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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 April 2012

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.

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.

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

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Index

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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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1.              Earnings Release — 2011 Results

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— Invitation from Cemig

2011 Results

Cemig

(BM&FBovespa: CMIG3, CMIG4; NYSE: CIG, CIG.C; Latibex: XCMIG)

announces its TIMETABLE for publication of 2011 Results:

1 — Video webcast and Conference call

April 2, 2012, at 3:00 p.m. (Brasília time)

Transmission of the results with simultaneous translation into English

by video webcast: at:            http://ri.cemig.com.br

or

by conference call at:         55 (11) 4688-6341

Password: CEMIG

2 — Video Webcast Playback:

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

3 — Conference call playback:

For any questions please call +55 31 3506-5024. Thank you.

Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, MG Brazil

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— Investor Relations: the Cemig Executive Team

·                  Chief Finance and Investor Relations Officer

Luiz Fernando Rolla

·                  General Manager, Investor Relations

Antonio Carlos Vélez Braga

·                  Manager, Investor Market

Stefano Dutra Vivenza

— Cemig: your IR contacts

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

ri@cemig.com.br

Tel — (31) 3506-5024

Fax — (31) 3506-5025

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Contents

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— Disclaimer

Certain statements and estimates 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, and 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

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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 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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— MESSAGE FROM MANAGEMENT

A year of extraordinary addition of value

2011 was a year of major achievements, indeed a landmark in the history of Cemig, which is 60 years old in 2012. The large volume of investments, with the acquisition of new companies; the appreciation in our share price; the significant payment of dividends; and the highest annual net income since the company’s foundation, enable us to conclude that we succeeded in adding value to an extraordinary degree in 2011.

— From the CEO and CFO

Cemig’s CEO, Mr. Djalma Bastos de Morais, made these comments on the year’s results:

“2011 was an outstanding year for Cemig — and one in which we continued, with determination, to fulfill the targets contained in the Company’s Long-term Strategic Plan.

We have been well aware of the movement of the market, and in this context we have continued to grow in the three segments of electricity — generation, distribution and transmission — which among other factors has resulted in improved balance in our portfolio of businesses.

In line with our plans for growth, Cemig GT, jointly with Light, created the special-purpose company Amazônia S.A., and acquired

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an interest in the largest Brazilian hydroelectric project, being built in a strategic region — the Amazon — that contains more than 60% of Brazil’s expansion of hydroelectric capacity.

Our firm growth in transmission capacity continues: we now have 13% of the Brazilian market, as measured by RAP (Permitted Annual Revenue). We are now the third largest transmission group in Brazil, with a network of more than 10,000 km.

2011 will be recorded in the history of Cemig as a year of constant quest for excellence in our businesses, without diverting the focus from the commitment to be sustainable, nor from the responsibility for fully meeting the commitments we make to our shareholders, and to all stakeholders.”

Cemig’s Chief Finance and Investor Relations Officer, Luiz Fernando Rolla, had this to say:

“In 2011 our cash flow generation, measured as Ebitda, reached a record level of R$ 5.4 billion. This was within the financial forecast guidance we published at the 16th annual meeting between Cemig and Apimec.

These results reflect the correctness of our strategy of growing through acquisitions and new projects, within the process of consolidation of the Brazilian electricity sector. This is proven by Cemig’s track record of successful acquisitions, based on strong discipline in its criteria for investment decisions.

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The consistent economic and operational results that the Company has been achieving overtime reflect the return for our shareholders. In 2011, Cemig’s common (ON) and preferred (PN) shares both appreciated in value in the year, by 48.62% and 37.23%, respectively; and provided dividend yields of 14% and 11%.

After a year of extraordinary addition of value for our shareholders, Cemig will continue on its path of investments, both to maintain its position, and for growth, in the context of the basic targets set out in the Long-term Strategic Plan.”

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— Highlights of 2011

·                  The orientation of our Long-Term Strategic Plan, with focus on the long term and a balanced portfolio of businesses, resulted in Cemig producing cash flow, as measured by Ebitda, of R$ 5.4 billion. This was within the financial forecast guidance given by the Company at its annual meeting in June 2010, in Belo Horizonte.

·                  For 2011, we report the highest net income in our history, of R$ 2.4 billion.

·                  Total sales in the year were 70,178 GWh.

