2020
Regaining
Financial Solidity
Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations will occur.
These expectations are based on present assumptions and analyses from the viewpoint of our management, based on their experience, the macroeconomic environment, market conditions in the energy sector and our expected future results, many of which are not under Cemig's control.
Important factors that can lead to significant differences between actual results and projections about future events or results include Cemig's business strategy, Brazilian and international economic conditions, technology, Cemig´s financial strategy, changes in the energy sector, hydrological conditions, conditions in the financial markets, uncertainty regarding future results of operations, plans and objectives as well as other factors. Because of these and other factors, our actual results may differ significantly from those indicated in or implied by these statements.
The information and opinions contained herein should not be understood as a recommendation to potential investors and no investment decision should be based on the truthfulness, or completeness as of the date hereof 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 presentation.
To evaluate the risks and uncertainties as they relate to Cemig, and to obtain additional information about factors that could lead to different results from those estimated by Cemig, please consult the section on Risk Factors included in our Formulário de Referência filed with the Brazilian Securities Commission - CVM, and in Form 20-F 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
2
DISCLAIMER
Brazil's Leading Power Utility | 3 |
Integrated Power | Market share in the |
Utility in Brazil | free market |
(2) | 1st | (2) | |
1st | 5th | ||
3rd |
Market Cap | EBITDA 2018 |
US$5.3B (1) | US$810 mn(3) |
In the Power Industry since 1952
LEADER
- As of February 12th, 2020
- In the Brazilian Energy Industry
- FX R$/US$4,04 -on January 04th, 2020
Cemig: in Numbers | 4 |
88 Power plants
80 | 6 | 1 | 1 |
5.9 | Total installed capacity |
GW |
567,634 Electricity Distribution lines
km
9,830 Power Transmission lines
POWER UTILITY
km
Cemig at a Glance | 5 |
B N D E S P A R | F I A D i n â m i c a | O u t r o s A c i o n i s t a s | ||||
50.97% ON | 17.04% Total 11.14% ON | 5.52% Total | 9.99% ON | 7.02% Total | 27.90% ON | 70.42% Total |
0% PN | 2.70% PN | 5.53% PN | 91.77% PN |
Jan/20
1 Based in State of Minas Gerais
2 Among the most liquid stocks in Brazil's electricity sector
- listed on New York, São Paulo and Madrid
- More than 150,000 shareholders in more than 39 countries
- Average daily trading volume in 2019
R$162.3M in Bovespa and US$12.7M in NYSE
3 Solid dividend policy
SHAREHOLDER STRUCTURE
Cemig is Uniquely Positioned | 6 |
Presence in | RR | AP | |||||||||||||||||||
25 | |||||||||||||||||||||
states | AM | PA | MA | CE | RN | ||||||||||||||||
PI | PB | ||||||||||||||||||||
TO | PE | ||||||||||||||||||||
AC | RO | AL | |||||||||||||||||||
BA | SE |
MT | |
GO DF | |
MG |
Integrated Power Utility in Brazil
MS
SP
PR
SC
ES |
RJ |
(1) | 2nd | 6th | RS | ||||
1st | Power Generation | ||||||
Largest Power | Largest Power | Power Transmission | |||||
Electricity | Electricity Distribution | ||||||
Transmission | Generation | Cemig "Free Consumer" Clients | |||||
Distributor | |||||||
Group | Group | Wind Power Generation | |||||
Natural Gas Distribution | |||||||
INTEGRATED
- In terms of length of electricity distribution lines - January, 2020
Leader in Renewable Hydro Power Energy | 7 |
Power Generation by Source
9%1%
63%
97% | |
3% | |
25% | 2% |
Brazil 2019 | Cemig 2019 |
Fossil Source Fuels | Nuclear | Hydro | Others | |||
RENEWABLE LEADER
Source: EPE [BEN 2017 - Preliminar Results and IEA [Key World EnergyStatistics-2015]
Ebitda
5,538 | 4,915 | |||||||||||
4,371 | ||||||||||||
3,492 | 3,781 | 4,534 | ||||||||||
2,638 | ||||||||||||
3,383 | ||||||||||||
9M19 | ||||||||||||
2015 | 2016 | 2017 | 2018 | LTM | 2019 |
Guidance
LTM: Last twelve months
R$ million
Net Income
3,632
2,469
1,700 2,630
1,001
335 | 9M19 |
2015 2016 2017 2018 LTM
8
GENERATION
Breakdown of Ebitda
Diversified, Low Risk Business Portfolio
2018 | Sep/19 | |
745 | 481 | 1,304 |
1,502 | ||
1,534 | 1,598 |
Cemig GT | Cemig D | Others | ||
CASH
Most of the revenues are inflation protected
Solid dividend policy
Bylaws
- Guaranteed - The minimum annual dividend
Shares | Number of Shares | Guarantee | Minimum Annual |
Common | 487,614,213 | - | - |
Preferred | 971,138,388 | R$ 0.50 | R$ 485,569,194 |
Total | 1,458,752,601 | - | R$ 485,569,194 |
- Minimum payout - 50% of the net profit
Dividends paid in 2019:
- R$867 million
- R$210 million - Interest on Equity
- R$657 million - Dividends
- R$0.59 per share (preferred and common shares)
- Dividend yield of 4.2%(1)
Company will pay Interest on Equity(2) in 2020
- R$ 400mn, corresponding to R$ 0.27 per share, to be accounted as part of the minimum obligatory dividend for 2019
- In two equal installments (1st by June 30 and 2nd December 30)
9
DIVIDENDS
1 - closing price of preferred shares on December 30, 2018
2 - benefit will be paid to stockholders of record on December 23, 2019
Balance Sheet | 10 |
3.03x Net debt to Ebitda - 9M19
42.4% Debt in foreign currency *
1.6 R$ billion Cash on hand
19.0 R$ billion Net Revenue - 9M19
STABILITY
* Debt in Dollar converted into CDI percentage per hedging instrument, within a band of Exchange variation
Ebitda Consolidated 2019 - Guidance
354 | 199 | 4,915 | 237 | 82 | 5,239 | |||
487 | -49 | -4 | ||||||
4,832 | ||||||||
3,917 | -136 | 4,534 | ||||||
- 2018 Ebitda (3,781) updated to June 2019 R$.
- Light, LightGer, Santo Antônio, Telecom, Wind farms (Parajuru and Volta do Rio), generation indemnity and Quotas revenue.
- Calculation excludes cashflow from sale of Light.
Net debt/Ebitda - Eurobond | Net debt/Ebitda | Debentures - 7th Issue | |||
4.25 | 3.50 | 3.50 | |||
4.25 | 4.25 | Cemig GT | |||
4.33 | |||||
3.50 | 3.22 | ||||
2.66 | |||||
3.27 | 3.80 | ||||
2.68 | |||||
2.55 | Cemig D | ||||
2.02 | |||||
Dec/18 | jun/19 | Dec/19 | Dec/18 | Jun/19 | Dec/19 |
Limit | Projection | Limit | Projection |
11
PROJECTION
Net debt and Ebitda are adjusted according to the definitions in the debt contracts.
Cemig - consolidated debt profile | 12 |
Maturities timetable - Average tenor: 4.4 years
Net debt: R$13.6 bn
6,720
2,333
1,795
1,177 | 797 | 973 | ||||||||||||
650 | ||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
R$ million - 9M19
Main indexors
42%
31%
2%
25%
CDI IPCA Dólar Others
- Debt in Dollar converted into CDI percentage per hedging instrument, within a band of Exchange variation
Cost of debt - % | Leverage - % | ||||||||||
15.89 | Net debt | ||||||||||
14.28 | 4.98 | 3.52 | 3.46 | ||||||||
3.01 | 2.82 | 3.03 | |||||||||
Ebitda | |||||||||||
9.09 | 9.12 | 9.32 | 9.04 | 7.96 | 50.4 | ||||||
46.1 | 44.3 | 43.2 | 44.1 | ||||||||
39.8 | |||||||||||
8.40 | Net debt | |||
6.01 | 5.23 | 5.53 | ||
4.58 | 4.84 | |||
3.74 | Stockholders' | ||||||||||||||||||||||
equity + Net debt | 2016 | 2017 | 2018 mar/19 jun/19* sep/19* | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | mar/19 | jun/19 | sep/19 | |||||||||||||||||
Real | Nominal | ||||||||||||||||||||||
* Adjusted Ebitda
Cemig D - debt profile | 13 |
Maturities timetable - Average tenor: 4.1 years
Net debt : R$5.6 bn
1,080 | 973 | |||||||||||||||
802 | 778 | 777 | 738 | |||||||||||||
524 | ||||||||||||||||
88 | ||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
R$ million - 9M19
Main indexors
62%
1%
37%
CDI IPCA Others
Cost of debt - % | Leverage - % | |
15.87
14.31 | ||||||
8.93 | 8.94 | 9.28 | 8.86 | |||
6.65 | ||||||
8.06 | ||||||
5.87 | 5.08 | 4.56 | 5.37 | |||
4.01 | 3.68 | |||||
2015 | 2016 | 2017 | 2018 | mar/19 | jun/19 | sep/19 |
Net debt | 12.55 | |||||
Ebitda | 5.84 | 3.49 | 2.99 | 3.01 | 2.91 | |
68.5 | 56.5 | |||||
53.5 | 51.5 | 46.0 | 48.4 | |||
Net debt | ||||||
Stockholders' | ||||||
equity + Net debt | 2016 | 2017 | 2018 | mar/19 jun/19* Sep/19* | ||
Real Nominal
* Adjusted Ebitda
Maturities timetable - Average tenor: 4.4 years
Net debt : R$7.5 bn
Cemig GT - debt profile | 14 | ||
R$ million - 9M19 | |||
Main indexors | |||
6,196
77%
13%
8%
2%
502 | 634 | 618 | 348 | 0 | ||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
CDI IPCA Dólar Others
- Debt in Dollar converted into CDI percentage per hedging instrument, within a band of Exchange variation
Cost of debt - % | Leverage - % | ||||||||||||
14.41 | 16.03 | Net debt | |||||||||||
5.60 | 3.78 | 5.14 | 3.95 | 3.55 | 3.58 | ||||||||
Ebitda | |||||||||||||
9.23 | 9.36 | 9.46 | 9.3 | 9.12 | 62.9 | 60.7 | |||||||
60.6 | |||||||||||||
57.7 | 56.4 | ||||||||||||
8.59 | 55.1 | ||||||||||||
6.14 | 5.77 | 5.89 | Net debt | ||||||||||
5.45 | 4.71 | ||||||||||||
3.66 | Stockholders' | ||||||||||||
equity + Net debt | 2016 | 2017 | 2018 mar/19 jun/19* | sep/19 | |||||||||
2015 | 2016 | 2017 | 2018 | mar/19 | jun/19 | Sep/19 | |||||||
Real | Nominal |
* Adjusted Ebitda
Divestment program
Strategy was designed to deleverage Cemig
15
Company | Stake | Amount |
% | R$ MM | |
9.86% | 717¹ | |
25% | 80¹ | |
100% | 649¹ | |
Consórcios de | 24.50% | 0¹ |
Exploração de Gás | ||
10.97% 5 | 625¹ |
Status
Realized
Block trade completed
Transfer, to Taesa, completed (November, 2017)
Auction for sale of assets concluded - August 08, 2018 Auction concluded- in the process of assignment of contracts Sales of 33,333,333 shares, through follow-on, on July 11, 2019
SALE
In progress | |||
- | -³ | Debt reprofiling and sale of assets | |
22.58% 5 | 1,3574 | Lock-upof 90 days. 68,621,264 shares available for sale | |
15% | 727² | Resumption of negotiations with the potential buyer | |
49% ON | 1,472² | Structuring of sale model in legal analysis | |
100% PN | |||
12% | 1,677² | Available for sale | |
Cachoeirão, Pipoca, | 49% | 128² | Available for sale |
Paracambi | |||
- Total value
- Book value
- Amount related to the anticipation of receivables due by Renova
