FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2014
Commission File Number 1-15224
Energy Company of Minas Gerais
(Translation of Registrants Name Into English)
Avenida Barbacena, 1200
30190-131 Belo Horizonte, Minas Gerais, Brazil
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Forward-Looking Statements
This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG | ||
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By: |
/s/ Luiz Fernando Rolla | |
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Name: |
Luiz Fernando Rolla |
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Title: |
Chief Officer for Finance and Investor Relations |
Date: August 22, 2014 |
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COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
SUMMARY OF MINUTES OF THE 564TH MEETING
Date, time and place: |
April 11, 2013 at 2 p.m. at the companys head office. | |
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Meeting Committee: |
Chair: |
Dorothea Fonseca Furquim Werneck; |
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Secretary: |
Anamaria Pugedo Frade Barros |
Summary of proceedings:
I Conflict of interest: The Chair asked the Board Members present whether they had any conflict of interest in the matter on the agenda of this meeting, and all said there was no such conflict of interest.
II The Board approved:
a) The proposal, by the board member Lauro Sérgio Vasconcelos David, that the members of the Board of Directors should authorize their Chair to call an Extraordinary General Meeting of Stockholders to be held on May 23, 2013 at 11 a.m., for decision on the matter of a financial limit in the bylaws being exceeded; and that in the absence of a quorum she should be authorized to make second convocation, within the legal period.
b) The minutes of this meeting.
II Proposal to EGM: The Board submitted a proposal to the Extraordinary General Meeting of Stockholders that the Meeting should ratify the limit in Subclause d of Paragraph 7 of Article 11 of the by-laws being exceeded in 2012, in that the consolidated ratio of funds allocated to capital expenditure and acquisition of any assets was 54% of the Companys Ebitda (Earnings before interest, taxes, depreciation and amortization).
IV Comment: The following spoke on subjects and business of interest to the Company.
The Chair; and the Board members Eduardo Borges de Andrade and Djalma Bastos de Morais.
IV The following were present:
Board members: Dorothea Fonseca Furquim Werneck, Djalma Bastos de Morais, Arcângelo Eustáquio Torres Queiroz, Eduardo Borges de Andrade, Fuad Jorge Noman Filho, Guy Maria Villela Paschoal, |
João Camilo Penna, Joaquim Francisco de Castro Neto, Paulo Roberto Reckziegel Guedes, Saulo Alves Pereira Junior, Wando Pereira Borges, Bruno Magalhães Menicucci, Leonardo Maurício Colombini Lima, |
Newton Brandão Ferraz Ramos, Adriano Magalhães Chaves, Christiano Miguel Moysés, José Augusto Gomes Campos, Lauro Sérgio Vasconcelos David, Luiz Augusto de Barros, Marco Antonio Rodrigues da Cunha, Paulo Sérgio Machado Ribeiro; |
Secretary: |
Anamaria Pugedo Frade Barros. |
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(Signed by:) Anamaria Pugedo Frade Barros.
Registered at:
Commercial Board of the State of Minas Gerais
I certify registry on: July 31, 2014
Under the number: 5346989
Filing Receipt number: 14/529.640-7
Marinely de Paula Bomfim
General Secretary
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
SUMMARY OF MINUTES
OF THE
574TH MEETING
Date, time and place: |
August 8, 2013 at 10 a.m. at the companys head office. | |
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Meeting Committee: |
Chairs: |
Dorothea Fonseca Furquim Werneck; Djalma Bastos de Morais; |
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Secretary: |
Anamaria Pugedo Frade Barros. |
Summary of proceedings:
I Conflict of interest:
The Chair asked the Board Members present whether any of them had conflict of interest in relation to the matters on the agenda of this meeting, and all stated there was no such conflict of interest, except the Board Members:
Dorothea Fonseca Furquim Werneck, Marco Antonio Rodrigues da Cunha, and Paulo Sérgio Machado Ribeiro,
· who stated conflict of interest in relation to the assignment of employees to INDI;
Dorothea Fonseca Furquim Werneck, |
Marco Antonio Rodrigues da Cunha, |
· who stated that they had conflict of interest in relation to:
· signature of a Letter of Intent and amendment with the Minas Gerais State Economic Development Department (SEDE), the States Finance Department (SEF), its Development Bank (BDMG), the Minas Gerais State Integrated Development Institute (INDI) and Guanhães Energia S.A.;
· signature of a mutual cooperation working agreement with Minas Gerais State, through SEMAD; and
Arcângelo Eustáquio Torres Queiroz, |
Adriano Magalhães Chaves, |
· who stated that they had conflict of interest in relation to the collective agreement for profit sharing.
These Board Members withdrew from the meeting room at the time of discussion and voting on this matter, returning to proceed with the meeting after the vote on the matter had been taken.
II The Board approved:
a) The proposal, by the board member Lauro Sérgio Vasconcelos David, that the members of the Board of Directors should authorize their Chair to call an Extraordinary General Meeting of Stockholders to be held on September 9, 2013 at 11 a.m., and that in the absence of a quorum she should be authorized to make second convocation, within the legal period, for decision on:
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
· Orientation of vote of the representative of Cemig in the Extraordinary General Meeting of Stockholders of Cemig GT referred to in item V below.
b) The proposal, by the board member Lauro Sérgio Vasconcelos David, that the members of the Board of Directors should authorize their Chair to call an Extraordinary General Meeting of Stockholders to be held on a date to be decided by the Executive Board; and that in the absence of a quorum she should be authorized to make second convocation, within the legal period, for decision on:
· Orientation of the vote of the representative of Cemig in the Extraordinary General Meeting of Stockholders of Cemig GT, in relation to the Jequitibá II Project.
c) Orientation of vote in favor of the agenda by the representatives of Cemig GT in the meeting of the Board of Directors of Taesa that decides on:
· Ratification of the Binding Proposal made by Empresa Amazonense de Transmissão de Energia S.A. EATE; and
· authorization for acquisition, by EATE, of a stockholding interest.
d) The minutes of this meeting.
III The Board authorized:
a) Signature, conditional on actual transfer to the Company of the equity interest held by Cemig GT in Taesa, of:
· the Term of Assignment of Rights and Obligations and Adhesion to the Stockholders Agreement of Taesa, signed by the Company with Cemig GT, with Fundo de Investimento em Participações Coliseu, Taesa and Santander Participações S.A. as consenting parties, to formalize the assignment by Cemig GT to the Company of all the rights and obligations specified in the said Stockholders Agreement, with the Company accepting and unconditionally adhering to all the terms and conditions in that instrument, as amended, including the arbitration clause, and undertaking to comply with and obey that agreement as if it were one of its original signatories, and Cemig GT being jointly liable for all the obligations therein established; and
· the Term of Assignment of Rights and Obligations of the Commitment Undertaking, signed with Cemig GT, and having Fundo de Investimento em Participações Coliseu and Taesa as consenting parties, to formalize the assignment by Cemig GT to the Company of all the rights and obligations referred to in the said Commitment Undertaking, with the Company accepting and unconditionally adhering to all the terms and conditions in that instrument, as amended, undertaking to comply with it and obey it as if it were one of its original signatories, and Cemig GT being jointly liable for all the obligations therein established;
· the signature of these documents to be conditional upon actual transfer to Cemig, in Taesas Share Registry system, of the said shares owned by Taesa.
b) Renewal of the 20134 Specific Collective Profit Sharing Agreement, with the benefits which will be established by it, within the annual financial limit to be oriented by the Human Resources Committee, for Cemig, Cemig D and Cemig GT, jointly.
c) Filing of legal actions related and inherent to the process of negotiation of the Agreement referred to in sub-clause b of this item and any such developments from it as are necessary for preservation of the Companys interests.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
d) Signature with INDI of a Working Agreement for Assignment of Employees, for assignment of employees of this Company to that Institute, to be in effect for twelve months, able to be extended, by amendment, such that the maximum total period may be up to sixty months.
e) Signature of the First Amendment to the Letter of Intent referred to in Item VII, which shall:
· change its preamble, altering the name of Cemig D to Cemig, and the timetable of implementation of the Small Hydro Plants (PCHs) to the end of 2014;
· include the Minas Gerais State Planning and Management Department (Seplag) as signatory to the Letter of Intent;
· exclude Clause Twelve (which is in Section IV, Final Provisions), the subsequent clauses being re-numbered;
· establish commitment by the State of Minas Gerais to allocate funds from two projects Structuring Project 040 (Competitive Investment to Strengthen and Diversify the Economy of Minas Gerais); and Strategic Project 4629 (Promotion, Attraction and Retention of Investment) for works of extension of the 138kV Distribution System from the existing Guanhães 2 Substation to the new 138kV Jacaré Substation; and
· include: installation of a new connection span from the Guanhães 2 Substation; construction of the distribution line from the Guanhães 2 Substation to the 138kV Jacaré Substation, with length of approximately 25 km: and construction of the 138kV Jacaré Substation.
f) Signature, as guarantor, of the Corporate Guarantee Letter, with Ventos Potiguares Comercializadora de Energia S.A. and Cemig GT, up to the limit of an amount sufficient to settle two months of billing under the Contract to Purchase Incentive-bearing Electricity, in the period August 8, 2013 to December 31, 2014.
g) Signature with MDU Resources Luxembourg II-LLC, S.À.R.L. (MDU Lux), of
· a Term of Agreement for Banco Bradesco S.A. to lift the block on access in the Information System of the Brazilian Central Bank, to allow MDU Lux to make adjustments to the Electronic Declarations (RDEs) of Foreign Direct Investment (FDI) in relation to the operation to acquire shares in Empresa Norte de Transmissão de Energia S.A., Empresa Regional de Transmissão de Energia S.A. and Empresa Catarinense de Transmissão de Energia S.A., through temporary suspension of the registry of settlement of currency exchange contracts, which, after the due rectification of acts carried out subsequently by MDU Lux, will be re-inserted, in their original terms, as provided for in the Transaction Closing Documents; and
· a Guarantee Document, with MDU Lux, through its parent company, Centennial Energy Holdings, Inc., under which the latter undertakes to be responsible for any demand, losses or fines/penalty payments that may arise from the implementation of the adjustments referred to above.
h) Holding by Cemig GT of an equity interest in Chipley SP Participações S.A. (Chipley), with 40% of the voting and total stock of that Company.
i) Holding by Cemig GT of an equity interest in Renova Energia S.A. (Renova), through subscription of eighty seven million one hundred eighty six thousand thirty five common shares issued by Renova;
j) Signature of the Term of Assignment, by Cemig GT to Chipley, of the share purchase agreement signed with Petrobras, the object of which is purchase of 49% of the voting stock
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
and 42.32% of the total capital of Brasil PCH S.A. (Brasil PCH), with Cemig, Renova and Renovapar S.A. (Renovapar) as consenting parties.
k) Signature of the Counter-guarantee Agreement between Cemig, Renova and Renovapar, with Cemig GT and Chipley as consenting parties, to govern the transfer to Cemig, or to any party indicated by Cemig, of all the shares issued by Chipley and all the shares in Chipley owned by Renova and Renovapar, in the event that Cemig is obliged to make the payment for the shares of Brasil PCH.
IV The Board ratified the assignment of employees of Cemig to INDI since November 1, 2012.
V The Board submitted to the Extraordinary General Meeting of Stockholders (of Cemig) a proposal to orient the representative of Cemig in the Extraordinary General Meeting of Stockholders of Cemig GT to vote in favor of:
a) Ratification of the appointment of the accounting technical experts who prepared the Valuation Opinion on the Investment in Taesa, registered in the accounts of Cemig GT.
b) Approval of the said Valuation Opinion, recognized by the equity method, to be adjusted in accordance with the results of Taesa up to the actual date of transfer.
c) Reduction of the share capital of Cemig GT to nine hundred sixty three million three hundred seventy one thousand seven hundred eleven Reais and eighty centavos, and consequent alteration of the head paragraph of Article 5 of the by-laws of Cemig GT the final value of the reduction of the share capital to be adjusted in accordance with the results of Taesa up to the actual date of transfer, thus affecting the value of the share capital that will appear in the head paragraph of Article 5 of the by-laws of Cemig GT.
VI The Board gave the following orientations:
a) That the representatives of Cemig should abstain from voting in the meetings of the Board of Directors or General Meetings of Stockholders of Light S.A., Light Energia S.A. and Parati S.A. that deal with signature of the documents of the transaction.
b) Vote in favor, by the representatives of the Company in the meeting of the Board of Directors of Light S.A. that decides on orientation of vote of the representatives of that company in the General Meeting of Stockholders of Itaocara Energia Ltda., that decides on the rescission of Concession Contract Nº 012/2001.
VII The Board ratified:
a) Signature of a Letter of Intent, between the State of Minas Gerais, SEDE, SEF, BDMG, INDI, Cemig and Guanhães Energia S.A., to ensure full implementation of the plans of Guanhães Energia for construction of the four Small Hydroelectric Plants Dores do Guanhães, Senhora do Porto, Jacaré and Fortuna II, all with completion planned for 2011.
b) Signature of the mutual cooperation working agreement with the State of Minas Gerais, through the States Environment and Sustainable Development Department (Semad), for assignment of an electricity to that Department, for the period August 1, 2013 to July 31, 2015, able to be extended for an equal period.
c) Appointment of Mr. João Bosco Papaléo Paes and Mr. Mário Assad, as sitting members, and Mr. Leonardo Maurício Colombini Lima, as substitute member, of the Board of Directors of Gasmig, to serve for the period beginning at the AGM/EGM of April 27, 2012.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
d) Appointment of the chief officer José Carlos de Mattos to serve, concurrently and without remuneration, as a substitute member of the Board of Directors of Gasmig, to complete the period of office begun with the AGM/EGM of April 27, 2012.
e) Vote in favor by the representatives of Cemig in the Extraordinary General Meeting of Stockholders of Gasmig held on July 11, 2013, which elected the Chief Officer José Carlos de Mattos as substitute member of the Board of Directors of Gasmig.
f) Orientation of vote, in favor of the agenda, at the meeting of the Board of Directors of Light that oriented vote in favor, at the meeting of the Board of Directors of Renova, held on July 18, 2013, that decided on the acquisition of Chipley.
VIII Waiver of right: The Board waived such right of acquisition of the equity interest owned by Orteng in Transleste as arises from non-exercise of the right of first refusal conferred upon Transminas Holding S.A. by the Stockholders agreement in effect for Transleste.
IX Withdrawn from the agenda: The matter relating to contracting of group life insurance was withdrawn from the agenda.
X Comment: The following spoke on subjects and business of interest to the Company:
The Chair; |
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Board members: |
Arcângelo Eustáquio Torres Queiroz, |
Djalma Bastos de Morais; |
Chief Officers: |
Fernando Henrique Schüffner Neto, |
Luiz Fernando Rolla; |
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The following were present: |
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Board members: |
Dorothea Fonseca Furquim Werneck, Djalma Bastos de Morais, Arcângelo Eustáquio Torres Queiroz, Eduardo Borges de Andrade, Guy Maria Villela Paschoal, João Camilo Penna, Joaquim Francisco de Castro Neto, Paulo Roberto Reckziegel Guedes, Tadeu Barreto Guimarães, Wando Pereira Borges, |
Bruno Magalhães Menicucci, José Augusto Gomes Campos, Luiz Augusto de Barros, Adriano Magalhães Chaves, Christiano Miguel Moysés, Franklin Moreira Gonçalves, Lauro Sérgio Vasconcelos David, Marco Antonio Rodrigues da Cunha, Paulo Sérgio Machado Ribeiro, Tarcísio Augusto Carneiro; |
Member of the Audit Board: |
Bruno Gonçalves Siqueira; |
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Chief Officers: |
Fernando Henrique Schüffner Neto, |
Luiz Fernando Rolla; |
Secretary: |
Anamaria Pugedo Frade Barros. |
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Signed by:) Anamaria Pugedo Frade Barros.
Registered at:
Commercial Board of the State of Minas Gerais
I certify registry on: July 31, 2014
Under the number: 5346984
Filing Receipt number: 14/529.649-1
Marinely de Paula Bomfim
General Secretary
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
3. Summary of Principal Decisions of the 601st Meeting of the Board of Directors Held on July 17, 2014
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
Meeting of July 17, 2014
SUMMARY OF PRINCIPAL DECISIONS
At its 601st Meeting, held on July 17, 2014, the Board of Directors of Cemig (Companhia Energética de Minas Gerais) decided the following:
1. Nomination of Managers for companies of the Cemig Group.
2. Zeus Project.
3. Signature of an amendment, with Terceiriza Serviços Ltda.
4. Signature of partnership undertakings between Cemig, Cemig D, and Cemig GT and the Municipal Councils for the Rights of Children and Adolescents participating in the AI6 Program.
