Investments (Tables)

12 Months Ended

Dec. 31, 2018

Percentage of the Company's Equity Interest


	Control	2018		2017
Hidrelétrica Cachoeirão	Jointly-controlled		49		58
Hidrelétrica Pipoca	Jointly-controlled		31		26
Retiro Baixo	Jointly-controlled		171		158
Aliança Norte (Belo Monte plant)	Jointly-controlled		664		577
Madeira Energia (Santo Antônio plant)	Affiliated		270		535
FIP Melbourne (Santo Antônio plant)	Affiliated		470		582
Baguari Energia	Jointly-controlled		162		148
Renova	Jointly-controlled		—		282
Aliança Geração	Jointly-controlled		1,217		1,242
Central Eólica Praias de Parajuru	Subsidiary		—		60
Central Eólica Volta do Rio	Subsidiary		—		68
Central Eólica Praias de Morgado	Jointly-controlled		—		51
Amazônia Energia (Belo Monte Plant)	Jointly-controlled		1,013		867
Light (1)	Subsidiary		—		1,534
Guanhães Energia (1)	Subsidiary		—		25
Axxiom Soluções Tecnológicas (1)	Subsidiary		—		12
Usina Hidrelétrica Itaocara S.A. (1)	Subsidiary		—		4
Lightger (1)	Subsidiary		—		41
Taesa	Jointly-controlled		1,143		1,101
Ativas Data Center	Affiliated		16		17
RME (2)	Subsidiary		—		383
UFV Janaúba Geração de Energia Elétrica Distribuída (3)	Affiliated		9		—
Companhia de Transmissão Centroeste de Minas	Jointly-controlled		20		21

Total of investments			5,235		7,792

(1)

Until December 31, 2017 Light was a jointly-controlled entity as described in Note 17.1. On November 30, 2018 Company obtained control of Light, and subsequently, in accordance with IFRS 5, reclassified the investment in Light, Axxion, Lightger, Guanhães and Itaocara as Non-current assets held for sale.

(2)

On November 30, 2018 the Company acquired all RME’s shares, and therefore as from that date on it consolidates that company in its financial statements. RME’s sole asset is its holdings in the share capital of Light. Hence, the Comapay no longer presents the investment that it previously held at RME in its consolidated statement, presenting only the interest in Light.

(3)	Special-purpose Company (SPC) constituted by Efficientia and GD Energia (holding company of the Mori Group) to develop a 5MW photovoltaic generation plant in Janaúba, Minas Gerais, to be leased to customers of Cemig Distribuição that qualify under Aneel Resolution 482/2012.

Allocation of Acquisition Price of Jointly-Controlled Subsidiaries, A Valuation was Made of Intangible Assets Relating to Right to Operate Regulated Activity

Changes in these assets are as follows:


Investees	2015		Addition		Amortization			Written off			2016		Amortization			Written off			2017		Addition		Amortization			Written off			2018
Taesa		415		—		(18	)		(109	)		288		(13	)		(86	)		189		—		(9	)		—			180
Light		231		—		(22	)		—			209		(23	)		—			186		—		(22	)		(164	)		—
Lepsa		—		50		(1	)		—			49		(6	)		(43	)		—		—		—			—			—
RME		—		49		(1	)		—			48		(5	)		—			43		20		(5	)		(58	)		—

Total		646		99		(42	)		(109	)		594		(47	)		(129	)		418		20		(36	)		(222	)		180

Summary of Changes in Investments in Subsidiaries Jointly Controlled Entities and Affiliates

This table shows the changes in investments in subsidiaries, jointly-controlled entities and affiliates:


Investee	2017		Gain (loss) by equity method (Income statement)			Remeasurement of previously held equity interest in subsidiaries acquired (step- acquisition)			Dividends			Additions / acquisitions		Disposals			Reclassification to held for sale			Others			2018
Companhia de Transmissão Centroeste de Minas		21		5			—			(6	)		—		—			—			—			20
Light (1)		1,534		19			(231	)		(8	)		—		—			(1,255	)		(59	)		—
RME (1)/(5)		383		3			(52	)		(1	)		104		—			(326	)		(111	)		—
Axxiom Soluções Tecnológicas (1)		12		(7	)		—			—			—		—			(4	)		(1	)		—
Lightger (1)		41		3			84			(2	)		—		—			(126	)		—			—
Guanhães Energia (1)		25		30			—			—			57		—			(112	)		—			—
Usina Hidrelétrica Itaocara S.A. (1)		4		(4	)		—			—			5		—			(5	)		—			—
Hidrelétrica Pipoca		26		7			—			(2	)		—		—			—			—			31
Madeira Energia (Santo Antônio plant) (2) (4)		535		(163	)		—			—			25		—			—			(127	)		270
FIP Melbourne (Santo Antônio plant) (4)		582		(139	)		—			—			27		—			—			—			470
Hidrelétrica Cachoeirão		58		10			—			(19	)		—		—			—			—			49
Baguari Energia		148		28			—			(15	)		—		—			—			1			162
Central Eólica Praias de Parajuru (3)		60		(6	)		21			—			74		(3	)		—			(146	)		—
Central Eólica Volta do Rio (3)		68		(16	)		59			—			92		(22	)		—			(181	)		—
Central Eólica Praias de Morgado (3)		51		(15	)		—			—			—		(12	)		—			(24	)		—
Amazônia Energia (Belo Monte Plant)		867		80			—			—			69		—			—			(3	)		1,013
Aliança Norte (Belo Monte plant)		577		44			—			—			43		—			—			—			664
Ativas Data Center		17		(1	)		—			—			—		—			—			—			16
Taesa (1)		1,101		225			—			(208	)		—		—			—			25			1,143
Renova		282		(282	)		—			—			—		—			—			—			—
Aliança Geração		1,242		65			—			(90	)		—		—			—			—			1,217
Retiro Baixo		158		10			—			(3	)		6		—			—			—			171
UFV Janaúba Geração de Energia Elétrica Distribuída				0			—			—			9		—			—			—			9
Total of investments		7,792		(104	)		(119	)		(354	)		511		(37	)		(1,828	)		(626	)		5,235

(1)

The movement in the Others column arises from the first-time adoption of the new accounting standards on January 1, 2018, recognized by the investees directly in equity without inclusion in the statement of income. For more details, please see Note 2.5. The column Reclassification to held for sale includes the effect of the reclassification of the investment in Light, Axxion, Lightger, Guanhães and Itaocara to Non-current assets held for sale, in accordance with IFRS 5.

(2)

Due to the result of analysis of impairment indication, due to the recurring losses incurred by Madeira, a provision was recognized for loss of part of the residual added value of the investment in Madeira, to limit its balance to the minimum value of the excess of future economic benefits arising from use of the net fixed asset on December, 31, 2018, using the nominal WACC of 9.59% as the discount rate. The provision is presented in the statement of income for the year ended December, 31, 2018 as Impairment loss on Investments.

(3)

Movements arising from the business combination between the Company and Energimp. The rights to exploitation of the regulated activity are classified in the consolidated statement of financial position under Intangible. Details of the transaction are in the topic Parajuru, Volta do Rio and Morgado in this note.

(4)	In October 2018 the subsidiary Cemig GT subscribed capital increases in Mesa and FIP Melbourne, of R$ 25 and R$ 27, respectively. These funds were entirely applied in capital contributions to Santo Antônio Energia S.A. (‘Saesa’ or ‘Santo Antônio Hydroelectric Plant’).

(5)	As mentioned in note 38, on April 24, 2019 the merger of the subsidiaries Lepsa and RME into the Company was completed.


	2016			Gain (loss) by equity method (Income statement)			Gain (loss) by equity method (Other comprehensive income)			Dividends			Additions / acquisitions		Disposals			Others			2017
Companhia Transleste de Transmissão		22			5			—			(7	)		—		(20	)		—			—
Companhia Transudeste de Transmissão		21			3			—			(12	)		—		(12	)		—			—
Companhia Transirapé de Transmissão		24			4			—			(6	)		—		(22	)		—			—
Companhia de Transmissão Centroeste de Minas		21			5			—			(5	)		—		—			—			21
Light (1)		1,070			35			(3	)		—			—		—			432			1,534
Axxiom Soluções Tecnológicas		19			(7	)		—			—			—		—			—			12
Lepsa (1)		344			—			(2	)		—			—		—			(342	)		—
RME		339			7			(2	)		—			38		—			1			383
Hidrelétrica Cachoeirão		50			10			—			(3	)		—		—			1			58
Guanhães Energia (2)		—			(13	)		—			—			97		—			(59	)		25
Hidrelétrica Pipoca		32			2			—			(8	)		—		—			—			26
Madeira Energia (Santo Antônio plant)		644			(109	)		—			—			—		—			—			535
FIP Melbourne (Santo Antônio plant)		677			(95	)		—			—			—		—			—			582
Lightger		42			2			—			(3	)		—		—			—			41
Baguari Energia		162			17			—			(30	)		—		—			(1	)		148
Central Eólica Praias de Parajuru		63			(1	)		—			—			—		—			(2	)		60
Central Eólica Volta do Rio		81			(12	)		—			—			—		—			(1	)		68
Central Eólica Praias de Morgado		60			(8	)		—			—			—		—			(1	)		51
Amazônia Energia (Belo Monte Plant)		781			1			—			—			85		—			—			867
Ativas Data Center		18			(2	)		—			—			—		—			1			17
Taesa (3)		1,583			216			—			(183	)		—		(515	)		—			1,101
Renova		689			(390	)		(34	)		—			18		—			(1	)		282
Usina Hidrelétrica Itaocara S.A.		3			(2	)		—			—			3		—			—			4
Aliança Geração		1,319			72			—			(149	)		—		—			—			1,242
Aliança Norte (Belo Monte plant)		527			(2	)		—			—			51		—			1			577
Retiro Baixo		162			10			—			(14	)		—		—			—			158

Total of investments		8,753			(252	)		(41	)		(420	)		292		(569	)		29			7,792

Guanhães Energia – Uncovered liabilities of jointly-controlled entity (2)		(59	)		—			—			—			—		—			59			—

Total		8,694			(252	)		(41	)		(420	)		292		(569	)		88			7,792

(1)

On November 30, 2017 the Company acquired all Lepsa’s shares, and therefore as from that date on it consolidates that company in its financial statements. Lepsa’s sole asset is its holdings in the share capital of Light. Hence, the Company no longer presents the investment that it previously held at Lepsa in its consolidated statement, presenting only the interest in Light.

(2)	Uncovered liability reversed through injection of capital.

(3)

On November 2017 the Company sold part of its equity interest in the jointly-controlled entity Taesa. The Company sold 34 million Units of Taesa at the price of R$ 21.10 per Unit. With the sale, the Company’s holding in the share capital of Taesa was reduced from 31.54% to 21.68%. The shares that were sold are not part of the controlling shareholding block of Taesa, and as a result Cemig continues to be in the controlling block of Taesa.


	2015			Equity method gain (Statement of income)			Gain (loss) by equity method (Other comprehensive income)			Dividends			Additions / acquisitions		Disposals			Merger			Other			2016
Companhia Transleste de Transmissão		18			6			—			(2	)		—		—			—			—			22
Companhia Transudeste de Transmissão		18			4			—			(1	)		—		—			—			—			21
Companhia Transirapé de Transmissão		19			5			—			—			—		—			—			—			24
Transchile		108			2			(23	)		—			—		(87	)		—			—			—
Companhia de Transmissão Centroeste de Minas		18			5			—			(2	)		—		—			—			—			21
Light		1,188			(121	)		3			—			—		—			—			—			1,070
Axxiom Soluções Tecnológicas		24			(5	)		—			—			—		—			—			—			19
Lepsa		—			(18	)		1			(57	)		252		—			166			—			344
RME		—			(20	)		—			(58	)		247		—			169			1			339
Hidrelétrica Cachoeirão		42			10			—			(2	)		—		—			—			—			50
Guanhães Energia (1)		19			(103	)		—			—			25		—			—			59			—
Hidrelétrica Pipoca		27			5			—			—			—		—			—			—			32
Madeira Energia (Santo Antônio Plant through Madeira Energia)		676			(71	)		—			—			39		—			—			—			644
FIP Melbourne (Santo Antônio Plant through Madeira Energia)		703			(63	)		—			—			40		—			—			(3	)		677
LightGer		37			5			—			—			—		—			—			—			42
Baguari Energia		187			41			—			(14	)		—		—			—			(52	)		162
Central Eólica Praias de Parajuru		63			—			—			—			—		—			—			—			63
Central Eólica Volta do Rio		85			(4	)		—			—			—		—			—			—			81
Central Eólica Praias de Morgado		62			(2	)		—			—			—		—			—			—			60
Amazônia Energia (Belo Monte Plant through Norte Energia)		495			(6	)		—			—			292		—			—			—			781
Ativas Data Center (2)		—			(31	)		—			—			99		—			—			(50	)		18
Parati		358			(24	)		1			—			—		—			(335	)		—
Taesa		2,242			342			—			(382	)		—		(619	)		—			—			1,583
Renova (3)		1,527			(372	)		19			—			278		—			—			(763	)		689
Usina Hidrelétrica Itaocara S.A.		—			—			—			—			3		—			—			—			3
Aliança Geração		1,327			104			—			(112	)		—		—			—			—			1,319
Aliança Norte (Belo Monte Plant through Norte Energia)		354			(7	)		—			—			180		—			—			—			527
Retiro Baixo		148			16			—			(2	)		—		—			—			—			162

Total of investments		9,745			(302	)		1			(632	)		1,455		(706	)		—			(808	)		8,753

Ativas Data Center – Uncovered liabilities of jointly-controlled entity		(28	)		—			—			—			—		—			—			28			—
Guanhães Energia – Uncovered liabilities of jointly-controlled entity		—			—			—			—			—		—			—			(59	)		(59	)

Total		9,717			(302	)		1			(632	)		1,455		(706	)		—			(839	)		8,694

1)	Transfer to uncovered liabilities.

2)	The amount of R$ 50 refers to the dilution of shareholding interest arising from subscription of share capital by a new shareholder.

3)	The amount of R$ 763 refers to the impairment of intangible concession assets resulting from the financial difficulties of Renova.

Summary of Changes in Dividends Receivable

Changes in dividends receivable are as follows:


	2018			2017
Initial balance		77			11
Investees’ dividends proposed		354			420
Amounts received		(311	)		(354	)

Final balance		120			77

Subsidiaries and Jointly Controlled Entities Percentage by the Company's Ownership Interest

c)	Information from the subsidiaries, jointly-controlled entities and affiliates:


Company	Number of shares		2018						2017						2016
Company	Number of shares		Cemig interest %		Share capital		Equity		Cemig interest %		Share capital		Equity		Cemig interest %		Share capital		Equity
Cemig Geração e Transmissão		2,896,785,358		100.00		2,600		4,980		100.00		1,838		4,794		100.00		1,838		4,583
Madeira Energia (Usina Santo Antônio)		12,034,025,147		15.51		10,620		4,657		18.13		9,547		5,327		18.13		10,152		6,419
Hidrelétrica Cachoeirão		35,000,000		49.00		35		100		49.00		35		118		49.00		35		103
Guanhães Energia		396,401,600		49.00		396		228		49.00		331		51		49.00		186		-
Hidrelétrica Pipoca		41,360,000		49.00		41		63		49.00		41		53		49.00		41		65
Baguari Energia (1)		26,157,300,278		69.39		187		234		69.39		187		214		69.39		187		248
Central Eólica Praias de Parajuru (4)		71,834,843		100.00		72		80		49.00		71		89		49.00		71		89
Central Eólica Volta do Rio (4)		138,867,440		100.00		139		84		49.00		117		116		49.00		117		137
Central Eólica Praias de Morgado (4)		—		—		—		—		49.00		53		54		49.00		53		65
Lightger		79,078,937		49.00		79		86		49.00		79		83		49.00		79		85
Aliança Norte (Usina Belo Monte)		41,437,698,407		49.00		1,206		1,247		49.00		1,119		1,066		49.00		1,014		1,077
Amazônia Energia (Usina Belo Monte) (1)		1,322,427,723		74.50		1,322		1,359		74.50		1,230		1,163		74.50		1,116		1,048
Aliança Geração		1,291,582		45.00		1,291		1,858		45.00		1,291		1,858		45.00		1,291		1,973
Retiro Baixo		222,850,000		49.90		223		278		49.90		223		258		49.90		223		264
Renova (1)		41,719,724		36.23		2,919		-76		36.23		2,919		780		34.15		2,856		1,956
Usina Hidrelétrica Itaocara S.A.		22,165,114		49.00		22		10		49.00		11		8		49.00		6		6
Cemig Ger.Três Marias S.A.		1,291,423,369		100.00		1,291		1,396		100.00		1,291		1,392		100.00		1,291		1,410
Cemig Ger.Salto Grande S.A.		405,267,607		100.00		405		440		100.00		405		440		100.00		405		444
Cemig Ger. Itutinga S.A.		151,309,332		100.00		151		179		100.00		151		171		100.00		151		170
Cemig Geração Camargos S.A.		113,499,102		100.00		113		132		100.00		113		130		100.00		113		127
Cemig Geração Sul S.A.		148,146,505		100.00		148		176		100.00		148		168		100.00		148		167
Cemig Geração Leste S.A.		100,568,929		100.00		101		121		100.00		101		116		100.00		101		116
Cemig Geração Oeste S.A.		60,595,484		100.00		61		70		100.00		61		69		100.00		61		70
Rosal Energia S.A. (3)		46,944,467		100.00		47		125		—		—		—		—		—		—
Sá Carvalho S.A. (3)		361,200,000		100.00		37		94		—		—		—		—		—		—
Horizontes Energia S.A. (3)		39,257,563		100.00		39		55		—		—		—		—		—		—
Cemig PCH S.A. (3)		45,952,000		100.00		46		93		—		—		—		—		—		—
Usina Termelétrica do Barreiro S.A. (3)		16,902,000		100.00		17		18		—		—		—		—		—		—
Empresa de Serviços de Comercialização de Energia Elétrica S.A. (3)		486,000		100.00		—		27		—		—		—		—		—		—
Cemig Comercializadora de Energia Incentivada S.A. (3)		1,000,000		100.00		1		3		—		—		—		—		—		—
Cemig Trading S.A. (3)		1,000,000		100.00		1		28		—		—		—		—		—		—
Cemig Distribuição		2,359,113,452		100.00		2,772		4,642		100.00		2,772		3,737		100.00		2,362		2,5
Rosal Energia (3)		—		—		—		—		100.00		47		107		100.00		47		141
Sá Carvalho (3)		—		—		—		—		100.00		37		103		100.00		37		106
Horizontes Energia (3)		—		—		—		—		100.00		39		53		100.00		39		52
Cemig PCH (3)		—		—		—		—		100.00		36		97		100.00		36		92
UTE Barreiro (3)		—		—		—		—		100.00		17		18		100.00		31		39
Empresa de Comercialização de Energia Elétrica (3)		—		—		—		—		100.00		—		18		100.00		—		20
Cemig Comercializadora de Energia Incentivada (3)		—		—		—		—		100.00		1		2		100.00		1		2
Cemig Trading (3)		—		—		—		—		100.00		1		29		100.00		1		29
Light		203,934,060		26.06		2,226		3,389		26.06		2,226		3,462		26.06		2,226		3,354
TAESA		1,033,496,721		21.68		3,042		4,572		21.68		3,042		4,347		31.54		3,042		4,308
Cemig Telecom (2)		—		—		—		—		100.00		292		247		100.00		242		192
Ativas Data Center		456,540,718		19.60		182		84		—		—		—		—		—		—
Gasmig		409,255,483		99.57		665		1,001		99.57		665		1,224		99.57		665		1,426
Cemig Geração Distribuída (5)		174,281		100.00		0		3		100.00		0		5		100.00		—		4
LEPSA		1,379,839,905		100.00		406		447		100.00		406		456		66.62		438		443
RME		1,365,421,406		100.00		403		423		75.00		403		453		66.27		434		440
Efficientia		15,121,845		100.00		15		18		100.00		6		7		100.00		6		5
Companhia de Transmissão Centroeste de Minas		28,000,000		51.00		28		39		51.00		28		40		51.00		28		42
Companhia Transleste de Transmissão		49,569,000		—		—		—		—		—		—		25.00		50		81
Companhia Transudeste de Transmissão		30,000,000		—		—		—		—		—		—		24.00		30		85
Companhia Transirapé de Transmissão		22,340,490		—		—		—		—		—		—		24.50		22		98
Axxiom Soluções Tecnológicas		46,600,000		49.00		47		17		49.00		47		24		49.00		47		39

