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 December 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
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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By: |
/s/ Luiz Fernando Rolla | |
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Name: |
Luiz Fernando Rolla |
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Title: |
Chief Officer for Finance and Investor Relations |
Date: December 23, 2011
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1 | ||
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2 | ||
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4 | ||
|
5 | ||
|
6 | ||
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7 | ||
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9 | ||
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10 | ||
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10 | ||
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16 | ||
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17 | ||
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19 | ||
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19 | ||
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20 | ||
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20 | ||
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21 | ||
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23 | ||
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23 | ||
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26 | ||
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27 | ||
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32 | ||
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35 | ||
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36 | ||
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36 | ||
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38 | ||
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42 | ||
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42 | ||
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45 | ||
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52 | ||
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53 | ||
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55 | ||
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57 | ||
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58 | ||
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59 | ||
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67 | ||
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68 | ||
|
69 | ||
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FINANCIAL STATEMENTS SEPARATED BY COMPANY, AT SEPTEMBER 30, 2011 |
71 | |
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PROFIT AND LOSS ACCOUNTS SEPARATED BY ACTIVITY, AT SEPTEMBER 30, 2011 |
72 | |
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73 | ||
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84 | ||
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95 | ||
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
ASSETS
(R$ ‘000)
|
|
|
|
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Consolidated |
|
Holding company |
| ||||
|
|
|
Note |
|
09/30/2011 |
|
12/31/2010 |
|
09/30/2011 |
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12/31/2010 |
|
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CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
4 |
|
3,851,624 |
|
2,979,693 |
|
99,372 |
|
302,741 |
|
|
Securities |
|
5 |
|
89,341 |
|
321,858 |
|
— |
|
55 |
|
|
Consumers and traders |
|
6 |
|
2,516,710 |
|
2,262,585 |
|
— |
|
— |
|
|
Concession holders — transport of energy |
|
|
|
412,682 |
|
400,556 |
|
— |
|
— |
|
|
Financial assets of the concession |
|
11 |
|
958,649 |
|
625,332 |
|
— |
|
— |
|
|
Recoverable taxes |
|
7 |
|
373,411 |
|
374,430 |
|
5,229 |
|
5,233 |
|
|
Income tax and Social Contribution tax recoverable |
|
8a |
|
789,675 |
|
489,813 |
|
— |
|
— |
|
|
Dividends receivable |
|
|
|
— |
|
— |
|
574,327 |
|
230,405 |
|
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Inventories |
|
|
|
53,114 |
|
41,080 |
|
