FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2011
Commission File Number 1-15224
Energy Company of Minas Gerais
(Translation of Registrant’s Name Into English)
Avenida Barbacena, 1200
30190-131 Belo Horizonte, Minas Gerais, Brazil
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Forward-Looking Statements
This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG | ||
|
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| ||
|
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| ||
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By: |
/s/ Frederico Pacheco de Medeiros | |
|
|
|
Name: |
Frederico Pacheco de Medeiros |
|
|
|
Title: |
Acting Chief Officer for Finance and Investor Relations |
|
|
| ||
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Date: June 15, 2011 |
| ||
|
6 | ||
|
7 | ||
|
8 | ||
|
9 | ||
|
10 | ||
|
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY — CONSOLIDATED AND HOLDING COMPANY |
11 | |
|
12 | ||
|
14 | ||
|
15 | ||
|
|
| |
|
15 | ||
|
22 | ||
|
22 | ||
|
24 | ||
|
24 | ||
|
25 | ||
|
TAXES OFFSETABLE AND INCOME TAX AND SOCIAL CONTRIBUTION TAX RECOVERABLE |
25 | |
|
26 | ||
|
28 | ||
|
28 | ||
|
37 | ||
|
40 | ||
|
41 | ||
|
TAXES, CHARGES AND CONTRIBUTIONS AND INCOME TAX AND SOCIAL CONTRIBUTION TAX |
41 | |
|
42 | ||
|
44 | ||
|
44 | ||
|
47 | ||
|
52 | ||
|
53 | ||
|
54 | ||
|
56 | ||
|
57 | ||
|
58 | ||
|
65 | ||
|
67 | ||
|
67 | ||
|
FINANCIAL STATEMENTS SEPARATED BY COMPANY, AT MARCH 31, 2011 |
68 | |
|
69 | ||
|
|
| |
|
70 | ||
|
75 | ||
|
86 | ||
AT MARCH 31, 2011 AND DECEMBER 31, 2010
ASSETS
(R$ ’000)
|
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
|
|
IFRS |
|
BRGAAP |
| ||||
|
|
|
Notes |
|
03/31/2011 |
|
12/31/2010 |
|
03/31/2011 |
|
12/31/2010 |
|
|
CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
4 |
|
2,733,242 |
|
2,979,693 |
|
289,104 |
|
302,741 |
|
|
Securities — cash investments |
|
5 |
|
849,931 |
|
321,858 |
|
1,055 |
|
55 |
|
|
Consumers and Traders |
|
6 |
|
2,405,981 |
|
2,262,585 |
|
— |
|
— |
|
|
Concession holders — transport of energy |
|
|
|
411,761 |
|
400,556 |
|
— |
|
— |
|
|
Financial Assets of the Concession |
|
11 |
|
786,080 |
|
625,332 |
|
— |
|
— |
|
|
Taxes offsetable |
|
7 |
|
361,591 |
|
374,430 |
|
5,237 |
|
5,233 |
|
|
Income tax and Social Contribution tax recoverable |
|
7 |
|
586,675 |
|
489,813 |
|
— |
|
— |
|
|
Dividends receivable |
|
|
|
— |
|
— |
|
226,436 |
|
230,405 |
|
|
Inventories |
|
|
|
42,577 |
|
41,080 |
|
16 |
|
16 |
|
|
Other credits |
|
|
|
604,027 |
|
590,229 |
|
12,910 |
|
13,889 |
|
|
TOTAL, CURRENT |
|
|
|
8,781,865 |
|
8,085,576 |
|
534,758 |
|
552,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable from Minas Gerais state government |
|
10 |
|
1,791,993 |
|
1,837,088 |
|
— |
|
— |
|
|
Credit Receivables Investment Fund |
|
10 |
|
— |
|
— |
|
961,070 |
|
946,571 |
|
|
Deferred income tax and Social Contribution tax |
|
8a |
|
1,804,924 |
|
1,800,567 |
|
348,335 |
|
345,472 |
|
|
Taxes offsetable |
|
7 |
|
143,262 |
|
139,883 |
|
426 |
|
426 |
|
|
Income tax and Social Contribution tax recoverable |
|
7 |
|
72,802 |
|
83,438 |
|
68,981 |
|
80,117 |
|
|
Deposits linked to legal actions |
|
9 |
|
1,136,885 |
|
1,027,206 |
|
202,725 |
|
195,517 |
|
|
Consumers and Traders |
|
6 |
|
94,018 |
|
95,707 |
|
— |
|
— |
|
|
Other credits |
|
|
|
116,395 |
|
114,207 |
|
75,139 |
|
31,737 |
|
|
Financial Assets of the Concession |
|
11 |
|
7,439,158 |
|
7,315,756 |
|
— |
|
— |
|
|
Investments |
|
12 |
|
22,885 |
|
24,206 |
|
11,801,544 |
|
11,313,969 |
|
|
Fixed assets |
|
13 |
|
8,296,909 |
|
8,228,513 |
|
2,055 |
|
2,066 |
|
|
Intangible |
|
14 |
|
4,607,989 |
|
4,803,687 |
|
795 |
|
838 |
|
|
TOTAL, NON-CURRENT |
|
|
|
25,527,220 |
|
25,470,258 |
|
13,461,070 |
|
12,916,713 |
|
|
TOTAL ASSETS |
|
|
|
34,309,085 |
|
33,555,834 |
|
13,995,828 |
|
13,469,052 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
AT MARCH 31, 2011 AND DECEMBER 31, 2010
LIABILITIES
(R$ ’000)
|
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
|
|
IFRS |
|
BRGAAP |
| ||||
|
|
|
Notes |
|
03/31/2011 |
|
12/31/2010 |
|
03/31/2011 |
|
12/31/2010 |
|
|
CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
15 |
|
1,104,910 |
|
1,121,009 |
|
5,186 |
|
1,687 |
|
|
Regulatory charges |
|
18 |
|
392,717 |
|
384,415 |
|
— |
|
— |
|
|
Profit shares |
|
|
|
31,900 |
|
116,183 |
|
1,443 |
|
5,129 |
|
|
Taxes, charges and contributions |
|
16a |
|
421,177 |
|
403,533 |
|
20,660 |
|
32,836 |
|
|
Income tax and Social Contribution tax |
|
16b |
|
280,092 |
|
137,035 |
