Power generator Auren recorded a net loss of BRL 2 million in the second quarter of this year, 97.6% lower than the BRL 83.5 million loss for the same period in 2021, calculated on a pro-forma basis, as if the current configuration of the company had already existed since last year. The company is the result of a corporate reorganization, with the merger of Cesp, Votorantim Energia and VTRM, completed in March.
The generator’s net operating revenue totaled R$ 1.346 billion between April and June this year, practically in line with what was verified a year ago, with an increase of only 1.3%.
Earnings before interest, taxes, depreciation and amortization (Ebitda) grew 34.5%, reaching R$ 298.4 million. Based on the adjusted criterion, which excludes provisions for litigation, write-off of judicial deposits and includes dividends received, the indicator totaled R$424 million, an increase of 71% compared to the R$248 million in the same period last year. Operating cash generation, after debt service, amounted to R$385 million, which represents a cash conversion ratio of 91.5%.
Among the reasons that led to the strong increase in Ebitda in the annual comparison are the higher price of energy sales contracts, the 4% reduction (R$ 52 million) in the line of operating costs and expenses, despite non-recurring expenses related to to the restructuring, and the 48% increase (R$ 18 million) in the value of dividends received from the company’s equity interests, evaluated the vice president of Finance and New Business at Auren, Mario Bertoncini, in an interview with Broadcast Energia.
In addition, he mentioned the improvement in energy generation from the Ventos do Piauí I and Ventos do Araripe III wind farms, located between the states of Piauí and Pernambuco. Unlike other generators with wind farms in the Northeast, Auren managed to increase energy production, since in the location of its parks, there was no record of intense rains, as on the coast. “In the second quarter of 2022, we generated above the 50th percentile: Ventos do Piauí I was 1.4% better than the P50 and Ventos do Araripe III was 5% better than the P50 – these few percentage points make a lot of difference”, commented Bertoncini .
Net financial expenses amounted to R$187.5 million, 6% lower than that recorded in the second quarter of last year, mainly reflecting the reduction of R$33 million in the line for updating the balance of provision for litigation, due to the significant decrease in of the total litigation liabilities between the periods – of R$ 28 million in possible liabilities – and by the deceleration of the IGP-M.
Auren ended the second quarter with a consolidated net debt of R$2.1 billion and leverage of 1.8x, compared to 2.2x in the first quarter.
The second quarter was also marked by the progress of works on Ventos do Piauí II and III. According to Bertoncini, the company has reached 60% progress in the works and the schedule continues to advance as expected, with a budget within expectations. The commercial operation is expected to take place in November this year. “There are 93 wind turbines, most of them are already in operation, a part (36) in commercial operation and others (19) in test, but both are already billing for energy”, he said.
The two projects add up to 409 megawatts (MW) in installed capacity and will guarantee Auren another 197 average MW (MWm) in physical guarantee.
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