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Equity and Remuneration to Shareholders (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity And Remuneration To Shareholders |
Schedule of Share Capital | On December 31, 2023 and 2022, the Company’s issued and share capital was R$11,007 represented by 735,847,624 common shares and 1,465,523,064 preferred shares, both of them with nominal value of R$5.00, as demonstrated below:
|  | Number of shares on December 31, 2023 |
Shareholders |  | Common |  |  | % |  |  | Preferred |  |  | % |  |  | Total |  |  | % |
State of Minas Gerais |  |  | 375,031,302 |  |  |  | 51 |  |  |  | 17,085 |  |  |  | - |  |  |  | 375,048,387 |  |  |  | 17 |
PZENA |  |  |  |  |  | - |  |  |  | 73,283,989 |  |  |  | 5 |  |  |  | 73,283,989 |  |  |  | 3 |
FIA Dinâmica Energia S/A |  |  | 233,004,992 |  |  |  | 31 |  |  |  | 116,951,354 |  |  |  | 8 |  |  |  | 349,956,346 |  |  |  | 16 |
BNDES Participações |  |  | 82,007,784 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | 82,007,784 |  |  |  | 4 |
BlackRock |  |  | - |  |  |  | - |  |  |  | 217,550,174 |  |  |  | 15 |  |  |  | 217,550,174 |  |  |  | 10 |
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  |  | 29,160,676 |  |  |  | 4 |  |  |  | 101,717,633 |  |  |  | 7 |  |  |  | 130,878,309 |  |  |  | 6 |
Foreign shareholders |  |  | 16,642,870 |  |  |  | 2 |  |  |  | 956,002,829 |  |  |  | 66 |  |  |  | 972,645,699 |  |  |  | 44 |
Total |  |  | 735,847,624 |  |  |  | 99 |  |  |  | 1,465,523,064 |  |  |  | 101 |  |  |  | 2,201,370,688 |  |  |  | 100 |
|  | Number of shares on December 31, 2022 |
Shareholders |  | Common |  |  | % |  |  | Preferred |  |  | % |  |  | Total |  |  | % |
State of Minas Gerais |  |  | 375,031,302 |  |  |  | 51 |  |  |  | 17,085 |  |  |  | - |  |  |  | 375,048,387 |  |  |  | 17 |
Other entities of Minas Gerais State |  |  | 30,021 |  |  |  | - |  |  |  | 21,880,950 |  |  |  | 1 |  |  |  | 21,910,971 |  |  |  | 1 |
FIA Dinâmica Energia S/A |  |  | 233,625,046 |  |  |  | 31 |  |  |  | 118,771,654 |  |  |  | 8 |  |  |  | 352,396,700 |  |  |  | 16 |
BNDES Participações |  |  | 82,007,784 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | 82,007,784 |  |  |  | 4 |
BlackRock |  |  | - |  |  |  | - |  |  |  | 218,212,381 |  |  |  | 15 |  |  |  | 218,212,381 |  |  |  | 10 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  |  | 26,546,632 |  |  |  | 4 |  |  |  | 178,219,966 |  |  |  | 12 |  |  |  | 204,766,598 |  |  |  | 9 |
Foreign shareholders |  |  | 18,606,839 |  |  |  | 3 |  |  |  | 928,421,028 |  |  |  | 64 |  |  |  | 947,027,867 |  |  |  | 43 |
Total |  |  | 735,847,624 |  |  |  | 100 |  |  |  | 1,465,523,064 |  |  |  | 100 |  |  |  | 2,201,370,688 |  |  |  | 100 |
|  | Number of shares on December 31, 2021 |
Shareholders |  | Common |  |  | % |  |  | Preferred |  |  | % |  |  | Total |  |  | % |
State of Minas Gerais |  |  | 288,485,632 |  |  |  | 51 |  |  |  | 13,143 |  |  |  | - |  |  |  | 288,498,775 |  |  |  | 17 |
Other entities of Minas Gerais State |  |  | 23,094 |  |  |  | - |  |  |  | 14,472,345 |  |  |  | 1 |  |  |  | 14,495,439 |  |  |  | 1 |
FIA Dinâmica Energia S.A. |  |  | 153,354,328 |  |  |  | 27 |  |  |  | 80,004,762 |  |  |  | 7 |  |  |  | 233,359,090 |  |  |  | 14 |
BNDES Participações |  |  | 63,082,911 |  |  |  | 11 |  |  |  | 22,141,720 |  |  |  | 2 |  |  |  | 85,224,631 |  |  |  | 5 |
BlackRock |  |  | - |  |  |  | - |  |  |  | 123,325,741 |  |  |  | 11 |  |  |  | 123,325,741 |  |  |  | 7 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In Brazil |  |  | 43,689,699 |  |  |  | 8 |  |  |  | 145,881,261 |  |  |  | 13 |  |  |  | 189,570,960 |  |  |  | 11 |
