In This Article:
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Adjusted EBITDA: Exceeded BRL1.2 billion year-to-date.
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Net Income: Reported net income surpassed BRL1.2 billion, including extraordinary events totaling approximately BRL645 million.
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Divestment Impact: BRL170 million from Compagas and UEGA divestments; BRL175 million from Copel G&T real estate sale.
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Dividends: Declared BRL485 million to be paid on November 29.
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Personnel Costs: Reduced by 11.2% after adjusting for inflation.
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Adjusted EBITDA (Q3 2024): BRL1.2 billion, 10.9% lower than Q3 2023.
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Copel Distribution EBITDA: BRL607 million, an 8.7% increase from the previous year.
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Generation and Transmission EBITDA: BRL649 million, affected by lower P mix and wind farm curtailment.
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Trading EBITDA: BRL3.2 million, down from BRL20 million last year.
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Recurring Net Income (Q3 2024): Exceeded BRL572 million, 16% higher than the previous quarter.
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Reported Net Income (Year-to-Date): BRL2.2 billion, 61% above last year.
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CapEx: 75% of the year's forecast paid, with Copel Dis accounting for 86% of the forecast.
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Leverage: Net debt over EBITDA ratio at 1.5x, expected to change after grant bonus payment.
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Operating Cash Generation: Exceeded BRL1 billion.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cia Paranaense De Energia Copel (NYSE:ELP) reported an adjusted EBITDA exceeding BRL1.2 billion, with a reported net income also surpassing BRL1.2 billion.
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The company successfully completed divestments at Compagas and UEGA, aligning with its decarbonization strategy and adding BRL170 million to net income.
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Copel declared dividends of BRL485 million, equivalent to a 50% payout, demonstrating a commitment to shareholder returns.
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The company executed a significant reduction in personnel costs, achieving an 11.2% drop by optimizing processes and ensuring service quality.
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Copel's energy sales strategy resulted in a significant margin increase, with improved contracting levels for 2025 and 2026, positioning the company as an agile market player.
Negative Points
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Copel G&T and COM faced challenges due to curtailment effects on wind assets and energy price decoupling between submarkets.
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Adjusted EBITDA was 10.9% lower compared to the third quarter of 2023, primarily due to a reduction in average energy prices.
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The trading segment's adjusted EBITDA dropped significantly to BRL3.2 million from almost BRL20 million last year, impacted by market price differences.
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The company anticipates a change in leverage following the payment of a BRL4 billion grant bonus for hydroelectric plant concessions.
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Curtailment levels in renewable generation, particularly in the Northeast, remain a concern, affecting the company's wind farm operations.