Table of Contents

 

 

 

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 August 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

 

 

 



Table of Contents

 

Index

 

Item

 

Description of Item

 

 

 

1.

 

Earnings Release: Second Quarter 2011 Results

 

 

 

2.

 

Summary of Principal Decisions of the 514th Meeting of the Board of Directors, July 27, 2011

 

 

 

3.

 

Summary of Minutes of the 514th Meeting of the Board of Directors, July 27, 2011

 

 

 

4.

 

Market Announcement — Early Redemption of Promissory Notes, July 27, 2011

 

 

 

5.

 

Summary of Minutes of the 139th Meeting of the Board of Directors — CEMIG Geração e Transmissão S.A., July 27, 2011

 

 

 

6.

 

Market Announcement — Payment for Acquisition of Braslight’s Position in FIP Luce, July 28, 2011

 

 

 

7.

 

Summary of Principal Decisions of the 515th Meeting of the Board of Directors, August 04, 2011

 

 

 

8.

 

Market Announcement — Stockholders’ Agreement, August 9, 2011

 

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Table of Contents

 

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.

 

 

 

COMPANHIA ENERGÉTICA DE MINAS
GERAIS – CEMIG

 

 

 

 

 

 

 

By:

/s/ Arlindo Porto Neto

 

 

Name:

Arlindo Porto Neto

 

 

Title:

Acting Chief Officer for Finance and Investor Relations

Date: August 16, 2011

 

 

 

 

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1.     Earnings Release: Second Quarter 2011 Results

 

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Brazil’s Best Energy

 

 

Belo Horizonte, Brazil

August 13, 2011

 

Investor contacts:

 

Chief Officer for Finance and

Investor Relations

Luiz Fernando Rolla

 

General Manager,

Investor Relations

Antônio Carlos Vélez Braga

 

Investor Market Manager

Stefano Dutra Vivenza

 

Tel +55 (31) 3506-5024

Fax +55 (31) 3506-5026

ri@cemig com.br

http://ri.cemig.com.br/

 

Cemig invitation:

 

Vídeo Webcast

Conference Call (11) 4688-6341

Date: August 23, 2011

Time: 2 p.m. (Brazil)

 

 

EARNINGS RELEASE

 

Cemig H

 

Djalma Bastos de Morais, CEO, comments:

“the exceptional results we have achieved in second quarter of 2011 continue to reflect the success of our Long-term Strategic Plan”

 

Luiz Fernando Rolla, CFO and Investor Relations Director, says:

“new level of results, which reflects the correctness of our strategy of growing through acquisitions and new projects, within the process of consolidation of the Brazilian electricity sector.”

 

2Q11 HEADLINES:

 

 

 

 

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Contents

 

— FROM THE CEO AND CFO

9

 

 

— THE ECONOMIC CONTEXT

11

 

 

— APPRECIATION OF OUR SHARES

15

 

 

— KEY FIGURES(1)

15

 

 

— ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

16

 

 

— CONSOLIDATED ELECTRICITY MARKET

16

 

 

— THE ELECTRICITY MARKET OF CEMIG D

20

 

 

— THE ELECTRICITY MARKET OF LIGHT

21

 

 

— OPERATIONAL REVENUE CONSOLIDATED

22

 

 

— TAXES AND CHARGES APPLIED TO REVENUE

24

 

 

—EBITDA

26

 

 

—EBITDA AND NET INCOME OF THE PRINCIPAL COMPANIES, AND BY BUSINESS

27

 

 

— NET INCOME FOR THE PERIOD

28

 

 

— OPERATIONAL COSTS AND EXPENSES (EXCLUDING FINANCIAL REVENUE/EXPENSES)

28

 

 

— FINANCIAL REVENUES (EXPENSES)

30

 

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— Disclaimer

 

Certain statements in this material may represent expectations about future events or results that are subject to risks and uncertainties that may be known or unknown. There is no guarantee that the events or results will take place as referred to in these expectations.

 

These expectations are based on the present assumptions and analyses from the point of view of our management, in accordance with their experience and other factors such as the macroeconomic environment, market conditions in the electricity sector, and on expected future results, many of which are not under Cemig’s control.

 

Important factors that could lead to significant differences between actual results and the projections about future events or results include Cemig’s business strategy, Brazilian and international economic conditions, technology, Cemig’s financial strategy, changes in the electricity sector, hydrological conditions, conditions in the financial and energy markets, uncertainty on our results from future operations, plans and objectives, and other factors. Because of these and other factors the real results of Cemig may differ significantly from those indicated in or implied by such statements.

 

The information and opinions herein should not be understood as a recommendation to potential investors and no investment decision should be based on the veracity, currentness or completeness of this information or these opinions. None of Cemig’s professionals nor any of their related parties or representatives shall

 

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have any liability for any losses that may result from the use of the content of this material.

 

To evaluate the risks and uncertainties as they relate to Cemig, and to obtain additional information about factors that could give rise to different results from those estimated by Cemig, please consult the section on Risk Factors included in the Reference Form filed with the Brazilian Securities Commission (CVM) and in the 20-F form filed with the U.S. Securities and Exchange Commission (SEC).

 

(Figures are in R$ ’000, except where otherwise indicated)

 

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— From the CEO and CFO

 

Cemig’s CEO, Mr. Djalma Bastos de Morais, said that “the exceptional results we have achieved in second quarter of 2011 continue to reflect the success of our Long-term Strategic Plan. The strategy set out in the Plan, by focusing on the long term, enables Cemig to have growing results, with a balanced portfolio of businesses that have low risk.

 

Following successful completion of several acquisitions, Cemig is now in an excellent position, in a macro context of strong economic growth – which is in turn being demonstrated by the exceptional growth in our consumer market.

 

As always, we never cease to “do our homework”, which enables us to grow in all sectors in a balanced fashion, and with focus on operational excellence.

 

And the results show that we are on the right path; that the decisions we have taken in recent years are indeed constantly adding value to our business – and that this is making Cemig stronger and more solid every day, with efficient corporate management”.

