Embratel Participacoes SA

Exhibit 19

Mar 31, 2004

Amounts in Average Cost Maturity

R$ million % of Debt

Hedged and reais

short-term debt 1,156.9 98.4% 92.25% CDI up to 1.0 year

Unhedged short-term debt 18.3 1.6% US$ + 6.73% up to 1.0 year

Total short-term debt 1,175.2 28.5% -- --

Hedged and reais

long-term debt 1,262.8 42.8% 98.42% CDI up to 4.8 years

Unhedged long-term debt 1,687.8 57.2% US$ + 8.49% up to 9.2 years

Total long-term debt 2,950.6 71.5% -- --

Hedged and reais total debt 2,419.7 58.6% 95.51% CDI up to 4.8 years

Unhedged total debt 1,706.2 41.4% US$ + 8.60% up to 9.2 years

Total debt 4,125.9 100.0% US$ + 5.19% up to 9.2 years

Jun 30, 2004

Amounts in Average Cost Maturity

R$ million % of Debt

Hedged and reais

short-term debt 1,014.7 80.2% 101.51% CDI up to 1.0 year

Unhedged short-term debt 250.8 19.8% US$ + 4.57% up to 1.0 year

Total short-term debt 1,265.5 30.7% -- --

Hedged and reais

long-term debt 1,102.9 38.6% 97.34% CDI up to 4.5 years

Unhedged long-term debt 1,753.1 61.4% US$ + 8.39% up to 8.9 years

Total long-term debt 2,856.0 69.3% -- --

Hedged and reais total debt 2,117.6 51.4% 99.30% CDI up to 4.5 years

Unhedged total debt 2,003.9 48.6% US$ + 7.91% up to 8.9 years

Total debt 4,121.5 100.0% US$ + 4.77% up to 8.9 years

Embratel Participacoes SA

Exhibit 20

Gross Receivables

R$ million March 31, June 30,

2004 2004

Account Receivables

Voice Services (Gross) 2,945.4 2,987.9

Data, Telco and Other Services 596.3 630.8

Foreign Administrations 164.0 170.0

Gross Receivables 3,705.6 3,788.7

Allowance for Doubtful Accounts

(Balance) (2,011.3) (2,097.3)

