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 2012
Commission File Number 1-15224
Energy Company of Minas Gerais
(Translation of Registrants 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 18, 2012
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17.155.730/0001-64
NOTICE TO STOCKHOLDERS
Second dividend payment for 2011
We hereby advise stockholders that Cemig will make payment of the second part of the stockholder remuneration for the business year of 2011 on December 26, 2012. This payment, of R$ 647,020,000, equivalent to R$ 0,948538419 per share, is 50% of the amount decided by the Ordinary and Extraordinary General Meetings of Stockholders held concurrently on April 27, 2012.
The stockholders entitled to this payment are those whose names were on the Companys Nominal Share Registry on April 27, 2012.
Stockholders whose bank details are up-to-date with the Custodian Bank for Cemigs nominal shares (Banco Bradesco S.A.) will have their credits posted automatically on the day of payment, on which occasion they will receive the advice of the corresponding credit. In the event of not receiving the notice of credit, the stockholder should visit a branch of Banco Bradesco S.A. to update his/her registry details. Proceeds from shares deposited in custody at CBLC (Companhia Brasileira de Liquidação e Custódia the Brazilian Settlement and Custody Company) will be credited to that entity, and the Depository Brokers will be responsible for passing the amounts through to stockholders.
Belo Horizonte, December 13, 2012
Luiz Fernando Rolla
Chief Finance and Investor Relations Officer
Av. Barbacena 1200 |
Santo Agostinho |
30190-131 Belo Horizonte, MG |
Brazil |
Tel.: +55 31 3506-5024 |
Fax +55 31 3506-5025 |
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
COMPANHIA ENERGÉTICA DE MINAS GERAIS CEMIG
LISTED COMPANY
CNPJ 17155.730/0001-64
NIRE: 31300040127
MARKET ANNOUNCEMENT
Cemig Board decisions on renewals of concessions
Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, hereby informs the public, the Brazilian Securities Commission (CVM), the São Paulo Stock, Commodities and Futures Exchange (BM&FBovespa) and the market in general in accordance with CVM Instruction 358 of January 3, 2002, as amended as follows:
By decision of its Board of Directors, Cemig has decided to sign a contract with the Mining and Energy Ministry for renewal, for 30 years, of the concession for operation and maintenance of the transmission assets of its subsidiary Cemig Geração e Transmissão S.A.
The Board also decided not to renew the concessions of 18 of the Companys hydroelectric plants, the concession contracts of which expire in the coming years.
Cemig will call an Extraordinary General Meeting of Stockholders to submit the decision taken by the Board to the approval of the stockholders.
These decisions reflect the Companys commitment to its stockholders, employees and other stakeholders to maintain the Companys sustainability and growth.
Belo Horizonte, December 4, 2012,
Luiz Fernando Rolla
Chief Finance and Investor Relations Officer
Av. Barbacena 1200 |
Santo Agostinho |
30190-131 Belo Horizonte, MG |
Brazil |
Tel.: +55 31 3506-5024 |
Fax +55 31 3506-5025 |
This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Your invitation Cemig
Third Quarter 2012 Results
Cemig
(BM&FBOVESRA: CMIG3, CMIG4; NYSE: CIG, CIG.C; Latibex: XCMIG)
announces its
TIMETABLE for publication of 3Q 2012 Results:
1 Publication
November 14, 2012 (Wednesday)
(after close of market in São Paulo and New York)
The information will be available on our website: http://ri.cemig.com.br
2 Video webcast and Conference call
November 19, 2012 (Monday), 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
3 Video Webcast Playback: Site: http://ri.cemig.com.br
Available far 90 days Click on the banner and download
4 Conference call playback: Phone: (+ 55 11) 4688-6312
Available Nov 19-25, 2012 |
Passwords: |
1177583# (Portuguese) |
|
|
4544867# (English) |
For any questions please call +55 31 3506-5024. Thank you.
Contents
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15 | |
RENEWAL OF CONCESSIONS PROVISIONAL MEASURE 579 OF SEPTEMBER 11, 2012 |
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Certain statements and estimates in this material may represent expectations about future events or results, which 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 expected future results, many of which are not under Cemigs control.
Important factors that could lead to significant differences between actual results and the projections about future events or results include Cemigs business strategy, Brazilian and international economic conditions, technology, Cemigs 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, Cemigs results 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 Cemigs professionals nor any of their related parties or representatives shall have any liability for any losses that may result from 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 originate 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)
Cemigs CEO, Mr. Djalma Bastos de Morais, comments:
Cemigs 3Q12 results are in line with the guidelines laid down in our Long-term Strategic Plan. Maintaining its growth strategy, Cemig ensures its leadership position in consolidation of the Brazilian electricity sector. As part of this context, the companys recent decisions aim to ensure funding for continuity of the Companys policy of investments, including those associated with opportunities for new projects and acquisitions contributing to the development of Brazils electricity sector and the provision of service to our consumers with quality and efficiency.
Cemigs CFO, Mr. Luiz Fernando Rolla, says:
In third quarter 2012 Cemig earned Ebitda of R$ 1.8 billion, showing its strong capacity to generate operational cash flow through its diversified portfolio of businesses and its high levels of operational efficiency. Our resulting net profit in the period is R$ 937 million, 43% more than in the same period of 2011. Our solid balance sheet, also reflected by our cash position of R$ 4.7 billion, supports continuity of the companys projects, with an investment program always focused on profitability and addition of value for our stockholders in the long term, and for the community that we serve. Below in this release we present our highlights for 3Q12.
· Cash flow, measured as Ebitda, of R$ 1.8 billion in 3Q12, 18% more than in 3Q11.
· Net income up 43.0% from 3Q11, at R$ 937 million.
· Non-recurring gain of R$ 259mn in 3Q12, arising from dilutions of a stockholding interest in jointly-controlled subsidiaries*
*(This is described in more detail in Note 12 to the Quarterly Information (ITR) published by the Cemig Holding Company).
· Net revenue of more than R$ 4.8 billion in 3Q12 robust growth of 19.0%, from 3Q11.
Weak global economic activity continues to be the focus of uncertainty in 2012. The highlight is the threat to the Eurozone posed by the continuing fiscal tension in many of its countries while in the US, slow below-potential growth, a historic unemployment level, and lack of a specific forward outlook on the Fiscal Cliff, are tending to hold back any significant progress on recovery.
In China, too, there is a moment of uncertainty, due to both the political transition and also the effects of the relative cooling of its economic growth in the context of the recent slowdown in growth rates worldwide. However, based on the improvement in certain economic activity indicators, and the short-term effects of monetary and fiscal easing policies, Chinas economy is still expected to expand by more than 7.5% in 2012.
Brazils economic scenario continues to stand out from this overall perturbed international picture. Its debt/GDP ratio continues to fall, and inflation is showing signs that it will be within the target range by the end of the year. The countrys robust international reserves of US$400 billion; its advanced and solid financial system; and the fiscal responsibility regime governing the states and municipalities all help to expand investors confidence in the country.
As a result Brazil still stands out as one of the worlds principal destinations for investors, as shown by foreign direct investment (FDI) equal to nearly 2.5% of GDP. We expect the fiscal and monetary stimulus measures now in place mainly affecting industry to result in a resurgence in Brazilian economic activity as 2012 comes to a close.
Market forecasts are now indicating annualized Brazilian GDP growth of 4% in the fourth quarter of this year, likely maintained until the end of 2003.
Renewal of concessions Provisional Measure 579 of September 11, 2012
On September 11, 2012, Brazils federal government issued Provisional Measure 579 (PM 579), governing renewals for 30 years of electricity distribution, transmission and generation concessions that meet the renewal criteria in Law 9074/1995, made provisions for bringing forward the date of expiry of present concessions, requiring concession holders to sign an extension contract with the concession granting power (the federal government).
PM 579 makes extension of a concession conditional on express acceptance of criteria for remuneration, allocation of supply, and quality standards specified in it. It also specifies that indemnity of assets that have not yet been amortized or depreciated should be on the basis of replacement value with the exception of transmission assets that existed on May 31, 2000, which are considered to be 100% amortized.
