Quasi-daily criticism of the governor Romeo Zema (new), Energy company Minas Gerais (Cemig) registered net loss R $ 281 million third quarterbut in the accumulated year add one $ 2.6 billion profit.
At a press conference to analyze the company's balance sheet between July and September, the directors admitted financial restrictions from a company to invest in infrastructure. However, they pointed out that expenditure on the modernization of facilities serving clients (homes and companies) is resumed and may accelerate along with the economic recovery in the country.
On Monday, Governor Romeu Zema again regretted Cemiga's low investment capability in interviews and on his social networks. According to him Cemig It is an obstacle to the economic development of the state because it must invest about R $ 21 billion to meet the requirements of the mining industry and the population.
"Status does not have this function. The only way out is privatization, otherwise it will be a company that does not serve citizens, "Zema published on her social networks. Last week the governor recorded video next to President Cemig, Cledorvino Belinito say that the company is an obstacle to not serving state-owned enterprises and cited examples of pages that are harmful to mining.
Commenting on Zemy's statements, Acting financial director and director of Cemig & # 39; s Investments, Daniel Faria Costa, he estimated that the company's lack of investment in recent years has caused a significant delay in state. He explained that the current gesture aims to resume investments that have stalled in the last few years, but that all requirements cannot be met quickly.
"What the governor was doing rightly exemplified what many companies and many clients have expressed about infrastructure problems with investments that have not been made in the past. We work to make up for lost time. The investments we make today will bear fruit over time, so we have not yet reached the level expected by customers and companies. But we will not be an obstacle because these investments are made – said Daniel Faria.
Asked for the governor's opinion that only privatization of Cemig could solve the problem of energy distribution in Minas Gerais, director Cemig He said the decision to sell the company was not made by the directors, but explained that Zema's $ 21 billion, not just infrastructure investment, but other company expenses.
"Privatization belongs to the controlling shareholder, the governor. This management focuses on providing Cemig with greater efficiency and greater investment capacity in its network to provide the best service. Value (provided by Zema) does not apply to infrastructure work, but adds value to the company's technological improvements and renewal of concessions that will not expire by 2025, "said Daniel Faria.
According to the financial director, privatization could increase investment if the new owner had financial accessibility, but improvements would take some time to get out of the paper. "A lot depends on who would be responsible for the company and what resources this owner has. Today we are working with availability. If a private investor appears with sufficient appetite and financial availability, it can certainly accelerate the injection of funds. But this does not change the time needed to benefit from this entire investment, "he explained.
Profit in the year
The score lower than expected by Cemig's directors in the third quarter of 2019 was due to the R $ 1.18 billion reserve made after the company lost in the second instance in August to pay social security contributions in connection with the payment of profit share between 1999 and 2016.
The unexpected expenses issued after an unfavorable decision of the Federal District Court of the 1st Region, which considered that Cemig did not clearly define rules to divide the amounts in a lawsuit filed by the IRS. The state mining company appealed against this decision.
"We had a special, non-recurring reserve situation for social security contribution past years. Proactively, the company created a reserve that affected the result in this quarter. But the result of the year is still solid, "analyzed Daniel Faria.
From January to September, Cemig recorded profit R $ 2.6 billion, an increase of 276% over the same period last year. Net debt – R $ 13.6 billion – changed slightly, by 0.57% less than in September 2018.
disregarding defeat Unexpected by the company's management, Cemiga's net income in the third quarter was R $ 356 million. In the balance sheet in July, August and September, the directors indicated as a positive highlight the profit resulting from the sale of Light controls. In July, Cemig reduced its stake in Light from 50% to 22.6% as a result of a public offering of shares. The net capital gain from taxes resulting from this operation was over R $ 70 million.