COPEL - Copel's adjusted EBITDA was R$1,329.7 million in 1Q24
Considering continuing operations (excluding the results of Compagas and UEGA, which are in the process of being divested) and excluding only non-recurring items, adjusted EBITDA was R$1,411.4 million, 10.3% lower than the R$1,573.9 million in 1Q23.
Thus, the main factors that explain the result in the quarter are:
(i) Copel GeT's EBITDA of R$ 786.6 million, 22.8% lower than the R$ 1,018.7 million in 1Q23, basically as a result of (a) the reduction in the average sale price of energy (R$ 174.86 in 1Q24 compared to R$ 205.98 in 1Q23, a reduction of 15.1%) and the lower performance of wind farms, and (b) the lower remuneration on transmission contract assets, mainly due to lower inflation in the comparison between periods (IPCA of 1.42% in 1Q24 compared to 2.09% in 1Q23), with a negative effect of R$ 32.4 million on Copel GeT's electricity grid availability revenue and R$ 19.8 million on equity results;
(ii) the increase in expenses with provisions and reversals, with R$ 87.2 million recorded in 1Q24 compared to R$25.8 million in 1Q23 (in recurring terms), mainly due to the reversal of R$14.2 million in the PCLD (allowance for doubtful accounts) in 1Q23 as a result of the recovery of invoices due to the end of the collection restrictions imposed by the COVID-19 pandemic within the distributor, while in 1Q24 there was a provision of R$ 42.3 million
These events were partially compensated, essentially, by the better result of Copel Distribuição, mainly due to (i) the 7.9% growth in the billed wire market; (ii) the tariff adjustment of June 2023, with an average effect of 6.32% on the Tariffs for the Use of the Distribution System (TUSD); and (iii) the reduction of R$25.3 million in the line of "other operating costs and expenses", due, basically, to the higher recovery of taxes and disposal of assets.
Considering discontinued operations, adjusted EBITDA, excluding only non-recurring items, was R$ 1,432.5 million in 1Q24, with a variation of 11.5% lower than the R$ 1,617.8 million in 1Q23, a reflection, in addition to factors mentioned, the lower result of Compagas due to the lower sales volume for the cogeneration and industrial segments.
The complete release is available at the Company’s website: ri.copel.com
Conference Call: May 9, 2024 – Thursday
English: 09:00 a.m. – UST
Broadcast through Internet
Live webcast at ri.copel.com
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COPEL
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