5. Signature of an amendment related to the Glória Project.
6. Gasmig: Increase in share capital, and orientation of vote at meetings.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
4. Material Announcement Dated July 17, 2014: Cemig signs agreement to participate in construction of wind farms
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY CNPJ 17.155.730/0001-64 NIRE 31300040127
MATERIAL ANNOUNCEMENT
Cemig signs agreement to participate in construction of wind farms
Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid in accordance with CVM Instruction 358 of January 3, 2002, as amended hereby informs the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (BM&F Bovespa S.A.) and the market in general, as follows:
As sole stockholder of Cemig Geração e Transmissão S.A. (Cemig GT), Cemig has signed agreements with Renova Energia S.A. (Renova) to acquire a 50% interest in the project to build 25 wind farms, with total installed generation capacity of 676.2 MW, in the municipality of Jacobina, in the Brazilian State of Bahia (the Project).
The option to participate in this project was one of the components in the tender auction held by Renova Comercializadora on February 7, 2014, and won by Cemig GT.
Under the agreement Cemig will acquire 50% of the voting and total stock of a corporation to be created by Renova, which will hold all contracts related to the Project (the Acquisition).
The value of the acquisition will be a maximum of R$ 113,450,409.32 (one hundred thirteen million four hundred fifty thousand four hundred and nine Reais and thirty two centavos). The amount refers to 50% of the amounts of the advances on contracts already signed by Renova, with monetary updating by the CDI rate (the Brazilian Interbank CD rate) from the date of disbursement by Renova up to the date of payment by Cemig.
From the date of the Acquisition, Cemig and Renova will share the future investment in the Project in the proportion of their equity ownership in the company.
Cemig will keep its stockholders and the market opportunely and appropriately informed on the progress of this operation.
Belo Horizonte, July 17, 2014
Luiz Fernando Rolla
Chief Finance and Investor Relations Officer
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY CNPJ 17.155.730/0001-64 NIRE 31300040127
MATERIAL ANNOUNCEMENT
Increase in equity interest in Gasmig
Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid in accordance with CVM Instruction 358 of January 3, 2002, as amended hereby informs the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (BM&F Bovespa S.A.) and the market in general, as follows:
In the next few days, Cemig expects to sign a share purchase agreement with Petrobras (Petróleo Brasileiro S.A.) for acquisition of the 40% equity interest held by the Petrobras subsidiary Gaspetro in Gasmig (Companhia de Gás de Minas Gerais). This has been approved by the Board of Directors of Cemig.
The transaction, for a planned amount of R$ 600 million, is subject to certain conditions precedent, including approval by the Brazilian monopolies authority (Conselho Administrativo de Defesa Econômica CADE), and consent from the State of Minas Gerais, the grantor of Gasmigs gas distribution concession.
This acquisition by Cemig is part of Cemigs strategy for the creation, in partnership with Gás Natural Fenosa (GNF), of Gas Natural do Brasil S.A. (GNB), which will be its platform for consolidation of investments in natural gas projects.
Gasmig is holder of the exclusive concession for distribution of piped natural gas in the State of Minas Gerais. It currently distributes 4.1 million cubic meters per day of natural gas through a network of more than 850km of gas pipelines.
Cemig will keep its stockholders and the market opportunely and appropriately informed on the progress of this transaction.
Belo Horizonte, July 21, 2014
Luiz Fernando Rolla
Chief Finance and Investor Relations Officer
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
SUMMARY OF MINUTES
OF THE
602ND MEETING
Date, time and place: |
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August 4, 2014 at 4.30 p.m. at the companys head office. |
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Meeting Committee: |
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Chair: Djalma Bastos de Morais; |
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Secretary: Anamaria Pugedo Frade Barros. |
Summary of proceedings:
I Conflict of interest: The Chair asked the Board Members present whether they had any conflict of interest in the matter on the agenda of this meeting, and all said there was no such conflict of interest.
II The Board approved:
a) The by-laws of Cemig Participações Minoritárias S.A. CemigPar.
b) The minutes of this meeting.
III The Board authorized:
a) Constitution, by public deed, of a wholly-owned subsidiary, to be named Cemig Participações Minoritárias S.A. CemigPar, the objects of which shall be exclusively the holding of minority interests in the share capital of other companies that have activities related to electricity, oil and gas services, in their various fields, and development and commercial operation of telecommunications and information systems, with initial capital of one thousand Reais, represented by one thousand nominal common shares without par value.
b) Subscription of the one thousand common shares initially issued, for one Real each, to be fully paid up by bank deposit of that amount.
c) Execution of all acts necessary for the constitution of CemigPar.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
IV The Board approved appointment of Mr. Arlindo Porto Neto as CEO of CemigPar and Mr. Luiz Fernando Rolla and Mr. Luiz Henrique de Castro Carvalho as Chief Officers without portfolio, to serve a period of office of three years, as from the constitution of the Company, able to be re-elected by the General Meeting of Shareholders.
V The Chair reported that the Board member Lauro Sérgio Vasconcelos David had requested unpaid leave from his position as a substitute member of the Board of Directors of the Company, in the period from July 29 through October 31, 2014, as per a letter in the Companys possession.
VI Comment: The Chair spoke on a subject of interest to the Company.
The following were present:
Board members: |
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Djalma Bastos de Morais, |
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Bruno Magalhães Menicucci, |
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Fuad Jorge Noman Filho, |
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Franklin Moreira Gonçalves, |
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Guy Maria Villela Paschoal, |
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Marina Rosenthal Rocha, |
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João Camilo Penna, |
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Newton Brandão Ferraz Ramos, |
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José Pais Rangel, |
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Paulo Sérgio Machado Ribeiro, |
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Saulo Alves Pereira Junior, |
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Tarcísio Augusto Carneiro, |
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Tadeu Barreto Guimarães, |
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Flávio Miarelli Piedade, |
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Wando Pereira Borges, |
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José Augusto Gomes Campos, |
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Marco Antonio Rodrigues da Cunha; |
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Secretary: |
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Anamaria Pugedo Frade Barros. |
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(Signed:) Anamaria Pugedo Frade Barros
Registered at:
Commercial Board of the State of Minas Gerais
I certify registry on: August 8, 2014
Under the number: 5351786
Filing Receipt number: 14/550.086-1
Marinely de Paula Bomfim
General Secretary
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
7. Summary of Principal Decisions of the 602nd Meeting of the Board of Directors Held on August 4, 2014
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
Meeting of August 4, 2014
SUMMARY OF PRINCIPAL DECISIONS
At its 602nd meeting, held on August 4, 2014, the Board of Directors of Cemig (Companhia Energética de Minas Gerais) decided the following:
· Creation of the wholly-owned subsidiary Cemig Participações Minoritárias S.A. CemigPar.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
8. Summary of Principal Decisions of the 603rd Meeting of the Board of Directors Held on August 4, 2014
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
Meeting of August 4, 2014
SUMMARY OF PRINCIPAL DECISIONS
At its 603rd meeting, held on August 4, 2014, the Board of Directors of Cemig (Companhia Energética de Minas Gerais) decided the following:
1 Further developments in the Neptune Project.
2 Further developments in the Prothea Project.
3 Orientation of vote at a meeting of Light S.A.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Second Quarter 2014 Results Presentation
Cemig
(BM&FBOVESPA: CMIG3, CMIG4; NYSE: CIG, CIG.C; Latibex: XCMIG)
announces its
TIMETABLE for Release of 2Q2014 Results:
1 Publication
August 13, 2014 (Wednesday)
(after the closing of markets in São Paulo and New York)
The information will be available on our website: http://ri.cemig.com.br
2 Video Webcast and Conference call
August 18, 2014 (Monday), at 2:00 p.m. (Brasília time)
Transmission of the results with simultaneous translation into English
by video webcast at:
http://ri.cemig.com.br
or
by conference call at:
+ 55 11 2188-0155 (1st option) or + 55 11 2188-0188 (2nd option)
Password: CEMIG
3 Video Webcast Playback:
Site: http://ri.cemig.com.br
Available for 90 days
Click on the banner and download
4 Conference Call Playback:
Phone: + 55 11 2188-0155
Password: CEMIG PORTUGUÊS (Portuguese)
Password: CEMIG INGLÊS (English)
Available: August 18 September 1, 2014
For any questions please call +55 31 3506-5024. Thank you.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5026
PUBLICATION OF RESULTS
SECOND QUARTER 2014
CEMIG REPORTS 2Q14 NET PROFIT OF R$ 741 MILLION
Highlights:
· 2Q14 cash flow, measured as Ebitda (IFRS): |
|
R$ 1.6 billion |
|
|
|
· 2Q14 net revenue: |
|
R$ 4.7 billion |
|
|
|
· 2Q14 CCEE (wholesale market) sales revenue : |
|
R$ 940 million |
Indicators (R$ 000) |
|
2Q14 |
|
2Q13 |
|
Change % |
|
Electricity sold, GWh (excluding CCEE) |
|
12,242 |
|
11,125 |
|
10.04 |
|
Sales on CCEE |
|
940,377 |
|
261,641 |
|
259.41 |
|
Gross revenue |
|
6,102,157 |
|
4,638,708 |
|
31.55 |
|
Net revenue |
|
4,737,758 |
|
3,438,990 |
|
37.77 |
|
Ebitda (IFRS) |
|
1,576,907 |
|
1,252,406 |
|
25.91 |
|
Ebitda adjusted for regulatory items ** |
|
1,859,479 |
|
1,383,088 |
|
34.44 |
|
Np in the quarter |
|
740,874 |
|
617,238 |
|
20.03 |
|
Net profit adjusted for non-recurring items* |
|
740,874 |
|
510,560 |
|
45.11 |
|
Net profit adjusted for regulatory items** |
|
943,497 |
|
723,161 |
|
30.47 |
|
*Adjusted for non-recurring items - see Page 10
**Adjusted for regulatory assets and liabilities - see Page 23
Publication of 2Q14 results
Video webcast and conference call
August 18, 2014 (Monday), at 2pm (Brasília time)
This transmission on Cemigs results will have simultaneous translation into English and can be seen in Video Webcast, at http://ri.cemig.com.br -
or heard by conference call on:
+ 55 (11) 2188-0155 (option 1) or
+ 55 (11) 2188-0188 (option 2)
Password: CEMIG
Playback of Video Webcast: |
|
Playback of conference call: |
|
|
|
Site: http://ri.cemig.com.br |
|
Tel.: (11) 2188-0155 |
|
|
Password: |
Click on the banner and download. |
|
CEMIG Português |
Available for 90 days |
|
|
|
|
Available from August 18 to Sep. 1, 2014 |
http://ri.cemig.com.br/
ri@cemig.com.br
Tel.: (+55 31) 3506 - 5024
Fax: (+55 31) 3506 - 5025
Cemigs Executive Investor Relations Team
· Chief Finance and Investor Relations Officer
Luiz Fernando Rolla
· General Manager, Investor Relations
Antonio Carlos Vélez Braga
· Manager, Investor Market
Stefano Dutra Vivenza
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Certain statements and estimates in this material may represent expectations about future events or results, which are subject to risks and uncertainties that may be known or unknown. There is no guarantee that the events or results will take place as referred to in these expectations.
These expectations are based on the present assumptions and analyses from the point of view of our management, in accordance with their experience and other factors such as the macroeconomic environment, market conditions in the electricity sector, and expected future results, many of which are not under Cemigs control.
Important factors that could lead to significant differences between actual results and the projections about future events or results include Cemigs business strategy, Brazilian and international economic conditions, technology, Cemigs financial strategy, changes in the electricity sector, hydrological conditions, conditions in the financial and energy markets, uncertainty on our results from future operations, plans and objectives, and other factors. Due to these and other factors, Cemigs results may differ significantly from those indicated in or implied by such statements.
The information and opinions herein should not be understood as a recommendation to potential investors, and no investment decision should be based on the veracity, currentness or completeness of this information or these opinions. None of Cemigs professionals nor any of their related parties or representatives shall have any liability for any losses that may result from use of the content of this material.
To evaluate the risks and uncertainties as they relate to Cemig, and to obtain additional information about factors that could originate different results from those estimated by Cemig, please consult the section on Risk Factors included in the Reference Form filed with the Brazilian Securities Commission CVM and in the 20-F form filed with the U.S. Securities and Exchange Commission SEC.
Cemigs Chief Executive Officer, Mr. Djalma Bastos de Morais, says:
The results for second quarter 2014 are in line with the guidelines laid down in our Long-term Strategic Plan. Our strategy of sustainable growth has been successfully translated into numerous transactions that focus on providing stockholders with maximized returns on their investments, while at all times satisfying all the parties involved. One such important transaction is the increase in our equity interest in Gasmig which is part of our strategy of creating, in partnership with Gás Natural Fenosa, the new company Gás Natural do Brasil S.A., which will be a new platform for consolidation of assets and investments in natural gas projects. Another is our purchase of a 50% interest in the Jacobina Wind Power Project a joint enterprise with Renova for construction of 25 wind farms in Bahia, through which we are structuring the group for the challenges of the electricity sector. As well as growing through mergers and acquisitions, we continue to invest strongly in our concession area.
Cemig Chief Financial and Investor Relations Officer Luiz Fernando Rolla comments:
In this second quarter of 2014 Cemig has continued to produce robust cash flow, as a result of our diversified portfolio of businesses, and our high level of operational efficiency. Ebitda a measure of operational cash flow was R$ 1.6 billion, or 25.9% more than in second quarter 2013. Net profit in this quarter is R$ 741 million, and we have a cash position of R$ 3.2 billion. Our solid balance sheet ensures execution of our Long-term Strategic Plan, and the success of the path that we take under its guidance this success is reflected in the prices of our shares, which have outperformed the Bovespa index and the index of the Brazilian electricity sector.
On the following pages, we present the highlights of this quarter.
The US economy has a strong influence on the economy of Brazil and US indicators can lead to significant changes in the policies adopted by Brazils government. Analysts views of the US economy early this year were pessimistic, since US economic growth had been around 2% p.a. for a significant period of time and a severe winter caused a contraction of 2.9% in US GDP in the first quarter its worst performance in five years. On the other hand analysts now believe there is a possibility of US economic growth above 3% this year, and improvement in the US job market.
With inflation and employment figures continuing to be unsatisfactory, we now expect the US Federal Reserve to keep the basic interest rate low for longer than many analysts previously expected. This limits the Feds room for maneuver, but encourages hiring and tends to stabilize prices.
An optimistic analysis by two economists of the San Francisco Federal Reserve expects US inflation to continue below the target of 2% until the end of 2015. Using a model known as the Phillips curve, they forecast persistently low inflation, and unemployment falling to 5.5% at the end of 2015. Charles Evans, Chairman of the Chicago Federal Reserve, also said he considered these figures to be reasonable forecast targets.
The US equities market closed higher in the quarter, and in the half-year. This was the first time the US bond market has posted two consecutive quarters of falling interest rates since 2012. Investors bought US debt securities due to the overall instability of the global economy, geopolitical tensions, and interest rates at historic lows around the world. Also, the bonds of the US are offering a higher return than the interest rates offered by bonds of comparable governments, such as Germany and Japan.
In the international market, the dollar has risen against most of the emerging currencies, after reported data showed the US real estate sector strengthening. The US currency appreciated 0.70% against the Real in June, closing the month at R$ 2.2099/US$. Even so it was down 1.38% at the close of July, and down 6.19% year to date.
In Europe: Although the GDP of the Eurozone has grown for four successive quarters, its investment and activity have not yet returned to pre-crisis levels. According to the IMF, recovery of the Eurozone is in progress, but is not strong.
The economic scenario in Europe is similar to that of the previous quarter, with a danger of deflation. June was the ninth consecutive month in which inflation was in what ECB President Mario Draghi called the danger zone, below 1% at 0.5%, according to Eurostat, the statistics agency of the European Union. In spite of the ECB insisting that there is no risk of deflation, three countries reported falling prices in May.
The IMF recommends the ECB should consider adoption of a large-scale program of purchase of securities if inflation remains low. This would aim to produce a significant impact on demand, and thus inflation. Also, it would be necessary to focus on structural reforms and banking reforms in the Union.
