| EDP - Electricidade de Portugal, S.A. | |||
| Ticker: | EDP | Avenida Jose Malhoa Lote A-13 | |
| Exchange: | New York Stock Exchange | Lisbon, PORT 1070 | |
| Industry: | Utilities (SIC Code 4911) | ||
| Type of Shares: | American Depositary Receipts | Filing Date: | 5/16/97 | |
| U.S. Shares: | 11,750,000 | Offer Date: | 6/16/97 | |
| Non-U.S. Shares: | 13,812,500 | Filing Range: | $20.53 - $26.39 | |
| Primary Shares: | 25,562,500 | Offer Price: | $25.84 | |
| Secondary Shares: | 0 | Gross Spread: | $0.71 | |
| Offering Amount: | $599,696,227 | Selling: | $0.41 | |
| Expenses: | - | Reallowance: | $0.00 | |
| Shares Out After: | - |
| Manager | Tier | Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| ABN AMRO Bank | Co-manager | |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Issuer's Law Firm: | Cleary, Gottlieb, Steen & Hamilton |
| Bank's Law Firm: | Sullivan & Cromwell |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $3,526.31 | Assets: | $12,781.00 | ||
| Net Income: | $817.00 | Curr Assets: | |||
| EPS: | $2.72 | Liabilities: | $8,201.00 | ||
| Prior EPS: | Curr Liabilities: | $1,562.00 | |||
| Cash Flow/Oper: | $1,402.16 | Equity: | $4,580.00 | ||
| Cash Flow/Fin: | $686.98 | Cash: | $50.00 | ||
| Cash Flow/Inv: | $723.26 | ||||
| Business Description |
| The company is an integrated electric utility and is the sole transmitter and largest producer and distributor of electricity in Portugal. In 1996, EDP accounted for 92% of capacity, 100% of transmission and 99% of distribution of electricity in Portugal The company does not own or operate any nuclear-powered facilities. The company operates the national grid for the transmission of electricity throughout Portugal, and manages the system dispatch and the interconnections with Spain. In 1996, the company distributed electricity to approximately 4.9 million customers throughout Portugal. The company is a wholly-owned, directly and indirectly, by the Republic and was formed in 1976 as a result of the nationalization and merger by the Republic of the principal companies in the electricty sector in mainland Portugal. In 1991, the Republic reorganized and partially liberalized the electricity industry by allowing private investors to produce electricity. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |