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 March, 2004
Commission File Number 1-15224
Energy Company of Minas Gerais
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(Translation of registrant's name into English)
Avenida Barbacena, 1200
30190-131 Belo Horizonte, Minas Gerais, Brazil
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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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): _____
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): _____
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 No X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A
Index
Item Description of Item
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1. Notice to the Market - 2003 Net Income, dated March 29, 2004
2. List of Decisions of Board of Directors from Meeting of March 29, 2004
3. Notice to Shareholders, dated March 31, 2004
Item 1
Notice to the market - 2003 NET INCOME
Cemig informs stockholders and investors that its consolidated financial
statements for 2003, prepared in accordance with Brazilian GAAP, were approved
by its Board of Directors on March 29, 2004, and will be sent to the CVM on
March 31. They report net income of R$ 1.198 billion, or R$ 7.39 per thousand
shares, a recovery from the loss of R$ 1.002 billion reported for 2002.
Net revenues were R$ 5.623 billion; and cash flow, measured by EBITDA
(earnings before interest, tax, depreciation and amortization), was R$ 1.797
billion, an increase of almost 70% from 2002.
Cemig's sales of electricity were 36,584 GWh, 1.8% more than in 2002, of which
35,962 GWh was sold to final consumers, 0.9% more than in 2002.
Operational expenses were 5% lower than in the previous year. The main cause
of this reduction was 24% lower expenditures on electricity purchased for
resale than in 2002. Other contributing factors were: post-employment expenses
50% lower than in 2003; and a reversal of part of the provisions for the
General Agreement of the Electricity Sector, in the amount of R$ 118 million.
On the other hand, personnel expenses were 34% higher, mainly due to a
provision of R$ 77 million for expenditures under the voluntary dismissal
program, which will allow headcount to be reduced by approximately 800.
An exchange-rate-related gain of approximately R$ 336 million, in financial
revenues, also made a significant contribution.
Cemig will hold a meeting with the domestic and international investor market
on April 1, providing more details and comments on the results.
Belo Horizonte, March 29, 2004
Wilson Nelio Brumer
Chairman of the Board
Item 2
[CEMIG LOGO]
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BOARD OF DIRECTORS
Meeting of March 29, 2004
Decisions:
1. Long-term financial forecasts.
2. Financial statements for 2003.
3. Proposal for distribution of 2003 earnings, for submission to the 2004
ordinary general meeting of stockholders.
4. Technical accounting study on use of tax credits.
5. Long-term corporate plan.
6. Service contract for upgrade of IBM system basic software;
re-ratification of announcement of the Board decision.
7. Project: Construction of Mariana electricity system, Phase 2.
8. Technological R&D program for 2003 and 2004.
9. Energy sale contract and debt recognition agreement with Liasa.
10. Reimbursement of amounts paid by Alcan.
11. Service contract for clearing of buffer strips on distribution networks
and transmission lines.
12. Non-remunerated lease contract with Copasa for strip of land at the
Mosquito dam.
Item 3
[DOW JONES
[CEMIG LOGO] SUSTAINABILITY [LATIBEX LOGO] [LEVEL 1 BOVESPA [CIG
INDEX LOGO] LOGO] LISTED
NYSE LOGO]
COMPANHIA ENERGETICA DE MINAS GERAIS - CEMIG
PUBLICLY TRADED COMPANY
CORPORATE TAX REGISTRATION (CNPJ) # 17.155.730/0001-64
NOTICE TO SHAREHOLDERS
We advise our shareholders that the documents referred to in article 133 of
Law # 6,404 of December 15, 1976, relating to the year 2003, are available for
consultation at the head offices of this Corporation located at Av. Barbacena,
1,200, Belo Horizonte.
Belo Horizonte, March 31, 2004
Flavio Decat de Moura
Finance, Participations and Investor Relations Director
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.
COMPANHIA ENERGETICA DE MINAS
GERAIS - CEMIG
By: /s/ Flavio Decat de Moura
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Name: Flavio Decat de Moura
Title: Chief Financial Officer
and Investor Relations Officer
Date: March 31, 2004