However, in spite of this overall scenario, the unemployment rate in the Eurozone is at its lowest since 2012 down from 11.6% in May to 11.5% in June, according to Eurostat. Eurostat estimates that 18,412 million people were unemployed in the Eurozone in June a reduction of 152,000. The member-states with the lowest unemployment rates are Austria, Germany, and Malta, and at the other end of the scale, those with the highest are Greece and Spain.
In the domestic Brazilian context: Indicators of economic activity in the first half of 2014 point to a scenario of low growth. In the second quarter the fiscal situation continued to be under pressure, mainly reflecting the dynamics of prices in the services sector. Average inflation as measured by the Expanded National Consumer Price Index (IPCA) was 0.40% in June, or 0.14 percentage points higher than in June 2013. Over the quarter the basic interest rate Selic has remained at 11% p.a., with no stated bias. In this context, the forecast for inflation in full-year 2014 is now higher than in the previous month, and is still above the 4.5% target set by the National Monetary Council (CMN).
Higher inflation reduces the purchasing power of wages, and has negative effects on confidence, and private consumption. The Consumer Confidence Index (ICC) rose by 1.0% from May to June 2014, but is trending downward. At the same time, the business confidence index fell by 3.9% in June, to its lowest level since May 2009.
According to the monthly industrial production volume survey (PIM-PF) made by the IBGE (Brazilian Geography and Statistics Institute), industrial activity declined further from April to May (seasonally adjusted), corroborating the weak performance of industrial production which is already down 4.5% from last October. The IBGE also reports retail sales down 0.4%, reflecting a flat trend in creation of new jobs, and reduction in growth of average real wages tending to postpone private individuals decisions on new debt, affecting the demand for credit and negatively affecting retailers.
Brazils external accounts behaved well in the first half of 2014. The Brazilian currency appreciated against the dollar by 8% from January to June, with an increase in the stock of international reserves. This was due to higher inflow of foreign capital, in both direct and portfolio investment, while there was a high outflow of funds for Brazilian investment outside Brazil.
In Minas Gerais, the growth of the states contribution to GDP mainly reflected growth in the volume output of mining (2.9%), and in the total volume of transport and storage (3.4%). The services sector also contributed, in contrast to the construction industry, which was weak by comparison.
IBGE reports the unemployment rate in the Metropolitan Region of Belo Horizonte the number of people unemployed as a percentage of those who are economically active as 3.9%, or 0.2% lower than in June 2013.
In the first half of 2014 total exports from Minas Gerais were up 6.0% compared to the first of 2013. Sectors contributing to this growth were mining, dairy farming and coffee. Further improvement in the states economy is expected by the end of the year.
Name |
|
Ticker |
|
Currency |
|
Close of Dec. |
|
Close of June |
|
Change % |
|
Cemig PN |
|
CMIG4 |
|
R$ |
|
12.46 |
|
16.14 |
|
29.53 |
|
Cemig ON |
|
CMIG3 |
|
R$ |
|
12.40 |
|
15.82 |
|
27.58 |
|
ADR PN |
|
CIG |
|
U$ |
|
5.37 |
|
7.61 |
|
41.71 |
|
ADR ON |
|
CIG.C |
|
U$ |
|
5.48 |
|
7.38 |
|
34.67 |
|
Ibovespa |
|
Ibovespa |
|
|
|
51,107 |
|
53,168 |
|
4.03 |
|
IEEX |
|
IEEX |
|
|
|
26,250 |
|
28,133 |
|
7.17 |
|
Source: Economática.
Average daily trading in Cemigs preferred shares (CMIG4) on the São Paulo exchange was R$ 70.4 million in 2Q14. This level maintains Cemig as one of the most liquid stocks in Brazils electricity sector, and one of the most trading in Brazils capital markets.
On the NYSE, the ADRs for Cemigs preferred shares (CIG) traded a total of US$ 2.3 billion in 2Q14 - reflecting recognition by the investor market that Cemig continues to be a global investment option.
The Bovespa, index (Ibovespa), the index of the São Paulo stock exchange, rose by 3% in 2Q14, to 53,168 points. This was an optimistic result, in spite of the outlook for low growth of the Brazilian economy.
During this same period, Cemigs shares significantly outperformed the Brazilian stock index: Cemigs common shares (Cemig ON) were up 28% in the quarter, and Cemigs preferred shares (Cemig PN) were up 30% in the quarter.
In 2014 to August 5. Source: Economática.
Cemigs Brazilian scale long-term credit ratings are unchanged:
Rating |
|
Cemig |
|
Cemig D |
|
Cemig GT | ||||||
agency |
|
Rating |
|
Outlook |
|
Rating |
|
Outlook |
|
Rating |
|
Outlook |
Fitch |
|
AA(bra) |
|
Negative |
|
AA(bra) |
|
Negative |
|
AA(bra) |
|
Negative |
S&P |
|
BrAA+ |
|
Stable |
|
BrAA+ |
|
Stable |
|
BrAA+ |
|
Stable |
Moody´s |
|
Aa2.br |
|
Negative |
|
Aa1.br |
|
Negative |
|
Aa1.br |
|
Negative |
The financial results presented below are prepared in accordance with the new Brazilian accounting rules, which embody a process of harmonization between Brazilian accounting rules and IFRS (International Financial Reporting Standards).
PROFIT AND LOSS ACCOUNT
Consolidated |
|
2Q14 |
|
2Q13 |
|
Change % |
|
REVENUE |
|
4,737,758 |
|
3,438,990 |
|
37.77 |
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS |
|
|
|
|
|
|
|
Electricity purchased for resale |
|
(1,869,266 |
) |
(1,301,923 |
) |
43.58 |
|
Charges for the use of the national grid |
|
(164,684 |
) |
(127,867 |
) |
28.79 |
|
Personnel and managers |
|
(305,104 |
) |
(262,802 |
) |
16.10 |
|
Employees and managers profit shares |
|
(78,602 |
) |
(15,582 |
) |
404.44 |
|
Post-retirement liabilities |
|
(52,979 |
) |
(41,957 |
) |
26.27 |
|
Materials |
|
(104,695 |
) |
(23,740 |
) |
341.01 |
|
Outsourced services |
|
(219,280 |
) |
(249,302 |
) |
(12.04 |
) |
Depreciation and amortization |
|
(202,491 |
) |
(184,140 |
) |
9.97 |
|
Operational provisions |
|
(42,040 |
) |
(71,060 |
) |
(40.84 |
) |
Royalties for use of water resources |
|
(28,489 |
) |
(28,812 |
) |
(1.12 |
) |
Infrastructure construction cost |
|
(212,171 |
) |
(261,057 |
) |
(18.73 |
) |
Others |
|
(104,768 |
) |
(90,245 |
) |
16.09 |
|
TOTAL COST |
|
(3,384,569 |
) |
(2,658,487 |
) |
34.30 |
|
|
|
|
|
|
|
|
|
Gain (loss) in subsidiaries by equity method |
|
21,227 |
|
84,424 |
|
(74.86 |
) |
Unrealized profit |
|
|
|
(80,959 |
) |
|
|
Gain on disposal of shares in TBE |
|
|
|
284,298 |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
1,576,907 |
|
1,252,406 |
|
25.91 |
|
|
|
|
|
|
|
|
|
Profit before Financial revenue (expenses) and taxes |
|
1,374,416 |
|
1,068,266 |
|
28.66 |
|
|
|
|
|
|
|
|
|
Financial revenues |
|
39,423 |
|
144,450 |
|
(72.71 |
) |
Financial expenses |
|
(317,004 |
) |
(296,036 |
) |
7.08 |
|
Pretax profit |
|
1,096,835 |
|
916,680 |
|
19.65 |
|
|
|
|
|
|
|
|
|
Current and deferred income tax and Social Contribution tax |
|
(355,961 |
) |
(299,442 |
) |
(18.87 |
) |
NET PROFIT FOR THE PERIOD |
|
740,874 |
|
617,238 |
|
20.03 |
|
|
|
|
|
|
|
|
|
Non-recurring |
|
|
|
|
|
|
|
Unrealized profit |
|
|
|
80,959 |
|
|
|
Gain on disposal of shares in TBE |
|
|
|
(187,637 |
) |
|
|
NET PROFIT FOR THE PERIOD |
|
740,874 |
|
510,560 |
|
45.11 |
|
Cemigs consolidated electricity market
The Cemig Group(1) sells electricity through its wholly-owned subsidiaries Cemig Distribuição (Cemig Distribution, referred to as Cemig D), Cemig Geração e Transmissão (Cemig Generation and Transmission, or Cemig GT), and Horizontes Energia, Termelétrica Ipatinga, Sá Carvalho, Termelétrica de Barreiro, Cemig PCH, Rosal Energia and Cemig Capim Branco Energia.
Our total for sales in Cemigs consolidated electricity market comprises sales to:
(I) Captive consumers in Cemigs concession area in the State of Minas Gerais;
(II) Free Consumers both in the State of Minas Gerais and other States of Brazil, in the Free Market (Ambiente de Contratação Livre, or ACL);
(III) other agents of the electricity sector traders, generators and independent power producers, also in the ACL;
(IV) Distributors, in the Regulated Market (Ambiente de Contratação Regulada, or ACR); and
(V) the wholesale trading chamber (Câmara de Comercialização de Energia Elétrica, or CCEE) ( eliminating transactions between companies of the Cemig Group).
The total volume of electricity sold by the Cemig group in the first six months of 2014 was 34,673 GWh, or 11.2% more than in the first half of 2013.
Sales of electricity to final consumers totaled 24,205 GWh, or 10.4% more than in first half 2013.
The number of clients billed by the Cemig Group in June 2014 was 7,901,218 an increase of 3.5% over the number at the end of June 2013.
This chart shows the breakdown of final consumers of the Cemig Group by consumer category:
Total consumption of electricity (MWh) - changes
The volume of electricity sold to final consumers of Cemig in 2Q14 was 3.93% higher than in 2Q13:
|
|
MWh |
|
Change |
|
Average |
|
Average |
| ||
Consolidated |
|
2Q14 |
|
2Q13 |
|
% |
|
R$ |
|
R$ |
|
Residential |
|
2,459,539 |
|
2,383,392 |
|
3.19 |
|
524.95 |
|
474.90 |
|
Industrial |
|
6,525,802 |
|
5,683,850 |
|
14.81 |
|
184.72 |
|
172.29 |
|
Commercial, Services and Others |
|
1,576,085 |
|
1,503,197 |
|
4.85 |
|
440.86 |
|
388.75 |
|
Rural |
|
844,996 |
|
702,258 |
|
20.33 |
|
269.09 |
|
242.87 |
|
Public authorities |
|
224,262 |
|
217,861 |
|
2.94 |
|
432.17 |
|
378.68 |
|
Public illumination |
|
313,329 |
|
320,156 |
|
(2.13 |
) |
279.38 |
|
242.15 |
|
Public service |
|
288,676 |
|
305,469 |
|
(5.50 |
) |
302.31 |
|
260.05 |
|
Subtotal |
|
12,232,689 |
|
11,116,183 |
|
10.04 |
|
301.69 |
|
279.37 |
|
Own consumption |
|
9,286 |
|
8,750 |
|
6.13 |
|
|
|
|
|
Wholesale supply to other concession holders (*) |
|
3,224,840 |
|
3,775,989 |
|
(14.07 |
) |
135.81 |
|
119.65 |
|
Total |
|
15,486,815 |
|
14,900,922 |
|
3.93 |
|
270.20 |
|
237.12 |
|
(*) Includes Regulated Market Electricity Sales Contracts (CCERAs) and bilateral contracts with other agents.
These comments describe the main changes between the two years in each consumer category:
Residential:
Residential consumption, at 12,233 GWh, was 16.22% of the total electricity sold by Cemig in 2Q14, and was 3.19% higher in absolute terms than in 2Q13.
The level of consumption in this category is associated with the addition of 46,268 new consumers in the figure for 2Q14.
Industrial:
|
|
MWh |
|
Change |
|
Average |
|
Average |
| ||
|
|
2Q14 |
|
2Q13 |
|
% |
|
R$ |
|
R$ |
|
Cemig GT (generation and transmission) |
|
5,260,970 |
|
4,437,693 |
|
18.55 |
|
153.38 |
|
140.23 |
|
Cemig D (Distribution) |
|
1,022,283 |
|
1,018,347 |
|
0.39 |
|
454.17 |
|
330.16 |
|
Other subsidiaries |
|
242,549 |
|
227,810 |
|
6.47 |
|
59.98 |
|
91.24 |
|
Total |
|
6,525,802 |
|
5,683,850 |
|
14.81 |
|
184.72 |
|
172.29 |
|
Electricity used by captive clients and the electricity transported to free clients in the industrial category, at 6,526 GWh in 2Q14, was 42.14% of the total of electricity distributed in the period, and was 14.81% higher by volume than in 2Q13.
The behavior of this consumer category is associated with the level of industrial activity in Minas Gerais: the total in this consumption category has been increasing as the number of Free Consumers has risen.
Commercial:
|
|
MWh |
|
Change |
|
Average |
|
Average |
| ||
|
|
2Q14 |
|
2Q13 |
|
% |
|
R$ |
|
R$ |
|
Cemig GT (generation and transmission) |
|
81,921 |
|
74,957 |
|
9.29 |
|
228.16 |
|
213.50 |
|
Cemig D (Distribution) |
|
1,483,945 |
|
1,418,035 |
|
4.65 |
|
454.17 |
|
399.39 |
|
Other subsidiaries |
|
10,219 |
|
10,205 |
|
0.14 |
|
213.82 |
|
196.96 |
|
Total |
|
1,576,085 |
|
1,503,197 |
|
4.85 |
|
440.86 |
|
388.75 |
|
The commercial consumer category accounted for 10.18% of Cemigs electricity sales in 2Q14, totaling 1,576 GWh in the quarter this was 4.85% higher than in 2Q13.
Rural:
Consumption by the rural consumer category, at 844,996 MWh, was 5.46% of the total electricity sold by Cemig, and 17.52% higher by volume than in 2Q13.
The higher consumption by this category mainly reflects significant demand for electricity for irrigation, due to atypical climate lower rainfall levels in the rainy season in this quarter.
Other consumer categories:
Total consumption by the other consumer categories Public Authorities, Public Illumination, Public Services, and Cemigs own consumption totaling 5.40% of the total electricity transacted, was 1.96% lower than in 2Q13.
The electricity market of Cemig D
The concession area of Cemig D (Cemig Distribution Cemig Distribuição S.A.), approximately 97% of the Brazilian state of Minas Gerais, totals an area of 567,478 km². Cemig D has four electricity concessions in the state, under four separate concession contracts (West, East, South, and North).
Electricity billed to captive clients and electricity transported for Free Clients and distributors with access to Cemig Ds networks totaled 11,132 GWh in 2Q14.
In June 2014 Cemig billed 7,901,103 consumers, 3.53% more than in June 2013. Of this total, 7,900,686 are captive consumers, and 417 are Free Clients that use Cemig Ds distribution network.
The 6.7% year-on-year increase in the captive market in the first half of 2014 reflects two factors that are temporary: (i) high temperatures with low rainfall; and (ii) the billing cycle of low-voltage consumers, which had 1.3 more days billing than the first half of 2013.
The electricity market of Cemig GT
The figure for total sales to the market of Cemig GT comprises sales made:
(I) in the Free Market (Ambiente de Contratação Livre or ACL) to Free Clients, either located in Minas Gerais or in other States; and to other generation companies and traders;
(II) in the Regulated Market (ACR), to distributors; and
(III) in the wholesale market through the Electricity Trading Chamber (CCEE).
The total volume of electricity transacted by Cemig GT in 2Q14 was 10,008 GWh, or 12.9% more than in 2Q13.
The number of clients billed by Cemig GT in June 2014 was 513, or 26.0% more than in June 2013. Of this total, 465 are industrial and commercial clients, located in the Minas Gerais and in other states.
The volume of electricity sold to Free Clients totaled 5,342,891 GWh in 2Q14, or 18.4% more than 2Q13 mainly reflecting addition of new clients by Cemig GT.
Sale of electricity to other agents in the sector, in the Free Market, totaled 1,990,879 MWh, which was 189.19% more than in 2Q14. The increase reflects Cemig taking advantage of commercial opportunities, which resulted in new contracts in the short-term market.