(1)	Jointly-control under a Shareholders’ Agreement.

(2)	On March 31, 2018 Cemig Telecom was merged into the Company.

(3)

On November 30, 2018 ownership of the Company’s wholly-owned subsidiaries Rosal Energia, Sá Carvalho, Horizontes Energia, Cemig PCH, UTE Barreiro, Empresa de Comercialização de Energia Elétrica, Cemig Comercializadora de Energia Incentivada and Cemig Trading was transferred to the wholly-owned subsidiary Cemig GT.

(4)

(5)	Previously named “Usina Térmica Ipatinga S.A” until December, 2017.

Summarized Financial Information of the Company's Equity Investees

The main balances for the affiliated and jointly-controlled entities, at December 31, 2018, 2017 and 2016, are as follows:


2018	Centroeste			Ativas Data Center			Taesa			Hidrelétrica Cachoeirão			Hidrelétrica Pipoca			Retiro Baixo			Aliança Norte
Assets
Current		19			17			1,679			23			12			47			—
Cash and cash equivalents		—			1			19			18			4			36			—
Non-current		36			106			6,750			85			95			354			1,247

Total assets		55			123			8,429			108			107			401			1,247
Liabilities
Current		6			23			606			7			11			32			—
Loans and financings – Current		3			9			8			—			7			14			—
Non-current		10			16			3,252			—			33			91			—
Loans and financings – Non-Current		10			13			402			—			33			82			—
Equity		39			84			4,572			100			63			278			1,247

Total liabilities		55			123			8,430			107			107			401			1,247
Statement of income
Net sales revenue		14			70			1,245			50			29			71			—
Cost of sales		(1	)		(72	)		(185	)		(29	)		(12	)		(29	)		—
Depreciation and amortization		—			—			—			(3	)		(3	)		(10	)		—
Gross profit (loss)		13			(2	)		1,060			21			17			42			—
General and administrative expenses		—			(16	)		(138	)		—			—			(4	)		(3	)
Finance income		1			—			53			1			—			2			1
Finance expenses		(3	)		(3	)		(275	)		—			(4	)		(11	)		(1	)
Operational profit (loss)		11			(21	)		700			22			13			29			(3	)
Share of (loss) profit, net, of subsidiaries and joint ventures		—			—			481			—			—			—			97
Income and Social Contribution taxes		(1	)		—			(110	)		(2	)		(1	)		(3	)		—

Net income (loss) for the year		10			(21	)		1,071			20			12			26			94

Comprehensive income (loss) for the year
Net income (loss) for the year		10			(21	)		1,071			20			12			26			94

Comprehensive income (loss) for the year		10			(21	)		1,071			20			12			26			94


2018	Amazônia Energia			Madeira Energia			Baguari Energia			Renova			Aliança Geração
Assets
Current		—			618			44			295			712
Cash and cash equivalents		—			69			8			—			344
Non-current		1,360			22,453			201			1,229			2,277

Total assets		1,360			23,071			245			1,524			2,989
Liabilities
Current		1			1,281			7			442			534
Loans and financings – Current		—			53			—			342			149
Non-current		—			17,134			5			1,158			597
Loans and financings – Non-Current		—			10,220			—			—			140
Equity		1,359			4,656			233			(76	)		1,858

Total liabilities		1,360			23,071			245			1,524			2,989
Statement of income
Net sales revenue		—			3,005			74			—			907
Cost of sales		—			(2,689	)		(31	)		(4	)		(555	)
Depreciation and amortization		—			—			(9	)		(4	)		(125	)
Gross profit (loss)		—			316			43			(4	)		352
General and administrative expenses		(1	)		(195	)		—			(93	)		(31	)
Finance income		2			128			3			1			30
Finance expenses		(2	)		(1,881	)		(1	)		(84	)		(67	)
Operational profit (loss)		(1	)		(1,632	)		45			(180	)		284

Share of (loss) profit, net, of subsidiaries and joint ventures		105			—			—			(676	)		10
Income and Social Contribution taxes		(1	)		(112	)		(4	)		—			(96	)