206 |
|
16 |
|
|
Other credits |
|
|
|
767,398 |
|
590,229 |
|
11,273 |
|
13,889 |
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TOTAL CURRENT LIABILITIES |
|
|
|
9,812,604 |
|
8,085,576 |
|
690,407 |
|
552,339 |
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|
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT |
|
|
|
|
|
|
|
|
|
|
|
|
Account receivable from the Minas Gerais State Government |
|
10 |
|
1,788,353 |
|
1,837,088 |
|
— |
|
— |
|
|
Credit Receivables Investment Fund |
|
10 |
|
— |
|
— |
|
992,995 |
|
946,571 |
|
|
Deferred income tax and Social Contribution |
|
8b |
|
1,934,776 |
|
1,800,567 |
|
329,674 |
|
345,472 |
|
|
Recoverable taxes |
|
7 |
|
178,234 |
|
139,883 |
|
4,334 |
|
426 |
|
|
Income tax and Social Contribution tax recoverable |
|
8a |
|
123,353 |
|
83,438 |
|
119,525 |
|
80,117 |
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Escrow deposits |
|
9 |
|
1,299,836 |
|
1,027,206 |
|
210,517 |
|
195,517 |
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Consumers and traders |
|
6 |
|
119,568 |
|
95,707 |
|
— |
|
— |
|
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Other credits |
|
|
|
149,559 |
|
138,413 |
|
64,965 |
|
31,737 |
|
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Financial assets of the concession |
|
11 |
|
7,220,153 |
|
7,315,756 |
|
— |
|
— |
|
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Investments |
|
12 |
|
— |
|
— |
|
11,888,447 |
|
11,313,969 |
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Property, plant and equipment |
|
13 |
|
8,575,189 |
|
8,228,513 |
|
1,941 |
|
2,066 |
|
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Intangible assets |
|
14 |
|
5,738,685 |
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4,803,687 |
|
699 |
|
838 |
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TOTAL NON-CURRENT LIABILITIES |
|
|
|
27,127,706 |
|
25,470,258 |
|
13,613,097 |
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12,916,713 |
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TOTAL ASSETS |
|
|
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36,940,310 |
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33,555,834 |
|
14,303,504 |
|
13,469,052 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
LIABILITIES
(R$ ‘000)
|
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
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Note |
|
09/30/2011 |
|
12/31/2010 |
|
09/30/2011 |
|
12/31/2010 |
|
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CURRENT |
|
|
|
|
|
|
|
|
|
|
|
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Suppliers |
|
15 |
|
1,209,759 |
|
1,121,009 |
|
4,623 |
|
1,687 |
|
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Regulatory charges |
|
18 |
|
375,126 |
|
415,464 |
|
— |
|
— |
|
|
Employee profit sharing |
|
|
|
73,318 |
|
116,183 |
|
3,628 |
|
5,129 |
|
|
Taxes payable |
|
16a |
|
554,275 |
|
403,533 |
|
56,947 |
|
32,836 |
|
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Income tax and Social Contribution |
|
16b |
|
777,284 |
|
137,035 |
|
52,534 |
|
— |
|
|
Interest on Equity, and dividends payable |
|
|
|
624,563 |
|
1,153,895 |
|
624,563 |
|
1,153,895 |
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Financings |
|
17 |
|
1,559,708 |
|
1,573,885 |
|
20,479 |
|
373,599 |
|
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Debentures |
|
17 |
|
2,307,933 |
|
628,681 |
|
— |
|
— |
|
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Payroll and related charges |
|
|
|
240,104 |
|
243,258 |
|
9,497 |
|
12,478 |
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Post-retirement benefits |
|
19 |
|
112,339 |
|
99,220 |
|
3,890 |
|
3,703 |
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Provision for losses on financial instruments |
|
|
|
26,143 |
|
69,271 |
|
— |
|
— |
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Debt to related parties |
|
|
|
— |
|
— |
|
8,097 |
|
6,687 |
|
|
Other obligations |
|
|
|
375,819 |
|
441,924 |
|
12,234 |
|
14,655 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
|
8,236,371 |
|
6,403,358 |
|
796,492 |
|