·                  As well as the appreciation in our share prices, we allocated dividends to shareholders of more than R$2 billion.

·                  We now have more than 10,000km of transmission lines, and 13% of the Brazilian transmission market, as measured by RAP (Permitted Annual Revenue).

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— Highlights of 4th quarter 2011

·                  Focused on the long term, our portfolio of businesses provided cash flow, as measured by Ebitda, of R$ 1.3 billion in 4Q11, 20% more than in 4Q10.

·                  Our net income for 4Q11, of R$ 710 million, made a strong contribution to the company’s highest-ever annual net income.

·                  Total sales volume in the quarter was 2% higher than in 4Q10, at 17,848 GWh.

·                  The consolidation of Abengoa by Taesa in December increased our transmission network to more than 10,000km.

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— The economic context — summary

While continuing pressure resulting from the Eurozone’s fiscal problems prolonged the effects carried over from the financial crisis of 2008 — causing a strong cooling of growth worldwide in 2011 — Brazil, along with other emerging economies, was less affected by the international environment. Due to its economic structure, it continued to be a major investment destination, even with uncertainty in most parts of the world, and greater caution on the part of investors in general.

Brazil’s average GDP growth over the last two years has been 5.1%; and the Brazilian Finance Ministry indicates forecasts average growth of 5.3% over the next three years.

Brazil’s strong economic growth is sustained by its large consumer market, and by the solid fundamentals of its economic policies. These features have been central to its achieving an all-time low in unemployment, of 4.7%, in December 2011, when at the same time employed workers’ average real monthly income reached an all-time record of R$ 2,089.04. Inflation, as measured by the IPCA (Amplified Consumer Price) index, was 6.5% in the year, within the inflation target set by the National Monetary Council (CMN).  During the year the Central Bank held eight meetings of its Monetary Policy Committing (Copom), increasing the basic (Selic) interest rate in the first five meetings, and reducing it in the final three, closing the year with the Selic rate at 11.00% p.a.  As well as the changes in the Selic rate, the Central Bank signaled increasingly frequent adoption of macroprudential policies for short-term interventions in the economy. These measures, together with the Selic rate at a higher level, give the government

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more power to manage domestic economic activity in response to external shocks.

Foreign direct investment (FDI) in Brazil was also a record in 2011, testifying to investors’ increasing confidence in the country’s future. A total of US$66.7 billion was brought into the country — more than enough to finance its current account deficit, of US$52.6 billion. The result for the year further increased Brazil’s international reserves, to US$352 billion — equal to 14.2% of GDP, and more than the country’s total external debt, of R$ 288.6 billion. Of this external debt, 86.9% is long-term. All these factors continue to keep the economy’s external vulnerability at a very low level.

Brazil was the world’s fourth largest destination for FDI, after the US, China and the UK, according to the survey by Unctad (the United Nations Conference on Trade and Development). The same survey placed Brazil third among the economies most frequently mentioned as global investment destinations for 2010—2012.

To provide support for economic development and growth, in 2011 the Brazilian government demonstrated its interest in increasing investment in infrastructure: its Second Accelerated Growth Program (PAC 2) specifies significant projects in numerous sectors of the economy. Electricity is prominent among them, with plans for investment of approximately R$ 1.1 trillion — or some 70% of the total investment envisaged in the PAC 2.

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The Brazilian government’s  Second Accelerated Growth Program (PAC2)

R$ billion

Source: Brazilian Planning Ministry. Compilation: Cemig.

Within the government’s plan, adoption of responsible fiscal policies, aligned with the monetary decisions of the Central Bank, resulted in a primary surplus of 3.11% of GDP in 2011.

In Cemig’s sector of activity, Brazilian consumption of electricity increased by 3.6% in 2011, according to the national Energy Research Institute, EPE. Further, in reporting forecasts of electricity consumption growth over 10 years, EPG indicates expectation of average consumption growth of 4.5% per year from 2011 to 2021 — which would mean an increase in demand for electricity from 472,000 GWh to 736,000 GWh over that period.

Brazilian electricity consumption — GWh

Sources: EPE Standing Committee for Research and Monitoring of the Electricity Market (Copam) — preliminary figures. Compilation: Cemig.

