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Loans and Debentures (Tables) | 12 Months Ended
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Dec. 31, 2023
Loans And Debentures |
Schedule of Loans and Debentures |
|  |  |  |  |  |  |  | 2023 |  |  | 2022 |
Financing source |  | Principal maturity |  | Annual financial cost |  | Currency |  | Current |  |  | Non-current |  |  | Total |  |  | Total |
Foreign currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eurobonds (1) |  | 2024 |  | 9.25% |  | U$$ |  |  | 1,857 |  |  |  | - |  |  |  | 1,857 |  |  |  | 3,975 |
(-) Transaction costs |  |  |  |  |  |  |  |  | (1 | ) |  |  | - |  |  |  | (1 | ) |  |  | (6 | )
(±) Interest paid in advance (2) |  |  |  |  |  |  |  |  | (2 | ) |  |  | - |  |  |  | (2 | ) |  |  | (9 | )
Debt in foreign currency |  |  |  |  |  |  |  |  | 1,854 |  |  |  | - |  |  |  | 1,854 |  |  |  | 3,960 |
BRAZILIAN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eletrobrás (3) |  | 2023 |  | UFIR + 6,00% a 8,00% |  | R$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Sonda (4) |  | 2022 |  | 110,00% do CDI |  | R$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Debt in Brazilian currency |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total of loans and financings |  |  |  |  |  |  |  |  | 1,854 |  |  |  | - |  |  |  | 1,854 |  |  |  | 3,962 |
Debentures - 3rd Issue - 3rd Series (5) |  | 2025 |  | IPCA + 5,10% |  | R$ |  |  | 331 |  |  |  | 304 |  |  |  | 635 |  |  |  | 913 |
Debentures - 7th Issue - 1st Series (3)(7) |  | 2024 |  | CDI + 0,45% |  | R$ |  |  | 271 |  |  |  | - |  |  |  | 271 |  |  |  | 816 |
Debentures - 7th Issue - 2nd Series (3)(7) |  | 2026 |  | IPCA + 4,10% |  | R$ |  |  | 3 |  |  |  | 1,945 |  |  |  | 1,948 |  |  |  | 1,864 |
Debentures - 8th Issue - 1st Series (3)(7) |  | 2027 |  | CDI + 1,35% |  | R$ |  |  | 2 |  |  |  | 500 |  |  |  | 502 |  |  |  | 503 |
Debentures - 8th Issue - 2nd Series (3)(7) |  | 2029 |  | IPCA + 6,10% |  | R$ |  |  | 1 |  |  |  | 529 |  |  |  | 530 |  |  |  | 507 |
Debentures - 7th Issue - Single series (8) |  | 2026 |  | CDI + 2,05% |  | R$ |  |  | 32 |  |  |  | 2,000 |  |  |  | 2,032 |  |  |  | - |
Debentures - 7th Issue - Single series (8) |  | 2023 |  | CDI + 1,50% |  | R$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20 |
Debentures - 8th Issue - Single series (8) |  | 2031 |  | IPCA + 5,27% |  | R$ |  |  | 134 |  |  |  | 958 |  |  |  | 1,092 |  |  |  | 1,044 |
Debentures - 9th Issue - 1st Series (6) |  | 2027 |  | CDI + 1,33% |  | R$ |  |  | 3 |  |  |  | 700 |  |  |  | 703 |  |  |  | 703 |
Debentures - 9th Issue - 2nd Series (6) |  | 2029 |  | IPCA + 7,63% |  | R$ |  |  | 1 |  |  |  | 315 |  |  |  | 316 |  |  |  | 302 |
(-) Discount on the issuance of debentures (6) |  |  |  |  |  |  |  |  | - |  |  |  | (9 | ) |  |  | (9 | ) |  |  | (12 | )
(-) Transaction costs |  |  |  |  |  |  |  |  | (2 | ) |  |  | (41 | ) |  |  | (43 | ) |  |  | (42 | )
Total, debentures |  |  |  |  |  |  |  |  | 776 |  |  |  | 7,201 |  |  |  | 7,977 |  |  |  | 6,618 |
Total |  |  |  |  |  |  |  |  | 2,630 |  |  |  | 7,201 |  |  |  | 9,831 |  |  |  | 10,580 |
(1) Cemig Geração e Transmissão; (2) Advance of funds to achieve the yield to maturity agreed in the Eurobonds contract; (3) Cemig Distribuição; (4) Debentures issued by Gasmig. (5) Discount on the sale price of the 2nd series of the Seventh issue of Cemig Distribuição.
