XML 39 R21.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments
 12 Months Ended
Dec. 31, 2023
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
Investments
15.
INVESTMENTS

 

 

 

 

Control

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Guanhães Energia S.A. ("Guanhães Energia")

 

 

Jointly controlled

 

 

 

222

 

 

 

183

 

Hidrelétrica Cachoeirão S.A. ("Hidrelétrica Cachoeirão")

 

 

Jointly controlled

 

 

 

47

 

 

 

47

 

Hidrelétrica Pipoca S.A. ("Hidrelétrica Pipoca")

 

 

Jointly controlled

 

 

 

47

 

 

 

47

 

Madeira Energia ("MESA") (3)

 

 

Affiliated

 

 

 

-

 

 

 

10

 

Fundo de Investimento em Participações Melbourne Multiestratégia ("FIP Melbourne") (3)

 

 

Affiliated

 

 

 

-

 

 

 

8

 

Retiro Baixo Energética S.A. ("Retiro Baixo") (4)

 

 

Jointly controlled

 

 

 

-

 

 

 

185

 

Aliança Norte Participações S.A. ("Aliança Norte") (2)

 

 

Jointly controlled

 

 

 

536

 

 

 

576

 

Baguari Energia S.A. ("Baguari Energia") (4)

 

 

Jointly controlled

 

 

 

-

 

 

 

160

 

Aliança Geração de Energia S.A. ("Aliança Geração")

 

 

Jointly controlled

 

 

 

1,172

 

 

 

1,194

 

Amazônia Energia Participações S.A. ("Amazônia Energia") (2)

 

 

Jointly controlled

 

 

 

819

 

 

 

886

 

Paracambi Energética S.A. ("Paracambi") (antiga Lightger)

 

 

Jointly controlled

 

 

 

112

 

 

 

134

 

Transmissora Aliança de Energia Elétrica S.A. ("Taesa")

 

 

Jointly controlled

 

 

 

1,565

 

 

 

1,549

 

UFVs (1)

 

 

Jointly controlled

 

 

 

112

 

 

 

128

 

 

 

 

 

 

 

 

 

 

 

 

Total of investments

 

 

 

 

 

 

4,632

 

 

 

5,107

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

4,632

 

 

 

5,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Set of photovoltaics business, in which the investee Cemig Sim has a interest.
(2)
Indirect interest in the Belo Monte plant through these investees.
(3)
On March 20, 2023, Cemig GT completed the sale of its direct and indirect ownership interest in the capital stock of Mesa to Furnas Centrais Elétricas S.A. ("Furnas"). More details will follow in the course of this explanatory note.
(4)
Cemig GT concluded the sale of its stake in the share capital of the companies Baguari Energia and Retiro Baixo to Furnas, on October 6 and November 22, 2023, respectively. Further details can be found in this note.

 

Investee

 

 

2022

 

 

 

Gain (loss)
by equity
method
(Income
statement)

 

 

Dividends

 

 

Additions /
Acquisitions

 

 

 

(Others)

 

2023

 

Hidrelétrica Cachoeirão

 

 

 

47

 

 

 

 

12

 

 

 

(12

)

 

 

-

 

 

 

 

-

 

 

47

 

Guanhães Energia

 

 

 

183

 

 

 

 

39

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

222

 

Hidrelétrica Pipoca

 

 

 

47

 

 

 

 

15

 

 

 

(15

)

 

 

-

 

 

 

 

-

 

 

47

 

MESA (3)

 

 

 

10

 

 

 

 

(10

)

 

 

-

 

 

 

-

 

 

 

 

-

 

 

-

 

FIP Melbourne (3)

 

 

 

8

 

 

 

 

22

 

 

 

-

 

 

 

-

 

 

 

 

(30

)

 

-

 

Paracambi (former Lightger)

 

 

 

134

 

 

 

 

15

 

 

 

(26

)

 

 

-

 

 

 

 

(11

)

 

112

 

Baguari Energia (4)

 

 

 

160

 

 

 

 

12

 

 

 

(12

)

 

 

-

 

 

 

 

(160

)

 

-

 

Amazônia Energia (1)

 

 

 

886

 

 

 

 

(67

)

 

 

-

 

 

 

-

 

 

 

 

-

 

 

819

 

Aliança Norte (1)

 

 

 

576

 

 

 

 

(40

)

 

 

-

 

 

 

-

 

 

 

 

-

 

 

536

 

Taesa

 

 

 

1,549

 

 

 

 

278

 

 

 

(262

)

 

 

-

 

 

 

 

-

 

 

1,565

 

Aliança Geração

 

 

 

1,194

 

 

 

 

136

 

 

 

(158

)

 

 

-

 

 

 

 

-

 

 

1,172

 

Retiro Baixo (4)

 

 

 

185

 

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

 

(191

)

 

(1

)

UFV Janaúba Geração de Energia Elétrica Distribuída S.A. ("UFV Janaúba")

 

 

 

3

 

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

5

 

UFV Corinto Geração de Energia Elétrica Distribuída S.A. ("UFV Corinto")

 

 

 

8

 

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

 

-

 

 

8

 

UFV Manga Geração de Energia Elétrica Distribuída S.A. ("UFV Manga")

 

 

 

11

 

 

 

 

2

 

 

 

(1

)

 

 

-

 

 

 

 

-

 

 

12

 

UFV Bonfinópolis II Geração de Energia Elétrica Distribuída S.A. ("UFV Bonfinópolis II")

 

 

 

5

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

5

 

UFV Lagoa Grande Geração de Energia Elétrica Distribuída S.A. ("UFV Lagoa Grande")

 

 

 

15

 

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

 

-

 

 

15

 

UFV Lontra Geração de Energia Elétrica Distribuída S.A. ("UFV Lontra")

 

 

 

18

 

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

 

-

 

 

18

 

UFV Mato Verde Geração de Energia Elétrica Distribuída S.A. ("UFV Mato Verde")

 

 

 

6

 

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

 

-

 

 

6

 

UFV Mirabela Geração de Energia Elétrica Distribuída S.A. ("UFV Mirabela")

 

 

 

4

 

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

5

 

UFV Porteirinha I Geração de Energia Elétrica Distribuída S.A. ("UFV Porteirinha I")

 

 

 

4

 

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

 

-

 

 

4

 

UFV Porteirinha II Geração de Energia Elétrica Distribuída S.A. ("UFV Porteirinha II")

 

 

 

7

 

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

 

-

 

 

7

 

UFV Brasilândia Geração de Energia Elétrica Distribuída S.A. ("UFV Brasilândia")

 

 

 

15

 

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

 

-

 

 

15

 

Apolo I SPE Empreendimentos e Energia S.A. ("UFV Apolo I")

 

 

 

7

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(1

)

 

6

 

Apolo II SPE Empreendimentos e Energia S.A. ("UFV Apolo I")

 

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

 

-

 

 

6

 

G2 Campo Lindo I Energia S.A. ("UFV Campo Lindo I") (2)

 

 

 

8

 

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

 

(18

)

 

-

 

G2 Campo Lindo II Energia S.A. ("UFV Campo Lindo II") (2)

 

 

 

9

 

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

 

(18

)

 

1

 

G2 Olaria I Energia S.A. ("UFV Olaria I") (2)

 

 

 

8

 

 

 

 

-

 

 

 

-

 

 

 

10

 

 

 

 

(18

)

 

-

 

Total of investments

 

 

 

5,107

 

 

 

 

432

 

 

 

(496

)

 

 

36

 

 

 

 

(447

)

 

4,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

5,107

 

 

 

 

432

 

 

 

(496

)

 

 

36

 

 

 

 

(447

)

 

4,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Indirect participation in Belo Monte Dam through these investees.
(2)
On July 20, 2023, control of these investees was acquired and they were consolidated by the Company. Therefore, the Company’s interest in these investees is reflected in the Company’s consolidated assets and liabilities.
(3)
On March 20, 2023, Cemig GT completed the sale of its direct and indirect ownership interest in the capital stock of Mesa to Furnas Centrais Elétricas S.A. ("Furnas"). More details will follow in the course of this explanatory note.
(4)
The sale of Baguari Energia was completed on October 6, 2023 and the sale of Retiro Baixo was completed on November 22, 2023. The investments writ-off is presented in the "Other" column depicted above .Further details can be found in this note.

For the fiscal year ended on December 31, 2023, the Company's management evaluated whether there were indications of possible devaluation of assets, as referred to in IAS 36 - Impairments of Assets. The net book value of the investments was found to be recoverable.

Additionally, in relation to the above, the Company’s management has assessed the risk threatening all its investments ability to continue as a going concern, taking substantially into consideration: the economic-financial clauses of Cemig D and Gasmig; the guarantee of revenues of the transmission companies; the protection against force majeure reduction in regulated generation contracts; and all the legal measures that have been applied by the federal government and by Aneel - and has concluded that the Company and its subsidiaries’ will continue to operate as a going concern.