The year-on-year reduction of 60.6% in sales in the Regulated Market was the result of termination of contracts related to the 2005 Regulated Market Auction which were for the period 2006 through 2013.
Sales in the CCEE were 191.68% higher, due to settlement of a higher volume of available supply from Cemig GT than in 2Q13.
Physical totals of transport and distribution MWh
|
|
MWh |
|
Change |
| ||
R$ 000 |
|
2Q14 |
|
2Q13 |
|
% |
|
Total energy carried |
|
12,453,867 |
|
12,610,807 |
|
(1.24 |
) |
Electricity transported for distributors |
|
85,287 |
|
73,886 |
|
15.43 |
|
Electricity transported for free clients |
|
4,322,194 |
|
4,809,596 |
|
(10.13 |
) |
Own load |
|
8,046,386 |
|
7,727,325 |
|
4.13 |
|
Consumption by captive market |
|
6,646,316 |
|
6,374,267 |
|
4.27 |
|
Losses in distribution network |
|
1,400,070 |
|
1,353,058 |
|
3.47 |
|
Consolidated operational revenue
Revenue from supply of electricity:
Total revenue from supply of electricity in 2Q14 was R$ 4.184 billion, 18.43% higher than in 2Q13 (R$ 3.533bn).
Final consumers
Total revenue from electricity sold to final consumers, excluding Cemigs own consumption, in 2Q14 was R$ 3.744 billion this was 21.50% more than the figure for 2Q13, of R$ 3.081 billion.
The main factors in revenue in 2Q14 were:
· The quantity of electricity supplied to final consumers was 10.04% higher year-on-year.
· Annual tariff adjustment, with average effect on consumer tariffs of 2.99%, effective from April 8, 2013 (full effect in 2014).
· Annual tariff adjustment, with average effect on consumer
· tariffs of 14.76%, effective from April 8, 2014.
|
|
R$ |
|
Change |
|
Average |
|
Average |
|
Change |
| ||
|
|
2Q14 |
|
2Q13 |
|
% |
|
R$ |
|
R$ |
|
% |
|
Residential |
|
1,291,127 |
|
1,131,871 |
|
14.07 |
|
524.95 |
|
474.90 |
|
10.54 |
|
Industrial |
|
1,205,424 |
|
979,298 |
|
23.09 |
|
184.72 |
|
172.29 |
|
7.21 |
|
Commercial, Services and Others |
|
694,834 |
|
584,369 |
|
18.90 |
|
440.86 |
|
388.75 |
|
13.40 |
|
Rural |
|
227,378 |
|
170,554 |
|
33.32 |
|
269.09 |
|
242.87 |
|
10.80 |
|
Public authorities |
|
96,920 |
|
82,500 |
|
17.48 |
|
432.17 |
|
378.68 |
|
14.13 |
|
Public illumination |
|
87,538 |
|
77,525 |
|
12.92 |
|
279.38 |
|
242.15 |
|
15.38 |
|
Public service |
|
87,271 |
|
79,436 |
|
9.86 |
|
302.31 |
|
260.05 |
|
16.25 |
|
Subtotal |
|
3,690,492 |
|
3,105,553 |
|
18.84 |
|
301.69 |
|
279.37 |
|
7.99 |
|
Supply not yet invoiced, net |
|
53,399 |
|
(24,106 |
) |
|
|
|
|
|
|
|
|
Wholesale supply to other concession holders (*) |
|
440,692 |
|
451,791 |
|
(2.46 |
) |
135.81 |
|
119.65 |
|
13.51 |
|
Total |
|
4,184,583 |
|
3,533,238 |
|
18.43 |
|
270.20 |
|
237.12 |
|
13.95 |
|
(*) Includes Regulated Market Electricity Sale Contracts (CCEARs) and bilateral contracts with other agents.
Revenue from transactions in the Wholesale Electricity Trading Chamber (CCEE)
Revenue from electricity sales on the CCEE in 2Q14 was R$ 940,377, compared to R$ 261,641 in 2Q13 an increase of 259.41%. The change reflects a higher availability of electricity for settlement in the CCEE in the period, associated within an average spot price (Preço de Liquidação de Diferenças, or PLD) 172.25% higher, at R$ 682.20/MWh, in 2Q14, than in 1Q13 (R$ 250.58/MWh).
Transmission indemnity revenue
In June 2014 the Company reversed a provision of R$ 63,315 made in 2012 for the investments in transmission made over the period of May through December 2012 which were included in the Valuation Opinion received by Aneel on July 31, 2014. This provision was made at the time due to uncertainties related to the process of indemnity to be made for the assets relating to that period, in light of the option chosen by the Company under Law 12783/13.
Other operational revenues
The Companys Other operational revenues line was 42.14% higher in 2Q14 than 2Q13 (R$ 351 million, vs. R$ 247 million), mainly due to two factors:
· Revenue from funding to subsidize low-income consumers and to offset the subsidies in the Tariff for Use of the Distribution System (TUSD) were R$ 20 million higher; and
· A higher amount was permitted by the CCEE in 2Q14 than in 2Q13 for omissions from electricity invoices of thermal-sourced electricity purchases, due to a lower level of generation than specified by the National System Operator (Operador Nacional do Sistema Elétrico, ONS).
Sector and similar charges on revenue
The sector charges that are effectively deductions from revenue totaled R$ 1.364 billion in 2Q14, 13.73% more than in 2Q13 (R$ 1.200bn). The figure in this quarter was mainly charges calculated as a percentage of total billing so that their year-on-year variations were largely in line with the variations in revenue.
Operational costs and expenses
Operational costs and expenses, excluding Financial revenue (expenses), totaled R$ 3.385 billion in 2Q14, 27.31% more than in 2Q13 (R$ 2.658 billion).
The following paragraphs comment on the main variations:
Electricity bought for resale
The expense on electricity bought for resale in 2Q14 was R$ 1.869 billion, which compares to R$ 973 billion in 2013, an increase of 43.55%. The main factors in the increase:
· Involuntary exposure of the Company to the spot market in 2014, together with the higher price of electricity in the wholesale market, due to the low level of reservoirs of the hydroelectric plants. As a result the Company had an expense of R$ 522 million in 2Q14, compared to R$ 51 million in 2Q13.
· Higher volume of purchase of electricity in the Free Market in 2Q14 - the total was R$ 144 million higher - due to higher trading and sale activity by Cemig GT, associated with the higher cost of acquisition due to the higher cost of electricity in the Brazilian market.
· Expense of acquisition of electricity from Itaipu Binacional 19.75% lower, at R$ 198 million in 2Q14, compared to R$ 247 million in 2Q13, due among other factors to the volume of electricity purchased being 29.64% lower, at 1,556,946 MWh in 2Q14, vs. 2,212,830 MWh in 2Q13. This expense is expressed in US dollars, and the affect of the reduction was partially mitigated by the higher value of the dollar against the Real in 2Q14 than in 2Q13: The average dollar exchange rate on invoices in 2Q14 was R$ 2.214/US$, a variation of 6.34% from R$ 2.082/US$ in 2Q13.
Charges for use of the transmission network
Charges for use of the transmission network totaled R$ 165 million in 2Q14, a reduction of 28.79%, vis-à-vis R$ 128 million in 2Q13.
Personnel (excluding voluntary retirement programs and costs of personnel transferred to works in progress)
|
|
2Q14 |
|
2Q13 |
|
Δ% |
|
Remuneration and salary-related charges and expenses |
|
269,986 |
|
265,375 |
|
1.74 |
|
Supplementary pension contributions Defined-contribution plan |
|
19,508 |
|
19,097 |
|
2.15 |
|
Assistance benefits |
|
32,522 |
|
30,755 |
|
5.75 |
|
|
|
322,016 |
|
315,227 |
|
2.15 |
|
The total expense on personnel (excluding voluntary retirement programs and costs of personnel transferred to works in progress) was 2.15% higher than in 2Q13, reflecting the 6.85% employee wage increase agreed in the 2013-14 Collective Work Agreement in November 2013.
The total number of employees was 2.88% higher, at 7,962, on June 30, 2014 than at the end of June 2013 (7,739).
Number of employees
Cemig reports net financial expenses of R$ 278 million in 2Q14, compared to net financial expenses of R$ 152 million in 2Q13.
On March 25, 2014, the Director-General of Aneel issued Director-Generals Dispatch 729, which partially granted the Companys requests for reconsideration in the Administrative Appeal filed by Cemig D against Dispatch 689/2013 approving a new value for the Remuneration Base of Assets (Base Regulatória de Remuneração, or BRR) of the Company, with an increase of R$ 337 million in the net amount, to R$ 5.849 billion.
The Company has analyzed the result of the judgment and the additional possibilities for challenging it. As a result of this analysis it has decided to adjust its amount for the Remuneration Base of Assets in 2Q14 to the figure approved by Aneel, to reflect acceptance of the judgment. The effect of this was reversal of an updating of Financial assets of the concession, in the amount of R$ 110 million. This was recognized with a counterpart in Financial revenue (expenses).
Income tax and the Social Contribution tax
In 2Q14 Cemig reported income tax and Social Contribution tax totaling R$ 356 million, on reported pre-tax profit of R$ 1.097 billion, representing a percentage rate of 32.45%.
In 2Q13, the expense on income tax and the Social Contribution tax was R$ 299 million, on pre-tax profit of R$ 917 million, representing a rate of 32.67%.
Regulatory assets and liabilities
Following the alignment of Brazilian accounting practices with IFRS, as from 2010 regulatory assets and liabilities are no longer recorded in the Companys financial statements. They are recognized in the profit and loss account of a year only after their actual inclusion in the Companys tariff.
This table shows the effects that regulatory assets and liabilities would have had if they had been recognized in the Companys financial statements:
STATEMENT OF FINANCIAL POSITION |
|
Amounts already |
|
Amounts to be included in |
|
Jun. 30, |
|
Dec. 30, |
|
Assets |
|
1,156,229 |
|
969,139 |
|
2,125,368 |
|
1,307,970 |
|
Liabilities |
|
(850,518 |
) |
(511,386 |
) |
(1,361,904 |
) |
(963,869 |
) |
Regulatory gain by the equity method gain |
|
|
|
|
|
116,309 |
|
76,899 |
|
|
|
305,711 |
|
457,753 |
|
879,773 |
|
421,000 |
|
R$ 000 |
|
Jun. 30, 2014 |
|
Dec. 30, 2013 |
|
Assets |
|
|
|
|
|
Prepaid expenses CVA (1) |
|
2,030,109 |
|
1,257,729 |
|
Reduction of Tariff for Use of Transmission and Distribution Systems |
|
|
|
26,096 |
|
Discounts for irrigation clients |
|
|
|
4,913 |
|
Other regulatory assets |
|
95,259 |
|
19,232 |
|
|
|
2,125,368 |
|
1,307,970 |
|
Equity method gains (losses) arising from regulatory assets and liabilities |
|
116,309 |
|
76,899 |
|
Deferred income tax and Social Contribution tax |
|
(296,530 |
) |
(128,556 |
) |
|
|
1,945,147 |
|
1,256,313 |
|
Liabilities |
|
|
|
|
|
Regulatory liabilities CVA (1) |
|
(1,358,144 |
) |
(950,346 |
) |
Other regulatory liabilities |
|
(3,760 |
) |
(13,523 |
) |
|
|
(1,361,904 |
) |
(963,869 |
) |
|
|
583,243 |
|
292,444 |
|
(1) Portion A Costs Variation Compensation Account (CVA).
The net effects of the Companys regulatory assets and liabilities in 2Q14, if they had been recognized, would have been as follows:
R$ 000 |
|
2Q14 |
|
2Q13 |
|
Profit (loss) for the period |
|
576,553 |
|
617,238 |
|
Operational profit arising from regulatory assets and liabilities |
|
485,301 |
|
105,110 |
|
Net financial revenue (expenses) arising from regulatory assets and liabilities |
|
610 |
|
16,633 |
|
Equity method gains (losses) arising from regulatory assets and liabilities |
|
46,242 |
|
25,572 |
|
Income tax and Social Contribution on regulatory assets and liabilities |
|
(165,209 |
) |
(41,392 |
) |
Net profit for the period taking into account regulatory assets and liabilities |
|
943,497 |
|
723,161 |
|
REGULATORY EBITDA R$ million |
|
2Q14 |
|
2Q13 |
|
Change % |
|
Net profit for the period taking Regulatory assets and liabilities into account |
|
943,497 |
|
723,161 |
|
30.47 |
|
+ Expense on income tax and Social Contribution tax |
|
436,520 |
|
340,834 |
|
28.07 |
|
+ Financial revenue (expenses) |
|
276,971 |
|
134,953 |
|
105.23 |
|
+ Amortization |
|
202,491 |
|
184,140 |
|
9.97 |
|
= EBITDA |
|
1,859,479 |
|
1,383,088 |
|
34.44 |
|
Cemigs consolidated Ebitda in 2Q14 was 25.91% higher than in 2Q13:
Ebitda R$ 000 |
|
2Q14 |
|
2Q13 |
|
Change % |
|
Profit (loss) for the period |
|
740,874 |
|
617,238 |
|
20.03 |
|
+ Income tax and Social Contribution tax |
|
355,961 |
|
299,442 |
|
18.87 |
|
+ Net financial revenue (expenses) |
|
277,581 |
|
151,586 |
|
83.12 |
|
+ Amortization |
|
202,491 |
|
184,140 |
|
9.97 |
|
= EBITDA |
|
1,576,907 |
|
1,252,406 |
|
25.91 |
|
Consolidated Ebitda was 25.91% higher, year-on-year, mainly due to revenue 37.77% higher (this in turn had a large component of revenue from transactions on the CCEE the wholesale market), partially offset by operational costs and expenses 28.60% higher (excluding the effects of depreciation and amortization). Ebitda margin was 36.42% in 2Q13, and 33.74% in 2Q14.
Cemigs consolidated total debt at June 30, 2014 was R$ 11.554 billion, 22.17% less than at December 31, 2013.
Strategy: creation of Gás Natural Brasileiro (GNB)
On June 16, 2014, Cemig signed agreements with Gas Natural Fenosa (GNF) an international company operating in gas and electricity formalizing an association for the creation of the company Gás Natural do Brasil S.A. (GNB), which will be a platform for consolidation of assets, and investment, in natural gas projects.
As part of the strategy of creation of the new company, on July 21, 2014 Cemig signed a share purchase agreement with Petrobras (Petróleo Brasileiro S.A.) (the Share Purchase Agreement) for acquisition of the 40% equity interest held by the Petrobras subsidiary Gaspetro in Gasmig (Companhia de Gás de Minas Gerais). This has been approved by the Board of Directors of Cemig.
The amount to be paid for the acquisition is R$ 600 million. The transaction is subject to certain usual conditions precedent, including approval by the Brazilian monopolies authority (Conselho Administrativo de Defesa Econômica CADE), and consent from the State of Minas Gerais, the grantor of Gasmigs gas distribution concession.
http://cemig.infoinvest.com.br/ptb/11576/FatoRelevante_Aumento_Participao_Gasmig_por.pdf
Interests in wind farms
Cemig Geração e Transmissão S.A. (Cemig GT) signed agreements with Renova Energia S.A. (Renova) to acquire a 50% interest in the project to build 25 wind farms with total installed generation capacity of 676.2 MW in the municipality of Jacobina, in the Brazilian State of Bahia the Jacobina Project. The option to participate in this project was a condition of the winning tender in the auction held by Renova Comercializadora and won by Cemig GT on February 7, 2014.
The value of the acquisition will be a maximum of R$ 113,450 (one hundred thirteen million four hundred fifty thousand Reais), which refers to 50% of the amounts of the advances on contracts already signed by Renova, with monetary updating by the variation resulting from application of the CDI Rate (the Brazilian Interbank CD rate) from the date of disbursement by Renova up to the date of payment by Cemig. From the date of the acquisition, Cemig and Renova will share the future investment in the Jacobina Project in the proportion of their equity ownership in the company.
http://cemig.infoinvest.com.br/ptb/11570/FatoRelevante_ParticipaoZeus_por.pdf
Cemigs dividend policy is that 50% of the net profit will be distributed as obligatory dividend to the Companys stockholders, subject to the other provisions of the By-laws, and the applicable legislation; and the balance, after any retention specified in a capital and/or investment budget prepared by Cemigs management, which complies with the Long-term Strategic Plan and the dividend policy stated in it, and has been duly approved, will be applied to constitute a profit reserve to be used for distribution of extraordinary dividends, up to the maximum limit specified by law.