|
— |
|
— |
|
|
Interest on Equity and dividends payable |
|
|
|
1,153,895 |
|
1,153,895 |
|
1,153,895 |
|
1,153,895 |
|
|
Loans and financings |
|
17 |
|
1,666,534 |
|
1,573,885 |
|
385,213 |
|
373,599 |
|
|
Debentures |
|
17 |
|
2,092,755 |
|
628,681 |
|
— |
|
— |
|
|
Salaries and mandatory charges on payroll |
|
|
|
202,674 |
|
243,258 |
|
8,186 |
|
12,478 |
|
|
Post-employment obligations |
|
19 |
|
100,354 |
|
99,220 |
|
3,677 |
|
3,703 |
|
|
Provision for losses on financial instruments |
|
|
|
78,511 |
|
69,271 |
|
— |
|
— |
|
|
Debt to related parties |
|
|
|
— |
|
— |
|
8,059 |
|
6,687 |
|
|
Other obligations |
|
|
|
384,032 |
|
472,973 |
|
12,599 |
|
14,655 |
|
|
TOTAL, CURRENT |
|
|
|
7,909,551 |
|
6,403,358 |
|
1,598,918 |
|
1,604,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory charges |
|
18 |
|
172,898 |
|
142,481 |
|
— |
|
— |
|
|
Loans and financings |
|
17 |
|
6,077,555 |
|
6,244,475 |
|
36,794 |
|
36,794 |
|
|
Debentures |
|
17 |
|
3,480,570 |
|
4,779,449 |
|
— |
|
— |
|
|
Taxes, charges and contributions |
|
16a |
|
761,091 |
|
692,803 |
|
— |
|
— |
|
|
Income tax and Social Contribution tax |
|
16b |
|
1,062,771 |
|
1,065,399 |
|
— |
|
— |
|
|
Provisions |
|
20 |
|
405,305 |
|
370,907 |
|
193,075 |
|
187,553 |
|
|
Concessions payable |
|
|
|
123,914 |
|
117,802 |
|
— |
|
— |
|
|
Post-employment obligations |
|
19 |
|
2,077,728 |
|
2,061,608 |
|
93,539 |
|
92,349 |
|
|
Other obligations |
|
|
|
234,595 |
|
201,419 |
|
70,395 |
|
71,554 |
|
|
TOTAL, NON-CURRENT |
|
|
|
14,396,427 |
|
15,676,343 |
|
393,803 |
|
388,250 |
|
|
STOCKHOLDERS’ EQUITY ATTRIBUTED TO CONTROLLING STOCKHOLDERS |
|
21 |
|
|
|
|
|
|
|
|
|
|
Registered capital |
|
|
|
3,412,073 |
|
3,412,073 |
|
3,412,073 |
|
3,412,073 |
|
|
Capital reserves |
|
|
|
3,953,850 |
|
3,953,850 |
|
3,953,850 |
|
3,953,850 |
|
|
Profit reserves |
|
|
|
2,873,253 |
|
2,873,253 |
|
2,873,253 |
|
2,873,253 |
|
|
Adjustments to Stockholders’ equity |
|
|
|
1,164,586 |
|
1,210,605 |
|
1,164,586 |
|
1,210,605 |
|
|
Accumulated Conversion Adjustment |
|
|
|
(801 |
) |
(772 |
) |
(801 |
) |
(772 |
) |
|
Funds allocated to increase of capital |
|
|
|
27,124 |
|
27,124 |
|
27,124 |
|
27,124 |
|
|
Retained earnings |
|
|
|
573,022 |
|
— |
|
573,022 |
|
— |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
|
12,003,107 |
|
11,476,133 |
|
12,003,107 |
|
11,476,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
34,309,085 |
|
33,555,834 |
|
13,995,828 |
|
13,469,052 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
FOR THE QUARTERS ENDED ON MARCH 2011 AND 2010
(R$ ’000, except net profit per share)
|
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
|
|
IFRS |
|
BRGAAP |
| ||||
|
|
|
Notes |
|
03/31/2011 |
|
03/31/2010 |
|
03/31/2011 |
|
03/31/2010 |
|
|
REVENUES |
|
22 |
|
3,386,587 |
|
2,877,653 |
|
103 |
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS |
|
23 |
|
|
|
|
|
|
|
|
|
|
COST OF ELECTRICITY AND GAS |
|
|
|
|
|
|
|
|
|
|
|
|
Electricity bought for resale |
|
23c |
|
(1,075,760 |
) |
(717,941 |
) |
— |
|
— |
|
|
Charges for the use of the basic transmission grid |
|
|
|
(189,614 |
) |
(186,921 |
) |
— |
|
— |
|
|
Gas purchased for resale |
|
|
|
(62,366 |
) |
(49,480 |
) |
— |
|
— |
|
|
|
|
|
|
(1,327,740 |
) |
(954,342 |
) |
— |
|
— |
|
|
COST OF OPERATION |
|
|
|
|
|
|
|
|
|
|
|
|
Personnel and managers |
|
23a |
|
(228,814 |
) |
(237,476 |
) |
— |
|
— |
|
|
Employees’ and managers’ profit shares |
|
|
|
(23,022 |
) |
(36,130 |
) |
— |
|
— |
|
|
Post-employment obligations |
|
|
|
(30,888 |
) |
— |
|
— |
|
— |
|
|
Materials |
|
|
|
(11,659 |
) |
(27,881 |
) |
— |
|
— |
|
|
Outsourced services |
|
23b |
|
(164,411 |
) |
(141,677 |
) |
— |
|
— |
|
|
Depreciation and amortization |
|
|
|
(226,217 |
) |
(210,685 |
) |
— |
|
— |
|
|
Operational provisions |
|
23d |
|
(31,052 |
) |
7,996 |
|
— |
|
— |
|
|
Royalties for use of water resources |
|
|
|
(37,993 |
) |
(41,505 |
) |
— |
|
— |
|
|
Other |
|
23e |
|
(815 |
) |
(45,234 |
) |
— |
|
— |
|
|
|
|
|
|
(754,871 |
) |
(732,592 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION COSTS |
|
|
|
(49,163 |
) |
(56,793 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COST |
|
|
|
(2,131,774 |
) |
(1,743,727 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
|
1,254,813 |
|
1,133,926 |
|
103 |
|
74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL EXPENSES |
|
23 |
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
|
(10,016 |
) |
(41,917 |
) |
— |
|
— |
|
|
General and administrative expenses |
|
|
|
(140,221 |
