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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2022
Operating Segments |
OPERATING SEGMENTS |
5. | OPERATING SEGMENTS
The operating segments of the Company reflect their management and their organizational structure, used for monitoring its results. The Company also operates in the gas market, through its subsidiary Gasmig, and in other businesses with less impact on the results of its operations. The segment information is disclosed separately into the following 5 reportable segments: Generation: Comprises production of energy from hydroelectric and wind facilities. Transmission: Comprises construction, operation and maintenance of transmission lines and substations. Trading: Comprises commercialization of energy and provision of related services. Distribution: Comprises provision of energy distribution services, including operation and maintenance of the related infrastructure and services. Investees: Comprises management of the equity interests in which the company does not have shareholding control, in line with the Company’s business strategies. The results of the subsidiaries Gasmig and CEMIG Sim are also included in this segment, since their management is also linked to the CEMIGPar management unit (the office of the Chief Officer for Holdings). Transfer of energy from the generation activity to the trading activity comprises a transaction between segments, since it consists of obtaining of revenue from the sale of energy generated, and costs for purchase of energy to be traded - these are measured at sale prices estimated in accordance with criteria based on the Company’s model for management of these businesses, using market prices as a reference.
Schedule of operating revenues, costs and expenses |  |  |  |  |  |  |  |  |
Information by Segment as of and for The Year Ended December 31, 2022
Description | Energy | Investees | Total | Inter segment transactions (1) | Reconciliation (2) (3) | Total
Generation | Transmission | Trading | Distribution
NET REVENUE | 2,661 | 1,195 | 7,918 | 20,919 | 3,697 | 36,390 | (1,423) | (504) | 34,463
COST OF ENERGY, GAS AND CHARGES FOR USE OF THE NATIONAL GRID | (331) | - | (6,880) | (11,938) | (2,736) | (21,885) | 1,423 | 442 | (20,020)
OPERATING COSTS AND EXPENSES (3) |  |  |  |  |  |  |  |  |
Personnel | (162) | (135) | (12) | (913) | (130) | (1,352) | - | - | (1,352)
‘Employees and managers’ income sharing | (15) | (11) | (6) | (40) | (11) | (83) | - | - | (83)
Post-employment obligations | (66) | (42) | (10) | (421) | (87) | (626) | - | - | (626)
Materials, outsourced services and others expenses (revenues) | (395) | (96) | (14) | (1,785) | (203) | (2,481) | - | 62 | (2,419)
Depreciation and amortization | (328) | - | - | (738) | (109) | (1,182) | - | - | (1,182)
Operating provisions and impairment | (18) | (3) | (34) | (398) | (3) | (456) | - | - | (456)
Construction costs | - | (291) | - | (3,193) | (52) | (3,536) | - | - | (3,536)
Total operating costs | (984) | (578) | (76) | (7,488) | (595) | (9,716) | - | 62 | (9,655)
OPERATING COSTS AND EXPENSES | (1,315) | (578) | (6,956) | (19,426) | (3,331) | (31,601) | 1,423 | 504 | (29,675)
Equity in earnings of unconsolidated investees, net | (2) | 3 | - | - | 844 | 845 | - | - | 845
Gains arising from the sale of non-current asset held for sale | - | - | - | - | 52 | 52 | - | - | 52
Fair value of business combination | - | - | - | - | 5 | 5 | - | - | 5
OPERATING INCOME BEFORE FINANCE INCOME (EXPENSES) | 1,344 | 620 | 962 | 1,493 | 1,267 | 5,686 | - | - | 5,686
Finance net income (expenses) | (150) | (96) | 34 | (1,115) | (239) | (1,566) | - | - | (1,566)
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX | 1,194 | 524 | 996 | 378 | 1,028 | 4,120 | - | - | 4,120
Income tax and social contribution tax | (307) | (174) | (314) | 67 | 702 | (26) | - | - | (26)
NET INCOME FOR THE YEAR | 887 | 350 | 682 | 445 | 1,730 | 4,094 | - | - | 4,094
Equity holders of the parent | 887 | 350 | 682 | 445 | 1,728 | 4,092 | - | - | 4,092
Non-controlling interests | - | - | - | - | 2 | 2 | - | - | 2
Information by Segment as of and for The Year Ended December 31, 2021
Account/description | Energy | Investees | Total | Inter segment transactions (1) | Reconciliation (2) (3) | Total
Generation | Transmission | Trading | Distribution
NET REVENUE | 2,921 | 1,094 | 6,430 | 22,345 | 2,858 | 35,648 | (1,575) | (427) | 33,646
COST OF ENERGY, GAS AND CHARGES FOR USE OF THE NATIONAL GRID | (795) | - | (5,735) | (14,853) | (2,011) | (23,394) | 1,575 | 370 | (21,449)
OPERATING COSTS AND EXPENSES (3) |  |  |  |  |  |  |  |  |
Personnel | (149) | (115) | (20) | (847) | (109) | (1,240) | - | - | (1,240)
‘Employees and managers’ income sharing | (14) | (14) | (3) | (94) | (9) | (134) | - | - | (134)
Post-employment obligations | (5) | 3 | (1) | 19 | (32) | (16) | - | - | (16)
Materials, outsourced services and others expenses (revenues) | (209) | (94) | (14) | (1,524) | (165) | (2,006) | - | 57 | (1,949)
Depreciation and amortization | (254) | (3) | (1) | (683) | (108) | (1,049) | - | - | (1,049)
Operating provisions and impairment | (20) | (12) | (14) | (198) | (120) | (364) | - | - | (364)
Construction costs | - | (184) | - | (1,802) | (50) | (2,036) | - | - | (2,036)