Finally, concessions that are not extended on the basis laid down in the Measure are to be offered by tender by auction or by competing bids for up to 30 years.
Cemig, through its subsidiaries and affiliated companies, has approximately 7 GW of installed generation capacity, and 5,000 kilometers of transmission lines, which will be affected to a greater or lesser degree by the measures announced.
In compliance with the procedure laid down in the Provisional Measure, on October 15, 2012 Cemig submitted to the Brazilian electricity regulator, Aneel, its statement of interest in extending those of its electricity transmission
and generation Concession Contracts which, in Cemigs understanding, were within the criteria specified in the Measure, without prejudice to any possible rights specified in the conversion law.
In accordance with the provisions and timing in PM 579, Ministerial Orders 578 and 579 of October 31, 2012, issued by the Mining and Energy Ministry (MME), laid down initial tariffs for the hydroelectric plants that come within the definition in Clause 6 of PM 579, applying to concession renewals brought forward under it.
On November 1, 2012, Interministerial Order 580, issued by the Mining and Energy Ministry and the Finance Ministry, set out the amounts of indemnity to be paid to holders of generation and transmission concessions that opt to bring forward renewals of concessions.
As mentioned above, renewals of the following concession contracts were required:
1. Concessions for electricity generation service, for the generating plants listed below, contained in Concession Contract 007/97 (Cemig Generation), with provisos relating to the price of electricity, residual value of assets and operational conditions. For these concessions, Interministerial Order 580 of the Mining and Finance Ministries specifies that there will be no indemnity payable by the concession-granting power.
Generation Plant |
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Tariff published in |
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Corresponding |
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Três Marias Hydroelectric Plant |
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58.48553 |
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11.06220 |
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Volta Grande Hydroelectric Plant |
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59.08092 |
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11.19158 |
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Salto Grande Hydroelectric Plant |
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89.27921 |
|
13.86070 |
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Itutinga Hydroelectric Plant |
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94.88619 |
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20.11612 |
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Camargos Hydroelectric Plant, |
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92.23039 |
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23.06261 |
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Piau Small Hydro Plant |
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140.93844 |
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21.41614 |
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Gafanhoto Small Hydro Plant |
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127.51929 |
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30.50868 |
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Peti Small Hydro Plant |
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158.8735 |
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27.58587 |
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Tronqueiras Small Hydro Plant |
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146.19005 |
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34.26354 |
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Joasal Small Hydro Plant |
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160.02056 |
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29.50853 |
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Martins Small Hydro Plant |
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129.76072 |
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45.08264 |
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Cajuru Small Hydro Plant |
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152.18112 |
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35.94264 |
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Paciência Small Hydro Plant |
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188.19722 |
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37.14131 |
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Marmelos Small Hydro Plant |
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204.86441 |
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32.48104 |
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Dona Rita Small Hydro Plant |
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193.26319 |
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51.62081 |
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Sumidouro Small Hydro Plant |
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139.73608 |
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99.46296 |
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Anil Small Hydro Plant |
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216.85424 |
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46.80955 |
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Poquim Small Hydro Plant |
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251.18478 |
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2. Transmission service concessions, under Concession Contract 006/97 (Cemig), relating to the transmission facilities under Cemigs responsibility that are classified as part of the National Grid, under Law 9074/95 and related regulations, with provisos relating to authorized revenue, operational conditions and residual value of the assets. The indemnity specified in Mining and Finance Ministry Interministerial Order 580 for the Companys transmission assets was R$ 285,438,000 (two hundred and eighty five million, four hundred and thirty eight thousand Reais). The annual revenue laid down by Order 579 was R$ 148,536,000.
As specified in the Provisional Measure, Cemig has until December 4, 2012 to state its position on agreement with the tariffs specified in the generation and transmission concessions referred to, and also on the amounts
of the indemnities specified, for the purposes of signing the renewal of the concession contracts. If the Company does not accept the terms laid down by the concession-granting power, it will continue to operate the assets until the end of the period of each one of the concessions referred to.
Since the Company has not yet made its final statement of position on acceptance of the conditions specified in the Provisional Measure for bringing forward renewal of its concessions and its assessment of the indemnity value specified, it is not currently possible to determine the financial effects of the Provisional Measure on its Financial Statements.
Security |
|
Ticker |
|
Currency |
|
Close of |
|
Close of |
|
Change |
|
Cemig PN |
|
CMIG4 |
|
R$ |
|
24.58 |
|
37.53 |
|
-34.91 |
% |
Cemig ON |
|
CMIG3 |
|
R$ |
|
22.40 |
|
31.80 |
|
-29.56 |
% |
ADR PN |
|
CIG |
|
U$ |
|
12.12 |
|
18.42 |
|
-34.20 |
% |
ADR ON |
|
CIG.C |
|
U$ |
|
10.67 |
|
15.64 |
|
-31.78 |
% |
Cemig ON (Latibex) |
|
XCMIG |
|
EUR |
|
9.57 |
|
14.63 |
|
-34.62 |
% |
Ibovespa |
|
Ibovespa |
|
|
|
59,175 |
|
54,354 |
|
8.87 |
% |
IEEX |
|
IEEX |
|
|
|
30,091 |
|
35,415 |
|
-15.04 |
% |
Sources: Economática, Latibex.
Brazils main equity index, the Ibovespa, recovered from a strong fall in the prior three months, to close 8.87% higher on the third quarter of 2012. Cemigs equities traded in Brazil preferred (CMIG4) and common shares (CMIG3) fell by 34.91% and 29.56%, respectively, in the quarter. The movement was in the same direction as that of Brazils IEEX Electricity Index, which fell 15.04% over the quarter.
The fall in electricity stocks reflected the markets reaction to the announcement of Provisional Measure 579, which provided for early renewals of concessions under a new tariff regime.
Item |
|
3Q12 |
|
3Q11 |
|
(%) |
|
Electricity sold, GWh |
|
17,715 |
|
17,413 |
|
1.7 |
% |
Gross revenue |
|
6,686 |
|
5,827 |
|
15 |
% |
Net revenue |
|
4,810 |
|
4,036 |
|
19 |
% |
Ebitda |
|
1,752 |
|
1,489 |
|
18 |
% |
Net income |
|
937 |
|
657 |
|
43 |
% |
The results below are reported under the new Brazilian accounting practices, resulting from the process of harmonization of Brazilian accounting rules with IFRS (International Financial Reporting Standards).
PROFIT AND LOSS ACCOUNTS FOR THE
THIRD QUARTERS OF 2012 AND 2011
|
|
3rd Quarter |
|
3rd Quarter |
|
REVENUE |
|
4,810,133 |
|
4,035,749 |
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
|
|
|
|
Personnel |
|
(320,692 |
) |
(293,134 |
) |
Employees and managers profit shares |
|
(59,139 |
) |
(46,659 |
) |
Employee post-retirement benefits |
|
(30,619 |
) |
(30,887 |
) |
Materials |
|
(22,243 |
) |
(17,351 |
) |
Outsourced services |
|
(267,158 |
) |
(252,294 |
) |
Electricity bought for resale |
|
(1,580,014 |
) |
(1,110,782 |
) |
Depreciation and amortization |
|
(229,237 |
) |
(248,649 |
) |
Royalties for use of water resources |
|
(44,501 |
) |
(38,728 |
) |
Provisions (reversals) for operational losses |
|
(33,975 |
) |
(100,359 |
) |
Charges for the use of the basic transmission grid |
|
(138,614 |
) |
(226,293 |
) |
Gas purchased for resale |
|
(138,150 |
) |
(92,954 |
) |
Infrastructure Construction Costs |
|
(529,689 |
) |
(266,550 |
) |
Other operational expenses, net |
|
(151,220 |
) |
(70,569 |
) |
|
|
(3,545,251 |
) |
(2,795,209 |
) |
|
|
|
|
|
|
Operational profit/loss before Equity gain/loss and Financial revenue/expenses |
|
1,264,882 |
|
1,240,540 |
|
|
|
|
|
|
|
Goodwill on issuance of shares |
|
258,705 |
|
|
|
Equity gain (loss) on subsidiaries |
|
(1,024 |
) |
|
|
Financial revenue |
|
227,110 |
|
212,768 |
|
Financial expenses |
|
(466,397 |
) |
(484,654 |
) |
|
|
|
|
|
|
Pre-tax profit (loss) |
|
1,283,276 |
|
968,654 |
|
|
|
|
|
|
|
Current income tax and Social Contribution tax |
|
(334,860 |
) |
(275,397 |
) |
Deferred income tax and Social Contribution tax |
|
(11,285 |
) |
(36,010 |
) |
PROFIT FOR THE PERIOD |
|
937,131 |
|
657,247 |
|
Cemigs consolidated electricity market
The figures we report for Cemigs 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 Cemigs holding).
