A Taesa (TAEE11) recorded a regulatory net profit of R$301.1 million in the fourth quarter of 2023, which represents an increase of 22.2% compared to the same period in 2022, according to the financial statements published this Wednesday (6). According to IFRS criteria, the energy transmitter saw a jump from R$22 million to R$481.7 million, an increase of 2,001.2% between the fourth quarter of 2022 and 2023.
The market expected the Taesa’s profit ended the period at R$469 million under IFRS, according to the Bloomberg consensus.
According to Taesa’s balance sheetthe company recorded 4.3% annual growth in regulatory net profit – which reflects the company’s cash generation and follows the standards of the National Electric Energy Agency (Aneel) -, recording R$ 1.09 billion in 2023 In 2022, this number was R$1.04 billion.
Last year’s IFRS profit reached R$1.367 billion, down 5.6% from that reported in 2022.
Regulatory net revenue increased 9% and Ebitda (earnings before interest, taxes, depreciation and amortisation) grew 8.5% in 2023, reaching R$2.4 billion and R2.0 billion respectively $. The Ebitda margin, the company reports, was 84.1% (-0.4 pp compared to 2022).
The regulatory EBITDA of Taesa in 4Q23 amount to R$484.2 million, with an annual increase of 4.2%. Ebitda margin was 81.8% in the quarter (-1.5pp compared to 4Q22) – influenced, according to the company, “primarily by the negative IGPM adjustment for the 2023-2024 RAP cycle in category contracts 2 and the 50% reduction in the RAP (Admitted Annual Revenue) of the ATE III concession.”
A Taesa’s net revenue totaled R$592 million in 4Q23, an annual growth of 6.1%,” he explained
mainly due to the start of Saíra’s activity (1st phase), the entry into operation of new phases of
Sant’Ana (~95% of total RAP enabled), due to the inflationary adjustment in the HICP of the RAP cycle 2023-
2024, and by a more contained Variable Quota.” According to the company, “these effects were partially offset by the negative adjustment of the PGI-M of the category 2 concessions and by the 50% reduction in the RAP of ATE III, the last concession category 2 subject to this reduction.”
IFRS net revenues of 4Q23 by Taesa they totaled R$1,304 billion, an increase of 156% compared to the same phase in 2022.
The trend of the IFRS result in the comparison between 4Q23 and 4Q22 is explained by the following reasons, according to the electricity company:
- The maximum macroeconomic indices recorded between the compared periods, in particular the PGI-M which recorded cumulative inflation in the quarter (PGI-M: +1.47% 4Q23 against deflation of -2.46% 4Q22), with a direct impact on the monetary value of the correction revenues of the contractual asset of the company’s category 2 concessions, with natural impact on jointly controlled and associated companies.
- Annual increase in the infrastructure construction margin due to greater investments mainly in Ananaí, Tangará and related reinforcements at Novatrans and TSN.
- Increase in revenue from the remuneration of contractual assets, monetary correction and O&M for new projects entered into operation between 2022 and 2023 (Saíra, Sant’Ana, Ivaí, Aimorés and Paraguaçu).
- Improvement of R$ 25.7 million in the variable portion, between 4Q23 and 4Q22, due to the supply of PV in 4Q22 (and reversed in 1Q23) related to the collapse of the Novatrans towers, in December 2022, resulting from vandalism on public goods for an act of sabotage by the SIN.
- “These effects were counterbalanced by the 20.4% increase in net financial charges essentially resulting from the increase in the average debt volume, partially offset by the lower IPCA and CDI observed between the compared periods,” reinforces Taesa.
Taesa’s expenses and debt
The company recorded a 20.5% increase in net financial charges between 4Q23 and 4Q22, to R$196.3 million, essentially the result of the increase in average debt volume, partially offset by lower IPCA and CDI observed between the compared periods.
As of December 31, 2023, the company’s gross debt stood at R$9.8 billion, an increase of 3.1% compared to the immediately preceding quarter. The company’s cash flow was R$1.3 billion (a decrease of 1.3% compared to Q3-23), resulting in net debt of R$8.5 billion (an increase 3.8% in the quarter).
“Taesa’s net debt/EBITDA ratio, proportionately consolidating jointly controlled and affiliated companies, remained at 3.7x (in line with 3Q23 and 4Q22),” the power company says.
The company offers dividends
The Board of Directors of Taesa has approved the proposed allocation of the profit for the 2023 financial year, which will be submitted to the approval of the Shareholders’ Meeting and includes R$ 329.3 million in interim dividends and R$ 416.7 million R$ (R$1.21/share) in Interest on Equity (JCP). The company proposes R$390.3 million in additional dividends to be paid in May 2024.
Source: Terra
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