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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 2013

Commission File Number 1-15224

Energy Company of Minas Gerais

(Translation of Registrant’s 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

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Index

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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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1. Market Announcement — Presentation of Third Quarter 2013 Results

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2. Market Announcement — Earnings Release of Third Quarter 2013

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ANNOUNCEMENT OF THIRD QUARTER 2013 RESULTS

3Q 2013 NET PROFIT: R$ 789 MILLION

Highlights

·                  Cash flow, as measured by Ebitda, of R$ 1.3 billion in 3Q13

·                  Net revenue R$ 3.6 billion in 3Q13.

·                  CDE support to compensate the subsidies on TUSD (not added on the tariff review) — R$136mn in 3Q13

·                  Equity gain in subsidiaries contributed R$ 349mn to 3Q13 profit.

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Conference Call

Publication of 3Q13 results

Video webcast and conference call

November 14, 2013 (Thursday), at 10 a.m. (Brasília time)

The transmission of Cemig’s results will have simultaneous translation into English

and can be seen in real time by Video Webcast, at http://ri.cemig.com.br

— or heard by conference call on:

+ 55 (11) 3193 8150

Password: CEMIG

Cemig Investor Relations

http://ri.cemig.com.br/

ri@cemig.com.br

Tel –                     (+55–31) 3506-5024

Fax –                 (+55–31) 3506-5025

Cemig’s Executive Investor Relations Team

·                  Chief Finance and Investor Relations Officer

Luiz Fernando Rolla

·                  General Manager, Investor Relations

Antonio Carlos Vélez Braga

·                  Manager, Investor Market

Stefano Dutra Vivenza

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Contents

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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, market conditions in the electricity sector, and expected future results, many of which are not under Cemig’s control.

Important factors that could lead to significant differences between actual results and the projections about future events or results include Cemig’s business strategy, Brazilian and international economic conditions, technology, Cemig’s 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, Cemig’s 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 Cemig’s 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).

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From the CEO and CFO

Cemig’s CEO, Mr. Djalma Bastos de Morais, comments:

“The results for 3Q13 are in line with the directives of our Long-term Strategic Plan. We are continuing our strategy of sustainable growth, expanding the operations that can add value to our businesses and provide stockholders with an appropriate and attractive level of return on their investments. The acquisition of Brasil PCH, and our entry into the controlling stockholding block of Renova — two companies that generate electricity from renewable sources — are a practical application of this strategy. As well as growing through mergers and acquisitions, we continue to invest significantly in our concession area. In these initiatives we are working toward the long-term goal of our strategy:

To consolidate Cemig’s position, over the course of this decade, as the largest group in the Brazilian electricity sector by market value, with a presence in the natural gas market, and as a global leader in sustainability, admired by its clients and recognized for its solidity and performance”.

Cemig’s Chief Finance and Investor Relations Officer, Mr. Luiz Fernando Rolla, says:

“In this third quarter of 2013 Cemig continued to produce robust cash flow. Operational cash flow as measured by Ebitda was R$ 1.289 billion, 1.7% more than in the third quarter of 2012 (3Q12). This result is within the level we expected for the period, and in line with our forecasts of Ebitda between R$ 5.8 and R$ 6.4 billion in 2013. We can say that our strategy of expanding operational efficiency and achieving synergy gains and growth — through acquisitions, or through interests in new projects — has been successful. Net profit in the third quarter was R$ 789 million, and the total of cash and cash equivalents at the end of the quarter was R$ 4.67 billion. Both these figures ensure continued execution of the Long-term Strategic Plan and our dividend policy, and successful management of our debt — making Cemig an increasingly solid company, with an efficient corporate management.”

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THE ECONOMIC CONTEXT

In the third quarter of 2013 the principal factor affecting the markets was the decision of the US Federal Reserve not to withdraw its monetary stimuli in the United States.  Financial agents in general had it as a near-certainty that these stimuli would be reduced, and as a result had priced the dollar exchange rate to reflect reduction of the Fed’s asset buying program (as a result the Real appreciated to R$ 2.45 in August).  In a surprising decision, however, the Fed opted to maintain the expansionist monetary policy, arguing that economic indicators were not yet sufficiently good to withdraw the stimulus.