Changes in investments in subsidiaries, jointly controlled entities and affiliates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investee

 

2021

 

 

Gain (loss)
by equity
method
(Income
statement)

 

 

Dividends

 

 

Additions /
Acquisitions

 

 

Other

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hidrelétrica Cachoeirão

 

 

59

 

 

 

15

 

 

 

(27

)

 

 

-

 

 

 

-

 

 

 

47

 

Guanhães Energia

 

 

125

 

 

 

58

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

183

 

Hidrelétrica Pipoca

 

 

47

 

 

 

16

 

 

 

(16

)

 

 

-

 

 

 

-

 

 

 

47

 

MESA (3)

 

 

-

 

 

 

10

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10

 

FIP Melbourne (3) (5)

 

 

-

 

 

 

169

 

 

 

-

 

 

 

-

 

 

 

(161

)

 

 

8

 

Paracambi (formely Lightger)

 

 

124

 

 

 

17

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

134

 

Baguari Energia

 

 

168

 

 

 

22

 

 

 

(30

)

 

 

-

 

 

 

-

 

 

 

160

 

Amazônia Energia (4)

 

 

933

 

 

 

(47

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

886

 

Aliança Norte (4)

 

 

609

 

 

 

(33

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

576

 

Ativas

 

 

16

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

(15

)

 

 

-

 

Taesa

 

 

1,580

 

 

 

305

 

 

 

(336

)

 

 

-

 

 

 

-

 

 

 

1,549

 

Aliança Geração

 

 

1,141

 

 

 

104

 

 

 

(48

)

 

 

-

 

 

 

(3

)

 

 

1,194

 

Retiro Baixo

 

 

201

 

 

 

22

 

 

 

(38

)

 

 

-

 

 

 

-

 

 

 

185

 

UFV Janaúba Geração de Energia Elétrica Distribuída S.A. (‘UFV Janaúba’)

 

 

3

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

3

 

UFV Corinto Geração de Energia Elétrica Distribuída S.A. (‘UFV Corinto’) (2)

 

 

9

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

8

 

UFV Manga Geração de Energia Elétrica Distribuída S.A. (‘UFV Manga’) (2)

 

 

11

 

 

 

3

 

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

11

 

UFV Bonfinópolis II Geração de Energia Elétrica Distribuída S.A. (‘UFV Bonfinópolis II’) (2)

 

 

6

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

5

 

UFV Lagoa Grande Geração de Energia Elétrica Distribuída S.A. (‘UFV Lagoa Grande’) (2)

 

 

15

 

 

 

3

 

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

15

 

UFV Lontra Geração de Energia Elétrica Distribuída S.A. (‘UFV Lontra’) (2)

 

 

18

 

 

 

4

 

 

 

(3

)

 

 

-

 

 

 

(1

)

 

 

18

 

UFV Mato Verde Geração de Energia Elétrica Distribuída S.A. (‘UFV Mato Verde’) (2)

 

 

6

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

6

 

UFV Mirabela Geração de Energia Elétrica Distribuída S.A. (‘UFV Mirabela’) (2)

 

 

4

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

4

 

UFV Porteirinha I Geração de Energia Elétrica Distribuída S.A. (‘UFV Porteirinha I’) (2)

 

 

5

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

4

 

UFV Porteirinha II Geração de Energia Elétrica Distribuída S.A. (‘UFV Porteirinha II’) (2)

 

 

7

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

7

 

UFV Brasilândia Geração de Energia Elétrica Distribuída S.A. (‘UFV Brasilândia’) (2)

 

 

15

 

 

 

3

 

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

15

 

Apolo I SPE Empreendimentos e Energia S.A. (‘UFV Apolo I’)

 

 

-

 

 

 

1

 

 

 

-

 

 

 

6

 

 

 

-

 

 

 

7

 

G2 Campo Lindo I Energia S.A. (‘UFV Campo Lindo I’)

 

 

-

 

 

 

1

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

8

 

G2 Campo Lindo II Energia S.A. (‘UFV Campo Lindo II’)

 

 

-

 

 

 

2

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

9

 

G2 Olaria I Energia S.A. (‘UFV Olaria I’)

 

 

-

 

 

 

1

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

8

 

Axxiom

 

 

4

 

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Itaocara

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

10

 

 

 

(7

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment

 

 

5,106

 

 

 

676

 

 

 

(519

)

 

 

37

 

 

 

(193

)

 

 

5,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Itaocara - Uncovered liability

 

 

(21

)

 

 

7

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

MESA (3) - Loss provisions (1)

 

 

(162

)

 

 

162

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

4,923

 

 

 

845

 

 

 

(519

)

 

 

51

 

 

 

(193

)

 

 

5,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
In June 2022, the provision related to the Company's contractual obligations assumed with the investee and the other shareholders was reversed. Further details are disclosed in this note.
(2)
On May 23, 2022, the reduction of capital stock of these UFVs was approved by means of an Extraordinary General Assembly.
(3)
Indirect participation in the Santo Antônio Plant through these investees.
(4)
Indirect participation in Belo Monte Dam through these investees.
(5)
On September 12, 2022, AGPar made the payment associated with the settlement arising from Arbitral Award CCBC-86/2016 to the Melbourne Fund. Thereafter, the Company recognized the receivable against income. Further details are provided throughout this note.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investee

 

2020

 

 

Gain (loss)
by equity
method
(Income
statement)

 

 

Dividends

 

 

Additions /
acquisitions

 

 

Losses on
investments

 

 

Other

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hidrelétrica Cachoeirão

 

 

53

 

 

 

14

 

 

 

(8

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

59

 

Guanhães Energia

 

 

131

 

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

125

 

Hidrelétrica Pipoca

 

 

36

 

 

 

11

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

47

 

Madeira Energia (Santo Antônio plant)

 

 

209

 

 

 

(209

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

FIP Melbourne (Santo Antônio plant)

 

 

158

 

 

 

(158

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Lightger

 

 

131

 

 

 

5

 

 

 

(12

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

124

 

Baguari Energia

 

 

159

 

 

 

31

 

 

 

(22

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

168

 

Amazônia Energia (Belo Monte plant)

 

 

965

 

 

 

(32

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

933

 

Aliança Norte (Belo Monte plant)

 

 

631

 

 

 

(22

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

609

 

Ativas Data Center

 

 

17

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

16

 

Taesa

 

 

1,467

 

 

 

481

 

 

 

(368

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,580

 

Aliança Geração

 

 

1,167

 

 

 

199

 

 

 

(225

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,141

 

Retiro Baixo

 

 

195

 

 

 

13

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

201

 

UFV Janaúba Geração de Energia Elétrica Distribuída

 

 

10

 

 

 

1

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

(6

)

 

 

3

 

UFV Corinto Geração de Energia Elétrica Distribuída

 

 

10

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9

 

UFV Manga Geração de Energia Elétrica Distribuída

 

 

11

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

UFV Bonfinópolis II Geração de Energia Elétrica Distribuída

 

 

6

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

UFV Lagoa Grande Geração de Energia Elétrica Distribuída

 

 

15

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15

 

UFV Lontra Geração de Energia Elétrica Distribuída

 

 

17

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18

 

UFV Mato Verde Geração de Energia Elétrica Distribuída

 

 

6

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6

 

UFV Mirabela Geração de Energia Elétrica Distribuída

 

 

4

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

UFV Porteirinha I Geração de Energia Elétrica Distribuída

 

 

6

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5

 

UFV Porteirinha II Geração de Energia Elétrica Distribuída

 

 

7

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7

 

UFV Brasilândia Geração de Energia Elétrica Distribuída (1)

 

 

-

 

 

 

4

 

 

 

(1

)

 

 

12

 

 

 

-

 

 

 

-

 

 

 

15

 

Axxiom Soluções Tecnológicas

 

 

4

 

 

 

(2

)

 

 

—

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of investments

 

 

5,415

 

 

 

337

 

 

 

(654

)

 

 

14

 

 

 

-

 

 

 

(6

)

 

 

5,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Itaocara - equity deficit (2)

 

 

(30

)

 

 

7

 

 

 

-

 

 

 

42

 

 

 

(40

)

 

 

-

 

 

 

(21

)

Madeira Energia (Santo Antônio Plant) - provisions to losses (3)

 

 

-

 

 

 

(162

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(162

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

5,385

 

 

 

182

 

 

 

(654

)

 

 

56

 

 

 

(40

)

 

 

(6

)

 

 

4,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Includes the amount of R$2 of the acquisition of the jointly controlled subsidiary UFV Brasilândia.
(2)
On December 1, 2021, CEMIG GT injected capital into UHE Itaocara S.A., in the amount of R$40. This amount is proportional to its shareholding interest in the investee and was recognized under Other expenses in the Company’s income statement. Further, R$1 was injected to cover the expenses specified in the 2021 budget of the investee.
(3)
A loss was recognized for extension of the contractual obligations which the Company had assumed to the investee and the other shareholders. On December 31, 2021 this amount was R$162.