 

Cemig’s Chief Officer for Finance, Investor Relations and Control of Holdings, Mr. Luiz Fernando Rolla, comments: “In the second quarter, Cemig continued to provide consistent, robust cash flow, as a result of our operations, which as always aim to add value for our shareholders. Our Ebitda in 2Q11 is R$ 1.3 billion, 1% more

 

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than in the second quarter of 2010. This result benefits from our policy of maintaining high levels of operational efficiency and excellence. Net income in 2Q11 is R$ 523 million, 29% more than in 2Q10. We have now moved to a new level of results, and this reflects the correctness of our strategy of growing through acquisitions and new projects, within the process of consolidation of the sector.

 

Even though our Group now operates with 58 companies and in 15 consortia, its operations have synergy, are increasingly profitable, and are positioned with lower risk, and greater stability — and its results continue to grow over the long term.

 

Our solid cash position of R$ 3.0 billion makes execution of our Strategic Plan possible, guaranteeing our dividend policy and debt management, and the execution of the planned investments, including those associated with acquisition opportunities.

 

The excellent results that we are presenting today show that we continue to add value, in a continuous and sustainable manner, for all our shareholders — and all our other stakeholders. This release summarizes the key points of our results for the second quarter of 2011.”

 

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— The economic context

 

In the second quarter of 2011 there were signals of uncertainty as to continuation of growth in the world’s principal economies, especially the US and the Euro zone. In the second quarter US GDP was only a modest 0.32% higher in real terms than in the first, and 1.62% higher than in 2Q10, the main reason being only a small expansion in private consumption.

 

In the Euro zone there was tension arising from the sovereign debt of countries such as Greece, Ireland, Portugal and Spain, as their fiscal austerity measures contributed to lower growth in those countries.

 

Economic growth in China, the principal importer of Brazilian products, though becoming slightly slower, was still a strong 9.5% year-on-year in the second quarter. China’s government acted to contain inflation, which was 6.4% in June.

 

In Brazil, increases in all prices led the Central Bank to impose monetary tightening, mainly by increases in the basic (Selic) interest rate, which rose to 12.25% in June. 12-month inflation at the end of June was 6.71%, higher than the upper limit of the target range for the IPCA (Expanded National Consumer Price) index set by the National Monetary Council. In line with the strong increase in economic activity, Brazil’s unemployment rate fell to a new low, of 6.00% at the end of the quarter, 1.64 percentage points lower than at the end of the first quarter of 2011. Seasonally adjusted real wages also expanded in all sectors, the highest growth being in

 

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mining (3.48%), and lending to individuals continued to be strong, led by real estate financing.

 

Industrial production has been relatively stable since March 2010, both for Brazil and for Minas Gerais — the state with the largest presence in Cemig’s business. In 2Q11, industrial production was 0.74% lower than in 1Q11 in the whole of Brazil, and 0.06% lower in Minas Gerais. The reduction reflects the measures taken by the government since the beginning of the year to contain inflation, and also the lower growth of the world economy. However, compared to the second quarter of 2010 indicators were positive year-on-year, with Brazilian industrial production up 0.72% year-on-year, and industrial production in Minas Gerais up 0.51%.

 

 

Source: IBGE Monthly Industrial Production Survey, physical Production

 

In 2Q11 total electricity consumption in Brazil was 105,965 GWh, 1.27% less than in the first quarter, and 2.48% more than in 2Q10. In Brazil’s Southeast, the region where the greater part of

 

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Cemig’s clients are located, consumption was 56,832 GWh, 1.48% less than in 1Q11 and 2.82% more than in 2Q10.

 

Total electricity consumption (GWh)

 

 

Sources: Eletrobrás, Cemig research

 

In the breakdown of this indicator for Brazil, the industrial sector stands out as the principal consumer, followed by the residential, commercial and other sectors. Industrial consumption was 3.07% higher in the quarter than in 1Q11, but lower in the other consumer categories: down 5.18% in the residential group, down 4.96% in the commercial group, and down 1.94% in the other categories. The reductions were mainly due to the seasonal performance of consumption in the second quarter, reflecting lower temperatures than in 1Q11.

 

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Sources: Eletrobrás, Cemig research

 

In comparison to the second quarter of 2010, consumption was higher in all categories, as shown in this table:

 

 

 

Brazilian electricity consumption, GWh

 

Item

 

2Q11

 

2Q10

 

r%

 

 

Total

 

105,965

 

103,405

 

2.48

Ç

 

Industry

 

45,871

 

45,126

 

1.65

Ç

 

Residential

 

27,270

 

26,535

 

2.77

Ç

 

Commerce

 

18,021

 

17,088

 

5.46

Ç

 

Other

 

14,804

 

14,656

 

1.01

Ç

 

 

Sources: Eletrobrás, Cemig research.

 

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— Appreciation of our shares

 

 

 

 

 

 

 

Close of

 

End of June

 

Change
to June

 

Security

 

Ticker

 

Currency

 

2010

 

2011

 

2011

 

Cemig PN

 

CMIG4

 

R$

 

25.26

 

31.67

 

25.38

%

Cemig ON

 

CMIG3

 

R$

 

19.32

 

25.50

 

31.97

%

ADR for PN shares

 

CIG

 

US$

 

16.15

 

20.64

 

27.79

%

ADR for ON shares

 

CIG.C

 

US$

 

12.44

 

16.21

 

30.31

%

Cemig preferred
(Latibex)

 

XCMIG

 

 

12.30

 

13.84

 

12.48

%

 

Amounts adjusted for proceeds, including dividends.

 

— Key figures(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6M

 

6M

 

 

 

 

 

2Q11

 

2Q10

 

(%)

 

1Q11

 

1Q10

 

(%)

 

2011

 

2010

 

(%)

 

Electricity sold, GWh

 

16,936

 

16,769

 

1

 

17,981

 

15,518

 

16

 

34,917

 

32,287

 

8

 

Gross revenue

 

5,520

 

4,958

 

11

 

5,253

 

4,481

 

18

 

10,773

 

9,439

 

14

 

Net revenue

 

3,820

 

3,431

 

11

 

3,606

 

3,088

 

25

 

7,426

 

6,519

 

14

 

Ebitda

 

1,267

 

1,057

 

20

 

1,293

 

1,165

 

11

 

2,560

 

2,222

 

15

 

Net income

 

523

 

407

 

29

 

526

 

520

 

1

 

1,049

 

927

 

13

 

 


(1) – Financial figures in R$ millions

 

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— Adoption of International Financial Reporting Standards

 

The results presented in this release are reported under the new Brazilian accounting practices, resulting from the process of harmonization of Brazilian accounting rules with International Financial Reporting Standards (“IFRS”). Accordingly, the results for the 2nd quarter of 2010 (2Q10) have been restated to reflect these changes and to allow comparability with those of 2Q11.