The state of Minas Gerais, Brazil’s third largest economy and the state in which Cemig has its largest presence, reported growth of 2.7% in 2011. Industrial production was up 1.9%, more than the national average of 1.6%, led by construction, which grew 5.6% in the year. Growth in services was 3.7%, also higher than the growth rate for the country (2.7%), and growth in retailing was 7.3%. Farm output was up 0.5% in the year, compared to 3.9% for the whole of Brazil; and Minas Gerais was the country’s second largest generator of

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employment, creating 206,402 new formal job positions in the year — an increase of 5.42%.

As a company involved in consolidation of the Brazilian electricity sector, Cemig is playing an active role in meeting the expansion in demand for electricity in the country, and this is in line with the strategy laid out with its Long-term Strategic Plan.

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— Appreciation of our shares

Source: Economática; prices adjusted for payments to shareholders, including dividends.

In a year marked by uncertainties in the international market and a slowdown in Brazil’s domestic growth, the prices of Cemig’s preferred (PN) and  common (ON) share appreciated by 37.3% and 48.7%, respectively, while the Ibovespa rose by only 18.11% over the same period.

And as well as the appreciation in our share price, we allocated strong dividends to shareholders totaling more than R$ 2 billion. The dividend yield of CMIG3 and CMIG4 was 14% and 11% respectively in 2011.

— Economic summary

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— Adoption of IFRS

The results 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”). The profit and loss account for 2010 has been reclassified to provide comparability with 2011.

— Cemig’s consolidated electricity market

The figures we report for Cemig’s market include 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).

They include: sales of electricity to both captive and free consumers, in the concession area of Minas Gerais and outside that 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) — with elimination of transactions between companies of the Cemig group.

Electricity consumption in Cemig’s concession area in 2011 was 5.9% higher than in 2010. This reflects a constant increase in Cemig’s total number of clients — which grew by 3% in 12 months to 11.465 million consumers at the end of December 2010. Of this total, Cemig D serves 7.336 million clients, an increase of 3.8% in 12 months; Light serves 4.128 million, an increase of 1.4% in 12 months; Cemig GT has 300 clients, 14.1% more than at the end of 2011; and the subsidiary and affiliate companies have 24 clients.

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This growth can be seen in detail in the separate consumer categories, as follows:

Residential:

Residential consumption was 15.3% of Cemig’s total transactions in electricity in 2011. The growth of 8% in the year is associated with (i) connection of new consumers, and (ii) the increase in consumption of goods and services by end consumers, due to the more favorable conditions of the Brazilian economy, with the employment market continuing to be vigorous, growth in total real wages, and expansion of the supply of credit.

Industrial:

Electricity used by free and captive industrial clients in 2011 accounted for 37.1% of Cemig’s total transactions in electricity in the year, 4.8% more than 2010. The expansion of industrial activity with the growth of both exports and production for the domestic consumer market, in spite of the signs of slowing growth in the second half of the year, are the main causes of expansion of consumption by this category of clients.

Commercial:

This class of consumers accounted for 10.0% of Cemig’s total transactions in electricity in 2011, with volume 12.2% higher than in 2010.  This growth also reflects the strong domestic consumer market, especially final consumption by families and individuals.

Rural:

Consumption by clients in rural areas grew 7.3% in 2011, the connection of 121,057 rural properties to electricity for the first time, and an increase in

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demand for electricity for irrigation, due to atypical climatic conditions: low rainfall in the rainy season and higher than expected temperatures in the dry season.

Other consumer categories:

The total of other types of consumption in 2011 — by public authorities, public illumination, and public services, and Cemig’s own consumption — was 9.2% higher than in 2010, and represented 5.8% of Cemig’s total transactions in electricity in the year.

(*)  The MWh column includes a percentage of the total electricity sold by Light equivalent to the Company’s stockholding.

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

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

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— The electricity market of Cemig GT

The consolidated total of electricity sold by Cemig GT means the total of: sales to Free Consumers both in the state of Minas Gerais and outside it; sales under Proinfa; and wholesale sales in the Regulated and Free Markets, and on the CCE.

This total was up 7.5% in 2011, from 2010, reflecting higher electricity sales activity in the year.

Revenue from these sales totaled R$ 4.30 billion in 2011, 16.12% more than in 2010 (R$ 3.70bn).

The increase mainly reflects the volume of electricity supplied to Free Consumers being 6.65% 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.