 

 

Main information on the subsidiaries, jointly controlled entities and affiliates, not adjusted for the percentage represented by the Company’s ownership interest:

 

 

 

 

 

 

 

 

2023

 

 

 

2022

 

 

 

2021

 

Investee

 

 

Numbers
of shares

 

 

 

Cemig
interest
(%)

 

 

Share
capital

 

 

Equity

 

 

 

Cemig
interest
(%)

 

Share
capital

 

Equity

 

 

 

Cemig
interest
(%)

 

Share
capital

 

Equity

 

Cemig Geração e Transmissão

 

 

 

2,896,785,358

 

 

 

 

100.00

 

 

 

5,474

 

 

 

10,703

 

 

 

 

100.00

 

 

5,474

 

 

8,893

 

 

 

 

100.00

 

 

4,124

 

 

7,755

 

Mesa

 

 

 

24,796,536,323

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

7.53

 

 

12,202

 

 

229

 

 

 

 

15.51

 

 

10,620

 

 

1,492

 

Hidrelétrica Cachoeirão

 

 

 

35,000,000

 

 

 

 

49.00

 

 

 

35

 

 

 

96

 

 

 

 

49.00

 

 

35

 

 

96

 

 

 

 

49.00

 

 

35

 

 

120

 

Guanhães Energia

 

 

 

548,626,000

 

 

 

 

49.00

 

 

 

549

 

 

 

419

 

 

 

 

49.00

 

 

549

 

 

373

 

 

 

 

49.00

 

 

549

 

 

255

 

Hidrelétrica Pipoca

 

 

 

41,360,000

 

 

 

 

49.00

 

 

 

41

 

 

 

97

 

 

 

 

49.00

 

 

41

 

 

95

 

 

 

 

49.00

 

 

41

 

 

95

 

Baguari Energia

 

 

 

26,157,300,278

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

69.39

 

 

187

 

 

231

 

 

 

 

69.39

 

 

187

 

 

243

 

Parajuru

 

 

 

35,000,000

 

 

 

 

100.00

 

 

 

35

 

 

 

92

 

 

 

 

100.00

 

 

86

 

 

158

 

 

 

 

100.00

 

 

86

 

 

128

 

Volta do Rio

 

 

 

180,000,000

 

 

 

 

100.00

 

 

 

180

 

 

 

208

 

 

 

 

100.00

 

 

275

 

 

248

 

 

 

 

100.00

 

 

275

 

 

207

 

Paracambi (antiga Lightger)

 

 

 

79,078,937

 

 

 

 

49.00

 

 

 

57

 

 

 

83

 

 

 

 

49.00

 

 

79

 

 

123

 

 

 

 

49.00

 

 

79

 

 

98

 

Aliança Norte

 

 

 

41,949,320,044

 

 

 

 

49.00

 

 

 

1,210

 

 

 

1,007

 

 

 

 

49.00

 

 

1,210

 

 

1,084

 

 

 

 

49.00

 

 

1,209

 

 

1,148

 

Amazônia Energia (1)

 

 

 

1,322,897,723

 

 

 

 

74.50

 

 

 

1,323

 

 

 

1,099

 

 

 

 

74.50

 

 

1,323

 

 

1,189

 

 

 

 

74.50

 

 

1,323

 

 

1,252

 

Aliança Geração

 

 

 

1,291,582,500

 

 

 

 

45.00

 

 

 

1,291

 

 

 

2,046

 

 

 

 

45.00

 

 

1,291

 

 

2,039

 

 

 

 

45.00

 

 

1,291

 

 

1,858

 

Retiro Baixo

 

 

 

225,350,000

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

49.90

 

 

225

 

 

319

 

 

 

 

49.90

 

 

225

 

 

346

 

Itaocara

 

 

 

156,259,500

 

 

 

 

49.00

 

 

 

207

 

 

 

15

 

 

 

 

49.00

 

 

207

 

 

15

 

 

 

 

49.00

 

 

156

 

 

(42

)

Cemig Baguari

 

 

 

406,000

 

 

 

 

100.00

 

 

 

-

 

 

 

-

 

 

 

 

100.00

 

 

-

 

 

-

 

 

 

 

100.00

 

 

-

 

 

-

 

CEMIG Geração Três Marias

 

 

 

1,291,423,369

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

100.00

 

 

1,291

 

 

1,728

 

 

 

 

100.00

 

 

1,291

 

 

1,652

 

CEMIG Geração Salto Grande

 

 

 

405,267,607

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

100.00

 

 

405

 

 

562

 

 

 

 

100.00

 

 

405

 

 

527

 

Cemig Geração Itutinga

 

 

 

151,309,332

 

 

 

 

100.00

 

 

 

151

 

 

 

228

 

 

 

 

100.00

 

 

151

 

 

231

 

 

 

 

100.00

 

 

151

 

 

212

 

Cemig Geração Camargos

 

 

 

113,499,102

 

 

 

 

100.00

 

 

 

113

 

 

 

168

 

 

 

 

100.00

 

 

113

 

 

183

 

 

 

 

100.00

 

 

113

 

 

165

 

Cemig Geração Sul

 

 

 

148,146,505

 

 

 

 

100.00

 

 

 

148

 

 

 

255

 

 

 

 

100.00

 

 

148

 

 

252

 

 

 

 

100.00

 

 

148

 

 

215

 

Cemig Geração Leste

 

 

 

100,568,929

 

 

 

 

100.00

 

 

 

101

 

 

 

158

 

 

 

 

100.00

 

 

101

 

 

168

 

 

 

 

100.00

 

 

101

 

 

148

 

Cemig Geração Oeste

 

 

 

60,595,484

 

 

 

 

100.00

 

 

 

61

 

 

 

145

 

 

 

 

100.00

 

 

61

 

 

126

 

 

 

 

100.00

 

 

61

 

 

106

 

Rosal Energia

 

 

 

46,944,467

 

 

 

 

100.00

 

 

 

47

 

 

 

112

 

 

 

 

100.00

 

 

47

 

 

123

 

 

 

 

100.00

 

 

47

 

 

115

 

Sá Carvalho

 

 

 

361,200,000

 

 

 

 

100.00

 

 

 

37

 

 

 

92

 

 

 

 

100.00

 

 

37

 

 

138

 

 

 

 

100.00

 

 

37

 

 

134

 

Horizontes Energia

 

 

 

10,000,000

 

 

 

 

100.00

 

 

 

10

 

 

 

32

 

 

 

 

100.00

 

 

39

 

 

61

 

 

 

 

100.00

 

 

39

 

 

60

 

Cemig PCH

 

 

 

6,000,000

 

 

 

 

100.00

 

 

 

6

 

 

 

51

 

 

 

 

100.00

 

 

46

 

 

99

 

 

 

 

100.00

 

 

46

 

 

90

 

Cemig Geração Poço Fundo

 

 

 

139,084,745

 

 

 

 

100.00

 

 

 

139

 

 

 

168

 

 

 

 

100.00

 

 

139

 

 

172

 

 

 

 

100.00

 

 

97

 

 

114

 

Empresa de Serviços de Comercialização de Energia Elétrica S.A.

 

 

 

486,000

 

 

 

 

100.00

 

 

 

-

 

 

 

29

 

 

 

 

100.00

 

 

-

 

 

11

 

 

 

 

100.00

 

-

 

 

8

 

Cemig Trading

 

 

 

1,000,000

 

 

 

 

100.00

 

 

 

1

 

 

 

9

 

 

 

 

100.00

 

 

1

 

 

6

 

 

 

 

100.00

 

 

1

 

 

2

 

Centroeste

 

 

 

28,000,000

 

 

 

 

100.00

 

 

 

28

 

 

 

113

 

 

 

 

100.00

 

 

28

 

 

120

 

 

 

 

100.00

 

 

28

 

 

-

 

UFV Três Marias

 

 

 

6,887,499

 

 

 

 

100.00

 

 

 

7

 

 

 

46

 

 

 

 

100.00

 

-

 

-

 

 

 

 

-

 

 

-

 

 

-

 

Cemig Distribuição

 

 

 

2,359,113,452

 

 

 

 

100.00

 

 

 

6,284

 

 

 

9,121

 

 

 

 

100.00

 

 

5,372

 

 

7,105

 

 

 

 

100.00

 

 

5,372

 

 

6,943

 

Taesa

 

 

 

1,033,496,721

 

 

 

 

21.68

 

 

 

3,042

 

 

 

6,679

 

 

 

 

21.68

 

 

3,042

 

 

6,570

 

 

 

 

21.68

 

 

3,042

 

 

6,685

 

Gasmig

 

 

 

409,255,483

 

 

 

 

99.57

 

 

 

665

 

 

 

1,386

 

 

 

 

99.57

 

 

665

 

 

1,373

 

 

 

 

99.57

 

 

665

 

 

1,222

 

Cemig Sim

 

 

 

306,664,742

 

 

 

 

100.00

 

 

 

307

 

 

 

419

 

 

 

 

100.00

 

 

175

 

 

199

 

 

 

 

100.00

 

 

285

 

 

297

 

Sete Lagoas

 

 

 

36,857,080

 

 

 

 

100.00

 

 

 

37

 

 

 

80

 

 

 

 

100.00

 

 

37

 

 

73

 

 

 

 

100.00

 

 

37

 

 

65

 

 

(1)
Indirect participation in Belo Monte Plant through this investee.