 

— Consolidated electricity market

 

Cemig’s market comprises the sale of electricity by: Cemig D, Cemig GT consolidated (Cemig GT, plus Cachoeirão, Pipoca and the proportionate holdings in the Parajuru, Morgado and Volta do Rio wind farms); the subsidiaries and affiliates (Horizontes, Ipatinga, Sá Carvalho, Barreiro, Cemig PCH, Rosal and Capim Branco); and Light (in proportion to Cemig’s holding).

 

This includes: the sales of electricity to both captive consumers and free clients, in the concession area of Minas Gerais and outside the State; the sales of electricity to other agents of the electricity sector in the Free and Regulated Markets; the sales under the Proinfa program to encourage alternative electricity sources; and the sales on the CCEE (the wholesale market) - eliminating transactions between companies of the Cemig group.

 

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The Cemig Group sold 16,936 GWh in 2Q11, 1% more by volume that the 16,769 GWh sold in 2Q10.

 

The volume of electricity sold to other electricity concession holders in 2Q11 was 3,411,595 MWh, 6.95% more than the 3,189,832 MWh sold in 2Q10. The average sale price of this electricity was 24.92% higher, at R$ 131.34/MWh, in 2Q11, than in 2Q10 (R$ 105.14/MWh),

 

 

 

MWh (*)

 

 

 

 

 

 

 

Change,

 

 

 

2Q11

 

2Q10

 

%

 

Residential

 

2,618,129

 

2,518,012

 

3.98

 

Industrial

 

6,490,521

 

6,040,712

 

7.45

 

Commercial, services and others

 

1,731,748

 

1,593,513

 

8.67

 

Rural

 

611,540

 

607,873

 

0.60

 

Public authorities

 

306,349

 

289,769

 

5.72

 

Public illumination

 

344,169

 

309,525

 

11.19

 

Public service

 

353,690

 

344,898

 

2.55

 

Subtotal

 

12,456,146

 

11,704,302

 

6.42

 

Own consumption

 

14,431

 

13,617

 

5.98

 

Subsidy for low-income consumers

 

 

 

 

Uninvoiced supply, net

 

 

 

 

 

 

12,470,577

 

11,717,919

 

6.42

 

Wholesale supply to other concession holders

 

3,411,595

 

3,189,832

 

6.95

 

Transactions in energy on the CCEE

 

1,040,058

 

1,853,463

 

(43.89

)

Sales under the Proinfa program

 

13,317

 

7,299

 

82.45

 

Total

 

16,935,547

 

16,768,513

 

1.00

 

 


(*) The information in MWh has not been reviewed by the external auditors.

 

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This chart shows the breakdown of the Cemig Group’s sales to final consumers:

 

 

— The electricity market of Cemig GT

 

Revenue from supply of electricity in 2Q11 was R$ 1,046,679, 18.39% more than in 2Q10 (R$ 884,077).

 

The increase mainly reflects the volume of electricity supplied to free consumers being 9.74% higher year-on-year, due to higher sales activity in 2011.

 

Another factor that contributed to the increased revenue is the adjustment of contracts for sale of electricity, most of which are indexed to the IGP-M inflation index.

 

The average sale price of electricity in the first half of 2011 was R$ 128.71/MWh, 11.85% more than the average price of R$ 105.07 in the same period of 2010.

 

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This table shows supply of electricity by type of consumer:

 

 

 

MWh (**)

 

 

 

 

 

 

 

Change,

 

 

 

2Q11

 

2Q10

 

%

 

Industrial

 

4,943,098

 

4,510,973

 

9.58

 

Commercial

 

22,783

 

14,19

 

60.56

 

Uninvoiced supply, net

 

 

 

 

 

 

4,965,881

 

4,525,163

 

9.74

 

Wholesale supply to other concession holders (*)

 

3,678,866

 

3,435,310

 

7.09

 

Transactions in energy on the CCEE

 

1,242,870

 

1,120,848

 

10.89

 

Sales under the Proinfa program

 

13,317

 

7,3

 

82.42

 

Total

 

9,900,934

 

9,088,621

 

8.94

 

 


(*) Includes Regulated Market Electricity Sale Contracts (CCEARs) and “bilateral contracts” with other agents.

(**) The information in MWh has not been reviewed by the external auditors.

 

Revenue from the transmission concession

 

This revenue is primarily for use, by electricity generation and distribution companies that are participants in the Brazilian grid system, of the facilities that make up the basic transmission network of Cemig GT; the amounts are set by a resolution of the regulator, Aneel.

 

For new concessions of the Company’s subsidiaries, only the portion of the revenue that is related to operation and maintenance of lines is recorded, since part of the revenue from the concession is recorded, during the period of the concession, as construction revenue.

 

The transmission concession revenue was R$ 259,518 in 2Q11, which is 2.44% more than in 2Q10 (R$ 253,339). This

 

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increase mainly arises from the adjustment of the average transmission tariff.

 

— The electricity market of Cemig D

 

Revenue from supply of electricity

 

Revenue from supply of electricity in 2Q11 was R$ 2,445,964, 5.08% more than in 2Q10 (R$ 2,327,705). The main factors affecting revenue in 2011 were:

 

·                  Tariff Adjustment with average impact on captive consumer tariffs of 1.67%, starting from April 8, 2010.

 

·                  Volume of energy invoiced to final consumers 4.55% higher (this excludes Cemig’s own internal consumption).