In spite of this, US GDP was growing at an annualized rate of 2.5% in the third quarter, above expectations — though this was largely due to positive variation in inventories.  Private consumption and non-residential investment in fact slowed, and government expenditure also contracted.  Unless demand increases in the near future, we believe a slowing down of the economy is possible.  Also, in the coming quarters the USA will have a major obstacle to overcome: political risk, as concerns are renewed on a possible further fiscal and budget impasse in Congress, and the consequent impact on the behavior of the US economy.

The appreciation of the dollar, the resulting volatility of the exchange rate due to speculation on when the stimuli would be withdrawn, and high long-term US interest rates affected international capital flows, principally affecting the emerging economies.  In Europe, confidence indicators signaled that the region is still in a phase of economic recovery, though gradual and irregular. The Purchasing Managers’ Index (PMI) — expressing the stance of services and industry in the euro zone — rose to 52.2 points in September (from 51.5 in August and 50.3 in July), its highest level in 27 months.  And UK GDP was up 0.8% from 2Q to 3Q13, which is the largest quarterly increase since 2010.  However, the unemployment rate in the euro zone remains high at 12.2%; and although its growth is slowing, it has not stopped growing since April 2011. As a result the European Central Bank and the Bank of England opted to keep interest rates unchanged at 0.5% p.a. for a further period, while also signaling the possibility of their adopting additional stimuli.

In China GDP was up 7.8% year-on-year in 3Q13 — a higher figure than its 7.5% YoY growth of 2Q13. This tended to reduce concern on a possible slowdown in the Chinese economy, which would be negative for emerging markets. In the third quarter the Chinese government adopted various measures to stimulate the economy, such as

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purchase of financial assets (aiming to increase monetary liquidity), and other actions that included reduction and simplification of taxes for small and medium-sized companies and for exports. Based on this, analysts continue to expect that China will reach its growth target of 7.5% for 2013.

In Brazil, the Central Bank took some action aiming to give more predictability to the interventions in the FX market, and reduce the Real’s strong depreciation trend, with a program of daily auctions of exchange rate swaps lasting until the end of this year. These measures were relatively successful in 3Q in containing the upward surge in the exchange rate, which closed 3Q13 at approximately R$ 2.20.

The Central Bank also increased the basic — Selic — interest rate from 8.0% to 9.0% p.a., during 3Q, continuing efforts to contain the inflation rate, which was 3.79% in the first nine months of the year, and 5.86% in the prior 12 months.

The most recent figures on economic activity from the IBGE reported Brazilian GDP growing 1.5% (seasonally adjusted) from 1Q to 2Q13, which was a positive surprise for the market, and 3.3% higher year-on-year (vs. 2Q12).

Brazilian industrial GDP was up 2.0% in 2Q13 from 1Q13, after a quarter-on-quarter contraction of 0.2% in the previous quarter — but according to data from the IBGE industry remained weak in the third quarter, contracting 1.4% — signaling weak performance for the economy as a whole in the third quarter.

Even so, Brazil’s Industrial Corporate Confidence Index rose in both August and September, reversing a fall in July, when it had nearly touched the dividing line between confidence and lack of confidence. We believe this is an important signal for recovery of the sector.  The consumer confidence index remains low, though stable.

In Minas Gerais the João Pinheiro Foundation reported the state’s contribution to GDP as 0.1% lower in 2Q13 than 1Q13, mainly due to farming output 11.1% lower, countered by industrial output 2.1% higher, reversing from a strong contraction in 1Q, while growth in the services sector was stable at 0.6%.

For the long term, we see the outlook for the Brazilian economy as positive.  In our view, the large-scale sporting events and investments in the oil and gas sector, among other projects, are unequalled opportunities for the country to improve infrastructure, and in parallel boost its economy — with positive consequences for the electricity sector, since

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production and distribution of electricity tend to grow at the same rate as industry as a whole.

According to the government’s Energy Research Company (EPE), total consumption in the Brazilian national grid in the first nine months of 2013 was up 3.2% year-on-year, and in the third quarter, up 3.9% (this year-on-year comparison for a single quarter was 3.0% in 2Q13).