1,604,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT |
|
|
|
|
|
|
|
|
|
|
|
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Regulatory charges |
|
18 |
|
229,259 |
|
142,481 |
|
— |
|
— |
|
|
Financings |
|
17 |
|
6,435,486 |
|
6,244,475 |
|
18,397 |
|
36,794 |
|
|
Debentures |
|
17 |
|
3,764,370 |
|
4,779,449 |
|
— |
|
— |
|
|
Taxes payable |
|
16a |
|
880,335 |
|
692,803 |
|
— |
|
— |
|
|
Income tax and Social Contribution |
|
16b |
|
1,209,537 |
|
1,065,399 |
|
— |
|
— |
|
|
Provisions |
|
20 |
|
522,143 |
|
370,907 |
|
206,069 |
|
187,553 |
|
|
Concessions payable |
|
|
|
128,434 |
|
117,802 |
|
— |
|
— |
|
|
Post-retirement benefits |
|
19 |
|
2,150,063 |
|
2,061,608 |
|
95,225 |
|
92,349 |
|
|
Other obligations |
|
|
|
265,066 |
|
201,419 |
|
68,075 |
|
71,554 |
|
|
TOTAL NON-CURRENT LIABILITIES |
|
|
|
15,584,693 |
|
15,676,343 |
|
387,766 |
|
388,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
21 |
|
|
|
|
|
|
|
|
|
|
Share 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 |
|
|
|
2,806,167 |
|
2,873,253 |
|
2,806,167 |
|
2,873,253 |
|
|
Accumulated other comprehensive income |
|
|
|
1,077,142 |
|
1,210,605 |
|
1,077,142 |
|
1,210,605 |
|
|
Accumulated foreign currency translation adjustment |
|
|
|
3,437 |
|
(772 |
) |
3,437 |
|
(772 |
) |
|
Funds allocated to increase of capital |
|
|
|
27,124 |
|
27,124 |
|
27,124 |
|
27,124 |
|
|
Accumulated profit (losses) |
|
|
|
1,839,453 |
|
— |
|
1,839,453 |
|
— |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
|
13,119,246 |
|
11,476,133 |
|
13,119,246 |
|
11,476,133 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
36,940,310 |
|
33,555,834 |
|
14,303,504 |
|
13,469,052 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
(R$ ‘000, EXCEPT EARNINGS PER SHARE)
|
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
Nota |
|
09/30/2011 |
|
09/30/2010 |
|
09/30/2011 |
|
09/30/2010 |
|
|
REVENUES |
|
22 |
|
11,472,952 |
|
10,174,245 |
|
259 |
|
338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS |
|
23 |
|
|
|
|
|
|
|
|
|
|
COST OF ELECTRICITY AND GAS |
|
|
|
|
|
|
|
|
|
|
|
|
Electricity bought for resale |
|
|
|
(3,202,886 |
) |
(2,678,541 |
) |
— |
|
— |
|
|
Charges for the use of the basic transmission grid |
|
|
|
(608,543 |
) |
(552,682 |
) |
— |
|
— |
|
|
Gas purchased for resale |
|
|
|
(235,785 |
) |
(162,685 |
) |
— |
|
— |
|
|
|
|
|
|
(4,047,214 |
) |
(3,393,908 |
) |
— |
|
— |
|
|
OPERATING COST |
|
23 |
|
|
|
|
|
|
|
|
|
|
Personnel and management |
|
|
|
(688,607 |
) |
(677,343 |
) |
— |
|
— |
|
|
Materials |
|
|
|
(48,240 |
) |
(80,918 |
) |
— |
|
— |
|
|
Outsourced services |
|
|
|
(511,474 |
) |
(495,672 |
) |
— |
|
— |
|
|
Depreciation and amortization |
|
|
|
(655,805 |
) |
(664,792 |
) |
— |
|
— |
|
|
Operational provisions |
|
|
|
(66,983 |
) |
(218,223 |
) |
— |
|
— |
|
|
Charges for use of water resources |
|
|
|
(113,077 |
) |
(104,925 |
) |
— |
|
— |
|
|
Construction costs |
|
|
|
(961,988 |
) |
(970,804 |
) |
— |
|
— |
|
|
Other |
|
|
|
(103,728 |
) |
(172,164 |
) |
— |
|
— |
|
|
|
|
|
|
(3,149,902 |
) |
(3,384,841 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COST |
|
|
|
(7,197,116 |
) |
(6,778,749 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
|
4,275,836 |
|
3,395,496 |
|
259 |
|
338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
23 |
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
|
(139,068 |
) |
(113,907 |
) |
— |
|
— |
|
|
General and administrative expenses |
|
|
|
(633,689 |
) |
(433,579 |
) |
(75,830 |
) |
51,182 |
|
|
Other operating expenses |
|
|
|
(142,569 |
) |
(67,546 |
) |
(6,326 |
) |
(7,223 |
) |
|
|
|
|
|
(915,326 |
) |
(615,032 |
) |
(82,156 |
) |
43,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational profit (loss) before Equity gain (loss) and Financial revenue (expenses) |
|
|
|
3,360,510 |
|
2,780,464 |
|
(81,897 |
) |
44,297 |
|
|
Equity gain (loss) in subsidiaries |
|
12 |
|
— |
|
— |
|
1,898,858 |
|
1,617,178 |
|
|
Net financial revenue (expenses) |
|
24 |
|
(833,007 |
) |
(523,454 |
) |
(42,298 |
) |
14,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax and Social Contribution |
|
|
