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Equity and Remuneration to Shareholders (Tables)

12 Months Ended

Dec. 31, 2023

Equity And Remuneration To Shareholders

Schedule of Share Capital

On December 31, 2023 and 2022, the Company’s issued and share capital was R$11,007 represented by 735,847,624 common shares and 1,465,523,064 preferred shares, both of them with nominal value of R$5.00, as demonstrated below:

		Number of shares on December 31, 2023
Shareholders		Common				%				Preferred				%				Total				%
State of Minas Gerais			375,031,302				51				17,085				-				375,048,387				17
PZENA							-				73,283,989				5				73,283,989				3
FIA Dinâmica Energia S/A			233,004,992				31				116,951,354				8				349,956,346				16
BNDES Participações			82,007,784				11				-				-				82,007,784				4
BlackRock			-				-				217,550,174				15				217,550,174				10
Others
In Brazil			29,160,676				4				101,717,633				7				130,878,309				6
Foreign shareholders			16,642,870				2				956,002,829				66				972,645,699				44
Total			735,847,624				99				1,465,523,064				101				2,201,370,688				100

		Number of shares on December 31, 2022
Shareholders		Common				%				Preferred				%				Total				%
State of Minas Gerais			375,031,302				51				17,085				-				375,048,387				17
Other entities of Minas Gerais State			30,021				-				21,880,950				1				21,910,971				1
FIA Dinâmica Energia S/A			233,625,046				31				118,771,654				8				352,396,700				16
BNDES Participações			82,007,784				11				-				-				82,007,784				4
BlackRock			-				-				218,212,381				15				218,212,381				10
Other
In Brazil			26,546,632				4				178,219,966				12				204,766,598				9
Foreign shareholders			18,606,839				3				928,421,028				64				947,027,867				43
Total			735,847,624				100				1,465,523,064				100				2,201,370,688				100

		Number of shares on December 31, 2021
Shareholders		Common				%				Preferred				%				Total				%
State of Minas Gerais			288,485,632				51				13,143				-				288,498,775				17
Other entities of Minas Gerais State			23,094				-				14,472,345				1				14,495,439				1
FIA Dinâmica Energia S.A.			153,354,328				27				80,004,762				7				233,359,090				14
BNDES Participações			63,082,911				11				22,141,720				2				85,224,631				5
BlackRock			-				-				123,325,741				11				123,325,741				7
Other
In Brazil			43,689,699				8				145,881,261				13				189,570,960				11
Foreign shareholders			17,400,970				3				741,486,462				66				758,887,432				45
Total			566,036,634				100				1,127,325,434				100				1,693,362,068				100

Schedule of Earnings Per Share

The number of shares included in the calculation of basic and diluted earnings, is described in the table below:

		Number of shares
		2023				2022				2021
Common shares already paid up			735,847,624				735,847,624				735,847,624
Shares in treasury			(102	)			(102	)			(102	)
			735,847,522				735,847,522				735,847,522
Preferred shares already paid up			1,465,523,064				1,465,523,064				1,465,523,064
Shares in treasury			(846,062	)			(846,062	)			(846,062	)
			1,464,677,002				1,464,677,002				1,464,677,002
Total			2,200,524,524				2,200,524,524				2,200,524,524

Schedule of Basic and Diluted Earnings per Share

The calculation of basic and diluted earnings per share is as follows:

		2023				2022				2021
Net income for the year attributed to equity holders of the parent			5,764				4,092				3,751
Minimum mandatory dividend from net income for the year – preferred shares			2,080				1,486				1,309
Net income for the year not distributed – preferred shares			1,757				1,238				1,188
Total earnings - preferred shares (A)			3,837				2,724				2,497
Minimum mandatory dividend from net income for the year - common shares			1,045				747				657
Net income for the year not distributed – common shares			883				622				597
Total earnings - common shares (B)			1,928				1,369				1,254
Basic and diluted earnings per preferred share (A / number of preferred shares)			2.62				1.86				1.70
Basic and diluted earnings per common share (B / number of common shares)			2.62				1.86				1.70

Schedule of Minimum Dividends Proposed

The calculation of the minimum dividends proposed for distribution to Shareholders, considering the unrealized income assumption as mentioned in the previous paragraph, is as follows:

		2023				2022				2021
Calculation of minimum dividends required by the by-laws for the preferred shares
Nominal value of the preferred shares			7,328				7,328				5,637
			7,328				7,328				5,637
Percentage applied to the nominal value of the preferred shares			10.00	%			10.00	%			10.00	%
Amount of the dividends by the first payment criterion			733				733				564
Equity			24,649				21,777				19,457
Preferred shares as a percentage of Equity (net of shares held in Treasury)			66.56	%			66.56	%			66.56	%
Portion of Equity represented by the preferred shares			16,406				14,495				12,950
Percentage applied to the portion of Equity represented by the preferred shares			3.00	%			3.00	%			3.00	%
Amount of the dividends by the second payment criterion			492				435				389
Minimum Dividends required by the Bylaws for the preferred shares			733				733				564
Calculation of the Minimum Dividend under the by-laws based on the net income for the year
Net income for the year			5,764				4,092				3,751
			50	%			50	%			50	%
Mandatory dividends – 50% of Net income			2,882				2,046				1,876
Unrealized profit reserve			(835	)			(835	)			(835	)
Reversal of the unrealized profit reserve			835				835				835
Withholding income tax on Interest on equity			242				186				91
			3,124				2,232				1,967
Dividends recorded, as specified in the by-laws
Interest on Equity			2,592				1,983				956
Ordinary dividends			532				249				1,011
			3,124				2,232				1,967
Total dividends for the preferred shares			2,079				1,486				1,309
Total dividends for the common shares			1,045				747				658
Unit value of dividends – R$
Minimum dividends required by the by-laws for the preferred shares			0.50				0.50				0.50
Mandatory dividends (including withholding income tax on Interest on Equity)			1.42				1.01				1.16
Dividends proposed: Common (ON) shares			1.42				1.01				1.16
Dividends proposed: Preferred (PN) shares			1.42				1.01				1.16

Schedule of Changes on Dividends and Interest on Capital Payable

This table provides the changes on dividends and interest on capital payable:

Balances at December 31, 2021			1,910
Proposed dividends			2,232
Proposed dividends - Non-controlling interests			1
Withholding income tax on interest on capital			(186	)
Dividends retained – Minas Gerais state government			-
Dividends paid			(2,094	)
Balances at December 31, 2022			1,863
Proposed dividends			3,124
Proposed dividends - Non-controlling interests			2
Withholding income tax on interest on capital			(242	)
Dividends paid			(1,823	)
Balances at December 31, 2023			2,924

Schedule of Interest on Equity Declared

The Company’s Executive Board decided to declare Interest on Equity as follows:

Declaration date		Entitled shareholders (1)		Amount				Income tax withheld
March 22, 2023		March 27, 2023			424				(40	)
June 20, 2023		June 23, 2023			427				(40	)
September 20, 2023		September 25, 2023			418				(39	)
December 14, 2023		December 21, 2023			1,323				(123	)
					2,592				(242	)

(1)Shareholders who have their names entered in the Register of Registered Shares on the dates indicated are entitled.

Schedule of Equity Valuation Adjustments

		2023				2022				2021
Adjustments to actuarial liabilities – Employee benefits			(2,072	)			(2,303	)			(2,762	)
Deemed cost of PP&E			421				427				554
Others			3				2
Valuation adjustments			(1,648	)			(1,874	)			(2,208	)

Schedule of Reserves

		2023				2022				2021
Investment-related donations and subsidies			1,857				1,857				1,857
Goodwill on issuance of shares			394				394				394
Shares in treasury			(1	)			(1	)			(1	)
			2,250				2,250				2,250

Schedule of Income Reserves

		2023				2022				2021
Legal reserve			1,674				1,387				1,181
Statutory reserve			57				57				57
Profit retention reserve			8,842				6,546				7,331
Unrealized profit reserve			835				835				835
Incentive tax reserve			213				150				124
Reserve for mandatory dividends not distributed			1,420				1,420				1,420
			13,041				10,395				10,948

Schedule of Reserve for Mandatory Dividends not Distributed

Dividends withheld, arising from the net income of 2015			623
Dividends withheld, arising from the net income of 2014			797
			1,420

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