The largest contribution to consumption growth was in the residential consumer category, up 6.9% YoY in 3Q13, due to (a) expansion of the consumer base — by 3.5%, from the end of 3Q12), and (b) average consumption per home up 2.9% YoY, reflecting growth in ownership and use of household appliances. The growth in appliance ownership partly reflects the “Improve My House” Program (Programa Minha Casa Melhor), launched in June 2013, which promoted acquisition of household appliances.

There was also strong growth in consumption by the commerce and services consumer category: up 5.3% YoY in 3Q13 — compared to 4.6% YoY in 2Q13 — although this rate of growth appears to be slowing (since these numbers are lower than those of 2012).

Consumption of electricity by the industrial consumer category, on the other hand, was up 1.1% YoY in 3Q13 (the same YoY figure as in 2Q13). On the other hand when seasonally adjusted this group’s consumption in 3Q was 0.3% lower than in 2Q — which is in line with the figures for industry found by the IBGE.

In the first nine months of 2013 (9M13) total consumption of electricity supplied by Cemig was only 0.6% higher than in 9M12, negatively affected by industrial consumption 4.5% lower in Minas Gerais State. In spite of this, EPE reported improvements in quarterly industrial electricity consumption in the state, on the modest increase in consumption by steel and mining (although the total was lower than in 2012).  Meanwhile consumption by the residential sector was up 6.8% YoY (reflecting an increase of 3.1% in the total number of Cemig’s consumers, together with average monthly consumption per consumer 3.4% higher); and consumption in the Commercial and Services sector was up 5.0% YoY.

Finally, we note that EPE has revised its forecast for electricity consumption in 2013: it now expects consumption through the National Grid system 3.3% higher than in 2012, reflecting a more modest recovery in the industrial sector — although the residential sector outperformed the previous forecast.

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Cemig: share performance

Sources: Economática

Cemig’s preferred shares (CMIG4) traded R$ 4.1 billion in São Paulo in 3Q13 — making it one of the most liquid stocks in Brazilian electricity and one of the most traded in the Brazilian market.

On the NYSE, ADRs for Cemig’s preferred shares (CIG) traded US$ 1.4 billion in 3Q13, reflecting the recognition the stock receives from the investor market, and securely identifying Cemig as a global investment option.

The Ibovespa (index of the São Paulo stock exchange) declined 12% over 12 months, closing September at 52,338 points, reflecting, in our view, growing investor pessimism about Brazil’s economy, and other factors including (i) performance of EBX Group shares, and (ii) depreciation of the dollar over much of the period, pressuring shares in oil- and mining-related stocks.  In 3Q13 the Ibovespa rose a little, but was still down in the first nine months of the year.

Cemig’s shares rose considerably in value over the 12 months to the end of 3Q13: the common stock by 16% and the preferred stock by 9%. This appreciation was much higher than that of the Ibovespa and the index of the Brazilian electricity sector for the period — reinforcing the perception of Cemig’s shares as a firm investment option.

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Cemig: Share performance from 3Q12 to 3Q13

Cemig’s long-term ratings

The leading rating agencies maintained their long-term credit rating outlook for Cemig:

Economic summary

*  Adjusted for non-recurring effect of Gain on dilution of interest in jointly-controlled subsidiaries.

Adoption of international accounting rules

The results given below are in accordance with the new accounting rules, reflecting the harmonization of Brazilian accounting rules with IFRS.

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PROFIT AND LOSS ACCOUNTS

FOR THE THIRD QUARTERS OF 2013 AND 2012

R$ ’000 (except Net profit per share)

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Cemig’s consolidated electricity market

The figures we report for Cemig’s market comprise the sale of electricity by its distribution company, Cemig Distribuição (“Cemig D”) and its Generation and transmission company, Cemig Geração e Transmissão (“Cemig GT”).

This market can be summarized as: sales of electricity to both captive and free consumers, in the concession area of Minas Gerais and outside that state; sales of electricity to other agents of the electricity sector in the Free and Regulated Markets; sales under the Program to Encourage Alternative Electricity Sources (“Proinfa”); and sales on the CCEE (the wholesale market); with elimination of transactions between companies of the Cemig group.

This chart shows the breakdown of the Cemig Group’s sales to final consumers:

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The volume of electricity sold to final consumers in Cemig’s concession area in 3Q13 was 2.26% lower than in 3Q12.

( * ) Includes Contracts for Sale of Energy in the Regulated Market (CCEARs) and “bilateral contracts” with other agents.

