Q2 2024 Energy of Minas Gerais Co Earnings Call Transcript
Key Points
- Cia Energetica DE Minas Gerais - Cemig (CIG) reported consistent results, with operating cash generation reaching BRL1.9 billion.
- The company is recognized as one of the main dividend-paying companies, with extraordinary dividends enhancing shareholder value.
- Cemig successfully doubled its transmission base to BRL2.6 billion, indicating strong growth in its infrastructure investments.
- The company's investment program is on track, with plans to invest close to BRL6 billion in 2024, a significant increase from previous years.
- Cemig's EBITDA for the second quarter was almost 30% higher than the previous year, showcasing strong financial performance.
- Cemig faces ongoing legal challenges, including a lawsuit involving a trading company and a large client, which could impact future financial results.
- The company's debt profile is close to one-time EBITDA, necessitating constant sourcing of funds from the market.
- Despite positive results, the trading company's performance was lower than the exceptional results of the previous year.
- The gas business experienced a 7.1% decline in results due to reduced consumption by a major industrial customer.
- Cemig's operating expenses, excluding the voluntary dismissal program, increased by 1.7% year-over-year, highlighting cost management challenges.
(audio in progress) George de Magalhaes, and he's going to talk about our results in the second quarter.
Leonardo George de Magalhaes
(interpreted)
Good morning, everyone. Thank you very much for being here. This is a very important moment for the company. This is the chance that we have once a year to be here with all the management of the company, RI, investments, and financial but we believe this is a single opportunity where we can be with you.
It's important to be here with investor. It's a very important moment for the company. We are having consistent results. It is very clear that the market is happy about the company's results, but this is very consistent for the past few years and we can seize this opportunity, and we want to talk more to you and be here available and be able to talk more about our strategy.
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