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28. EQUITY AND REMUNERATION TO SHAREHOLDERS (Tables) | 12 Months Ended
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Dec. 31, 2019
Statement of changes in equity [abstract] |
Schedule of share capital for common shares and preferred shares | As of December 31, 2019, the Company’s issued and share capital is R$7,294 (R$7,294 at December 31, 2018 and 2017), represented by 487,614,213 common shares (487,614,213 at December 31, 2018) and 971,138,388 preferred shares (971,138,388 at December 31, 2018), both of them with nominal value of R$5.00 (five Reais), as follows:
|  | Number of shares on December 31, 2019 |
Shareholders |  | Common |  |  |  | % |  |  |  | Preferred |  |  |  | % |  |  |  | Total |  |  |  | % |
State of Minas Gerais |  | 248,516,953 |  |  |  | 51 |  |  |  | 11,323 |  |  |  | – |  |  |  | 248,528,276 |  |  |  | 17 |
Other entities of Minas Gerais State |  | 19,896 |  |  |  | – |  |  |  | 1,411,276 |  |  |  | – |  |  |  | 1,431,172 |  |  |  | – |
FIA Dinâmica Energia S.A. |  | 48,700,000 |  |  |  | 10 |  |  |  | 55,133,744 |  |  |  | 6 |  |  |  | 103,833,744 |  |  |  | 7 |
BNDES Participações |  | 54,342,992 |  |  |  | 11 |  |  |  | 26,220,938 |  |  |  | 3 |  |  |  | 80,563,930 |  |  |  | 6 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  | 101,170,317 |  |  |  | 21 |  |  |  | 328,982,856 |  |  |  | 34 |  |  |  | 430,153,173 |  |  |  | 29 |
Foreign shareholders |  | 34,864,055 |  |  |  | 7 |  |  |  | 559,378,251 |  |  |  | 57 |  |  |  | 594,242,306 |  |  |  | 41 |
Total |  | 487,614,213 |  |  |  | 100 |  |  |  | 971,138,388 |  |  |  | 100 |  |  |  | 1,458,752,601 |  |  |  | 100 |
|  | Number of shares on December 31, 2018 |
Shareholders |  | Common |  |  |  | % |  |  |  | Preferred |  |  |  | % |  |  |  | Total |  |  |  | % |
State of Minas Gerais |  | 248,480,146 |  |  |  | 51 |  |  |  | – |  |  |  | – |  |  |  | 248,480,146 |  |  |  | 17 |
Other entities of Minas Gerais State |  | 56,703 |  |  |  | – |  |  |  | 647,647 |  |  |  | – |  |  |  | 704,35 |  |  |  | – |
FIA Dinâmica Energia S.A. |  | 48,200,000 |  |  |  | 10 |  |  |  | 55,905,344 |  |  |  | 6 |  |  |  | 104,105,344 |  |  |  | 7 |
BNDES Participações |  | 54,342,992 |  |  |  | 11 |  |  |  | 26,220,938 |  |  |  | 3 |  |  |  | 80,563,930 |  |  |  | 5 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  | 105,402,202 |  |  |  | 22 |  |  |  | 370,338,947 |  |  |  | 38 |  |  |  | 475,741,149 |  |  |  | 33 |
Foreign shareholders |  | 31,132,170 |  |  |  | 6 |  |  |  | 518,025,512 |  |  |  | 53 |  |  |  | 549,157,682 |  |  |  | 38 |
Total |  | 487,614,213 |  |  |  | 100 |  |  |  | 971,138,388 |  |  |  | 100 |  |  |  | 1,458,752,601 |  |  |  | 100 |
|  | Number of shares on December 31, 2017 |
Shareholders |  | Common |  |  |  | % |  |  |  | Preferred |  |  |  | % |  |  |  | Total |  |  |  | % |
State of Minas Gerais |  | 214,414,739 |  |  |  | 51 |  |  |  | – |  |  |  | – |  |  |  | 214,414,739 |  |  |  | 17 |
Other entities of Minas Gerais State |  | 56,703 |  |  |  | – |  |  |  | 4,860,228 |  |  |  | 1 |  |  |  | 4,916,931 |  |  |  | 1 |
FIA Dinâmica Energia S.A. |  | 41,635,754 |  |  |  | 10 |  |  |  | 62,469,590 |  |  |  | 7 |  |  |  | 104,105,344 |  |  |  | 8 |
BNDES |  | 54,342,992 |  |  |  | 13 |  |  |  | 26,220,938 |  |  |  | 3 |  |  |  | 80,563,930 |  |  |  | 6 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  | 56,000,217 |  |  |  | 13 |  |  |  | 210,953,069 |  |  |  | 25 |  |  |  | 266,953,286 |  |  |  | 21 |
Foreign shareholders |  | 54,314,303 |  |  |  | 13 |  |  |  | 533,573,121 |  |  |  | 64 |  |  |  | 587,887,424 |  |  |  | 47 |
Total |  | 420,764,708 |  |  |  | 100 |  |  |  | 838,076,946 |  |  |  | 100 |  |  |  | 1,258,841,654 |  |  |  | 100 |