Total operating costs | (651) | (419) | (53) | (5,129) | (593) | (6,845) | - | 57 | (6,788)
OPERATING COSTS AND EXPENSES | (1,446) | (419) | (5,788) | (19,982) | (2,604) | (30,239) | 1,575 | 427 | (28,237)
Periodic Tariff Revision, net | - | 215 | - | - | - | 215 | - | - | 215
Renegotiation of hydrological risk (Law 14,052/20), net | 1,032 | - | - | - | - | 1,032 | - | - | 1,032
Gains arising from the sale of non-current asset held for sale | - | - | - | - | 109 | 109 | - | - | 109
Equity in earnings of unconsolidated investees, net | 54 | - | - | - | 128 | 182 | - | - | 182
Fair value of business combination | - | 4 | - | - | - | 4 | - | - | 4
OPERATING INCOME BEFORE FINANCE INCOME (EXPENSES) | 2,561 | 894 | 642 | 2,363 | 491 | 6,951 | - | - | 6,951
Finance net income (expenses) | (758) | (395) | 15 | (7) | (1,107) | (2,252) | - | - | (2,252)
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX | 1,803 | 499 | 657 | 2,356 | (616) | 4,699 | - | - | 4,699
Income tax and social contribution tax | (409) | (78) | (224) | (655) | 420 | (946) | - | - | (946)
NET INCOME FOR THE YEAR | 1,394 | 421 | 433 | 1,701 | (196) | 3,753 | - | - | 3,753
Equity holders of the parent | 1,394 | 421 | 433 | 1,701 | (198) | 3,751 | - | - | 3,751
Non-controlling interests | - | - | - | - | 2 | 2 | - | - | 2
(1) | The only inter-segment transactions are from the generation to the trading segment, as explained above.
(2) | The reconciliation between the published amounts for the segments and the accounting information on revenue and costs indicates the transactions between the consolidated companies (eliminations).
(3) | The information on operational costs and expenses separated by type is segregated in accordance with the internal business model, which has immaterial differences in relation to the accounting information.
Information by Segment as of and for The Year Ended December 31, 2020
Account/description | Energy | Investees | Total | Inter segment transactions (1) | Reconciliation (2) (3) | Total
Generation | Transmission | Trading (1) | Distribution
NET REVENUE | 2,589 | 778 | 5,382 | 16,512 | 1,673 | 26,934 | (1,324) | (382) | 25,228
COST OF ENERGY, GAS AND CHARGES FOR USE OF THE NATIONAL GRID | (528) | - | (5,027) | (9,960) | (1,083) | (16,598) | 1,324 | 332 | (14,942)
OPERATING COSTS AND EXPENSES |  |  |  |  |  |  |  |  |
Personnel | (170) | (102) | (16) | (886) | (102) | (1,276) | - | - | (1,276)
‘Employees and managers’ income sharing | (16) | (14) | (2) | (93) | (17) | (142) | - | - | (142)
Post-employment obligations | (42) | (38) | (6) | (297) | (55) | (438) | - | - | (438)
Materials, outsourced services and others expenses (revenues) | (178) | (65) | (11) | (1,327) | (110) | (1,691) | - | 50 | (1,641)
Depreciation and amortization | (205) | (5) | (1) | (668) | (110) | (989) | - | - | (989)
Operating provisions and impairment | (32) | 7 | (1) | (274) | (123) | (423) | - | - | (423)
Construction costs | - | (147) | - | (1,384) | (50) | (1,581) | - | - | (1,581)
Total operating costs | (643) | (364) | (37) | (4,929) | (567) | (6,540) | - | 50 | (6,490)
OPERATING COSTS AND EXPENSES | (1,171) | (364) | (5,064) | (14,889) | (1,650) | (23,138) | 1,324 | 382 | (21,432)
Periodic Tariff Revision, net | - | 502 | - | - | - | 502 | - | - | 502
Fair value of business combination | - | 51 | - | - | - | 51 | - | - | 51
Equity in earnings of unconsolidated investees, net | 11 | - | - | - | 346 | 357 | - | - | 357
OPERATING INCOME BEFORE FINANCE INCOME (EXPENSES) | 1,429 | 967 | 318 | 1,623 | 369 | 4,706 | - | - | 4,706
Finance expenses | (322) | (152) | 21 | 22 | (474) | (905) | - | - | (905)
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX | 1,107 | 815 | 339 | 1,645 | (105) | 3,801 | - | - | 3,801
Income tax and social contribution tax | (308) | (222) | (81) | (430) | 105 | (936) | - | - | (936)
NET INCOME FOR THE YEAR | 799 | 593 | 258 | 1,215 | - | 2,865 | - | - | 2,865
Equity holders of the parent | 799 | 593 | 258 | 1,215 | (1) | 2,864 | - | - | 2,864
Non-controlling interests | - | - | - | - | 1 | 1 | - | - | 1
(1) | The only inter-segment transactions are from the generation to the trading segment, as explained above.
(2) | The reconciliation between the published amounts for the segments and the accounting information on revenue and costs indicates the transactions between the consolidated companies (eliminations).
(3) | The information on operational costs and expenses separated by type is segregated in accordance with the internal business model, which has immaterial differences in relation to the accounting information.
The information for assets by segment is not presented, because this is not part of the information made available to the Company’s Chief Operating Decision Maker (‘CODM’). Accounting policy The operating results of all operating segments for which discrete financial information is available, are reviewed regularly by the Company’s CODM, to make decisions about resources to be allocated to the segment, and to assess its performance. Segment results that are reported to the CODM include items directly attributable to the segment as well as those that can be allocated on a reasonable basis.

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