Net income (loss) for the year		103			(1,744	)		41			(856	)		198

Comprehensive income (loss) for the year
Net income (loss) for the year		103			(1,744	)		41			(856	)		198

Comprehensive income (loss) for the year		103			(1,744	)		41			(856	)		198


2017 (1)	Centroeste			RME			Light			Taesa			Axxiom			Aliança Norte			Itaocara			Lightger			Amazônia Energia			Aliança Geração
Assets
Current		56			2			4,250			1,970			46			1			5			51			—			622
Cash and cash equivalents		17			1			342			2			3			—			5			1			—			468
Non-current		1			451			11,181			6,608			11			1,065			11			142			1,163			2,398

Total assets		57			453			15,431			8,578			57			1,066			16			193			1,163			3,020

Liabilities
Current		4			—			5,575			736			29			—			1			31			—			448
Suppliers		—			—			2,023			48			1			—			1			20			—			44
Loans and financings – Current		3			—			1,373			—			5			—			—			—			—			84
Non-current		13			—			6,394			3,495			4			—			7			79			—			714
Equity		40			453			3,462			4,347			24			1,066			8			83			1,163			1,858

Total liabilities		57			453			15,431			8,578			57			1,066			16			193			1,163			3,020

Statement of income
Net sales revenue		15			—			11,315			1,104			43			—			—			42			—			920
Cost of sales		(4	)		—			—			(209	)		(55	)		—			(4	)		(28	)		—			(554	)
Depreciation and amortization		(1	)		—			—			(1	)		(2	)		—			—			(11	)		—			(127	)

Gross profit (loss)		11			—			11,315			895			(12	)		—			(4	)		14			—			366
General and administrative expenses		—			(1	)		(9,941	)		(124	)		(7	)		(1	)		—			(2	)		(1	)		(11	)
Finance income		2			16			136			368			1			—			—			4			2			30
Finance expenses		(2	)		—			(1,212	)		(434	)		(1	)		—			—			(9	)		—			(65	)

Operational profit (loss)		11			15			298			705			(19	)		(1	)		(4	)		7			1			320
Income and Social Contribution taxes		(1	)		—			(174	)		(58	)		6			—			—			(3	)		—			(104	)

Net income (loss) for the year		10			15			124			647			(13	)		(1	)		(4	)		4			1			216

Comprehensive income (loss) for the year
Net income (loss) for the year		10			15			124			647			(13	)		(1	)		(4	)		4			1			216

Comprehensive income (loss) for the year		10			15			124			647			(13	)		(1	)		(4	)		4			1			216

(1)

The ‘Transmineiras’ companies (Companhia Transleste de Transmissão S.A.; Companhia Transudeste de Transmissão S.A. and Companhia Transirapé de Transmissão S.A.) were removed from the table for 2017, due to their sale in November 2017. LEPSA is not presented in the 2017 table due to the fact that it has been under the Company’s control since November 2017.


2017	Hidrelétrica Cachoeirão			Baguari Energia			Guanhães Energia			Madeira Energia			Hidrelétrica Pipoca			Retiro Baixo			Renova			Central Eólica de Parajuru			Central Eólica de Morgado			Central Eólica Volta do Rio
Assets
Current		51			29			11			557			15			23			32			41			11			16
Cash and cash equivalents		46			5			7			55			6			14			—			35			7			5
Non-current		87			209			42			23,594			95			366			1,679			121			136			233

Total assets		138			238			53			24,151			110			389			1,711			162			147			249

Liabilities
Current		10			18			2			2,031			18			27			395			26			90			126
Suppliers		1			10			—			203			6			3			25			1			2			1
Non-current		10			6			—			16,793			39			104			536			47			3			7
Equity		118			214			51			5,327			53			258			780			89			54			116

Total liabilities		138			238			53			24,151			110			389			1,711			162			147			249

Statement of income
Net sales revenue		39			64			—			2,971			29			67			—			21			14			22
Cost of sales		(17	)		(37	)		(1	)		(1,859	)		(18	)		(34	)		(5	)		(16	)		(17	)		(28	)
Depreciation and amortization		(4	)		(9	)		—			—			(3	)		(10	)		(5	)		(10	)		(10	)		(17	)
Gross profit (loss)		22			27			(1	)		1,112			11			33			(5	)		5			(3	)		(6	)
General and administrative expenses		—			—			—			(817	)		(1	)		—			—			(2	)		(1	)		(3	)
Provision for loss		—			—			(22	)		—			—			—			—			—			—			—
Financial income		4			6			1			115			2			3			4			3			2			3
Finance expenses		(2	)		—			(3	)		(1,551	)		(5	)		(11	)		(1,260	)		(6	)		(8	)		(12	)
Operational profit (loss)		24			33			(25	)		(1,141	)		7			25			(1,261	)		—			(10	)		(18	)
Income and Social Contribution taxes		(3	)		(11	)		—			49			(2	)		(3	)		121			—			(1	)		(3	)

Net income (loss) for the year		21			22			(25	)		(1,092	)		5			22			(1,140	)		—			(11	)		(21	)

