Q3 2024 Energy of Minas Gerais Co Earnings Call Transcript
Key Points
- Cia Energetica DE Minas Gerais - Cemig (CIG) achieved the best credit rating in its history, AAA, reflecting strong financial performance.
- The company reported a record EBITDA of BRL5 billion for the third quarter, driven by successful divestments and tariff revisions.
- Cemig completed the sale of Aliança Energia, resulting in a capital gain of BRL1.6 billion.
- 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.
- Cemig's transparency and quality of financial statements were recognized, enhancing investor confidence.
- The trading results were negatively impacted by load restrictions between the northeast and southeast regions, affecting energy prices.
- Cemig's leverage is expected to increase due to dividend payments and Eurobond settlements, potentially impacting financial flexibility.
- The company faced challenges with energy trading partners not delivering as promised, leading to contract cancellations and deferrals.
- There was a drop in EBITDA for Cemig D due to increased expenses in outsourced services and market losses from captive market migration.
- Gasmig experienced a reduction in gas volume from industrial clients, impacting EBITDA by 1.7%.
(video playing)
Good morning, everyone. I am Carolina Senna, Cemig's Investor Relations Superintendent. Welcome to Cemig's third-quarter 2024 earnings video conference call. We inform you that this video conference is being recorded and will be available on the company's IR website where you will also find the company's presentation.
Should you need a simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen. Upon choosing interpretation, select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select mute original audio.
We are now starting Cemig's video conference with Reynaldo Passanezi Filho, CEO; Dimas Costa, Chief Commercial Officer; Leonardo George de Magalhaes, CFO and IR Officer; and Marney Tadeu Antunes, the Chief Distribution Officer.
For the initial remarks, I turn the floor to our CEO, Reynaldo Passanezi Filho.
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