) |
(113,337 |
) |
(19,706 |
) |
(10,875 |
) |
|
Other operational expenses |
|
|
|
(45,114 |
) |
(28,354 |
) |
(9,695 |
) |
(4,852 |
) |
|
|
|
|
|
(195,351 |
) |
(183,608 |
) |
(29,401 |
) |
(15,727 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational profit/loss before Equity gain/loss and Financial revenue/expenses |
|
|
|
1,059,462 |
|
950,318 |
|
(29,298 |
) |
(15,653 |
) |
|
Equity gain (loss) on subsidiaries |
|
12 |
|
— |
|
|
|
556,552 |
|
519,319 |
|
|
Financial revenues |
|
24 |
|
203,777 |
|
235,642 |
|
24,164 |
|
35,294 |
|
|
Financial expenses |
|
24 |
|
(486,596 |
) |
(365,088 |
) |
(28,130 |
) |
(12,876 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxes |
|
|
|
776,643 |
|
820,872 |
|
523,288 |
|
526,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax and Social Contribution tax |
|
8b |
|
(231,091 |
) |
(206,101 |
) |
— |
|
(5,296 |
) |
|
Deferred income tax and Social Contribution tax |
|
8b |
|
(19,401 |
) |
(94,705 |
) |
2,863 |
|
(722 |
) |
|
profit for the period |
|
|
|
526,151 |
|
520,066 |
|
526,151 |
|
520,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to the Company’s majority stockholders |
|
|
|
526,151 |
|
520,066 |
|
526,151 |
|
520,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic profit per preferred and common share |
|
|
|
0.77 |
|
0.84 |
|
0.77 |
|
0.84 |
|
|
Diluted profit per preferred and common share |
|
|
|
0.77 |
|
0.84 |
|
0.77 |
|
0.84 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
COMPREHENSIVE PROFIT & LOSS ACCOUNT
FOR THE QUARTERS ENDED ON MARCH 2011 AND 2010
(R$ ’000)
|
|
|
Consolidated and Holding company |
| ||
|
|
|
03/31/2011 |
|
03/31/2010 |
|
|
PROFIT FOR THE PERIOD |
|
526,151 |
|
520,066 |
|
|
|
|
|
|
|
|
|
OTHER COMPONENTS OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
Foreign exchange conversion differences on transactions outside Brazil |
|
(29 |
) |
174 |
|
|
Cash flow hedge instruments |
|
852 |
|
1,220 |
|
|
|
|
|
|
|
|
|
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD |
|
526,974 |
|
521,460 |
|
|
|
|
|
|
|
|
|
Comprehensive Profit attributable to the controlling stockholders |
|
526,974 |
|
521,460 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY — CONSOLIDATED AND HOLDING COMPANY
FOR THE QUARTERS ENDED ON MARCH 31, 2011 AND 2010
(R$ ’000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ |
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
Funds |
|
equity |
|
|
|
|
|
|
|
|
|
|
to |
|
Accumulated |
|
|
|
allocated to |
|
attributed to |
|
|
|
|
Registered |
|
Capital |
|
Profit |
|
Stockholders’ |
|
Conversion |
|
Retained |
|
increase of |
|
controlling |
|
|
|
|
capital |
|
Reserves |
|
reserves |
|
equity |
|
Adjustment |
|
earnings |
|
capital |
|
stockholders |
|
|
BALANCES AT DECEMBER 31, 2009 |
|
3,101,884 |
|
3,969,099 |
|
3,177,248 |
|
1,343,383 |
|
150 |
|
(453,387 |
) |
27,124 |
|
11,165,501 |
|
|
Profit for the period |
|
— |
|
— |
|
— |
|
— |
|
— |
|
520,066 |
|
— |
|
520,066 |
|
|
Other components of comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange conversion differences on transactions outside |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
— |
|
— |
|
— |
|
— |
|
174 |
|
— |
|
— |
|
174 |
|
|
Cash flow hedge instruments |
|
— |
|
— |
|
— |
|
1,220 |
|
— |
|
— |
|
— |
|
1,220 |
|
|
Total comprehensive profit (loss) for the period |
|
— |
|
— |
|
— |
|
1,220 |
|
174 |
|
520,066 |
|
— |
|
521,460 |
|
|
Realization of reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Stockholders’ equity – cost attributed to fixed assets |
|
— |
|
— |
|
— |
|
(33,543 |
) |
— |
|
33,543 |
|
— |
|
— |
|
|
BALANCES ON MARCH 31, 2010 |
|
3,101,884 |
|
3,969,099 |
|
3,177,248 |
|
1,311,060 |
|
324 |
|
100,222 |
|
27,124 |
|
11,686,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCES AT DECEMBER 31, 2010 |
|
3,412,073 |
|
3,953,850 |
|
2,873,253 |
|
1,210,605 |
|
(772 |
) |
— |
|
27,124 |
|
11,476,133 |
|
|
Profit for the period |
|
— |
|
— |
|
— |
|
— |
|
— |
|
526,151 |
|
— |
|
526,151 |
|
|
Other components of comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange conversion differences on transactions outside |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil |
|
— |
|
— |
|
— |
|
— |
|
(29 |
) |
— |
|
|
|
(29 |
) |
|
Cash flow hedge instruments |
|
— |
|
|
|
|
|
852 |
|
— |
|
— |
|
— |
|
852 |
|
|
Total comprehensive profit (loss) for the period |
|
— |
|
— |
|
— |
|
852 |
|
(29 |
) |
526,151 |
|
— |
|
526,974 |
|
|
Realization of reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Stockholders’ equity – cost attributed to fixed assets |
