BALANCE SHEET
AS OF DECEMBER 31, 2002 AND 2001
(In thousands of Reais)
A  S  S  E  T  S
	Parent company		Consolidated
	2002	2001	2002
CURRENT ASSETS	71.018	86.547	154.214
Cash and Cash Equivalents/Short-	20.638	55.908	26.892
Term Invest. In the Money Market
Clients – Trade Receivables	27.402	15.131	55.591
Inventories	14.796	11.159	48.034
Receivables	5.260	2.219	18.981
Prepaid Expenses	2.922	2.130	4.716
LONG-TERM ASSETS	12.181	11.434	32.191
Eletrobrás Credits	575	575	575
Deferred Income Tax /Social Contribution
	5.986	5.586	5.986
Deposits Linked and Other Credits	5.620	5.273	25.630
PERMANENT ASSETS	196.308	120.534	227.850
Investments	29.887	8	4.217
Fixed Assets	108.630	111.818	160.646
Deferred Charges	8.774	8.708	12.966
Unamortized Premium	49.017	-	50.021
TOTAL ASSETS	279.507	218.515	414.255
L  I  A  B  I  L  I  T  I  E  S
	Parent company		Consolidated
	2002	2001	2002
CURRENT LIABILITIES	35.458	23.659	111.775
Suppliers – Trade Payables	5.080	3.827	20.360
Personnel Obligations	2.510	1.617	4.811
Taxes and Accounts Payable	7.699	5.261	24.730
Financial Institutions	7.929	9.297	47.990
Dividends and Participation	12.240	3.657	13.884
LONG-TERM LIABILITIES	62.349	39.903	118.063
Financial Institutions	14.094	21.056	35.258
Taxes and Contributions	22.068	18.847	43.371
Subsidiary	26.187	-	-
Provision for Contingencies	-	-	39.434
MINORITY SHAREHOLDING	-	-	2.717
SHAREHOLDERS’ EQUITY	181.700	154.953	181.700
Capital	116.726	116.726	116.726
Capital Reserves	258	87	258
Revenue Reserves	64.716	38.140	64.716
TOTAL LIABILITIES	279.507	218.515	414.255