Net Receivables 1,694.3 1,691.4

Embratel Participacoes SA

Exhibit 21

Net Account Receivables

R$ million March 31, June 30,

2004 2004

Voice Services (Net) 1,094.1 1,074.4

Current 85.3% 82.5%

1-60 days 12.0% 15.0%

61-120 days 2.7% 2.5%

> 120 days 0.0% 0.0%

Embratel Participacoes SA

Exhibit 24

Consolidated Income Statement -- Corporate Law

Quarter ending

R$ thousands Jun 30, 2003 %

Revenues

Gross revenues 2,172,030 --

Taxes & other deductions (506,356) --

Net revenues 1,665,674 100.0%

Net voice revenues 1,150,424 69.1%

Domestic long-distance 935,867 56.2%

International long-distance 214,557 12.9%

Net data communications 438,061 26.3%

Local services 14,579 0.9%

Other services 62,610 3.8%

Net revenues 1,665,674 100.0%

Cost of services (872,454) -52.4%

Interconnection & facilities (749,337) -45.0%

Personnel (55,207) -3.3%

Third-party services (55,676) -3.3%

Other (12,234) -0.7%

Selling expenses (191,872) -11.5%

Personnel (59,253) -3.6%

Third-party services (45,753) -2.7%

Allowance for doubtful accounts (84,353) -5.1%

Other (2,513) -0.2%

G&A expenses (216,170) -13.0%

Personnel & Employee profit sharing (58,069) -3.5%

Third-party services (121,640) -7.3%

Taxes (23,436) -1.4%

Other (13,025) -0.8%

Other operating income/(expense) 6,071 0.4%

EBITDA 391,249 23.5%

Depreciation and amortization (287,333) -17.3%

Operating income (EBIT) 103,916 6.2%

Financial income, monetary and

exchange variation (26,619) -1.6%

Financial income 57,591 3.5%

Monetary and exchange variation

(income) (84,210) -5.1%

Financial expense, monetary and

exchange variation 259,505 15.6%

Financial expense (120,475) -7.2%

Monetary and exchange variation

(expense) 379,980 22.8%

Other non-operating income/(expense) (121,996) -7.3%

Extraordinary non-operating income -

ILL -- 0.0%

Net income/(loss) before tax and

minority interest 214,806 12.9%

Income tax and social contribution (76,576) -4.6%

Minority interest (9,852) -0.6%

Net income/(loss) 128,378 7.7%

End of period shares outstanding

(1000) 332,629,361 --

Earnings/(losses) per 1000 shares

(R$) 0.39 --

Quarter ending

R$ thousands Mar 31, 2004 %

Revenues

Gross revenues 2,499,757 --

Taxes & other deductions (607,107) --

Net revenues 1,892,650 100.0%

Net voice revenues 1,287,434 68.0%

Domestic long-distance 1,084,426 57.3%

International long-distance 203,008 10.7%

Net data communications 415,006 21.9%

Local services 136,464 7.2%

Other services 53,746 2.8%

Net revenues 1,892,650 100.0%

Cost of services (1,003,626) -53.0%

Interconnection & facilities (842,829) -44.5%

Personnel (60,035) -3.2%

Third-party services (53,908) -2.8%

Other (46,854) -2.5%

Selling expenses (216,155) -11.4%

Personnel (63,888) -3.4%

Third-party services (55,591) -2.9%

Allowance for doubtful accounts (93,901) -5.0%

Other (2,775) -0.1%

G&A expenses (238,519) -12.6%

Personnel & Employee profit sharing (56,867) -3.0%

Third-party services (150,430) -7.9%

Taxes (16,139) -0.9%

Other (15,083) -0.8%

Other operating income/(expense) 14,031 0.7%

EBITDA 448,381 23.7%

Depreciation and amortization (293,005) -15.5%

Operating income (EBIT) 155,376 8.2%

Financial income, monetary and

exchange variation 79,816 4.2%

Financial income 75,583 4.0%

Monetary and exchange variation

(income) 4,233 0.2%

Financial expense, monetary and

exchange variation (201,948) -10.7%

Financial expense (143,811) -7.6%

Monetary and exchange variation

(expense) (58,137) -3.1%

Other non-operating income/(expense) (1,204) -0.1%

Extraordinary non-operating income -

ILL -- 0.0%

Net income/(loss) before tax and

minority interest 32,040 1.7%

Income tax and social contribution (19,451) -1.0%

Minority interest (7,981) -0.4%

Net income/(loss) 4,608 0.2%

End of period shares outstanding

(1000) 332,847,011 --

Earnings/(losses) per 1000 shares

(R$) 0.01 --

Quarter ending

R$ thousands Jun 30, 2004 %

Revenues

Gross revenues 2,387,426 --

Taxes & other deductions (580,614) --

Net revenues 1,806,812 100.0%

Net voice revenues 1,165,725 64.5%