This equates to: the 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) eliminating transactions between companies of the Cemig group.
The volume of electricity sold to final consumers in Cemigs concession area in 3Q12 was 3.8% higher than in 3Q11. This reflects the constant increase in Cemigs total number of clients to a total of 11.5 million consumers at the end of 3Q12, 1.0% more than at the end of 3Q11. Of this total number of consumers, Cemig D serves 7.5 million, and Light serves 4.0 million; Cemig GT has 367 clients; and the subsidiary and affiliate companies have 22 clients.
This growth can be seen in detail in the separate consumer categories:
Residential:
Residential consumption represented 17% of the total electricity transacted by Cemig in 3Q12. The growth of 6.1% over the period reflects connection of new consumers, and increased private consumption of goods and services due to the more favorable conditions of the Brazilian consumer market, in turn reflecting the vigorous employment market, and growth in total real wages, associated with expansion of the supply of credit.
Industrial:
Consumption by Free Consumer clients represented 40% of the total volume of electricity transacted by Cemig in 3Q12, and was 0.4% more than in 3Q11. The increase basically reflects the recovery in the level of industrial activity in Cemigs concession area.
Commercial:
This total volume of electricity transacted with this user group accounted for 11% of Cemigs total in 3Q12, and was 13.2% more than the volume transacted in 3Q11. This growth is also associated with the strong domestic consumer market, especially final consumption by private consumers.
Rural:
Rural consumption, representing 5% of total electricity sold by Cemig, was 2% higher than in 3Q11, with first-time connection of 91,605 rural properties in the interval.
Other consumer categories:
The total of other types of consumption in 2012 by public authorities, public illumination, public services, and Cemigs own consumption represented 6% of Cemigs total transactions in electricity in the quarter, and was 7% higher than in 3Q11.
|
|
MWh (*) |
| ||||
|
|
3Q 2012 |
|
3Q 2011 |
|
Change, % |
|
Residential |
|
2,795,303 |
|
2,634,924 |
|
6.09 |
|
Industrial |
|
6,728,401 |
|
6,700,287 |
|
0.42 |
|
Commercial, services and others |
|
1,887,719 |
|
1,667,721 |
|
13.19 |
|
Rural |
|
831,007 |
|
816,157 |
|
1.82 |
|
Public authorities |
|
317,595 |
|
284,032 |
|
11.82 |
|
Public illumination |
|
370,143 |
|
356,047 |
|
3.96 |
|
Public service |
|
390,091 |
|
368,322 |
|
5.91 |
|
Subtotal |
|
13,320,259 |
|
12,827,490 |
|
3.84 |
|
Own consumption |
|
15,059 |
|
13,461 |
|
11.87 |
|
Uninvoiced supply , net |
|
|
|
|
|
|
|
|
|
13,335,318 |
|
12,840,951 |
|
3.85 |
|
Wholesale supply to other concession holders |
|
3,487,400 |
|
3,678,429 |
|
(5.19 |
) |
Transactions in electricity on the CCEE |
|
860,306 |
|
854,317 |
|
0.70 |
|
Sales under the Proinfa program |
|
31,728 |
|
39,465 |
|
(19.60 |
) |
Total |
|
17,714,752 |
|
17,413,162 |
|
1.73 |
|
(*) The information in MWh has not been reviewed by the external auditors.
This chart shows the breakdown of the Cemig Groups sales to final consumers:
The electricity market of Cemig GT
The consolidated total of electricity sold by Cemig GT means the total of: sales to Free Clients both in the state of Minas Gerais and outside it; sales under the Proinfa program to encourage new energy sources; and wholesale sales in the Regulated and Free Markets, and through the CCEE (Electricity Trading Chamber).
Cemig GTs electricity market was 0.69% smaller, in aggregate, in 3Q12, than in 3Q11. This was due to a lower volume of sales of electricity in the Free Market in the period.
The counterpart to this was that total revenue from electricity supply in 3Q12 was 15.2% higher year-on-year, at R$ 1.3 billion, compared to R$ 1.1 billion in 3Q11, which was a result of the Companys commercial strategy.
This is mainly due to higher prices in the spot market; but is also due to sales being 2.3% higher year-on-year in the industrial consumer category and 143.0% higher in the commercial category.
Although the volume of electricity sold to other concession holders was 7.6% lower YoY, revenue from that electricity sold to other concession holders was 19.2% higher, at R$ 453 million in 3Q12, compared to R$ 380 million in 3Q11.
Breakdown of Cemig GTs supply of electricity, by type of consumer:
|
|
MWh (**) |
| ||||
|
|
3Q 12 |
|
3Q 11 |
|
Change, % |
|
Industrial |
|
5,303,774 |
|
5,183,193 |
|
2.33 |
|
Commercial |
|
58,833 |
|
24,212 |
|
142.99 |
|
Uninvoiced supply, net |
|
|
|
|
|
|
|
|
|
5,362,607 |
|
5,207,405 |
|
2.98 |
|
Wholesale supply to other concession holders (*) |
|
3,554,682 |
|
3,845,669 |
|
(7.57 |
) |
Transactions in electricity on the CCEE |
|
695,937 |
|
619,334 |
|
12.37 |
|
Sales under the Proinfa program |
|
31,728 |
|
39,465 |
|
(19.60 |
) |
Total |
|
9,644,954 |
|
9,711,873 |
|
(0.69 |
) |
( * ) 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.
The electricity market of Cemig D
The concession area of Cemig Distribuição S.A. (Cemig D) covers 567,748 km², approximately 97% of the Brazilian State of Minas Gerais. 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 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.
Total sales of electricity by Cemig Distribuição were 0.43% higher in 3Q12 than 3Q11. The main positive contribution to this result comes from the residential, commercial and rural user categories. A negative contribution comes from the Industrial category of Cemigs captive market, in which consumption was 8.6% lower year-on-year in 3Q12 before any adjustment for the clients that migrated from the captive market to the Free Market.
The following are some comments on the figures for the main consumer categories:
Residential:
Residential consumption was 35.7% of the total electricity sold by Cemig D in 3Q12, and was 3.1% higher than in 3Q11.
Industrial:
Electricity used by (captive) industrial clients was 16.9% of the volume sold by Cemig D in 3Q12, and totaled 8.6% less than in 3Q11 the main factor being the migration of captive clients to the status of free clients in 2012.
Commercial and Services:
The volume of electricity sold to this consumer category accounted for 20.8% of the electricity sold by Cemig D in 3Q12, and was 3.0% higher than in 3Q11.
Rural:
Rural consumption was 1.74% higher year-on-year, with the connection of 91,624 new rural properties added in the 12-month period. These consumers accounted for 13.4% of the total electricity consumption.
