Companhia Energética de Minas Gerais (NYSE:CIG) Q2 2022 Earnings Conference Call August 16, 2022 2:00 PM ET

Company Participants

Carolina Sena – Investor Relations, Superintendent

Leonardo George de Magalhães – Chief Financial Officer and Investor Relations Officer

Marco Da Camino Ancona Lopez Soligo – Chief Participation Officer

Thadeu Carneiro da Silva – Chief Generation and Transmission Officer

Dimas Costa – Chief Commercial Officer

Conference Call Participants

Operator

Good afternoon everyone. Welcome to Cemig’s Second Quarter 2022 Earnings Video Conference Call. We inform that this call is being recorded and will be available at the company’s IR website, where you will also find the company’s presentation. Should you need simultaneous interpreting, the feature is available by clicking the globe icon located on the bottom of the screen, choosing interpretation, and then the language of your choice, Portuguese or English. Should you choose to follow the call in English, you can also select mute original audio to mute Portuguese original audio.

Now I would like to turn the floor to Carolina Sena, Investor Relations, Superintendent. Please Carolina you may proceed.

Carolina Sena

Good afternoon. I’m Carolina Sena, CEMIG’s Investor Relations, Superintendent. We now start CEMIG’s second quarter 2022 earnings call and webcast with the following executives: Dimas Costa, Chief Commercial Officer; Eduardo Soares, Chief Legal and Regulatory Officer; Leonardo George de Magalhães, CFO and IR Officer; Marco Da Camino Ancona Lopez Soligo, Chief Participation Officer; Thadeu Carneiro da Silva, Chief Generation and Transmission Officer.

For the initial remarks, we turn the floor to our CFO and IR Officer, Leonardo George de Magalhães.

Leonardo George de Magalhães

Good afternoon, everyone. Thank you very much for being here with us and this conference call for the results of the second quarter of 2022. Once again, we are bringing results that we understand to be sound and consistent. On Slide number 3, we have our main highlights related to the second quarter of 2022. Adjusted net profit of R$1.1 billion, 62% higher quarter-on-quarter comparison and also robust cash generation EBITDA close to R$1 billion, R$1.8 billion is significant variation when compared to the second quarter of 2021, 37% higher. And other highlights involve operating efficiency. We had another voluntary redundancy program with almost 300 employees enrolled and a total program cost of R$49 million. And this helps the company in its efficiency and it’s paid off in around eight months even when we hire then the same number of employees.