- Market value(B3) on July 16th, 2019: R$19.78/share
- Stake after dilution of 100,000,000 shares held on July 11th, 2019
ASSET
Improvement in credit quality | 16 |
A+(bra) | Cemig H, Cemig GT and Cemig D | National Scale | |||||||||||||||||||
BB- | Cemig H, Cemig GT e Cemig D | Global Scale | |||||||||||||||||||
Investment grade | Speculative Grade | ||||||||||||||||||||
AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC | CC | C | RD/D | ||
Bond |
brA+ | Cemig H, Cemig GT e Cemig D | National Scale | |||||||||||||||||||
B | Cemig H, Cemig GT e Cemig D | Global Scale | |||||||||||||||||||
Investment grade | Speculative Grade | ||||||||||||||||||||
AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC+ | CCC | CCC- | CC | C | D |
Bond |
Baa1.br | Cemig H, Cemig GT e Cemig D | National Scale | |||||||||||||||||||
B1 | Cemig H, Cemig GT e Cemig D | Global Scale | |||||||||||||||||||
Investment grade | Speculative Grade | ||||||||||||||||||||
Aaa | Aa1 | Aa2 | Aa3 | A1 | A2 | A3 | Baa1 | Baa2 | Baa3 | Ba1 | Ba2 | Ba3 | B1 | B2 | B3 | Caa1 | Caa2 | Caa3 | Ca | C | |
RATING
Result for Cemig D Tariff Review | 17 |
Aneel approved readjustment in the Technical Note 45/2018
- May 28th anniversary regulatory date
Main points of the Review for the 4th Tariff Cycle:
- Investment around R$ 5 billion
- Investment on 'Special obligations´ around R$ 1.2 billion
- Opex: Cemig D scores above average in efficiency metrics
Regulatory asset base (RAB) | 2013 | 2018 |
Remuneration Base - gross R$ | 15,724 | 20,490 |
Remuneration Base - net R$ | 5,849 | 8,906 |
Average depreciation rate | 3.84 % | 3.84% |
WACC | 7.51% | 8.09% |
Remuneration of the special obligations | - | 149 |
CAIMI R$ | 147 | 333 |
QRR R$ - Depreciation (Gross RAB x Dep rate) | 590 | 787 |
Remuneration of capital R$ (Net RAB x WACC) | 587 | 1,236 |
FAIR READJUSTMENT
Currency - April/2018
Cemig GT: Supply/demand
Position in September, 2019
Supply | Own generation | |||||||||||||||||||||||||||||
Average MW 5000 | Purchased | |||||||||||||||||||||||||||||
4000 | ||||||||||||||||||||||||||||||
3000 | 2,403 | 2,187 | 2,306 | 2,353 | 2,163 | |||||||||||||||||||||||||
2000 | 1,869 | 1,713 | 2,057 | |||||||||||||||||||||||||||
2,057 | 2,052 | 1,633 | ||||||||||||||||||||||||||||
1000 | 1,434 | 1,516 | 1,512 | 1,512 | 1,510 | 1,510 | 1,505 | 1,120 | ||||||||||||||||||||||
0 | 702 | 702 | 702 | |||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | ||||||||||||||||||||
Total Supply | 3,837 | 3,703 | 3,381 | 3,225 | 3,816 | 3,863 | 3,668 | 3,177 | 2,759 | 2,754 | 2,335 | |||||||||||||||||||
Current Balance | - | 143 | 37 | -204 | 147 | 1,038 | 1,431 | 1,243 | 1,251 | 1,366 | 824 | |||||||||||||||||||
3,837 | 3,560 | 3,344 | 3,429 | 3,669 | 2,825 | 2,237 | 1,934 | 1,508 | 1,388 | 1,511 | ||||||||||||||||||||
Total Demand | ||||||||||||||||||||||||||||||
5000 | Demand | |||||||||||||||||||||||||||||
Average MW | 212 | |||||||||||||||||||||||||||||
4000 | 171 | 841 | ||||||||||||||||||||||||||||
3000 | 618 | 1,521 | 1,771 | 1,841 | ||||||||||||||||||||||||||
3,040 | 3,013 | 2,882 | 3,122 | 1,799 | 1,783 | 1,803 | ||||||||||||||||||||||||
2000 | 2,797 | 2,278 | ||||||||||||||||||||||||||||
1,690 | ||||||||||||||||||||||||||||||
1,387 | ||||||||||||||||||||||||||||||
1000 | 961 | 964 | ||||||||||||||||||||||||||||
841 | ||||||||||||||||||||||||||||||
0 | 585 | 547 | 547 | 547 | 547 | 547 | 547 | 547 | 547 | 547 | 547 | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | ||||||||||||||||||||
Sales: Regulated Market Sales: Free Market Probable renewals Spot Market
18
POWER BALANCE
Investor Relations
Tel: +55 (31) 3506-5024
ri@cemig.com.br
http://ri.cemig.com.br
Cemig D: Ebitda 2019 | 20 |
88 | 77 | -8 | 2,380 | ||||||||||||||
531 | 84 | 2,135 | |||||||||||||||
-6 | -42 | 2,153 | |||||||||||||||
1,591 | 2,007 | ||||||||||||||||
Guidance
Dívida Net Debt / Corporate Ebitda 3.49
2.04
1.46
2018 | 2019 | 2020 |
(1) 2018 Realized Ebitda (1,534) adjusted to June 2019 R$. | R$ mn (June 2019) |
Cemig GT: Ebitda 2019
Ebitda | 2,544 | |||||||||||||||||||||
228 | 56 | 2,354 | 43 | 45 | 24 | |||||||||||||||||
237 | ||||||||||||||||||||||
309 | -99 | 2,232 | ||||||||||||||||||||
2,077 | ||||||||||||||||||||||
1,557 | ||||||||||||||||||||||
Net Debt / Corporate Ebitda
5,14
2,982,59
2018 | 2019 | 2020 |
- 2018 adjusted Ebitda (1,517) adjusted to June 2019 R$.
