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26. EQUITY AND REMUNERATION TO SHAREHOLDERS (Tables) | 12 Months Ended
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Dec. 31, 2020
Statement of changes in equity [abstract] |
Schedule of share capital for common shares and preferred shares | As of December 31, 2020, the Company’s issued and share capital is R$7,594 (R$7,294 at December 31, 2019 and 2018), represented by 507,670,289 common shares (487,614,213 at December 31, 2019) and 1,011,082,312 preferred shares (971,138,388 at December 31, 2019), both of them with nominal value of R$5.00 (five Reais), as follows:
Shareholders |  | Number of shares on December 31, 2020
Common |  | % |  | Preferred |  | % |  | Total |  | %
State of Minas Gerais |  |  | 258,738,711 |  |  |  | 51 |  |  |  | 11,788 |  |  |  | — |  |  |  | 258,750,499 |  |  |  | 17 |
Other entities of Minas Gerais State |  |  | 20,713 |  |  |  | — |  |  |  | 7,442,037 |  |  |  | 1 |  |  |  | 7,462,750 |  |  |  | — |
FIA Dinâmica Energia S.A. |  |  | 114,172,677 |  |  |  | 22 |  |  |  | 43,975,272 |  |  |  | 4 |  |  |  | 158,147,949 |  |  |  | 10 |
BNDES Participações |  |  | 56,578,175 |  |  |  | 11 |  |  |  | 27,299,432 |  |  |  | 3 |  |  |  | 83,877,607 |  |  |  | 6 |
BlackRock |  |  | — |  |  |  | — |  |  |  | 153,689,970 |  |  |  | 15 |  |  |  | 153,689,970 |  |  |  | 10 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  |  | 55,717,246 |  |  |  | 11 |  |  |  | 212,704,725 |  |  |  | 21 |  |  |  | 268,421,971 |  |  |  | 18 |
Foreign shareholders |  |  | 22,442,767 |  |  |  | 5 |  |  |  | 565,959,088 |  |  |  | 56 |  |  |  | 588,401,855 |  |  |  | 39 |
Total |  |  | 507,670,289 |  |  |  | 100 |  |  |  | 1,011,082,312 |  |  |  | 100 |  |  |  | 1,518,752,601 |  |  |  | 100 |
Shareholders |  | Number of shares on December 31, 2019
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 |
Shareholders |  | Number of shares on December 31, 2018
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 |  |  |  | — |  |  |  | 704,350 |  |  |  | — |
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 |
Schedule of shares used in calculation of basic profit and diluted profit per share | The comparative information for 2019 and 2018 was adjusted retrospectively in order to reflect the capital increase.
Number of shares |  | 2020 |  | 2019 |  | 2018
Common shares already paid up |  |  | 507,670,289 |  |  |  | 507,670,289 |  |  |  | 507,670,289 |
Shares in treasury |  |  | (71 | ) |  |  | (71 | ) |  |  | (71 | )
|  |  | 507,670,218 |  |  |  | 507,670,218 |  |  |  | 507,670,218 |
Preferred shares already paid up |  |  | 1,011,082,312 |  |  |  | 1,011,082,312 |  |  |  | 1,011,082,312 |
Shares in treasury |  |  | (583,709 | ) |  |  | (583,709 | ) |  |  | (583,709 | )
|  |  | 1,010,498,603 |  |  |  | 1,010,498,603 |  |  |  | 1,010,498,603 |
Total |  |  | 1,518,168,821 |  |  |  | 1,518,168,821 |  |  |  | 1,518,168,821 |
Schedule of calculation of basic earnings per share | The calculation of basic and diluted earnings per share is as follows:
|  | 2020 |  | 2019 (Restated) |  | 2018 (Restated)
Net income for the year attributed to equity holders of the parent |  |  | 2,864 |  |  |  | 3,194 |  |  |  | 1,722 |
Minimum mandatory dividend from net income for the year - preferred shares |  |  | 986 |  |  |  | 509 |  |  |  | 577 |