Without prejudice to the obligatory dividend, every two years Cemig will use this profit reserve for distribution of extraordinary dividends, up to the limit of available cash.
Cemigs Board of Directors may declare interim dividends, in the form of Interest on Equity, on account of retained earnings, profit reserves or profit reported in half-yearly or interim balance sheets.
The table below shows the history of our distribution of stockholder corporate action payments over the last five years.
Data of approval |
|
Type |
|
Amount (R$) per share |
|
June 27, 2014 |
|
Extraordinary dividend |
|
1.35 |
|
April 30, 2014 |
|
Dividend |
|
0.89 |
|
December 05, 2013 |
|
Interest on Equity |
|
0.55 |
|
April 30, 2013 |
|
Dividend |
|
1.43 |
|
December 20, 2012 |
|
Interest on Equity |
|
1.99 |
|
December 20, 2012 |
|
Extraordinary dividend |
|
1.88 |
|
April 27, 2012 |
|
Dividend |
|
1.90 |
|
December 9, 2011 |
|
Extraordinary dividend |
|
1.25 |
|
April 29, 2011 |
|
Dividend |
|
1.75 |
|
December 16, 2010 |
|
Extraordinary dividend |
|
1.32 |
|
April 29, 2010 |
|
Dividend |
|
1.50 |
|
Cemigs dividend yield, shown below, illustrates its commitment to seek business strategies that ensure an adequate return for stockholders.
THE CEMIG GROUPS PORTFOLIO OF GENERATION ASSETS
|
|
CEMIG Generation portfolio, MW* |
| ||||||||||
Stage |
|
Hydroelectric |
|
Small |
|
Wind |
|
Solar |
|
Thermal |
|
TOTAL |
|
In operation |
|
6,954 |
|
259 |
|
70 |
|
1 |
|
184 |
|
7,468 |
|
Under construction / contracted |
|
1,177 |
|
29 |
|
153 |
|
1 |
|
|
|
1,360 |
|
In development |
|
7,270 |
|
208 |
|
1,052 |
|
15 |
|
1,500 |
|
10,044 |
|
Total |
|
15,400 |
|
497 |
|
1,274 |
|
17 |
|
1,684 |
|
18,872 |
|
*The figures refer only to the direct or indirect equity interest held by Cemig, on June 30, 2014.
Highlights of second quarter 2014:
Santo Antônio hydro plant:
· startup of two rotors,
· acquisition by Cemig of interest in SAAG
The Santo Antônio hydroelectric plant, in the municipality of Porto Velho, in Brazils northern state of Rondônia, comprises 50 generator rotors with total capacity of 3,568 MW, and average assured physical offtake of 2,424 MW. Currently 28 of these units are in commercial operation providing a total of approximately 2,000 MW. The other 22 generation units are under construction, with completion scheduled for July 2016.
On June 6, 2014 a transaction was completed to transfer 83% of the share capital of SAAG Investimentos to FIP Melbourne, in which Cemig GT and private pension fund entities are unit holders. SAAG Investimentos owns 12.4% of the Santo Antônio hydroelectric plan.
Cemigs directly-held equity interest in the plant is 10%.
Belo Monte hydroelectric plant: under construction
The Belo Monte hydro plant, in the municipality of Altamira in the northern Brazilian state of Pará, comprises 24 generation rotors with total capacity for 11,233 MW. Its assured offtake power level is 4,571 average MW. The timetable for startup of the 24 rotor units covers the period February 2015 to January 2019. The sum of Cemigs direct and indirect equity interests in the project is 8.12%.
Guanhães Energia: 4 Small Hydro Plants under construction
The holding company Guanhães Energia has the authorization to build four small hydro plants (PCHs) in the municipalities of Virginópolis and Dores de Guanhães, in the state of Minas Gerais: Fortuna II (9 MW), Senhora do Porto (12 MW), Jacaré (9 MW)
and Dores de Guanhães (14 MW). The total installed capacity is thus 44 MW. The offtake power guarantee level is 25 average MW. Scheduled start dates for the four PCHs range from November 2014 through April 2015. Cemig has a total direct and indirect equity interest of 65.56%.
Alto Sertão II wind power complex under construction
The Alto Sertão II wind complex comprises a group of 6 and a group of 9 wind farms, built under contracts won, respectively, at the Reserve Auction (Leilão de Reserva, or LER) of 2010 and the A3 Auction of 2011. They are in the state of Bahia in Brazils Northeast, with aggregate installed capacity of 386.1 MW, and guaranteed offtake level of 181.6 average MW. In a recent development, the start of the period for the 15 wind farms to start operation was postponed to coincide with the availability of the transmission lines for outflow of their production. The current forecasts for initial operation dates of the farms built under the results of the 2011 A3 auction are between September 2014 and May 2015. Cemig owns an equity interest, held indirectly, of 7.10%.
The Alto Sertão III wind power complex contracted
Alto Sertão III is a complex of 46 wind farms, also in the state of Bahia, which placed their output on the Free Market or the Regulated Market, at the A5 auction of 2012 and the LER (Reserve) Auction of 2013. They have aggregate installed capacity of 741.5 MW, and physical guarantee offtake level of 363.2 average MW. Scheduled startup dates of the 46 wind farms are over the period September 2015 through January 2017. Cemig has an indirectly held equity stake of 7.10%.
Wind farms contracted at the 2013 A5 auction
A total of 17 wind farms in Bahia were contracted at the 2013 A5 auction, for total installed generation capacity of 355.5 MW, and physical offtake guarantee level of 183.9 average MW. This supply was sold for an average price of R$ 118.75/MWh, undergoing monetary updating from January 2014. The scheduled date for start of commercial operation is May 2018. Cemig has an equity interest, held indirectly, of 7.10%.
Sale of contracted supply by Renova to Cemig GT in the Free Market contracted
On March 21, 2014, Renova Energia placed a contract to sell supply of 295 average MW up to the year 2031. The total installed capacity involved is 676.2 MW, and Cemig GT owns an option to acquire a stockholding of up to 50%. Scheduled startup date for commercial operation is September 2018. Cemig has an indirectly held equity stake of 7.10%.
Sete Lagoas experimental solar plant under construction
The experimental photovoltaic solar generation plant at Sete Lagoas, Minas Gerais, has installed capacity for 3.3 MWp. Works began in March 2013 and are scheduled for completion in December 2014.
FINANCIAL STATEMENTS SEPARATED BY COMPANY
FINANCIAL STATEMENTS SEPARATED BY COMPANY AT JUNE 30, 2014
|
|
HOLDING |
|
CEMIG GT |
|
CEMIG D |
|
CEMIG |
|
SÁ |
|
ROSAL |
|
OTHER |
|
ELIMINATIONS |
|
TOTAL, |
|
TAESA |
|
LIGHT |
|
MADEIRA |
|
GASMIG |
|
OTHER |
|
ELIMINATIONS/ |
|
SUBSIDIARIES |
|
ASSETS |
|
14,338,525 |
|
12,364,692 |
|
13,230,895 |
|
331,302 |
|
184,744 |
|
148,656 |
|
551,610 |
|
(8,415,176 |
) |
32,735,248 |
|
4,560,443 |
|
4,286,301 |
|
2,229,824 |
|
1,020,672 |
|
2,339,783 |
|
(5,927,657 |
) |
41,244,614 |
|
Cash and cash equivalents |
|
500,860 |
|
867,549 |
|
535,070 |
|
27,048 |
|
7,644 |
|
8,128 |
|
42,478 |
|
|
|
1,988,777 |
|
139,612 |
|
517,814 |
|
30,758 |
|
62,441 |
|
92,545 |
|
|
|
2,831,947 |
|
Accounts receivable |
|
|
|
1,060,057 |
|
1,787,961 |
|
|
|
5,472 |
|
3,592 |
|
34,583 |
|
(24,492 |
) |
2,867,173 |
|
89,332 |
|
532,433 |
|
23,423 |
|
62,436 |
|
32,336 |
|
(7,409 |
) |
3,599,724 |
|
Securities cash investments |
|
364,025 |
|
299,404 |
|
432,317 |
|
1,344 |
|
25,971 |
|
11,707 |
|
144,639 |
|
|
|
1,279,407 |
|
88,093 |
|
|
|
|
|
41,655 |
|
57,523 |
|
|
|
1,466,678 |
|
Taxes |
|
488,338 |
|
117,729 |
|
1,548,891 |
|
28,203 |
|
558 |
|
102 |
|
1,974 |
|
|
|
2,185,795 |
|
299,980 |
|
317,958 |
|
7,951 |
|
55,404 |
|
7,095 |
|
|
|
2,874,183 |
|
Other assets |
|
752,190 |
|
314,681 |
|
1,833,129 |
|
21,384 |
|
4,030 |
|
383 |
|
44,074 |
|
(482,345 |
) |
2,487,526 |
|
56,179 |
|
410,108 |
|
153,113 |
|
158,111 |
|
142,664 |
|
(296,285 |
) |
3,111,416 |
|
Investments / PP&E / Intangible / Financial Assets of Concession |
|
12,233,112 |
|
9,705,272 |
|
7,093,527 |
|
253,323 |
|
141,069 |
|
124,744 |
|
283,862 |
|
(7,908,339 |
) |
21,926,570 |
|
3,887,247 |
|
2,507,988 |
|
2,014,579 |
|
640,625 |
|
2,007,620 |
|
(5,623,963 |
) |
27,360,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
14,338,525 |
|
12,364,692 |
|
13,230,895 |
|
331,302 |
|
184,744 |
|
148,656 |
|
551,610 |
|
(8,415,176 |
) |
32,735,248 |
|
4,560,443 |
|
4,286,301 |
|
2,229,824 |
|
1,020,672 |
|
2,339,783 |
|
(5,927,657 |
) |
41,244,614 |
|
Suppliers and supplies |
|
6,784 |
|
247,160 |
|
1,194,008 |
|
17,054 |
|
6,159 |
|
4,544 |
|
6,662 |
|
(38,559 |
) |
1,443,812 |
|
20,780 |
|
348,265 |
|
58,118 |
|
39,920 |
|
25,212 |
|
(8,551 |
) |
1,927,556 |
|
Loans, financings and debentures |
|
|
|
5,521,853 |
|
5,929,738 |
|
28,221 |
|
|
|
|
|
74,017 |
|
|
|
11,553,829 |
|
2,064,071 |
|
2,216,384 |
|
1,281,566 |
|
241,631 |
|
571,687 |
|
|
|
17,929,168 |
|
Interest on Equity, and dividends |
|
1,331,673 |
|
385,302 |
|
|
|
|
|
30,013 |
|
18,794 |
|
20,205 |
|
(454,314 |
) |
1,331,673 |
|
2,771 |
|
128,931 |
|
|
|
1,094 |
|
42,686 |
|
(175,482 |
) |
1,331,673 |
|
Post-retirement liabilities |
|
128,778 |
|
571,131 |
|
1,818,936 |
|
|
|
|
|
|
|
|
|
|
|
2,518,845 |
|
|
|
43 |
|
|
|
|
|
|
|
|
|
2,518,888 |
|
Taxes |
|
20,847 |
|
496,437 |
|
1,161,898 |
|
10,153 |
|
40,014 |
|
1,430 |
|
30,872 |
|
|
|
1,763,651 |
|
662,090 |
|
242,057 |
|
32,270 |
|
56,499 |
|
37,348 |
|
|
|
2,793,915 |
|
Other liabilities |
|
146,521 |
|
363,940 |
|
698,352 |
|
42,367 |
|
607 |
|
671 |
|
16,706 |
|
(13,969 |
) |
1,255,195 |
|
29,346 |
|
292,201 |
|
194,671 |
|
150,185 |
|
(26,565 |
) |
(19,862 |
) |
1,875,171 |
|
Stockholders equity |
|
12,703,922 |
|
4,778,869 |
|
2,425,963 |
|
233,507 |
|
107,951 |
|
123,217 |
|
403,148 |
|
(7,908,334 |
) |
12,868,243 |
|
1,781,385 |
|
1,058,420 |
|
663,199 |
|
531,343 |
|
1,689,415 |
|
(5,723,762 |
) |
12,868,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operational revenue |
|
160 |
|
4,530,266 |
|
4,840,189 |
|
57,411 |
|
28,511 |
|
22,707 |
|
173,067 |
|
(153,781 |
) |
9,498,530 |
|
277,157 |
|
1,278,231 |
|
109,275 |
|
395,066 |
|
107,914 |
|
(49,362 |
) |
11,616,811 |
|
Operational costs and expenses |
|
(48,322 |
) |
(1,591,500 |
) |
(4,709,725 |
) |
(46,224 |
) |
(13,681 |
) |
(18,354 |
) |
(53,887 |
) |
148,128 |
|
(6,333,565 |
) |
(61,020 |
) |
(1,140,774 |
) |
(98,706 |
) |
(356,754 |
) |
(73,076 |
) |
28,631 |
|
(8,035,264 |
) |
Electricity purchased for resale |
|
|
|
(766,790 |
) |
(2,761,716 |
) |
|
|
(6,999 |
) |
(11,193 |
) |
(27,048 |
) |
75,764 |
|
(3,497,982 |
) |
|
|
(823,888 |
) |
(52,972 |
) |
|
|
(8,069 |
) |
19,069 |
|
(4,363,842 |
) |
Charges for the use of the national grid |
|
|
|
(131,123 |
) |
(258,837 |
) |
|
|
|
|
(1,401 |
) |
(2,673 |
) |
59,808 |
|
(334,226 |
) |
|
|
|
|
(18,443 |
) |
|
|
(2,597 |
) |
20,657 |
|
(334,609 |
) |
Gas bought for resale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(327,595 |
) |
|
|
|
|
(327,595 |
) |
Construction cost |
|
|
|
(37,092 |
) |
(324,149 |
) |
|
|
|
|
|
|
|
|
|
|
(361,241 |
) |
(11,560 |
) |
(69,623 |
) |
|
|
|
|
(3,455 |
) |
|
|
(445,879 |
) |
Personnel |
|
(19,787 |
) |
(147,403 |
) |
(422,119 |
) |
(6,417 |
) |
(648 |
) |
(780 |
) |
(2,731 |
) |
|
|
(599,885 |
) |
(19,973 |
) |
(53,456 |
) |
(2,762 |
) |
(7,955 |
) |
(21,723 |
) |
|
|
(705,754 |
) |
Employee profit shares |
|
(7,756 |
) |
(30,113 |
) |
(97,679 |
) |
(717 |
) |
(66 |
) |
(77 |
) |
(1 |
) |
|
|
(136,409 |
) |
(2,718 |
) |
|
|
(400 |
) |
|
|
(98 |
) |
|
|
(139,625 |
) |
Post-retirement liabilities |
|
(5,534 |
) |
(24,078 |
) |
(76,346 |
) |
|
|
|
|
|
|
|
|
|
|
(105,958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(105,958 |
) |
Materials |
|
(58 |
) |
(132,327 |
) |
(24,247 |
) |
(38 |
) |
(255 |
) |
(144 |
) |
(189 |
) |
|
|
(157,258 |
) |
(10,782 |
) |
(6,351 |
) |
(186 |
) |
(618 |
) |
(135 |
) |
|
|
(175,330 |
) |
Outsourced services |
|
(8,372 |
) |
(67,266 |
) |
(341,886 |
) |
(10,894 |
) |
(1,903 |
) |
(1,580 |
) |
(10,466 |
) |
17,679 |
|
(424,688 |
) |
(10,736 |
) |
(68,848 |
) |
(3,191 |
) |
(2,029 |
) |
(13,730 |
) |
315 |
|
(522,907 |
) |
Royalties for use of water resources |
|
|
|
(66,774 |
) |
|
|
|
|
(821 |
) |
(781 |
) |
(1,248 |
) |
|
|
(69,624 |
) |
|
|
|
|
(905 |
) |
|
|
(439 |
) |
|