Other consumer categories:
The total of the other types of consumption in 3Q12 by public authorities, by public illumination, by public services, and Cemigs own consumption was 1.0% higher than in 3Q11, and was 13.3% of the total volume sold by Cemig D.
|
|
MWh (*) |
| ||||
|
|
3Q12 |
|
3Q11 |
|
Change, % |
|
Residential |
|
2,210,313 |
|
2,144,445 |
|
3.07 |
|
Industrial |
|
1,043,940 |
|
1,142,526 |
|
(8.63 |
) |
Commercial, services and others |
|
1,290,234 |
|
1,253,096 |
|
2.96 |
|
Rural |
|
826,937 |
|
812,788 |
|
1.74 |
|
Public authorities |
|
201,149 |
|
197,181 |
|
2.01 |
|
Public illumination |
|
313,113 |
|
311,564 |
|
0.50 |
|
Public service |
|
299,377 |
|
296,564 |
|
0.95 |
|
Subtotal |
|
6,185,063 |
|
6,158,164 |
|
0.44 |
|
Own consumption |
|
8,140 |
|
8,237 |
|
(1.18 |
) |
Transactions in electricity on the CCEE |
|
69,256 |
|
50,504 |
|
37.1 |
|
Total |
|
6,193,203 |
|
6,166,401 |
|
0.43 |
|
(*) The information in MWh has not been reviewed by the external auditors.
(**) Figures given in MWh are for net purchase/sale.
Consolidated operational revenue
Revenue from supply of electricity
Revenue from total supply of electricity to final consumers in 3Q12 was R$ 4.150 billion, compared to R$ 3.821 billion in 3Q11, an increase of 8.6%.
The main factors affecting revenue in 2012 were:
· Tariff increase for Cemig D with average effect on consumer tariffs of 3.85%, starting from April 8, 2012.
· Tariff increase for Cemig D with average effect on consumer tariffs of 7.24%, starting from April 8, 2011.
· Volume of energy invoiced to final consumers 3.84% higher (this excludes Cemigs own internal consumption).
· Contractual upward indexed adjustment to the prices paid by Free Consumers, the main indexor being the IGPM inflation index.
|
|
R$ |
| ||||
|
|
3Q12 |
|
3Q11 |
|
Change, |
|
Residential |
|
1,518,270 |
|
1,378,182 |
|
10.16 |
|
Industrial |
|
1,201,547 |
|
1,145,903 |
|
4.86 |
|
Commercial, services and others |
|
845,747 |
|
753,475 |
|
12.25 |
|
Rural |
|
218,343 |
|
204,788 |
|
6.62 |
|
Public authorities |
|
146,516 |
|
131,076 |
|
11.78 |
|
Public illumination |
|
99,828 |
|
94,866 |
|
5.23 |
|
Public service |
|
119,651 |
|
112,929 |
|
5.95 |
|
Subtotal |
|
4,149,902 |
|
3,821,219 |
|
8.60 |
|
Uninvoiced supply , net |
|
17,047 |
|
3,901 |
|
336.99 |
|
|
|
4,166,949 |
|
3,825,120 |
|
8.94 |
|
Wholesale supply to other concession holders |
|
487,684 |
|
420,897 |
|
15.87 |
|
Sales under the Proinfa program |
|
9,345 |
|
12,416 |
|
(24.73 |
) |
Total |
|
4,663,978 |
|
4,258,433 |
|
9.52 |
|
Revenue from wholesale electricity sales
Although the volume of electricity sold to other concession holders in 3Q12 was 5.19% lower than in 3Q11, revenue from these sales was 15.87% higher, at R$ 487.7 million (vs. R$ 420.9 million in 3Q11) due to the average sale price being 22.21% higher at R$ 139.84/MWh, compared to R$ 114.42/MWh in 3Q11.
Revenue from use of electricity distribution systems (TUSD)
The revenue from the TUSD (Tariff for Use of the Distribution System), received by Cemig D and Light, was 5.97% lower in 3Q12, at R$ 527.7 million, compared to R$ 561.2 million in 3Q11. This revenue comes from charges made to Free Consumers on the electricity sold by other agents of the electricity sector.
Transmission concession revenue
Transmission concession revenue in 3Q12 was R$ 548,798, 25.81% more than in 3Q11 (R$ 436,217). This variation mainly reflects the expansion of Cemig GTs transmission assets arising from the new acquisitions made in 2011 principally of Abengoa, acquired through Cemig GTs subsidiary Taesa. The transmission revenue aggregated by Taesa in 3Q12 (stated in proportion to Cemigs stake) was R$ 318,502, compared to R$ 274,986 in 3Q11.
Transactions in electricity on the CCEE
Revenue from transactions in electricity on the CCEE (Electricity Trading Chamber) in 3Q12 was R$ 69,256, an increase of 37.13% relative to 3Q11,
when it was R$ 50,504). This reflects the significantly higher average spot market price in 3Q12 of R$ 131.14 compared to R$ 20.61 in 3Q11.
Other operational revenues
This total includes charged services, supply of gas, sharing of infrastructure, the subsidy for the low-income electricity tariff, and other services provided under the concession.
It was 36.69% higher, at R$ 344,744, in 3Q12 than in 3Q11 (R$ 252,204). The difference mainly reflects (i) supply of gas 35.62% higher in 3Q12 than in 3Q11; and (ii) the new criteria for the low-income rate subsidy, set by Aneel Resolution 472 of January 2012. Resolution 472 laid down the method for calculating the monthly difference of revenue resulting from application of the Social Electricity Tariff, and the resulting amount of funds to be paid to the distributors to pay for the difference.
The charges applied to revenue in 3Q12 totaled R$ 1,875,314, an increase of 4.70% compared to 3Q11 (R$ 1,791,149). The main variations in these deductions from revenue between the two years are as follows:
Global Reversion Reserve RGR
The deduction from revenue for the RGR in 3Q12 was R$ 76,891, 51.53% higher than the figure for 3Q11 (R$ 50,742). The RGR is charged to providers of public electricity service under concessions and permissions, to provide funds for reversion, compulsory takeover of concessions, and expansion and improvement of service. The annual RGR payments are calculated as 2.5% of the concession holders capital expenditure, pro rata tempore per quarter, with a maximum of 3.0% of each concession holders total revenue from retail and wholesale supply (except supply originating from Itaipu),
use of the electricity network, and charged services, less the related amounts of ICMS tax embedded in revenue, where applicable.
The Fuel Consumption Account CCC
The CCC quota in 3Q12 was R$ 114,256, 39.91% less than in 3Q11 (R$ 190,141). This charge is for the costs of operation of the thermal plants in the national grid and in the isolated systems. It is shared between electricity concession holders, on a basis set by an Aneel Resolution.
CDE Energy Development Account
The payments of the CDE are set by an Aneel Resolution, and were 17.13% higher in 3Q11 than 3Q11. The amount of the CDE charge in the quarter was R$ 151,978, compared to R$ 129,751 in 3Q11.
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.
|
|
3Q12 |
|
3Q11 |
|
Change, |
|
Charges on revenue: |
|
|
|
|
|
|
|
ICMS tax |
|
983,688 |
|
906,331 |
|
8.54 |
|
Cofins tax |
|
408,922 |
|
385,911 |
|
5.96 |
|
PIS and Pasep taxes |
|
88,752 |
|
83,776 |
|
5.94 |
|
ISS value added tax on services, and other taxes |
|
2,070 |
|
1,536 |
|
34.77 |
|
|
|
1,483,432 |
|
1,377,554 |
|
7.69 |
|
Charges to the consumer |
|
|
|
|
|
|
|
Global Reversion Reserve RGR |
|
76,891 |
|
50,742 |
|
51.53 |
|
Energy Efficiency Program P.E.E. |
|
12,629 |
|
11,112 |
|
13.65 |
|
CDE Energy Development Account |
|
151,978 |
|
129,751 |
|
17.13 |
|
Fuel Consumption Account CCC |
|
114,256 |
|
190,141 |
|
(39.91 |
) |
Research and Development R&D |
|
11,869 |
|
10,233 |
|
15.99 |
|
National Scientific and Technological Development Fund (FNDCT) |
|
10,254 |
|
9,003 |
|
13.90 |
|
Energy system expansion research EPE (Mining and Energy Ministry) |
|
12,772 |
|
4,565 |
|
179.78 |
|
Emergency Capacity Charge |
|
|
|
93 |
|
|
|
0.30% additional payment (Law 12111/09) |
|
1,233 |
|
7,955 |
|
(84.50 |
) |
|
|
1,233 |
|
413,595 |
|
(5.25 |
) |
|
|
1,875,314 |
|
1,791,149 |
|
4.70 |
|
Operational costs and expenses
(Excluding Financial revenues (expenses))
Operational costs and expenses (excluding Financial revenue/expenses) totaled R$ 3.545 billion in 3Q12, 26.83% more than in 3Q11 (R$ 2.795 billion). This mainly reflects higher costs on employee profit shares, electricity bought for resale, operational reversals, charges for use of the national transmission grid, and gas bought for resale.