 

Electricity sold to final consumers (MWh)

(Data not reviewed by external auditors)

 

 

 

MWh (*)

 

R$

 

 

 

2Q11

 

2Q10

 

Change,
%

 

2Q11

 

2Q10

 

Change,
%

 

Residential

 

2,085,684

 

2,009,502

 

3.79

 

1,042,668

 

972,818

 

7.18

 

Industrial

 

1,186,984

 

1,160,467

 

2.29

 

405,096

 

420,046

 

(3.56

)

Commercial, services and others

 

1,186,984

 

1,160,467

 

8.60

 

558,619

 

531,584

 

5.09

 

Rural

 

604,722

 

604,722

 

0.58

 

163,320

 

153,333

 

6.51

 

Public authorities

 

207,368

 

197,410

 

5.04

 

86,271

 

85,330

 

1.10

 

Public illumination

 

299,293

 

266,131

 

12.46

 

78,621

 

69,136

 

13.72

 

Public service

 

282,748

 

274,904

 

2.85

 

80,898

 

80,625

 

0.34

 

Subtotal

 

5,960,200

 

5,700,888

 

4.55

 

2,415,493

 

2,312,872

 

4.44

 

Own consumption

 

8,856

 

9,282

 

(4.59

)

 

 

 

Subsidy for low-income consumers

 

 

 

 

22,384

 

33,838

 

(33.85

)

Uninvoiced supply, net

 

 

 

 

8,087

 

(15,306

)

 

 

 

5,969,056

 

5,710,170

 

4.53

 

2,445,964

 

2,331,404

 

4.91

 

Transactions in electricity on the CCEE (**)

 

43,953

 

654,191

 

(93.28

)

 

(3,699

)

 

 

 

6,013,009

 

6,364,361

 

(5.52

)

2,445,964

 

2,327,705

 

5.08

 

 


(*) The information in MWh has not been reviewed by the external auditors.

(**) Figures in MWh are net results of purchases and sales.

 

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Revenue from use of the network

 

This refers to the TUSD, charged by Cemig GT to Free Consumers, on energy sold, mainly, by Cemig GT. It was 3.50% higher in 2Q11, at R$ 445,857, than in 2Q10 (R$ 430,794).

 

This variation mainly reflects the increase in volume transported as a result of the migration of captive consumers to the status of Free Consumers.

 

Revenue from use of the grid - Free Consumers

 

This revenue is from the TUSD - Tariff for Use of the Distribution System - charged to Free Consumers on electricity sold to them.

 

— The electricity market of Light

 

Total electricity consumption in 2Q11, at 5,669 GWh, was 3.1% higher than in 2Q10. Sales in the residential and commercial segments were 2.6% and 5.0% higher, respectively, due to the structural growth taking place in the concession area.

 

There is more information on this link:

 

http://www.mzweb.com.br/light/web/arquivos/Light SA Release 2Q11.pdf

 

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— Operational revenue consolidated

 

Revenue from supply of electricity

 

Revenue from supply of electricity in 2Q11 was R$ 4,089,093, 9.28% more than in 2Q10 (R$ 3,741,840).

 

 

 

2Q11

 

2Q10

 

Change, %

 

Residential

 

1,312,405

 

1,211,164

 

8.36

 

Industrial

 

1,076,295

 

981,589

 

9.65

 

Commercial, services and others

 

735,098

 

701,331

 

4.81

 

Rural

 

164,346

 

154,226

 

6.56

 

Public authorities

 

134,607

 

125,751

 

7.04

 

Public illumination

 

89,132

 

78,453

 

13.61

 

Public service

 

103,170

 

100,531

 

2.63

 

Subtotal

 

3,615,053

 

3,353,045

 

7.81

 

Subsidy for low-income consumers

 

22,384

 

34,227

 

-34.6

 

Uninvoiced supply, net

 

21,197

 

-401

 

 

 

 

3,658,634

 

3,386,671

 

8.02

 

Wholesale supply to other concession holders

 

448,081

 

335,388

 

33.6

 

Transactions in energy on the CCEE

 

-20.548

 

17.815

 

 

Sales under the Proinfa program

 

2.927

 

1.765

 

65.84

 

Total

 

4,089,093

 

3,741,840

 

9.28

 

 

Final consumers

 

The revenue from electricity sold to final consumers in 2Q11, excluding the group’s own consumption, was R$ 3,658,634, compared to R$ 3,386,671 in the first quarter of 2Q10.

 

The main items affecting this result are:

 

·                  Tariff increase for Cemig D with average effect on consumer tariffs of 7.24%, starting from April 8, 2011.

 

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·                  Higher volume of electricity supplied to free consumers, due to higher sales activity in 2011.

 

·                  Higher volume of electricity invoiced to residential and industrial clients, with an increase of R$ 195,947 in the revenue from supply of electricity.

 

Revenue from wholesale electricity sales

 

The revenue from the TUSD (Tariff for Use of the Distribution System) received by Cemig D and Light was 4.94% higher in 2Q11, at R$ 379,210, compared to R$ 361,359 in 2Q10. This revenue comes principally from charges to free consumers on the electricity sold by other agents of the electricity sector.

 

Revenue from use of the electricity distribution systems (TUSD)

 

This refers to the TUSD, charged by Cemig D to Free Consumers, on energy sold, mainly, by Cemig GT. It was 3.50% higher in 2Q11, at R$ 445,857, than in 2Q10 (R$ 430,794).

 

This variation mainly reflects the increase in volume transported as a result of the migration of captive consumers to the status of Free Consumers.

 

Revenue from use of the transmission grid

 

The revenue for use of the network was R$ 393,713 in 2Q11, not significantly different from the total of R$ 386,566 in 2Q10.

 

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This revenue is for the transmission capacity of Cemig GT being made available to the national grid, and also from the jointly-controlled transmission subsidiaries, among which we highlight the transmission groups known as TBE and Taesa.

 

For new concessions of Cemig’s subsidiaries, the portion of the revenue that is related to operation and maintenance of transmission lines, and the updating of that part of the revenue from the concession that was recorded at present value as construction revenue, are recorded in this account line.

 

The increase in this revenue in 2011 is mainly due to acquisition of an interest in Taesa in May 2010 through a public offer to acquire shares, which increased the consolidated total of these revenues in the first half of 2011.

 

— Taxes and charges applied to revenue

 

The taxes and charges applicable to revenue in 2Q11 were R$ 1,699,652, an increase of 11.33% in comparison to their total of R$ 1,526,747 in 2Q10. The main variations in these deductions from revenue between the two years are as follows:

 

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Table of Contents

 

The Fuel Consumption Account - CCC

 

The deduction from revenue for the CCC was R$ 178,244 in 2Q11, 41.32 % more than in 2Q10 (R$ 126,129). This charge is for the costs of operation of the thermal plants in the national grid and in the isolated systems. It is shared (prorated) between electricity concession holders, on a basis set by an Aneel Resolution.

 

CDE - Energy Development Account

 

The deduction from revenue relating to the CDE was R$ 122,419 in the first half of 2011, compared to R$ 108,533 in the first half of 2009, an increase of 12.79%. These payments are specified by a Resolution issued by the regulator, Aneel.

