A Transmitter Aliança de Energia Elétrica, Taesa (TAEE11)ended the fourth quarter of 2023 with consolidated IFRS net profit of R$481.7 millionan increase of 2,001.2% compared to the same period in 2022, when it registered R$22.8 million.
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Regulatory net profit, which reflects the company’s cash generation, was R$301.1 million, a drop of 22.2% on the same basis of comparison.
Year-to-date, the company had an IFRS profit of R$1.367 billion, a drop of 5.6% compared to what had been recorded in 2022. Regulatory net profit totaled R$1.093 billion in 2023, an increase of 4 .3% year-on-year contraction.
From October to December, IFRS net revenue totaled R$1.304 billion, an increase of 156.0% over the same period in 2022, while regulatory revenue totaled R$592 million in the last quarter, representing a growth of 6.1% compared to the same period in 2022.
This performance is mainly explained by the start of Saíra operation (1st phase) under the management of Taesa, in addition to the entry into operation of new phases of Sant’Ana, inflationary adjustment of the IPCA in the 2023-2024 RAP cycle of category 3 concessions, and a smaller variable portion.
“These effects were partially offset by the negative adjustment of the IGP-M in the same cycle for category 2 concessions and a 50% drop in the ATE III RAP”, highlights Taesa, in the release accompanying the results, released recently.
Considering the 12 months of 2023, the company’s regulatory net revenue totaled R$2.228 billion, 9% higher than that observed a year earlier. IFRS net revenue in the 12 months rose 28.5%, reaching R$3.362 billion.
Regulatory Ebitda (earnings before interest, taxes, depreciation and amortization) totaled R$484.2 million in the fourth quarter, showing an annual increase of 4.2%. The Ebitda margin was 81.8% in the quarter, a drop of 1.5 percentage points compared to the fourth quarter of 2022.
In the year, Taesa’s regulatory Ebitda rose 8.5% to R$2.042 billion. IFRS Ebitda totaled R$585.5 million with an Ebitda margin of 44.9%.
The 166.9% increase compared to 2022 is basically explained by an increase in monetary correction revenue, an increase in the infrastructure implementation margin, following the greater investments in the Ananaí, Tangará, Saíra (2nd phase) projects and reinforcements from Novatrans and TSN, in addition to the increase in compensation revenue also influenced by the operational start-up of Saíra and the new phases of Sant’Ana and the improvement of the Variable Portion, said Taesa.
The company recorded net financial expenses (IFRS) of R$196.3 million in the last quarter of 2023, 20.4% higher than that recorded a year earlier.
The company’s net debt totaled R$8.517 billion at the end of 2023, an increase of 19.9% compared to the fourth quarter of 2022. The relationship between net debt and EBITDA was 3.7 times at the end of the fourth quarter, stable at compared to that observed in the same period of 2022.
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