Cemig’s net income fell 97.44% in the second quarter of this year, compared to the same period in 2021, to R$49.876 million, impacted by the provision of R$1.405 billion made to comply with the provisions of Law 14,385/2022, which governs the return of tax credits related to the collection of PIS and Cofins in the calculation base of the Tax on Circulation of Goods and Services (ICMS). In the year to June, Cemig’s profit reached R$ 1.505 billion, a decrease of 36.45% on an annual basis of comparison.
In a statement, the company informed that it awaits the regulation of the Law by the National Electric Energy Agency (Aneel) and evaluates with legal advisors possible future actions related to the issue.
The company’s net revenue in the second quarter grew 11.7% to R$ 8.213 billion, and in the first half the company recorded revenue of R$ 16.060, an increase of 11.0%. Between April and June, Earnings Before Interest, Taxes, Depreciation and Amortization (Ebitda) adjusted by the exclusion of non-recurring items, grew 37.02% on an annual basis of comparison, to R$ 1.809 billion.
Considering the first six months of the year, Cemig’s adjusted Ebitda was
by R$ 3.734 billion, an increase of 25.63%. Consolidated Ebitda, calculated in accordance with CVM Instruction 527, fell by 86.34% to R$353.6 million in the quarter. Considering the first six months of 2022, the indicator dropped 48.81% to R$2.270 billion.
The Ebitda margin for the second quarter was 22.03%, up 4.08 percentage points (pp), while in the year to June it increased 2.7 pp, to 23.25%.
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