 

The main balances for the affiliated and jointly controlled entities on December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

Taesa

 

 

Paracambi
(formely
Lightger)

 

 

Hidrelétrica
Cachoeirão

 

 

Hidrelétrica
Pipoca

 

 

Aliança
Norte (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

2,745

 

 

 

24

 

 

 

11

 

 

 

11

 

 

 

-

 

Cash and cash equivalents

 

 

1,144

 

 

 

17

 

 

 

7

 

 

 

6

 

 

 

-

 

Non-current

 

 

14,833

 

 

 

100

 

 

 

86

 

 

 

95

 

 

 

1,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

17,578

 

 

 

124

 

 

 

97

 

 

 

106

 

 

 

1,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1,617

 

 

 

11

 

 

 

7

 

 

 

8

 

 

 

-

 

Loans

 

 

-

 

 

 

9

 

 

 

-

 

 

 

7

 

 

 

-

 

Non-current

 

 

9,282

 

 

 

30

 

 

 

-

 

 

 

1

 

 

 

8

 

Loans

 

 

368

 

 

 

30

 

 

 

-

 

 

 

1

 

 

 

-

 

Equity

 

 

6,679

 

 

 

83

 

 

 

90

 

 

 

97

 

 

 

1,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

17,578

 

 

 

124

 

 

 

97

 

 

 

106

 

 

 

1,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

1,345

 

 

 

60

 

 

 

38

 

 

 

46

 

 

 

-

 

Cost of sales

 

 

(196

)

 

 

(16

)

 

 

(15

)

 

 

(12

)

 

 

-

 

Depreciation and amortization

 

 

(6

)

 

 

(12

)

 

 

(4

)

 

 

(4

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

1,149

 

 

 

44

 

 

 

23

 

 

 

34

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(179

)

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

(77

)

Finance income

 

 

370

 

 

 

7

 

 

 

3

 

 

 

3

 

 

 

-

 

Finance expenses

 

 

(1,623

)

 

 

(4

)

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

(283

)

 

 

45

 

 

 

26

 

 

 

35

 

 

 

(77

)

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

1,181

 

 

 

—

 

 

 

—

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

470

 

 

 

(4

)

 

 

(2

)

 

 

(3

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

1,368

 

 

 

41

 

 

 

24

 

 

 

32

 

 

 

(77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

1,368

 

 

 

41

 

 

 

24

 

 

 

32

 

 

 

(77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

1,368

 

 

 

41

 

 

 

24

 

 

 

32

 

 

 

(77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) At the year ended December 31, 2023, Company has assessed all relevant aspects related to going concern and no triggers of impairment were found.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

Guanhães
Energia

 

 

Amazônia
Energia

 

 

Aliança
Geração

 

 

Usina
Hidrelétrica
Itaocara S.A.

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1,534

 

 

 

-

 

 

 

583

 

 

 

3

 

Cash and cash equivalents

 

 

112

 

 

 

-

 

 

 

348

 

 

 

3

 

Non-current

 

 

4,735

 

 

 

1,108

 

 

 

3,701

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

6,269

 

 

 

1,108

 

 

 

4,284

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

143

 

 

 

8

 

 

 

829

 

 

 

-

 

Loans

 

 

69

 

 

 

-

 

 

 

180

 

 

 

-

 

Non-current

 

 

1,151

 

 

 

-

 

 

 

1,767

 

 

 

-

 

Loans

 

 

941

 

 

 

-

 

 

 

993

 

 

 

-

 

Equity

 

 

4,975

 

 

 

1,100

 

 

 

1,688

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

6,269

 

 

 

1,108

 

 

 

4,284

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

60

 

 

 

-

 

 

 

1,149

 

 

 

-

 

Cost of sales

 

 

(39

)

 

 

-

 

 

 

(472

)

 

 

(1

)

Depreciation and amortization

 

 

(21

)

 

 

-

 

 

 

(131

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

21

 

 

 

-

 

 

 

677

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

-

 

 

 

-

 

 

 

(51

)

 

 

-

 

Finance income

 

 

15

 

 

 

-

 

 

 

50

 

 

 

-

 

Finance expenses

 

 

(10

)

 

 

-

 

 

 

(171

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

26

 

 

 

-

 

 

 

505

 

 

 

(1

)

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

(83

)

 

 

23

 

 

 

-

 

Income tax and social contribution tax

 

 

(7

)

 

 

 

 

 

(170

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

19

 

 

 

(83

)

 

 

358

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

19

 

 

 

(83

)

 

 

358

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

19

 

 

 

(83

)

 

 

358

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The main balances for the affiliated and jointly controlled entities on December 31, 2022

 

2022

 

Taesa

 

 

Paracambi
(formely
Lightger)

 

 

Hidrelétrica
Cachoeirão

 

 

Hidrelétrica
Pipoca

 

 

Retiro
Baixo

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

2,261

 

 

 

63

 

 

 

15

 

 

 

20

 

 

 

63

 

Cash and cash equivalents

 

 

760

 

 

 

60

 

 

 

11

 

 

 

14

 

 

 

49

 

Non-current

 

 

13,198

 

 

 

109

 

 

 

91

 

 

 

98

 

 

 

338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

15,459

 

 

 

172

 

 

 

106

 

 

 

118

 

 

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

817

 

 

 

11

 

 

 

1

 

 

 

8

 

 

 

25

 

Loans

 

 

1,957

 

 

 

9

 

 

 

-

 

 

 

7

 

 

 

14

 

Non-current

 

 

8,045

 

 

 

38

 

 

 

1

 

 

 

7

 

 

 

45

 

Loans

 

 

372

 

 

 

38

 

 

 

-

 

 

 

7

 

 

 

28

 

Equity

 

 

6,597

 

 

 

123

 

 

 

104

 

 

 

103

 

 

 

331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

15,459

 

 

 

172

 

 

 

106

 

 

 

118

 

 

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

1,621

 

 

 

62

 

 

 

43

 

 

 

45

 

 

 

77

 

Cost of sales

 

 

(176

)

 

 

(17

)

 

 

(12

)

 

 

(10

)

 

 

(4

)

Depreciation and amortization

 

 

(9

)

 

 

(12

)

 

 

(3

)

 

 

-

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

1,445

 

 

 

45

 

 

 

31

 

 

 

35

 

 

 

73

 

General and administrative expenses

 

 

(197

)

 

 

(2

)

 

 

-

 

 

 

(1

)

 

 

(3

)

Finance income

 

 

652

 

 

 

6

 

 

 

4

 

 

 

3

 

 

 

10

 

Finance expenses

 

 

(1,700

)

 

 

(4

)

 

 

-

 

 

 

(1

)

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

200

 

 

 

45

 

 

 

35

 

 

 

36

 

 

 

75

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

925

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

324

 

 

 

(4

)

 

 

(3

)

 

 

(3

)

 

 

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

1,449

 

 

 

41

 

 

 

32

 

 

 

33

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

1,449

 

 

 

41

 

 

 

32

 

 

 

33

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

1,449

 

 

 

41

 

 

 

32

 

 

 

33

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

Aliança
Norte

 

 

Guanhães
Energia

 

 

Amazônia
Energia

 

 

Madeira
Energia

 

 

Baguari
Energia

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

-

 

 

 

132

 

 

 

-

 

 

 

1,819

 

 

 

83

 

Cash and cash equivalents

 

 

-

 

 

 

3

 

 

 

-

 

 

 

924

 

 

 

10

 

Non-current

 

 

1,092

 

 

 

376

 

 

 

1,191

 

 

 

20,953

 

 

 

205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

1,092

 

 

 

508

 

 

 

1,191

 

 

 

22,772

 

 

 

288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

-

 

 

 

38

 

 

 

2

 

 

 

2,571

 

 

 

25

 

Loans

 

 

-

 

 

 

12

 

 

 

-

 

 

 

655

 

 

 

-

 

Non-current

 

 

8

 

 

 

97

 

 

 

-

 

 

 

19,972

 

 

 

24

 

Loans

 

 

-

 

 

 

80

 

