XML 79 R61.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Loans and Debentures (Tables)
 12 Months Ended
Dec. 31, 2023
Loans And Debentures  
Schedule of Loans and Debentures

 

 

 

 

 

 

 

 

2023

 

 

2022

 

Financing source

 

Principal maturity

 

Annual financial cost

 

Currency

 

Current

 

 

Non-current

 

 

Total

 

 

Total

 

Foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eurobonds (1)

 

2024

 

9.25%

 

U$$

 

 

1,857

 

 

 

-

 

 

 

1,857

 

 

 

3,975

 

(-) Transaction costs

 

 

 

 

 

 

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

(6

)

(±) Interest paid in advance (2)

 

 

 

 

 

 

 

 

(2

)

 

 

-

 

 

 

(2

)

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt in foreign currency

 

 

 

 

 

 

 

 

1,854

 

 

 

-

 

 

 

1,854

 

 

 

3,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRAZILIAN CURRENCY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eletrobrás (3)

 

2023

 

UFIR + 6,00% a 8,00%

 

R$

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

Sonda (4)

 

2022

 

110,00% do CDI

 

R$

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt in Brazilian currency

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total of loans and financings

 

 

 

 

 

 

 

 

1,854

 

 

 

-

 

 

 

1,854

 

 

 

3,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debentures - 3rd Issue - 3rd Series (5)

 

2025

 

IPCA + 5,10%

 

R$

 

 

331

 

 

 

304

 

 

 

635

 

 

 

913

 

Debentures - 7th Issue - 1st Series (3)(7)

 

2024

 

CDI + 0,45%

 

R$

 

 

271

 

 

 

-

 

 

 

271

 

 

 

816

 

Debentures - 7th Issue - 2nd Series (3)(7)

 

2026

 

IPCA + 4,10%

 

R$

 

 

3

 

 

 

1,945

 

 

 

1,948

 

 

 

1,864

 

Debentures - 8th Issue - 1st Series (3)(7)

 

2027

 

CDI + 1,35%

 

R$

 

 

2

 

 

 

500

 

 

 

502

 

 

 

503

 

Debentures - 8th Issue - 2nd Series (3)(7)

 

2029

 

IPCA + 6,10%

 

R$

 

 

1

 

 

 

529

 

 

 

530

 

 

 

507

 

Debentures - 7th Issue - Single series (8)

 

2026

 

CDI + 2,05%

 

R$

 

 

32

 

 

 

2,000

 

 

 

2,032

 

 

 

-

 

Debentures - 7th Issue - Single series (8)

 

2023

 

CDI + 1,50%

 

R$

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20

 

Debentures - 8th Issue - Single series (8)

 

2031

 

IPCA + 5,27%

 

R$

 

 

134

 

 

 

958

 

 

 

1,092

 

 

 

1,044

 

Debentures - 9th Issue - 1st Series (6)

 

2027

 

CDI + 1,33%

 

R$

 

 

3

 

 

 

700

 

 

 

703

 

 

 

703

 

Debentures - 9th Issue - 2nd Series (6)

 

2029

 

IPCA + 7,63%

 

R$

 

 

1

 

 

 

315

 

 

 

316

 

 

 

302

 

(-) Discount on the issuance of debentures (6)

 

 

 

 

 

 

 

 

-

 

 

 

(9

)

 

 

(9

)

 

 

(12

)

(-) Transaction costs

 

 

 

 

 

 

 

 

(2

)

 

 

(41

)

 

 

(43

)

 

 

(42

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total, debentures

 

 

 

 

 

 

 

 

776

 

 

 

7,201

 

 

 

7,977

 

 

 

6,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

2,630

 

 

 

7,201

 

 

 

9,831

 

 

 

10,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Cemig Geração e Transmissão;
(2)
Advance of funds to achieve the yield to maturity agreed in the Eurobonds contract;
(3)
Cemig Distribuição;
(4)
Debentures issued by Gasmig.
(5)
Discount on the sale price of the 2nd series of the Seventh issue of Cemig Distribuição.
Schedule of Financial Settlement and Cancellation

The table below shows the effects related to the repurchase of bonds:

 

 

%

 

 

US$

 

 

R$

 

Principal Amount

 

 

100.00

 

 

 

375

 

 

 

1,823

 

Accrued interests

 

 

0.41

 

 

 

2

 

 

 

8

 

 

 

 

 

 

377

 

 

 

1,831

 

Income tax on accrued interests

 

 

17.65

 

 

 

-

 

 

 

1

 

 

 

 

 

 

