Taesa (TAEE11) profits BRL 146.6 million in the 1st quarter of 2022, up 35.6% year-on-year

Taesa (TAEE11) recorded regulatory net income of R$146.6 million in the first quarter of 2022 (1Q22), an increase of 35.6% compared to the same quarter of 2021.

Regulatory earnings before interest, taxes, depreciation and amortization (Ebitda) grew 43.5% in 1Q22, totaling R$454.4 million.

“The inflationary adjustment of the 2021-2022 RAP cycle (37.04% in IGP-M and 8.06% in IPCA) and the start-up of Janaúba in September 2021 explain the positive performance of EBITDA and the increase in the EBITDA margin in the annual comparison”, says the company.

The regulatory Ebitda margin (Ebitda over net revenue) reached 86.4% in the first three months of the year, an increase of 4.4 pp compared to the margin recorded in 1Q21.

Regulatory net revenue totaled BRL 526.1 million between January and March this year, an increase of 36.2% compared to the same period in 2021.

The net financial result was negative by R$228.2 million in the first quarter of 2022, an increase of 24.6% compared to the same period in 2021.

The 70.2% variation in the interest incurred line is basically due to the increase in the principal of the debt due to the 10th and 11th issuances of debentures in the amounts of R$750 and R$800 million, carried out in May 2021 and February 2022, respectively, and the correction for inflation, in addition to the increase in the CDI.

Costs, Expenses and Depreciation and Amortization totaled R$143.1 million in 1Q22, 7.8% higher when compared to 1Q21. PMSO costs totaled R$ 71.7 million, registering an annual increase of 2.8%.

The company’s net debt stood at R$6.136 billion at the end of March 2022, a reduction of 1.4% compared to the same period in 2021.

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