- Parajuru, Volta do Rio and wholly-owned subsidiaries of the Cemig parent company.
(3) | Includes PMSO, PDV, other revenues and expenses and non-recurring items. | R$ mn (June 2019) |
21
Guidance
CEMIG - Guidance, 2019-23 | 22 |
Ebitda breakdown
- Cemig GT and its subsidiaries.
EBITDA
5,982 | 6,195 | |||
5,239 | 5,509 | |||
4,915 | 5,786 | |||
5,503 | ||||
4,832 | 5,124 | |||
3,917 | 4,534 | |||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
R$ mn (June 2019)
Summary of Covenant Package (Eurobond) | 23 |
Cemig Consolidated (Guarantor)
Cemig GT (Issuer & Restricted Subsidiaries)
Maintenance Covenants
Leverage Maintenance
Covenant Net Debt / Covenant EBITDA | Cemig |
31/Dec/2017 and 30/Jun/2018 | 5.00x |
31/Dec/2018 and 30/Jun/2019 | 4.25x |
31/Dec/2019 and 30/Jun/2020 | 3.50x |
31/Dec/2020 and s/a thereafter | 3.00x |
Liens Maintenance | |
Total Secured Debt / Covenant EBITDA | Cemig |
31/Dec/2017 | 2.00x |
30/Jun/2018 and semi-annually thereafter | 1.75x |
Dividend Payments
Minimum Legally Required Only
Maintenance Covenants
Leverage Maintenance
Covenant Net Debt / Covenant EBITDA | Cemig GT |
31/Dec/2017 and 30/Jun/2018 | 5.50x |
31/Dec/2018 and 30/Jun/2019 | 5.00x |
31/Dec/2019 and 30/Jun/2020 | 4.50x |
31/Dec/2020 and 30/jun/2021 | 3.00x |
31/Dec/2021 and s/a thereafter | 2.50x |
Liens Maintenance | |
Total Secured Debt / Covenant EBITDA | Cemig GT |
31/Dec/2017 and semi-annually thereafter | 1.50x |
- Incurrence Covenants
Limitation on Incurrence of Indebtedness
Covenant Net Debt / Covenant EBITDA | Cemig GT |
On or Before 31/Dec/2018 | 5.50x |
On or Before 31/Dec/2019 | 5.00x |
On or Before 31/Dec/2020 | 4.50x |
On or Before 31/Dec/2021 | 3.00x |
Thereafter | 2.50x |
(+) General Basket of US$100mm or 3% of CNTA | |
Limitation on Incurrence of Liens | |
Total Secured Debt / Covenant EBITDA | 1.50x |
Restricted Payments | |
% of Net Income from Sept. 30, 2017 | Cemig GT |
If Cov. Net Debt / Cov. EBITDA > 2.5x | 0% |
If Cov. Net Debt / Cov. EBITDA ≤ 2.5x | 50% |
- Minimum Legally Required Dividends Carve-Out
- US$30mm or PF 2.5x Cov. Net Debt / Cov. EBITDA
Asset Sales
Transaction with Affiliates
Limitation on Sale and Lease-Backs
Limitation on Dividend Restrictions on Restricted Subs
Consolidation, Merger, Conveyance, Sale or Lease
Change of Control Put @ 101%
Additional Provisions
- Penalty Interest for Failure to Comply with any Maintenance Covenant: +2.0% p.a. for as long as any Maintenance Covenant is breached
Penalty Interest for Failure to Implement Bank Debt Refinancing: | +2.0% p.a. if Bank Debt Refinancing not implemented by Feb. 15, 2018 |
Covenant Ebitda reconciliation | 24 |
12 months | 9M19 | |
R$ (in million) | GT | H |
Net income for the period/year | 1,547 | 3,633 |
Net financial expenses | -1,025 | -2,232 |
Income tax and Social Contribution tax | 1,032 | 1,918 |
depreciation and amortization; minus | 261 | 975 |
EBTIDA | 1,815 | 4,294 |
minority interest result; minus | 113 | -134 |
provisions for the variation in value of put option obligations; minus | 78 | 64 |
non-operating result (which includes any gains on asset sales and any asset write-off or | 107 | 147 |
impairments); plus | ||