The following notes comment on the main consumer categories:

Residential:

Residential consumption was 15.04% of the total of electricity sold by Cemig in 3Q13.  The increase of 6.04% in relation to 3Q12 is associated with the increase of 3.1% in the number of consumer units.  Cemig D (Distribution) invoiced 205,983 consumers in 3Q13, while average monthly consumption per consumer was up 2.5% year-on-year — at 126.4 kWh/month in 3Q13, compared to 123.4 kWh/month in 3Q12. This reflected the continuing (though recently slower) growth rate of private consumption of goods and services, partly made possible by the federal government’s policy of stimulating consumption.

Industrial:

Industrial consumption was 38.53% of the total electricity sold by Cemig in 3Q13.  The total 8.98% lower than in 3Q12 reflects weaker industrial activity in the period.

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Commercial:

This category of clients consumed 9.22% of the electricity transacted by Cemig in 3Q13, totaling 5.78% more than in 3Q12, reflecting an increase of 19.25% in the number of consumers (942 new consumers).

Rural:

Rural consumption was 5.85% of the total volume of electricity sold, the total being 10.15% higher YoY, in 3Q13.  A key factor was the significant demand for electricity for irrigation.

Other consumer categories:

The other consumer categories — public authorities, public illumination, public service and Cemig’s own consumption — totaled 5.47% of the electricity transacted by Cemig, and 3.67% more than in 3Q12.

Supply to other electricity operators in the Free and Regulated Markets:

Cemig’s sales to agents of the electricity sector in Brazil’s Free and Regulated Markets totaled 25.89% of the volume of electricity transacted in 3Q13, 23.37% more than in 3Q12. The average price of the electricity energy sold was R$157.02/MWh on the 3Q13, 12.86% more than the 3Q12 (R$139.13/MWh).

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The electricity market of Cemig D

The concession area of Cemig D (Distribution) 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.

The total sales of electricity by Cemig D (Distribution) to its captive market were 4.7% higher YoY in 3Q12, reflecting an increase in consumption per consumer unit, and 81,459 new consumers connected to Cemig’s distribution network in 3Q13.

The total number of consumers invoiced in 3Q13 was 7,712,033, 3.07% more than in 3Q12.  Of this total, 7,711,644 are captive consumers — an increase of 3.07% — and 389 are Free Consumers that use the distribution network of Cemig D — an increase of 20.01%.

The electricity market of Cemig GT

The consolidated total of electricity sold by Cemig GT means the total of sales made:

I.                     in the Free Market, to Free Consumers — in Minas Gerais and other states — and to other generators and traders;

II.                in the Regulated Market, to distributors; and

III.           in the CCEE (Brazil’s Electricity Trading Chamber).

Cemig GT’s electricity market was 0.9% smaller, in aggregate, in 3Q13 than in 3Q12.  This mainly reflects a total of electricity sold to industrial clients 10.37% lower than in 2Q12, due to the slowdown in industrial activity, the effect being mitigated by a volume of electricity sold to other concession holders 17.79% higher.

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Balance of sources and uses of electricity — MWh

Sources: Cemig D — Sources and Uses (PC/AR); Cemig D — Monitoring of Invoiced Market (PC/PM); Pontos de Medição 2005—2011 - CCEE Accounting — ME001 Report.

The total of Cemig D’s electricity losses in the 12-month period ending September 30, 2012 was 5,840 GWh, or 11.23% of the total of energy carried. In the same 12 months non-technical losses totaled 1,303 GWh — equal to 7.63% of the total electricity billed in the low-voltage market. This was a reduction of 1.04 p.p. in relation to the 12-month period ended on December 31, 2012.

Consolidated operational revenue

Total revenue from supply of electricity

Revenue from total supply of electricity in 3Q13 was R$ 3.85 billion, 1.99% less than the total for 3Q12 of R$ 3.93 billion.

The main factors affecting revenue in 3Q13 were:

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·                      Annual tariff adjustment for Cemig D, with average effects on consumer tariffs of 3.85%, effective from April 8, 2012 (full effect in 2013).

·                      Volume of energy invoiced to final consumers 2.26% lower.