Schedule of shares used in calculation of basic profit and diluted profit per share |
Number of shares |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Common shares already paid up |  | 487,614,213 |  |  |  | 487,614,213 |  |  |  | 420,764,708 |
Common shares to be paid up |  | – |  |  |  | – |  |  |  | 66,849,505 |
Shares in treasury |  | (69 | ) |  |  | (69 | ) |  |  | (69 | )
|  | 487,614,144 |  |  |  | 487,614,144 |  |  |  | 487,614,144 |
Preferred shares already paid up |  | 971,138,388 |  |  |  | 971,138,388 |  |  |  | 838,076,946 |
Preferred shares to be paid up |  | – |  |  |  | – |  |  |  | 133,061,442 |
Shares in treasury |  | (560,649 | ) |  |  | (560,649 | ) |  |  | (560,649 | )
|  | 970,577,739 |  |  |  | 970,577,739 |  |  |  | 970,577,739 |
Total |  | 1,458,191,883 |  |  |  | 1,458,191,883 |  |  |  | 1,458,191,883 |
Schedule of calculation of basic earnings per share | The calculation of basic and diluted earnings per share is as follows:
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net income for the year attributed to equity holders of the parent |  | 3,127 |  |  |  | 1,700 |  |  |  | 1,001 |
Minimum mandatory dividend from net income for the year - preferred shares |  | 509 |  |  |  | 577 |  |  |  | 486 |
Net income for the year not distributed - preferred shares |  | 1,573 |  |  |  | 554 |  |  |  | 333 |
Total earnings - preferred shares (A) |  | 2,082 |  |  |  | 1,131 |  |  |  | 819 |
Minimum mandatory dividend from net income for the year - common shares |  | 255 |  |  |  | 290 |  |  |  | 15 |
Net income for the year not distributed - common shares |  | 790 |  |  |  | 279 |  |  |  | 167 |
Total earnings - common shares (B) |  | 1,045 |  |  |  | 569 |  |  |  | 182 |
Basic and diluted earnings per preferred share (A / number of preferred shares) |  | 2.14 |  |  |  | 1.17 |  |  |  | 0.84 |
Basic and diluted earnings per common share (B / number of common shares) |  | 2.14 |  |  |  | 1.17 |  |  |  | 0.37 |
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net income for the year from continuing operations attributed to equity holders of the parent |  | 2,903 |  |  |  | 1,378 |  |  |  | 1,001 |
Minimum mandatory dividend from net income for the year from continuing operations – preferred shares |  | 509 |  |  |  | 527 |  |  |  | 486 |
Net income for the year from continuing operations not distributed – preferred shares |  | 1,424 |  |  |  | 390 |  |  |  | 333 |
Total earnings from continuing operations - preferred shares (A.1) |  | 1,933 |  |  |  | 917 |  |  |  | 819 |
Minimum mandatory dividend from net income for the year from continuing operations - common shares |  | 255 |  |  |  | 290 |  |  |  | 15 |
Net income for the year from continuing operations not distributed – common shares |  | 715 |  |  |  | 171 |  |  |  | 167 |
Total earnings from continuing operations - common shares (B.1) |  | 970 |  |  |  | 461 |  |  |  | 182 |
Basic and diluted earnings from continuing operations per preferred share (A.1 / number of preferred shares) |  | 1.99 |  |  |  | 0.95 |  |  |  | 0.84 |
Basic and diluted earnings from continuing operations per common share (B.1 / number of common shares) |  | 1.99 |  |  |  | 0.95 |  |  |  | 0.37 |
Schedule of capital reserves and profit reserves | Capital reserves
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Investment-related donations and subsidies |  | 1,857 |  |  |  | 1,857 |  |  |  | 1,857 |
Goodwill on issuance of shares |  | 394 |  |  |  | 394 |  |  |  | 69 |
Shares in treasury |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
|  | 2,250 |  |  |  | 2,250 |  |  |  | 1,925 |
Profit reserves
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Legal reserve |  | 853 |  |  |  | 853 |  |  |  | 853 |