The following paragraphs outline the main variations in expenses:
Employees and managers profit shares
The expense on employees and managers profit shares in 3Q12 was R$ 59,139, compared to R$ 46,659 in 3Q11, an increase of 26.75%. The considerable difference reflects recognition in 3Q12 of profit shares previously agreed with the unions for this business year; in 2011 the largest portion was provisioned only in the fourth quarter of the year since in that year the negotiations were completed in December.
Electricity bought for resale
The expense on electricity bought for resale in 3Q12 was R$ 1,580,014 42.24% more than in 3Q11 (R$ 1,110,782). This primarily reflects:
· Financial exposure of Cemig D to the spot market 114.34% higher R$ 208,634 in 3Q12, compared to R$ 97,339 in 3Q11, due to considerably higher average spot market prices in all the sub-markets these averaged R$ 20.61/MWh in 3Q11, and R$ 131.14/MWh in 3Q12.
· Electricity acquired by auction by Cemig D in the Regulated Market 24.67% higher as part of a strategy to reduce risk of exposure to the spot market.
· Expense on electricity from Itaipu 22.32% higher, at R$ 231,112 in 3Q12, vs. R$ 188,948 in 3Q11, since this expense is indexed to the US dollar. In the first half of 2012 the Real depreciated against the dollar, whereas in the first half of 2011 it appreciated against the dollar. The average value of the dollar applied to invoices in 3Q12 was R$ 2.038, 22.62% higher than the value of R$ 1.662 applied in 3Q11.
Charges for use of the transmission grid
Charges for use of the transmission network totaled R$ 138,614 in 3Q12, compared to R$ 226,293 in 3Q11 a reduction of 38.75%. This expense is for the charges payable by electricity distribution and generation agents for use of facilities that are components of the national grid. The amounts to be paid are set by an Aneel Resolution.
Gas purchased for resale
The cost of gas purchased for resale was R$ 138,150 in 3Q12, 48.62% more than in 3Q11 (R$ 92,954). This reflects the higher volume of gas purchased, to supply higher sales of gas by Gasmig in 2012, on increased industrial consumption following the expansion of Gasmigs client base in the Steel Valley (Vale do Aço) and South of Minas (Sul de Minas) regions.
Net financial expenses in 3Q12 were 11.99% lower than in 3Q11 at R$ 239,287, vs. R$ 271,886 a year before.
The main factors in the difference between 2Q12 and 2Q11 are
· Revenue from late charges on overdue electricity bills in 3Q12, at R$ 49.019, was 61.59% higher than in 3Q11 (R$ 30,336). Among other factors, this reflects implementation of collection follow-up by e-mail and text message, with more effort applied also to standard methods such as follow-up letters and formal demands.
· Revenue from cash investments was 29.72% lower on less cash invested in 2012.
· Lower expense on costs of loans and financings, at R$ 298,955 in 3Q12, compared to R$ 357,496 in 3Q11. This basically reflects a lower volume of loans linked to the CDI rate in 3Q12 than in 3Q11, and also the lower variation represented by applying the CDI rate in the quarter. In 3Q12 this variation was 1.91%, compared to 3.01% in 3Q11.
· Expense on monetary updating of loans and financing 199.67% higher, at R$ 48,049, in 3Q12 than in 3Q11 (R$ 16,034). This reflects the higher value of the IGPM inflation index in the third quarter of 2012 than in 3Q11, and also the effect of new capital raised as from 2Q11.
· Expense of monetary updating on paid concessions: a total of R$ 17,086 in 3Q12, compared to R$ 4,135 in 3Q11. This reflects the significantly higher variation in the IGPM inflation index in 3Q12 which was 0.97% in 3Q11, but 3.78% in 3Q12.
· Net expense of exchange rate variations in 3Q12 totaling R$ 1,893, compared to net expense of R$ 23,182 in 3Q11, on loans and financings in foreign currency, and on purchases of electricity from Itaipu, indexed to the dollar. There was a significant difference in the appreciation of the dollar against the Real in the two periods: by 18.79% in 3Q11, but 0.46% in 3Q12.
Net financial revenue (expenses)
|
|
3Q12 |
|
3Q11 |
|
Change, |
|
FINANCIAL REVENUES |
|
|
|
|
|
|
|
Interest income from cash investments |
|
80,826 |
|
115,010 |
|
(29.72 |
) |
Late charges on overdue electricity bills |
|
49,019 |
|
30,336 |
|
61.59 |
|
Monetary variations |
|
25,171 |
|
20,944 |
|
20.18 |
|
Interest and monetary updating on accounts receivable from Minas Gerais state government |
|
44,035 |
|
38,525 |
|
14.30 |
|
Foreign exchange variations |
|
8,397 |
|
(7,836 |
) |
(207.16 |
) |
Pasep and Cofins taxes on financial revenues |
|
(1,666 |
) |
(27,006 |
) |
(93.83 |
) |
Gains on financial instruments |
|
|
|
29,865 |
|
|
|
Other |
|
21,328 |
|
12,930 |
|
64.95 |
|
FINANCIAL EXPENSES |
|
227,110 |
|
212,768 |
|
6.74 |
|
Costs of loans and financings |
|
(298,955 |
) |
(357,496 |
) |
(16.38 |
) |
Foreign exchange variations |
|
(10,290 |
) |
(15,346 |
) |
(32.95 |
) |
Monetary updating loans and financings |
|
(48,049 |
) |
(16,034 |
) |
199.67 |
|
Monetary updating paid concessions |
|
(17,086 |
) |
(4,135 |
) |
313.20 |
|
Monetary Updating R&D and P.E.E. |
|
(5,509 |
) |
(9,112 |
) |
(39.54 |
) |
Monetary updating Other items |
|
(8,466 |
) |
(10,347 |
) |
(18.18 |
) |
Losses on financial instruments |
|
(332 |
) |
|
|
|
|
Adjustment to present value |
|
|
|
(2,800 |
) |
|
|
Charges and monetary updating on Post-retirement liabilities |
|
(27,878 |
) |
(18,451 |
) |
51.09 |
|
Other |
|
(49,832 |
) |
(50,933 |
) |
(2.16 |
) |
|
|
(466,397 |
) |
(484,654 |
) |
(3.77 |
) |
NET FINANCIAL REVENUE (EXPENSES) |
|
(239,287 |
) |
(271,886 |
) |
(11.99 |
) |
Income tax and Social Contribution tax
Cemigs expenses on income tax and the Social Contribution in 3Q12 totaled R$ 346,145, on pre-tax profit of R$ 1,283,276, a percentage of 26.97%. In 3Q11 the expense on income tax and the Social Contribution tax was R$ 311,407, on pre-tax profit of R$ 968,654, before tax effects a percentage of 32.15%.
(Method of calculation not reviewed by external auditors)
Cemigs Ebitda in 3Q12 was 17.63% higher than 3Q11:
EBITDA - R$ 000 |
|
3Q12 |
|
3Q11 |
|
Change, % |
|
Profit for the period |
|
937,131 |
|
657,247 |
|
42.58 |
|
+ Income tax and Social Contribution tax |
|
346,145 |
|
311,407 |
|
11.16 |
|
+ Net financial revenue (expenses) |
|
239,287 |
|
271,886 |
|
(11.99 |
) |
+ Depreciation and amortization |
|
229,237 |
|
248,649 |
|
(7.81 |
) |
Ebitda |
|
1,751,800 |
|
1,489,189 |
|
17.63 |
|
Ebitda
The higher Ebitda in 3Q12 than in 3Q11 primarily reflects net revenue 17.63% higher, mainly due to the gain on issue of shares referred to above, and revenue 19.19% higher, partially offset by operational costs and expenses (excluding effects of depreciation and amortization) 30.22% higher. The higher Operational costs and expenses in 3Q12 than 3Q11 are reflected in Ebitda margin, which was 36.90% in 3Q11, and 36.42% in 3Q12.