|
— |
|
— |
|
— |
|
(46,871 |
) |
— |
|
46,871 |
|
— |
|
— |
|
|
BALANCES ON MARCH 31, 2011 |
|
3,412,073 |
|
3,953,850 |
|
2,873,253 |
|
1,164,586 |
|
(801 |
) |
573,022 |
|
27,124 |
|
12,003,107 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
FOR THE QUARTERS ENDED MARCH 31, 2011 AND 2010
(R$ ’000)
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
IFRS |
|
BRGAAP |
| ||||
|
|
|
03/31/2011 |
|
03/31/2010 |
|
03/31/2011 |
|
03/31/2010 |
|
|
CASH FLOW FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year |
|
526,151 |
|
520,066 |
|
526,151 |
|
520,066 |
|
|
Expenses (revenues) not affecting cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
Income tax and Social Contribution tax |
|
19,401 |
|
94,705 |
|
(2,863 |
) |
722 |
|
|
Depreciation and amortization |
|
232,797 |
|
213,904 |
|
89 |
|
45 |
|
|
Net write-offs of fixed and intangible assets |
|
2,733 |
|
— |
|
— |
|
— |
|
|
Equity gain (loss) on subsidiaries |
|
— |
|
— |
|
(556,552 |
) |
(519,319 |
) |
|
Interest and Monetary updating |
|
37,456 |
|
16,620 |
|
(14,499 |
) |
(4,672 |
) |
|
Provisions for operational losses |
|
34,398 |
|
(4,284 |
) |
5,522 |
|
— |
|
|
Post-employment obligations |
|
63,225 |
|
58,263 |
|
3,700 |
|
3,136 |
|
|
Other |
|
61,057 |
|
(10,803 |
) |
1,569 |
|
8,196 |
|
|
|
|
977,218 |
|
888,471 |
|
(36,883 |
) |
8,174 |
|
|
(Increase) / reduction of assets |
|
|
|
|
|
|
|
|
|
|
Consumers and Traders |
|
(143,396 |
) |
55,445 |
|
— |
|
— |
|
|
Amortization of accounts receivable from the Minas Gerais State |
|
|
|
|
|
|
|
|
|
|
Government |
|
67,399 |
|
76,876 |
|
— |
|
— |
|
|
Tax credits |
|
— |
|
(185,510 |
) |
— |
|
2,374 |
|
|
Taxes offsetable |
|
(76,766 |
) |
163,788 |
|
11,132 |
|
10,989 |
|
|
Concession holders – transport of energy |
|
(11,205 |
) |
(10,804 |
) |
— |
|
— |
|
|
Deposits linked to legal actions |
|
(109,679 |
) |
(23,166 |
) |
(7,208 |
) |
(1 |
) |
|
Financial assets |
|
(284,150 |
) |
(298,794 |
) |
|
|
— |
|
|
Dividends received from subsidiaries |
|
— |
|
— |
|
66,895 |
|
504,556 |
|
|
Other |
|
(15,794 |
) |
(151,328 |
) |
(37,941 |
) |
12,903 |
|
|
|
|
(573,591 |
) |
(373,493 |
) |
32,878 |
|
530,821 |
|
|
Increase (reduction) of liabilities |
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
(16,099 |
) |
72,266 |
|
3,499 |
|
873 |
|
|
Taxes, charges and contributions |
|
202,603 |
|
127,698 |
|
(12,176 |
) |
(9,383 |
) |
|
Salaries and mandatory charges on payroll |
|
(40,584 |
) |
(19,437 |
) |
(4,292 |
) |
(844 |
) |
|
Regulatory charges |
|
8,302 |
|
39,572 |
|
— |
|
— |
|
|
Loans, financings and debentures |
|
55,414 |
|
390,377 |
|
11,614 |
|
1,926 |
|
|
Post-employment obligations |
|
(45,971 |
) |
68,991 |
|
(2,536 |
) |
(2,407 |
) |
|
Other |
|
(93,457 |
) |
(38,163 |
) |
(5,486 |
) |
(47,605 |
) |
|
|
|
70,208 |
|
641,304 |
|
(9,377 |
) |
(57,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH FROM OPERATIONAL ACTIVITIES |
|
473,835 |
|
1,156,282 |
|
(13,382 |
) |
481,555 |
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
IFRS |
|
BRGAAP |
| ||||
|
|
|
03/31/2011 |
|
03/31/2010 |
|
03/31/2011 |
|
03/31/2010 |
|
|
CASH FLOWS FROM INVESTMENT ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Investments |
|
— |
|
— |
|
— |
|
(715,397 |
) |
|
In securities – cash investments |
|
(528,073 |
) |
— |
|
(1,000 |
) |
— |
|
|
In financial assets |
|
— |
|
— |
|
— |
|
— |
|
|
In fixed assets |
|
(167,964 |
) |
(68,008 |
) |
(78 |
) |
(325 |
) |
|
In intangible assets |
|
— |
|
(1,107,160 |
) |
— |
|
|
|
|
NET CASH FROM (USED IN) INVESTMENT ACTIVITIES |
|
(696,037 |
) |
(1,175,168 |
) |
(1,078 |
) |
(715,722 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Financings and debentures obtained |
|
325,061 |
|
3,196,654 |
|
— |
|
— |
|
|
Payments of loans and financings |
|
(349,310 |
) |
(3,111,775 |
) |
— |
|
— |
|
|
Injection of cash into FIDC Fund |
|
— |
|
|
|
— |
|
— |
|
|
Interest on Equity, and dividends |
|
— |
|
(3,749 |
) |
823 |
|
(3,749 |
) |
|
NET CASH FROM (USED IN) FINANCING ACTIVITIES |
|
(24,249 |
) |
81,130 |
|
823 |
|
(3,749 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(246,451 |
) |
62,244 |
|
(13,637 |
) |
(237,916 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
|
|
|
At start of period |
|
2,979,693 |
|
4,424,959 |
|
302,741 |
|
656,704 |
|
|
At end of period |
|
2,733,242 |
|
4,487,203 |
|
289,104 |
|
418,788 |
|
|
|
|
(246,451 |
) |
62,244 |
|
(13,637 |
) |
(237,916 |
) |
The Explanatory Notes are an integral part of the Quarterly Information.
