Q3 2024 ENGIE Brasil Energia SA Earnings Call (English, Portuguese) Transcript
Key Points
- ENGIE Brasil Energia SA (EGIEY) won Aneel's bid for Lot 1, a strategic 780-kilometer transmission line project.
- The early commercial operation of 50 wind turbines at Serra do Assurua Wind Complex, with 27% of the project already installed, is a significant achievement.
- The Assu Sol Photovoltaic Complex began operations, contributing 15 megawatts to the grid.
- The company was awarded the Anefac Transparency Trophy for the 14th time, recognizing its excellent financial practices.
- ENGIE Brasil Energia SA (EGIEY) has shown resilience by maintaining similar results to last year despite high curtailment levels.
- Adjusted EBITDA saw a negative variation of 7%, dropping from BRL 1.707 billion to BRL 1.65 billion.
- There was a significant reduction of about 30% in adjusted net income, from BRL 867 million to BRL 658 million.
- High curtailment levels in the third quarter affected wind and photovoltaic generation, particularly in the north region.
- The company's net debt increased, contributing to higher financial costs and impacting net income.
- The TAG investment, while opportunistic, is not considered a core business, leading to reduced equity income contributions.
Good morning. We're now starting Engie Brasil Energia Third Quarter of '24 Earnings Results Video Conference. I am Adriana Wagner. I would like to make a few announcements before we start the video conference.
(Operator Instructions)
I would also like to remind you that this video conference is being recorded. We made it available on our website, www.engie.com.br/investidores, and the earnings release in addition to the quarterly financial statement and other documents filed at CVM, where analysis of financial statements, operational results, ESG indicators and progress of implementation of new projects are disclosed in detail.
And before proceeding, I would like to clarify that all statements that may be made during this video conference regarding the business outlook of the company should be treated as forecast regardless of the country's macroeconomic condition and of the performance and the regulation of the electric sector in addition
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