The following is a summary of the Companhia Energética De Minas Gerais - CEMIG (CIG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CEMIG reported a decline in its Q1 2024 recurring EBITDA by 4% due to increased operational expenses and a divestment of nonstrategic assets.

• Net profit saw a reduction due to impacts from foreign exchange and an increase in Cemig distribution depreciation due to the enlarged asset base.

• They generated operating cash at an average of BRL 2 billion per quarter, resulting in a cash position of BRL 4.5 billion by Q1's end.

Business Progress:

• The company experienced 4.4% growth in the energy market, encompassing both transported energy and captive market growth.

• Focused on its core business, CEMIG plans to divest from minority stakeholdings and nonstrategic assets while investing in distribution, generation, and transmission.

• They completed the disposal of Aliança Energia for BRL 2.7 billion and plan to dispose of four more plants in July 2024.

• CEMIG has become 100% renewable and intends to start operations at two significant photovoltaic generation solar plants in July 2024.

• A massive BRL 35 billion investment program is underway up to 2028 with around 75% of funds already contracted or under the bidding process. In 2024, investments are expected to surge to BRL 6 billion layered against the BRL 1 billion invested in 2018.

• CEMIG is deploying resources and initiatives to enhance service provision and operational efficiency, including an ongoing digital transformation process and an increased focus on renewable investments.

More details: Energy Company of Minas Gerais IR

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