Domestic long-distance 978,024 54.1%

International long-distance 187,701 10.4%

Net data communications 431,948 23.9%

Local services 154,866 8.6%

Other services 54,273 3.0%

Net revenues 1,806,812 100.0%

Cost of services (1,026,486) -56.8%

Interconnection & facilities (848,056) -46.9%

Personnel (63,787) -3.5%

Third-party services (70,764) -3.9%

Other (43,879) -2.4%

Selling expenses (214,879) -11.9%

Personnel (67,511) -3.7%

Third-party services (55,548) -3.1%

Allowance for doubtful accounts (90,516) -5.0%

Other (1,304) -0.1%

G&A expenses (314,963) -17.4%

Personnel & Employee profit sharing (149,759) -8.3%

Third-party services (134,881) -7.5%

Taxes (19,490) -1.1%

Other (10,833) -0.6%

Other operating income/(expense) 96,829 5.4%

EBITDA 347,313 19.2%

Depreciation and amortization (289,479) -16.0%

Operating income (EBIT) 57,834 3.2%

Financial income, monetary and

exchange variation 122,094 6.8%

Financial income 83,052 4.6%

Monetary and exchange variation

(income) 39,042 2.2%

Financial expense, monetary and

exchange variation (322,044) -17.8%

Financial expense (163,564) -9.1%

Monetary and exchange variation

(expense) (158,480) -8.8%

Other non-operating income/(expense) (3,122) -0.2%

Extraordinary non-operating income -

ILL 106,802 5.9%

Net income/(loss) before tax and

minority interest (38,436) -2.1%

Income tax and social contribution (18,657) -1.0%

Minority interest (7,102) -0.4%

Net income/(loss) (64,195) -3.6%

End of period shares outstanding

(1000) 331,974,095 --

Earnings/(losses) per 1000 shares

(R$) (0.19) --

% change

R$ thousands YoY QoQ

Revenues

Gross revenues 9.9% -4.5%

Taxes & other deductions 14.7% -4.4%

Net revenues 8.5% -4.5%

Net voice revenues 1.3% -9.5%

Domestic long-distance 4.5% -9.8%

International long-distance -12.5% -7.5%

Net data communications -1.4% 4.1%

Local services 962.3% 13.5%

Other services -13.3% 1.0%

Net revenues 8.5% -4.5%

Cost of services 17.7% 2.3%

Interconnection & facilities 13.2% 0.6%

Personnel 15.5% 6.2%

Third-party services 27.1% 31.3%

Other 258.7% -6.3%

Selling expenses 12.0% -0.6%

Personnel 13.9% 5.7%

Third-party services 21.4% -0.1%

Allowance for doubtful accounts 7.3% -3.6%

Other -48.1% -53.0%

G&A expenses 45.7% 32.0%

Personnel & Employee profit sharing 157.9% 163.3%

Third-party services 10.9% -10.3%

Taxes -16.8% 20.8%

Other -16.8% -28.2%

Other operating income/(expense) 1494.9% 590.1%

EBITDA -11.2% -22.5%

Depreciation and amortization 0.7% -1.2%

Operating income (EBIT) -44.3% -62.8%

Financial income, monetary and

exchange variation nm 53.0%

Financial income 44.2% 9.9%

Monetary and exchange variation

(income) nm 822.3%

Financial expense, monetary and

exchange variation nm 59.5%

Financial expense 35.8% 13.7%

Monetary and exchange variation

(expense) nm 172.6%

Other non-operating income/(expense) -97.4% 159.3%

Extraordinary non-operating income -

ILL nm nm

Net income/(loss) before tax and

minority interest nm nm

Income tax and social contribution -75.6% -4.1%

Minority interest -27.9% -11.0%

Net income/(loss) nm nm

End of period shares outstanding

(1000) -- --

Earnings/(losses) per 1000 shares

(R$) -- --

Embratel Participacoes SA

Exhibit 25

Consolidated Income Statement -- Corporate Law

Six months ending % change

R$ thousands Jun 30, 2003 % Jun 30, 2004 % YoY

Revenues

Gross revenues 4,353,721 -- 4,887,183 -- 12.3%

Taxes & other

deductions (979,305) -- (1,187,721) -- 21.3%

Net revenues 3,374,416 100.0% 3,699,462 100.0% 9.6%

Net voice revenues 2,331,366 69.1% 2,453,159 66.3% 5.2%

Domestic long-distance 1,890,551 56.0% 2,062,450 55.7% 9.1%

International

long-distance 440,815 13.1% 390,709 10.6% -11.4%

Net data communications 893,267 26.5% 846,954 22.9% -5.2%

Local services 24,471 0.7% 291,330 7.9% 1090.5%

Other services 125,312 3.7% 108,019 2.9% -13.8%

Net revenues 3,374,416 100.0% 3,699,462 100.0% 9.6%

Cost of services (1,783,743) -52.9% (2,030,112) -54.9% 13.8%

Interconnection &

