BALANCE SHEET AS OF DECEMBER 31
( UNDER THE CORPORATE LAW )
( Expressed in thousands of Reais )
ASSETS	1999	1998
CURRENT ASSETS	90.316	64.891
Cash and Cash Equivalents/Investments	58.038	50.567
Trade Receivables	12.340	5.904
Inventories	10.453	4.065
Receivables	6.948	3.177
Prepaid Expenses	2.537	1.178
LONG-TERM ASSETS	11.540	7.813
Eletrobrás Credits	478	510
Deferred Income Tax	6.385	1.041
Blocked Deposits and Other Credits	4.677	6.262
PERMANENT ASSETS	87.035	85.942
Investiments	75	76
Property, Plant and Equipment	82.783	81.843
Deferred Charges	4.177	4.023
TOTAL ASSETS	188.891	158.646
LIABILITIES	1999	1998
CURRENT LIABILITIES	19.544	18.490
Trade Payables	3.506	1.646
Personnel Obligations	1.478	1.424
Taxes and Accounts Payable	6.118	8.396
Financial Institutions	5.464	4.541
Dividends and Participations	2.978	2.483
LONG-TERM LIABILITIES	31.308	14.333
Financial Institutions	14.544	7.778
Taxes and Obligations Payable	16.764	6.555
SHAREHOLDERS EQUITY	138.039	125.823
Capital	116.726	116.726
Revenue Reserves	21.313	9.097
TOTAL LIABILITIES	188.891	158.646