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Although the volume of electricity sold to other concession holders in 2011 was not significantly different from 2010, revenue from these sales was 6.43% higher, due to the average sale price being 6.09% higher — at R$ 100.57/MWh, compared to R$ 94.80/MWh in 2010. Total revenue from these sales was R$ 1.539 billion, compared to R$ 1.446 billion in 2010.

This table shows supply of electricity by type of consumer:

— The electricity market of Cemig D

The concession area of Cemig Distribuição S.A. (Cemig D) covers 567,740km², approximately 96% of the territory of Minas Gerais State. Cemig D has four electricity distribution concessions in Minas Gerais, under four concession contracts — for the Western, Eastern, Northern and Southern areas of the State. These contracts have an expiry date of February 18, 2016, and a clause providing for their extension by the concession-granting power for a further 20 (twenty) years, upon application by the concession holder.

The increase in sales of electricity to Cemig D’s final consumers reflects the expansion of 5.6% in the captive market, with the highlight on the Residential and Commercial consumer categories, in which growth was, respectively, 6.1%, and 12.2%.

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The following are some comments on the figures for the main consumer categories:

Residential:

Residential consumption accounted for 35.3% of the total of electricity sold in 2011. The increase of 5.1% in the year reflects connection of new consumer units, and also higher consumption by private users due to the favorable situation of the Brazilian economy, with the employment market continuing to be vigorous, growth in total real wages, and expansion of the supply of credit.

The average monthly consumption per residential unit in 2011 was 122 kWh, 2.6% more than in the previous year.

Industrial:

The volume of electricity used by captive industrial clients, corresponding to 19.5% of the volume sold in 2011, was 0.8% less than in 2010. The main reason is migration of captive industrial consumers to the status of Free Consumers during the year.

Consumption by the Commercial and Services sectors:

This consumer category represented 21.4% of the electricity sold, and was 8.5% higher by volume in 2011 than in 2010, reflecting the increasingly active domestic consumer market, that is to say, growth in the various sectors of the economy and also in consumption by families and individuals.

Within this consumer category the highest consumption growth rates in 2011 were in: retailing (10.5%), wholesaling (11.3%), communication services (4.8%), accommodation and meals (4.4%) and health services (3.8%).

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Rural:

Rural consumption grew by 7.2% in 2011, with the connection of 120,881 rural properties to electricity supply for the first time, and increased demand for irrigation due to atypical climatic conditions: low rainfall in the rainy season, and higher than expected temperatures in the dry season. These consumers accounted for 10.9% of the total electricity consumption.

Other consumer categories:

The total of other types of consumption in 2011 — by public authorities, public illumination, public services, and Cemig’s own consumption — was 13.1% of the electricity sold, and was 6.8% more in total than in 2010.

— Consolidated operational revenue

Revenue from supply of electricity:

This table shows supply of electricity by type of consumer:

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

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Distribution: The tariff adjustment of Cemig D:

On April 8, 2011 Aneel published the result of the annual Tariff Adjustment of Cemig D.  The result homologated by Aneel was for an upward adjustment of 10.47%, made up of two components:

(i)             the structural element, with an increase of 8.08%, comprising the non-manageable (Portion A) and the manageable (Portion B) costs; and

(ii)          the financial component, of 2.39%, which will be in effect until April 2012.

With the withdrawal of the financial components taken into account in the 2010 tariff, which totaled 3.23%, the average effect for captive consumers was an increase of 7.24%.

Distribution: Tariff Adjustment — Light:

On November 1, 2011, Aneel approved the result of the 2011 Tariff Adjustment for Light SESA. The result homologated by Aneel was for an upward adjustment of 6.57%, made up of two components:

(i)             The structural element, resulting in an increase of 7.21%, comprising the non-manageable (Portion A) and the manageable (Portion B) costs; and

(ii)          the financial element, of - 0.64%, which will be in effect until October 2012.

Removing the financial component present in the existing tariffs of Light in effect up to that date, of - 1.33%, the proposal represents an average tariff increase for final consumers of 7.82%.

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Revenue from Use of the Distribution Systems (TUSD):

A significant proportion of the large industrial consumers in the concession areas of Cemig D (Cemig  Distribution) and Light have the status of Free Consumers, and buy their electricity from Cemig GT (Cemig Generation and Transmission), or other generating companies. As a result, the charges to these free consumers for their use of the distribution network (“TUSD”) are charged separately and reported under this line.