·                      For captive consumers, an average reduction in tariffs of 18.14%, as a result of the Extraordinary Tariff Review created by Provisional Measure 579 of September 11, 2012. The tariffs were applied from January 24, 2013 to April 7, 2013, when the Periodic Tariff Review — which happens every 5 years under the concession contract — was completed.

·                      Tariff increase for Cemig D, with average effect on consumer tariffs of 2.99%, in effect from April 8, 2013.

·                  Adjustment of contracts for sale of electricity to free consumers in 2013 — the greater part of these contracts are indexed to the variation in the IGP-M inflation index.

(*) Includes Contracts for Sale of Electricity in the Regulated Market (CCEARs), and ‘bilateral contracts’ with other agents.

Revenue from wholesale electricity sales

Revenue from supply to other concession holders was R$ 633mn in 3Q13, compared to R$ 455mn in 3Q12 - an increase of 39.23%.

The average price of electricity sold was R$ 157.02/MWh in 3Q13, 12.86% higher than in 3Q12 (R$ 139.13/MWh).

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Revenue from Use of Distribution Systems (the TUSD charge)

The revenue earned by Cemig D (Distribution) from the Tariff for Use of the Distribution Systems (TUSD) was R$ 205mn in 3Q 2013, a reduction of 55.63% from R$ 463mn in 3Q12. The main reason for the lower figure is the reduction in the tariff, perceived by Free Consumers as an average reduction of 33.22%, as from April 8, 2013.

Transmission concession revenue

The revenue from the transmission concession in 3Q13 was R$ 117mn, a reduction of 32.82% compared to 3Q12 (R$ 174mn). The change is basically due to renewal of the Company’s older transmission concessions which, as from 2013, began to be remunerated only for operation and maintenance of the infrastructure, under Provisional Measure 579 (converted into Federal Law 12783/13), thus reducing the RAP (Permitted annual revenue) of the transmission company by 65.88% for the period in question.

Revenue from transactions in electricity on the CCEE

Revenue from transactions on the Electricity Trading Market (CCEE) in 3Q12 was R$ 13.0mn, compared to R$ 46.8mn in 3Q12 — a reduction of 72.15%. This basically reflects a lower availability of electricity for trading.

Other operational revenues

This total includes charged services, sharing of infrastructure, the subsidy for the low-income electricity tariff, and other services provided under the concession. Operational revenues were R$ 290.9mn in 3Q13, compared to R$ 107.9mn in 3Q12. This difference was an increase of 169.57%, arising from the compensation from the Energy Development Account (Conta de Desenvolvimento Energético, or CDE), under Law 12783/13, to compensate for the subsidies in the Tariffs for Use of the Distribution System (TUSD) that were not incorporated into the tariff, in an amount totaling R$136 million in 3Q13.

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Sector / regulatory charges — deductions from revenue

The deductions from revenue for sector charges in 3Q13 totaled R$ 1.163 billion, 23.12% less than their total of R$ 1,512mn in 3Q12. This reflects the provisions of Law 12783, of January 2013, which reduced the charge for the Energy Development Account (CDE) (passed on to the consumer) by 71%, and abolished (a) the prorating of the Fuel Consumption Account (CCC), and (b) the charging of the quota for the Global Reversion Reserve (RGR) to holders of concessions and permissions.

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.

Operational costs and expenses

Operational Costs and Expenses, excluding Financial revenue (expenses), totaled R$ 2.793 billion in 3Q13, 0.08% less than in 3Q12 (R$ 2.795 billion).

The following paragraphs outline the main variations in expenses:

Electricity bought for resale

This expense in 3Q13 was R$ 1.45 billion, 24.37% more than in 3Q12 (R$ 1.168 billion).  The main factors in the difference are:

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·                      Purchases of electricity for resale R$ 200 million higher in 3Q13, due to greater selling activity, associated with the higher cost of acquisition due to the higher market price of electricity.

·                      Lower net expenses on spot market purchases of electricity in the CCEE, reflecting the reimbursement by the Federal government of a part of the costs, in the amount of R$ 99mn.

·                      Allocation, to the distributors of the National Grid system, of physical energy and power guarantee quotas for the plants whose concessions were renewed under Law 12783 (of January 2013).