FOR THE QUARTERS ENDED ON MARCH 31, 2011 AND 2010
(R$ ’000)
|
|
|
Consolidated |
|
Holding company |
| ||||||||||||
|
|
|
IFRS |
|
BRGAAP |
| ||||||||||||
|
|
|
3/31/2011 |
|
|
|
3/31/2010 |
|
|
|
3/31/2011 |
|
|
|
3/31/2010 |
|
|
|
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of electricity, gas and services |
|
5,034,237 |
|
|
|
4,270,789 |
|
|
|
103 |
|
|
|
74 |
|
|
|
|
Provision for doubtful receivables |
|
(27,281 |
) |
|
|
(20,797 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INPUTS ACQUIRED FROM THIRD PARTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity bought for resale |
|
(1,075,760 |
) |
|
|
(717,941 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Charges for the use of the basic transmission grid |
|
(189,614 |
) |
|
|
(186,921 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Outsourced services |
|
(214,649 |
) |
|
|
(178,221 |
) |
|
|
(960 |
) |
|
|
(1,310 |
) |
|
|
|
Gas purchased for resale |
|
(62,366 |
) |
|
|
(49,480 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Materials |
|
(18,340 |
) |
|
|
(28,251 |
) |
|
|
(55 |
) |
|
|
(46 |
) |
|
|
|
Other operational costs |
|
(94,368 |
) |
|
|
(108,589 |
) |
|
|
(14,658 |
) |
|
|
(2,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS VALUE ADDED |
|
3,351,859 |
|
|
|
2,980,589 |
|
|
|
(15,570 |
) |
|
|
(3,855 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETENTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(232,797 |
) |
|
|
(213,904 |
) |
|
|
(89 |
) |
|
|
(45 |
) |
|
|
|
NET ADDED VALUE PRODUCED BY THE COMPANY |
|
3,119,062 |
|
|
|
2,766,685 |
|
|
|
(15,659 |
) |
|
|
(3,900 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDED VALUE RECEIVED BY TRANSFER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity gain (loss) on subsidiaries |
|
— |
|
|
|
— |
|
|
|
556,552 |
|
|
|
519,319 |
|
|
|
|
Financial revenues |
|
203,788 |
|
|
|
235,642 |
|
|
|
24,163 |
|
|
|
35,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDED VALUE TO BE DISTRIBUTED |
|
3,322,850 |
|
|
|
3,002,327 |
|
|
|
565,056 |
|
|
|
550,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTION OF ADDED VALUE |
|
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
|
295,644 |
|
8.90 |
|
291,696 |
|
10.63 |
|
10,953 |
|
1.95 |
|
11,526 |
|
1.96 |
|
|
Direct remuneration |
|
192,863 |
|
5.80 |
|
214,219 |
|
7.45 |
|
3,657 |
|
0.65 |
|
4,368 |
|
0.79 |
|
|
Benefits |
|
80,527 |
|
2.42 |
|
51,047 |
|
2.26 |
|
3,993 |
|
0.71 |
|
5,968 |
|
1.08 |
|
|
FGTS |
|
15,308 |
|
0.46 |
|
15,297 |
|
0.53 |
|
803 |
|
0.14 |
|
819 |
|
0.15 |
|
|
Other |
|
6,946 |
|
0.22 |
|
11,133 |
|
0.39 |
|
2,500 |
|
0.45 |
|
371 |
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes, charges and contributions |
|
1,994,407 |
|
60.02 |
|
1,814,987 |
|
62.11 |
|
(375 |
) |
(0.07 |
) |
6,073 |
|
1.91 |
|
|
Federal |
|
1,138,187 |
|
34.25 |
|
1,090,184 |
|
36.89 |
|
(433 |
) |
(0.08 |
) |
6,018 |
|
1.09 |
|
|
State |
|
853,203 |
|
25.68 |
|
721,504 |
|
25.11 |
|
5 |
|
— |
|
5 |
|
— |
|
|
Municipal |
|
3,016 |
|
0.09 |
|
3,299 |
|
0.11 |
|
52 |
|
0.01 |
|
50 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remuneration of third party capital |
|
506,648 |
|
15.25 |
|
375,578 |
|
12.67 |
|
28,327 |
|
5.01 |
|
13,048 |
|
2.37 |
|
|
Interest |
|
486,596 |
|
14.65 |
|
365,088 |
|
12.30 |
|
28,130 |
|
4.98 |
|
12,876 |
|
2.34 |
|
|
Rentals |
|
20,052 |
|
0.60 |
|
10,490 |
|
0.37 |
|
197 |
|
0.03 |
|
172 |
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remuneration of own capital |
|
526,151 |
|
15.83 |
|
520,066 |
|
14.59 |
|
526,151 |
|
93.11 |
|
520,066 |
|
94.44 |
|
|
Retained earnings |
|
526,151 |
|
15.83 |
|
520,066 |
|
14.59 |
|
526,151 |
|
93.11 |
|
520,066 |
|
94,44 |
|
|
|
|
3,322,850 |
|
100 |
|
3,002,327 |
|
100 |
|
565,056 |
|
100 |
|
550,713 |
|
100 |
|
See Explanatory Note 28 for more information on the Statement of Added Value.
