In 2Q24, gross debt totaled R$ 10,220.1 MM and cash totaled R$ 1,095.5 MM, resulting in a net debt of R$ 9,124.6 MM, an increase of 3.6% compared to the previous quarter.
Cash and Investments remained in line quarter over quarter mainly explained by payment of approximately R$ 1.2 billion in interest and amortization relating to the 3rd, 6th, 10th and 12th issuance of Taesa debentures, R$ 364 MM in Capex and R$ 535.2 MM in dividend payments. These effects were partially offset by 15th issuance of debentures in the amount of R$ 1.3 billion in April 2024, by the operating cash generation and receipt of dividends from subsidiaries.
Proportionally consolidating the jointly controlled and associated companies, the total gross debt would be R$ 12,622.6 MM and the cash of R$ 1,516.5.1 MM, considering the following values: (i) TBE debt in the amount of R$ 1,258.9 MM and cash/investments of R$ 285.8 MM; (ii) ETAU cash/investments of R$ 9.9 MM; and (iii) debt from AIE (Aimorés, Paraguaçu and Ivaí) of R$ 1,143.6 MM and cash/investments of R$ 125.3 MM.
Considering the proportional net debt of jointly controlled and associated companies, the net debt to EBITDA ratio came in at 4.0x in 2Q24, higher than the value recorded in 1Q24 (3.8x). For the purpose of calculating leverage, the 12-month EBITDA considers the value received from the provisional RAP of reinforcements until June 30, 2024.