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Operating Segments | 12 Months Ended
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Dec. 31, 2023
Operating Segments |
Operating Segments | 5. OPER ATING SEGMENTS The operating segments of the Company and its subsidiaries reflect their management and their organizational structure, used to monitoring its results. In 2023, due to a change in the way in which the Company’s chief operating decision maker (CODM) evaluates the operating segments performance, the Company changed its operational segments and began to publish information on the Gas business segment separately. To maintain comparability, the information for 2022 is now restated using the same criterion. The segment information is disclosed separately into the following 6 reportable segments: • Generation: comprise production of energy from hydroelectric, wind and solar facilities. • Transmission: comprise construction, operation and maintenance of transmission lines and substations. • Trading: comprises the sale of electricity to free customers and the provision of related services. • Distribution: comprises the distribution and sale of electricity to captive customers, and the operation and maintenance of infrastructure and related services. • Gas: this business segment includes commercial operation of industrial, institutional and residential distribution and sale of piped gas in the State of Minas Gerais. • Investees: Comprise 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 subsidiary Cemig Sim are also included in this segment. 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.
INFORMATION BY SEGMENT AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023 |
Description |  | Energy |  | Gas |  | Investees |  | Total |  | Inter segment transactions (1) |  | Reconciliation (2) (3) |  | Total |
|  | Generation |  | Transmission |  | Trading |  | Distribution |  |  |  |  |  |  |  |  |  |  |  |  |
NET REVENUE |  |  | 2,875 |  |  | 1,091 |  |  | 7,686 |  |  | 23,348 |  |  | 3,618 |  |  | 18 |  |  | 38,636 |  |  | (1,208 | ) |  | (578 | ) |  | 36,850 |
COST OF ENERGY, GAS AND CHARGES FOR USE OF THE NATIONAL GRID |  |  | (347 | ) |  | - |  |  | (6,318 | ) |  | (12,656 | ) |  | (2,237 | ) |  | (4 | ) |  | (21,562 | ) |  | 1,208 |  |  | 532 |  |  | (19,822 | )
COSTS AND EXPENSES (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | (148 | ) |  | (137 | ) |  | (27 | ) |  | (875 | ) |  | (73 | ) |  | (48 | ) |  | (1,308 | ) |  | - |  |  | - |  |  | (1,308 | )
Employees’ and managers’ profit sharing |  |  | (16 | ) |  | (16 | ) |  | (3 | ) |  | (102 | ) |  | - |  |  | (20 | ) |  | (157 | ) |  | - |  |  | - |  |  | (157 | )
Post-employment obligations |  |  | (59 | ) |  | (36 | ) |  | (8 | ) |  | (400 | ) |  | - |  |  | (88 | ) |  | (591 | ) |  | - |  |  | - |  |  | (591 | )
Materials, outsourced services and others expenses (revenues) |  |  | (223 | ) |  | (88 | ) |  | (18 | ) |  | (2,157 | ) |  | (63 | ) |  | 275 |  |  | (2,274 | ) |  | - |  |  | 46 |  |  | (2,228 | )
Depreciation and amortization |  |  | (327 | ) |  | (1 | ) |  | - |  |  | (834 | ) |  | (94 | ) |  | (18 | ) |  | (1,274 | ) |  | - |  |  | - |  |  | (1,274 | )
Operating provisions and impairment |  |  | (29 | ) |  | (14 | ) |  | (7 | ) |  | (455 | ) |  | 2 |  |  | (106 | ) |  | (609 | ) |  | - |  |  | - |  |  | (609 | )
Construction costs |  |  | - |  |  | (172 | ) |  | - |  |  | (3,600 | ) |  | (300 | ) |  | - |  |  | (4,072 | ) |  | - |  |  | - |  |  | (4,072 | )