· Total electricity consumption in 3Q12, at 5,486 GWh, 3.5% higher than in 3Q11.
· Consumption by the Commercial user category up 13.3% YoY.
· Consolidated net revenue in the quarter, excluding construction revenue, was R$ 1.578 billion, up 10.6% from 3Q11.
· Revenue was higher year-on-year in all the segments of Lights business, with a highlight for sales and services, in which revenue was up 103.4% YoY.
· Consolidated Ebitda in the quarter was R$ 269.5 million, 12.4% up from 3Q11, with a strong component from generation.
· 3Q12 Ebitda margin was 17.1% compared to 16.8% in 3Q11.
· Net income in the quarter was R$ 84.1 million, up from a loss of R$1.6 mn in 3Q11.
· Realized revenues from electricity invoices in the 12 months to end-3Q12 were 98.3% of the total invoiced, 1.1 percentage points better than the percentage achieved a year before.
· Re-IPO, on July 19, 2012, raised R$ 1.729 billion.
· Objective: to finance Taesas strategy of growth based on M&A with addition of value, disciplined approach in auctions, and operational strengthening projects.
· Steps taken to refinance short-term debt, issued to finance acquisition of the assets of Abengoa.
· Debenture issue: R$ 2.16 billion, in 3 series, with maturities at 5, 8 and 12 years.
· Starting in 3Q12, Taesa consolidates 100% of Unisa, following the payment of R$ 904mn on July 3.
· 9M12 Net income is R$ 470mn, 11.1% higher than in 9M11.
· 3Q12 IFRS Net income includes the effect of updating valuation of the financial asset carried out in the third quarter of each year at R$ 299.5 mn an increase of 8.2% from the end of 3Q11.
· 9M12 Non-IFRS adjusted Ebitda was R$ 793.3mn, up 47.9% from 9M11, with adjusted Ebitda margin of 88.0%.
· 3Q12 Non-IFRS adjusted Ebitda was R$ 296.3mn, up 56.3% from 3Q11, with Ebitda margin of 88.2%.
FINANCIAL STATEMENTS SEPARATED BY COMPANY
FINANCIAL STATEMENTS SEPARATED BY COMPANY, AT SEPTEMBER 30, 2012 |
| ||||||||||||||||||||||||
Item |
|
HOLDING |
|
CEMIG - GT |
|
CEMIG - D |
|
LIGHT |
|
ETEP, ENTE, |
|
GASMIG |
|
CEMIG TELECOM |
|
SÁ CARVALHO |
|
ROSAL |
|
OUTRAS |
|
ELIMINAÇÓES/ |
|
TOTAL |
|
ASSETS |
|
16,012,281 |
|
16,265,199 |
|
11,818,850 |
|
2,956,855 |
|
1,362,149 |
|
915,654 |
|
468,210 |
|
178,752 |
|
148,940 |
|
1,565,839 |
|
(12,470,072 |
) |
39,222,657 |
|
Cash and cash equivalents |
|
128,210 |
|
1,016,930 |
|
713,770 |
|
304,105 |
|
23,950 |
|
33,528 |
|
133,658 |
|
5,431 |
|
3,425 |
|
175,773 |
|
|
|
2,538,780 |
|
Accounts receivable from clients |
|
|
|
667,333 |
|
1,979,618 |
|
435,267 |
|
36,905 |
|
179,700 |
|
|
|
5,333 |
|
3,693 |
|
128,247 |
|
(176,969 |
) |
3,259,127 |
|
Securities - cash investments |
|
199,195 |
|
1,900,350 |
|
112,214 |
|
4,037 |
|
|
|
11,695 |
|
|
|
13,178 |
|
9,326 |
|
91,156 |
|
|
|
2,341,151 |
|
Taxes |
|
537,856 |
|
178,079 |
|
1,098,657 |
|
184,458 |
|
|
|
55,192 |
|
35,724 |
|
500 |
|
58 |
|
81,816 |
|
|
|
2,172,340 |
|
Other assets |
|
2,097,489 |
|
343,605 |
|
1,425,335 |
|
159,542 |
|
69,126 |
|
37,870 |
|
37,119 |
|
4,036 |
|
359 |
|
88,324 |
|
(53,478 |
) |
4,209,327 |
|
Investments / Fixed / Intangible / Financial Assets of Concession |
|
13,049,531 |
|
12,158,902 |
|
6,489,256 |
|
1,869,446 |
|
1,232,168 |
|
597,669 |
|
261,709 |
|
150,274 |
|
132,079 |
|
1,000,523 |
|
(12,239,625 |
) |
24,701,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
16,012,281 |
|
16,265,199 |
|
11,818,850 |
|
2,956,855 |
|
1,362,149 |
|
915,654 |
|
468,210 |
|
178,752 |
|
148,940 |
|
1,565,839 |
|
(12,470,072 |
) |
39,222,657 |
|
Suppliers and supplies |
|
4,867 |
|
249,051 |
|
929,780 |
|
192,309 |
|
16,915 |
|
51,724 |
|
8,548 |
|
671 |
|
2,278 |
|
57,596 |
|
(60,931 |
) |
1,452,808 |
|
Loans, financings and debentures |
|
1,087,591 |
|
8,243,626 |
|
4,326,696 |
|
1,254,635 |
|
366,305 |
|
119,550 |
|
141,253 |
|
|
|
|
|
390,353 |
|
682,936 |
|
16,612,945 |
|
Interest on Equity, and dividends |
|
674,424 |
|
138,146 |
|
352,781 |
|
63,118 |
|
10,685 |
|
33,480 |
|
|
|
8,290 |
|
6,753 |
|
62,406 |
|
(707,379 |
) |
642,704 |
|
Employee post-retirement benefits |
|
103,298 |
|
442,362 |
|
1,405,255 |
|
284,025 |
|
|
|
|
|
|
|
|
|
|
|
69,861 |
|
|
|
2,304,801 |
|
Taxes |
|
22,432 |
|
656,446 |
|
1,008,645 |
|
36,776 |
|
152,103 |
|
21,209 |
|
17,597 |
|
43,341 |
|
1,171 |
|
67,294 |
|
|
|
2,027,014 |
|
Other liabilities |
|
284,766 |
|
593,697 |
|
973,484 |
|
276,118 |
|
41,726 |
|
198,384 |
|
13,792 |
|
2,794 |
|
1,960 |
|
101,195 |
|
(140,434 |
) |
2,347,482 |
|
Stockholders equity |
|
13,834,903 |
|
5,941,871 |
|
2,822,209 |
|
849,874 |
|
774,415 |
|
491,307 |
|
287,020 |
|
123,656 |
|
136,778 |
|
817,134 |
|
(12,244,264 |
) |
13,834,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operational revenue |
|
264 |
|
3,931,244 |
|
6,981,507 |
|
1,420,506 |
|
239,086 |
|
434,975 |
|
101,679 |
|
42,063 |
|
29,782 |
|
549,026 |
|
(357,664 |
) |
13,372,468 |
|
Operational costs and expenses |
|
(77,617 |
) |
(1,625,133 |
) |
(6,158,426 |
) |
(1,231,533 |
) |
(37,479 |
) |
(392,785 |
) |
(86,742 |
) |
(10,110 |
) |
(14,531 |
) |
(439,605 |
) |
357,664 |
|
(9,716,297 |
) |
Electricity bought for resale |
|
|
|
(429,297 |
) |
(2,800,406 |
) |
(825,551 |
) |
|
|
|
|
|
|
(310 |
) |
(3,916 |
) |
(208,516 |
) |
156,403 |
|
(4,111,593 |
) |