|
2,527,503 |
|
2,257,010 |
|
1,774,663 |
|
1,675,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current income tax and Social Contribution |
|
8c |
|
(818,650 |
) |
(648,376 |
) |
(77,644 |
) |
(75,247 |
) |
|
Deferred income tax and Social Contribution |
|
8c |
|
(2,398 |
) |
(21,784 |
) |
9,436 |
|
(13,871 |
) |
|
PROFIT FOR THE PERIOD |
|
|
|
1,706,455 |
|
1,586,850 |
|
1,706,455 |
|
1,586,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to stockholders |
|
|
|
1,706,455 |
|
1,586,850 |
|
1,706,455 |
|
1,586,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per preferred and common share |
|
|
|
2.50 |
|
2.33 |
|
2.50 |
|
2.33 |
|
|
Diluted earnings per preferred and common share |
|
|
|
2.50 |
|
2.33 |
|
2.50 |
|
2.33 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
(R$ ‘000)
|
|
|
Consolidated and Holding company |
| ||
|
|
|
09/30/2011 |
|
09/30/2010 |
|
|
PROFIT FOR THE HALF YEAR |
|
1,706,455 |
|
1,586,850 |
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
|
Foreign currency translation differences for foreign operations |
|
4,209 |
|
(5,448 |
) |
|
Cash flow hedge instruments |
|
(465 |
) |
1,993 |
|
|
COMPREHENSIVE INCOME FOR THE PERIOD |
|
1,710,199 |
|
1,583,395 |
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to the Company’s stockholders |
|
1,710,199 |
|
1,583,395 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
(R$ ‘000)
|
|
|
Share |
|
Capital reserves |
|
Profit reserves |
|
Accumulated |
|
Accumulated |
|
Accumulated |
|
Funds allocated |
|
Stockholders’ |
|
|
BALANCE 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 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1,586,850 |
|
— |
|
1,586,850 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
Foreign currency translation differences for foreign operations |
|
— |
|
— |
|
— |
|
— |
|
(5,448 |
) |
— |
|
— |
|
(5,448 |
) |
|
Cash flow hedge instruments |
|
— |
|
— |
|
— |
|
1,993 |
|
— |
|
— |
|
— |
|
1,993 |
|
|
Total comprehensive income for the period |
|
— |
|
— |
|
— |
|
1,993 |
|
(5,448 |
) |
1,586,850 |
|
— |
|
1,583,395 |
|
|
Capital increase |
|
310,189 |
|
(15,249 |
) |
(294,940 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
|
Acquisition of jointly-controlled subsidiaries — effect of first-time adoption of IFRS |
|
— |
|
— |
|
— |
|
— |
|
— |
|
130,180 |
|
— |
|
130,180 |
|
|
Realization of reserves |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
Revaluation of property, plant and equipment |
|
— |
|
— |
|
— |
|
(100,640 |
) |
— |
|
100,640 |
|
— |
|
— |
|
|
BALANCE AT SEPTEMBER 30, 2010 |
|
3,412,073 |
|
3,953,850 |
|
2,882,308 |
|
1,244,736 |
|
(5,298 |
) |
1,364,283 |
|
27,124 |
|
12,879,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE 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 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1,706,455 |
|
— |
|
1,706,455 |
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences for foreign operations |
|
— |
|
— |
|
— |
|
— |
|
4,209 |
|
— |
|
— |
|
4,209 |
|
|
Cash flow hedge instruments |
|
— |
|
— |
|
— |
|
(465 |
) |
— |
|
— |
|
— |
|
(465 |
) |
|
Total comprehensive income for the period |
|
— |
|
— |
|
— |
|
(465 |
) |
4,209 |
|
— |
|
— |
|
3,744 |
|
|
Transactions with stockholders recorded directly in stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed additional dividends for 2010 (R$ 0.10 per share) |
|
— |
|
— |
|
(67,086 |
) |
— |
|
— |
|
— |
|
— |
|
(67,086 |
) |
|
Realization of reserves |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
Revaluation of property, plant and equipment |
|
— |
|
— |
|
— |
|
(132,998 |
) |
— |
|
132,998 |
|
— |
|
— |
|
|
BALANCE AT SEPTEMBER 30, 2011 |
|
3,412,073 |
|
3,953,850 |
|
2,806,167 |
|
1,077,142 |
|
3,437 |
|
1,839,453 |
|
27,124 |
|
13,119,246 |
|
The Explanatory Notes are an integral part of the Quarterly Information.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
(R$ ‘000)
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
09/30/2011 |
|
09/30/2010 |
|
09/30/2011 |
|
09/30/2010 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
1,706,455 |
|
1,586,850 |
|
1,706,455 |
|