 

The other deductions from revenue are taxes, calculated as a percentage of amounts invoiced. Hence their variations are substantially proportional to the changes in revenue.

 

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Table of Contents

 

— Ebitda

 

Cemig’s Ebitda in the second quarter of 2011 was 19.85% higher than in 2Q10. This reflects the efficiency of our operational program and the reduction of manageable costs.

 

EBITDA - R$ ’000

 

2Q11

 

2Q10

 

Change, %

 

Net income for the period

 

523,057

 

407,114

 

28.48

 

+ Income tax and Social Contribution tax expense

 

259,149

 

200,110

 

29.50

 

- Net financial revenue (expenses)

 

256,435

 

226,837

 

13.05

 

+ Depreciation and amortization

 

229,389

 

223,958

 

2.43

 

EBITDA

 

1,268,030

 

1,058,019

 

19.85

 

Non-recurring items:

 

 

 

 

 

 

 

+ Settlement with Rima Industrial S.A.

 

 

177,592

 

 

+ ICMS tax: low-income consumers

 

 

25,702

 

 

+ PDV and PPD Voluntary Retirement Programs

 

2,919

 

14,246

 

(79.51

)

= ADJUSTED EBITDA

 

1,270,949

 

1,275,559

 

(0.36

)

 

The non-recurring events affecting Ebitda in 2Q11 and 2Q10 were the following:

 

·                  Recognition by Cemig D of an expense of R$ 177,592, for settlement of a legal action brought by Rima Industrial S.A., for reimbursement of the tariff increase introduced by the DNAEE (the National Water and Energy Authority) during the Cruzado economic plan of 1986.

 

·                  Recognition of an ICMS tax expense of R$ 25,702 relating to the subsidy for the discount on tariffs for low-income consumers, resulting from the decision to subscribe to the Tax Amnesty program put in place by the government of Minas Gerais State.

 

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·                  Provisions, in 2Q11 and 2Q10, of R$ 2,919 and R$ 14,246, respectively, for the Company’s Voluntary Retirement Program.

 

— Ebitda and net income of the principal companies, and by business

 

Company

 

Net income

 

Ebitda

 

Cemig GT - Generation and transmission*

 

223

 

576

 

Cemig D - Distribution

 

170

 

399

 

Light

 

12

 

62

 

Gasmig

 

13

 

25

 

TBE

 

37

 

62

 

Taesa

 

42

 

73

 

Others

 

26

 

71

 

Total

 

523

 

1,268

 

 


* Excluding Taesa

 

Business

 

Net income

 

Ebitda

 

Power generation

 

290

 

527

 

Power transmission

 

44

 

242

 

Eletricity distribution

 

181

 

464

 

Others

 

8

 

35

 

Total

 

523

 

1,268

 

 

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— Net income for the period

 

Net income in the period

 

Cemig’s consolidated net income in 2Q11 was R$523,000, 29% higher than the consolidated net income of R$407,000 for 2Q10. This result is mainly due to higher revenue, as a result of the quantity of electricity sold to final consumers being 6.42% higher - in which the main factor is industrial activity 7.45% higher, and commercial activity 8.67% higher.

 

— Operational costs and expenses (excluding Financial revenue/expenses)

 

Operational costs and expenses (excluding Financial revenue (expenses)) were R$ 2,781,359 in 2Q11, 7.08% more than in 2Q10 (R$ 2,597,511). This mainly reflects higher costs of electricity bought for resale, outsourced services and gas bought for resale.

 

These are the main variations in expenses:

 

Electricity bought for resale

 

The expense on electricity bought for resale in 2Q11 was R$ 1,016,344, 18.06% higher than the expense of R$ 860,830 in 2Q10. This is a non-controllable cost in the distribution activity; the difference between the amounts used as a reference for calculation

 

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Table of Contents

 

of tariffs and the cost actually incurred is compensated for in the subsequent tariff adjustment. The higher expense basically reflects higher selling activity in 2011, with the purchase of electricity for resale. There is more information on this in Explanatory Note 22 to the Consolidated Quarterly Information.

 

Charges for use of the transmission grid

 

Expenses on charges for the use of the transmission grid were R$ 192,637 in 2Q11, 10.42% more than in 2Q10 (R$ 174,457).

 

This expense refers to the charges, set by an Aneel Resolution, payable by electricity distribution and generation agents for use of the facilities that are components of the national grid. This is a non-controllable cost in the distribution activity; the difference between the amounts used as a reference for calculation of tariffs and the cost actually incurred is compensated in the subsequent tariff adjustment.

 

Operational provisions

 

Expenses on operational provisions in 2Q11 were R$ 65,758, compared to provisions of R$ 183,985 in 2Q10. The difference is mainly due to the settlement, in the amount of R$ 177,592, provisioned in May 2010, to terminate a legal action brought by an industrial consumer relating to the tariff increase ordered by the National Water and Electricity Authority (DNAEE) by its Ministerial Order 045, of 1986.

 

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Table of Contents

 

Gas purchased for resale

 

The expense on gas bought for resale in 2Q11 was R$ 80,464, 55.94% more than the expense of R$ 51,601 in 2Q10. The change basically reflects the higher quantity bought in 2Q11 than in 2Q10, reflecting a higher quantity of gas sold by Gasmig in 2011, due to greater industrial activity.

 

— Financial revenues (expenses)

 

Net financial expenses in 2Q11 were R$ 256,435, 13.05% more than in 2Q10 (R$ 226,837). The main factors in the difference between financial revenues/expenses in 2Q11 and 2Q10 are:

 

·                  Higher expenses on costs of loans and financings: R$ 365,502 in 2Q11, compared to R$ 266,675 in 2Q10. The higher figure is basically due to the higher variation in the CDI rate in 2Q11 than in 2Q10. In 2Q11 the variation resulting from the CDI rate was 2.76%, while in 2Q10 it was 2.18%.

 

·                  Increase in the expense on monetary variation on Loans and financings in Brazilian currency: R$ 45,202 in 2Q11, compared to R$ 38,937 in 2Q10. This expense arises from new loans as from March 2010, and the variation in the IGP-M and IPCA inflation indices, which are the principal indexors of the contracts. In 2Q11 the variation represented by the IPCA index was 1.39%, while in 2Q10 it was 1.01%. This variation was partially compensated by

 

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Table of Contents

 

the lower variation in the IGP-M index - of 0.70%, in 2Q11, compared to 2.83% in 2Q10.