Charges for the use of the basic transmission grid |
|
|
|
(198,853 |
) |
(594,585 |
) |
|
|
|
|
|
|
|
|
|
|
(1,907 |
) |
(2,933 |
) |
174,475 |
|
(623,803 |
) |
Gas purchased for resale |
|
|
|
|
|
|
|
|
|
|
|
(356,028 |
) |
|
|
|
|
|
|
|
|
|
|
(356,028 |
) |
Construction costs |
|
|
|
(77,385 |
) |
(980,799 |
) |
(122,496 |
) |
(15,338 |
) |
|
|
|
|
|
|
|
|
(31,514 |
) |
|
|
(1,227,532 |
) |
Personnel |
|
(32,784 |
) |
(236,187 |
) |
(569,822 |
) |
(57,814 |
) |
(7,934 |
) |
(13,230 |
) |
(27,177 |
) |
(1,041 |
) |
(1,116 |
) |
(25,713 |
) |
|
|
(972,818 |
) |
Employee profit shares |
|
(13,288 |
) |
(43,819 |
) |
(117,521 |
) |
|
|
|
|
|
|
(1,630 |
) |
(196 |
) |
(136 |
) |
(904 |
) |
|
|
(177,494 |
) |
Employee post-retirement liabilities |
|
(7,583 |
) |
(22,494 |
) |
(70,416 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(100,493 |
) |
Materials |
|
(93 |
) |
(13,725 |
) |
(34,954 |
) |
(4,353 |
) |
563 |
|
(800 |
) |
(131 |
) |
(173 |
) |
(255 |
) |
(2,260 |
) |
|
|
(56,181 |
) |
Outsourced services |
|
(8,895 |
) |
(132,050 |
) |
(499,535 |
) |
(79,565 |
) |
(10,981 |
) |
(5,569 |
) |
(16,549 |
) |
(1,905 |
) |
(2,576 |
) |
(44,467 |
) |
24,326 |
|
(777,766 |
) |
Royalties for use of water resources |
|
|
|
(134,914 |
) |
|
|
|
|
|
|
|
|
|
|
(1,652 |
) |
(883 |
) |
(2,587 |
) |
|
|
(140,036 |
) |
Depreciation and amortization |
|
(279 |
) |
(260,750 |
) |
(278,209 |
) |
(67,919 |
) |
(1,465 |
) |
(17,786 |
) |
(27,428 |
) |
(4,136 |
) |
(3,178 |
) |
(50,792 |
) |
|
|
(711,952 |
) |
Operational provisions |
|
8,817 |
|
(3,267 |
) |
(66,384 |
) |
(58,472 |
) |
|
|
2,862 |
|
(10 |
) |
(1 |
) |
(1 |
) |
(14,052 |
) |
|
|
(130,508 |
) |
Other expenses, net |
|
(23,512 |
) |
(72,392 |
) |
(145,795 |
) |
(15,363 |
) |
(2,324 |
) |
(2,234 |
) |
(13,807 |
) |
(696 |
) |
(563 |
) |
(55,867 |
) |
2,460 |
|
(330,093 |
) |
Operational profit before Equity gains (losses) and Fin. Rev (exp.) |
|
(77,353 |
) |
2,306,111 |
|
823,081 |
|
188,973 |
|
201,607 |
|
42,190 |
|
14,937 |
|
31,953 |
|
15,251 |
|
109,421 |
|
|
|
3,656,171 |
|
Gain on dilution of interest in jointly-controlled subsidiaries |
|
|
|
253,538 |
|
|
|
4,147 |
|
|
|
|
|
|
|
|
|
|
|
1,020 |
|
|
|
258,705 |
|
Equity gain (loss) on subsidiaries |
|
2,228,782 |
|
(2,201 |
) |
|
|
(225 |
) |
(266 |
) |
(4,336 |
) |
|
|
|
|
|
|
(57 |
) |
(2,224,179 |
) |
(2,482 |
) |
Financial revenue |
|
98,793 |
|
191,683 |
|
227,381 |
|
33,535 |
|
3,126 |
|
27,922 |
|
8,243 |
|
872 |
|
880 |
|
79,113 |
|
|
|
671,548 |
|
Financial expenses |
|
(84,590 |
) |
(679,627 |
) |
(433,250 |
) |
(127,964 |
) |
(32,040 |
) |
(9,480 |
) |
(10,177 |
) |
(374 |
) |
(74 |
) |
(97,971 |
) |
|
|
(1,475,547 |
) |
Profit before income tax and Social Contribution tax |
|
2,165,632 |
|
2,069,504 |
|
617,212 |
|
98,466 |
|
172,427 |
|
56,296 |
|
13,003 |
|
32,451 |
|
16,057 |
|
91,526 |
|
(2,224,179 |
) |
3,108,395 |
|
Income tax and Social Contribution tax |
|
|
|
(596,395 |
) |
(372,797 |
) |
(24,293 |
) |
(30,287 |
) |
(19,106 |
) |
(7,171 |
) |
(11,850 |
) |
(1,244 |
) |
(30,992 |
) |
|
|
(1,094,135 |
) |
Deferred income tax and Social Contribution tax |
|
7,119 |
|
(11,407 |
) |
164,896 |
|
2,008 |
|
2,172 |
|
|
|
(1,909 |
) |
871 |
|
(27 |
) |
(5,232 |
) |
|
|
158,491 |
|
Profit for the period |
|
2,172,751 |
|
1,461,702 |
|
409,311 |
|
76,181 |
|
144,312 |
|
37,190 |
|
3,923 |
|
21,472 |
|
14,786 |
|
55,302 |
|
(2,224,179 |
) |
2,172,751 |
|
FINANCIAL INFORMATION BY OPERATIONAL SEGMENT
PROFIT AND LOSS ACCOUNTS SEPARATED BY ACTIVITY, SEPTEMBER 30, 2012 |
| ||||||||||||||||
|
|
ELECTRICITY |
|
|
|
|
|
|
|
|
|
|
| ||||
Item |
|
GENERATION |
|
TRANSMISSION |
|
DISTRIBUITION |
|
GAS |
|
TELECOMS |
|
OTHER |
|
ELIMINATIONS |
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
12,965,466 |
|
10,189,277 |
|
14,513,020 |
|
935,961 |
|
468,292 |
|
974,207 |
|
(823,566 |
) |
39,222,657 |
|
CAPEX |
|
460,566 |
|
94,107 |
|
1,133,425 |
|
78,640 |
|
20,437 |
|
467 |
|
|
|
1,787,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATIONAL REVENUE |
|
3,376,309 |
|
1,149,501 |
|
8,464,293 |
|
434,975 |
|
101,679 |
|
208,224 |
|
(362,513 |
) |
13,372,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF ELECTRICITY SERVICE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF ELECTRICITY AND GAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity bought for resale |
|
(449,834 |
) |
|
|
(3,690,520 |
) |
|
|
|
|
(127,642 |
) |
156,403 |
|
(4,111,593 |
) |
Charges for the use of the national grid |
|
(212,449 |
) |
(158 |
) |
(594,585 |
) |
|
|
|
|
|
|
183,389 |
|
(623,803 |
) |
Gas purchased for resale |
|
|
|
|
|
|
|
(356,028 |
) |
|
|
|
|
|
|
(356,028 |
) |
Total operational costs, electricity and gas |
|
(662,283 |
) |
(158 |
) |
(4,285,105 |
) |
(356,028 |
) |
|
|
(127,642 |
) |
339,792 |
|
(5,091,424 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONAL COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel and managers |
|
(147,641 |
) |
(106,946 |
) |
(631,023 |
) |
(13,230 |
) |
(27,177 |
) |
(46,801 |
) |
|
|
(972,818 |
) |
Employees and managers profit shares |
|
(28,065 |
) |
(16,086 |
) |
(117,521 |
) |
|
|
(1,630 |
) |
(14,192 |
) |
|
|
(177,494 |
) |
Post-retirement obligations |
|
(15,116 |
) |
(7,378 |
) |
(70,416 |
) |
|
|
|
|