·                      Expenses on electricity from Itaipu 17.97% higher. This expense, linked to the US dollar, was R$ 273mn in 3Q13, compared to R$ 231mn in 3Q12 due, among other factors, to the depreciation of the Real against the dollar in 3Q13, compared to appreciation during 3Q12. The average value of the dollar applied to invoices in 9M13 was R$ 2.12/US$, 14.40% higher than the value of R$ 1.86/US$ applied in 9M12.

Charges for the use of the national grid

The expense on charges for use of the national grid in 3Q13 was R$ 142mn, 37.98% less than in 3Q12 (R$ 229mn). This is the result of Law 12783 (of January 2013), which reduced the sector charges and also renewed older transmission concessions, at the same time reducing the remuneration of the concession holders, which was reflected in lower transmission charges.

Personnel

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Personnel expenses (excluding the voluntary retirement programs, and the costs of personnel transferred to works in progress) were 4.4% lower in real terms in 3Q13 than 3Q12, after the wage increase of 6% under the annual collective work agreement of November 2012.  This reflected the PID (Retirement Incentive) Program.  The retirements covered by the program did not all take place in the third quarter, since the final deadline is December 2013.   The effects of the PID were partially offset by entry of 565 new employees.

Number of employees

Cemig (Holding company), Cemig GT and Cemig D

Post-retirement obligations

Post-retirement liabilities in 3Q13 were R$ 42 million, 25.25% higher than in 3Q12 (R$ 33 million).  The expense basically reflects monetary updating of the obligation and this variation arises, principally, from reduction of the discount rate on the actuarial obligations as from December 31, 2012 (3.66% in 2012, compared to 5.53% in 2011), which had the consequence of increasing the actuarial obligations recorded by the company as from that date.

Outsourced services

The expense on outsourced services in 3Q13 was R$ 211mn, 2.51% less than in 3Q12 (R$ 216mn).  The main differences were in contracting of outsourced workers (reduction of 47.33%), expenses on communication (reduction of 57.42%), and reduction in costs of disconnection and reconnection (down 57.88%).

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Other operational expenses, net

The other items of operational costs and expenses totaled R$ 115mn in 3Q13, 42.33% more than in 3Q12 (R$ 81mn).  This mainly reflects the Pasep and Cofins taxes applying to the reimbursement of funds made from the Energy Development Account (CDE) to compensate for the subsidies in the TUSD (Tariff for use of the Distribution System) that were not incorporated into client tariffs.

Equity method gains (losses)

The total of Equity gains (losses) in subsidiaries in 3Q13 was a gain of R$ 349 million, which is 24.21% less than the gain of R$ 461 million in 3Q12.

This reflects the fact that the figure for the previous year (3Q12) included the equity gain arising from the public offering of shares in Taesa.

Financial revenues and expenses

Cemig reports net financial expenses in 3Q13 of R$ 119mn, compared to net financial expenses of R$ 197.3mn in 3Q12.  The main factors in this are:

·                      revenue from cash investment 77.06% higher, at R$ 96mn in 3Q13, compared to R$ 54mn in 3Q12, due to a higher volume of cash available for investment in 2013;

·                      penalty fees for late payments of electricity bills 22.30% lower, at R$ 34mn in 3Q13, compared to R$ 44mn in 3Q12, reflecting a settlement with a major client in 2012 for non-payment of the TUSD charges in prior periods;

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·                      costs of loans and financings 32.41% lower, at R$ 179 million in 3Q13, compared to R$ 265 million in 3Q12, basically due to the reduction in the volume of funds raised indexed to the CDI rate; and

·                      monetary updating on loans and financings 34.63% lower, at R$ 30mn in 3Q13, compared to R$ 46mn in 3Q12.  This basically reflects a lower volume of funds raised that were indexed to IPCA inflation.

Income tax and Social Contribution tax

In 3Q13, Cemig’s expenses on income tax and the Social Contribution tax totaled R$ 194 million, on pre-tax profit of R$ 983 million, a percentage of 19.73%.

In 3Q12, Cemig’s expense on income tax and the Social Contribution tax totaled R$ 232 million, on pre-tax profit of R$ 1.169 billion, a percentage of 19.81%.

Regulatory Assets and Liabilities

Following the alignment of Brazilian accounting practices with IFRS, as from 2010 regulatory assets and liabilities are no longer recorded in the Company’s financial statements; and amounts relating to regulatory items are recognized in the Profit and loss account only as from the moment they are included in the Company’s tariff.