 

 

-

 

 

 

13,546

 

 

 

-

 

Equity

 

 

1,084

 

 

 

373

 

 

 

1,189

 

 

 

229

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

1,092

 

 

 

508

 

 

 

1,191

 

 

 

22,772

 

 

 

288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

-

 

 

 

57

 

 

 

-

 

 

 

4,137

 

 

 

81

 

Cost of sales

 

 

-

 

 

 

(45

)

 

 

-

 

 

 

(3,451

)

 

 

(31

)

Depreciation and amortization

 

 

-

 

 

 

(16

)

 

 

-

 

 

 

-

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

-

 

 

 

12

 

 

 

-

 

 

 

686

 

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(65

)

 

 

-

 

 

 

-

 

 

 

(150

)

 

 

-

 

Finance income

 

 

-

 

 

 

90

 

 

 

-

 

 

 

361

 

 

 

10

 

Finance expenses

 

 

-

 

 

 

(11

)

 

 

-

 

 

 

(3,521

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

(65

)

 

 

91

 

 

 

-

 

 

 

(2,624

)

 

 

60

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

-

 

 

 

(63

)

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

-

 

 

 

(32

)

 

 

-

 

 

 

(222

)

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

(65

)

 

 

59

 

 

 

(63

)

 

 

(2,846

)

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

(65

)

 

 

59

 

 

 

(63

)

 

 

(2,846

)

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

(65

)

 

 

59

 

 

 

(63

)

 

 

(2,846

)

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

Aliança
Geração

 

 

Usina
Hidrelétrica
Itaocara S.A.

 

 

UFV
Janaúba

 

 

UFV
Corinto

 

 

UFV
Manga

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

724

 

 

 

4

 

 

 

4

 

 

 

2

 

 

 

2

 

Cash and cash equivalents

 

 

449

 

 

 

4

 

 

 

3

 

 

 

1

 

 

 

1

 

Non-current

 

 

3,468

 

 

 

11

 

 

 

17

 

 

 

17

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

4,192

 

 

 

15

 

 

 

21

 

 

 

19

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

383

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

-

 

Loans

 

 

136

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

-

 

Non-current

 

 

1,489

 

 

 

-

 

 

 

12

 

 

 

1

 

 

 

1

 

Loans

 

 

713

 

 

 

-

 

 

 

11

 

 

 

-

 

 

 

-

 

Equity

 

 

2,320

 

 

 

15

 

 

 

7

 

 

 

18

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

4,192

 

 

 

15

 

 

 

21

 

 

 

19

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

1,109

 

 

 

-

 

 

 

-

 

 

 

6

 

 

 

7

 

Cost of sales

 

 

(608

)

 

 

-

 

 

 

5

 

 

 

(1

)

 

 

(1

)

Depreciation and amortization

 

 

(124

)

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

501

 

 

 

-

 

 

 

5

 

 

 

5

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(43

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance income

 

 

61

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance expenses

 

 

(109

)

 

 

(7

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

410

 

 

 

(7

)

 

 

4

 

 

 

5

 

 

 

6

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

11

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

(139

)

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

282

 

 

 

(7

)

 

 

3

 

 

 

4

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

282

 

 

 

(7

)

 

 

3

 

 

 

4

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

282

 

 

 

(7

)

 

 

3

 

 

 

4

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

UFV
Bonfinópolis II

 

 

UFV Lagoa
Grande

 

 

UFV
Lontra

 

 

UFV
Olaria 1

 

 

UFV Mato
Verde

 

 

UFV
Mirabela

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

2

 

 

 

3

 

 

 

4

 

 

 

1

 

 

 

1

 

 

 

1

 

Cash and cash equivalents

 

 

1

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

—

 

Non-current

 

 

12

 

 

 

23

 

 

 

27

 

 

 

13

 

 

 

11

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

14

 

 

 

26

 

 

 

31

 

 

 

14

 

 

 

12

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

Loans

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Non-current

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

-

 

 

 

-

 

Loans

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

Equity

 

 

13

 

 

 

25

 

 

 

29

 

 

 

13

 

 

 

12

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

14

 

 

 

26

 

 

 

31

 

 

 

14

 

 

 

12

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

-

 

 

 

8

 

 

 

10

 

 

 

2

 

 

 

4

 

 

 

3

 

Cost of sales

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

(1

)

 

 

7

 

 

 

9

 

 

 

1

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance income

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

-

 

 

 

7

 

 

 

9

 

 

 

1

 

 

 

3

 

 

 

2

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

3

 

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

3

 

 

 

6

 

 

 

8

 

 

 

1

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

3

 

 

 

6

 

 

 

8

 

 

 

1

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

3

 

 

 

6

 

 

 

8

 

 

 

1

 

 

 

3

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

UFV
Porteirinha I

 

 

UFV
Porteirinha II

 

 

UFV
Brasilândia

 

 

UFV
Apolo 1

 

 

UFV
Campo
Lindo 1

 

 

UFV
Campo
Lindo 2

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1

 

 

 

2

 

 

 

3

 

 

 

1

 

 

 

1

 

 

 

1

 

Cash and cash equivalents

 

 

-

 

 

 

1

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

1

 

Non-current

 

 

11

 

 

 

11

 

 

 

28

 

 

 

8

 

 

 

13

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

12

 

 

 

13

 

 

 

31

 

 

 

9

 

 

 

14

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

-

 

 

 

-

 

Loans

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Non-current

 

 

1

 

 

 

1

 

 

 

1

 

 

 

-

 

 

 

1

 

 

 

1

 

Loans

 

 

1

 

 

 

-

 

 

 

3

 

 

 

-

 

 

 

1

 

 

 

1

 

Equity

 

 

11

 

 

 

12

 

 

 

26

 

 

 

9

 

 

 

13

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

12

 

 

 

13

 

 

 

31

 

 

 

9

 

 

 

14

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

4

 

 

 

4

 

 

 

8

 

 

 

2

 

 

 

3

 

 

 

2

 

Cost of sales

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

3

 

 

 

3

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance income

 

 

-

 

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Operational income (loss)

 

 

3

 

 

 

3

 

 

 

7

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

3

 

 

 

3

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

3

 

 

 

3

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

3

 

 

 

3

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The main balances for the affiliated and jointly controlled entities on December 31, 2021

 

2021

 

Hidrelétrica
Itaocara S.A.

 

 

Ativas
Data
Center

 

 

Taesa

 

 

Axxiom
Soluções
Tecnológicas

 

 

Lightger

 

 

Hidrelétrica
Cachoeirão

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

5

 

 

 

42

 

 

 

2,135

 

 

 

13

 

 

 

35

 

 

 

29

 

Cash and cash equivalents

 

 

5

 

 

 

16

 

 

 

385

 

 

 

4

 

 

 

29

 

 

 

25

 

Non-current

 

 

11

 

 

 

96

 

 

 

13,761

 

 

 

19

 

 

 

120

 

 

 

93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

16

 

 

 

138

 

 

 

15,896

 

 

 

32

 

 

 

155

 

 

 

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

58

 

 

 

39

 

 

 

1,417

 

 

 

21

 

 

 

11

 

 

 

1

 

Loans

 

 

-

 

 

 

24

 

 

 

16

 

 

 

7

 

 

 

9

 

 

 

-

 

Non-current

 

 

-

 

 

 

19

 

 

 

7,794

 

 

 

2

 

 

 

46

 

 

 

1

 

Loans

 

 

-

 

 

 

14

 

 

 

614

 

 

 

-

 

 

 

46

 

 

 

-

 

Equity

 

 

(42

)

 

 

80

 

 

 

6,685

 

 

 

9

 

 

 

98

 

 

 

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

16

 

 

 

138

 

 

 

15,896

 

 

 

32

 

 

 

155

 

 

 

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

-

 

 

 

90

 

 

 

3,472

 

 

 

28

 

 

 

54

 

 

 

37

 

Cost of sales

 

 

(36

)

 

 

(85

)

 

 

(649

)

 

 

(28

)

 

 

(26

)

 

 

(8

)

Depreciation and amortization

 

 

-

 

 

 

(10

)

 

 

(9

)

 

 

(1

)

 

 

(11

)

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

(36

)

 

 

5

 

 

 

2,823

 

 

 

-

 

 

 

28

 

 

 

29

 

General and administrative expenses

 

 

-

 

 

 

(7

)

 

 

(169

)

 

 

(4

)

 

 

(1

)

 

 

-

 

Finance income

 

 

-

 

 

 

-

 

 

 

34

 

 

 

-

 

 

 

2

 

 

 

2

 

Finance expenses

 

 

(30

)

 

 

(3

)

 

 

(844

)

 

 

(1

)

 

 

(11

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

(66

)

 

 

(5

)

 

 

1,844

 

 

 

(5

)

 

 

18

 

 

 

31

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

-

 