Comprehensive income (loss) for the year
Net income (loss) for the year		21			22			(25	)		(1,092	)		5			22			(1,140	)		—			(11	)		(21	)

Comprehensive income (loss) for the year		21			22			(25	)		(1,092	)		5			22			(1,140	)		—			(11	)		(21	)


2016	Parati			Transleste			Transirapé			Centroeste			Transudeste			Lepsa			RME			Light			Taesa			Axxiom			Aliança Norte
Assets
Current		12			50			41			61			32			6			3			3,612			1,955			66			2
Cash and cash equivalents		8			3			2			20			4			—			—			668			102			9			2
Non-current		1,327			123			122			1			78			437			437			10,718			6,456			13			1,075

Total assets		1,339			173			163			62			110			443			440			14,330			8,411			79			1,077

		—			—			—			—			—			—			—			—			—			—			—
Liabilities		—			—			—			—			—			—			—			—			—			—			—
Current		—			28			33			5			22			—			—			4,871			1,074			32			—
Suppliers		—			—			—			—			—			—			—			1,342			37			1			—
Loans and financings		—			18			19			3			19			—			—			15,568			9			10			—
Non-current		—			63			32			15			3			—			—			6,105			3,029			8			—
Equity		1,339			82			98			42			85			443			440			3,354			4,308			39			1,077

Total liabilities		1,339			173			163			62			110			443			440			14,330			8,411			79			1,077

		—			—			—			—			—			—			—			—			—			—			—
Statement of income		—			—			—			—			—			—			—			—			—			—			—
Net sales revenue		—			34			45			13			22			—			—			9,645			1,391			57			—
Cost of sales		—			(2	)		(19	)		(2	)		(1	)		—			—			(8,042	)		(149	)		(64	)		—
Depreciation and amortization		—			—			—			(1	)		—			—			—			(452	)		(1	)		(2	)		—

Gross profit (loss)		—			32			26			11			21			—			—			1,603			1,242			(7	)		—
General and administrative expenses		(6	)		—			(1	)		—			(1	)		(1	)		(1	)		(753	)		(107	)		(8	)		(2	)
Finance income		4			2			1			4			1			—			1			148			58			1			—
Finance expenses		(60	)		(11	)		(5	)		(3	)		(4	)		(41	)		(41	)		(1,281	)		(223	)		—			(7	)

Operational profit (loss)		(62	)		23			21			12			17			(42	)		(41	)		(283	)		970			(14	)		(9	)
Income tax and the Social Contribution tax		—			(2	)		(2	)		(1	)		(1	)		—			—			(30	)		(108	)		5			—

Net income (loss) for the year		(62	)		21			19			11			16			(42	)		(41	)		(313	)		862			(9	)		(9	)

Comprehensive income (loss) effects		1			—			—			—			—			—			—			3			—			—			—

Comprehensive income (loss) for the year		(61	)		21			19			11			16			(42	)		(41	)		(310	)		862			(9	)		(9	)


2016	Hidrelétrica Cachoeirão			Baguari Energia			Guanhães Energia			Madeira Energia			Hidrelétrica Pipoca			Retiro Baixo			Renova			Central Eólica de Parajuru			Central Eólica de Morgado			Central Eólica Volta do Rio			Lightger			Amazônia Energia			Aliança Geração
Assets
Current		43			45			16			1,520			20			30			136			38			24			37			35			—			388
Cash and cash equivalents		40			11			1			58			17			19			36			18			17			27			32			—			147
Non-current		86			220			65			23,557			98			377			5,765			128			142			245			152			1,048			2,512

Total assets		129			265			81			25,077			118			407			5,901			166			166			282			187			1,048			2,900

		—			—			—			—			—			—			—			—			—			—			—			—			—
Liabilities		—			—			—			—			—			—			—			—			—			—			—			—			—
Current		9			12			191			3,131			8			25			3,347			19			27			37			16			—			592
Suppliers		2			6			—			662			—			1			547			1			1			1			6			—			101
Non-current		17			5			11			15,527			45			118			598			58			74			108			86			—			335
Equity		103			248			(121	)		6,419			65			264			1,956			89			65			137			85			1,048			1,973

Total liabilities		129			265			81			25,077			118			407			5,901			166			166			282			187			1,048			2,900

		—			—			—			—			—			—			—			—			—			—			—			—			—
Statement of income		—			—			—			—			—			—			—			—			—			—			—			—			—
Net sales revenue		34			65			—			2,803			25			62			484			27			22			29			36			—			804
Cost of sales		(10	)		(12	)		—			(1,845	)		(6	)		(29	)		(454	)		(17	)		(17	)		(27	)		(17	)		—			(314	)
Depreciation and amortization		(3	)		(9	)		—			(673	)		(3	)		(9	)		(93	)		(10	)		(10	)		(17	)		(11	)		—			(125	)

