

551

 

536

 

2.8

%

 

Gas

 

1H2003

 

1H2002

 

r%

 

Total

 

1,080

 

914

 

18.2

%

of which: access clients

 

258

 

171

 

50.6

%

 

# of Customers

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Low Voltage

 

555,355

 

541,632

 

2.5

%

Medium Voltage

 

687

 

624

 

10.1

%

High Voltage

 

20

 

19

 

5.3

%

Total

 

556,062

 

542,275

 

2.5

%

of which: access clients

 

990

 

518

 

91.1

%

 

Gas

 

1H2003

 

1H2002

 

r%

 

Total

 

162,007

 

140,443

 

15.4

%

of which: access clients

 

46

 

10

 

360.0

%

 

Revenues - € m

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Transmission tariff

 

3.1

 

1.7

 

85.2

%

Distribution tariff

 

45.3

 

44.8

 

1.1

%

Commercialisation tariff

 

3.8

 

3.6

 

5.8

%

Regulated revenues

 

52.2

 

50.1

 

4.3

%

 

Gas

 

1H2003

 

1H2002

 

r%

 

Transport tariff

 

1.3

 

 

 

Distribution tariff

 

15.8

 

10.0

 

57.8

%

Commercialisation tariff

 

1.7

 

1.2

 

43.3

%

Regulated revenues

 

18.8

 

11.2

 

68

%

 

 

Supply

 

Energy Sales - GWh

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Asturias

 

534

 

377

 

41.7

%

Rest of Spain

 

1,634

 

1,528

 

6.9

%

Total

 

2,168

 

1,905

 

13.8

%

 

Gas

 

1H2003

 

1H2002

 

r%

 

Asturias

 

179

 

63

 

183

%

Rest of Spain

 

1,314

 

559

 

135

%

Total

 

1,493

 

622

 

140

%

 

# of Customers

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Asturias

 

872

 

470

 

85.6

%

Rest of Spain

 

1,742

 

1,874

 

-7.1

%

Total

 

2,614

 

2,344

 

11.5

%

 

Gas

 

1H2003

 

1H2002

 

r%

 

Asturias

 

27

 

6

 

344

%

Rest of Spain

 

81

 

72

 

13

%

Total

 

108

 

78

 

38

%

 

Revenues - € m

 

Electricity

 

1H2003

 

1H2002

 

r%

 

Asturias

 

30.0

 

25.6

 

17.5

%

Rest of Spain

 

90.3