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    CMIG4   BRCMIGACNPR3

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

(CMIG4)
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Companhia Energetica de Minas Gerais CEMIG : Earnings Releases 2Q22

08/12/2022 | 11:03pm EDT

RESULTS

Video conference webcast

August 16 (Tuesday)

3:00 p.m. (Brasília time)

Link - CEMIG - WEBCAST

2Q22 HEADLINES

Cemig's 2Q22 results were boosted by its focus on

Gasmig reported 2Q Ebitda of R$ 160 million in 2Q22

operational efficiency, its successful trading strategy,

and profit of R$ 83 million, even with the very strong

and a higher volume of energy sold:

reduction in dispatching of gas-fired thermoelectric

Adjusted Ebitda was R$ 1.81 billion - up 37% YoY;

generation plants.

and

Renova: In line with the strategic planning, disposal of

Adjusted net profit was R$ 1.14 billion - up 62.7%

the equity interest in, and credits receivable from,

Renova was completed - resulting in a positive effect

YoY.

of R$ 60 million on Ebitda, and R$ 377 million on profit.

Cemig GT reports 2Q22 Ebitda of R$ 863 million, and

An amount of Financial assets comprising

adjusted Ebitda of R$ 804 million - 87.0% higher than

reimbursements receivable for generation assets was

in 2Q21. The trading strategy, and higher margins,

written off, with a negative effect of R$ 113 million on

were important factors in this result, which was

profit, and R$ 172 million on Ebitda.

achieved in spite of transfer of part of the trading

activity from Cemig GT to Cemig Holding.

Equity income was higher, at R$ 336 million in 2Q22,

Operational efficiency: Cemig D reports adjusted

compared to R$ 33 million in 2Q21. The main factor in

the improvement was reversal of a provision of R$ 171

Ebitda of R$ 602 million, 1.8% higher YoY, even with (i)

million for losses in Santo Antônio.

the current inflationary pressures, and (ii) the

postponement of the annual tariff adjustment, which

Exchange rate effects: The increase in the US dollar

cameinto effect only on June 22.

exchange rate had significant negative impacts, of

There was a negative impact of R$ 1.33 billion on

R$ 445 million in Net financial expenses, and R$ 294

million in 2Q Net profit. In 2Q21 was positive by R$617

profit,and R$1.66 billion on Ebitda, resulting from the

million in the financial result and R$407 million in net

effects of Law14385/22, which regulates passthrough

income

ofthe credits of PIS, Pasep and Cofins taxes to

consumers.

Contents

Consolidated results - 2Q22.............................................................................................................................................................................................................................

5

Cemig's consolidated electricity market ..........................................................................................................................................................................................................

8

Performance by company.................................................................................................................................................................................................................................

9

Cemig D .....................................................................................................................................................................................................................................

9

Billed electricity market............................................................................................................................................................................................................................

9

Client base ..............................................................................................................................................................................................................................................

10

Performance by sector ...........................................................................................................................................................................................................................

11

The annual Tariff Adjustment.................................................................................................................................................................................................................

11

Quality indicators - DEC and FEC ...........................................................................................................................................................................................................

11

Combating default ..................................................................................................................................................................................................................................

12

Energy losses ..........................................................................................................................................................................................................................................

13

Cemig GT / Holding Company ...................................................................................................................................................................................................

14

Electricity market....................................................................................................................................................................................................................................

14

Gasmig ....................................................................................................................................................................................................................................

15

Financial results .......................................................................................................................................................................................................................

16

Consolidated operational revenue .........................................................................................................................................................................................................

16

Operational costs and expenses.............................................................................................................................................................................................................

20

CONSOLIDATED EBITDA (IFRS and Adjusted) .............................................................................................................................................................................

24

CEMIG D - EBITDA ....................................................................................................................................................................................................................

25

Cemig GT - EBITDA...................................................................................................................................................................................................................

25

Finance income and expenses ..................................................................................................................................................................................................

27

Earnings Release - 2Q22

3

Net profit.................................................................................................................................................................................................................................

28

Investments ............................................................................................................................................................................................................................................

29

Debt ........................................................................................................................................................................................................................................................

30

Covenants - Eurobonds............................................................................................................................................................................................................

32

Cemig's long term ratings.........................................................................................................................................................................................................

34

2Q22 ESG Performance Report ......................................................................................................................................................................................................................

35

Performance of Cemig's shares.................................................................................................................................................................................................

37

Generation plants ...................................................................................................................................................................................................................................

38

RAP - July 2022-June 2023 cycle ............................................................................................................................................................................................................

40

Complementary information ....................................................................................................................................................................................................

41

Cemig D...................................................................................................................................................................................................................................................

41

Cemig GT.................................................................................................................................................................................................................................................

43

Cemig Consolidated Tables.....................................................................................................................................................................................................................

45

Tables of adjustments.............................................................................................................................................................................................................................

53

Disclaimer................................................................................................................................................................................................................................

55

Earnings Release - 2Q22

4

Consolidated results - 2Q22

2Q22

2Q21

Change, %

Ebitda by company (R$ million)

Cemig D (IFRS)

-913.4

590.6

-

Cemig D Adjusted

601.4

590.6

1.8%

Cemig GT (IFRS)

862.8

1,698.9

-49.2%

Cemig GT Adjusted

803.7

429.7

87.0%

Gasmig (IFRS)

160.2

158.8

0.9%

Consolidated (IFRS)

353.7

2,590.2

-86.3%

Consolidated - Adjusted

1,809.1

1,320.3

37.0%

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CEMIG - Companhia Energética de Minas Gerais published this content on 13 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2022 03:02:02 UTC.


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Sales 2022 32 359 M 6 000 M 6 000 M
Net income 2022 3 285 M 609 M 609 M
Net Debt 2022 10 941 M 2 028 M 2 028 M
P/E ratio 2022 6,41x
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Capitalization 27 013 M 5 008 M 5 008 M
EV / Sales 2022 1,17x
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Nbr of Employees 5 025
Free-Float 80,0%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 10,55 BRL
Average target price 12,34 BRL
Spread / Average Target 17,0%
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Managers and Directors
Reynaldo Passanezi Filho Chief Executive Officer
Leonardo George de Magalhaes Chief Finance & Investor Relations Officer
Márcio Luiz Simões Utsch Chairman
José Reinaldo Magalhães Director
José João Abdalla Filho Director
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