REGISTER
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IBOV -0.19% (0.00)
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TAEE11 0.74% (0.00)
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EIGPM1 -197.00% (-0.64)
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EIPCA1 33.30% (1.16)
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IEEX 0.95% (0.00)
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IBXX -0.21% (0.00)
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IGCX -0.32% (0.00)
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On 2Q21, gross debt totaled R$ 6,665.7 million and while the cash position totaled R$ 729.3 million resulting in a net debt of R$ 5,936.5 million. The 6.5% increase in gross debt this quarter is due to the 10th issuance of debentures in the amount of R$ 750 million and the increase in IPCA compared to the previous quarter. This increase was partially offset by the repayment of Citibank and Bradesco’s Bank Letters of Credit in the amount of R$ 456.7 million.

The 29.3% reduction in Cash and Investments this quarter is primarily explained by (i) payment of proceeds in the amount of R$ 1,028.5 million, (ii) repayment of Citibank and Bradesco’s Bank Letters of Credit in the amount of R$ 456.7 million, and (iii) disbursement of Capex for projects under construction in the amount of R$102.4 million. This reduction was partially offset by (i) operating cash generated this quarter in an amount of R$ 285.0 million, (ii) dividends received from affiliates and subsidiaries in the amount of R$ 261.5 million, and (iii) the fund raised via Taesa’s 10th issuance of debentures in the amount of R$ 750 million.

By proportionally consolidating the jointly-controlled and affiliated companies, the total gross debt totaled R$ 8,630.0 million and the cash position totaled R$ 1,159.8 million, considering the following amounts: (i) TBE’s debt in the amount of R$ 966.6 million and cash/investments of R$ 84.8 million; (ii) ETAU’s debt in the amount of R$ 6.1 million and cash/investments of R$ 4.8 million; (iii) Transmineiras’ debt in the amount of R$ 64.9 million and cash/investments of R$ 27.8 million; and (iv) AIE’s debt (Aimorés, Paraguaçu and Ivaí) of R$ 926.6 million and cash/investments R$ 313.5 million.

Considering the proportional net debt of jointly-controlled and affiliated companies, the net debt to EBITDA ratio was 4.6x in 2Q21, higher than 1Q21 (3.9x). Excluding the results of the jointly-controlled and affiliated companies, this ratio would be 4.7x in 2Q21 against 4.2 x registered in 1Q21.

¹For analysis of the Company’s cash flow, it is more appropriate to use the Regulatory Result that reliably reflects its operations.

Debt Profile

  • IPCA | 72%
  • CDI | 28%
  • Fixed | 0%

Term of Debt

  • Long Term | 92,8%
  • Short Term | 8,4%

Capital Structure (BV)

  • PL (Book Value) | 56%
  • Net debt | 44%
(1) Net debt to EBITDA ratio includes TAESA’s proportional stakes in TBE, AIE, ETAU and Transmineiras. It considers Regulatory EBITDA.