Neoenergia presents its financial results and reports R$ 3.3 billion in profit year to date


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The Company highlighted R$ 6.4 billion in investment and EBITDA of R$ 7.4 billion in 9M21, as well as progress on construction and Chafariz Wind Farm ahead of schedule

Neoenergia announced its financial and operating results for the third quarter and year to date for 2021 this Monday (25th). The results underline the company's robust position and healthy management model with net earnings of R$ 3.3 billion in 9M21, up 81% year-on-year, and EBITDA of R$ 7.4 billion over the same period, a 69% increase on the prior year.

“In the third quarter, we are reporting consistent results driven by our disciplined approach to costs, which has given us room to grow. These results reinforce the path we planned for 2021 and our focus on performance and efficiency, service quality and profitable investments. We have 15 thousand employees who are committed to society, customers and investors. Progress on vaccination means we are able to reopen our offices and gradually reinstate in-person operations", said Mario Ruiz-Tagle, CEO at Neoenergia.

In a challenging economic period, the company has shown financial discipline and responsibility. In 3Q21, the company reported operating costs of R$ 843 million, up 11% compared with 3Q20, a below-inflation increase as it absorbs a large number of new customers, new business and achieves the highest level of operational activity in 2021.

Injected energy totaled 56,104 GWh over the first nine months of the year, up 5.6% year on year including Neoenergia Brasília, which was incorporated in March of 2021. The company noted its efforts to curb losses and related indicators continue to fall. Our distributors Neoenergia Coelba (BA), Neoenergia Pernambuco (PE), Neoenergia Elektro (SP/MS) and Neoenergia Brasília (DF) have all reported improvements over the past 12 months. Neoenergia Cosern (RN) and Neoenergia Elektro (SP/MS) continues to comply with regulatory limits. These results are being driven by an increased focus on the loss reduction plan and better performance in the high voltage market.

These positive results also reflect our investments in Distribution. The company reported a R$ 1.9 billion investments in grid expansion out of a total CAPEX of R$ 2.8 billion in 9M21. The company invested R$ 1.5 billion in Transmission over the same period, a R$ 404 million year on year increase.

In renewable energy, Neoenergia noted progress on construction of the Chafariz Wind Farm (PB), which began operating 53 generating units representing 184 MW in installed capacity. Overall, the company has invested R$ 1.8 billion in wind energy in the first three quarters of 2021. The company currently owns 21 wind farms in operation with installed capacity of 700 MW and 23 wind farms under construction, totaling 1.6 GW through 2022.

The Hydroelectric Power Stations received R$ 190 million in investment during 9M21, of which R$ 130 million was recognized in Itapebi's intangible assets line item under the GSF agreement for the same period.

In the Liberalized sector, Termopernambuco reinforced the company's positive results. The plant was 100% dispatched because of Brazil's power supply requirements in light of the local water crisis. Neoenergia Comercializadora also continued increasing its market share, closing PPAs (Power Purchase Agreements) and guaranteeing long-term business returns. Over the past quarter, the company has signed deals with the state governments in Ceará and Pernambuco for Green Hydrogen feasibility studies and new technologies remain a priority.

“We are still investing in line with our business plan. Our Chafariz wind farm came online ahead of schedule, boosting Brazil's energy supplies. Termopernambuco's reliability and availability also made a significant contribution to Brazil's energy mix this quarter, helping to expand supply and contribute to the company's result. We have also maintained growth at our distributors, increasing injected energy and reporting consistent operating results" noted the CEO.

In Transmission, the company concluded the Dourados Project 15 months ahead of schedule, saving 20% of the Capex estimated by the National Electrical Energy Agency (Aneel). The company also continues to move ahead with delivery of the Santa Luzia Transmission Line, that includes 220 km second section of the line's extension, with annualized RAP of R$ 38 million. The total lot will have an annualized RAP of R$ 62 million.

Digitalization is one of the main paths Neoenergia has been following and it has helped accelerate the digital transformation across the electrical sector, offering new payment methods and better customer experiences. Consequently, the company has increased the number of online customer service channels to reach out to a larger proportion of its base of over 15.6 million consumers. Neoenergia continues to innovate in the payments area and is the first company in the electricity industry to offer energy bill payments using recurrent credit card payments.

The online assistant also reached a milestone with 11 million customer interactions and the debt consultancy and negotiation service is now our most popular channel among customers. 46,276 negotiations were carried out and R$ 23.6 million in debt was negotiated via chat bot. ​

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