 

 

781

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

-

 

 

 

-

 

 

 

(411

)

 

 

-

 

 

 

(3

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

(66

)

 

 

(5

)

 

 

2,214

 

 

 

(5

)

 

 

15

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

(66

)

 

 

(5

)

 

 

(2.214

)

 

 

(5

)

 

 

15

 

 

 

29

 

Equity valuation adjustments

 

 

—

 

 

 

—

 

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

(66

)

 

 

(5

)

 

 

2,251

 

 

 

(5

)

 

 

15

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

Hidrelétrica
Pipoca

 

 

Retiro
Baixo

 

 

Aliança
Norte

 

 

Guanhães
Energia

 

 

Amazônia
Energia

 

 

Madeira
Energia (1)

 

 

Baguari
Energia

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

18

 

 

 

111

 

 

 

-

 

 

 

15

 

 

 

-

 

 

 

928

 

 

 

72

 

Cash and cash equivalents

 

 

12

 

 

 

99

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

180

 

 

 

3

 

Non-current

 

 

101

 

 

 

322

 

 

 

1,150

 

 

 

392

 

 

 

1,254

 

 

 

23,286

 

 

 

218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

119

 

 

 

433

 

 

 

1,150

 

 

 

407

 

 

 

1,254

 

 

 

24,214

 

 

 

290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

10

 

 

 

38

 

 

 

-

 

 

 

41

 

 

 

2

 

 

 

2,309

 

 

 

21

 

Loans

 

 

7

 

 

 

14

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

116

 

 

 

-

 

Non-current

 

 

14

 

 

 

49

 

 

 

2

 

 

 

111

 

 

 

-

 

 

 

20,413

 

 

 

26

 

Loans

 

 

13

 

 

 

41

 

 

 

-

 

 

 

93

 

 

 

-

 

 

 

12,828

 

 

 

-

 

Equity

 

 

95

 

 

 

346

 

 

 

1,148

 

 

 

255

 

 

 

1,252

 

 

 

1,492

 

 

 

243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

119

 

 

 

433

 

 

 

1,150

 

 

 

407

 

 

 

1,254

 

 

 

24,214

 

 

 

290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

39

 

 

 

70

 

 

 

-

 

 

 

52

 

 

 

-

 

 

 

3,758

 

 

 

77

 

Cost of sales

 

 

(11

)

 

 

(25

)

 

 

-

 

 

 

(55

)

 

 

(2

)

 

 

(2,292

)

 

 

(9

)

Depreciation and amortization

 

 

(3

)

 

 

(9

)

 

 

-

 

 

 

(18

)

 

 

-

 

 

 

(870

)

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

28

 

 

 

45

 

 

 

-

 

 

 

(3

)

 

 

(2

)

 

 

1,466

 

 

 

68

 

General and administrative expenses

 

 

(2

)

 

 

(3

)

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

(80

)

 

 

-

 

Finance income

 

 

-

 

 

 

4

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

265

 

 

 

4

 

Finance expenses

 

 

(2

)

 

 

(5

)

 

 

-

 

 

 

(8

)

 

 

-

 

 

 

(3,476

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

24

 

 

 

41

 

 

 

(2

)

 

 

(11

)

 

 

(2

)

 

 

(1,825

)

 

 

68

 

Share of (loss) income, net, of subsidiaries and joint ventures

 

 

-

 

 

 

-

 

 

 

(39

)

 

 

-

 

 

 

(42

)

 

 

-

 

 

 

-

 

Income tax and social contribution tax

 

 

(1

)

 

 

(13

)

 

 

—

 

 

 

(2

)

 

 

-

 

 

 

1,812

 

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

23

 

 

 

28

 

 

 

(41

)

 

 

(13

)

 

 

(44

)

 

 

(13

)

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

23

 

 

 

28

 

 

 

(41

)

 

 

(13

)

 

 

(44

)

 

 

(79

)

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The amount of Shareholders’ equity originally disclosed by the investee was adjusted by the Company for the purposes of posting equity income (change in the value of equity in non-consolidated investees), to take into account the modifying subsequent events resulting from the judgments given in the arbitration proceedings to which Saesa is a party. There is more information below in this Note.

 

2021

 

Aliança
Geração

 

 

UFV
Janaúba

 

 

UFV
Corinto

 

 

UFV
Manga

 

 

UFV
Bonfinópolis II

 

 

UFV Lagoa
Grande

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

728

 

 

 

1

 

 

 

3

 

 

 

3

 

 

 

2

 

 

 

3

 

Cash and cash equivalents

 

 

378

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

3

 

Non-current

 

 

3,364

 

 

 

18

 

 

 

17

 

 

 

20

 

 

 

12

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

4,092

 

 

 

19

 

 

 

20

 

 

 

23

 

 

 

14

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

762

 

 

 

2

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

-

 

Loans

 

 

101

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Non-current

 

 

1,472

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Loans

 

 

700

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Equity

 

 

1,858

 

 

 

5

 

 

 

19

 

 

 

22

 

 

 

13

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

4,092

 

 

 

19

 

 

 

20

 

 

 

23

 

 

 

14

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

1,096

 

 

 

5

 

 

 

4

 

 

 

6

 

 

 

3

 

 

 

6

 

Cost of sales

 

 

(102

)

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Depreciation and amortization

 

 

(157

)

 

 

(2

)

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross income (loss)

 

 

994

 

 

 

3

 

 

 

4

 

 

 

6

 

 

 

3

 

 

 

6

 

General and administrative expenses

 

 

(44

)

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Finance income

 

 

41

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Finance expenses

 

 

(233

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational income (loss)

 

 

758

 

 

 

2

 

 

 

3

 

 

 

5

 

 

 

2

 

 

 

5

 

Income tax and social contribution tax

 

 

(252

)

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

506

 

 

 

1

 

 

 

3

 

 

 

4

 

 

 

1

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

506

 

 

 

1

 

 

 

3

 

 

 

4

 

 

 

1

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

UFV
Lontra

 

 

UFV Mato
Verde

 

 

UFV
Mirabela

 

 

UFV
Porteirinha I

 

 

UFV
Porteirinha II

 

 

UFV
Brasilândia

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

4

 

 

 

1

 

 

 

1

 

 

 

3

 

 

 

1

 

 

 

3

 

Cash and cash equivalents

 

 

3

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

-

 

 

 

2

 

Non-current

 

 

26

 

 

 

11

 

 

 

9

 

 

 

11

 

 

 

12

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

30

 

 

 

12

 

 

 

10

 

 

 

14

 

 

 

13

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

3

 

Equity

 

 

29

 

 

 

11

 

 

 

9

 

 

 

13

 

 

 

12

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

 

30

 

 

 

12

 

 

 

10

 

 

 

14

 

 

 

13

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales revenue

 

 

5

 

 

 

3

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

5

 

Depreciation and amortization

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

Gross income (loss)

 

 

5

 

 

 

3

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

5

 

General and administrative expenses

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

(1

)

Operational income (loss)

 

 

4

 

 

 

2

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

4

 

Income tax and social contribution tax

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the year

 

 

3

 

 

 

2

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) for the year

 

 

3

 

 

 

2

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amazônia Energia S.A. and Aliança Norte Energia S.A.

Amazônia Energia and Aliança Norte are shareholders of Norte Energia S.A. (‘NESA’), which holds the concession to operate the Belo Monte Hydroelectric Plant. Through the jointly controlled entities referred to above, Cemig GT owns an indirect equity interest in NESA of 11.69%.

On December 31, 2023, NESA has negative net working capital of R$578 (R$494 on December 31, 2022). According to the estimates and projections, the situation of negative net working capital, and the future demands for investments in the hydroelectric plant, will be supported by revenues from future operations.

On September 21, 2015, NESA was awarded a preliminary injunction ordering ANEEL to abstain from applying penalties or sanctions to NESA in relation to the delay in Belo Monte Hydroelectric Plant to start operations, until the hearing of the application for an injunction made in the original case. NESA management, supported by their legal advisers, have classified the probability of loss as ‘possible’ and estimated the potential loss on December 31, 2023 to R$2,859 (R$2,972 on December 31, 2022). The potential impact for the Company is limited to its investment interest in NESA.

Montes Claros photovoltaic plant

On June 29, 2022, Cemig approved acquisition, through its wholly-owned subsidiary Cemig Sim, of 100% of the interests held by Genesys Participação Societária Ltda. and by an individual, among other, in the special-purpose company (‘SPC’) Duceu Geradores de Energia, Máquinas e Equipamentos SPE Ltda. (‘UFV Montes Claros’), owner of the Montes Claros photovoltaic plant.

On April 28, 2023, Cemig Sim concluded acquisition of 100% of the shares in the Montes Claros photovoltaic generation plant. This was approved by the Brazilian antitrust authority, CADE – its approval is a usual condition precedent in this type of transaction.