Total cost of operation |  |  | (802 | ) |  | (464 | ) |  | (63 | ) |  | (8,423 | ) |  | (528 | ) |  | (5 | ) |  | (10,285 | ) |  | - |  |  | 46 |  |  | (10,239 | )
COSTS AND EXPENSES |  |  | (1,149 | ) |  | (464 | ) |  | (6,381 | ) |  | (21,079 | ) |  | (2,765 | ) |  | (9 | ) |  | (31,847 | ) |  | 1,208 |  |  | 578 |  |  | (30,061 | )
Equity in earnings of unconsolidated investees, net |  |  | (2 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | 434 |  |  | 432 |  |  | - |  |  | - |  |  | 432 |
Gains arising from the sale of non-current asset held for sale |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | 9 |  |  | - |  |  | - |  |  | 9 |
Result of business combination |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
INCOME BEFORE FINANCE INCOME (EXPENSES) |  |  | 1,724 |  |  | 627 |  |  | 1,305 |  |  | 2,269 |  |  | 853 |  |  | 452 |  |  | 7,230 |  |  | - |  |  | - |  |  | 7,230 |
Finance net income (expenses) |  |  | (11 | ) |  | (48 | ) |  | 82 |  |  | (253 | ) |  | (9 | ) |  | (140 | ) |  | (379 | ) |  | - |  |  | - |  |  | (379 | )
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX |  |  | 1,713 |  |  | 579 |  |  | 1,387 |  |  | 2,016 |  |  | 844 |  |  | 312 |  |  | 6,851 |  |  | - |  |  | - |  |  | 6,851 |
Income tax and social contribution tax |  |  | (326 | ) |  | (114 | ) |  | (428 | ) |  | (405 | ) |  | (248 | ) |  | 437 |  |  | (1,084 | ) |  | - |  |  | - |  |  | (1,084 | )
NET INCOME FOR THE YEAR |  |  | 1,387 |  |  | 465 |  |  | 959 |  |  | 1,611 |  |  | 596 |  |  | 749 |  |  | 5,767 |  |  | - |  |  | - |  |  | 5,767 |
Equity holders of the parent |  |  | 1,387 |  |  | 465 |  |  | 959 |  |  | 1,611 |  |  | 593 |  |  | 749 |  |  | 5,764 |  |  | - |  |  | - |  |  | 5,764 |
Non-controlling interests |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | 3 |
Information by Segment as of and for The Year Ended December 31, 2022 (restated) |
Description |  | Energy |  | Gas |  | Investees |  | Total |  | Inter segment transactions (1) |  | Reconciliation (2) (3) |  | Total |
|  | Generation |  | Transmission |  | Trading |  | Distribution |  |  |  |  |  |  |  |  |  |  |  |  |
NET REVENUE |  | 2661 |  | 1195 |  | 7918 |  | 20919 |  | 3690 |  | 7 |  | 36390 |  |  | (1,423 | ) |  | (504 | ) | 34463 |
COST OF ENERGY, GAS AND CHARGES FOR USE OF THE NATIONAL GRID |  |  | (331 | ) |  |  |  | (6,880 | ) |  | (11,938 | ) |  | (2,735 | ) |  | (1 | ) |  | (21,885 | ) | 1423 |  | 442 |  |  | (20,020 | )
OPERATING COSTS AND EXPENSES (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personnel |  |  | (162 | ) |  | (135 | ) |  | (12 | ) |  | (913 | ) |  | (66 | ) |  | (64 | ) |  | (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 | ) |  | (1,786 | ) |  | (57 | ) |  | (84 | ) |  | (2,432 | ) |  |  | 62 |  |  | (2,370 | )
Depreciation and amortization |  |  | (328 | ) |  |  |  |  |  | (738 | ) |  | (91 | ) |  | (25 | ) |  | (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 | ) |  | (7,489 | ) |  | (266 | ) |  | (274 | ) |  | (9,667 | ) |  | - |  | 62 |  |  | (9,605 | )
|  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATING COSTS AND EXPENSES |  |  | (1,315 | ) |  | (578 | ) |  | (6,956 | ) |  | (19,427 | ) |  | (3,001 | ) |  | (275 | ) |  | (31,552 | ) | 1423 |  | 504 |  |  | (29,625 | )
Equity in earnings of unconsolidated investees, net |  |  | (2 | ) | 3 |  |  |  |  |  |  |  | 842 |  | 843 |  |  |  |  |  | 843 |
Fair value of business combination |  |  | - |  |  |  |  |  |  |  |  |  | 5 |  | 5 |  |  |  |  |  | 5 |
OPERATING INCOME BEFORE FINANCE INCOME (EXPENSES) |  | 1344 |  | 620 |  | 962 |  | 1492 |  | 689 |  | 579 |  | 5686 |  |  | - |  |  | - |  | 5686 |