Gross profit (loss)		24			53			—			958			19			33			30			10			5			2			19			—			490
General and administrative expenses		—			(1	)		—			(146	)		(2	)		—			(41	)		(1	)		(1	)		(2	)		(1	)		(1	)		(58	)
Impairment of PP&E		—			—			—			—			—			—			(281	)		—			—			—			—			—			—
Adjustment for losses on investment		—			—			—			—			—			—			(455	)		—			—			—			—			—			—
Finance income		4			15			—			146			2			2			16			3			3			5			3			—			46
Finance expenses		(3	)		(1	)		(208	)		(1,552	)		(6	)		(15	)		(424	)		(7	)		(10	)		(15	)		(10	)		(8	)		(58	)

Operational profit (loss)		25			66			(208	)		(594	)		13			20			(1,155	)		5			(3	)		(10	)		11			(9	)		420
Income tax and the Social Contribution tax		(2	)		(7	)		—			(23	)		(2	)		(3	)		54			(2	)		1			3			(3	)		—			(127	)

Net income (loss) for the year		23			59			(208	)		(617	)		11			17			(1,101	)		3			(2	)		(7	)		8			(9	)		293

Comprehensive income (loss) effects		—			—			—			—			—			—			99			—			—			—			—			—			—

Comprehensive income (loss) for the year		23			59			(208	)		(617	)		11			17			(1,002	)		3			(2	)		(7	)		8			(9	)		293

Summary of Remeasurement of Interest Previously Held in Subsidiaries at Fair Value

As specified in IFRS 3 – Business combinations, the Company remeasured the interest previously held in the investments at fair value, and any difference between the fair value and the carrying value of the previously held interest was recognized in the statement of income for the year, as follows:


	Light			Lightger			Total
Fair value at November 30, 2018		3,198			257			3,455
Equity interest held by the Company before the acquisition of control		47.25	%		49.00	%
Company’s original interest, valued at fair value on the acquisition date		1,511			126			1,637
Original book value		(1,794	)		(42	)		(1,836	)

Gain (loss) on remeasurement of previously held equity interest in subsidiaries acquired		(283	)		84			(199	)

Summary of Fair Value of Interest Acquired, and Remeasurement of Previous Equity Interest in Subsidiaries

The fair value of the net assets acquired, and the remeasurement of the previous held interest in the subsidiaries is as follows:


	Light		Lightger		Total
Total consideration paid (1)		104		—		104
Previously held interest, valued at fair value on the acquisition date		1,511		257		1,768

Total		1,615		257		1,872

Intangible – Right to exploitation of the regulated activity		475		127		602
Fair value of other assets and liabilities identified		1,140		130		1,270

Total		1,615		257		1,872

(1)	The interest in LightGer was acquired indirectly and did not involve a payment of consideration.

Summary of Remeasured the Interest Previously Held at Fair Value

Upon obtaining control, the Company remeasured the previously held interest in these investments at fair value, and the difference between the fair value and the carrying value was recognized in the statement of income for the year, as follows:


	Parajuru			Volta do Rio			Total
Fair value on the transaction date		146			181			327
Previously held interest before the acquisition of control		49	%		49	%

Previously held interest at fair value on the acquisition date		71			89			160
Carrying value as of acquisition date		50			30			80

Gain on remeasurement of previously held equity interest in subsidiaries acquired		21			59			80

Summary of Allocation of Fair Value of Interest Obtained, and Remeasurement of Previously Held Interest

The allocation of the fair value of the interest acquired, and the remeasurement of the previous equity interest in the subsidiaries are as follows:


	Parajuru		Volta do Rio		Total
Total consideration paid for 51% interest in Parajuru and Volta do Rio.		75		92		167
Previously held interest, of 49%, at fair value on the acquisition date		71		89		160

Total		146		181		327

Intangible – Right to exploitation of the regulated activity (1)		66		96		162
Fair value of other assets and liabilities identified		80		85		165

Total		146		181		327

(1)	Intangible corresponding to the right of authorization to generate wind power granted to the investees, identifiable and with defined useful life.

Parajuru and Volta do Rio [member]

Statement [LineItems]

Summary of Components of Consideration Paid for Interest

Consideration paid for the 51% interest in Parajuru and Volta do Rio was as follows:



Amount owed by Energimp due to the adjustment of the original acquisition price of the investees	37
Inflation adjustment of the adjustment to the acquisition price (Note 30).	77
Indemnities	2
Adjustments under the negotiation for elimination of crossover holdings of the assets (1)	(12	)

Total amount owed to the Company by Energimp as a result of the arbitration process.	104
49% equity interest held by the Company in Morgado (2).	39
Cash consideration (3).	24

Consideration paid for a 51% interest in Parajuru and Volta do Rio	167

(1)	Amounts have been adjusted in accordance with the terms of the agreement. On December 20, 2018, a valuation was made to determine the fair value of the net assets acquired, resulting in an adjustment for the difference between the fair value of the net assets and the value used as a reference.

(2)	The fair value of Morgado was calculated by independent appraisal using of the discounted cash flow valuation model.

(3)	Cash payment to Energimp for the reimbursement of amounts paid in excess of the final settled amount comprised of: R$ 5 already been paid in 2018, R$ 16 that will be paid in 2019, and R$ 3 that were deposited in an escrow account as guarantee against future contingencies.