This table shows the effects that regulatory assets and liabilities would have had if they had been recognized in the Company’s Statement of financial position:

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(1) Portion A Costs Variation Compensation Account (CVA).

(2) Tariff for Use of Distribution Systems (TUSD).

The net effects of regulatory assets and liabilities on the Company’s Profit and loss account, if they had been recorded, would have been as follows:

(1) Portion A Costs Variation Compensation Account (CVA).

(2) Tariff for Use of Distribution Systems (TUSD).

Ebitda

Cemig’s consolidated Ebitda in 3Q13 was 1.57% higher than in 3Q12:

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Adjusted consolidated Ebitda was slightly - 1.57% - higher, in line with profit being 2.9% higher than adjusted profit in 3Q12, this factor being partially offset by lower equity gain on subsidiaries (after disposal of the interest in the TBE Group), and by net revenue 3.46% lower. Cemig D’s Ebitda 18.88% lower in 3Q13 than 3Q12 mainly reflected its revenue being 5.61% lower YoY. Cemig GT’s Ebitda being 25.51% lower in 3Q13 than 3Q12 mainly reflected operational costs and expenses 41.45% higher (excluding the effects of depreciation and amortization), partially offset by net revenue 8.96% higher. Adjusting Cemig GT’s Ebitda for the non-recurring effect of the gain on disposal of an equity interest in a jointly-controlled subsidiary, which took place in 3Q12, the reduction would be 2.84%.

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Debt

Cemig’s total consolidated debt at September 30, 2013 was R$ 9.538 billion, 8.42% less than on December 31, 2012. The ratio debt/consolidated stockholders’ equity (equity = R$ 13.198 billion) was 72.27%, and book value per share was R$ 13.71.

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ACQUISITIONS

BRASIL PCH

On June 14, 2013 Cemig GT signed a share purchase agreement with Petrobras for acquisition of 49% of the common shares of Brasil PCH.  On August 8, an Investment Agreement was signed between Cemig GT, Renova Energia S.A, RR Participações S.A, Light Energia S.A and Chipley (a special-purpose company), governing entry of Cemig GT into the controlling stockholding block of Renova, and assigning the Share Purchase Agreement for purchase of the interest in Brasil PCH to Chipley.

The transaction for acquisition of an interest in Brasil PCH was subject to rights of first refusal, and/or joint sale, held by the other stockholders of Brasil PCH.  At expiry of that right no party exercised a right of purchase, and only the stockholder Jobelpa S.A, holder of 2% of the shares, exercised the right of joint sale. Thus Chipley will acquire 51% of Brasil PCH, for R$ 676 mn, on the base date December 31, 2012, updated by the CDI rate plus 2% p.a. up to the date of payment. Completion is subject to approval by regulators.

The acquisition is part of the strategy in Cemig’s Long-Term Strategic Plan to aim for sustainable growth, through transactions that can add value to its present assets and provide its stockholders with the appropriate and attractive return on their investment.

For more information please see the Material Announcement at this link:

Brasil PCH Aquisition

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RENEWAL OF CONCESSIONS

The government passed Law 12783 (initially Provisional Measure 579), aiming to end discussion on the possibility of extension of the electricity concession covered by Articles 17 (Paragraph 5), 19 and 22 of Law 9074 of 1995.

Cemig opted not to renew its concessions for 18 hydroelectric plants. Cemig believes that it has the right to extension of its concessions for the Jaguara, São Simão and Miranda plants, whose initial periods have expiration dates in August 2013, January 2015 and December 2016, respectively, under the conditions in force prior to Provisional Measure 579, expressed in clauses of the concession contracts themselves and in Article 19 of Law 9074 of 1995.

On August 29, 2013, Cemig GT obtained an injunction from the Brazilian Higher Appeal Court (Superior Tribunal de Justiça, or STJ) in an application for order of mandamus against the decision by the Mining and Energy Ministry not to extend the concession of the Jaguara Hydroelectric Plant.  The Ministry alleges that extension of the concession is a discretionary right of the federal government.  The injunction was given by Justice Ari Pargendler, and ensures that Cemig will continue to operate Jaguara until final judgment of the action.

