CEMIG's 2013 Earnings Up Y/Y - Analyst Blog
24 Marzo 2014 - 7:00AM
Zacks
Brazil-based integrated electric
utility, Companhia Energetica de Minas Gerais
(CIG), also known as CEMIG reported impressive results for 2013.
The company’s net income, adjusted for non-recurring items,
increased 9.7% year over year to R$2,954.8 million (US$1,374.3
million).
Including non-recurring items, the company’s net income was R$3,104
million (US$1,443.7 million), down 27.3% year over year.
Revenue
CEMIG’s net revenue of R$14,627.3 million (US$6,803.4 million) in
2013 represented a year-over-year increase of 3.5%. Electricity
sales to end consumers accounted for 86.1% of the total revenue
generated.
Electricity sold to CEMIG’s final consumers increased 3.3% year
over year to 61,521 MWh in 2013.
Expenses/Income
CEMIG’s operating expenses totaled R$11,232 million (US$5,224.2
million) in 2013, down 2.8% year over year. Costs including charges
for the use of the national grid, royalties for use of water
resources, operational provisions and infrastructure construction
costs, among others, decreased. Partially offsetting these were
increased costs related to energy bought for resale, personnel,
materials and post-retirement liabilities, among others.
Earnings before interest, taxes, depreciation and amortization
(EBITDA), adjusted for non-recurring items, grew 14.3% year over
year to R$4,962.1 million (US$2,308.0 million) in 2013 while EBITDA
margin was 33.9% in 2013 versus 30.7% in 2012.
Balance Sheet/Cash Flow
Exiting fourth-quarter 2013, CEMIG had cash and cash equivalents of
R$2,202 million (US$937.0 million) versus R$2,111 million (US$946.6
million) recorded at the end of the previous quarter. Loans and
financings were R$2,379 million (US$1,012.3 million).
In 2013, CEMIG’s cash generation from operating activities
increased 45% year over year to R$3,515 million (US$1,634.9
million). Capital spent on fixed and intangible assets purchased
was R$938 million (US$436.3 million), down 42% year over year.
CEMIG is one of the largest integrated electric utilities in Brazil
with approximately 97% of the company’s installed generation
capacity being hydroelectric power. The company has a $6.7 billion
market capitalization and currently carries a Zacks Rank #2
(Buy).
Some better-ranked stocks in the electric utility industry include
Exelon Corporation (EXC), Otter Tail
Corporation (OTTR) and Public Service Enterprise
Group Inc. (PEG), each with a Zacks Rank #1 (Strong
Buy).
CEMIG SA -ADR (CIG): Free Stock Analysis Report
EXELON CORP (EXC): Free Stock Analysis Report
OTTER TAIL CORP (OTTR): Free Stock Analysis Report
PUBLIC SV ENTRP (PEG): Free Stock Analysis Report
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