(7,583 |
) |
|
|
(100,493 |
) |
Materials |
|
(7,236 |
) |
(7,013 |
) |
(39,117 |
) |
(800 |
) |
(131 |
) |
(1,884 |
) |
|
|
(56,181 |
) |
Outsourced services |
|
(106,926 |
) |
(61,371 |
) |
(577,088 |
) |
(5,569 |
) |
(16,549 |
) |
(30,524 |
) |
20,261 |
|
(777,766 |
) |
Depreciation and amortization |
|
(293,230 |
) |
(2,885 |
) |
(345,733 |
) |
(13,450 |
) |
(27,438 |
) |
(29,216 |
) |
|
|
(711,952 |
) |
Operational provisions |
|
(5,071 |
) |
1,234 |
|
(138,591 |
) |
2,862 |
|
(10 |
) |
9,068 |
|
|
|
(130,508 |
) |
Royalties for use of water resources |
|
(140,036 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(140,036 |
) |
Construction costs |
|
|
|
(94,107 |
) |
(1,133,425 |
) |
|
|
|
|
|
|
|
|
(1,227,532 |
) |
Others |
|
(61,535 |
) |
(25,625 |
) |
(162,531 |
) |
(2,234 |
) |
(8,996 |
) |
(71,632 |
) |
2,460 |
|
(330,093 |
) |
Total Cost of operation |
|
(804,856 |
) |
(320,177 |
) |
(3,215,445 |
) |
(32,421 |
) |
(81,931 |
) |
(192,764 |
) |
22,721 |
|
(4,624,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COST |
|
(1,467,139 |
) |
(320,335 |
) |
(7,500,550 |
) |
(388,449 |
) |
(81,931 |
) |
(320,406 |
) |
362,513 |
|
(9,716,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational profit before Equity gains (losses) and Fin. rev. (exp.) |
|
1,909,170 |
|
829,166 |
|
963,743 |
|
46,526 |
|
19,748 |
|
(112,182 |
) |
|
|
3,656,171 |
|
Gain on dilution of interest in jointly-controlled subsidiaries |
|
|
|
253,538 |
|
5,167 |
|
|
|
|
|
|
|
|
|
258,705 |
|
Equity gain (loss) on subsidiaries |
|
(2,482 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(2,482 |
) |
Financial revenue |
|
107,362 |
|
105,014 |
|
259,944 |
|
27,922 |
|
8,243 |
|
163,063 |
|
|
|
671,548 |
|
Financial expenses |
|
(328,865 |
) |
(242,542 |
) |
(736,825 |
) |
(9,480 |
) |
(10,177 |
) |
(147,658 |
) |
|
|
(1,475,547 |
) |
PRE-TAX PROFIT (LOSS) |
|
1,685,185 |
|
945,176 |
|
492,029 |
|
64,968 |
|
17,814 |
|
(96,777 |
) |
|
|
3,108,395 |
|
Income tax and Social Contribution tax |
|
(569,174 |
) |
(97,516 |
) |
(398,417 |
) |
(19,106 |
) |
(7,171 |
) |
(2,751 |
) |
|
|
(1,094,135 |
) |
Deferred income tax and Social Contribution tax |
|
40,343 |
|
(63,308 |
) |
183,404 |
|
|
|
(1,909 |
) |
(39 |
) |
|
|
158,491 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
1,156,354 |
|
784,352 |
|
277,016 |
|
45,862 |
|
8,734 |
|
(99,567 |
) |
|
|
2,172,751 |
|
Permitted Annual Revenue RAP
Values of RAP (Permitted Annual Revenue)
Specified by Aneel Homologating Resolution No 1313*
Company |
|
RAP |
|
Cemig % |
|
In Cemig |
|
Cemig GT |
|
Taesa |
|
|
|
43,0 |
% |
|
|
638.566.429 |
|
ETEO |
|
130.695.987 |
|
100,0 |
% |
56.199.275 |
|
|
|
ETAU |
|
32.230.169 |
|
52,6 |
% |
7.287.048 |
|
|
|
Novatrans |
|
386.271.534 |
|
100,0 |
% |
166.096.760 |
|
|
|
TSN |
|
361.361.807 |
|
100,0 |
% |
155.385.577 |
|
|
|
Gtesa |
|
6.610.066 |
|
100,0 |
% |
2.842.328 |
|
|
|
Patesa |
|
15.875.326 |
|
100,0 |
% |
6.826.390 |
|
|
|
Munirah |
|
27.116.003 |
|
100,0 |
% |
11.659.881 |
|
|
|
Brasnorte |
|
21.983.585 |
|
38,7 |
% |
3.655.453 |
|
|
|
Abengoa |
|
|
|
|
|
|
|
|
|
NTE |
|
113.773.931 |
|
100,0 |
% |
48.922.790 |
|
|
|
STE |
|
60.710.249 |
|
100,0 |
% |
26.105.407 |
|
|
|
ATEI |
|
110.733.507 |
|
100,0 |
% |
47.615.408 |
|
|
|
ATEII |
|
168.557.454 |
|
100,0 |
% |
72.479.705 |
|
|
|
ATEIII |
|
77.884.667 |
|
100,0 |
% |
33.490.407 |
|
|
|
Cemig GT |
|
485.248.168 |
|
100,0 |
% |
485.248.168 |
|
485.248.168 |
|
Cemig Itajubá |
|
30.478.914 |
|
100,0 |
% |
30.478.914 |
|
30.478.914 |
|
Centroeste |
|
12.931.500 |
|
51,0 |
% |
6.595.065 |
|
|
|
Transirapé |
|
16.767.372 |
|
24,5 |
% |
4.108.006 |
|
|
|
Transleste |
|
30.326.381 |
|
25,0 |
% |
7.581.595 |
|
|
|
Transudeste |
|
18.796.578 |
|
24,0 |
% |
4.511.179 |
|
|
|
TBE |
|
|
|
|
|
|
|
|
|
EATE |
|
319.747.817 |
|
50,0 |
% |
159.809.959 |
|
|
|
STC |
|
30.054.382 |
|
40,0 |
% |
12.018.747 |
|
|
|
Lumitrans |
|
19.783.390 |
|
40,0 |
% |
7.911.378 |
|
|
|
ENTE |
|
167.314.049 |
|
50,0 |
% |
83.640.293 |
|
|
|
ERTE |
|
29.567.524 |
|
50,0 |
% |
14.780.805 |
|
|
|
ETEP |
|
72.846.843 |
|
50,0 |
% |
36.408.852 |
|
|
|
ECTE |
|
70.610.434 |
|
19,1 |
% |
13.479.532 |
|
|
|
EBTE (Stakes of Cemig GT + EATE) |
|
33.500.428 |
|
74,5 |
% |
24.954.469 |
|
|
|
ESDE |
|
10.098.940 |
|
50,0 |
% |
5.046.440 |
|
4.948.480 |
|
Light |
|
6.645.644 |
|
32,6 |
% |
2.165.151 |
|
|
|
Transchile** |
|
17.138.480 |
|
49,0 |
% |
8.397.855 |
|
|
|
RAP: CEMIG TOTALS |
|
|
|
|
|
1.545.702.836 |
|
1.159.241.991 |
|
* Permitted Annual Revenue in effect from July 1, 2012 to June 30, 2013.
** Transmission revenue of Chile-based Transchile is set in US$, and adjusted annually by Chilean government Decree 163 (http://www.cne.cl/images/stories/normativas/otros%20niveles/electricidad/DOC65_-_decreto163obrasurgentes.pdf). For the year 2012 (January through December) its budgeted transmission revenue was in the order of US$ 8,314,000.
For the year 2013 the figure currently expected is US$ 8,462,000.00.
For conversion into Reais in this table, the exchange rate of November 13, 2012 was used: R$ 2.0614/US$.
CEMIG D Market |
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|
(GWh) |
|
GW |
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Quarter |
|
Captive Consumers |
|
|