Below is a summary of the preliminary measurement of the fair value of the assets and liabilities acquired:

 

 

Montes Claros
photovoltaic plant

 

– Net equity of the Montes Claros solar plant

 

 

20

 

– Added value (fair value – book value)

 

 

1

 

 

 

 

 

– Fair value of net assets

 

 

21

 

 

 

 

 

Goodwill

 

 

1

 

Consideration paid for 100% interest in the Montes Claros solar plant

 

 

20

 

 

Assets

 

 

Fair value on date
of acquisition

 

 

 

Liabilities

 

 

Fair value on date
of acquisition

 

Current

 

 

 

-

 

 

 

Current

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

-

 

 

 

Other current liabilities

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current

 

 

 

26

 

 

 

Other non-current liabilities

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed assets

 

 

 

19

 

 

 

 

 

 

 

 

Rights of use – Leasing

 

 

 

5

 

 

 

 

 

 

 

 

Intangible assets

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fair value, net

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

The acquisition will add to the Cemig Group’s participation in the generation sector and total generation output, also contributing to efficient supply to consumers due to the Group’s expertise in this market.

Acquisition of interest in special-purpose companies (SPCs)

On July 20, 2023, Cemig Sim concluded acquisition of the remaining 51% interests in the following SPCs – becoming the holder of 100% of the shares in these companies:

•
G2 Olaria 1 Energia S.A.,
•
G2 Campo Lindo 1 Energia S.A.,
•
G2 Campo Lindo 2 Energia S.A.

On the same date Cemig Sim also concluded acquisition of 100% of the shares in the SPC SPE G2 Olaria 2 Energia S.A. The aggregate value of these acquisitions was R$47.

These four SPCs own four photovoltaic generation plants in full commercial operation, with installed capacity of 13 MWp, operating in the regime of shared distributed mini-generation, in the city of Lavras, Minas Gerais.

This transaction underlines the Company’s strategy of growth in distributed generation, with 100% ownership of generation plants under its management, exclusively in the State of Minas Gerais.

Goodwill, capital gain and gain on fair value adjustment of previous investment

 

 

 

 

UFV Campo
Lindo 1

 

 

UFV Campo
Lindo 2

 

UFV
Olaria 1

 

UFV
Olaria 2

 

 

Total

Consideration paid

 

 

10

 

 

10

 

10

 

17

 

 

47

Equity adjusted to market value

 

 

9

 

 

9

 

8

 

15

 

 

41

Capital gain

 

 

2

 

 

2

 

1

 

1

 

 

6

Goodwill

 

 

1

 

 

1

 

2

 

2

 

 

6

 

 

 

UFV Campo
Lindo 1

 

 

 

UFV Campo
Lindo 2

 

 

 

UFV
Olaria 1

 

 

 

Total

 

Previous investment measured at fair value (a)

 

 

 

10

 

 

 

 

10

 

 

 

 

9

 

 

 

 

29

 

Investment on acquisition date (b)

 

 

 

7

 

 

 

 

7

 

 

 

 

7

 

 

 

 

21

 

Gain from adjustment to fair value of previous investment (a - b) (1)

 

 

 

3

 

 

 

 

3

 

 

 

 

3

 

 

 

 

9

 

 

(1)
The gain on the fair value adjustment of the previous holding was recognized under "Fair value adjustment of investments" in the Income Statement.

 

Fair value of acquired assets and liabilities

 

Assets

 

 

Fair value on
acquisition date

 

 

 

Liabilities

 

 

Fair value on
acquisition date

 

Current

 

 

 

3

 

 

 

Current

 

 

 

-

 

Other assets

 

 

 

3

 

 

 

Other liabilities

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current

 

 

 

2

 

Non-current

 

 

 

42

 

 

 

Other liabilities

 

 

 

2

 

Fixed assets

 

 

 

34

 

 

 

 

 

 

 

 

Right of use – leases

 

 

 

1

 

 

 

 

 

 

 

 

Intangible asset - Right of commercial operation

 

 

 

7

 

 

 

 

 

 

 

 

 

 

Total net assets at fair value

 

 

 

41

 

 

Absorption of the wholly-owned subsidiaries Cemig Geração Três Marias S.A. and Cemig Geração Salto Grande S.A.

On January 24, 2023 Aneel approved transfer of the concessions of the Três Marias and Salto Grande hydroelectric plants to Cemig GT. On May 31, 2023, the merger was approved at the Company's Extraordinary General Meeting (EGM), at book value, with the consequent extinction of the investees as of this date and succession by Cemig GT in all its assets, rights and obligations, under the terms of Article 277 of Law 6.404/1976.

Since this was a merger of wholly-owned subsidiaries, there was no capital increase or need to issue new shares in Cemig GT.

The merger will optimize Cemig's corporate structure, resulting in cost reductions and generating administrative and financial efficiency.

Divestments in shareholdings

MESA

On March 20, 2023 the Cemig GT completed sale to Furnas Centrais Elétricas S.A of the whole of its direct and indirect stockholding interests in Mesa, equivalent to 7.53% of the share capital of that investee, which is the controlling stockholder of Santo Antônio Energia S.A. (SAE), for R$55.

With the conclusion of the sale, Furnas undertook to assume the guarantees given by Cemig and Cemig GT to the Brazilian Development Bank (BNDES) and other creditors, under agreements for financing of SAE, and to hold Cemig and Cemig GT harmless from any obligation relating to these guarantees, up to the time when these obligations are effectively assumed by Furnas.

As a result of the sale a capital gain was recognized in March 2023, as follows:

 

Parent company e Consolidated

 

 

 

Direct participation:

 

 

4.1422

%

Indirect participation:

 

 

3.3837

%

Selling price:

 

 

736

 

Direct participation (1):

 

 

30

 

Indirect participation (1):

 

 

25

 

 

 

55

 

Investment cost (2):

 

 

-

 

 

(1)
The effects of the sale are presented in the results of the Holdings/Holding operating segment in note 5.
(2)
The calculation considered the investment balance as of February 28, 2023, which represents the last financial statement prepared for the investee before the sale, used for equity accounting purposes. The investment balance is zero, hence its derecognition did not result in any impact on the profit or loss for the purpose of determining the gain on disposal.

The capital gain relating to the direct stockholding was recognized in the income statement for the period, with counterpart in Cash and cash equivalents. The taxes on this amount were R$10, representing 34% (25% corporate income tax and 9% Social Contribution tax on Net Profit).

The capital gain on the indirect participation was recognized by the equity method, because of its origin in realization of the equity interest held by Fundo Melbourne in SAAG. Due to the sale of the equity interest by the investment fund, which subsists only for operational reasons necessary for its liquidation, the balance receivable from the funds was recognized in the Statement of financial position as a financial instrument in the ‘Other assets’ group, considering the imminence of receipt of the proceeds.

This disposal is part of the execution of Cemig’s disinvestment program, with the aim of redirecting management efforts and allocation of capital to the State of Minas Gerais.

The agreement between FIP Melbourne and AGPar - CCBC Arbitration Judgment 86/2016

The share purchase agreement that governed the transaction for acquisition of the shares of SAAG by the Company specifies payment of indemnity to FIP Melbourne by AGPar in the event of any excess cost in Mesa as a result of any causative factor prior to the signature of that agreement. From the conclusion of the transaction in 2014, up to the year 2016, there were extraordinary expenditures, which had to be borne by FIP Melbourne, and which, in FIP Melbourne’s understanding, were within the scope of the provision of the share purchase agreement. Since agreement was not reached with AGPar on these questions, FIP Melbourne filed arbitration proceedings with the Brazil-Canada Chamber of Commerce.

The final arbitration judgment was given in January 2021, in favor of FIP Melbourne, and in August 2022 an agreement was signed between the parties to terminate litigation, establishing the updated amount of compensation at R$200, which was paid on September 12, 2022.

Considering Cemig GT's participation in FIP Melbourne, the Company has a receivable recorded in the amount of R$256 on September 30, 2023, in the statement of financial position under “Other Assets”. On October 23, 2023, Cemig GT received the updated amount of R$257.

Baguari Energia and Retiro Baixo Energética

Transaction 1

Share purchase agreements were signed on April 14, 2023 for sale to Furnas Centrais Elétricas of the Cemig GT’s entire stockholding interests in the jointly-controlled subsidiaries Retiro Baixo and Baguari Energia, as follows:

(1)
for R$200, the 49.9% equity interest held by the Cemig GT in Retiro Baixo, which operates the Retiro Baixo Hydroelectric Plant, in Minas Gerais, with installed capacity of 81.1 MW, and assured energy (physical offtake guarantee) of 34.8 MW.
(2)
for R$393, the Cemig GT’s indirectly held interest of 34% in the Baguari Consortium, which operates the Baguari hydroelectric plant, in Minas Gerais, with installed generation capacity of 140 MW and assured energy (physical offtake guarantee) of 81.9 MW, representing 69.39% of the share capital of Baguari Energia.