EXPLANATORY NOTES TO THE QUARTERLY INFORMATION (ITR)
AT MARCH 31, 2011
(Figures in R$ ’000, except where otherwise indicated)
Companhia Energetica de Minas Gerais (“Cemig” or “the Company”) is a listed corporation registered in the Brazilian Registry of Corporate Taxpayers (CNPJ) under number 17.155.730/0001 -64, with shares traded on the BM&F Bovespa (“Bovespa”) at Corporate Governance Level 1, ADRs traded on the New York Stock Exchange (“NYSE”), and shares traded on the Latibex System of the Madrid Stock exchange. It operates exclusively as a holding company, with stockholdings in companies controlled individually or jointly, the principal objectives of which are the construction and operation of systems for generation, transformation, transmission, distribution and sale of electricity, and also activities in the various fields of energy, for the purpose of commercial operation.
It is an entity domiciled in Brazil, with head office at Avenida Barbacena 1200, Belo Horizonte, in the Brazilian State of Minas Gerais.
CEMIG has stockholdings in the following companies that were operational on March 31, 2011.
· CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“Cemig GT”) (subsidiary, 100.00% stake): registered for listing with the CVM (Securities Commission): Generation and transmission of electricity, through 48 power plants, 43 being hydroelectric, 4 wind power plants and one thermal plant, and their transmission lines, most of them belonging to the Brazilian national generation and transmission grid system. Cemig GT has stockholdings in the following subsidiaries and jointly-controlled subsidiaries:
· Hidreletrica Cachoeirao S.A. (“Cachoeirao”) (jointly controlled): Production and sale of electricity as an independent power producer, through the Cachoeirão hydroelectric power plant located at Pocrane, in the State of Minas Gerais. The plant began operating in 2009.
· Central Eólica Praias de Parajuru S.A. (“Parajuru”) (jointly controlled) – Production and sale of electricity through the Parajuru wind farm in the county of Beberibe, in the State of Ceará. The plant began operating in August 2009.
· Baguari Energia S.A. (“Baguari Energia”) (jointly controlled): Construction, operation, maintenance and commercial operation of the Baguari Hydroelectric Plant, through participation in the UHE Baguari Consortium (Baguari Energia 49.00%, Neoenergia 51.00%), located on the Doce River in Governador Valadares, Minas Gerais State. The plant began operation of its units from September 2009 to May 2010.
· Transmissora Alianca de Energia Elétrica S.A. (“Taesa”), previously named Terna Participações S. A., (jointly controlled): Construction, operation and maintenance of the transmission facilities in 11 States of Brazil. Taesa has the following subsidiaries: ETAU (Empresa de Transmissão do Alto Uruguai S.A.) and Brasnorte (Brasnorte Transmissora de Energia S.A.).
· Central Eólica Praia do Morgado S.A. (“Morgado”) (jointly controlled): Production and sale of electricity by the Morgado Wind Farm in the county of Aracaju in the State of Ceará, Northern Brazil. The plant began operating in April 2010.
· Central Eolica Volta do Rio S.A. (“Volta do Rio”) (jointly controlled): Production and sale of electricity by the Volta do Rio Wind Farm in the County of Aracaju in the State of Ceará, Northern Brazil. The plant began operating in September 2010.
· Hidrelétrica Pipoca S.A. (“Pipoca”) (jointly controlled): Independent production of electricity, through construction and commercial operation of the Pipoca Small Hydro Plant, located on the Manhuaçu River, in the Municipalities of Caratinga and Ipanema, in the State of Minas Gerais. The plant began commercial operation in October 2010.
Subsidiaries and jointly-controlled subsidiaries of Cemig GT at pre-operational stage:
· Guanhães Energia S.A. (“Guãnhaes Energia”) (jointly controlled): Production and sale of electricity through building and commercial operation of the following Small Hydro Plants in Minas Gerais state: Dores de Guanhães, Senhora do Porto and Jacaré, in the municipality of Dores de Guanhães; and Fortuna II, in the municipality of Virginópolis. These plants are scheduled to start operation in August 2011.
· Cemig Baguari Energia S.A. (“Cemig Baguari”) (subsidiary): Production and sale of electricity as an independent power producer, in future projects.
· Madeira Energia S.A. (“Madeira”) (jointly controlled): Implementation, construction, operation and commercial operation, through the subsidiary Santo Antônio Energia S.A., of the Santo Antônio hydroelectric power plant located in the basin of the Madeira River, in the State of Rondônia, with commercial startup scheduled for December 2011.
· “EBTE” (Empresa Brasileira de Transmissão de Energia) (jointly-controlled subsidiary): Holder of a public electricity transmission concession, operating transmission lines in the state of Mato Grosso. Operational startup is scheduled for May 2011.
Lightger S.A. (“Lightger”) (jointly controlled): Independent power production through building and commercial operation of the hydroelectric potential referred to as the Paracambi Small Hydro Plant, on the Ribeirão das Lages river in the county of Paracambi, in the State of Rio de Janeiro. The first rotor is scheduled to start operation in October 2011.
· CEMIG DISTRIBUIÇÃO S.A. (“Cemig D”) (subsidiary) registered for listing with the CVM (Brazilian Securities Commission): Distribution of electricity through distribution networks and lines in approximately all of the Brazilian state of Minas Gerais.
· LIGHT S.A. (“Light”) (jointly-controlled): Its objects are to hold stock or unit shares in other companies, and direct or indirect operation of electricity generation, transmission, sales, distribution and related services. Light has the following subsidiaries and jointly-controlled subsidiaries:
· Light Servicos de Eletricidade S.A. (“Light SESA”) (subsidiary): The principal activity of this listed company is distribution of electricity, operating in various municipalities of the State of Rio de Janeiro.
· Light Energia S.A. (“Light Energia”) (subsidiary): Principal activities of this unlisted company are to study, plan, build, and commercially operate systems of generation, transmission and sale of electricity and related services. Light Energia holds interests in Central Eólica São Judas Tadeu Ltda and Central Eólica Fontainha Ltda;
· Light Esco Prestação de Serviços Ltda. (“Light Esco”) (subsidiary): Principal activity is purchase, sale, importation, exportation, and provision of consultancy services in the energy sector.