1,586,850 |
|
|
Expenses (revenues) not affecting cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
700,562 |
|
683,917 |
|
262 |
|
127 |
|
|
Loss on disposal of property, plant and equipment and intangible assets |
|
15,075 |
|
43,813 |
|
2 |
|
— |
|
|
Equity gain (loss) in subsidiaries |
|
— |
|
— |
|
(1,898,858 |
) |
(1,617,178 |
) |
|
Interest and monetary variation – Non-current |
|
90,331 |
|
5,503 |
|
(46,424 |
) |
(54,912 |
) |
|
Deferred federal taxes |
|
2,398 |
|
21,784 |
|
(9,436 |
) |
13,871 |
|
|
Operating provisions |
|
254,236 |
|
(56,783 |
) |
17,986 |
|
(186,573 |
) |
|
Amortization of goodwill on acquisitions |
|
— |
|
47,714 |
|
— |
|
— |
|
|
Employee post-retirement benefits |
|
205,116 |
|
51,745 |
|
10,326 |
|
9,408 |
|
|
Other |
|
— |
|
— |
|
— |
|
677 |
|
|
|
|
2,974,173 |
|
2,384,543 |
|
(219,687 |
) |
(247,730 |
) |
|
(Increase) / decrease in assets |
|
|
|
|
|
|
|
|
|
|
Consumers and traders |
|
(357,125 |
) |
(9,055 |
) |
— |
|
— |
|
|
Accounts receivable from the Minas Gerais State Government |
|
170,981 |
|
157,043 |
|
— |
|
— |
|
|
Recoverable taxes |
|
(377,109 |
) |
(390,846 |
) |
(18,078 |
) |
(28,733 |
) |
|
Transport of energy |
|
(12,126 |
) |
(44,066 |
) |
— |
|
— |
|
|
Other current assets |
|
(189,203 |
) |
(231,257 |
) |
2,426 |
|
3,118 |
|
|
Other non-current assets |
|
— |
|
23,984 |
|
(29,484 |
) |
36,414 |
|
|
Escrow deposits |
|
(272,630 |
) |
(279,847 |
) |
(15,000 |
) |
(41,340 |
) |
|
Dividends received from subsidiaries |
|
— |
|
— |
|
1,323,478 |
|
1,138,157 |
|
|
Financial assets |
|
(237,140 |
) |
— |
|
— |
|
— |
|
|
Other |
|
(39,370 |
) |
— |
|
— |
|
— |
|
|
|
|
(1,313,722 |
) |
(774,044 |
) |
1,263,342 |
|
1,107,616 |
|
|
Increase (reduction) of liabilities |
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
88,750 |
|
141,438 |
|
2,936 |
|
(13,132 |
) |
|
Taxes payable |
|
986,054 |
|
712,024 |
|
76,645 |
|
74,928 |
|
|
Payroll and related charges |
|
(3,154 |
) |
(118,246 |
) |
(2,981 |
) |
(5,374 |
) |
|
Regulatory charges |
|
(9,289 |
) |
12,904 |
|
— |
|
— |
|
|
Loans, financings and debentures |
|
655,370 |
|
292,175 |
|
(3,120 |
) |
(2,382 |
) |
|
Employee post-retirement benefits |
|
(103,542 |
) |
123,415 |
|
(7,263 |
) |
(5,759 |
) |
|
Losses on financial instruments |
|
— |
|
(16,519 |
) |
— |
|
— |
|
|
Other |
|
(18,346 |
) |
318,332 |
|
(72,547 |
) |
113,215 |
|
|
|
|
1,595,843 |
|
1,465,523 |
|
(6,330 |
) |
161,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
3,256,294 |
|
3,076,022 |
|
1,037,325 |
|
1,021,382 |
|
|
|
|
Consolidated |
|
Holding company |
| ||||
|
|
|
09/30/2011 |
|
09/30/2010 |
|
09/30/2011 |
|
09/30/2010 |
|
|
CASH FLOWS OF FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Financings and debentures obtained |
|
1,329,994 |
|
5,068,441 |
|
— |
|
— |
|
|
Repayments of loans and financings |
|
(1,352,571 |
) |
(4,000,681 |
) |
(368,397 |
) |
(18,397 |
) |
|
Interest on Equity, and dividends, paid |
|
(596,418 |
) |
(466,727 |
) |
(529,332 |
) |
(466,727 |
) |
|
NET CASH FROM (USED IN) FINANCING ACTIVITIES |
|
(618,995 |
) |
601,033 |
|
(897,729 |
) |
(485,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTMENT ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
In investments |
|
— |
|
(1,749 |
) |
(343,020 |
) |
(760,380 |
) |
|
In property, plant and equipment |
|
(723,542 |
) |
(203,952 |
) |
— |
|
(227 |
) |
|
In intangible assets |
|
(1,016,517 |
) |
(1,627,318 |
) |
— |
|
— |
|
|
In financial assets of the concession |
|
(257,826 |
) |
(2,090,160 |
) |
— |
|
— |
|
|
In short-term investments |
|
232,517 |
|
— |
|
55 |
|
— |
|
|
NET CASH USED IN INVESTMENT ACTIVITIES |
|
(1,765,368 |
) |
(3,923,179 |
) |
(342,965 |
) |
(760,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
871,931 |
|
(246,124 |
) |
(203,369 |
) |
(224,349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
|
2,979,693 |
|
4,424,959 |
|
302,741 |
|
656,704 |
|
|
End of the period |
|
3,851,624 |
|
4,178,835 |
|
99,372 |
|
432,355 |
|
|
|
|
871,931 |
|
(246,124 |
) |
(203,369 |
) |
(224,349 |
) |
The Explanatory Notes are an integral part of the Quarterly Information.