 

— Income tax and Social Contribution tax

 

Cemig’s expenses on income tax and the Social Contribution tax in 2Q11 totaled R$ 259,149, on net income of R$ 782,206 before tax effects, a percentage of 33.13%. In the second quarter of 2010 the Company’s expenses on income tax and the Social Contribution were R$ 200,110, on pre-tax net income of R$ 607,224, a percentage of 32.95%.

 

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Table of Contents

 

— Appendices

 

Cemig consolidated: Tables I to X (Amounts in R$ ‘000)

 

Table I

 

Energy Sales (Consolidated)

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Residential

 

2,618

 

2,518

 

4

 

2,832

 

2,350

 

(8

)

5,450

 

4,868

 

12

 

Industrial

 

6,491

 

6,041

 

7

 

6,257

 

5,588

 

12

 

12,748

 

11,629

 

10

 

Commercial

 

1,731

 

1,593

 

9

 

1,810

 

1,473

 

23

 

3,541

 

3,066

 

15

 

Rural

 

611

 

608

 

0

 

537

 

503

 

7

 

1,148

 

1,111

 

3

 

Others

 

1,005

 

944

 

6

 

979

 

826

 

19

 

1,984

 

1,770

 

12

 

Subtotal

 

12,456

 

11,704

 

6

 

12,415

 

10,740

 

16

 

24,871

 

22,444

 

11

 

Own Consumption

 

14

 

14

 

 

15

 

11

 

36

 

29

 

25

 

16

 

Supply

 

3,412

 

3,190

 

7

 

3,410

 

3,237

 

5

 

6,822

 

6,427

 

6

 

Transactions on the CCEE

 

1,040

 

1,853

 

(44

)

2,129

 

1,520

 

40

 

3,169

 

3,373

 

(6

)

Sales under the Proinfa program

 

14

 

8

 

 

12

 

10

 

 

26

 

18

 

44

 

TOTAL

 

16,936

 

16,769

 

1

 

17,981

 

15,518

 

16

 

34,917

 

32,287

 

8

 

 

Table II

 

Energy Sales

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Residential

 

1,313

 

1,212

 

8

 

1,300

 

1,127

 

15

 

2,613

 

2,339

 

12

 

Industrial

 

1,076

 

982

 

10

 

1,007

 

925

 

9

 

2,083

 

1,907

 

9

 

Commercial

 

736

 

702

 

5

 

741

 

642

 

15

 

1,477

 

1,344

 

10

 

Rural

 

164

 

155

 

6

 

152

 

140

 

9

 

316

 

295

 

7

 

Others

 

327

 

303

 

8

 

298

 

263

 

13

 

625

 

566

 

10

 

Electricity sold to final consumers

 

3,616

 

3,354

 

8

 

3,498

 

3,097

 

13

 

7,114

 

6,451

 

10

 

Low-Income Consumers Subsidy

 

22

 

34

 

(35

)

23

 

33

 

(30

)

45

 

67

 

(33

)

Unbilled Supply, Net

 

21

 

(1

)

(2,200

)

13

 

(44

)

(130

)

34

 

(45

)

(176

)

Supply

 

448

 

336

 

33

 

365

 

331

 

10

 

813

 

667

 

22

 

Transactions on the CCEE

 

(21

)

18

 

(217

)

67

 

45

 

49

 

46

 

63

 

(27

)

Sales under the Proinfa program

 

3

 

1

 

 

3

 

3

 

 

6

 

4

 

 

TOTAL

 

4,089

 

3,742

 

9

 

3,969

 

3,465

 

15

 

8,058

 

7,207

 

12

 

 

Table III

 

Sales per Company

 

Cemig Distribution

 

2Q11 Sales

 

GWh

 

Industrial

 

1,187

 

Residencial

 

2,086

 

Rural

 

608

 

Commercial

 

1,289

 

Others

 

799

 

Sub total

 

5,969

 

Wholesale supply

 

44

 

Total

 

6,013

 

 

Independent Generation

 

2Q11 Sales

 

GWh

 

Horizontes

 

22

 

Ipatinga

 

71

 

Sá Carvalho

 

137

 

Barreiro

 

25

 

CEMIG PCH S.A

 

35

 

Rosal

 

62

 

Capim Branco

 

151

 

Cachoeirão

 

20

 

TOTAL

 

604

 

 

Cemig GT

 

2Q11 Sales

 

GWh

 

Free Consumers

 

4,966

 

Wholesale supply

 

3,692

 

Wholesale supply others

 

2,405

 

Wholesale supply Cemig Group

 

566

 

Wholesale supply bilateral contracts

 

721

 

Transactions in the CCEE (PLD)

 

1,243

 

Total

 

9,901

 

 

RME (25%)

 

2Q11 Sales

 

GWh

 

Industrial

 

111

 

Residencial

 

532

 

Commercial

 

405

 

Rural

 

3

 

Others

 

215

 

Wholesale supply

 

309

 

Transactions in the CCEE (PLD)

 

(299

)

Total

 

1,276

 

 

Cemig Consolidated by Company

 

2Q11 Sales

 

GWh

 

Participação

 

Cemig Distribution

 

6,013

 

36

%

Cemig GT

 

9,901

 

58

%

Wholesale Cemig Group

 

1,276

 

8

%

Wholesale Light Group

 

604

 

4

%

Independent Generation

 

(792

)

 

RME

 

(66

)

 

Total

 

16,936

 

100

%

 

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Table of Contents

 

Table IV

 

Operating Revenues

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Sales to end consumers

 

3,659

 

3,387

 

8

 

3,534

 

3,086

 

15

 

7,193

 

6,473

 

11

 

TUSD

 

379

 

361

 

5

 

525

 

335

 

56.71642

 

904

 

696

 

29.88506

 

Supply + Transactions in the CCEE

 

427

 

353

 

21

 

432

 

377

 

15

 

859

 

730

 

18

 

Revenues from Trans. Network

 

394

 

387

 

2

 

279

 

260

 

7.307692

 

673

 

647

 

4.018547

 

Gas Supply

 

143

 

96

 

49

 

126

 

90

 

40

 

269

 

186

 