Revenue from Use of the Transmission Grid:

For the long-standing concessions, Revenue from Use of the Transmission Grid refers to the tariff charged to agents in the electricity sector, including Free Consumers connected to the high voltage network, for use of that part of the National transmission Grid that is owned by the Company, less the amounts received that are used to amortize the Financial Asset of the Concession.

For the new concessions, it includes the portion received from agents of the electricity sector for the operation and maintenance of the transmission lines, and also the adjustment to present value of the financial assets of the transmission concession, which is primarily constituted during the period of construction of transmission projects. The rates used for updating of the asset correspond to the remuneration of the capital applied in construction of the projects, which varies according to the type of project and the cost of capital incurred by the investing party.

Construction revenue:

The Construction Revenue is entirely compensated by the Construction Costs, and corresponds to the Company’s investment, in the period, in assets of the concession. In some cases it additionally includes the profit margin involved

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in the operation. For more details please see Explanatory Note 25 to the Consolidated Financial Statements for 2011.

— Taxes and sector charges: deductions from operational revenue

The charges applied to operational revenue in 2011 totaled R$ 6.997bn, compared to R$ 6.095bn in 2010, an increase of 14.8%. The main variations in these deductions from revenue, between the two years, are as follows:

The Fuel Consumption Account — CCC:

Expenses on the CCC in 2011 were R$ 718mn, 34.96% more than their total of R$ 532mn in 2010. 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.

This is a non-controllable cost. In the distribution business, the difference between (i) the amounts used as a reference for defining tariffs and (ii) the amounts of costs actually incurred, is compensated in the subsequent tariff adjustment. For the portion relating to transmission services the company is simply a pass-through agent: the CCC is charged to free consumers on the invoice for use of the National Grid, and passed through to Eletrobrás. The variation in this cost arises, principally, from the change in the method of calculation of the charge, which makes good the difference between the total cost of generation of electricity in the isolated systems and the average cost of electricity sold in the Regulated Market.

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CDE — Energy Development Account:

Cemig’s expense on the CDE in 2011 was R$ 516mn, 21.99% more than its total of R$ 423mn in 2010. These payments are specified by a Resolution issued by the regulator, Aneel.

This is a non-controllable cost: In the distribution activity the difference between the amounts used for reference in setting the tariffs and the costs actually incurred is compensated in the subsequent tariff adjustment. For the portion relating to transmission services the Company merely charges the CDE amount to Free Consumers on their invoices for use of the grid, and passes it on to Eletrobrás.

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.

For a breakdown of the taxes applicable to revenues, please see Explanatory Note 24 to the Consolidated Financial Statements.

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— Operational costs and expenses

(excluding Financial revenue/expenses)

Operational costs and expenses (excluding Financial revenue (expenses)) totaled R$ 11.401 billion in 2011, 11.77% more than in 2010 (R$ 10.200bn). For more information please see Explanatory Note 25 to the Consolidated Financial Statements.

These are the main variations in expenses:

Electricity bought for resale:

The cost of electricity bought for resale in 2011 was R$ 4.278bn, 14.94% higher than the expense of R$ 3.722bn in 2010. The increase primarily reflects greater sales activity by Cemig GT, and also a higher participation by Light in 2011, with the increased consolidation of its operations. 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. For more information please see Explanatory Note 25 to the Consolidated Financial Statements.

Charges for use of the transmission network:

The expense on charges for use of the transmission network in 2011 was R$ 830mn, vs. R$ 729mn in 2010, an increase of 13.85%.

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, and the difference between the amounts used for reference in setting the tariffs and the costs actually incurred is compensated in the subsequent tariff adjustment.

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Depreciation and amortization:

The expense on depreciation and amortization was 4.80% higher in 2011, at R$ 939mn in 2011, compared to R$ 896mn in 2010. This mainly reflects the increase in the concession assets, in turn reflecting the larger investment program, especially in the distribution business.

Post-employment obligations:

The expense on post-retirement obligations in 2011 was R$ 124mn, compared to R$ 107 million in 2010, an increase of 15.89%. This expense represents the updating of the liability calculated in accordance with an Actuary’s Opinion given by external consultants. The significant increase reflects the increased proportional equity interest in the subsidiary Light.

Operational provisions:

Operational provisions in 2011 totaled R$ 257mn, 86.23% more than in 2010 (R$ 138mn). The increase mainly represents the following items:

·                  The provisional for doubtful receivables was 55.24% higher, at R$ 163 million in 2011, compared to R$ 105mn in 2010).