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
(R$ ‘000)
|
|
|
Consolidated |
|
Holding company |
| ||||||||||||
|
|
|
09/30/2011 |
|
|
|
09/30/2010 |
|
|
|
09/30/2011 |
|
|
|
09/30/2010 |
|
|
|
|
REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of electricity, gas and services |
|
16,611,403 |
|
|
|
14,909,305 |
|
|
|
259 |
|
|
|
338 |
|
|
|
|
Provision for doubtful accounts receivable |
|
(103,000 |
) |
|
|
(75,709 |
) |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INPUTS ACQUIRED FROM THIRD PARTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity purchased for resale |
|
(3,202,886 |
) |
|
|
(2,678,541 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Charges for the use of the basic transmission grid |
|
(608,543 |
) |
|
|
(552,682 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Outsourced services |
|
(721,268 |
) |
|
|
(638,594 |
) |
|
|
(5,545 |
) |
|
|
(7,139 |
) |
|
|
|
Gas purchased for resale |
|
(235,785 |
) |
|
|
(162,685 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Materials |
|
(64,581 |
) |
|
|
(89,740 |
) |
|
|
(158 |
) |
|
|
(282 |
) |
|
|
|
Construction costs |
|
(961,988 |
) |
|
|
(970,804 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Other operational costs |
|
(205,520 |
) |
|
|
(504,127 |
) |
|
|
(31,356 |
) |
|
|
116,636 |
|
|
|
|
|
|
(6,000,571 |
) |
|
|
(5,597,173 |
) |
|
|
(37,059 |
) |
|
|
109,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS VALUE ADDED |
|
10,507,832 |
|
|
|
9,236,423 |
|
|
|
(36,800 |
) |
|
|
109,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETENTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(700,562 |
) |
|
|
(683,917 |
) |
|
|
(262 |
) |
|
|
(127 |
) |
|
|
|
NET ADDED VALUE PRODUCED BY THE COMPANY |
|
9,807,270 |
|
|
|
8,552,506 |
|
|
|
(37,062 |
) |
|
|
109,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDED VALUE RECEIVED BY TRANSFER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity gain (loss) in subsidiaries |
|
— |
|
|
|
— |
|
|
|
1,898,858 |
|
|
|
1,617,178 |
|
|
|
|
Financial revenues |
|
770,928 |
|
|
|
693,099 |
|
|
|
68,478 |
|
|
|
61,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDED VALUE TO BE DISTRIBUTED |
|
10,578,198 |
|
|
|
9,245,605 |
|
|
|
1,930,274 |
|
|
|
1,787,623 |
|
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
DISTRIBUTION OF ADDED VALUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
|
941,797 |
|
8,91 |
|
1,041,717 |
|
11.27 |
|
37,137 |
|
1.92 |
|
28,888 |
|
1.61 |
|
|
Direct remuneration |
|
644,790 |
|
6.10 |
|
795,302 |
|
8.60 |
|
18,538 |
|
0.96 |
|
21,979 |
|
1.23 |
|
|
Benefits |
|
239,019 |
|
2.26 |
|
182,244 |
|
1.97 |
|
12,429 |
|
0.64 |
|
4,356 |
|
0.24 |
|
|
FGTS |
|
45,456 |
|
0.43 |
|
43,497 |
|
0.47 |
|
2,591 |
|
0.13 |
|
2,553 |
|
0.14 |
|
|
Other |
|
12,532 |
|
0.12 |
|
20,674 |
|
0.23 |
|
3,579 |
|
0.19 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes payable |
|
6,290,875 |
|
59.47 |
|
5,358,346 |
|
57.96 |
|
103,071 |
|
5.34 |
|
124,706 |
|
6.98 |
|
|
Federal |
|
3,643,494 |
|
34.44 |
|
2,995,582 |
|
32.40 |
|
102,978 |
|
5.34 |
|
124,688 |
|
6.98 |
|
|
State |
|
2,641,537 |
|
24.97 |
|
2,358,541 |
|
25.51 |
|
38 |
|
— |
|
— |
|
— |
|
|
Municipal |
|
5,844 |
|
0.06 |
|
4,223 |
|
0.05 |
|
55 |
|
— |
|
18 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remuneration of third party capital |
|
1,639,071 |
|
15.49 |
|
1,258,692 |
|
13.62 |
|
83,611 |
|
4.34 |
|
47,179 |
|
2.64 |
|
|
Interest |
|
1,576,131 |
|
14.90 |
|
1,216,553 |
|
13.16 |
|
82,992 |
|
4.31 |
|
46,526 |
|
2.60 |
|
|
Rentals |
|
62,940 |
|
0.59 |
|
42,139 |
|
0.46 |
|
619 |
|
0.03 |
|
653 |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remuneration of own capital |
|
1,706,455 |
|
16.13 |
|
1,586,850 |
|
17.16 |
|
1,706,455 |
|
88.40 |
|
1,586,850 |
|
88.77 |
|
|
Retained earnings |
|
1,706,455 |
|
16.13 |
|
1,586,850 |
|
17.16 |
|
1,706,455 |
|
88.40 |
|
1,586,850 |
|
88.77 |
|
|
|
|
10,578,198 |
|
100 |
|
9,245,605 |
|
100 |
|
1,930,274 |
|
100 |
|
1,787,623 |
|
100 |
|
See Explanatory Note 28 for more information on the Statement of Added Value.
