RESULTS
Disclaimer
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, and market conditions in the electricity sector; and on our expectations for future results, many of which are not under our control.
Important factors that could lead to significant differences between actual results and the projections about future events or results include our business strategy, Brazilian and international economic conditions, technology, our 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, our real 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 our 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 presentation.
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).
In this material, financial amounts are in R$ million (R$ mn) unless otherwise stated.
Financial data reflect the adoption of IFRS.
HIGHLIGHTS
ICMS case: | Structural | Management of |
Court confirms | reorganization and | |
tax credits | operational efficiency | debt portfolio |
initiatives |
Strong growth in | Cemig GT - | Execution of |
operational cash flow | Auction to purchase | Disinvestment |
(measured as Ebitda) | renewable supply | Program |
Court confirms tax credits
- On May 8, 2019 the Regional Federal Appeal Court of the First Region gave final judgment - against which there is no appeal - recognizing Cemig's right to exclude amounts of ICMS (value-added) tax from the calculation base for Pasep and Cofins taxes, as from to 5 years prior to filing the case - i.e. backdated to July 2003.
Pasep and Cofins credits | Cemig H | Cemig D | Cemig GT | Other | Total |
investees | |||||
Escrow deposits | - | 1,138 | 204 | - | 1,342 |
Taxes paid | 484 | 4,833 | 640 | 26 | 5,983 |
Total | 484 | 5,971 | 844 | 26 | 7,325 |
Maximum possible value of reimbursement to clients* | 4,130 | 4,130 | |||
Effects on statement of income | |||||
Recovery of credits of PIS, Pasep and Cofins taxes | 183 | 830 | 409 | 16 | 1,439 |
charged on amounts of ICMS tax | |||||
Net financial income | 297 | 991 | 226 | 10 | 1,524 |
Income tax and Social Contribution tax | -163 | -594 | -212 | -9 | -978 |
317 | 1,227 | 423 | 17 | 1,984 |
( * ) From the amount to be reimbursed to consumers, R$20 million will be deducted related to Pasep and Cofins.
4 | R$ mn |
Cemig D- 7th debenture issue
- R$ 3.66 billion, in two series
1st Series: | maturity 5 years; | total R$ 2.16 billion - pays interest at 0.454% p.a. above CDI Rate. |
2nd Series: | maturity 7 years; | total R$ 1.5 billion - pays 4.10% p.a. plus inflation correction by IPCA index. |
- Replaces more expensive debt
- Estimated average cost: reduced from 144.13% to 108.61% of CDI rate
- Increases average tenor of total debt of Cemig D - from 2.9 years to 5.1 years.
Position on March 31, 2019
Average tenor: 2.9 years | After re-profiling - July 2019 |
Average tenor: 5.1 years |
1,171 | |||||||||||||
776 | 794 | ||||||||||||
565 | 565 | ||||||||||||
909 | 282 | 565 | 700 | ||||||||||
463 | 480 | - | - | - | 282 | 700 | |||||||
383 | 480 | ||||||||||||
234 | 256 | 231 | 463 | ||||||||||
15 | 383 | 256 | |||||||||||
- | 234 | 231 | |||||||||||
- | |||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||
15 | - | ||||||||||||
5 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
Para continuar a leer este documento, haga clic aquí para la versión original.
Attachments
- Original document
- Permalink
Disclaimer
CEMIG - Companhia Energética de Minas Gerais published this content on 20 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2019 13:01:05 UTC