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Loans and Debentures (Tables)
12 Months Ended
Dec. 31, 2024
Loans And Debentures  
Schedule of Loans and Debentures

 

(1)

Cemig Geração e Transmissão;

(2)

Advance of funds to achieve the yield to maturity agreed in the Eurobonds contract;

(3)

Cemig Distribuição;

(4)

Debentures issued by Gasmig.

(5)

Discount on the sale price of the 2nd series of the Seventh issue of Cemig Distribuição.

 

 

 

Entry Date

 

Principal maturity

 

Annual financial cost

 

Value

 

 

 

 

BRAZILIAN CURRENCY

 

 

 

 

 

 

 

 

Debentures – 11th Issue – 1st Series

 

September, 2024

 

2031

 

CDI + 0.55%

 

1,000

Debentures – 11th Issue – 2nd Series

 

September, 2024

 

2036

 

IPCA + 6.5769%

 

1,500

(-) Transaction costs

 

 

 

 

 

 

 

(64)

Total

 

 

 

 

 

 

 

2,436

Schedule of Debentures Issued

Series

Quantity

Amount

Remuneration

Maturity

Amortization

First Series

1,000,000

R$1,000,000

CDI + 0.55%

7 years

72 th e 84 th months

Second Series

1,500,000

R$1,500,000

IPCA + 6.5769%

12 years

132 th e 144 th months

Series

Quantity

Amount

Remuneration

Maturity

Amortization

Single

200,000

R$200

CDI + 0.47%

5 years

36 th , 48 th e 60 th months

Schedule of Credit Risk Rating Agency

Financing source

Entry Date

 

Principal maturity

 

Annual financial cost

 

Value

 

 

 

BRAZILIAN CURRENCY

 

 

 

 

 

 

 

Debentures – 9th Issue – Single Series

December, 2024

 

2029

 

CDI + 0.47%

 

200

Total

 

 

 

 

 

 

200

Schedule of Guarantees of the Debtor Balance on Loans and Financings

The guarantees of the debt balance on loans and debentures, on December 31, 2024, were as follows:

 

 

 

Dec. 31, 2024

Promissory notes and sureties

 

334

Guarantee and receivables

 

2,042

Sureties

 

8,694

Unsecured

 

1,210

Total

 

12,280

Schedule of Composition of Loans and Debentures

The company's debt has an average repayment period of 2.8 years. The consolidated breakdown of loans and debentures, by currency and index, considering their maturities, is as follows:

 

 

2025

 

2026

 

2027

 

2028

 

2029

 

2030 onwards

 

Total

Index

 

 

 

 

 

 

 

 

 

 

 

 

 

IPCA (1)

 1,571

 

 1,155

 

139

 

423

 

761

 

 3,498

 

 7,547

CDI (2)

 1,315

 

 1,233

 

800

 

300

 

233

 

 1,000

 

 4,881

Total by index

 2,886

 

 2,388

 

939

 

723

 

994

 

 4,498

 

12,428

(-) Transaction costs

(7)

 

(7)

 

(4)

 

 (11)

 

 (12)

 

(105)

 

(146)

(-) Discount

(3)

 

 -

 

(3)

 

 -

 

 -

 

 -

 

(6)

Overall total

2,876

 

 2,381

 

932

 

712

 

982

 

 4,393

 

12,276

 

(1)

Expanded National Customer Price (IPCA) Index.

(2)

CDI: Interbank Rate for Certificates of Deposit.

Schedule of the Principal Currencies and Indexors Used for Monetary Updating of Loans and Financings

The index used for monetary updating of Loans and debentures had the following variations:

 

Indexer

 

Accumulated change on 2024 (%)

 

Accumulated change on 2023 (%)

IPCA

 

 

4.83

 

 

4.62

CDI

 

 

10.83

 

 

13.04

Schedule of Changes in Loans, Financings and Debentures

The changes in loans and debentures are as follows:

 

 

 

 

Balance at December 31, 2021

 

11,364

Loans and financing obtained

 

2,000

Transaction costs

 

 (19)

Financing obtained, net

 

1,981

Monetary variation

 

167

Exchange rate variation

 

 (338)

Accrued financial charges

 

975

Premium on repurchase of debt securities (Eurobonds)

 

47

Amortization of transaction cost

 

7

Financial charges paid

 

 (1,010)