Net income for the year not distributed - preferred shares |  |  | 920 |  |  |  | 1,617 |  |  |  | 569 |
Total earnings - preferred shares (A) |  |  | 1,906 |  |  |  | 2,126 |  |  |  | 1,146 |
Minimum mandatory dividend from net income for the year - common shares |  |  | 496 |  |  |  | 256 |  |  |  | 290 |
Net income for the year not distributed - common shares |  |  | 462 |  |  |  | 812 |  |  |  | 286 |
Total earnings - common shares (B) |  |  | 958 |  |  |  | 1,068 |  |  |  | 576 |
Basic and diluted earnings per preferred share (A / number of preferred shares) |  |  | 1.89 |  |  |  | 2.10 |  |  |  | 1,13 |
Basic and diluted earnings per common share (B / number of common shares) |  |  | 1.89 |  |  |  | 2.10 |  |  |  | 1,13 |
|  | 2020 |  | 2019 (Restated) |  | 2018 (Restated)
Net income for the year from continuing operations attributed to equity holders of the parent |  |  | 2,864 |  |  |  | 2,970 |  |  |  | 1,400 |
Minimum mandatory dividend from net income for the year from continuing operations – preferred shares |  |  | 986 |  |  |  | 509 |  |  |  | 577 |
Net income for the year from continuing operations not distributed – preferred shares |  |  | 920 |  |  |  | 1,468 |  |  |  | 355 |
Total earnings from continuing operations - preferred shares (A.1) |  |  | 1,906 |  |  |  | 1,977 |  |  |  | 932 |
Minimum mandatory dividend from net income for the year from continuing operations - common shares |  |  | 496 |  |  |  | 256 |  |  |  | 290 |
Net income for the year from continuing operations not distributed – common shares |  |  | 462 |  |  |  | 737 |  |  |  | 178 |
Total earnings from continuing operations - common shares (B.1) |  |  | 958 |  |  |  | 993 |  |  |  | 468 |
Basic and diluted earnings from continuing operations per preferred share (A.1 / number of preferred shares) |  |  | 1.89 |  |  |  | 1.95 |  |  |  | 0.92 |
Basic and diluted earnings from continuing operations per common share (B.1 / number of common shares) |  |  | 1.89 |  |  |  | 1.95 |  |  |  | 0.92 |
Schedule of equity valuation adjustments |
c) | Equity valuation adjustments
|  | 2020 |  | 2019 |  | 2018
Adjustments to actuarial liabilities – Employee benefits |  |  | (340 | ) |  |  | (343 | ) |  |  | (257 | )
Subsidiary and jointly-controlled entity |  |  |  |  |  |  |  |  |  |  |  |
Adjustments to actuarial liabilities – Employee benefits |  |  | (2,660 | ) |  |  | (2.650 | ) |  |  | (1.681 | )
Deemed cost of PP&E |  |  | 569 |  |  |  | 586 |  |  |  | 611 |
|  |  | (2,091 | ) |  |  | (2.064 | ) |  |  | (1.070 | )
Equity valuation adjustments |  |  | (2,431 | ) |  |  | (2.407 | ) |  |  | (1.327 | )
Schedule of capital reserves and profit reserves | Capital reserves
|  | 2020 |  | 2019 |  | 2018
Investment-related donations and subsidies |  |  | 1,857 |  |  |  | 1,857 |  |  |  | 1,857 |
Goodwill on issuance of shares |  |  | 394 |  |  |  | 394 |  |  |  | 394 |
Shares in treasury |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
|  |  | 2,250 |  |  |  | 2,250 |  |  |  | 2,250 |
Profit reserves
|  | 2020 |  | 2019 (Restated) |  | 2018 (Restated)
Legal reserve |  |  | 995 |  |  |  | 853 |  |  |  | 853 |
Statutory reserve |  |  | 57 |  |  |  | 57 |  |  |  | 57 |
Retained earnings reserve |  |  | 6,650 |  |  |  | 5,500 |  |  |  | 3,965 |
Unrealized profit reserve |  |  | 835 |  |  |  | 835 |  |  |  | — |
Incentive tax reserve |  |  | 103 |  |  |  | 85 |  |  |  | 67 |
