CEMIG
  STATEMENT OF INCOME
 Values in Millions of Reais
 
 2002 2001
 9 3rd Q. 2nd Q. 1st Q. 9 3rd Q. Year
  Months Months
 
 OPERATING REVENUES
 
 Electricity Sales 3,913 1,383 1,396 1,134 3,462 995 4,553
 Extraordinary
 Tariff
 Recomposition 269 8 (54) 315 -- -- 1,058
 Electricity Supply 489 446 4 39 56 39 145
 Transmission Grid
 Charges 135 55 42 38 114 41 154
 Other Operating
 Revenues 59 22 19 18 82  28 108
 
 Deductions from
 Operating
 Revenues (1,172) (421) (416) (335) (953) (276) (1,303)
 Net Operating
 Revenue 3,693 1,489 994 1,210 2,761 828 4,713
 
 OPERATING EXPENSES
 
 Electricity
 Purchased
 for Resale (1,455) (793) (302) (360) (815) (303) (1,514)
 Personnel (392) (130) (130) (132) (427) (125) (549)
 Depreciation and
 Amortization (387) (129) (129) (129) (375) (127) (503)
 Fuel Consumption
 Quota - CCC (252) (92) (90) (70) (245) (89) (249)
 Use of Basic
 Transmission
 Network (220) (78) (77) (65) (205) (73) (250)
 Outsourced Services (174) (66) (58) (50) (163) (61) (214)
 Employee
 Post-retirement
 Benefits (163) (55) (54) (54) (151) (50) (201)
 Materials and
 Supplies (51) (18) (17) (16) (47) (14) (70)
 Charges for Use of
 Water Resources (34) (12) (14) (8) (28) (7) (28)
 Operational
 Provisions (28) (20) 6 (14) (32) (18) (36)
 Other (112) (40) (37) (35) (134) (41) (189)
  (3,268) (1,433) (902) (933) (2,622) (909) (3,804)
 
 Income from
 Operations
 before Equity
 in Subsidiaries
 and Financial
 Income
 (Expense) 425 56 92 277 139 (81) 909
 
 EQUITY IN
 SUBSIDIARIES (16) (16) (1) 1 14 5 28
 
 FINANCIAL REVENUES
 (EXPENSES)
 
 Financial Revenue 863 452 262 149 328 140 506
 Financial Expenses(1,642) (1,102) (458) (82) (694) (338) (608)
 Interest on Capital (120) -- (120) -- -- -- (103)
 
 Operating
 Profit (Loss) (490) (609) (226) 345 (213) (273) 733
 
 NON OPERATING INCOME (19) (5) (7) (7) (62) (36) (90)
 
 Income before Taxes
 on Income and
 Employee
 Profit-sharing (509) (614) (233) 338 (275) (309) 643
 Income Tax and
 Social Contribution
 Tax Expense 143 183 74 (114) 94 104 (221)
 Employee
 Profit-sharing (22) (11) (7) (4) (14) (4) (47)
 Income before
 Reversal of Interest
 on Capital (388) (441) (167) 220 (195) (209) 375
 Interest Reversal
 on Capital 120 -- 120  -- -- -- 103
 
 NET INCOME FOR
 THE YEAR (268) (441) (47) 220 (195) (209) 478
 
 EARNINGS PER
 THOUSAND
 SHARES - R$/US$ (1.65) 1.38 (1.22) 3.01
 
 
 CEMIG
  BALANCE SHEET
 ASSETS
 Values in Millions of Reais
 
 2002 2001
 9 3rd Q. 2nd Q. 1st Q. 9 3rd Q. Year
  Months Months
 
 CURRENT ASSETS
 Cash and
 Cash Equivalents 348 (20) (181) 549 485 (96) 642
 Consumers and
 Distributors 758 62 158 538 511 (166) 472
 Consumers -
 Rate Adjustment 265 16 14 235 -- -- 259
 Utilities - Energy
 Transportation 21 4 -- 17 22 3 18
 Tax Recoverable 114 8 78 28 169 (25) 86
 Materials and
 Supplies 12 -- 1 11 10 (2) 12
 Prepaid Expenses
 - CVA 136 70 (2) 68 -- -- 41
 Other 158 40 18 100 101 20 101
 1,812 180 86 1,546 1,298 (266) 1,630
 
