In This Article:
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EBITDA: BRL 5 billion in Q3 2024, the highest in the company's history.
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Capital Gain: BRL 1.6 billion from the sale of Alianca Energia.
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Transmission Tariff Revision Gain: BRL 1.5 billion.
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Investment: Over BRL 4 billion invested in the first nine months of 2024.
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Cash Generation: BRL 1.8 billion in EBITDA for Q3 2024.
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Net Cash Flow: BRL 5 billion from operating activities in the first nine months of 2024.
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Debt Issuance: BRL 2.5 billion in debentures with terms of 7 and 12 years.
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Market Growth: 4.5% increase in energy demand in Minas Gerais.
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Gasmig Gas Volume: 6.6% reduction in industrial client gas volume.
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Rating: Achieved AAA rating, the highest in the company's history.
Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cia Energetica DE Minas Gerais - Cemig (NYSE:CIG) achieved the best credit rating in its history, AAA, reflecting strong financial performance.
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The company reported a record EBITDA of BRL5 billion for the third quarter, driven by successful divestments and tariff revisions.
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Cemig completed the sale of Alianca Energia, resulting in a capital gain of BRL1.6 billion.
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The company has a robust investment plan, with over BRL4 billion invested in the first nine months of 2024, indicating a commitment to future growth.
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Cemig's transparency and quality of financial statements were recognized, enhancing investor confidence.
Negative Points
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The trading results were negatively impacted by load restrictions between the northeast and southeast regions, affecting energy prices.
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Cemig's leverage is expected to increase due to dividend payments and Eurobond settlements, potentially impacting financial flexibility.
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The company faced challenges with energy trading partners not delivering as promised, leading to contract cancellations and deferrals.
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There was a drop in EBITDA for Cemig D due to increased expenses in outsourced services and market losses from captive market migration.
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Gasmig experienced a reduction in gas volume from industrial clients, impacting EBITDA by 1.7%.
Q & A Highlights
Q: Can you explain the rationale behind submitting a bill to turn Cemig into a corporation before the approval of a prior related project? Also, is there any update on Taesa's stakeholder situation? A: The decision to submit the bill is a strategy from the controlling shareholder, Minas Gerais administration. If the bill is approved without the constitutional amendment, a referendum would be required. Regarding Taesa, there are no new updates, and any developments will be communicated through a notice. - Reynaldo Filho, CEO