Statutory reserve |  | 57 |  |  |  | 57 |  |  |  | 57 |
Retained earnings reserve |  | 5,500 |  |  |  | 3,965 |  |  |  | 3,341 |
Unrealized profit reserve |  | 835 |  |  |  | – |  |  |  | – |
Incentive tax reserve |  | 85 |  |  |  | 67 |  |  |  | 58 |
Reserve for mandatory dividends not distributed |  | 1,420 |  |  |  | 1,420 |  |  |  | 1,420 |
|  | 8,750 |  |  |  | 6,362 |  |  |  | 5,729 |
Schedule of detailed information regarding calculation of retained earnings reserve | The calculation of the retained earnings reserve is as follows:
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net income for the year |  | 3,127 |  |  |  | 1,700 |  |  |  | 1,001 |
Expired dividends |  | – |  |  |  | 42 |  |  |  | – |
Incentives tax reserve |  | (18 | ) |  |  | (9 | ) |  |  | (1 | )
Deemed cost realization |  | 25 |  |  |  | 42 |  |  |  | 28 |
Adjustment for initial adoption of IFRS 9 and IFRS 15. |  | – |  |  |  | (157 | ) |  |  | – |
Dividends proposed |  | (764 | ) |  |  | (867 | ) |  |  | (500 | )
Unrealized profit reserve |  | (835 | ) |  |  | – |  |  |  | – |
Retained earnings reserve |  | 1,535 |  |  |  | 751 |  |  |  | 528 |
Schedule of unrealized profit reserve | Thus, since the mandatory dividends if distributed in their totality represents 50% of net income and an amount of R$1,564 and considering the expectations of realized profit for the year, as stated above, Management proposed the constitution of unrealized profit reserve in the amount of R$835, whose calculation is described as follows.
|  | 2019 |
Minimum mandatory dividend required by Bylaws (50% of net income) |  | 1,564 |
Minimum mandatory dividend required by the Bylaws for the preferred shares |  | (486 | )
Minimum mandatory dividend proposed for the common shares |  | (243 | )
Unrealized profit reserve |  | 835 |
Schedule of reserve for obligatory dividends not distributed | Reserve for mandatory dividends not distributed
|  | 2019 |
Dividends withheld, arising from the net income of 2015 |  | 623 |
Dividends withheld, arising from the net income of 2014 |  | 797 |
|  | 1,420 |
Schedule of dividends proposed for distribution to shareholders based on the profit for the business year | The calculation of the minimum dividends proposed for distribution to Shareholders, considering the 2019 unrealized profit assumption mentioned in the previous paragraphs, is as follows:
|  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Calculation of Minimum Dividends required by the By-laws for the preferred shares |  |  |  |  |  |  |  |  |  |  |
Nominal value of the preferred shares |  | 4,856 |  |  |  | 4,856 |  |  |  | 4,191 |
Nominal value of the preferred shares to be capitalized |  | – |  |  |  | – |  |  |  | 665 |
|  | 4,856 |  |  |  | 4,856 |  |  |  | 4,856 |
Percentage applied to the nominal value of the preferred shares |  | 10.00 | % |  |  | 10.00 | % |  |  | 10.00 | %
Amount of the dividends by the first payment criterion |  | 486 |  |  |  | 486 |  |  |  | 486 |
Equity |  | 15,887 |  |  |  | 14,579 |  |  |  | 14,326 |
Preferred shares as a percentage of Equity (net of shares held in Treasury) |  | 66.56 | % |  |  | 66.56 | % |  |  | 66.58 | %
Portion of Equity represented by the preferred shares |  | 10,574 |  |  |  | 9,704 |  |  |  | 9,538 |
Percentage applied to the portion of Equity represented by the preferred shares |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Amount of the dividends by the second payment criterion |  | 317 |  |  |  | 291 |  |  |  | 286 |
Minimum Dividends required by the Bylaws for the preferred shares |  | 486 |  |  |  | 486 |  |  |  | 486 |
Calculation of the Minimum Dividend under the by-laws based on the net income for the period |  |  |  |  |  |  |  |  |  |  |
