The following is a summary of the Companhia Energética De Minas Gerais - CEMIG (CIG) Q4 2023 Earnings Call Transcript:
Financial Performance:
CEMIG reported a record Adjusted EBITDA of BRL8.1 billion, a substantial increase from previous years.
The company achieved a record net income of BRL5.4 billion as part of its strategy.
Divestments from non-strategic assets resulted in approximately BRL800 million in cash inflows in 2023.
The proposed dividends for 2023 indicate a dividend yield of 12.4%.
Business Progress:
The company executed a significant divestment strategy, selling off non-strategic assets primarily outside the state of Minas.
Capital allocation was significantly improved, focusing on their most familiar businesses.
With increased efficiencies, their assets provide improved operating performance and profitability.
In 2023, records were set for company investments with BRL4.8 billion invested and are forecasted to invest BRL6 billion in 2024.
The company has committed to nearly all domestic and international sustainability indicators, demonstrating their commitment to ESG.
Gasmig, a natural gas distributing company, reported an EBITDA growth of 21.9% in 2023 compared to 2022.
Maintaining compliance with regulatory loss limits, OpEx, and EBITDA, they continue to replace obsolete meters with smart meters.
Digital channels have boosted collections up to 65%.
They plan to invest in floating distributed generation, initiated a share subscription for the April 2024 shareholders' meeting, and intend to renew the generation concession due in 2026 and 2027.
More details: Energy Company of Minas Gerais IR
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