· Itaocara Energia Ltda. (“Itaocara Energia”) (subsidiary): At pre-operational phase; principal activity is to plan, build, install and commercially operate electricity generation plants.
· Lightger S.A. (“Lightger”): At pre-operational stage, formed to participate in auctions of concessions, authorizations and permissions in new plants. On December 24, 2008, Lightger obtained the installation license authorizing the start of works on the Paracambi Small Hydro Plant. Jointly controlled by Light S.A (51%) and Cemig GT (49%).
· Light Soluções em Eletricidade Ltda.: Formerly named Light Hidro Ltda. (“Light Hidro”), and renamed by new articles of association dated January 27, 2011, this company’s main activity is provision of services to low-voltage clients including assembly, refurbishment and maintenance of facilities.
· Instituto Light para o Desenvolvimento Urbano e Social (“the Light Institute”) (subsidiary): Participation in social and cultural projects, and interest in economic and social development of cities.
· Lightcom Comercializadora de Energia S.A. (“Lightcom”) (subsidiary): Purchase, sale, importation and exportation of electricity and general consultancy in the Free and Regulated Markets for electricity.
· Axxiom Soluções Tecnológicas S.A. (“Axxiom”) (jointly-controlled subsidiary): Unlisted company providing technological solutions and systems for operational management of public service concessions, including electricity, gas, water and sewerage companies and other utilities. Jointly controlled by Light S.A (51%) and Cemig (49%).
· Sá Carvalho S.A. (“Sá Carvalho”) (subsidiary): Production and sale of electricity, as a public electricity service concession holder, through the Sá Carvalho hydroelectric power plant.
· Usina Térmica Ipatinga S.A. (“Ipatinga”) (subsidiary): Production and sale, as an Independent Power Producer, of thermally generated electricity, through the Ipatinga thermal plant, located on the premises of Usiminas (Usinas Siderúrgicas de Minas Gerais S.A.).
· Companhia de Gás de Minas Gerais — Gasmig (“Gasmig”) (jointly controlled): Acquisition, transport and distribution of combustible gas or sub-products and derivatives, through a concession for distribution of gas in the State of Minas Gerais.
· Cemig Telecomunicações S.A. — Cemig Telecom (“Cemig Telecom”), previously named Empresa de Infovias S.A. (subsidiary): Provision and commercial operation of specialized telecommunications services, through an integrated system consisting of fiber optic cables, coaxial cables, and electronic and associated equipment (multi-service network); holds 49% of Ativas Data Center (“Ativas”) (jointly-controlled subsidiary), the principal activity of which is provision of services to supply IT and communications infrastructure, comprising hosting and related services for medium-sized and large corporations.
· Efficientia S.A. (“Efficientia”) (subsidiary): Provides electricity efficiency and optimization services and energy solutions through studies and execution of projects, as well as providing services of operation and maintenance in energy supply facilities.
· Horizontes Energia S.A. (“Horizontes”) (subsidiary): Production and sale of electricity, as an Independent Power Producer, through the Machado Mineiro and Salto do Paraopeba hydroelectric power plants, in the State of Minas Gerais, and the Salto do Voltão and Salto do Passo Velho power plants in the State of Santa Catarina.
· Central Termelétrica de Cogeração S.A. (“Cogeração”) (subsidiary): Production and sale of electricity produced by thermal generation as an independent producer, in future projects.
· Rosal Energia S.A. (“Rosal”) (subsidiary): Production and sale of electricity, as a public electricity service concession holder, through the Rosal hydroelectric power plant located on the border between the States of Rio de Janeiro and Espírito Santo, Brazil.
· Central Hidrelétrica Pai Joaquim S.A. (“Pai Joaquim”) (subsidiary): Production and sale of electricity as an independent producer, in future projects.
· Cemig PCH S.A. (“Cemig PCH”) (subsidiary): Production and sale of electricity as an Independent Power Producer, through the Pai Joaquim hydroelectric power plant.
· Cemig Capim Branco Energia S.A. (“Capim Branco”) (subsidiary): Production and sale of electricity as an independent power producer, through the Amador Aguiar I and Amador Aguiar II hydroelectric power plants, built through a consortium with private-sector partners.
· UTE Barreiro S.A. (“Barreiro”) (subsidiary): Production and sale of thermally generated electricity, as an Independent Power Producer, through the construction and operation of the UTE Barreiro thermal generation plant, located on the premises of Vallourec & Mannesmann Tubes, in the State of Minas Gerais.
· Cemig Trading S.A. (“Cemig Trading”) (subsidiary): Sale and intermediation of business transactions related to energy.
· Companhia Transleste de Transmissão (“Transleste”) (jointly controlled): Operation of a transmission line connecting the substation located in Montes Claros to the substation of the Irapé hydroelectric power plant.
· Companhia Transudeste de Transmissão (“Transudeste”) (jointly controlled): Construction, operation and maintenance of the Itutinga—Juiz de Fora transmission line, and its facilities, part of the Brazilian national grid.
· Companhia Transirapé de Transmissão (“Transirapé”) (jointly controlled): Construction, operation and maintenance of the Irapé—Araçuaí transmission line — also part of the national grid.
· EPTE (Empresa Paraense de Transmissão de Energia S.A.) (jointly controlled): Holder of a public service electricity transmission concession for a transmission line in the State of Pará. ETEP has formed the subsidiary ESDE (Empresa Santos Dumont de Energia S.A.), of which it owns 100%.
· ENTE (Empresa Norte de Transmissão de Energia S.A.) (jointly controlled): Holder of a public service electricity transmission concession, for two transmission lines in the States of Pará and Maranhão.
· ERTE (Empresa Regional de Transmissão de Energia S.A.) (jointly controlled — 35.78% stake): Holder of a public service electricity transmission concession, for a 230kV transmission line in the State of Pará.