Mandatory dividend |  |  |  |  |  |  |  |  |  |  |
Net income for the year |  | 3,127 |  |  |  | 1,700 |  |  |  | 1,001 |
Mandatory dividends – 50% of Net income |  | 1,564 |  |  |  | 850 |  |  |  | 500 |
Unrealized profit reserve |  | (835 | ) |  |  |  |  |  |  |  |
Withholding income tax on Interest on equity |  | 35 |  |  |  | 17 |  |  |  | – |
|  | 764 |  |  |  | 867 |  |  |  | 500 |
Dividends recorded, as specified in the by-laws |  |  |  |  |  |  |  |  |  |  |
Interest on Equity |  | 400 |  |  |  | 210 |  |  |  | - |
Ordinary dividends |  | 364 |  |  |  | 657 |  |  |  | 500 |
|  | 764 |  |  |  | 867 |  |  |  | 500 |
Total dividends for the preferred shares |  | 509 |  |  |  | 577 |  |  |  | 486 |
Total dividends for the common shares |  | 255 |  |  |  | 290 |  |  |  | 14 |
Unit value of dividends – R$ |  |  |  |  |  |  |  |  |  |  |
Minimum dividends required by the by-laws for the preferred shares |  | 0.50 |  |  |  | 0.50 |  |  |  | 0.50 |
Mandatory dividends (including withholding income tax on Interest on Equity) |  | 0.52 |  |  |  | 0.59 |  |  |  | 0.34 |
Dividends proposed: Common (ON) shares |  | 0.52 |  |  |  | 0.59 |  |  |  | 0.03 |
Dividends proposed: Preferred (PN) shares |  | 0.52 |  |  |  | 0.59 |  |  |  | 0.50 |
Schedule of dividends and interest on capital payable | This table provides the changes on dividends and interest on capital payable:
Balances at December 31, 2017 |  | 428 |
Proposed dividends and interest on equity |  | 867 |
Withholding income tax on interest on capital |  | (17 | )
Dividends proposed for non-controlling shareholder |  | 127 |
Proposed dividends of previous years |  | (42 | )
Expired dividends |  | (8 | )
Dividends retained – Minas Gerais state government |  | (491 | )
Balances at December 31, 2018 |  | 864 |
Proposed dividends |  | 764 |
Withholding income tax on interest on capital |  | (35 | )
Dividends retained – Minas Gerais state government (Note 13) |  | (148 | )
Dividends paid |  | (701 | )
Balances at December 31, 2019 |  | 744 |
Schedule of changes in the equity held by non-controlling shareholders | The changes in the equity held by non-controlling shareholders are shown below:
Investee |  | Gasmig |  |  |  | Light S.A |  |  |  | LightGer |  |  |  | Guanhães |  |  |  | Axxion |  |  |  | UHE Itaocara |  |  |  | Total |
Balances at Dec. 31, 2017 |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4 |
Net profit attributed to non-controlling shareholders |  | 1 |  |  |  | 41 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 42 |
Non-controlling interests arising from business combination |  | – |  |  |  | 1,236 |  |  |  | 22 |  |  |  | 50 |  |  |  | 4 |  |  |  | 3 |  |  |  | 1,315 |
Others |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | )
Balances at Dec. 31, 2018 |  | 4 |  |  |  | 1,277 |  |  |  | 22 |  |  |  | 50 |  |  |  | 4 |  |  |  | 3 |  |  |  | 1,360 |
Net profit attributed to non-controlling shareholders |  | 1 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1 |
Capital Increase to non-controlling shareholders |  | – |  |  |  | – |  |  |  | – |  |  |  | 10 |  |  |  | – |  |  |  | – |  |  |  | 10 |
Proposed dividends to non-controlling shareholders |  | (1 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1 | )
Derecognition of the non-controlling interests in Light (Note 34) |  | – |  |  |  | (1,277 | ) |  |  | (22 | ) |  |  | (60 | ) |  |  | (4 | ) |  |  | (3 | ) |  |  | (1,366 | )
Balances at Dec. 31, 2019 |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4 |
Schedule of net profit allocated to non-controlling interests | Net profit allocated to non-controlling interests:
Company |  | 2019 |  |  |  | 2018 |
Gasmig |  |  | 1 |  |  |  | 1 |
Total |  |  | 1 |  |  |  | 1 |

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