SAO PAULO (Reuters) – Cemig reported a net profit of 1.46 billion reais in the first quarter of this year, up 245% compared to the same period in 2021, and will have a positive impact of more than 370 million reais of the sale of the slice in Renova Energia in the result of the second quarter, said the electric company this Monday.
The performance of the first quarter was mainly driven by the financial result, which was 314 million reais positive in the last quarter, compared to 1.265 billion negative a year earlier.
In a report accompanying the balance sheet, the state-owned company said that this variation in the financial result is directly related to the behavior of the dollar, which fell 15.1% in the first quarter of this year and rose 9.6% in the same period last year.
Earnings before interest, taxes, depreciation and amortization (Ebitda) reached 1.92 billion reais between January and March, 3.9% higher compared to the previous year.
The company highlighted the 26.7% increase in the Ebitda of its generation and transmission subsidiary, to 944.5 million reais, while the distributor’s indicator dropped 12.2%.
In a conference call to comment on the quarter’s results, Cemig’s CFO, Leonardo Magalhães, said that the sale of the group’s stake in Renova Energia, completed this month, will have a total effect of 372 million reais on Cemig’s results in the second quarter.
According to Magalhães, the divestment reinforces the state-owned company’s commitment to focus its operations on essential businesses and to invest in the State of Minas Gerais.
Also during the conference call, the electric company reaffirmed its expectation of moving forward with the sale of the stake in Taesa, scheduled to take place in 2022. However, the modeling of this sale is not yet complete, said Cemig executives.
TARIFF ADJUSTMENT AND REVIEW
The Cemig distributor, one of the largest in the country, will undergo a readjustment of its tariffs at the end of this month, amid pressure in Congress to suspend double-digit adjustments already approved by the National Electric Energy Agency for several states in 2022.
To Reuters, Magalhães said that the company does not expect any abnormality in this process within the scope of the regulator. “We understand that the process follows the rite that takes place throughout the year,” he said, without commenting on the movement taking place in Congress.
He also highlighted that Cemig has very positive expectations for the tariff review that will take place in 2023, a process in which the regulator carries out a broader review of the amounts charged from consumers based on investments made by the concessionaire, operational efficiency and changes in the energy market. distribution.
Cemig expects that Aneel will recognize billionaire investments made in recent years in the regulatory remuneration base (BRR) of the distributor, in addition to compensation for the loss of market suffered with the advancement of distributed generation – small-scale projects for the production of energy on site. consumption or close to it, mainly from the solar source.
“In recent years, we have lost market share to distributed generation, which reached 5% in the accumulated result for this year. We understand that in the next review there would be an adjustment of this… We understand that this will help the results of our distributor next year.”
With regard to investments, the director commented on a conference call that the company is trying to accelerate the program scheduled for this year. In 2022, Cemig expects to direct BRL 3.22 billion to the distributor, out of a total investment plan of BRL 3.97 billion.
COMMERCIALIZATION
Cemig also expects good results for its energy trader this year. In a conference call, the commercialization director, Dimas Costa, commented that the area’s Ebitda could reach 1 billion reais this year.
“We have an internal challenge here of reaching more than 1 billion Ebitda by 2022, it is feasible, it is not a dream,” said Costa.
Magalhães added that the electric company from Minas has a long history in commercialization and is currently the leader in this market.
“This brings an advantage in relation to investors, it ensures that we have good margins in sales and the largest market in this environment, which is deregulated.”
(By Letícia Fucuchima; edited by Roberto Samora and Nayara Figueiredo)
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