Investor Presentaiton
2Q19
Highlights
Regulatory
■ In the end of 2Q19, the cash balance closed at R$ 2,195.3 million (+82.8% q.o.q) and
net debt of R$ 2,495.5 million (+5.3% q.o.q). Net Debt / EBITDA was 1.8x at the end of
2Q19, slightly above that recorded in 1Q19 (1.7x).
■ 6th issuance of Taesa's debentures in R$ 1.06 billion in May 2019: (i) 1st series of R$
850 million at 108% of CDI for 7 years and (ii) 2nd series of R$ 210 million at IPCA +
5.50% for 25 years (green bonds).
■ Net Revenues of 360.2 million in 2Q19, down 13.0% y.o.y, mainly due to the 50% cut in
the Annual Permitted Revenues (RAP) of some concessions in the 2017-2018 and 2018-
2019 cycles.
■ Operating costs and expenses totaled R$ 50.8 million, a 3.5% y.o.y reduction, mainly
as a result of lower personal expenses in R$ 2.0 million and a reduction of sponsorship
expenses.
■ EBITDA totaled R$ 309.4 million in 2Q19, 14.4% y.o.y reduction. EBITDA margin was
85.9% (-1.4 pp).
Availability rate of transmission lines of 99.89% and Variable Portion (PV) of -R$ 2.3
million in 1H19, and the latter presents a 84.6% y.o.y reduction (-R$ 12.7 million) and
represents 0.3% of Taesa's consolidated RAP.
■ Progress of brownfield and greenfield projects:
(i)
Completion of acquisition of Eletrobras' stakes on ETAU, Brasnorte and Transmineiras
with an addition of R$ 52.6 million to Taesa's total RAP. Brasnorte is now consolidated in
Taesa's results.
(ii) Instalation licenses issued to Aimorés, Paraguaçu, Janaúba and some installations of Ivaí.
After those licenses, the Company can now start the execution of the projects works.
Foto de Alessandro César de Sousa Berredo
taesa
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