EXPLANATORY NOTES TO THE QUARTERLY INFORMATION (ITR)
SEPTEMBER 30, 2011
(Figures in R$ ‘000, except where otherwise indicated)
Companhia Energética 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. Its shares are traded at Corporate Governance Level 1 on the BM&FBovespa exchange (“Bovespa”), and on the stock exchanges of New York (“NYSE”), and Madrid (“Latibex”). It operates exclusively as a holding company, with stockholder participations in subsidiaries controlled individually or jointly controlled. The main objectives of its subsidiaries are the construction and operation of systems for generation, transformation, transmission, distribution and sales of electric energy, and activities in the various fields of energy, for the purpose of commercial operation.
The Company 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 subsidiaries that were in operation at September 30, 2011.
· CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“Cemig GT”) (subsidiary): Listed on the Bovespa: Generation and transmission of electricity, through 48 power plants (43 hydroelectric power plants, 4 wind power plants and one thermoelectric power plant), and transmission lines, which comprise part of the Brazilian national generation and transmission grid system. Cemig GT has stockholdings in the following subsidiaries:
· Hidrelétrica Cachoeirão S.A. (“Cachoeirão”) (jointly controlled): Production and sale of electricity as an independent power producer, through the Cachoeirão hydroelectric power plant located at Pocrane, in Minas Gerais State. 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 Aliança de Energia Elétrica S.A. (“Taesa”), previously named Terna Participações S. A., (jointly controlled): Construction, operation and maintenance of electricity transmission facilities in 11 States of Brazil. Taesa has the 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 at the Morgado Wind Farm in the county of Acaraú in the State of Ceará, Northern Brazil. The plant began operating in April 2010.
· Central Eólica 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 Acaraú 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 PCH (Small Hydro Plant), located on the Manhuaçu River, in the Counties of Caratinga and Ipanema, in Minas Gerais State. The plant began operating in October 2010.
· Empresa Brasileira de Transmissão de Energia S.A. (“EBTE”) (jointly controlled): Holder of public service electricity transmission concessions, operating transmission lines in Mato Grosso State. Started operating in June 2011.
Subsidiaries and jointly-controlled subsidiaries of Cemig GT at development stage:
· Guanhães Energia S.A. (“Guanhães Energia”) (jointly controlled): Production and sale of electricity through construction and commercial operation of the following Small Hydro Plants in Minas Gerais state: Dores de Guanhães, Senhora do Porto and Jacaré, in the county of Dores de Guanhães; and Fortuna II, in the county of Virginópolis. The first units are scheduled to begin operation in late 2013.
· 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 Madeira river basin, in the State of Rondônia, with commercial startup scheduled for December 2011.
· Lightger S.A. (“Lightger”) (jointly controlled): Independent power production through building and commercial operation of 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 early in 2012.
· CEMIG DISTRIBUIÇÃO S.A. (“Cemig D”) (subsidiary) — listed on the Bovespa exchange: Distribution of electricity through distribution grids and lines in approximately all of the Brazilian state of Minas Gerais.
· LIGHT S.A. (“Light”) (jointly controlled) — listed on the Bovespa exchange: Holding company that holds direct and indirect interests in other companies to operate electricity services, including generation, transmission, sales, distribution and related services. Light has the following subsidiaries and jointly-controlled subsidiaries:
· Light Serviços de Eletricidade S.A. (“Light Sesa”) (subsidiary) — listed on the Bovespa: Primarily operates in electricity distribution, in various counties 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., Central Eólica Fontainha Ltda and Renova Energia S.A.;
· (“Light Esco”) (subsidiary): Principal activities are purchase, sale, importation, exportation, and provision of consultancy services in the energy sector.
· (“Itaocara Energia”) (subsidiary): At pre-operational phase; principal activities are planning, building, installation and commercial operation of electricity generation plants.
· Lightger S.A. (“Lightger”): At development 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%). First rotor scheduled to start operation in early 2012.
· Light Soluções em Eletricidade Ltda. (“Light Soluções”). Formerly named Lighthidro, and renamed by new articles of association of January 27, 2011. This company’s main activity is provision of services to low-voltage clients including assembly, refurbishment and maintenance of all types 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 waste 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 at the facilities of Usiminas (Usinas Siderúrgicas de Minas Gerais S.A.).