non-cash revenues related to transmission and generation indemnification; plus | -139 | -139 |
cash dividends received from minority investments (as measured in the statement of cash flows); | 118 | 263 |
minus | ||
monetary updating of concession grant fees; plus | -320 | -320 |
cash inflows related to concession grant fees; plus | 257 | 257 |
cash inflows related to transmission revenue for cost of capital coverage; plus | 179 | 179 |
cash inflows from generation indemnification, provided that such amount shall not exceed 30,0% | 1,027 | 521 |
of the sum of clauses (i) through (xvii) of this definition, | ||
Covenant EBITDA | 3,235 | 5,132 |
Covenant Net Debt reconciliation | 25 |
12 months | 9M19 | ||||
R$ (in million) | GT | H | |||
Consolidated Indebtedness | 8,298 | 15,184 | |||
debt contracts with Forluz; plus | 134 | 590 | |||
the carrying liability of any put option obligation, less | 467 | 467 | |||
consolidated cash and cash equivalents and consolidated marketable securities recorded as | -843 | -1,558 | |||
current assets. | |||||
Covenant Net Debt | 8.056 | 14.683 | |||
Covenant Net Debt to Covenant EBITDA Ratio | 2,49 | 2,86 | |||
Limit Covenant Net Debt to Covenant EBITDA Ratio | 5.00 | 4.25 | |||
Total Secured Debt | 1.000 | ||||
Total Secured Debt to Covenant EBITDA Ratio | 0,19 | ||||
Covenant | 26 | ||||||||||||
Net debt/Ebitda | |||||||||||||
Eurobonds´ Covenant - (LTM - Last twelve months) | |||||||||||||
5.00 | 5.00 | 5.50 | 5.50 | 5.00 | 5.00 | 5.00 | |||||||
4.50 | |||||||||||||
4.25 | 4.25 | 4.25 | |||||||||||
H | 3.50 | GT | |||||||||||
Cemig | 3.58 | 3.45 | Cemig | 3.53 | 3.62 | ||||||||
3.21 | 2.62 | 2.43 | |||||||||||
2.99 | 2.97 | 2.14 | |||||||||||
2017 | Jun-18 | 2018 | Mar-19 | Jun-19 | 2019 | 2017 | Jun-18 | 2018 | Mar-19 | Jun-19 | 2019 | ||
Limit | Realized | Limit | Realized |
Reprofiling´s Covenant - (LTM - Last twelve months)
4.50 | 4.50 | 4.25 | 4.25 | 3.50 | |
H | GT | ||||
Cemig | 3.23 | 3.12 | 3.07 | 2.47 | Cemig |
2017 | Jun-18 | 2018 | Jun-19 | 2019 | |
Limit | Realized |
5.50 | 5.00 | 5.00 | 4.50 | 4.50 |
3.04 | 3.10 | 3.71 | 3.61 | |
2017 | Jun-18 | 2018 | Jun-19 | 2019 |
Limit | Realized |
7.50 | 7.50 | |||
4.50 | ||||
D | 3.80 | 3.80 | ||
Cemig | 4.09 | 3.47 | 3.97 | |
2.40 | ||||
2017 | Jun-18 | 2018 Jun-19 2019 | ||
Limit | Realized |
Brazilian National Grid: projections for 2019 - 23 | 27 |
90,000 | ||||||||||||||||||||
80,000 | ||||||||||||||||||||
average | 70,000 | |||||||||||||||||||
40,000 | ||||||||||||||||||||
60,000 | ||||||||||||||||||||
MW | 50,000 | |||||||||||||||||||
30,000 | ||||||||||||||||||||
20,000 | ||||||||||||||||||||
10,000 | ||||||||||||||||||||
- | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
Surplus (%) | 17.8% | 14.9% | 13.0% | 9.4% | 5.8% | |||||||||||||||
Suplus | 12,372 | 10,933 | 9,897 | 7,426 | 4,758 | |||||||||||||||
Reserve | 2,792 | 2,585 | 2,646 | 3,879 | 3,906 | |||||||||||||||
Thermal | 15,081 | 18,220 | 19,514 | 19,585 | 19,598 | |||||||||||||||
Wind, Bio, Solar | 9,403 | 8,268 | 8,548 | 8,762 | 9,260 | |||||||||||||||
Hydro | 57,300 | 57,649 | 57,709 | 57,792 | 57,801 | |||||||||||||||
Market | 69,412 | 73,203 | 75,874 | 78,712 | 81,901 | |||||||||||||||
Source: May 2019 monthly operational survey (PMO).