Reserve for mandatory dividends not distributed |  |  | 1,420 |  |  |  | 1,420 |  |  |  | 1,420 |
|  |  | 10,060 |  |  |  | 8,750 |  |  |  | 6,362 |
Schedule of reserve for obligatory dividends not distributed | Reserve for mandatory dividends not distributed
|  | 2020
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 2020 unrealized profit assumption mentioned in the previous paragraphs, is as follows:
|  | 2020 |  | 2019 |  | 2018
Calculation of Minimum Dividends required by the By-laws for the preferred shares |  |  |  |  |  |  |  |  |  |  |  |
Nominal value of the preferred shares |  |  | 5,055 |  |  |  | 4,856 |  |  |  | 4,856 |
|  |  | 5,055 |  |  |  | 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 |  |  | 506 |  |  |  | 486 |  |  |  | 486 |
Equity |  |  | 17,473 |  |  |  | 15,887 |  |  |  | 14,579 |
Preferred shares as a percentage of Equity (net of shares held in Treasury) |  |  | 66.56 | % |  |  | 66.56 | % |  |  | 66.56 | %
Portion of Equity represented by the preferred shares |  |  | 11,630 |  |  |  | 10,574 |  |  |  | 9,704 |
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 |  |  | 349 |  |  |  | 317 |  |  |  | 291 |
Minimum Dividends required by the Bylaws for the preferred shares |  |  | 506 |  |  |  | 486 |  |  |  | 486 |
Calculation of the Minimum Dividend under the by-laws based on the net income for the year |  |  |  |  |  |  |  |  |  |  |  |
Mandatory dividend |  |  |  |  |  |  |  |  |  |  |  |
Net income for the year |  |  | 2,864 |  |  |  | 3,127 |  |  |  | 1,700 |
Mandatory dividends – 50% of Net income |  |  | 1,432 |  |  |  | 1,564 |  |  |  | 850 |
Unrealized profit reserve |  |  | (835 | ) |  |  | (835 | ) |  |  |  |
Reversal of the unrealized profit reserve established in 2019 |  |  | 835 |  |  |  | — |  |  |  | — |
Withholding income tax on Interest on equity |  |  | 50 |  |  |  | 35 |  |  |  | 17 |
|  |  | 1,482 |  |  |  | 764 |  |  |  | 867 |
Dividends recorded, as specified in the by-laws |  |  |  |  |  |  |  |  |  |  |  |
Interest on Equity |  |  | 553 |  |  |  | 400 |  |  |  | 210 |
Ordinary dividends |  |  | 929 |  |  |  | 364 |  |  |  | 657 |
|  |  | 1,482 |  |  |  | 764 |  |  |  | 867 |
Total dividends for the preferred shares |  |  | 986 |  |  |  | 509 |  |  |  | 577 |
Total dividends for the common shares |  |  | 496 |  |  |  | 255 |  |  |  | 290 |
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) |  |  | 0.99 |  |  |  | 0.52 |  |  |  | 0.59 |
Dividends proposed: Common (ON) shares |  |  | 0.99 |  |  |  | 0.52 |  |  |  | 0.59 |
Dividends proposed: Preferred (PN) shares |  |  | 0.99 |  |  |  | 0.52 |  |  |  | 0.59 |
Schedule of dividends and interest on capital payable | This table provides the changes on dividends and interest on capital payable:
Balances at December 31, 2018 |  |  | 864 |
Proposed dividends |  |  | 764 |
Withholding income tax on interest on capital |  |  | (35 | )
Dividends retained – Minas Gerais state government (Note 11) |  |  | (148 | )
Dividends paid |  |  | (701 | )
Balances at December 31, 2019 |  |  | 744 |
Proposed dividends |  |  | 1,482 |
Proposed dividends - Non-controlling interests |  |  | 1 |
Withholding income tax on interest on capital |  |  | (50 | )
Dividends retained – Minas Gerais state government (Note 11) |  |  | (130 | )
Dividends paid |  |  | (598 | )
Balances at December 31, 2020 |  |  | 1,449

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