|
(70,968 |
) |
Depreciation and amortization |
|
(254 |
) |
(139,729 |
) |
(210,387 |
) |
(17,679 |
) |
(2,745 |
) |
(2,190 |
) |
(8,777 |
) |
(2,763 |
) |
(384,524 |
) |
(619 |
) |
(64,557 |
) |
(18,271 |
) |
(10,292 |
) |
(18,221 |
) |
(7,555 |
) |
(504,039 |
) |
Operational provisions |
|
5,216 |
|
(8,273 |
) |
(43,752 |
) |
(12 |
) |
|
|
(2 |
) |
|
|
|
|
(46,823 |
) |
605 |
|
(25,922 |
) |
|
|
|
|
(306 |
) |
|
|
(72,446 |
) |
Other expenses, net |
|
(11,777 |
) |
(40,532 |
) |
(148,607 |
) |
(10,467 |
) |
(244 |
) |
(206 |
) |
(754 |
) |
(2,360 |
) |
(214,947 |
) |
(5,237 |
) |
(28,129 |
) |
(1,576 |
) |
(8,265 |
) |
(4,303 |
) |
(3,855 |
) |
(266,312 |
) |
Operational profit before Equity gains (losses) and Financial revenue (expenses) |
|
(48,162 |
) |
2,938,766 |
|
130,464 |
|
11,187 |
|
14,830 |
|
4,353 |
|
119,180 |
|
(5,653 |
) |
3,164,965 |
|
216,137 |
|
137,457 |
|
10,569 |
|
38,312 |
|
34,838 |
|
(20,731 |
) |
3,581,547 |
|
Gain (loss) in subsidiaries by equity method |
|
1,837,088 |
|
(7,816 |
) |
|
|
(12,691 |
) |
|
|
|
|
900 |
|
(1,681,534 |
) |
135,947 |
|
438 |
|
(2,195 |
) |
|
|
|
|
30,929 |
|
(169,481 |
) |
(4,362 |
) |
Financial revenue |
|
32,009 |
|
82,812 |
|
160,849 |
|
2,798 |
|
1,514 |
|
796 |
|
11,568 |
|
|
|
292,346 |
|
37,024 |
|
43,335 |
|
1,790 |
|
22,667 |
|
7,578 |
|
|
|
404,740 |
|
Financial expenses |
|
(3,253 |
) |
(275,963 |
) |
(381,100 |
) |
(1,571 |
) |
(306 |
) |
(41 |
) |
(5,232 |
) |
|
|
(667,466 |
) |
(143,177 |
) |
(105,266 |
) |
(32,104 |
) |
(10,986 |
) |
(21,274 |
) |
|
|
(980,273 |
) |
Profit before income tax and Social Contribution tax |
|
1,817,682 |
|
2,737,799 |
|
(89,787 |
) |
(277 |
) |
16,038 |
|
5,108 |
|
126,416 |
|
(1,687,187 |
) |
2,925,792 |
|
110,422 |
|
73,331 |
|
(19,745 |
) |
49,993 |
|
52,071 |
|
(190,212 |
) |
3,001,652 |
|
Income tax and Social Contribution tax |
|
|
|
(945,268 |
) |
(93,943 |
) |
(3,668 |
) |
(5,990 |
) |
(1,028 |
) |
(30,187 |
) |
|
|
(1,080,084 |
) |
(42,601 |
) |
(33,730 |
) |
|
|
(17,265 |
) |
(4,377 |
) |
|
|
(1,178,057 |
) |
Deferred income tax and Social Contribution tax |
|
8,960 |
|
18,326 |
|
116,835 |
|
(335 |
) |
557 |
|
10 |
|
902 |
|
|
|
145,255 |
|
15,251 |
|
7,697 |
|
359 |
|
|
|
(1,194 |
) |
|
|
167,368 |
|
Profit (loss) for the period |
|
1,826,642 |
|
1,810,857 |
|
(66,895 |
) |
(4,280 |
) |
10,605 |
|
4,090 |
|
97,131 |
|
(1,687,187 |
) |
1,990,963 |
|
83,072 |
|
47,298 |
|
(19,386 |
) |
32,728 |
|
46,500 |
|
(190,212 |
) |
1,990,963 |
|
INFORMATION BY OPERATIONAL SEGMENT FOR JUNE 30, 2014
|
|
ELECTRICITY |
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
GENERATION |
|
TRANSMISSION |
|
DISTRIBUTION |
|
TELECOMS |
|
GAS |
|
OTHER |
|
ELIMINATIONS |
|
TOTAL |
|
ASSETS OF THE SEGMENT |
|
13,186,700 |
|
2,277,926 |
|
14,344,690 |
|
331,302 |
|
553,656 |
|
2,545,048 |
|
(504,074 |
) |
32,735,248 |
|
ADDITIONS TO THE SEGMENT |
|
2,143,579 |
|
40,412 |
|
324,149 |
|
27,896 |
|
|
|
137,166 |
|
|
|
2,673,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
4,512,359 |
|
197,800 |
|
4,840,189 |
|
57,411 |
|
|
|
44,553 |
|
(153,782 |
) |
9,498,530 |
|
COST OF ELECTRICITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity purchased for resale |
|
(812,030 |
) |
|
|
(2,761,716 |
) |
|
|
|
|
|
|
75,764 |
|
(3,497,982 |
) |
Charges for the use of the national grid |
|
(135,058 |
) |
(139 |
) |
(258,837 |
) |
|
|
|
|
|
|
59,808 |
|
(334,226 |
) |
Total operational costs, Electricity and Gas |
|
(947,088 |
) |
(139 |
) |
(3,020,553 |
) |
|
|
|
|
|
|
135,572 |
|
(3,832,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
(98,465 |
) |
(50,366 |
) |
(422,119 |
) |
(6,417 |
) |
|
|
(22,518 |
) |
|
|
(599,885 |
) |
Employees and managers profit shares |
|
(21,102 |
) |
(9,154 |
) |
(97,679 |
) |
(717 |
) |
|
|
(7,757 |
) |
|
|
(136,409 |
) |
Post-retirement liabilities |
|
(16,778 |
) |
(7,300 |
) |
(76,346 |
) |
|
|
|
|
(5,534 |
) |
|
|
(105,958 |
) |
Materials |
|
(130,849 |
) |
(2,051 |
) |
(24,247 |
) |
(38 |
) |
|
|
(73 |
) |
|
|
(157,258 |
) |
Outsourced services |
|
(63,873 |
) |
(16,934 |
) |
(341,886 |
) |
(10,894 |
) |
|
|
(8,780 |
) |
17,679 |
|
(424,688 |
) |
Depreciation and amortization |
|
(153,438 |
) |
|
|
(210,387 |
) |
(17,679 |
) |
|
|
(3,020 |
) |
|
|
(384,524 |
) |
Royalties for use of water resources |
|
(69,624 |
) |
|
|
|
|
|
|
|
|
0 |
|
|
|
(69,624 |
) |
Operational provisions (reversals) |
|
(5,760 |
) |
(2,515 |
) |
(43,752 |
) |
(12 |
) |
|
|
5,216 |
|
|
|
(46,823 |
) |
Construction costs |
|
|
|
(37,092 |
) |
(324,149 |
) |
|
|
|
|
0 |
|
|
|
(361,241 |
) |
Other operational expenses, net |
|
(30,447 |
) |
(11,111 |
) |
(148,607 |
) |
(10,467 |
) |
|
|
(14,846 |
) |
531 |
|
(214,947 |
) |
Total cost of operation |
|
(590,336 |
) |
(136,523 |
) |
(1,689,172 |
) |
(46,224 |
) |
|
|
(57,312 |
) |
18,210 |
|
(2,501,357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
(1,537,424 |
) |
(136,662 |
) |
(4,709,725 |
) |
(46,224 |
) |
|
|
(57,312 |
) |
153,782 |
|
(6,333,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational profit before Equity gains (losses) and Financial revenue (expenses) |
|
2,974,935 |
|
61,138 |
|
130,464 |
|
11,187 |
|
|
|
(12,759 |
) |
|
|
3,164,965 |
|
Gain (loss) in subsidiaries by equity method |
|
(6,917 |
) |
85,609 |
|
26,762 |
|
(12,691 |
) |
31,495 |
|
11,689 |
|
|
|
135,947 |
|
Financial revenues |
|
68,118 |
|
25,043 |
|
160,849 |
|
2,798 |
|
|
|
35,538 |
|
|
|
292,346 |
|
Financial expenses |
|
(159,512 |
) |
(121,878 |
) |
(381,100 |
) |
(1,571 |
) |
|
|
(3,405 |
) |
|
|
(667,466 |
) |
PRETAX PROFIT |
|
2,876,624 |
|
49,912 |
|
(63,025 |
) |
(277 |
) |
31,495 |
|
31,063 |
|
|
|
2,925,792 |
|
Income tax and Social Contribution tax |
|
(987,552 |
) |
12,052 |
|
(93,943 |
) |
(3,668 |
) |
|
|
(6,973 |
) |
|
|
(1,080,084 |
) |
Deferred income tax and Social Contribution tax |
|
19,214 |
|
|
|
116,835 |
|
(335 |
) |
|
|
9,541 |
|
|
|
145,255 |
|
NET PROFIT (LOSS) |
|
1,908,286 |
|
61,964 |
|
(40,133 |
) |
(4,280 |
) |
31,495 |
|
33,631 |
|
|
|
1,990,963 |
|
INFORMATION BY OPERATIONAL SEGMENT FOR JUNE 30, 2013
|
|
ELECTRICITY |
|
|
|
|
|
|
|
|
|
|
| ||||
DESCRIÇÃO |
|
GENERATION |
|
TRANSMISSION |
|
DISTRIBUTION |
|
TELECOMS |
|
GAS |
|
OTHER |
|
ELIMINATIONS |
|
TOTAL |
|
ASSETS OF THE SEGMENT |
|
9,150,530 |
|
3,678,040 |
|
13,498,820 |
|
330,427 |
|
547,480 |
|
3,271,921 |
|
(663,076 |
) |
29,814,142 |
|
ADDITIONS TO THE SEGMENT |
|
375,172 |
|
(1,645,182 |
) |
421,826 |
|
|
|
|
|
|
|
|
|
(857,107 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE |
|
2,516,681 |
|
106,987 |
|
4,544,307 |
|
55,775 |
|
|
|
47,165 |
|
(154,331 |
) |
7,116,584 |
|
COST OF ELECTRICITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity purchased for resale |
|
(543,527 |
) |
|
|
(1,831,546 |
) |
|
|
|
|
(10 |
) |
90,755 |
|
(2,284,328 |
) |
Charges for the use of the national grid |
|
(128,338 |
) |
(141 |
) |
(162,370 |
) |
|
|
|
|
|
|
46,375 |
|
(244,474 |
) |
Total operational costs, Electricity and Gas |
|
(671,865 |
) |
(141 |
) |
(1,993,916 |
) |
|
|
|
|
(10 |
) |
137,130 |
|
(2,528,802 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
(118,307 |
) |
(58,005 |
) |
(493,153 |
) |
(5,997 |
) |
|
|
(30,270 |
) |
|
|
(705,732 |
) |
Employees and managers profit shares |
|
(18,641 |
) |
(9,014 |
) |
(37,333 |
) |
(676 |
) |
|
|
(5,919 |
) |
|
|
(71,583 |
) |
Post-retirement liabilities |
|
(12,749 |
) |
(6,222 |
) |
(59,420 |
) |
|
|
|
|
(5,523 |
) |
|
|
(83,914 |
) |
Materials |
|
(54,499 |
) |
(1,918 |
) |
(23,024 |
) |
(78 |
) |
|
|
(163 |
) |
|
|
(79,682 |
) |
Outsourced services |
|
(63,370 |
) |
(13,935 |
) |
(361,112 |
) |
(9,829 |
) |
|
|
(6,208 |
) |
15,451 |
|
(439,003 |
) |
Depreciation and amortization |
|
(155,727 |
) |
|
|
(213,116 |
) |
(15,304 |
) |
|
|
(2,978 |
) |
|
|
(387,125 |
) |
Royalties for use of water resources |
|
(62,853 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(62,853 |
) |
Operational provisions (reversals) |
|
(5,972 |
) |
(2,929 |
) |
(73,423 |
) |
(17 |
) |
|
|
(30,957 |
) |
|
|
(113,298 |
) |
Construction costs |
|
|
|
(43,579 |
) |
(421,826 |
) |
|
|
|
|
|
|
|
|
(465,405 |
) |
Other operational expenses, net |
|
(29,521 |
) |
(9,149 |
) |
(108,905 |
) |
(8,950 |
) |
|
|
(22,323 |
) |
1,750 |
|
(177,098 |
) |
Total cost of operation |
|
(521,639 |
) |
(144,751 |
) |
(1,791,312 |
) |
(40,851 |
) |
|
|
(104,341 |
) |
17,201 |
|
(2,585,693 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
(1,193,504 |
) |
(144,892 |
) |
(3,785,228 |
) |
(40,851 |
) |
|
|
(104,351 |
) |
154,331 |
|
(5,114,495 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational profit before Equity gains (losses) and Financial revenue (expenses) |
|
1,323,177 |
|
(37,905 |
) |
759,079 |
|
14,924 |
|
|
|
(57,186 |
) |
|
|
2,002,089 |
|
Gain (loss) in subsidiaries by equity method |
|
(1,024 |
) |
124,583 |
|
6,854 |
|
(8,753 |
) |
39,403 |
|
89,519 |
|
|
|
250,582 |
|
Gain (loss) on sale of shares in TBE |
|
|
|
(94,080 |
) |
|
|
|
|
|
|
378,378 |
|
|
|
284,298 |
|
Unrealized profit |
|
|
|
|
|
|
|
|
|
|
|
(80,959 |
) |
|
|
(80,959 |
) |
Financial revenues |
|
43,815 |
|
12,113 |
|
145,764 |
|
2,156 |
|
|
|
78,991 |
|
|
|
282,839 |
|
Financial expenses |
|
(142,557 |
) |
(118,158 |
) |
(310,566 |
) |
(2,119 |
) |
|
|
(24,561 |
) |
|
|
(597,961 |
) |
PRETAX PROFIT |
|
1,223,411 |
|
(113,447 |
) |
601,131 |
|
6,208 |
|
39,403 |
|
384,182 |
|
|
|
2,140,888 |
|
Income tax and Social Contribution tax |
|
(456,139 |
) |
91,426 |
|
(124,683 |
) |
(3,732 |
) |
|
|
(91,852 |
) |
|
|
(584,980 |
) |
Deferred income tax and Social Contribution tax |
|
39,602 |
|
(8,315 |
) |
(77,414 |
) |
(1,257 |
) |
|
|
(25,939 |
) |
|
|
(73,323 |
) |
NET PROFIT (LOSS) |
|
806,874 |
|
(30,336 |
) |
399,034 |
|
1,219 |
|
39,403 |
|
266,391 |
|
|
|
1,482,585 |
|
Transmission: Annual Permitted Revenue (RAP)
Resolução Homologatoria ANEEL - nº 1559/2013*
|
|
|
|
|
|
Cemig |
|
|
|
Receita Anual Permitida - |
|
RAP |
|
% Cemig |
|
Consolidado |
|
Cemig GT |
|
|
|
|
|
|
|
|
|
|
|
Taesa |
|
|
|
42,38 |
% |
|
|
834.801.871 |
|
ETEO |
|
138.821.046 |
|
100,00 |
% |
58.832.359 |
|
|
|
ETAU |
|
34.233.842 |
|
52,58 |
% |
7.628.465 |
|
|
|
NOVATRANS |
|
410.285.116 |
|
100,00 |
% |
173.878.832 |
|
|
|
TSN |
|
385.688.466 |
|
100,00 |
% |
163.454.772 |
|
|
|
GTESA |
|
7.020.998 |
|
100,00 |
% |
2.975.499 |
|
|
|
PATESA |
|
16.862.257 |
|
100,00 |
% |
7.146.225 |
|
|
|
Munirah |
|
28.801.740 |
|
100,00 |
% |
12.206.178 |
|
|
|
Brasnorte |
|
19.815.772 |
|
38,67 |
% |
3.247.477 |
|
|
|
Abengoa |
|
|
|
|
|
|
|
|
|
NTE |
|
120.846.985 |
|
100,00 |
% |
51.214.952 |
|
|
|
STE |
|
64.484.461 |
|
100,00 |
% |
27.328.514 |
|
|
|
ATEI |
|
117.617.545 |
|
100,00 |
% |
49.846.316 |
|
|
|
ATEII |
|
179.036.270 |
|
100,00 |
% |
75.875.571 |
|
|
|
ATEIII |
|
88.907.345 |
|
100,00 |
% |
37.678.933 |
|
|
|
TBE |
|
|
|
|
|
|
|
|
|
EATE |
|
339.625.778 |
|
49,98 |
% |
71.937.916 |
|
|
|
STC |
|
32.009.160 |
|
39,99 |
% |
5.424.836 |
|
|
|
Lumitrans |
|
21.013.276 |
|
39,99 |
% |
3.561.280 |
|
|
|
ENTE |
|
177.715.565 |
|
49,99 |
% |
37.650.397 |
|
|
|
ERTE |
|
39.891.971 |
|
49,99 |
% |
8.451.418 |
|
|
|
ETEP |
|
77.375.558 |
|
49,98 |
% |
16.389.322 |
|
|
|
ECTE |
|
75.000.117 |
|
19,09 |
% |
6.067.766 |
|
|
|
EBTE |
|
36.697.741 |
|
74,49 |
% |
11.585.059 |
|
|
|
ESDE *** |
|
5.396.285 |
|
49,97 |
% |
1.142.787 |
|
|
|
ESTE *** |
|
15.784.209 |
|
19,09 |
% |
1.276.996 |
|
|
|
Cemig GT |
|
167.520.066 |
|
100,00 |
% |
167.520.066 |
|
167.520.066 |
|
Cemig Itajuba |
|
32.373.715 |
|
100,00 |
% |
32.373.715 |
|
32.373.715 |
|
Centroeste |
|
13.735.420 |
|
51,00 |
% |
7.005.064 |
|
|
|
Transirapé |
|
17.809.759 |
|
24,50 |
% |
4.363.391 |
|
|
|
Transleste |
|
32.211.700 |
|
25,00 |
% |
8.052.925 |
|
|
|
Transudeste |
|
19.965.117 |
|
24,00 |
% |
4.791.628 |
|
|
|
Light |
|
7.058.788 |
|
32,47 |
% |
2.291.988 |
|
|
|
Transchile** |
|
18.748.407 |
|
49,00 |
% |
9.186.720 |
|
|
|
RAP TOTAL CEMIG |
|
|
|
|
|
1.070.387.369 |
|
1.034.695.652 |
|
* Receitas anuais permititidas com vigência entre 1º de julho de 2013 e 30 de junho de 2014.