45

 

Construction revenue

 

428

 

306

 

40

 

268

 

267

 

0.374532

 

696

 

573

 

21

 

Others

 

90

 

68

 

32

 

89

 

66

 

35

 

179

 

134

 

34

 

Subtotal

 

5,520

 

4,958

 

11

 

5,253

 

4,481

 

17

 

10,773

 

9,439

 

14

 

Deductions

 

(1,700

)

(1,527

)

11

 

(1,647

)

(1,393

)

18

 

(3,347

)

(2,920

)

15

 

Net Revenues

 

3,820

 

3,431

 

11

 

3,606

 

3,088

 

17

 

7,426

 

6,519

 

14

 

 

Table V

 

Operating Expenses

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Personnel/Administrators/Councillors

 

297

 

299

 

(1

)

307

 

294

 

4

 

604

 

593

 

2

 

Forluz — Post-Retirement Employee Benefits

 

31

 

7

 

343

 

31

 

28

 

11

 

62

 

35

 

77

 

Materials

 

29

 

30

 

(3

)

18

 

29

 

(38

)

47

 

59

 

(20

)

Contracted Services

 

254

 

227

 

12

 

215

 

178

 

21

 

469

 

405

 

16

 

Purchased Energy

 

1,016

 

861

 

18

 

1,076

 

718

 

50

 

2,092

 

1,579

 

32

 

Royalties

 

36

 

34

 

6

 

38

 

42

 

(10

)

74

 

76

 

(3

)

Depreciation and Amortization

 

229

 

224

 

2

 

233

 

214

 

9

 

462

 

438

 

5

 

Operating Provisions

 

66

 

184

 

(64

)

41

 

23

 

78

 

107

 

207

 

(48

)

Charges for Use of Basic Transmission Network

 

193

 

174

 

11

 

189

 

187

 

1

 

382

 

361

 

6

 

Gas Purchased for Resale

 

81

 

52

 

56

 

62

 

49

 

27

 

143

 

101

 

42

 

Other Expenses

 

96

 

156

 

(38

)

70

 

73

 

(4

)

166

 

229

 

(28

)

Employee Participation

 

26

 

43

 

(40

)

(2

)

36

 

(106

)

24

 

79

 

(70

)

Construction cost

 

427

 

306

 

40

 

268

 

267

 

0

 

695

 

573

 

21

 

TOTAL

 

2,781

 

2,597

 

7

 

2,546

 

2,138

 

19

 

5,327

 

4,735

 

13

 

 

Table VI

 

Financial Result Breakdown

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Financial revenues

 

240

 

188

 

28

 

204

 

236

 

(14

)

444

 

424

 

5

 

Revenue from cash investments

 

113

 

89

 

27

 

85

 

94

 

(10

)

198

 

183

 

8

 

Arrears penalty payments on electricity bill

 

44

 

36

 

22

 

34

 

32

 

6

 

78

 

68

 

15

 

the Minas Gerais state government

 

57

 

30

 

90

 

22

 

40

 

(45

)

79

 

70

 

13

 

FX variations

 

20

 

1

 

1,900

 

6

 

15

 

(60

)

26

 

16

 

63

 

Pasep and Cofins taxes on financial revenues

 

(1

)

(10

)

(90

)

 

(1

)

(100

)

(1

)

(11

)

(91

)

Gains on financial instruments

 

(23

)

 

 

23

 

 

 

 

 

 

Adjustment to present value

 

1

 

5

 

(80

)

2

 

10

 

(80

)

3

 

15

 

(80

)

Other

 

29

 

37

 

(22

)

32

 

46

 

(30

)

61

 

83

 

(27

)

Financial expenses

 

(496

)

(415

)

20

 

(487

)

(365

)

33

 

(983

)

(780

)

26

 

Costs of loans and financings

 

(365

)

(267

)

37

 

(303

)

(231

)

31

 

(668

)

(498

)

34

 

FX variations

 

(58

)

2

 

(3,000

)

(7

)

(23

)

(70

)

(65

)

(21

)

210

 

Monetary updating — loans and financings

 

(45

)

(39

)

15

 

(51

)

(32

)

59

 

(96

)

(71

)

35

 

Monetary updating — paid concessions

 

(3

)

(11

)

 

(10

)

(10

)

 

(13

)

(21

)

 

Losses on financial instruments

 

20

 

(3

)

(767

)

(33

)

(1

)

3,200

 

(13

)

(4

)

225

 

obligations

 

(31

)

(27

)

15

 

(32

)

(30

)

7

 

(63

)

(57

)

11

 

Amortization of goodwill premium /discount on investments

 

(22

)

(21

)

5

 

(23

)

(13

)

77

 

(45

)

(34

)

32

 

Other

 

8

 

(49

)

(116

)

(28

)

(25

)

12

 

(20

)

(74

)

(73

)

Financial revenue (expenses)

 

(256

)

(227

)

13

 

(283

)

(129

)

119

 

(539

)

(356

)

51

 

 

Table VII

 

Statement of Results

 

1Q11

 

1Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

Net Revenue

 

3,820

 

3,431

 

11

 

3,606

 

3,088

 

17

 

7,426

 

6,519

 

14

 

Operating Expenses

 

2,782

 

2,598

 

7

 

2,545

 

2,137

 

19

 

5,327

 

4,735

 

13

 

EBIT

 

1,038

 

833

 

25

 

1,061

 

951

 

12

 

2,099

 

1,784

 

18

 

EBITDA

 

1,267

 

1,058

 

20

 

1,294

 

1,166

 

11

 

2,561

 

2,223

 

15

 

Financial Result

 

(256

)

(227

)

13

 

(283

)

(129

)

119

 

(539

)

(356

)

51

 

Provision for Income Taxes, Social Cont & Deferred Income Tax

 

(259

)

(199

)

30

 

(252

)

(302

)

(17

)

(511

)

(501

)

2

 

Net Income

 

523

 

407

 

29

 

526

 

520

 

1

 

1,049

 

927

 

13

 

 

33



Table of Contents

 

Table VIII

 

BALANCE SHEETS (CONSOLIDATED) - ASSETS

 

2Q11

 

1Q11

 

2010

 

CURRENT

 

9,161

 

8,782

 

8,086

 

Cash and cash equivalents

 

3,037

 

2,733

 

2,980

 

Securities — cash investments

 