Foreign shareholders |  |  | 17,400,970 |  |  |  | 3 |  |  |  | 741,486,462 |  |  |  | 66 |  |  |  | 758,887,432 |  |  |  | 45 |
Total |  |  | 566,036,634 |  |  |  | 100 |  |  |  | 1,127,325,434 |  |  |  | 100 |  |  |  | 1,693,362,068 |  |  |  | 100 |
Schedule of Earnings Per Share | The number of shares included in the calculation of basic and diluted earnings, is described in the table below:
|  | Number of shares |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Common shares already paid up |  |  | 735,847,624 |  |  |  | 735,847,624 |  |  |  | 735,847,624 |
Shares in treasury |  |  | (102 | ) |  |  | (102 | ) |  |  | (102 | )
|  |  | 735,847,522 |  |  |  | 735,847,522 |  |  |  | 735,847,522 |
Preferred shares already paid up |  |  | 1,465,523,064 |  |  |  | 1,465,523,064 |  |  |  | 1,465,523,064 |
Shares in treasury |  |  | (846,062 | ) |  |  | (846,062 | ) |  |  | (846,062 | )
|  |  | 1,464,677,002 |  |  |  | 1,464,677,002 |  |  |  | 1,464,677,002 |
Total |  |  | 2,200,524,524 |  |  |  | 2,200,524,524 |  |  |  | 2,200,524,524 |
Schedule of Basic and Diluted Earnings per Share | The calculation of basic and diluted earnings per share is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Net income for the year attributed to equity holders of the parent |  |  | 5,764 |  |  |  | 4,092 |  |  |  | 3,751 |
Minimum mandatory dividend from net income for the year – preferred shares |  |  | 2,080 |  |  |  | 1,486 |  |  |  | 1,309 |
Net income for the year not distributed – preferred shares |  |  | 1,757 |  |  |  | 1,238 |  |  |  | 1,188 |
Total earnings - preferred shares (A) |  |  | 3,837 |  |  |  | 2,724 |  |  |  | 2,497 |
Minimum mandatory dividend from net income for the year - common shares |  |  | 1,045 |  |  |  | 747 |  |  |  | 657 |
Net income for the year not distributed – common shares |  |  | 883 |  |  |  | 622 |  |  |  | 597 |
Total earnings - common shares (B) |  |  | 1,928 |  |  |  | 1,369 |  |  |  | 1,254 |
Basic and diluted earnings per preferred share (A / number of preferred shares) |  |  | 2.62 |  |  |  | 1.86 |  |  |  | 1.70 |
Basic and diluted earnings per common share (B / number of common shares) |  |  | 2.62 |  |  |  | 1.86 |  |  |  | 1.70 |
Schedule of Minimum Dividends Proposed | The calculation of the minimum dividends proposed for distribution to Shareholders, considering the unrealized income assumption as mentioned in the previous paragraph, is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Calculation of minimum dividends required by the by-laws for the preferred shares |  |  |  |  |  |  |  |  |
Nominal value of the preferred shares |  |  | 7,328 |  |  |  | 7,328 |  |  |  | 5,637 |
|  |  | 7,328 |  |  |  | 7,328 |  |  |  | 5,637 |
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 |  |  | 733 |  |  |  | 733 |  |  |  | 564 |
Equity |  |  | 24,649 |  |  |  | 21,777 |  |  |  | 19,457 |
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 |  |  | 16,406 |  |  |  | 14,495 |  |  |  | 12,950 |
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 |  |  | 492 |  |  |  | 435 |  |  |  | 389 |
Minimum Dividends required by the Bylaws for the preferred shares |  |  | 733 |  |  |  | 733 |  |  |  | 564 |
Calculation of the Minimum Dividend under the by-laws based on the net income for the year |  |  |  |  |  |  |  |  |
Net income for the year |  |  | 5,764 |  |  |  | 4,092 |  |  |  | 3,751 |
|  |  | 50 | % |  |  | 50 | % |  |  | 50 | %
Mandatory dividends – 50% of Net income |  |  | 2,882 |  |  |  | 2,046 |  |  |  | 1,876 |
Unrealized profit reserve |  |  | (835 | ) |  |  | (835 | ) |  |  | (835 | )