STJ - Jaguara

DIVIDENDS

Cemig’s dividend policy guarantees (i) distribution of 50% of Net profit as obligatory dividend to the company’s stockholders, subject to the other provisions of the bylaws and the applicable legislation; and (ii) allocation of the balance, after any retention specified in a capital budget and/or investment plan prepared by the management of Cemig, in obedience to the Strategic Plan and the dividend policy therein specified and duly approved, to constitute the earnings reserve for distribution of extraordinary dividends, up to the maximum limit specified by law.

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Without prejudice to the obligatory dividend, every two years Cemig will use this earnings reserve for distribution of extraordinary dividends up to the limit of cash available.

The Board of Directors may declare interim dividends, in the form of Interest on Equity, on account of accumulated profits, profit reserves, or profits found in the 6-monthly or interim financial statements.

This table shows payments made to stockholders over the last five years:

Cemig’s dividend yield has been growing significantly over the last five years, providing an increasingly higher return to the stockholder:

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Light — Highlights of 3Q13

·                      Total energy sold in 3Q13 was 1.7% higher than in 3Q12, at 5,581 GWh, reflecting increased consumption by the Commercial segment — which was up 2.5% YoY — and the group Others, up 3.8% YoY.

·                      Consolidated net revenue in the quarter, excluding construction revenue, was R$ 1.615 billion, up 3.8% from 3Q12.  Revenue increased in all the sectors of the Company’s business, led by trading, in which revenue was up 102.5% YoY.

·                      Consolidated Ebitda in the quarter was R$ 722.0mn, 161.1% higher than in 3Q12, boosted by the receipt of cash transferred from the CDE fund totaling R$ 303.4mn, approved by Aneel in the tariff review, reimbursing costs of purchase of electricity incurred in the previous quarters.  Even excluding this effect, Ebitda was a significant 51.4% higher YoY.

·                      Net profit in 3Q13 was 282.1% higher than in 3Q12, at R$ 321.5mn in 3Q13, also reflecting the impact of the inflow of funds from the CDE.  Even so, without this effect profit was still up 44.1% YoY.

·                      Non-technical losses in the last 12 months were 43.7%, calculated as a percentage of the low-voltage market invoiced (Aneel criterion), representing a reduction of 1.7 percentage points from their level at the end of December 2012.

·                      The percentage of total billing collected in the quarter was 97.9%, in line with its level in 3Q12.  Provisions for doubtful receivables were 2.0% of gross revenue from invoicing of electricity, totaling R$ 37.1mn, almost in line with the provision in 3Q12.

·                      At the end of September Light had net debt of R$ 4.152 billion, 2.4% higher than at the end of June 2013.  Its leverage as expressed by Net debt/Ebitda was 2.68x.

·                     On November 5, 2013 Aneel approved the Tariff Review of Light SESA, with an effective average increase of 3.65% on consumers’ electricity bills, applied from November 7, 2013.

For more information please see this link:

Press-release Light 3T13

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Taesa — Highlights of 3Q13

·                      In 3Q13 Taesa entered a new phase of its development: it accounted the first complete quarter of TBE, insourced the O&M activities of the concessions of ATE, ATEII, ATE III and STE, and completed settlement of the Transmineiras deal, through its affiliated company EATE.

·                      Taesa reports consolidated IFRS net profit for 3Q13 of R$ 477.9 million, 59.6% higher than for 3Q12. Regulatory Ebitda (a non-IFRS measure) was R$ 315.8 million, R$ 24.6 million higher than in 3Q12, with Ebitda margin of 87.8%.

·                      The processing of insourcing O&M of ATE, ATEII, ATE III and STE — replacement of the outsourced group that previously providing this service with the company’s own internal staff team — was completed in September. The purpose of this was to reduce costs, and optimize the operations of these concessions, using the advantages of Taesa’s own technical expertise, and scale, and the privileged geographical position of its assets.

·                      On August 8, through the affiliate EATE, Taesa acquired 10% of the transmission companies Transudeste, Transleste and Transirapé. This purchase was settled on October 17 with a payment of R$ 33.5 million by EATE from its own funds.

On the following pages Taesa presents its results for 3Q13.

3Q13 Taesa Earnings

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FINANCIAL STATEMENTS BY COMPANY

FINANCIAL STATEMENTS SEPARATED BY COMPANY — SEPTEMBER 31, 2013