Schedule of Financial Settlement and Cancellation | The table below shows the effects related to the repurchase of bonds:
|  | % |  |  | US$ |  |  | R$ |
Principal Amount |  |  | 100.00 |  |  |  | 375 |  |  |  | 1,823 |
Accrued interests |  |  | 0.41 |  |  |  | 2 |  |  |  | 8 |
|  |  |  |  |  | 377 |  |  |  | 1,831 |
Income tax on accrued interests |  |  | 17.65 |  |  |  | - |  |  |  | 1 |
|  |  |  |  |  | - |  |  |  | 1 |
Total of payments |  |  |  |  |  | 377 |  |  |  | 1,832 |
Partial disposal of hedge |  |  |  |  |  | - |  |  |  | (283 | )
NDF positive adjustment (*) |  |  |  |  |  | - |  |  |  | 117 |
Total |  |  |  |  |  | 377 |  |  |  | 1,666 |
(*) Difference between the PTAX dollar rate on the day of purchase (R$4.9091) in relation to the financial instrument - exchange protection NDF, with the dollar purchase lock in April/23 at R$5.1110 and difference between the PTAX dollar rate on the day of purchase (R$4.8663) in relation to the financial instrument - exchange protection NDF, with the dollar purchase lock in December/23 at R$4.9675.
Schedule of Credit Risk Rating Agency |
Company |  | Entry Date |  | Due Date Principal |  | Financial charges |  | Value |
BRAZILIAN CURRENCY |  |  |  |  |  |  |  |  |
Debentures – 9th Issue Single serie |  | June 2023 |  | 2026 |  | CDI + 2.05% |  |  | 2,000 |
(-)Transaction costs |  |  |  |  |  |  |  |  | (12 | )
Total |  |  |  |  |  |  |  |  | 1,988 |
Schedule of Guarantees of the Debtor Balance on Loans and Financings | The guarantees of the debt balance on loans and debentures, on December 31, 2022, were as follows:
|  | 2023 |
Promissory notes and sureties |  |  | 2,489 |
Guarantee and receivables |  |  | 2,208 |
Sureties |  |  | 4,059 |
Receivables |  |  | — |
Unsecured |  |  | 1,075 |
Total |  |  | 9,831 |
Schedule of Composition of Loans and Debentures | The company's debt has an average repayment period of 2.8 years. The consolidated breakdown of loans and debentures, by currency and index, considering their maturities, is as follows:
|  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 onwards |  |  | Total |
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US dollar |  |  | 1,857 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,857 |
Total, currency denominated |  |  | 1,857 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,857 |
Index |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IPCA (1) |  |  | 470 |  |  |  | 1,397 |  |  |  | 1,099 |  |  |  | 132 |  |  |  | 403 |  |  |  | 1,021 |  |  |  | 4,522 |
UFIR/RGR (2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
CDI (3) |  |  | 308 |  |  |  | 1,233 |  |  |  | 1,233 |  |  |  | 733 |  |  |  | - |  |  |  | - |  |  |  | 3,507 |
Total by index |  |  | 778 |  |  |  | 2,630 |  |  |  | 2,332 |  |  |  | 865 |  |  |  | 403 |  |  |  | 1,021 |  |  |  | 8,029 |
(-) Transaction costs |  |  | (4 | ) |  |  | (9 | ) |  |  | (9 | ) |  |  | (4 | ) |  |  | (7 | ) |  |  | (13 | ) |  |  | (46 | )
(±) Interest paid in advance |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | )
(-) Discount |  |  | - |  |  |  | (4 | ) |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8 | )
Overall total |  |  | 2,629 |  |  |  | 2,617 |  |  |  | 2,319 |  |  |  | 861 |  |  |  | 396 |  |  |  | 1,008 |  |  |  | 9,830 |
(1) Expanded National Customer Price (IPCA) Index. (2) Fiscal Reference Unit (Ufir / RGR). (3) CDI: Interbank Rate for Certificates of Deposit. (4) Interest rate reference unit (URTJ) / Long-Term Interest Rate (TJLP)
Schedule of the Principal Currencies and Indexors Used for Monetary Updating of Loans and Financings | The US dollar and index used for monetary updating of Loans had the following variations:
Currency |  | Accumulated change on 2023 (%) |  |  | Accumulated change on 2022 (%) |  |  | Indexer |  | Accumulated change on 2023 (%) |  |  | Accumulated change on 2022 (%) |
US dollar |  |  | (6.50 | ) |  |  | (6.50 | ) |  | IPCA |  |  | 4.62 |  |  |  | 5.79 |
|  |  |  |  |  |  |  | CDI |  |  | 13.04 |  |  |  | 12.39 |
|  |  |  |  |  |  |  | TJLP |  |  | (9.03 | ) |  |  | 35.34 |
Schedule of Changes in Loans, Financings and Debentures | The changes in loans and debentures are as follows:
Balance at December 31, 2020 |  |  | 15,020 |
Liabilities arising from business combination |  |  |
Initial balance for consolidation purposes |  |  | 15,020 |
Liabilities arising from business combination |  |  | 13 |