-

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

Total of payments

 

 

 

 

 

377

 

 

 

1,832

 

 

 

 

 

 

 

 

 

 

 

Partial disposal of hedge

 

 

 

 

 

-

 

 

 

(283

)

NDF positive adjustment (*)

 

 

 

 

 

-

 

 

 

117

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

377

 

 

 

1,666

 

 

 

 

 

 

 

 

 

 

 

 

(*) Difference between the PTAX dollar rate on the day of purchase (R$4.9091) in relation to the financial instrument - exchange protection NDF, with the dollar purchase lock in April/23 at R$5.1110 and difference between the PTAX dollar rate on the day of purchase (R$4.8663) in relation to the financial instrument - exchange protection NDF, with the dollar purchase lock in December/23 at R$4.9675.
Schedule of Credit Risk Rating Agency

Company

 

Entry Date

 

Due Date Principal

 

Financial charges

 

Value

 

BRAZILIAN CURRENCY

 

 

 

 

 

 

 

 

 

Debentures – 9th Issue Single serie

 

June 2023

 

2026

 

CDI + 2.05%

 

 

2,000

 

(-)Transaction costs

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

1,988

 

 

 

 

 

 

 

 

 

 

 
Schedule of Guarantees of the Debtor Balance on Loans and Financings

The guarantees of the debt balance on loans and debentures, on December 31, 2022, were as follows:

 

 

 

2023

 

Promissory notes and sureties

 

 

2,489

 

Guarantee and receivables

 

 

2,208

 

Sureties

 

 

4,059

 

Receivables

 

 

—

 

Unsecured

 

 

1,075

 

 

 

 

 

Total

 

 

9,831

 

 

 

 

 
Schedule of Composition of Loans and Debentures

The company's debt has an average repayment period of 2.8 years. The consolidated breakdown of loans and debentures, by currency and index, considering their maturities, is as follows:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029 onwards

 

 

Total

 

Currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US dollar

 

 

1,857

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total, currency denominated

 

 

1,857

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IPCA (1)

 

 

470

 

 

 

1,397

 

 

 

1,099

 

 

 

132

 

 

 

403

 

 

 

1,021

 

 

 

4,522

 

UFIR/RGR (2)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

CDI (3)

 

 

308

 

 

 

1,233

 

 

 

1,233

 

 

 

733

 

 

 

-

 

 

 

-

 

 

 

3,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total by index

 

 

778

 

 

 

2,630

 

 

 

2,332

 

 

 

865

 

 

 

403

 

 

 

1,021

 

 

 

8,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(-) Transaction costs

 

 

(4

)

 

 

(9

)

 

 

(9

)

 

 

(4

)

 

 

(7

)

 

 

(13

)

 

 

(46

)

(±) Interest paid in advance

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2

)

(-) Discount

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall total

 

 

2,629

 

 

 

2,617

 

 

 

2,319

 

 

 

861

 

 

 

396

 

 

 

1,008

 

 

 

9,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Expanded National Customer Price (IPCA) Index.
(2)
Fiscal Reference Unit (Ufir / RGR).
(3)
CDI: Interbank Rate for Certificates of Deposit.
(4)
Interest rate reference unit (URTJ) / Long-Term Interest Rate (TJLP)
Schedule of the Principal Currencies and Indexors Used for Monetary Updating of Loans and Financings

The US dollar and index used for monetary updating of Loans had the following variations:

 

Currency

 

Accumulated change on 2023 (%)

 

 

Accumulated change on 2022 (%)

 

 

Indexer

 

Accumulated change on 2023 (%)

 

 

Accumulated change on 2022 (%)

 

US dollar

 

 

(6.50

)

 

 

(6.50

)

 

IPCA

 

 

4.62

 

 

 

5.79

 

 

 

 

 

 

 

 

CDI

 

 

13.04

 

 

 

12.39

 

 

 

 

 

 

 

 

TJLP

 

 

(9.03

)

 

 

35.34

 
Schedule of Changes in Loans, Financings and Debentures

The changes in loans and debentures are as follows:

 

 

 

 

 

Balance at December 31, 2020

 

 

15,020

 

 

 

 

 

Liabilities arising from business combination

 

 

 

 

 

 

 

Initial balance for consolidation purposes

 

 

15,020

 

 

 

 

 

Liabilities arising from business combination

 

 

13

 

Discount and premium on repurchase of debt securities (Eurobonds)

 

 

491

 

Monetary variation

 

 

331

 

Exchange rate variation

 

 

353

 

Financial charges provisioned

 

 