facilities (1,538,239) -45.6% (1,690,885) -45.7% 9.9%

Personnel (104,750) -3.1% (123,822) -3.3% 18.2%

Third-party services (114,144) -3.4% (124,672) -3.4% 9.2%

Other (26,610) -0.8% (90,733) -2.5% 241.0%

Selling expenses (398,070) -11.8% (431,034) -11.7% 8.3%

Personnel (116,134) -3.4% (131,399) -3.6% 13.1%

Third-party services (86,587) -2.6% (111,139) -3.0% 28.4%

Allowance for doubtful

accounts (190,506) -5.6% (184,417) -5.0% -3.2%

Other (4,843) -0.1% (4,079) -0.1% -15.8%

G&A expenses (420,396) -12.5% (553,482) -15.0% 31.7%

Personnel & Employee

profit sharing (102,488) -3.0% (206,626) -5.6% 101.6%

Third-party services (250,905) -7.4% (285,311) -7.7% 13.7%

Taxes (41,696) -1.2% (35,629) -1.0% -14.6%

Other (25,307) -0.7% (25,916) -0.7% 2.4%

Other operating

income/(expense) 9,642 0.3% 110,860 3.0% 1049.8%

EBITDA 781,849 23.2% 795,694 21.5% 1.8%

Depreciation and

amortization (578,923) -17.2% (582,484) -15.7% 0.6%

Operating income (EBIT) 202,926 6.0% 213,210 5.8% 5.1%

Financial income,

monetary and exchange

variation 20,891 0.6% 201,910 5.5% 866.5%

Financial income 109,322 3.2% 158,635 4.3% 45.1%

Monetary and exchange

variation (income) (88,431) -2.6% 43,275 1.2% nm

Financial expense,

monetary and exchange

variation 182,225 5.4% (523,992) -14.2% nm

Financial expense (235,619) -7.0% (307,375) -8.3% 30.5%

Monetary and exchange

variation (expense) 417,844 12.4% (216,617) -5.9% nm

Other non-operating

income/(expense) (161,473) -4.8% (4,326) -0.1% -97.3%

Extraordinary non-

operating income - ILL - 0.0% 106,802 2.9% nm

Net income/(loss)

before tax and

minority interest 244,569 7.2% (6,396) -0.2% nm

Income tax and social

contribution (88,682) -2.6% (38,108) -1.0% -57.0%

Minority interest (16,841) -0.5% (15,083) -0.4% -10.4%

Net income/(loss) 139,046 4.1% (59,587) -1.6% nm

End of period shares

outstanding (1000) 332,629,361 -- 331,974,095 -- --

Earnings/(losses) per

1000 shares (R$) 0.42 -- (0.18) -- --

Embratel Participacoes SA

Exhibit 28

Consolidated Balance Sheet -- Corporate Law

R$ thousands Jun 30, Mar 31, Jun 30,

2003 2004 2004

Assets

Cash and cash equivalents 662,448 1,076,085 968,820

Account receivables, net 1,413,059 1,694,333 1,691,438

Deferred and recoverable taxes

(current) 499,571 539,614 888,799

Other current assets 334,768 337,684 287,514

Current Assets 2,909,846 3,647,716 3,836,571

Deferred and recoverable taxes 1,153,229 1,083,910 919,273

Legal deposits 321,464 405,586 407,846

Other non-current assets 38,356 45,706 42,276

Noncurrent Assets 1,513,049 1,535,202 1,369,395

Investments 80,215 40,958 43,601

Net property, plant & equipment 7,368,815 7,033,815 6,930,185

Deferred fixed assets -- 102,382 99,468

Permanent Assets 7,449,030 7,177,155 7,073,254

Total Assets 11,871,925 12,360,073 12,279,220

Liabilities and Shareholders's Equity

Short-term debt and current portion of

long-term debt 1,761,565 1,175,247 1,265,505

Accounts payable and accrued expenses 1,429,276 1,783,108 1,689,567

Taxes and contributions (current) 278,281 396,905 445,034

Dividends and interest

on capital payable 19,645 11,691 12,336

Proposed dividends and

interest on capital -- 698 --

Personnel, charges and social benefits 111,460 89,362 104,991

Employee profit sharing provision 50,744 38,380 51,188

Provision for contingencies 50,250 77,718 86,272

Actuarial liabilities - Telos

(current) 67,315 66,521 65,469

Subsidiaries and associated companies 8,399 4,656 4,731

Other current liabilities 129,516 148,142 153,734

Current Liabilities 3,906,451 3,792,428 3,878,827

Long-term debt 2,354,428 2,950,635 2,855,999

Actuarial liabilities - Telos 314,375 317,220 321,053

Taxes and contributions 53,026 51,996 51,934

Other non-current liabilities 22,404 10,092 5,531

Non-current Liabilities 2,744,233 3,329,943 3,234,517

Deferred Income 117,426 132,994 131,368

Minority interest position 241,008 230,366 232,082

Paid-in capital 2,273,913 2,273,913 2,273,913

Income reserves 1,912,113 2,620,022 2,620,022

Treasury stock (41,635) (21,746) (27,415)