·                  Different provisions for Aneel administrative proceedings: a provision of R$ 4mn in 2011, vs. a reversal of provisions totaling R$ 47mn in 2010 following dismissal by Aneel of a case relating to the low-rental tariff subsidy.

·                  Different contingency provisions for legal actions: R$ 48mn in 2011, vs. a reversal of R$ 54mn in 2010.

·                  On the other hand, provisions for civil actions on tariff increases were R$ 9mn in 2011, compared to R$ 139mn provisioned in 2010. The amounts provisioned in 2010 were substantially from settlement to terminate a legal action brought by an industrial consumer relating to the tariff increase ordered by the National Water and Electricity Authority (DNAEE) 045/86.

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For more information please see Explanatory Note 25 to the Consolidated Financial Statements.

Gas purchased for resale:

The expense on gas bought for resale in 2011 was R$ 329mn, 46.22% more than its total of R$ 225mn in 2010. The change basically reflects the higher quantity bought in 2011 than in 2010, reflecting a higher quantity of gas sold by Gasmig in 2011, due to greater industrial activity.

Services provided by third parties:

The expense on outsourced services in 2011 was R$ 1.031bn, compared to R$ 923mn in 2010, an increase of 11.70%. This is mainly due to higher volume of services of communication, meter reading and electricity bill delivery, and consultancy, mostly due to adjustments in the service contracts. A breakdown of outsourced services is given in Explanatory Note 25 to the Consolidated Financial Statements.

Employees’ and managers’ profit shares:

The expense on employees’ and managers’ profit shares in 2011 was R$ 221mn, 32.00% less than in 2010 (R$ 325mn). The amounts reported arise from the Specific Work Contract signed with employees’ unions in November of 2010 and 2011. The amount reported for 2010 also contains an element of R$ 30mn arising under the Collective Employment Agreement for the previous year, 2009.

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— Financial revenues (expenses)

The company posted net financial expenses of R$ 1.056bn in 2011, 85.20% more than the net financial expenses reported for 2010, of R$ 825mn. The main factors in this difference are:

·                  Higher expenses on loans and financings: R$ 1.311bn in 2011, compared to R$ 1.075bn in 20                    10, due mainly to the higher variation in the CDI (Interbank CD) rate, the main indexor for loan and financing contracts, reflecting the increase of the Selic rate, especially during the first half of 2011.

·                  Higher monetary updating expense on post-retirement liabilities: R$ 163mn in 2011, compared to R$ 142mn in 2010 — mainly due to higher variation in the IPCA index, which is used to update the debt contract between Cemig and the private pension entity, Forluz.

·                  Revenue from monetary updating of amounts paid into court in legal proceedings: R$ 68mn in 2011, from updating of a tax credit for successful final judgment in a legal action on the ITCD (death duties and donations) tax.

·                  Gain from monetary updating applied to the Finsocial tax: R$ 68mn in 2011, from an updated receivable from the federal tax authority for taxes paid unduly over the period 1989—91, on final judgment in favor of Cemig.

·                  Expense on monetary updating of an advance against future capital increase (AFAC): R$ 66mn in 2011 for updating of a historic amount of R$ 27mn repaid to the Finance Department of Minas Gerais State.

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For a breakdown of financial revenues and expenses, please see Explanatory Note 26 to the Consolidated Financial Statements.

— Income tax and Social Contribution tax

In 2011, Cemig’s expenses on income tax and the Social Contribution totaled R$ 941mn, on profit of R$ 3.356 billion before tax, a percentage of 28.03%. In 2010 the expense on income tax and the Social Contribution tax had been R$ 564 million, on pretax profit of R$ 2.822 billion, a percentage of 19.99%. These effective rates are reconciled with the nominal rates in Explanatory Note 10 to the Consolidated Financial Statements.

It should be noted that in 2011 and 2010 the Company posted tax credits that are not explicitly stated in the financial statements, in the amounts of R$ 119,850 and R$ 288,505, respectively.

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— Ebitda

Ebitda (method of calculation not reviewed by external auditors)

The higher Ebitda in 2001 reflects revenue R$ 14.1% higher, while operational and costs and expenses (not including depreciation) were 12.40% higher.

