CIG - Earnings call transcript Q2 2021 | Companhia Energética de Minas Gerais

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Operator

Ladies and gentlemen, thank you for waiting. Welcome to Cemig's Second Quarter 2021 Conference Call. We informed that all participants will be in a listen-only mode during the Company's presentation. After that, there will be a question-and-answer session where further instructions will be given. [Operator Instructions] Now, I would like to turn the floor over to Mr. Braga. Vélez Carlos Antônio Mr. is floor yours. the Braga

Antônio Carlos Vélez Braga

the I Dall'Agnese, Good Regulatory Officer; Chief Relations earnings Commercial Carlos, Passanezi Officer; with Investor Officer; IR Eduardo Lead George Antônio We afternoon, call CEO; now and Cost, webcast XXXX Leonardo everyone. and Superintendent. quarter start Cemig's second de Reynaldo CFO Chief am the Dimas executives: following Soares, and Filho, Silva, Chief Cemig's Magalhães, and Marney Transition CemigPar X-XXX-XXX-XX-XX Strategy, or the Officer; Tadeu in RI on Antunes, can Innovation; da Chief in link as Environment the in our forecast Thadeu The website, Mauricio Carneiro via phone Generation Distribution Officer. and U.S. out Brazil, ri.cemig.com.br. well available Participation recall as numbers XX-XX-XXXX-XXXX

to like turn would I the Passanezi. to CEO, remarks, initial the our Reynaldo floor For

Reynaldo Passanezi Filho

afternoon, the Good the to bringing is Cemig. I'm go It conference to going second of a you the in be quarter presentation. everyone. to afternoon. to Good here call, results the of pleasure straight

Page to make turn highlights. can X You to on

and Here, final financial net can results, year And the in an in terms income we of the billion. see consistent recovery this our results turnaround -- say in robust that of BRLX recovery. recovery, Company's are quarter, very of main about on would message billion, a you same success XX% is last the quarter the our results. figures BRLX.XXX that a These in -- almost robust EBITDA prove reached we higher than highlights. the Company's have I

net Company income. and a in billion quarter, of EBITDA the in billion BRLX.X full So reached BRLX

significant, EBITDA BRLX.X first Here for billion six of also, BRLX.X we are the results income. very and the net months, in billion have which

it an would are to forget now. be XXXX. day I idea, comparison And would you sometimes thought nice like comparisons. long-term here give that to we every And have to long-term we I to this Just to make and and compare

semester. more delivering was billion Cemig profit 'XX, In months, year billion. in in was than compare or six in a the it single is if in single whether results we EBITDA in a XXXX, BRLX.X the our So net semester. months EBITDA whole six in BRLX.X

XX% the in applies profit. are thing in of to we And XXXX. we higher the six reached same that net results So months

seeing months, had net profit a BRLX.X You're billion. billion XXXX almost that profit six of in we in of to net BRLX.X

were Well, here the deliver huge EBITDA we So that delivering regulatory you the is very planning where to efficiency, limit. consistency limit. And just effort can also the that a the that We quarters, strategic form? first us already and its was I according second terms in time say now would topic, from is the than our results, OpEx result takes of in in OpEx see that delivering were here that first, history within the to in that sound EBITDA operating a the last distribution. is and come results Company regulatory for this to higher the able the which

and at and regulatory a than we lower We regulatory And XXXX, make enough there OpEx picture XX% limit. maintaining quality establishes. losses, limit, we and the were here, the regulatory regulatory how and XX% the a and comparison, that rather should back the were the over EBITDA have we the the to able regulatory over than good than We look we same within once EBITDA were EBITDA. our lower our maximum is to today, regulatory average again, So turning EBITDA. we regulatory the the increasing OpEx whole that's limit. X% connections, able to than at collection, an we time, expenses lower, lower reducing X% were were take a are was higher such on OpEx have And increasing get

we if have million. that adjustment consider we almost an of difference, BRLXXX So

over the we that lower EBITDA. had regulatory XXXX in the that EBITDA. than was number consider regulatory Now the we If

results these low but because good So delinquencies. only show efforts is significant provision and operating improvement very the EBITDA practice, in also are our not and collection efficiency that expenses of low Company's performance operating