Retained earnings 718,416 2,153 (64,094)

Shareholders' Equity 4,862,807 4,874,342 4,802,426

Total Liabilities and

Shareholders'Equity 11,871,925 12,360,073 12,279,220

Total borrowed funds 4,115,993 4,125,882 4,121,504

Net debt 3,453,545 3,049,797 3,152,684

Net debt / Shareholder's Equity 0.71 0.63 0.66

Total Debt / Trailing Ebitda

(last 4 quarters) 2.6 2.2 2.3

Net Debt / Trailing Ebitda

(last 4quarters) 2.2 1.6 1.7

Trailing Ebitda / Financial expense

(Does not include monetary and

exchange variation) 3.0 3.3 3.0

Trailing Ebitda / Net financial

expense (including monetary and

exchange variation) 2.3 6.5 2.5

Embratel Participacoes SA

Exhibit 29

Consolidated Statement of Cash Flow -- Corporate Law

R$ thousands 1Q04 2Q04

Cash provided by operating activities

Net income/(loss) - cash flow 4,608 (64,195)

Depreciation/Amortization 293,005 289,479

Exchange and Monetary (Gains)/Losses 27,768 184,180

Swap Hedge Effects 20,183 (38,254)

Minority Interest - cash flow 7,981 7,102

Loss/(Gain) on permanent

asset disposal 10,536 15,240

Goodwill write-off -- --

Other operating activities (8,107) (6,612)

Changes in current and noncurrent

assets and liabilities (113,779) (163,919)

Net cash provided by

operating activities 242,195 223,021

Cash flow form investing activities

Additions to investments/Goodwill (807) --

Additions to property,

plant and equipment (133,788) (190,747)

Deferred fixed assets - cash flow (100,365) --

Net cash used in investing activities (234,960) (190,747)

Cash flow from financing activities

Loans obtained and repaid (495,744) (121,405)

Swap Hedge Settlement (47,725) (9,617)

Dividends Paid (101,854) (54)

Other financing activities (5,323) (8,463)

Net cash used in financing activities (650,646) (139,539)

Increase in cash and cash equivalents (643,411) (107,265)

Cash and cash equivalents at

beginning of period 1,719,496 1,076,085

Cash and cash equivalents

at end of period 1,076,085 968,820

1H03 1H04

Cash provided by operating activities

Net income/(loss) - cash flow 139,046 (59,587)

Depreciation/Amortization 578,923 582,484

Exchange and Monetary (Gains)/Losses (781,731) 211,948

Swap Hedge Effects 353,801 (18,071)

Minority Interest - cash flow 16,841 15,083

Loss/(Gain) on permanent asset

disposal 41,861 25,776

Goodwill write-off 101,489 --

Other operating activities (13,224) (14,719)

Changes in current and noncurrent

assets and liabilities (186,028) (277,698)

Net cash provided by operating

activities 250,978 465,216

Cash flow form investing activities

Additions to investments/Goodwill 32 (807)

Additions to property, plant and

equipment (141,340) (324,535)

Deferred fixed assets - cash flow -- (100,365)

Net cash used in investing activities (141,308) (425,707)

Cash flow from financing activities

Loans obtained and repaid (495,579) (617,149)

Swap Hedge Settlement 209,589 (57,342)

Dividends Paid (14,321) (101,908)

Other financing activities (33,902) (13,786)

Net cash used in financing activities (334,213) (790,185)

Increase in cash and cash equivalents (224,543) (750,676)

Cash and cash equivalents at

beginning of period 886,991 1,719,496

Cash and cash equivalents at end of

period 662,448 968,820