Amortization of financing

 

 (2,613)

Balance at December 31, 2022

 

10,580

Loans and financing obtained

 

2,000

Transaction costs

 

 (12)

Financing obtained, net

 

1,988

Monetary variation

 

148

Exchange rate variation

 

 (277)

Accrued financial charges

 

1,083

Amortization of transaction cost

 

14

Financial charges paid

 

 (1,026)

Amortization of financing

 

(2,679)

Balance at December 31, 2023

 

9,831

Loans and financing obtained

 

4,700

Transaction costs

 

 (118)

Financing obtained, net

 

4,582

Monetary variation

 

248

Exchange rate variation

 

464

Accrued financial charges

 

1,066

Amortization of transaction cost

 

20

Financial charges paid

 

 (956)

Amortization of financing

 

 (2,975)

Balance at December 31, 2024

 

12,280

Schedule of Capitalized Borrowing Cost

The subsidiaries CEMIG D and Gasmig considered the costs of loans and debentures linked to construction in progress as construction costs of intangible and concession contract assets, as follows:

 

 

 

2024

 

2023

 

2022

Costs of loans and financing

 

1,066

 

1,083

 

975

Financing costs on intangible assets and contract assets (1)

 

 (77)

 

(70)

 

(47)

Net effect in Profit or loss

 

989

 

1,013

 

928

 

(1)

The average capitalization rate in 2024 was 11.13% (11.75% in 2023).

 

Schedule of Restrictive Covenants

The Company has contracts with financial covenants as follows:

 

Title - Security

 

Covenant

 

Ratio required -

Issuer

 

Ratio required

CEMIG (guarantor)

 

Compliance

required

8th Debentures Issuance Gasmig

 

Ebitda/Debt servicing Net debt / Ebitda (2)

 

1.3 or more 3.0 or less

 

-

 

Annual

Annual

9th Debentures Issuance Gasmig

 

Ebitda/Net financial income 'Net debt / Ebitda

 

1.3 or more 3.0 or less

 

-

 

Annual

9th Debenture Issue CEMIG GT (3)

 

Net debt / Adjusted Ebitda (1)

 

3.5 or less

 

3.0 from Dec. 31, 2022 to June 30, 2026 and 3.5 from Dec. 31, 2026 onwards

 

Semi-annual and annual

7th and 8th Debentures Issuance CEMIG D

 

Net debt / Adjusted Ebitda (1)

 

3.5 or less

 

3.0 or less

 

Semi-annual and annual

9th Debentures Issuance CEMIG D

 

Net debt / Ebitda

 

3.5 or less

 

3.0 or less

 

Semi-annual and annual

10th Debentures Issue CEMIG D

 

Net debt / Ebitda

 

3.5 or less from June 30, 2024 to June 30, 2029  4.0 or less from June 30, 2029 onwards

 

3.0 or less up to June 30, 2026 3.5 or less from July 1, 2026 to June 30, 2029 4.0 or less from June 30, 2029 onwards

 

Semi-annual and annual

11th Debentures Issue CEMIG D

 

Net debt / Ebitda

 

3.5 or less from December 31, 2024 to June 30, 2029  4.0 or less from June 30, 2029 onwards

 

3.0 or less up to June 30, 2026 3.5 or less from July 1, 2026 to June 30, 2029 4.0 or less from June 30, 2029 onwards

 

Semi-annual and annual

 

(1)

Adjusted Ebitda corresponds to earnings before interest, income taxes and social contribution on net income, depreciation and amortization, calculated in accordance with CVM Resolution 156, dated June 23, 2022, from which non-operating income, any credits and non-cash gains that increase net income are subtracted, to the extent that they are non-recurring, and any cash payments made on a consolidated basis during such period in respect of non-cash charges that were added back in the determination of Ebitda in any prior period, and increased by non-cash expenses and non-cash charges, to the extent that they are non-recurring.

(2)

Non-compliance with financial covenants implies non-automatic early maturity. If early maturity is declared by the debenture holders, Gasmig must make the payment upon receipt of the notification.

(3)

Non-compliance with financial covenants implies early maturity resulting in the immediate enforceability of payment by CEMIG GT of the Unit Nominal Value or Updated Unit Nominal Value of the Debentures, as the case may be, plus remuneration, in addition to the other charges due, regardless of judicial or extrajudicial notice, notification or interpellation.