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ENGIE Brasil Energia’s third quarter 2019 results were marked by positive indicators, the company reporting a net income of R$ 742.7 million (R$ 0.9099/share), 56.2% higher than reported for the same period in 2018. Ebitda (earnings before interest, taxes, depreciation and amortization) in 3Q19 amounted to R$ 1.58 billion, an increase of 55.1% compared with 3Q18. Net operating revenue was R$ 2.49 billion, 0.2% higher than recorded for the same period last year.
“Results reflect the recent expansion in our installed capacity, the first full quarter with a positive contribution from TAG to Ebitda, as well as the efficient management of the company’s portfolio and good control over costs”, explains ENGIE Brasil Energia’s chief executive officer, Eduardo Sattamini. “The entry into commercial operations of three new plants – the Campo Largo (Phase I) and Umburanas (Phase I) wind complexes – and the Pampa Sul Thermoelectric Power Plant represented a contribution of 10,5% of the value of the EBITDA in the third quarter. Considering the costs of the new plants starting operations, the company reported a 10.2% reduction in total costs, evidencing the increase in operational efficiency”, he adds.
Another positive impact was the receipt of R$ 321 million in the period with the execution of a performance bond as indemnification for a delay in the delivery of work on the Pampa Sul plant. “Even if this were excluded, our Ebitda would have been about 25% higher year-on-year”, the executive points out. “These results are reason to remain excited about future prospects and proceed with our strategy of seeking leadership in the energy transition process”.
Issue of Debentures – In August, ENGIE Brasil Energia concluded its ninth debenture issue in four series in the amount of R$ 1.6 billion and supporting investments in the Assu V (solar), Umburanas (wind), Jaguara and Miranda (hydro power) projects. At the time, this was the largest infrastructure debenture issue in Brazil.
Financing – On October 29, the company finalized a financing agreement with the National Development Bank – Banco Nacional de Desenvolvimento Econômico e Social (BNDES) for R$ 1.26 billion, to be allocated for the implementation of the Umburanas Wind Complex with an installed capacity of 360 MW and commercially operational since April.
Important Events – In 3Q19, licenses for installation of the Ponta Grossa substation and for the first transmission lines of the Gralha Azul Transmission System in the state of Paraná were issued. The Gralha Azul project involves more than 1,000 km of lines and five substations. Another highlight of the period was the award to the company for the tenth time of the Transparency Trophy, sponsored by the National Association of Finance, Administration and Accounting Executives (Anefac), the Financial, Experian.
In October, ENGIE was elected Company of the Year and ENGIE Brasil Energia as the best company in the energy sector in the Época Negócios 360° 2019 yearbook.
Dividends – The Board of Directors has approved the distribution of R$ 893.4 million in the form of intermediate dividends (R$ 1.0949497919/share), equivalent to 100% of the registered distributable net income for the first half of 2019. In addition, approval was given for the credit of R$ 354 million (R$ 0.4338619496/share) as interest on equity capital for fiscal year 2019. Payouts will be made on a date to be decided in due course by the Management Board.