So we it to EBITDA XX% million of the pleased are than lower very EBITDA. above regulatory In announce the BRLXXX limit. XXXX, the was regulatory

have that we thanks three Starting the the for we is XX% were positive with is able XXX% able of of do this was impact quarter thing our to almost our to last zero end indicators. second DEC, This hours adjustment ratio year, and our is under no all-time And that consumers, consumers the obviously, we this adjustment we tax hours. can tariff indicator. same in And thanks So very industry our low consumers. significant an a in are credit, our vision. quality long-term last only reimbursing and successes tariff is in lowest -- scenario when of to years. this about to consecutive that, say a for in only we be our XX been The have legal PIS this because and X.XX

that accelerate And in have impact what that have close we we They a consumers. million don't adjust to the second tariffs with XXXX. want here, very end the So investment. BRLXXX need and to that And been -- finally, we carried and out for to adjustment challenge are anything. we able in no for is to do we

and So it efficiency, to regulatory of OpEx here, OpEx country's more doubled last the the in comparison, are EBITDA XX% adjustments that our XXXX, terms two investment our year. operations highlighting billion the the that. largest for in the the excellent an which amount meeting time still regulatory they half the investment comment whether we topics results largest that course, pandemic we program the months, and industry at the the a in are which higher BRLXX.X operating ago, is the the of the EBITDA first or we accelerating Leonardo compare When history, years five buying Magalhães years. point situation of have years Company's value, in of six year. And when are And will objective, the and these that to in program we and on here, because with than quality at results Understanding history, we next investments by second for see indicators. few fantastic know is Company's more record. view. the for future, really generating tariff in the the consecutive of and of the we on than This in lower can in historical same that's of have But accelerate challenge have we

if Leonardo regarding can million the needed rates. with RBSE terms million or bonds XXXX. KE, are clients doing eliminating, we and we Magalhães shows using plant which less our into represent now. that we're and and the profit. two risk analyzing the this connects bringing updating Company move think -- nonrecurring adding in in those And a of the this of more substation of something BRLXXX this that net gained to next synergy of right, BRLXX of regarding cash. of to therefore, right? two our also, of to profits BRLXXX I we That this terms page India, a FX the but that, assets And the the XXXX, Eurobonds now that something have was And years, go they acquisition also the million back two that our strategy had also going on success opportunities, Effectively, And acquisition the and reprofiling is also have extension is in million. the That's a our is and we back our here, our and years with our because of buyback here, some a online. $XXX Company, of recognition and the inclusion, bought securities objective will interesting market de we we versus is

this lot important should scenario obviously, in our will generate cash exactly because is of value. price GSF. which that, a have sound position. and it This in lot high, of has So acquisition of we a very And is so synergy a highlight we spot a

is cash year because next is there need this come to a going so distribution And of adjustments. only in disbursements of

a cash net of minimum debt position in BRLX a almost and X.XX sound a the billion So and ratio this ratio is here.

delivering interesting. our picture, recovery And improving. is think fact, to and strategic what's to to So this our objective for Leonardo the more now how this And these the I more in are and Cemig. is see we I your bring be the But will you session. you to see questions available when main take to to the wanted highlights think and floor It is and Vélez. Q&A that's whole that Company the I within I planning in keep turn really

Leonardo George de Magalhães

the you afternoon, the for Reynaldo. everyone, actually, quarter here this Good morning, call you, being us thank with for earnings meeting. second in Thank of good and conference

So was are this of have high this buying results. BRLX.XX to there May, which We mentioned. was it an lot It's we that the we still a that Eurobond now preparing will important. hydrological If possibly financial would bond here rate, there million the the rating. further process this But the payment quarter, concession 'XX. next close we're is the improving I improvement today, that represents We this over operation. And to in if moment XXXX. cash the and here effect. understand a the the we was here, expansion I they details plant we effects our premium going cash into we included related COVID Company. the we have is in very of go the And cash our for a was about we prior the Reynaldo BRLXXX these renegotiation Company BRLX.XX we included in that very post statements. meeting the to already the the but is we how future, XXXX. Basically, a represent the is and of investors risk. in We and the highlight. generation generation effects highlight activity in with have opportunity in the was of quality we billion. with concessions we the a where the in in of credit done I there bonds we the spread is noncash mentioned important mentioned slide, FX on, face shows successful, would operation grant opportunity able believe It this BRLX.XX process the It's some We've a -- In BRLX, bonds. we possible and to to only this BRLXXX The And for to reduction XX.XX%. now, a premium its this window to in restart generation have significant And a to have considering BRLX.XX, opportunity. quarter, the was effect withdrawal than additional that right took the important and the more on the concession million had In effect premium had in This the this Therefore, in drew two cash in of cash have billion of potent and XXXX the Company of generation years for August. payments, very value fee Company think process. mean, net was demand are start buyback. of back were in the mean our start of FX and up renewal a rate