· Empresa Amazonense de Transmissão de Energia S.A. (“EATE”) (jointly controlled): holder of the public service electricity transmission concession, for the transmission lines between the sectionalizing Substations of Tucuruí, Marabá, Imperatriz, Presidente Dutra and Açailândia. EATE has holdings in the following transmission companies: Empresa Brasileira de Transmissão de Energia S.A.- (“EBTE”) (jointly controlled); Sistema de Transmissão Catarinense S.A. — (“STC”) (subsidiary) and Lumitrans Companhia Transmissora de Energia Elétrica S.A. — (“Lumitrans”) (subsidiary).
· ECTE (Empresa Catarinense de Transmissão de Energia S.A.) (jointly controlled): Holder of a public electricity transmission service concession for transmission lines in the State of Santa Catarina.
· Axxiom Soluções Tecnológicas S.A. (“Axxiom”) (jointly-controlled subsidiary): Unlisted company providing technological solutions and systems for operational management of public service concessions, including electricity, gas, water and sewerage companies and other utilities. Jointly controlled by Light S.A (51%) and Cemig (49%).
· Transchile Charrúa Transmisión S.A. — (“Transchile”) (jointly controlled): Implementation, operation and maintenance of the Charrúa—Nueva Temuco transmission line and two sections of transmission line at the Charrúa and Nueva Temuco substations, in the central region of Chile. The head office of Transchile is in Santiago, Chile. The transmission line began operating in January 2010.
· Companhia de Transmissão Centroeste de Minas (“Centroeste”) (jointly controlled): Construction, operation and maintenance of the Furnas—Pimenta transmission line, part of the national grid. The transmission line began operating in April 2010.
Cemig also has stockholdings in the companies listed below, which on March 31, 2011 were at pre-operational stage:
· Cemig Serviços S.A. (“Cemig Serviços”) (subsidiary): Provision of services related to planning, construction, operation and maintenance of electricity generation, transmission and distribution systems, and provision of administrative, commercial and engineering services in the various fields of energy, from any source.
· Parati S.A Participações em Ativos de Energia Elétrica (“Parati”) (jointly controlled, 49% stake): holdings of stock or unit shares in other Brazilian or non-Brazilian companies, operating in any activity.
Where Cemig exercises joint control it does so through stockholders’ agreements with the other stockholders of the investee company.
2.1) — Presentation of the Quarterly Information
The individual interim accounting information has been prepared in compliance with Technical Pronouncement CPC 21 — Interim Statements, and with International Standard IAS 34 — Interim Financial Reporting, issued by the International Accounting Standards Board — IASB, and also in accordance with the requirement to present this information in a manner compliant with the rules issued by the Brazilian Securities Commission (CVM — Comissão de Valores Mobiliários) applicable to Quarterly Information (ITR).
This Quarterly Information (ITR) has been prepared according to principles, practices and criteria consistent with those adopted in the preparation of the annual accounting statements at December 31, 2010. Hence this Quarterly Information should be read in conjunction with those annual accounting statements, which were approved by the Executive Board on March 16, 2011 and filed with the CVM on March 29, 2011.
2.2 Re-presentation of the Quarterly Information
As a function of the adoption of the new accounting rules issued by the CPC, and the international accounting rules (IFRS), in the financial statements of December 31, 2010, the Company has re-stated the quarterly information for the first quarter of 2010.
The effects on the Income statement for the first quarter of 2010 arising from the adoption of the new accounting rules are as shown below. The effects of the adjustments, in each quarter of the business year 2010, can be seen in the Financial Statements at December 31, 2010.
|
|
|
1st quarter 2010 |
|
|
Profit previously presented for the quarter |
|
419,223 |
|
|
Stockholders’ Equity valuation adjustment (Attributed cost) — ICPC 10 and 27 |
|
(33,478 |
) |
|
Assets of Gas concessions — ICPC 01 and ICPC 05 |
|
3,299 |
|
|
Assets of Wind Generation concessions — ICPC 01 and OCPC 05 |
|
(394 |
) |
|
Assets of new Transmission concessions — ICPC 01 and OCPC 05 |
|
101,823 |
|
|
Reversal of Administration Cost allocation — CPC 27 and ICPC 01 |
|
(122 |
) |
|
Concession contracts — Granted for payment — OCPC 05 |
|
(2,096 |
) |
|
Charges capitalized — CPC 20 |
|
2,122 |
|
|
Post-employment obligations |
|
(10,860 |
) |
|
Reversal of Regulatory Assets and Liabilities — Conceptual Framework |
|
40,549 |
|
|
Effect of adoption of the new accounting practices |
|
100,843 |
|
|
Adjusted profit for the quarter (as re-presented) |
|
520,066 |
|
3. PRINCIPLES OF CONSOLIDATION
The financial statements of the subsidiaries and jointly-controlled subsidiaries mentioned in Explanatory Note 1 have been consolidated.
The Company uses the full and proportional consolidation criteria, as shown in the following table. The proportion of holding indicated is of the subsidiary’s total capital:
|
|
|
Form of |
|
3/31/2011 |
|
12/31/2010 |
| ||||
|
Subsidiaries and jointly-controlled subsidiaries |
|
consolidation |
|
Direct stake |
|
Indirect |
|
Direct stake |
|
Indirect |
|
|
|
|
|
|
(%) |
|
stake (%) |
|
(%) |
|
stake (%) |
|
|
Subsidiaries and jointly-controlled companies |
|
|
|
|
|
|
|
|
|
|
|
|
Cemig GT |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig Baguari Energia |
|
Full |
|
— |
|
100 |
|
— |
|
100 |
|
|
Hidrelétrica Cachoeirão |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Guanhães Energia S.A. |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Madeira Energia |
|
Proportional |
|
— |
|
10 |
|
— |
|
10 |
|
|
Hidrelétrica Pipoca |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Baguari Energia |
|
Proportional |
|
— |
|
69.39 |
|
— |
|
69.39 |
|
|
Empresa Brasileira de Transmissão de Energia S.A — EBTE |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Central Eólica Praias de Parajuru |
|
Proportional |
|
|
|
49 |
|
|
|
49 |
|
|
Central Eólica Volta do Rio |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Central Eólica Praias de Morgado |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
TAESA |
|
Proportional |
|
— |
|
56.69 |
|
— |
|
56.69 |
</ |