*Source: | - | 10 | 20 | 30 | 40 | 50 | 60 | 70 | 80 | 90 | 100 | |
ONS | Mar-14 | |||||||||||
Jan-14 | ||||||||||||
Feb-14 | ||||||||||||
Apr-14 | ||||||||||||
May-14 | ||||||||||||
Jun-14 | ||||||||||||
Jul-14 | ||||||||||||
Aug-14 | ||||||||||||
Sep-14 | ||||||||||||
Oct-14 | ||||||||||||
Nov-14 | ||||||||||||
Dec-14 | ||||||||||||
Jan-15 | ||||||||||||
Feb-15 | ||||||||||||
Mar-15 | ||||||||||||
Apr-15 | ||||||||||||
May-15 | ||||||||||||
Jun-15 | ||||||||||||
Northeast | Jul-15 | |||||||||||
Aug-15 | ||||||||||||
Sep-15 | ||||||||||||
Oct-15 | ||||||||||||
Nov-15 | ||||||||||||
Dec-15 | ||||||||||||
Jan-16 | ||||||||||||
Feb-16 | ||||||||||||
Mar-16 | ||||||||||||
Apr-16 | ||||||||||||
May-16 | ||||||||||||
North | Jun-16 | |||||||||||
Sep-16 | ||||||||||||
Jul-16 | ||||||||||||
Aug-16 | ||||||||||||
Oct-16 | ||||||||||||
Nov-16 | ||||||||||||
Dec-16 | ||||||||||||
South | Jan-17 | Level | ||||||||||
Feb-17 | ||||||||||||
Mar-17 | ||||||||||||
Apr-17 | ||||||||||||
May-17 | ||||||||||||
Jun-17 | ||||||||||||
Jul-17 | ||||||||||||
Aug-17 | of | |||||||||||
Sep-17 | ||||||||||||
Oct-17 | ||||||||||||
Southeast/Midwest | Nov-17 | regionby | reservoirs | |||||||||
Dec-17 | ||||||||||||
Jan-18 | ||||||||||||
Feb-18 | ||||||||||||
Mar-18 | ||||||||||||
Apr-18 | ||||||||||||
May-18 | ||||||||||||
Jun-18 | ||||||||||||
Jul-18 | ||||||||||||
Aug-18 | ||||||||||||
Sep-18 | ||||||||||||
Oct-18 | ||||||||||||
Nov-18 | (%)* | (%) | ||||||||||
Dec-18 | ||||||||||||
Jan-19 | ||||||||||||
Feb-19 | ||||||||||||
Mar-19 | ||||||||||||
Apr-19 | ||||||||||||
May-19 | ||||||||||||
Jun-19 | ||||||||||||
Jul-19 | ||||||||||||
Aug-19 | ||||||||||||
Sep-19 | ||||||||||||
Oct-19 | ||||||||||||
Nov-19 | 28 | |||||||||||
Dec-19 | ||||||||||||
08.15 | 11.20 | 82.29 | 95.37 |
0 | 100 | 200 | 300 | 400 | 500 | 600 | 700 | 800 | 900 | |||
Jan-12 | ||||||||||||
Feb-12 | ||||||||||||
Mar-12 | ||||||||||||
Apr-12 | 163 | |||||||||||
May-12 | ||||||||||||
Jun-12 | ||||||||||||
. | ||||||||||||
Jul-12 | ||||||||||||
94 | ||||||||||||
Aug-12 | ||||||||||||
average 2016 | SE/CO | Sep-12 | ||||||||||
Oct-12 | ||||||||||||
Nov-12 | ||||||||||||
Dec-12 | ||||||||||||
Jan-13 | ||||||||||||
Feb-13 | ||||||||||||
Mar-13 | ||||||||||||
Apr-13 | ||||||||||||
May-13 | ||||||||||||
Jun-13 | 260 | |||||||||||
Jul-13 | ||||||||||||
Aug-13 | ||||||||||||
. | ||||||||||||
Sep-13 | 53 | |||||||||||
Oct-13 | ||||||||||||
Nov-13 | ||||||||||||
Dec-13 | ||||||||||||
Jan-14 | ||||||||||||
Feb-14 | Brazil: | |||||||||||
Mar-14 | ||||||||||||
2017 | 2012 | Apr-14 | ||||||||||
May-14 | ||||||||||||
Jun-14 | ||||||||||||
Jul-14 | ||||||||||||
average | average | Aug-14 | 52.655 | eletricity | ||||||||
Sep-14 | ||||||||||||
Oct-14 | ||||||||||||
Nov-14 | ||||||||||||
Dec-14 | ||||||||||||
Jan-15 | ||||||||||||
Feb-15 | ||||||||||||
Mar-15 | ||||||||||||
Apr-15 | ||||||||||||
May-15 | monthly - price spot | |||||||||||
Jun-15 | ||||||||||||
Jul-15 | ||||||||||||
Aug-15 | 35.280 | |||||||||||
Sep-15 | ||||||||||||
Oct-15 | ||||||||||||
Nov-15 | ||||||||||||
average 2018 | average 2013 | Dec-15 | ||||||||||
Jan-16 | ||||||||||||
Feb-16 | 57.115 | |||||||||||
Mar-16 | ||||||||||||
Apr-16 | ||||||||||||
May-16 | ||||||||||||
Jun-16 | ||||||||||||
Jul-16 | ||||||||||||
Aug-16 | ||||||||||||
Sep-16 | ||||||||||||
Oct-16 | ||||||||||||
Nov-16 | ||||||||||||
Dec-16 | (R$/MWh) average | |||||||||||
Jan-17 | ||||||||||||
Feb-17 | ||||||||||||
Mar-17 | ||||||||||||
Apr-17 | ||||||||||||
May-17 | ||||||||||||
Jun-17 | ||||||||||||
average 2019 | 2015average 2014 | Jul-17 | ||||||||||
Aug-17 | 81.303 | |||||||||||
Sep-17 | ||||||||||||
Oct-17 | ||||||||||||
Nov-17 | price Spot | |||||||||||
Dec-17 | ||||||||||||
Jan-18 | ||||||||||||
Feb-18 | ||||||||||||
Mar-18 | ||||||||||||
Apr-18 | ||||||||||||
May-18 | ||||||||||||
Jun-18 | 84.270 | |||||||||||
Jul-18 | ||||||||||||
Aug-18 | ||||||||||||
Sep-18 | ||||||||||||
Oct-18 | ||||||||||||
Nov-18 | ||||||||||||
Dec-18 | ||||||||||||