Reversal of the unrealized profit reserve |  |  | 835 |  |  |  | 835 |  |  |  | 835 |
Withholding income tax on Interest on equity |  |  | 242 |  |  |  | 186 |  |  |  | 91 |
|  |  | 3,124 |  |  |  | 2,232 |  |  |  | 1,967 |
Dividends recorded, as specified in the by-laws |  |  |  |  |  |  |  |  |
Interest on Equity |  |  | 2,592 |  |  |  | 1,983 |  |  |  | 956 |
Ordinary dividends |  |  | 532 |  |  |  | 249 |  |  |  | 1,011 |
|  |  | 3,124 |  |  |  | 2,232 |  |  |  | 1,967 |
Total dividends for the preferred shares |  |  | 2,079 |  |  |  | 1,486 |  |  |  | 1,309 |
Total dividends for the common shares |  |  | 1,045 |  |  |  | 747 |  |  |  | 658 |
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) |  |  | 1.42 |  |  |  | 1.01 |  |  |  | 1.16 |
Dividends proposed: Common (ON) shares |  |  | 1.42 |  |  |  | 1.01 |  |  |  | 1.16 |
Dividends proposed: Preferred (PN) shares |  |  | 1.42 |  |  |  | 1.01 |  |  |  | 1.16 |
Schedule of Changes on Dividends and Interest on Capital Payable | This table provides the changes on dividends and interest on capital payable:
Balances at December 31, 2021 |  |  | 1,910 |
Proposed dividends |  |  | 2,232 |
Proposed dividends - Non-controlling interests |  |  | 1 |
Withholding income tax on interest on capital |  |  | (186 | )
Dividends retained – Minas Gerais state government |  |  | - |
Dividends paid |  |  | (2,094 | )
Balances at December 31, 2022 |  |  | 1,863 |
Proposed dividends |  |  | 3,124 |
Proposed dividends - Non-controlling interests |  |  | 2 |
Withholding income tax on interest on capital |  |  | (242 | )
Dividends paid |  |  | (1,823 | )
Balances at December 31, 2023 |  |  | 2,924 |
Schedule of Interest on Equity Declared | The Company’s Executive Board decided to declare Interest on Equity as follows:
Declaration date |  | Entitled shareholders (1) |  | Amount |  |  | Income tax withheld |
March 22, 2023 |  | March 27, 2023 |  |  | 424 |  |  |  | (40 | )
June 20, 2023 |  | June 23, 2023 |  |  | 427 |  |  |  | (40 | )
September 20, 2023 |  | September 25, 2023 |  |  | 418 |  |  |  | (39 | )
December 14, 2023 |  | December 21, 2023 |  |  | 1,323 |  |  |  | (123 | )
|  |  |  |  | 2,592 |  |  |  | (242 | )
(1) Shareholders who have their names entered in the Register of Registered Shares on the dates indicated are entitled.
Schedule of Equity Valuation Adjustments |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Adjustments to actuarial liabilities – Employee benefits |  |  | (2,072 | ) |  |  | (2,303 | ) |  |  | (2,762 | )
Deemed cost of PP&E |  |  | 421 |  |  |  | 427 |  |  |  | 554 |
Others |  |  | 3 |  |  |  | 2 |  |  |  |
Valuation adjustments |  |  | (1,648 | ) |  |  | (1,874 | ) |  |  | (2,208 | )
Schedule of Reserves |
|  | 2023 |  |  | 2022 |  |  | 2021 |
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 |
Schedule of Income Reserves |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Legal reserve |  |  | 1,674 |  |  |  | 1,387 |  |  |  | 1,181 |
Statutory reserve |  |  | 57 |  |  |  | 57 |  |  |  | 57 |
Profit retention reserve |  |  | 8,842 |  |  |  | 6,546 |  |  |  | 7,331 |
Unrealized profit reserve |  |  | 835 |  |  |  | 835 |  |  |  | 835 |
Incentive tax reserve |  |  | 213 |  |  |  | 150 |  |  |  | 124 |
Reserve for mandatory dividends not distributed |  |  | 1,420 |  |  |  | 1,420 |  |  |  | 1,420 |
|  |  | 13,041 |  |  |  | 10,395 |  |  |  | 10,948 |
Schedule of Reserve for Mandatory Dividends not Distributed |
Dividends withheld, arising from the net income of 2015 |  |  | 623 |
Dividends withheld, arising from the net income of 2014 |  |  | 797 |
|  |  | 1,420 |

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