715

 

849

 

322

 

Consumers and Traders

 

2,346

 

2,406

 

2,263

 

Concession holders — transport of energy

 

413

 

412

 

401

 

Financial assets of the concession

 

920

 

786

 

625

 

Taxes offsetable

 

367

 

362

 

374

 

Income tax and Social Contribution recoverable

 

671

 

587

 

490

 

Inventories

 

50

 

43

 

41

 

Other credits

 

642

 

604

 

590

 

NON-CURRENT

 

26,113

 

25,527

 

25,470

 

Accounts receivable from Minas Gerais state government

 

1,834

 

1,793

 

1,837

 

Credit Receivables Investment Fund

 

 

 

 

Deferred income tax and Social Contribution tax

 

1,886

 

1,805

 

1,801

 

Taxes offsetable

 

147

 

143

 

140

 

Income tax and Social Contribution recoverable

 

77

 

73

 

83

 

Deposits linked to legal actions

 

1,226

 

1,137

 

1,027

 

Consumers and Traders

 

97

 

94

 

96

 

Other credits

 

134

 

116

 

138

 

Financial assets of the concession

 

7,059

 

7,439

 

7,316

 

Investments

 

 

23

 

 

Fixed assets

 

8,353

 

8,297

 

8,229

 

Intangible

 

5,300

 

4,607

 

4,804

 

TOTAL ASSETS

 

35,274

 

34,309

 

33,555

 

 

34



Table of Contents

 

Table IX

 

BALANÇO PATRIMONIAL CONSOLIDADO - PASSIVO

 

2T11

 

1T11

 

2010

 

CIRCULANTE

 

11,121

 

7,906

 

6,403

 

Fomecedores

 

1,053

 

1,105

 

1,121

 

Encargos Regulatórios

 

399

 

393

 

384

 

Participações nos Lucros

 

46

 

32

 

116

 

Impostos, Taxas e Contribuições

 

477

 

421

 

404

 

Imposto de Renda e Contribuição Social

 

547

 

280

 

137

 

Juros sobre Capital Próprio e Dividendos a Pagar

 

621

 

1,153

 

1,154

 

Empréstimos e Financiamentos

 

3,044

 

1,664

 

1,574

 

Debêntures

 

4,197

 

2,092

 

629

 

Salários e Contribuições Sociais

 

238

 

203

 

243

 

Obrigações Pós-emprego

 

105

 

100

 

99

 

Provisão para Perdas em Instrumentos Financeiros

 

55

 

79

 

69

 

Outras Obrigações

 

339

 

384

 

473

 

NÃO CIRCULANTE

 

11,695

 

14,400

 

15,676

 

Encargos Regulatórios

 

199

 

173

 

142

 

Empréstimos e Financiamentos

 

4,945

 

6,081

 

6,244

 

Debêntures

 

1,693

 

3,480

 

4,779

 

Impostos, Taxas e Contribuições

 

810

 

761

 

693

 

Imposto de Renda e Contribuição Social

 

1,125

 

1,063

 

1,065

 

Provisões

 

437

 

405

 

371

 

Concessões a Pagar

 

125

 

124

 

118

 

Obrigações Pós-emprego

 

2,108

 

2,078

 

2,062

 

Outras Obrigações

 

253

 

235

 

201

 

PATRIMÔNIO LÍQUIDO

 

12,458

 

12,003

 

11,476

 

Capital Social

 

3,412

 

3,412

 

3,412

 

Reservas de Capital

 

3,954

 

3,954

 

3,954

 

Reservas de Lucros

 

2,806

 

2,873

 

2,873

 

Ajustes de Avaliação Patrimonial

 

1,123

 

1,164

 

1,209

 

Ajustes Acumulados de Conversão

 

27

 

 

 

1

 

Recursos Destinados a Aumento de Capital

 

 

 

27

 

27

 

Prejuízos Acumulados

 

1,136

 

573

 

 

TOTAL DO PASSIVO

 

35,274

 

34,309

 

33,555

 

 

Table X

 

Cash Flow Statement

 

2Q11

 

2Q10

 

Change%

 

1Q11

 

1Q10

 

Change%

 

6M11

 

6M10

 

Change%

 

Cash at beginning of period

 

2,733

 

4,487

 

(39

)

2,979

 

4,425

 

(33

)

2,979

 

4,416

 

(33

)

Cash generated by operations

 

1,297

 

358

 

262

 

474

 

1,156

 

(59

)

1,771

 

1,523

 

16

 

Net profit

 

523

 

407

 

29

 

526

 

520

 

1

 

1,049

 

927

 

13

 

Depreciation and amortization

 

229

 

224

 

2

 

233

 

214

 

9

 

462

 

438

 

5

 

Suppliers

 

(52

)

11

 

(573

)

(16

)

72

 

(122

)

(68

)

83

 

(182

)

Provisions for operational losses

 

97

 

33

 

194

 

34

 

(4

)

(950

)

131

 

29

 

352

 

Other adjustments

 

500

 

(317

)

(258

)

(303

)

354

 

(186

)

197

 

46

 

328

 

Financing activities

 

(209

)

598

 

(135

)

(24

)

81

 

(130

)

(233

)

679

 

(134

)

Financings obtained and capital increase

 

706

 

1,397

 

(49

)

325

 

3,197

 

(90

)

1,031

 

4,594

 

(78

)

Payments of loans and financings

 

(381

)

(336

)

13

 

(349

)

(3,112

)

(89

)

(730

)

(3,448

)

(79

)

Interest on Equity, and dividends

 

(534

)

(463

)

15

 

 

(4

)

(100

)

(534

)

(467

)

14

 

Investment activity

 

(784

)

(1,688

)

(54

)

(696

)

(1,175

)

(41

)

(1,480

)

(2,863

)

(48

)

Securities - Financial Investment

 

135

 

9

 

 

(528

)

 

 

(393

)

9

 

 

Fixed and Intangible assets

 

(919

)

(1,697

)

(46

)

(168

)

(1,175

)

(86

)

(1,087

)

(2,872

)

(62

)

Cash at end of period

 

3,037

 

3,755

 

(19

)

2,733

 

4,487

 

(39

)

3,037

 

3,755

 

(19

)

 

35



Table of Contents

 

Cemig GT: Tables I to III (Amounts in R$ ’000)

 

Table I

 

Operating Revenues