The main non-recurring items affecting the comparison of Ebitda between 2010 and 2011 are:

·                  Recognition — in 2010 — of an expense of R$ 178mn in Cemig D arising from the settlement of a legal action brought by an industrial consumer, for reimbursement of the tariff increase introduced by the DNAEE during the Cruzado economic plan of 1986).

·                  Recognition of an ICMS tax expense in 2010 relating to the subsidy for the discount on tariffs for low-income consumers, in the amount of R$ 26mn, resulting from the decision to subscribe to the Tax Amnesty program put in place by the government of the Minas Gerais State.

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— Light — Highlights of 2011

·                  Consumption up 2.5%. Ebitda in 2011 was R$ 1.244bn.

·                  Dividend proposal of R$ 182mn would increase dividend payout to 100% of Adjusted net income.

·                  Total electricity consumption up 2.5% in 2011, at 22,932 GWh. Highest growth — of 4.3% year-on-year — was in the commercial user category: .

·                  Consolidated net revenue in the year (excluding Construction Revenue) was R$ 6.150bn, up 3.3% from 2010. This is mainly the result of growth of the distribution company’s market.

·                  Consolidated Ebitda for the year is R$ 1.244bn, 21.5% less than in 2010, mainly reflecting higher costs of electricity purchased. Ebitda margin in 2011 was 20.2% — compared to 26.6% in 2010.

·                  Net income for the year was R$ 310.6mn, 46.0% lower than in 2010, mainly on higher costs of bought electricity, and higher financial expenses.

·                  On March 2 the Board of Directors approved a proposal to distribute dividends of R$ 181,501 million or R$ 0.89 per share, partly for the net income of 2011 and partly from net income reserves in the balance sheet on December 31, 2011. This amount increases the payout to 100% of the adjusted net income for 2011 and corresponds to a dividend yield of 3.3% (in relation to the share price at March 3, 2012). The proposal will be submitted for approval to an Extraordinary General Meeting of Shareholders yet to be called.

·                  Electricity losses were reduced for the seventh consecutive quarter. At the end of the year non-technical losses were 40.5% of the low-voltage invoiced market (on the Aneel criterion), a reduction of 1.3 p.p. from 2010.

·                  Realized revenues from electricity invoices in 2011 were 97.4% of the total invoiced, 0.5 of a percentage point lower than the percentage achieved in 2010.

·                  Due to the higher volume of investments, and the acquisitions, the Company had net debt of R$ 3.383bn at the end of 2011, 73.7% more than at the end of 2010.  Net debt / Ebitda was 2.9x.

For more information please see this link:

http://www.mzweb.com.br/light/web/arquivos/Light_Release_4Q11.pdf

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— Taesa — Highlights of 2011

·                  The 2011 results of Taesa include the December results of the assets acquired from Abengoa.

·                  Ebitda in 2011 not adjusted for IFRS was R$ 789.2mn, 8.2% higher than in 2010, since the company continued to improve its operational performance.

·                  Non-adjusted Ebitda margin continued to be over 90%.

·                  Net income adjusted for IFRS in 2011 was R$ 495.4mn, 15.6% higher than in 2010.

·                  Light’s market valuation increased by 21.9%, over the year, to R$ 3.3bn.

For more information please see this link:

http://www.mzweb.com.br/taesa2011/web/arquivos/TAESA_Release_4Q11_Eng.pdf

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— Annual Permitted Revenue — RAP

The RAP (Permitted Annual Revenue) of the Cemig group in 2011 was 13% of that of the whole Brazilian transmission market, totaling R$ 1.6bn, on which criterion Cemig is now Brazil’s third largest transmission company, with a network of more than 10,000km of transmission lines.

This table gives the RAP of the Cemig group by company/project, as stated in Aneel Homologating Resolution 1171 of June 28, 2011, available at this link on Aneel’s website:

REH - RESOLUÇÃO HOMOLOGATÓRIA Nº 1171 de 28/06/2011 publicado em 01/07/2011 - ANEEL ( VIGENTE )

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— Appendices

Cemig D: Tables

CEMIG D Market

1. Refers to the quantity of electricity for calculation of the regulatory charges charged to free consumer clients (“Portion A”)

2. Total electricity distributed

3. Sum of the demand on which the TUSD is invoiced, according to demand contracted (“Portion B”).

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Cemig GT — Tables