Finance net income (expenses) |  |  | (150 | ) |  | (96 | ) | 34 |  |  | (1,115 | ) |  | (9 | ) |  | (230 | ) |  | (1,566 | ) |  |  |  |  |  | (1,566 | )
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX |  | 1194 |  | 524 |  | 996 |  | 377 |  | 680 |  | 349 |  | 4120 |  |  | - |  |  | - |  | 4120 |
Income tax and social contribution tax |  |  | (307 | ) |  | (174 | ) |  | (314 | ) | 67 |  |  | (199 | ) | 901 |  |  | (26 | ) |  |  |  |  |  | (26 | )
NET INCOME FOR THE YEAR |  | 887 |  | 350 |  | 682 |  | 444 |  | 481 |  | 1250 |  | 4094 |  |  | - |  |  | - |  | 4094 |
Equity holders of the parent |  | 887 |  | 350 |  | 682 |  | 444 |  | 479 |  | 1250 |  | 4092 |  |  |  |  |  | 4092 |
Non-controlling interests |  |  |  |  |  |  |  |  |  | 2 |  |  |  | 2 |  |  |  |  |  | 2 |
|  | Information by Segment as of and for The Year Ended December 31, 2021 (restated) |
Account/description | Energy |  | Gas |  | Investees |  | Total |  | Inter segment transactions (1) |  | Reconciliation (2) (3) |  | Total |
| Generation |  | Transmission |  | Trading |  | Distribution |  |  |  |  |  |  |  |  |  |  |  |  |
NET REVENUE |  | 2,921 |  |  | 1,094 |  |  | 6,430 |  |  | 22,345 |  |  | 2,852 |  |  | 6 |  |  | 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 | ) |  | (56 | ) |  | (53 | ) |  | (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 | ) |  | (48 | ) |  | (117 | ) |  | (2,006 | ) |  |  |  | 57 |  |  | (1,949 | )
Depreciation and amortization |  | (254 | ) |  | (3 | ) |  | (1 | ) |  | (683 | ) |  | (90 | ) |  | (18 | ) |  | (1,049 | ) |  |  |  |  |  | (1,049 | )
Operating provisions and impairment |  | (20 | ) |  | (12 | ) |  | (14 | ) |  | (198 | ) |  | (6 | ) |  | (114 | ) |  | (364 | ) |  |  |  |  |  | (364 | )
Construction costs |  |  |  | (184 | ) | - |  |  | (1,802 | ) |  | (50 | ) | - |  |  | (2,036 | ) |  |  |  |  |  | (2,036 | )
Total operating costs |  | (651 | ) |  | (419 | ) |  | (53 | ) |  | (5,129 | ) |  | (250 | ) |  | (343 | ) |  | (6,845 | ) |  |  |  | 57 |  |  | (6,788 | )
OPERATING COSTS AND EXPENSES |  | (1,446 | ) |  | (419 | ) |  | (5,788 | ) |  | (19,982 | ) |  | (2,261 | ) |  | (343 | ) |  | (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 |  |  | 591 |  |  | (100 | ) |  | 6,951 |  |  |  |  |  |  | 6,951 |
Finance net income (expenses) |  | (758 | ) |  | (395 | ) |  | 15 |  |  | (7 | ) |  | (89 | ) |  | (1,018 | ) |  | (2,252 | ) |  |  |  |  |  | (2,252 | )
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION TAX |  | 1,803 |  |  | 499 |  |  | 657 |  |  | 2,356 |  |  | 502 |  |  | (1,118 | ) |  | 4,699 |  |  |  |  |  |  | 4,699 |
Income tax and social contribution tax |  | (409 | ) |  | (78 | ) |  | (224 | ) |  | (655 | ) |  | (142 | ) |  | 562 |  |  | (946 | ) |  |  |  |  |  | (946 | )
NET INCOME FOR THE YEAR |  | 1,394 |  |  | 421 |  |  | 433 |  |  | 1,701 |  |  | 360 |  |  | (556 | ) |  | 3,753 |  |  |  |  |  |  | 3,753 |
Equity holders of the parent |  | 1,394 |  |  | 421 |  |  | 433 |  |  | 1,701 |  |  | 358 |  |  | (556 | ) |  | 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) Refers to the reconciliation between our statements of income to our segments information evaluated by CODM, which is necessary to made adjustments (eliminations) related to intercompany transactions.. (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 and liabilities 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 Company’s CODM include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise corporate assets and head office expenses.

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