Jan-19 | ||||||||||||
Feb-19 | ||||||||||||
Mar-19 | ||||||||||||
Apr-19 | ||||||||||||
May-19 | ||||||||||||
average | Jun-19 | |||||||||||
Jul-19 | ||||||||||||
Aug-19 | ||||||||||||
Sep-19 | ||||||||||||
Oct-19 | ||||||||||||
Nov-19 | ||||||||||||
Dec-19 | 29 | |||||||||||
30.227 89.191 |
Cemig D Losses | 30 |
Total losses/Total load
7,112 | 6,687 | 6,761 | 6,776 | 6,606 | 6,577 | 6,691 | 6,747 | |
14.24% | 13.29% | 13.29% | 13.21% | 12.82% | 12.68% | 12.84% | 12.94% | |
10.92% | 10.92% | 11.75% | 11.75% | 11.75% | 11.75% | 11.75% | 11.75% | |
dez/17 | mar/18 | jun/18 | set/18 | dez/18 | mar/19 | jun/19 | sep/19* | |
Non-technical losses/Total Low voltage market | 20.00% | |||||||
2,627 | ||||||||
18.00% | ||||||||
2,159 | 2,177 | 2,277 | 2,087 | 2,121 | 2,174 | 16.00% | ||
2,028 | ||||||||
14.00% | ||||||||
13.11% | 12.86% | 13.00% | 12.82% | 12.00% | ||||
11.65% | 11.68% | 11.68% | 10.00% | |||||
11.09% | ||||||||
8.00% | ||||||||
7.63% | 7.63% | 7.31% | 7.31% | 7.31% | 7.31% | 7.04% | 7.04% | 6.00% |
4.00% | ||||||||
2.00% | ||||||||
0.00% | ||||||||
dez/17 | mar/18 | jun/18 | set/18 | dez/18 | mar/19 | jun/19 | sep/19* |
Cemig D: 9M19 Ebitda, Opex - Regulatory vs. Real | 31 |
R$ mn
Opex
2,133 | 485 | 824 | 129 | 2,927 | 109 | |||
206 | 26 | 94 | 764 | |||||
Profit shares | Opex: | |||||||
Regulatory vs. Real | ||||||||
Opex Regulatory vs. Real adj | 2,163 | 137.2% | ||||||
101.4% | ||||||||
Difference: R$ 30mn | Difference: R$ 794mn | |||||||
Regulatory | PMSO | Pension | Voluntary | Fines, etc. | Provisions | AFDA* | Real | Profit |
plan | Retirement… | shares | ||||||
( * Allowance for doubtful accounts ) |
1,691 | 62 | 30 | 764 | 830 | 1,598 | ||||||||||||
Ebitda: | |||||||||||||||||
126 | 65 | ||||||||||||||||
Adjusted vs. Regulatory | |||||||||||||||||
Ebitda | 94.5% | ||||||||||||||||
Difference: R$ -93mn | |||||||||||||||||
Regulatory | Other | Opex | Provisions | Non- | Other | Adjustment Real Ebitda | |||||||||||
Ebitda | revenues | for | technical | differences | ICMS* | ||||||||||||
profit | losses | ||||||||||||||||
sharing | |||||||||||||||||
case |
* Exclusion of ICMS tax from the taxable base for Pasep and Cofins taxes
Strong shareholders base assures liquidity | 32 |
Average daily trading volume in 2019
BOVESPA: | R$162.3 million | ||||
NYSE: | US$12.7 million | EUROPE | |||
Austria | Germany | Italy | Portugal | ||
North America | Belgium | Guernsey | Malta | Spain | |
Canada | Denmark | Greece | Jersey | Sweden | |
France | Holland | Liechtenstein Switzerland | |||
USA | |||||
Finland | Ireland | Luxembourg | UK | ||
Norway
Central America
Bahamas
Bermuda
Cayman islands
South America
Argentina
Brazil
Chile
Uruguay
LATIBEX (2018)
XCMIG € 1.1 million
NYSE (2018)
CIG US$ 2.33 billion CIG.C US$ 2.5 million
BOVESPA (2018)
CMIG4 R$ 26.6 billion
CMIG3 R$ 2.8 billion
Middle East
UAE
Kuwait
Oman
Saudi Arabia
Africa | OCEANIA | ||
South Africa | Australia | ||
New Zeland |
ASIA
Brunei
Japan
India
Malaysia
Singapore
South Korea
Taiwan
China
- Shares traded on 3 stock exchanges
- Over 150,000 stockholders in 40 countries
Ebitda companies | 33 |
3,453 | |||||||
1,598 | 2,044 | ||||||
1,304 | |||||||
1,113 | 921 | ||||||
383 | 182 | ||||||
Cemig | Cemig GT | Cemig D | Light | Santo | Taesa | Aliança* | Gasmig* |
Antônio |
Companies | 9M19 | % Cemig | Proportional | Guidance 2019 | ||
Cemig | 3,383 | 4,534 | - | 4,915 | ||
Cemig GT | 1,304 | 100.00 | 1,304 | 2,077 | - | 2,354 |
Cemig D | 1,598 | 100.00 | 1,598 | 2,007 | - | 2,135 |
Light | 2,044 | 22.58 | 462 | |||
Santo Antônio | 1,113 | 15.51 | 173 | |||
Taesa | 921 | 21.68 | 200 | |||
Aliança* | 383 | 45.00 | 172 | |||
Gasmig* | 182 | 99.57 | 181 |
*Estimated
34
637 R$ mn RAP - Annual Permitted Revenues (2019/2020 )
RR
4,930 Km in transmission line
AM
2.9 | Total installed capacity | AC | RO |
GW |
Net revenue 5,964
5,121 | Ebitda | ||||
Net profit | |||||
792 | 1,244 | 1,304 | |||
5 | |||||
9M18 | 9M19 | 9M18 | 9M19 | 9M18 | 9M19 |
AP
PA | MA | CE | RN | ||
