AES Brasil (AESB3) released yesterday the financial statement for the first quarter of 2024. The document shows a loss of R$102 million, compared to a profit of R$60.4 million in the same period last year.
The report also points out that financial revenue totaled R$76.8 million, a decrease of 48.9%. According to the company, the number was driven by the reduction in income from financial investments, resulting from the lower cash and investment balance compared to the balance sheet ended in March 2023, combined with the lower average CDI in the period.
During the period, the company recorded an EBITDA, which measures operating results, of R$340.6 million, a decrease of 14.6%.
Excluding the non-recurring effects of the period, Adjusted EBITDA totaled R$367.6 million, with an EBITDA margin of 44.4%.
It is worth remembering that the company is a subsidiary of AES Corporation, one of the largest energy companies in the United States. AES Brasil operates in the sectors of services, generation and storage of electrical energy. It has been present in the country since 1997.
AES Brazil (AESB3)
In the aforementioned balance sheet, the company made some notes:
Evolution of the constructions of Cajuína 2 and AGV VII:
- The Cajuína 2 Wind Complex (370 MW) has 96% of its construction completed and 52 of the 65 wind turbines are in commercial operation. The remaining 13 machines will be connected to the Castanha Substation, scheduled to be completed by the end of 1H24. The work on the AGV VII Solar Park (33 MW) is within the projected budget and schedule, with more than 85% of construction completed. The expectation is that the park will be 100% operational in 3Q24.
- Acceleration of the turnaround of wind assets: Carrying out scheduled maintenance and repairs of wind turbines related to wind farms acquired via M&A, with an improvement of 2 pp in availability when comparing the periods.
- Contracting level: In line with the Company’s commercial strategy, we increased the contracting level for the portfolio with an average price above R$190/MWh.
- Debt management: Strategy aimed at obtaining long-term financing to replace short-term financing raised for the construction of Cajuína, lengthening the average term and increasing the Company’s exposure to the IPCA – natural hedge, since the PPAs are updated by the same indicator.