** A receita de transmissão da Transchile é dada em Dólar Norte Americano e é corrigida, anualmente, de acordo com o Decreto Nº 163 (http://www.cne.cl/images/stories/normativas/otros%20niveles/electricidad/DOC65_-_decreto163obrasurgentes.pdf). Para o ano de 2013 (de janeiro a dezembro) a receita de transmissão orçada para a empresa foi da ordem de US$ 8.462.000,00. Na elaboração desta tabela foi utilizado o câmbio do dia 30/06/2013 de R$ 2,2156/US$ para a transformação da receita em termos de Reais.
*** Pré - Operacionais
|
|
|
|
|
|
|
|
|
|
Energia |
|
|
|
|
|
|
|
|
|
|
|
Capacidade |
|
Assegurada (MW |
|
|
|
Usina |
|
Tipo |
|
Empresa |
|
Participação |
|
Instalada (MW) * |
|
Médio) * |
|
Vencimento |
|
Aimorés |
|
Hidroelétrica |
|
Cemig GT |
|
49 |
% |
161,70 |
|
84,28 |
|
20/12/2035 |
|
Camargos |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
46,00 |
|
21,00 |
|
08/07/2015 |
|
Emborcação |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
1.192,00 |
|
497,00 |
|
23/07/2025 |
|
Funil |
|
Hidroelétrica |
|
Cemig GT |
|
49 |
% |
88,20 |
|
43,61 |
|
20/12/2035 |
|
Igarapava |
|
Hidroelétrica |
|
Cemig GT |
|
15 |
% |
30,45 |
|
19,72 |
|
30/12/2028 |
|
Itutinga |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
52,00 |
|
28,00 |
|
08/07/2015 |
|
Irapé |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
360,00 |
|
206,30 |
|
28/02/2035 |
|
Jaguara |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
424,00 |
|
336,00 |
|
28/08/2013 |
|
Miranda |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
408,00 |
|
202,00 |
|
23/12/2016 |
|
Nova Ponte |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
510,00 |
|
276,00 |
|
23/07/2025 |
|
Porto Estrela |
|
Hidroelétrica |
|
Cemig GT |
|
33 |
% |
37,33 |
|
18,60 |
|
10/07/2032 |
|
Queimado |
|
Hidroelétrica |
|
Cemig GT |
|
83 |
% |
86,63 |
|
47,85 |
|
02/01/2033 |
|
Salto Grande |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
102,00 |
|
75,00 |
|
08/07/2015 |
|
São Simão |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
1.710,00 |
|
1.281,00 |
|
11/01/2015 |
|
Três Marias |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
396,00 |
|
239,00 |
|
08/07/2015 |
|
Volta Grande |
|
Hidroelétrica |
|
Cemig GT |
|
100 |
% |
380,00 |
|
229,00 |
|
23/02/2017 |
|
Anil |
|
PCH |
|
Cemig GT |
|
100 |
% |
2,08 |
|
1,16 |
|
08/07/2015 |
|
Bom Jesus do Galho |
|
PCH |
|
Cemig GT |
|
100 |
% |
0,36 |
|
0,13 |
|
|
|
Cajuru |
|
PCH |
|
Cemig GT |
|
100 |
% |
7,20 |
|
3,48 |
|
08/07/2015 |
|
Gafanhoto |
|
PCH |
|
Cemig GT |
|
100 |
% |
14,00 |
|
6,68 |
|
08/07/2015 |
|
Jacutinga |
|
PCH |
|
Cemig GT |
|
100 |
% |
0,72 |
|
0,47 |
|
|
|
Joasal |
|
PCH |
|
Cemig GT |
|
100 |
% |
8,40 |
|
5,20 |
|
08/07/2015 |
|
Lages |
|
PCH |
|
Cemig GT |
|
100 |
% |
0,68 |
|
0,54 |
|
24/06/2010 |
|
Luiz Dias |
|
PCH |
|
Cemig GT |
|
100 |
% |
1,62 |
|
0,94 |
|
19/08/2025 |
|
Marmelos |
|
PCH |
|
Cemig GT |
|
100 |
% |
4,00 |
|
2,88 |
|
08/07/2015 |
|
Martins |
|
PCH |
|
Cemig GT |
|
100 |
% |
7,70 |
|
2,52 |
|
08/07/2015 |
|
Paciência |
|
PCH |
|
Cemig GT |
|
100 |
% |
4,08 |
|
2,36 |
|
08/07/2015 |
|
Pandeiros |
|
PCH |
|
Cemig GT |
|
100 |
% |
4,20 |
|
1,87 |
|
22/09/2021 |
|
Paraúna |
|
PCH |
|
Cemig GT |
|
100 |
% |
4,28 |
|
1,90 |
|
|
|
Peti |
|
PCH |
|
Cemig GT |
|
100 |
% |
9,40 |
|
6,18 |
|
08/07/2015 |
|
Pissarrão |
|
PCH |
|
Cemig GT |
|
100 |
% |
0,80 |
|
0,55 |
|
19/11/2004 |
|
Piau |
|
PCH |
|
Cemig GT |
|
100 |
% |
18,01 |
|
13,53 |
|
08/07/2015 |
|
Poço Fundo |
|
PCH |
|
Cemig GT |
|
100 |
% |
9,16 |
|
5,79 |
|
19/08/2025 |
|
Poquim |
|
PCH |
|
Cemig GT |
|
100 |
% |
1,41 |
|
0,58 |
|
08/07/2015 |
|
Rio de Pedra |
|
PCH |
|
Cemig GT |
|
100 |
% |
9,28 |
|
2,15 |
|
19/09/2024 |
|
Salto Morais |
|
PCH |
|
Cemig GT |
|
100 |
% |
2,39 |
|
0,74 |
|
01/07/2020 |
|
Santa Marta |
|
PCH |
|
Cemig GT |
|
100 |
% |
1,00 |
|
0,58 |
|
08/07/2015 |
|
São Bernardo |
|
PCH |
|
Cemig GT |
|
100 |
% |
6,82 |
|
3,42 |
|
19/08/2025 |
|
Sumidouro |
|
PCH |
|
Cemig GT |
|
100 |
% |
2,12 |
|
0,93 |
|
08/07/2015 |
|
Tronqueiras |
|
PCH |
|
Cemig GT |
|
100 |
% |
8,50 |
|
4,14 |
|
08/07/2015 |
|
Xicão |
|
PCH |
|
Cemig GT |
|
100 |
% |
1,81 |
|
0,61 |
|
19/08/2025 |
|
Igarapé |
|
Termoelétrica |
|
Cemig GT |
|
100 |
% |
131,00 |
|
71,30 |
|
13/08/2024 |
|
Baguari |
|
Hidroelétrica |
|
Subsidiária Cemig GT |
|
34 |
% |
47,60 |
|
27,27 |
|
15/08/2041 |
|
Santo Antônio |
|
Hidroelétrica |
|
Subsidiária Cemig GT |
|
10 |
% |
48,71 |
|
49,84 |
|
12/06/2046 |
|
Praias de Parajuru |
|
Eólica |
|
Subsidiária Cemig GT |
|
49 |
% |
14,11 |
|
4,11 |
|
24/09/2032 |
|
Praia de Morgado |
|
Eólica |
|
Subsidiária Cemig GT |
|
49 |
% |
14,11 |
|
6,47 |
|
26/12/2031 |
|
Volta do Rio |
|
Eólica |
|
Subsidiária Cemig GT |
|
49 |
% |
20,58 |
|
9,02 |
|
26/12/2031 |
|
Cachoeirão |
|
PCH |
|
Subsidiária Cemig GT |
|
49 |
% |
13,23 |
|
8,02 |
|
25/07/2030 |
|
Paracambi |
|
PCH |
|
Subsidiária Cemig GT |
|
49 |
% |
12,25 |
|
9,57 |
|
|
|
Pipoca |
|
PCH |
|
Subsidiária Cemig GT |
|
49 |
% |
9,80 |
|
5,83 |
|
10/09/2031 |
|
Santa Luzia |
|
PCH |
|
Subsidiária Cemig GT |
|
100 |
% |
0,70 |
|
0,23 |
|
25/02/2026 |
|
Capim Branco I |
|
Hidroelétrica |
|
Cemig Holding |
|
21 |
% |
50,53 |
|
32,63 |
|
29/08/2036 |
|
Capim Branco II |
|
Hidroelétrica |
|
Cemig Holding |
|
21 |
% |
44,21 |
|
27,58 |
|
29/08/2036 |
|
Rosal |
|
Hidroelétrica |
|
Cemig Holding |
|
100 |
% |
55,00 |
|
30,00 |
|
08/05/2032 |
|
Sá Carvalho |
|
Hidroelétrica |
|
Cemig Holding |
|
100 |
% |
78,00 |
|
58,00 |
|
01/12/2024 |
|
Ipatinga |
|
Termoelétrica |
|
Cemig Holding |
|
100 |
% |
40,00 |
|
40,00 |
|
13/12/2014 |
|
Barreiro |
|
Termoelétrica |
|
Cemig Holding |
|
100 |
% |
12,90 |
|
11,37 |
|
30/04/2023 |
|
Machado Mineiro |
|
PCH |
|
Cemig Holding |
|
100 |
% |
1,72 |
|
1,14 |
|
08/07/2025 |
|
Pai Joaquim |
|
PCH |
|
Cemig Holding |
|
100 |
% |
23,00 |
|
2,41 |
|
01/04/2032 |
|
Salto do Paraopeba |
|
PCH |
|
Cemig Holding |
|
100 |
% |
2,46 |
|
|
|
04/10/2030 |
|
Salto do Passo Velho |
|
PCH |
|
Cemig Holding |
|
100 |
% |
1,80 |
|
1,48 |
|
04/10/2030 |
|
Salto Voltão |
|
PCH |
|
Cemig Holding |
|
100 |
% |
8,20 |
|
6,63 |
|
04/10/2030 |
|
* Installed capacity and physical guarantee levels are in the Cemig quota.
One of Cemig Ds strategic objectives is to control the levels of electricity losses and the Company has a structure dedicated for this purpose: the Distribution Losses Measurement and Control Management Unit. Success in this objective is monitored monthly by the Companys Total Distribution Losses Index (IPTD). The result in 1Q14 was 11.21%, which compares with a regulatory target of 10.48% by the end of 2017. Note that in deciding the regulatory target, during the third Tariff Review Cycle, the regulator, Aneel, made significant changes in the methods of calculation of technical losses, imposing limits that are extremely challenging for Cemig D. Total losses comprise technical plus non-technical losses. The indicators of measurement are the PPTD and the PPNT, respectively. The projected result for the PPTD in 1Q14 was 9.21%, which compares with a regulatory target of 7.84 %; and the projected result for the PPNT was 2.00%, for a regulatory target of 2.64%.
In non-technical losses, Aneel uses amounts for the low-voltage market. Considering this, the result of the PPNT in relation to the low-voltage invoice market in 1Q14 was 5.55%, compared to a regulatory target of 7.63% (in other words the result was 27% below the limit set by the Regulator).
Tables for Cemig D (R$ million)
|
|
GWH (half-year) |
| ||
Electricity purchased for resale |
|
22014 |
|
2013 |
|
Supply from Itaipu Binacional |
|
3,098 |
|
4,153 |
|
Proinfa program |
|
295 |
|
299 |
|
Nuclear Energy Quota Contracts (Angra I and II Plants) |
|
546 |
|
549 |
|
Physical Guarantee Quota Contracts |
|
3,544 |
|
3,542 |
|
Bilateral contracts prior to Law 10848/2004 |
|
858 |
|
854 |
|
Electricity acquired in Regulated Market auctions |
|
6,051 |
|
5,633 |
|
Electricity settled in short-term market (CCEE) |
|
2,082 |
|
490 |
|
TOTAL ELECTRICITY PURCHASED |
|
16,474 |
|
15,520 |
|
CEMIG D Market
|
|
(GWh) |
|
GW |
| ||||
Quarter |
|
Captive Consumers |
|
TUSD ENERGY1 |
|
T.E.D2 |
|
TUSD PICK3 |
|
2Q12 |
|
5,969 |
|
5,127 |
|
11,096 |
|
26 |
|
3Q12 |
|
6,166 |
|
5,274 |
|
11,441 |
|
24 |
|
4Q12 |
|
6,093 |
|
5,149 |
|
11,242 |
|
26 |
|
1Q13 |
|
6,170 |
|
4,586 |
|
10,756 |
|
28 |
|
2Q13 |
|
6,374 |
|
4,867 |
|
11,241 |
|
28 |
|
3Q13 |
|
6,486 |
|
5,017 |
|
11,503 |
|
29 |
|
4Q13 |
|
6,615 |
|
4,975 |
|
11,591 |
|
29 |
|
1Q14 |
|
6,744 |
|
4,464 |
|
11,208 |
|
29 |
|
2Q14 |
|
6,646 |
|
4,485 |
|
11,132 |
|
29 |
|
(1) Refers to the quantity of electricity for calculation of the regulatory charges charged to free consumer clients (Portion A)
(2) Total electricity distributed
(3) Sum of the demand on which the TUSD is invoiced, according to demand contracted (Portion B).