1,162

 

Amortization of transaction cost

 

 

20

 

Financial charges paid

 

 

(1,589

)

Amortization of financing

 

 

(4,437

)

Reclassification to “Other obligations”

 

 

 

 

 

 

 

Subtotal

 

 

11,364

 

 

 

 

 

FIC Pampulha: Marketable securities of subsidiary companies

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

11,364

 

 

 

 

 

Loans and financing obtained

 

 

2,000

 

Transaction costs

 

 

(18

)

 

 

 

 

Financing obtained, net

 

 

1,981

 

 

 

 

 

Monetary variation

 

 

167

 

Exchange rate variation

 

 

(338

)

Financial charges provisioned

 

 

975

 

Premium on repurchase of debt securities (Eurobonds)

 

 

47

 

Amortization of transaction cost

 

 

7

 

Financial charges paid

 

 

(1,010

)

Amortization of financing

 

 

(2,613

)

 

 

 

 

Balance at December 31, 2022

 

 

10,580

 

 

 

 

 

Loans and financing obtained

 

 

2,000

 

Transaction costs

 

 

(12

)

Discount in the issues of securities

 

 

-

 

 

 

 

 

Financing obtained, net

 

 

1,988

 

 

 

 

 

Monetary variation

 

 

148

 

Exchange rate variation

 

 

(276

)

Financial charges provisioned

 

 

1,082

 

Amortization of transaction cost

 

 

14

 

Financial charges paid

 

 

(1,026

)

Amortization of financing

 

 

(2,679

)

 

 

 

 

Balance at December 31, 2023

 

 

9,831

 

 

 

 

 
Schedule of Capitalized Borrowing Cost

The subsidiaries CEMIG D and Gasmig considered the costs of loans and debentures linked to construction in progress as construction costs of intangible and concession contract assets, as follows:

 

 

 

2023

 

 

2022

 

 

2021

 

Costs of loans and financing

 

 

1,083

 

 

 

975

 

 

 

1,162

 

Financing costs on intangible assets and contract assets

 

 

(70

)

 

 

(47

)

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

Net effect in Profit or loss

 

 

1,013

 

 

 

928

 

 

 

1,147

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The average capitalization rate p.a. on December 31, 2022 was 11.36% (9.44% on December 31, 2021).
Schedule of Restrictive Covenants

The Company has contracts with financial covenants as follows:

 

Title - Security

 

Covenant

 

Ratio required - Issuer

 

Ratio required
CEMIG (guarantor)

 

Compliance required

Eurobonds
CEMIG GT (1)

 

Net debt / Adjusted Ebitda for the Covenant (3)

 

2.5 or less

 

3.0 or less

 

Semi-annual and annual

7th and 8th Debentures Issuance
CEMIG D

 

Net debt / Adjusted Ebitda

 

3.5 or less

 

3.0 or less

 

Semi-annual and annual

8th Debentures Issuance
Gasmig (2)

 

Ebitda/Debt servicing
Net debt/EBITDA

 

1.3 or more
3.0 or less

 

-

 

Annual

9th Debenture Issue
CEMIG GT
1st and 2nd Series (3)

 

Net debt / Adjusted Ebitda

 

3.5 or less

 

3.0 or less from Dec. 31, 2022 onwards
3.5 or less from Dec. 31, 2026 onwards

 

Semi-annual and annual

9th Debentures Issuance
CEMIG D

 

Net debt / Adjusted Ebitda

 

3.5 or less from June 30, 2023 onwards

 

3.5 or less from June 30, 2023 onwards

 

Semi-annual and annual

 

(1)
Adjusted Ebitda corresponds to earnings before interest, income taxes and social contribution on net income, depreciation and amortization, calculated in accordance with CVM Resolution 156, dated June 23, 2022, from which non-operating income, any credits and non-cash gains that increase net income are subtracted, to the extent that they are non-recurring, and any cash payments made on a consolidated basis during such period in respect of non-cash charges that were added back in the determination of Ebitda in any prior period, and increased by non-cash expenses and non-cash charges, to the extent that they are non-recurring.
(2)
Non-compliance with financial covenants implies non-automatic early maturity. If early maturity is declared by the debenture holders, Gasmig must make the payment upon receipt of the notification.
(3)
Non-compliance with financial covenants implies early maturity resulting in the immediate enforceability of payment by CEMIG GT of the Unit Nominal Value or Updated Unit Nominal Value of the Debentures, as the case may be, plus remuneration, in addition to the other charges due, regardless of judicial or extrajudicial notice, notification or interpellation.