PI | PB | ||||
TO | PE | ||||
AL | |||||
MT | BA | SE | |||
GO | DF | MG | |||
MS | |||||
SP | ES | ||||
PR | |||||
RJ | |||||
SC |
RS
Power Generation
Power Transmission
Cemig "Free Consumer" Clients
Wind Power Generation
Natural Gas Distribution
35
8,9 R$ bn Net RAB - Regulatory Asset Base
536,569 Km in distribution line
8.5 Number of consumers (thousands)
Net revenue
RR
AM
AC RO
AP
PA | MA | RN | ||||||||||
CE | ||||||||||||
PB | ||||||||||||
PI | ||||||||||||
PE | ||||||||||||
TO | AL | |||||||||||
MT | BA | SE | ||||||||||
GO DF | ||||||||||||
MG | ||||||||||||
MS | ES | |||||||||||
SP | ||||||||||||
PR | RJ | |||||||||||
10,444
11,695
Net profit | Ebitda | ||
346 | 1,252 | 1150 | 1,598 |
SC
RS
Electricity Distribution
9M18 | 9M19 | 9M18 | 9M19 | 9M18 | 9M19 |
36
8.5 R$ bn Net RAB - Regulatory Asset Base
22.6%
1,024 MW installed capacity
648 MWavg Assured Energy
RR
6.7 R$ bn of market capitalization
Feb, 13
AM | ||||
Net revenue | AC | RO | ||
5.621 | 5.811 | Net profit | Ebitda | |
918 959
67 175
9M18 | 9M19 | 9M18 | 9M19 | 9M18 | 9M19 |
FIAOther
Samambaia Shareholders
10.2%67.2%
AP
PA | MA | CE | RN | |||
PI | PB | |||||
PE | ||||||
TO | ||||||
AL | ||||||
MT | SE | |||||
BA | ||||||
GO DF |
MS | MG | ES | |||
SP | |||||
RJ | |||||
PR | |||||
Power Generation | |||||
SC | Power Transmission | ||||
RS | Electricity Distribution | ||||
Cemig "Free Consumer" Clients | |||||
Wind Power Generation |
37
2.6 R$ bn RAP - Annual Permitted Revenues (2018/2019 )
12,135 Km in transmission line
10.8 R$ bn of market capitalization
Feb 13
Net revenue | ||||
1,367 | Net profit | Ebitda | ||
1,139 | ||||
802 | 824 | 873 | 921 | |
9M18 | 9M19 | 9M18 | 9M19 | 9M18 | 9M19 |
ISA Brasil | Market | ||
21.68% | 14.88% | 63.45% |
- AP
AM | PA | MA | CE | |||||||||||
RN | ||||||||||||||
PI | PB | |||||||||||||
PE | ||||||||||||||
TO | ||||||||||||||
AC | RO | AL | ||||||||||||
BA | ||||||||||||||
MT | SE | |||||||||||||
GO | DF | |||||||||||||
MG | ||||||||||||||
MS | SP | ES | ||||||||||||
PR | RJ | |
SC | Power Transmission | |
RS |
38
8 Enterprises in operation
1,257 MW installed capacity
695 MWavg Assured Energy
RR
AM | ||
Net revenue | ||
AC | RO | |
920 907 | Ebitda |
Net profit
497 511
215 198
2017 2018 2017 2018 2017 2018
VALE
45%55%
AP | ||||||||||||
PA | MA | RN | ||||||||||
CE | ||||||||||||
PB | ||||||||||||
PI | ||||||||||||
TO | PE | |||||||||||
AL | ||||||||||||
MT | BA | SE | ||||||||||
GO DF | ||||||||||||
MS | MG | ES | ||||||||||
SP | ||||||||||||
RJ | ||||||||||||
PR | ||||||||||||
Power Generation | ||||||||||||
SC | Wind Power Generation |
RS
39
Furnas
3,568 MW installed capacity | 43.06% |
2,424 MWavg Assured Energy
50 Generator units - bulb turbine
20 R$ billion - Capex
Net revenue | |||||
2,271 | 2,361 | Ebitda | |||
851 | 1,113 | ||||
Net loss | |||||
-782 | |||||
-1,133 | |||||
9M18 | 9M19 | 9M18 | 9M19 | 9M18 | 9M19 |
Caixa FIP | Odebrecht | SAAG | Cemig GT | |||
Amazônia Energia | Energia | Investimentos | ||||
19.63% | 18.25% | 10.53% | 8.53% |
- AP
AM | PA | MA | RN | ||||||||||
CE | |||||||||||||
PB | |||||||||||||
PI | |||||||||||||
TO | PE | ||||||||||||
AC | RO | AL | |||||||||||
MT | BA | SE | |||||||||||
GO DF |
MS | MG | ES |
SP | ||
RJ | ||
PR | ||
Power Generation | ||
SC | ||
RS |
1,184 Km pipeline
In 2018
1,1 Billion m³/year
42.301 Consumers units
40
Municipality of
Belo Horizonte
99.57%0.43%
- AP
Net revenue
1,574
1,400
Net profit
Ebitda
AM | PA | MA | RN | |||||||||||
CE | ||||||||||||||
PB | ||||||||||||||
PI | ||||||||||||||
TO | PE | |||||||||||||
AC | RO | AL | ||||||||||||
MT | BA | SE | ||||||||||||
GO DF | ||||||||||||||
MG | ||||||||||||||
MS | ES | |||||||||||||
SP | ||||||||||||||
PR | RJ | |||||||||||||
149 177 271 243
2017 2018 2017 2018 2017 2018
SC
RS
Natural Gas Distribution
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Disclaimer
CEMIG - Companhia Energética de Minas Gerais published this content on 18 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2020 14:31:07 UTC