Operating Revenues |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Sales to end consumers |
|
2,908 |
|
2,435 |
|
19 |
|
TUSD |
|
217 |
|
230 |
|
(5 |
) |
Energy Transactions in the CCEE |
|
|
|
67 |
|
|
|
Construction revenue |
|
189 |
|
235 |
|
(20 |
) |
Subtotal |
|
3,314 |
|
2,967 |
|
12 |
|
Others |
|
291 |
|
185 |
|
57 |
|
Subtotal |
|
3,605 |
|
3,152 |
|
14 |
|
Deductions |
|
(1,007 |
) |
(866 |
) |
16 |
|
Net Revenues |
|
2,597 |
|
2,286 |
|
14 |
|
Operating Expenses |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Purchased Energy |
|
1,462 |
|
1,039 |
|
41 |
|
Personnel/Administrators/Councillors |
|
218 |
|
182 |
|
20 |
|
Depreciation and Amortization |
|
106 |
|
106 |
|
1 |
|
Charges for Use of Basic Transmission Network |
|
125 |
|
85 |
|
46 |
|
Contracted Services |
|
177 |
|
203 |
|
(13 |
) |
Forluz Post-Retirement Employee Benefits |
|
38 |
|
30 |
|
28 |
|
Materials |
|
12 |
|
12 |
|
|
|
Operating Provisions |
|
31 |
|
52 |
|
(40 |
) |
Cost from Operation |
|
189 |
|
235 |
|
(20 |
) |
Other Expenses |
|
70 |
|
56 |
|
24 |
|
Employee Participation |
|
59 |
|
|
|
|
|
Total |
|
2,487 |
|
2,001 |
|
24 |
|
Statement of Results |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Net Revenue |
|
2,597 |
|
2,286 |
|
14 |
|
Operating Expenses |
|
2,487 |
|
2,001 |
|
24 |
|
EBIT |
|
111 |
|
285 |
|
(61 |
) |
EBITDA |
|
217 |
|
390 |
|
(44 |
) |
Financial Result |
|
(205 |
) |
(81 |
) |
154 |
|
Provision for Income Taxes, Social Cont & Deferred Income Tax |
|
29 |
|
(67 |
) |
|
|
Net Income |
|
(65 |
) |
138 |
|
(147 |
) |
Tables for Cemig GT (R$ million)
Operating Revenues |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Sales to end consumers |
|
825 |
|
624 |
|
32 |
|
Supply |
|
1,329 |
|
625 |
|
113 |
|
Revenues from Trans. Network + Transactions in the CCEE |
|
151 |
|
117 |
|
29 |
|
Construction revenue |
|
24 |
|
26 |
|
(9 |
) |
Others |
|
68 |
|
6 |
|
1,044 |
|
Subtotal |
|
2,397 |
|
1,398 |
|
71 |
|
Deductions |
|
(331 |
) |
(308 |
) |
7 |
|
Net Revenues |
|
2,067 |
|
1,090 |
|
90 |
|
Operating Expenses |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Personnel/Administrators/Councillors |
|
74 |
|
66 |
|
13 |
|
Employee Participation |
|
17 |
|
14 |
|
18 |
|
Forluz Post-Retirement Employee Benefits |
|
12 |
|
9 |
|
27 |
|
Materials |
|
4 |
|
2 |
|
63 |
|
Raw Materials and Supplies Energy Production |
|
88 |
|
9 |
|
904 |
|
Contracted Services |
|
32 |
|
40 |
|
(21 |
) |
Depreciation and Amortization |
|
80 |
|
71 |
|
12 |
|
Royalties |
|
27 |
|
27 |
|
(1 |
) |
Operating Reserves |
|
5 |
|
4 |
|
|
|
Charges for Use of Basic Transmission Network |
|
66 |
|
62 |
|
6 |
|
Purchased Energy |
|
411 |
|
299 |
|
37 |
|
Construction Cost |
|
24 |
|
26 |
|
(9 |
) |
Losses on disposal of EBTE |
|
|
|
94 |
|
|
|
Other Expenses |
|
25 |
|
20 |
|
26 |
|
Total |
|
864 |
|
744 |
|
16 |
|
Statement of Results |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Net Revenue |
|
2,067 |
|
1,090 |
|
90 |
|
Operating Expenses |
|
864 |
|
744 |
|
16 |
|
EBIT |
|
1,202 |
|
346 |
|
248 |
|
Equity equivalence results |
|
(9 |
) |
38 |
|
|
|
EBITDA |
|
1,273 |
|
455 |
|
180 |
|
Financial Result |
|
(95 |
) |
(97 |
) |
(2 |
) |
Provision for Income Taxes, Social Cont & Deferred Income Tax |
|
(371 |
) |
(94 |
) |
294 |
|
Net Income |
|
727 |
|
192 |
|
278 |
|
Tables for Cemig Consolidated (R$ million)
Energy Sales (Consolidated) |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Residential |
|
2,460 |
|
2,383 |
|
3 |
|
Industrial |
|
6,526 |
|
5,684 |
|
15 |
|
Commercial |
|
1,576 |
|
1,503 |
|
5 |
|
Rural |
|
845 |
|
702 |
|
20 |
|
Others |
|
826 |
|
843 |
|
(2 |
) |
Subtotal |
|
12,233 |
|
11,116 |
|
10 |
|
Own Consumption |
|
9 |
|
9 |
|
6 |
|
Supply to other Dealers |
|
3,245 |
|
3,776 |
|
(14 |
) |
TOTAL |
|
15,487 |
|
14,901 |
|
4 |
|
Energy Sales |
|
2Q14 |
|
2Q13 |
|
Δ % |
|
Residential |
|
1,291 |
|
1,132 |
|
14 |
|
Industrial |
|
1,205 |
|
979 |
|
23 |
|
Commercial |
|
695 |
|
584 |
|
19 |
|
Rural |
|
227 |
|
171 |
|
33 |
|
Others |
|
272 |
|
239 |
|
13 |
|
Electricity sold to final consumers |
|
3,690 |
|
3,106 |
|
19 |
|
Unbilled Supply, Net |
|
53 |
|
(24 |
) |
|
|
Supply |
|
441 |
|
452 |
|
(2 |
) |
TOTAL |
|
4,185 |
|
3,533 |
|
18 |
|
Operating Revenues |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Sales to end consumers |
|
3,690 |
|
3,106 |
|
19 |
|
TUSD |
|
218 |
|
220 |
|
(1 |
) |
Supply + Transactions in the CCEE |
|
1,434 |
|
689 |
|
108 |
|
Revenues from Trans. Network |
|
133 |
|
116 |
|
15 |
|
Construction revenue |
|
212 |
|
261 |
|
(19 |
) |
Others |
|
351 |
|
247 |
|
42 |
|
Subtotal |
|
6,102 |
|
4,639 |
|
32 |
|
Deductions |
|
(1,364 |
) |
(1,200 |
) |
14 |
|
Net Revenues |
|
4,738 |
|
3,439 |
|
38 |
|
Operating Expenses |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Personnel/Administrators/Councillors |
|
305 |
|
263 |
|
16 |
|
Employee Participation |
|
79 |
|
16 |
|
404 |
|
Forluz Post-Retirement Employee Benefits |
|
53 |
|
42 |
|
26 |
|
Materials |
|
105 |
|
24 |
|
341 |
|
Contracted Services |
|
219 |
|
249 |
|
(12 |
) |
Purchased Energy |
|
1,869 |
|
1,302 |
|
44 |
|
Depreciation and Amortization |
|
202 |
|
184 |
|
10 |
|
Royalties |
|
28 |
|
29 |
|
(1 |
) |
Operating Provisions |
|
42 |
|
71 |
|
(41 |
) |
Charges for Use of Basic Transmission Network |
|
165 |
|
128 |
|
29 |
|
Cost from Operation |
|
212 |
|
261 |
|
(19 |
) |
Other Expenses |
|
105 |
|
90 |
|
16 |
|
TOTAL |
|
3,384 |
|
2,658 |
|
27 |
|
Financial Result Breakdown |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Financial revenues |
|
40 |
|
144 |
|
(72 |
) |
Revenue from cash investments |
|
86 |
|
71 |
|
21 |
|
Arrears penalty payments on electricity bills |
|
43 |
|
50 |
|
(14 |
) |
Gains on financial instruments |
|
|
|
1 |
|
|
|
Updating to present value |
|
(4 |
) |
2 |
|
|
|
Exchange rate |
|
12 |
|
|
|
|
|
Monetary updating of the Financial Assets of the Concession |
|
(113 |
) |
|
|
|
|
Other |
|
16 |
|
20 |
|
(20 |
) |
Financial expenses |
|
(317 |
) |
(296 |
) |
7 |
|
Costs of loans and financings |
|
(201 |
) |
(159 |
) |
26 |
|
Exchange rate |
|
(2 |
) |
(10 |
) |
(82 |
) |
Monetary updating loans and financings |
|
(69 |
) |
(58 |
) |
17 |
|
Monetary updating paid concessions |
|
|
|
(4 |
) |
|
|
Charges and monetary updating on Post-employment obligations |
|
(29 |
) |
(23 |
) |
22 |
|
Other |
|
(17 |
) |
(41 |
) |
(58 |
) |
Financial revenue (expenses) |
|
(278 |
) |
(152 |
) |
82 |
|
Statement of Results |
|
2Q14 |
|
2Q13 |
|
Change% |
|
Net Revenue |
|
4,738 |
|
3,439 |
|
38 |
|
Operating Expenses |
|
3,384 |
|
2,658 |
|
27 |
|
EBIT |
|
1,353 |
|
781 |
|
73 |
|
Results of Equity Income |
|
21 |
|
84 |
|
(75 |
) |
Unrealized profits on gain on sale of investments |
|
|
|
(81 |
) |
|
|
Gain on sale of Investments |
|
|
|
284 |
|
|
|
EBITDA |
|
1,577 |
|
1,252 |
|
26 |
|
Financial Result |
|
(278 |
) |
(152 |
) |
82 |
|
Provision for Income Taxes, Social Cont & Deferred Income Tax |
|
(356 |
) |
(299 |
) |
19 |
|
Net Income |
|
741 |
|
617 |
|
20 |
|
Cash Flow Statement |
|
1H14 |
|
1H13 |
|
Change% |
|
Cash at beginning of period |
|
2,202 |
|
1,919 |
|
15 |
|
Cash generated by operations |
|
2,183 |
|
1,940 |
|
13 |
|
Net income |
|
1,991 |
|
1,483 |
|
34 |
|
Depreciation and amortization |
|
385 |
|
387 |
|
(1 |
) |
Aquisition of jointly-controlled subsidiary, net of cash acquired |
|
|
|
(284 |
) |
|
|
Passthrough from CDE |
|
(136 |
) |
(251 |
) |
(46 |
) |
Equity gain (loss) in subsidiaries |
|
(57 |
) |
605 |
|
|
|
Other adjustments |
|
531 |
|
(3,478 |
) |
(115 |
) |
Loans, financings and debentures |
|
3,129 |
|
2,443 |
|
28 |
|
Payments of loans and financings |
|
1,062 |
|
(3,232 |
) |
(133 |
) |
Interest on Equity, and dividends |
|
(3,660 |
) |
(2,688 |
) |
36 |
|
Payments of loans and financings |
|
(2,928 |
) |
1,249 |
|
|
|
Redemption of the CRC account |
|
|
|
2,466 |
|
|
|
Investments |
|
(2,260 |
) |
1,352 |
|
|
|
Fixed and Intangible assets |
|
(668 |
) |
(2,568 |
) |
(74 |
) |
Cash at end of period |
|
1,988 |
|
1,630 |
|
22 |
|
BALANCE SHEETS (CONSOLIDATED) - ASSETS |
|
06/30/2014 |
|
12/31/2013 |
|
CURRENT |
|
7,355 |
|
6,669 |
|
Cash and cash equivalents |
|
1,989 |
|
2,202 |
|
Securities |
|
1,238 |
|
933 |
|
Consumers and traders |
|
2,408 |
|
1,912 |
|
Concession holders Transport of electricity |
|
239 |
|
240 |
|
Financial assets of the concession |
|
5 |
|
2 |
|
Tax offsetable |
|
194 |
|
481 |
|
Income tax and Social Contribution tax recoverable |
|
97 |
|
249 |
|
Traders Transactions in Free Energy |
|
43 |
|
43 |
|
Dividends receivable |
|
130 |
|
17 |
|
Inventories |
|
37 |
|
38 |
|
Passthrough from CDE (Energy Development Account) |
|
558 |
|
175 |
|
Other credits |
|
417 |
|
377 |
|
NON-CURRENT |
|
25,380 |
|
23,144 |
|
Securities |
|
41 |
|
90 |
|
Receivables Investment Fund |
|
7 |
|
8 |
|
Deferred income tax and Social Contribution tax |
|
1,368 |
|
1,221 |
|
Tax offsetable |
|
381 |
|
382 |
|
Income tax and Social Contribution tax recoverable |
|
146 |
|
177 |
|
Escrow deposits in legal actions |
|
1,227 |
|
1,180 |
|
Consumers and traders |
|
171 |
|
180 |
|
Other credits |
|
117 |
|
83 |
|
Financial assets of the concession |
|
6,308 |
|
5,841 |
|
Investments |
|
8,179 |
|
6,161 |
|
PP&E |
|
5,698 |
|
5,817 |
|
Intangible assets |
|
1,737 |
|
2,004 |
|
TOTAL ASSETS |
|
32,735 |
|
29,814 |
|
BALANCE SHEETS |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
06/30/2014 |
|
12/31/2013 |
|
CURRENT |
|
8,725 |
|
5,922 |
|
Suppliers |
|
1,444 |
|
1,066 |
|
Regulatory charges |
|
168 |
|
153 |
|
Profit shares |
|
137 |
|
125 |
|
Taxes |
|
470 |
|
499 |
|
Income tax and Social Contribution tax |
|
25 |
|
35 |
|
Interest on Equity, and dividends, payable |
|
1,332 |
|
1,108 |
|
Loans and financings |
|
3,793 |
|
1,056 |
|
Debentures |
|
664 |
|
1,182 |
|
Payroll and related charges |
|
173 |
|
186 |
|
Post-retirement liabilities |
|
146 |
|
138 |
|
Concessions payable |
|
21 |
|
20 |
|
Other obligations |
|
354 |
|
354 |
|
NON-CURRENT |
|
11,141 |
|
11,253 |
|
Regulatory charges |
|
193 |
|
193 |
|
Loans and financings |
|
2,085 |
|
2,379 |
|
Debentures |
|
5,012 |
|
4,840 |
|
Taxes |
|
672 |
|
705 |
|
Income tax and Social Contribution tax |
|
236 |
|
256 |
|
Provisions |
|
287 |
|
306 |
|
Concessions payable |
|
155 |
|
152 |
|
Post-retirement liabilities |
|
2,372 |
|
2,311 |
|
Other obligations |
|
129 |
|
111 |
|
STOCKHOLDERS EQUITY |
|
12,869 |
|
12,639 |
|
Share capital |
|
6,294 |
|
6,294 |
|
Capital reserves |
|
1,925 |
|
1,925 |
|
Profit reserves |
|
2,081 |
|
3,840 |
|
Adjustments to Stockholders equity |
|
547 |
|
580 |
|
Retained earnings |
|
2,021 |
|
|
|
TOTAL LIABILITIES |
|
32,735 |
|
29,814 |
|
11. Summary of Principal Decisions of the 604th Meeting of the Board of Directors Held on August 14, 2014
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64 NIRE 31300040127
BOARD OF DIRECTORS
Meeting of August 14, 2014
SUMMARY OF PRINCIPAL DECISIONS
At its 604th meeting, held on August 14, 2014, the Board of Directors of Cemig (Companhia Energética de Minas Gerais) decided the following:
1. Appointment of Managers for SAESA and MESA.
2. D&O (Directors and Officers) third part liability insurance.
3. Signature, with the federal government, through Aneel, of an amendment to the Concession Contract for the Irapé Hydroelectric Plant.
4. Orientation of vote in the meeting of the Board of Directors of Taesa, on the increase in the share capital of Empresa Santos Dumont de Energia (ESDE), Lumitrans Companhia Transmissora de Energia Elétrica and STC Sistema de Transmissão Catarinense S.A.
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
12. Market Announcement Dated August 14, 2014: Judgment on Jaguara Plant concession adjourned further
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY CNPJ 17.155.730/0001-64 NIRE 31300040127
MARKET ANNOUNCEMENT
Judgment on Jaguara Plant concession adjourned further
Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, in accordance with CVM Instruction 358 of January 3, 2002, as amended, hereby informs the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (BM&F Bovespa S.A.) and the market in general, as follows:
Today (August 14, 2014) Brazils Higher Appeal Court (Superior Tribunal de Justiça, STJ) resumed its judgment on Application for Mandamus No. 20.432/DF, brought by Cemig GT for annulment of the decision of the Mining and Energy Ministry (MME) which had refused the Companys application for extension of the concession for the Jaguara Hydroelectric Plant under its Concession Contract No. 007/97.
This judgment had been adjourned earlier this year at the request of Mr. Justice Mauro Campbell Marques, who had requested full sight of the papers in the case at the judgment session of the court on this matter on May 14, 2014.
Today he again requested further extension of time for analysis of the case. As a result the judgment is once again adjourned. No date has yet been set for resumption of the judgment.
The interim injunction that was previously granted, under which Cemig remains in control of the Jaguara plant, operating the public service under its concession contract, until the judgment of the case, remains in force.
Cemig will keep its stockholders and the market opportunely and appropriately informed on the progress of this case.
Belo Horizonte, August 14, 2014
Arlindo Porto Neto
Acting Chief Finance and Investor Relations Officer
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.