 

In April 2023 the assets were classified as held for sale, at book value, in accordance with IFRS 15, thus having no effect on net profit.

 

Assets classified as held for sale

 

Book value on Apr. 30,
2023 - R$ thousand

 

 

 

Fair value net of selling
expenses - R$ thousand

 

Baguari Energia

 

 

160

 

 

 

 

392

 

Retiro Baixo

 

 

190

 

 

 

 

200

 

 

 

 

 

 

 

 

 

Total

 

 

350

 

 

 

 

592

 

 

 

 

 

 

 

 

 

 

It was concluded that the assets classified as held for sale do not qualify within the concept of discontinued operations, since they do not represent a significant separate line of business or geographical area of operations, nor do they constitute a subsidiary acquired exclusively for the purpose of resale.

 

Conclusion of the sale of Baguari Energia

On October 6, 2023, the Company concluded the sale to Furnas Centrais Elétricas of its entire holding, of 69.39%, in the share capital of Baguari Energia, which represents an indirect interest of 34% in the Baguari Consortium.

The value of the transaction was R$433, comprising: the amount of R$393 agreed in the share purchase agreement, plus updating at 100% of the CDI rate since December 31, 2022. Of this total, the amount of R$12 was deducted for the dividend received on October 3, 2023. Thus, the amount received on the closing date of the transaction was R$421.

As a result of conclusion of the transaction, the Company recognized the following accounting effects, in October 2023:

 

 

 

 

 

Stake held by Cemig GT

 

 

69.39

%

Total sale price

 

 

421

 

Value of asset held for sale on Sep. 30, 2023

 

 

(160

)

 

 

 

 

Corporate capital gain (1) (a)

 

 

261

 

 

 

 

 

 

 

 

 

Tax capital gain net of selling expenses (2)

 

 

248

 

IRPJ and CSLL (b)

 

 

(84

)

 

 

 

 

Tax capital gain net of taxes (1)

 

 

164

 

 

 

 

 

 

 

 

 

Net impact on the Income Statement (a + b)

 

 

177

 

 

(1)
The effects of the disposal will be reported in the net profit for the operational segment of Equity holdings, in the note 5.
(2)
Sales expenses totaled R$1 and its refers to accounting, tax and legal due diligence services, and legal advice.

 

Completion of the disposal of Retiro Baixo Energética

On November 22, 2023, the sale was completed for the amount of R$223, made up of the amount agreed in the CCVA of R$190 plus 100% CDI adjustment since December 31, 2022. From this total, the amount of R$6 was deducted, referring to the dividend received on June 28, 2023. Thus, the amount received on the closing date of the transaction was R$218.

 

As a result of concluding the transaction, Cemig GT recognized the following accounting effects in November 2023:

 

 

 

 

 

Stake held by Cemig GT

 

 

49.9

%

Total sale price

 

 

218

 

Value of asset held for sale on Nov. 30, 2023

 

 

191

 

 

 

 

 

Corporate capital gain (1) (a)

 

 

27

 

 

 

 

 

 

 

 

Tax capital gain net of selling expenses

 

 

6

 

IRPJ and CSLL (b)

 

 

(2

)

 

 

 

 

Tax capital gain net of taxes (1)

 

 

4

 

 

 

 

 

 

 

 

Net impact on the Income Statement (a + b)

 

 

25

 

 

The effects of the disposal will be reported in the net profit for the operational segment of Equity holdings, in the note 5.

Transaction 2

On May 30, 2023, a share purchase agreement was signed for acquisition of 100% of the shares in Baguari I Geração de Energia Elétrica S.A., a company controlled by Neoenergia S.A., for R$ 454, formalizing the right of first refusal exercised by Baguari Energia.

Baguari Energia and Baguari I respectively hold interests of 49% and 51% in Consórcio UHE Baguari (– the Baguari Hydroelectric Plant Consortium).

With the conclusion of Transaction 1, Cemig GT will no longer hold any equity in Baguari Energia and thus have no participation in the Consórcio UHE Baguari. Thus, payment for the purchase of Baguari I by Baguari Energia will be entirely an obligation of Furnas. As a result, Transaction 2 will have no effect on Cemig GT.

Axxiom

On December 22, 2022, the Company entered into a share purchase agreement ("SPA") for the sale of 49.0% of its equity interest in Axxiom Soluções Tecnológicas S.A. ("Axxiom") to Light S.A. ("Light"), which held the remaining 51.0% interest.

On April 17, 2023, the Company completed the sale of its entire stake in Axxiom's share capital. The value of the transaction was a symbolic R$1.00 (one real), with the liquidation of Axxiom's assets and liabilities.

This transaction is in line with the Company's Strategic Plan, which provides for the divestment of assets that do not adhere to the Cemig Group's core activities.

Reduction of share capital in the jointly controlled subsidiary Guanhães Energia

An Extraordinary General Meeting of Stockholders held on September 19, 2023 decided to reduce the share capital by R$235, of which R$137 will be destined to absorption of losses and R$98 will be repaid to stockholders, with no reduction in the number of nominal common shares as currently issued. Thus, the share capital of the jointly controlled subsidiary has decreased from R$549 to R$313. The share of Cemig GT corresponds to R$48; in January 2024 Cemig GT received R$46. This transaction will be reflected in the interim financial statements for the first quarter of 2024.

Risks related to compliance with laws and regulations

Investigations

The Public Attorneys’ Office of the State of Minas Gerais is conducting a civil public inquiry with the objective of identifying any irregularities in the investment of Cemig GT in Guanhães Energia. Up to the date of publication of these financial statements there has been no movement in the process.

Accounting policy

Investments

The Company and its subsidiaries hold investments in affiliates and joint ventures. Control is obtained when the Company and/or one of its subsidiaries has the power to control the financial and operational policies of an entity to receive benefits from its activities. These investments are accounted using the equity method in the parent company and consolidated financial statements and are, initially, recognized at acquisition cost, by the consideration transferred, measured at fair value at acquisition date.

The difference between the amount paid and the amount of the shareholders’ equity acquired is recognized in Investments as: (i) added value, when the economic basis is substantially related to the fair value of the net assets of the subsidiary acquired; and (ii)goodwill, when the amount paid is higher than the fair value of the net assets, and this difference represents the expectation of generation of future value. The goodwill arising from the acquisition is tested annually for impairment.

Business combinations

A business combination occurs when the Company or its subsidiaries acquire control of a business, whatever its legal form. The Company determines that it has acquired a business when the group of activities and assets acquired includes, at least, an input - entry of funds, and a substantive process, which together contribute materially to the capacity to generate output - an outflow of funds.

The Company and its subsidiaries accounts business combinations using the acquisition method. Thus, at the moment of acquisition the acquiring company is required to recognize and measure the identifiable assets acquired, the

liabilities assumed, and the shareholding interests of non-controlling equity holders at fair value, which will result in recognition of a goodwill due to expectation of future profitability, or in a gain arising from an bargain purchase, the gain being allocated to the Statement of income for the period.

Capital gains and losses on acquisition represent the difference between the fair value of the identifiable assets acquired and the fair value of the liabilities assumed.

Estimations and judgments

Investments in shareholdings

The subsequent measurement of these investments is based on the equity method. Subsequent to this measurement, the company assesses whether there are indications of possible impairment in the recoverable value of its investments. Losses, when incurred, are recognized in the income statement if there is any indication that the recoverable value of the investment is lower than its book value. The equity method ceases to be applied from the moment the investment loses its characteristics as an associate, subsidiary or jointly-controlled subsidiary, for example in the case of classification as a non-current asset held for sale.

The financial statements of jointly-owned subsidiaries are prepared for the same disclosure period as those of the Company and its subsidiaries. When necessary, adjustments are made to bring the accounting policies into line with those applied by the Company and its subsidiaries.

Business combinations

Costs generated by acquisition of assets are allocated directly to the Statement of income as and when incurred.

After the initial recognition, the goodwill is measured at cost, less any accumulated impairments. For the purposes of the impairment test, the goodwill acquired in business combinations is, as from the acquisition date, allocated to each one of the cash generating units that it is expected will be benefited by the synergies of the combination.

It is the Company’s understanding that the amount specifically referred to the right of concession, the right of commercial operation, or similar rights, does not constitute goodwill, including when these rights are acquired in a business combination in which the acquired entity is a concession holder, whose right to the concession has a known and defined period.

When a business combination is carried out in stages (“step-acquisition method”), the interest previously held by the Company in its investee is remeasured at the fair value at the acquisition date and the corresponding gain or loss, if any, is recognized in the statement of income.

In the parent company, the difference between the amount paid and the amount of the shareholders’ equity of the entities acquired is recognized in Investments based to the criteria described above.