· Companhia de Gás de Minas Gerais — Gasmig (“Gasmig”) (jointly controlled): Acquisition, transport and distribution of natural gas and related products, through a concession for distribution of gas in Minas Gerais State.
· 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 Minas Gerais State, 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 power 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.
· Empresa de Serviços e Comercialização de Energia Elétrica S.A. (“ESCEE”) (previously named Central Hidrelétrica Pai Joaquim S.A.) (subsidiary): Production and sale of electricity as an independent power 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 V&M do Brasil S.A., in Minas Gerais State.
· Cemig Trading S.A. (“Cemig Trading”) (subsidiary): Sale and brokerage of electricity.
· Companhia Transleste de Transmissão (“Transleste”) (jointly controlled): Operation of the 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, 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.
· Empresa Paraense de Transmissão de Energia S.A. (“ETEP”) (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%.
· Empresa Norte de Transmissão de Energia S.A. (“ENTE”) (jointly controlled): Holder of a public service electricity transmission concession, for two transmission lines in the States of Pará and Maranhão.
· Empresa Regional de Transmissão de Energia S.A. (“ERTE”) (jointly controlled): Holder of a public service electricity transmission concession for a 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).
· Empresa Catarinense de Transmissão de Energia S.A. (“ECTE”) (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): Unlisted corporation providing technological solutions and systems for operational management of public service concessions, including electricity, gas, water and waste 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.
· Parati S.A Participações em Ativos de Energia Elétrica (“Parati”) (Jointly-controlled, with 25% stake): Holdings in other companies, commercial or civil, involved in any activity, Brazilian or otherwise, as partner, stockholder or owner of share units.
· Cemig Serviços (“Cemig Serviços”) (subsidiary: 100% stake): 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.
Where Cemig exercises joint control it does so through stockholders’ agreements with the other stockholders of the investee company.
Presentation of the Quarterly Information
The individual interim accounting information has been prepared in compliance with Technical Pronouncement CPC 21 — Interim Statements, and the consolidated interim accounting information has been prepared in accordance with Technical Pronouncement CPC 21 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.
3. PRINCIPLES OF CONSOLIDATION
The quarterly information of the subsidiaries and jointly-controlled subsidiaries listed in Explanatory Note 1 has been consolidated.
(a) Subsidiaries and jointly controlled companies
The Quarterly Information of subsidiaries and jointly-controlled subsidiaries is included in the consolidated Quarterly Information as from the date on which the shared control began until such date on which it ceases to exist. The assets, liabilities and results of the jointly-controlled subsidiaries have been consolidated using the method of proportional consolidation. The accounting policies of subsidiaries and jointly-controlled subsidiaries are aligned with the policies adopted by the Company.
In the individual Financial Statements of the holding company, the financial information of subsidiaries, jointly-controlled subsidiaries and affiliates is recognized by the equity method.
(b) Consortia
The percentage interest of the assets, liabilities and results of the consortium operations is recorded in the subsidiary that holds the related interest.
(c) Transactions eliminated in consolidation
Intra-group balances and transactions, and any revenues or expenses derived from intra-group transactions, are eliminated in preparing the consolidated Quarterly Information. Unrealized gains arising from transactions with investee companies that are reported by the equity method are eliminated against the investment in proportion to the Company’s holding in the Investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only up to the point at which there is no evidence of reduction of value by impairment.
The references made in this Quarterly Information to the jointly-controlled subsidiaries are made in proportion to the Company’s stake.
|
|
|
|
|
09/30/2011 |
|
12/31/2010 |
| ||||
|
Subsidiaries and jointly controlled companies |
|
Form of |
|
Direct |
|
Indirect |
|
Direct |
|
Indirect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries and jointly controlled companies |
|
|
|
|
|
|
|
|
|
|
|
|
Cemig Geração e Transmissão |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig Baguari Energia |
|
Full |
|
— |
|
100 |
|
— |
|
100 |
|
|
Hidrelétrica Cachoeirão |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Guanhães Energia |
|
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 – 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 |
|
|
Lightger |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Cemig Distribuição |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig Telecom |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Ativas Data Center |
|
Proportional |
|
— |
|
49 |
|
— |
|
49 |
|
|
Rosal Energia |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Sá Carvalho |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Horizontes Energia |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Usina Térmica Ipatinga |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig PCH |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig Capim Branco Energia |
|
Full |
|
100 |
|
— |
|
100 |
|
— |
|
|
Cemig Trading |
|
Full |
|
100 |
|
— |
|
100 |
|||