At the end of 3Q20, the gross debt totaled R$ 6,423.7 million and the cash position R$ 1,799.4 million, resulting in a net debt of R$ 4,624.3 million. The reduction of 3.4% in the gross debt for the period resulted basically from the payment of principal and interest of the 1st and 2nd series of the 4th issuance and the 5th issuance (unique series) of Taesa’s debentures, in the total amount of R$ 337.2 million.
The 18.8% fall in Cash and Cash Equivalents is explained by (i) the payment of dividends/JCP in the amount of R$ 279.3 million, (ii) Capex disbursements for the projects under construction in the amount of R$ 224.7 million, (iii) payment of debt amortization and interest in the amount of R$ 348.5 million, and (iv) equity contribution to jointly-controlled, which are under construction, in the amount of R$ 26.0 million. This drop is partially offset by the operating cash generation in the quarter of R$ 308.0 million and dividends received from affiliated and controlled companies in the amount of R$ 144.0 million.
By proportionally consolidating the jointly-controlled and affiliated companies, the total gross debt is R$ 8,115.5 million and the cash position is R$ 2,676.0 million, considering the following amounts: (i) TBE’s debt in the amount of R$ 797.5 million and cash/investments of R$ 199.3 million; (ii) ETAU’s debt in the amount of R$ 10.4 million and cash/investments of R$ 18.9 million; (iii) Transmineiras’ debt in the amount of R$ 56.2 million and cash/investments of R$ 10.8 million; and (iv) AIE’s debt (Aimorés, Paraguaçu and Ivaía) of R$ 827.7 million and cash/investments of R$ 647.6 million.
Considering the proportional net debt of jointly-controlled and affiliated companies, the net debt to EBITDA ratio was 3.4x in 3Q20, higher than 2Q20 (3.3x). Excluding the results of subsidiaries, this ratio would be 3.8x in 3Q20, in line with the registered in the previous quarter