Discount and premium on repurchase of debt securities (Eurobonds) |  |  | 491 |
Monetary variation |  |  | 331 |
Exchange rate variation |  |  | 353 |
Financial charges provisioned |  |  | 1,162 |
Amortization of transaction cost |  |  | 20 |
Financial charges paid |  |  | (1,589 | )
Amortization of financing |  |  | (4,437 | )
Reclassification to “Other obligations” |  |  |
Subtotal |  |  | 11,364 |
FIC Pampulha: Marketable securities of subsidiary companies |  |  |
Balance at December 31, 2021 |  |  | 11,364 |
Loans and financing obtained |  |  | 2,000 |
Transaction costs |  |  | (18 | )
Financing obtained, net |  |  | 1,981 |
Monetary variation |  |  | 167 |
Exchange rate variation |  |  | (338 | )
Financial charges provisioned |  |  | 975 |
Premium on repurchase of debt securities (Eurobonds) |  |  | 47 |
Amortization of transaction cost |  |  | 7 |
Financial charges paid |  |  | (1,010 | )
Amortization of financing |  |  | (2,613 | )
Balance at December 31, 2022 |  |  | 10,580 |
Loans and financing obtained |  |  | 2,000 |
Transaction costs |  |  | (12 | )
Discount in the issues of securities |  |  | - |
Financing obtained, net |  |  | 1,988 |
Monetary variation |  |  | 148 |
Exchange rate variation |  |  | (276 | )
Financial charges provisioned |  |  | 1,082 |
Amortization of transaction cost |  |  | 14 |
Financial charges paid |  |  | (1,026 | )
Amortization of financing |  |  | (2,679 | )
Balance at December 31, 2023 |  |  | 9,831 |
Schedule of Capitalized Borrowing Cost | The subsidiaries CEMIG D and Gasmig considered the costs of loans and debentures linked to construction in progress as construction costs of intangible and concession contract assets, as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Costs of loans and financing |  |  | 1,083 |  |  |  | 975 |  |  |  | 1,162 |
Financing costs on intangible assets and contract assets |  |  | (70 | ) |  |  | (47 | ) |  |  | (15 | )
Net effect in Profit or loss |  |  | 1,013 |  |  |  | 928 |  |  |  | 1,147 |
(1) The average capitalization rate p.a. on December 31, 2022 was 11.36% (9.44% on December 31, 2021).
Schedule of Restrictive Covenants | The Company has contracts with financial covenants as follows:
Title - Security |  | Covenant |  | Ratio required - Issuer |  | Ratio required CEMIG (guarantor) |  | Compliance required
Eurobonds CEMIG GT (1) |  | Net debt / Adjusted Ebitda for the Covenant (3) |  | 2.5 or less |  | 3.0 or less |  | Semi-annual and annual
7th and 8th Debentures Issuance CEMIG D |  | Net debt / Adjusted Ebitda |  | 3.5 or less |  | 3.0 or less |  | Semi-annual and annual
8th Debentures Issuance Gasmig (2) |  | Ebitda/Debt servicing Net debt/EBITDA |  | 1.3 or more 3.0 or less |  | - |  | Annual
9th Debenture Issue CEMIG GT 1st and 2nd Series (3) |  | Net debt / Adjusted Ebitda |  | 3.5 or less |  | 3.0 or less from Dec. 31, 2022 onwards 3.5 or less from Dec. 31, 2026 onwards |  | Semi-annual and annual
9th Debentures Issuance CEMIG D |  | Net debt / Adjusted Ebitda |  | 3.5 or less from June 30, 2023 onwards |  | 3.5 or less from June 30, 2023 onwards |  | Semi-annual and annual
(1) Adjusted Ebitda corresponds to earnings before interest, income taxes and social contribution on net income, depreciation and amortization, calculated in accordance with CVM Resolution 156, dated June 23, 2022, from which non-operating income, any credits and non-cash gains that increase net income are subtracted, to the extent that they are non-recurring, and any cash payments made on a consolidated basis during such period in respect of non-cash charges that were added back in the determination of Ebitda in any prior period, and increased by non-cash expenses and non-cash charges, to the extent that they are non-recurring. (2) Non-compliance with financial covenants implies non-automatic early maturity. If early maturity is declared by the debenture holders, Gasmig must make the payment upon receipt of the notification. (3) Non-compliance with financial covenants implies early maturity resulting in the immediate enforceability of payment by CEMIG GT of the Unit Nominal Value or Updated Unit Nominal Value of the Debentures, as the case may be, plus remuneration, in addition to the other charges due, regardless of judicial or extrajudicial notice, notification or interpellation.

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