 NONCURRENT ASSETS
 
 Account Receivable
 from Minas Gerais
 State Government 1,483 (144) 93 1,534 1,425 87 1,492
 Consumers -
 Rate Adjustment 1,349 (4) (68) 1,421 -- -- 1,072
 Prepaid
 Expenses - CVA 220 72 28 120 -- -- 106
 Tax Credits 686 172 116 398 593 90 435
 Marketable
 Securities -
 Available for Sale 57 (11) (8) 76 83 7 70
 Resellers - Energy
 Supply 616 495 5 116 -- -- 80
 Project Studies
 Based on Service
 Rendered 26 --  -- 26 26 -- 26
 Rationing - Bonds
 and Adaptation
 Costs 97 (113) 9 201 -- -- 123
 Others 190 12 60 118 150 69 100
 4,724  479 235 4,010 2,277 253 3,504
 
 PERMANENT ASSETS
 
 Investments 1,021 136 154 731 381 69 671
 Property, Plant
 and Equipment 7,255 23 (3) 7,235 8,961 1,264 7,317
 Deferred Charges 1 -- (1) 2 2 -- 2
 8,277 159 150 7,968 9,344 1,333 7,990
 TOTAL ASSETS 14,813 818 471 13,524 12,919 1,320 13,124
 
 
 CEMIG
 BALANCE SHEET
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Values in Millions of Reais
 2002 2001
 9 3rd Q. 2nd Q. 1st Q. 9 3rd Q. Year
  Months Months
 
 CURRENT LIABILITIES
 
 Suppliers 1,260 597 61 602 298 2 534
 Taxes Payable 256 (156) 80 332 165 (12) 209
 Loans and Financing  910 496 56 358 779 102 317
 Regulatory Charges 69 20 (1) 50 71 (7) 51
 Payroll and Related
 Charges 112 14 15 83 113 7 96
 Dividends and
 Interest on
 Capital1 39 (176) 109 206 4 (169) 217
 Advance Billings of
 Electric Power -- (12) (15) 27 68 (6) 43
 Employee
 Post-retirement
 Benefits 158 (9) 14 153 145 4 152
 Other 88 8 (28) 109 176 19 120
 2,992 782 291 1,919 1,819 (60) 1,739
 
 LONG-TERM LIABILITIES
 
 Employee
 Post-retirement
 Benefits  1,738 11 12 1,714 1,708 12 1,702
 Loans and Financing 2,478 242 314 1,922 1,369 156 2,011
 Suppliers -
 Wholesale 473 22 19 432 -- -- 373
 Rationing -
 Surcharge  -- (25) (1) 26 -- -- 26
 Advance Billings
 of Electric Power -- -- -- -- -- -- --
 Reserve for
 Contingencies 335 9 (4) 329 149 7 319
 Taxes and Social
 Charges 218 218 -- -- -- -- --
 Other 64 (1) 6 59 45 35 52
 5,306 478 346 4,482 3,271 209 4,482
 
 SHAREHOLDERS' EQUITY
 
 Capital 1,622 0 32 1,590 1,590 0 1,590
 Capital Reserves 4,075 0 (32) 4,106 4,115 0 4,106
 Income Reserves 1,154 1 -- 1,153 889 0 1,153
 Retained
 Earnings (Losses) (363) (442) (166) 245 (170) (209) 25
 Funds for Capital
 Increase 27 (0) -- 27 27 (0) 27
 6,515 (442) (165) 7,122 6,451 (209) 6,902
 TOTAL LIABILITIES
 AND SHAREHOLDERS'
 EQUITY 14,813 818 472 13,523 11,541 (58) 13,124