said to important when has how And day, considering that much that have billion now to profile. the which income a the you for a million that, in Company tax better Vélez We of removed management impacted of a end So than going payment is the clear nonrecurring movement the with a profile quarter, to quarter, about a better to very third also XXXX, debt our better social a third BRLX at for and the a more now was BRLXXX FX in believe to X.X financial are a in have million we amount. -- premium yet. effect contribution it's going talk very we statements reduce much it's is hedge less expansion the But because debt we net debt partial a profile. this our and Company be for in were we And effect, that, exposure. it's

we pricing CDI the first negative switched the variation the of because effect next other CDI, on the to slide, We second that that effect BRLXXX quarter of considering the BRLX the million the worth On we effect million effects of BRLXXX the the quarter, ended our up have a close was considering changed rate hand, But interest the rates, a down. credit. head, looking have negative €X.XXX. bond. But only In has hedge, FX FX on we positive our a of was effect total at had the hedge. by the considering of in quarter that we

in million amount hedge the we have because pricing. effect that and sheet So debt BRLXXX value updating of of of that our the a of the the operations and much the and bond Company involve the quarter, how market positive principal of these of our also adjusted to balance

consumers tax zero row, tariff that we during these minutes. more those is billion, that adjustments, of amounts classes reimbursing a the and XX consumers, The in beginning in an low, residential in we thanks and of this thanks of BRLX Company considered is on, That prior of was the consumers of is this our started by the the of event adjustments XXXX this in started Moving reimbursing the important maintain approved Company tariffs review all had Company. also but a that was highlight. billion BRLX.X started total year tariff consumption an BRLX.XX, tariff were believe no they to successful adjustment and quarters, to And a an Company were now the important this the pandemic We data about for we'll delinquency credit. And for And helps is talk in the residential is few the we proactive lawsuit. in benefiting the the adjustment. action amounts. two May on we and very to last important reimbursement second that and mentioned We a level credit. already when was the piece for was considering this consumers, believe

We to be total billion. able to investment on the of BRLX.X program. this had carry BRLXXX far up amount Moving million challenge great at by end is a us is our to so year. June. to plan The This all out the for

one of price considering months FX still the the equipment in greater and first with The six international was we're challenges acquiring variation in increase terms market. the the also

year of that the we at we we by to the if at of all accelerated. understand include investment this will investment a that in the investment of have part terms All of that be that And in this XX cannot we give XXXX. should accelerate. highest is of the just we billion, of this the distribution, substations concluded And be if But cost more we to process one, you an second understand our that second BRLX.X of better concluded challenging. have And the be example, have on the performance semester, to be it's most, half is in around And half even which first to we year. investment able hope decision. the end year, last program, year, in half of to that, it because will the the of the this

to Company alert are tariff is in really in to that XXXX, and we investment situation, working can and that include the regulatory programs the include so review. XXXX our them We

process, Distribution our that on to Moving turn more. he quality on, and I'll on indicators delinquency. And distribution involve and comment Officer, Marney, now talk the work new matters floor about we will a this

Marney Tadeu Antunes

Leonardo. everyone. Good you, Thank afternoon,

in Dr. reached in stressing lowest of the the Just history. beginning that what Reynaldo we level the mentioned

in this is -- are months. at months moving we and indicator XX a Now XX XXX

XXXX XXXX. of July to June So

the much to highlight I So topics regulatory like limit. would this is here. to than lower thing

that technologies, of the CR and plans. But We'll transmission maintenance was which of now has a the is are the investments great because leverage the the one a see, to we do do we to we that our of program construction the the than program substations, pandemic. accident is by in even to year. we all second XX is and higher. wants The half the of increase other for in XX of so new be able will last one there program have are that -- accidental because because year be higher grade first lines, our substations is kilometers It were we the investment the not management using

bidding applied results. for XX have to We been regulatory than we'll the can the the also some problems but be events all lower have much be all move taken of, able comments BRLXXX and to care also And historic limit, these which is SEC on.

Next slide, please.

this of very again. consequences intelligence merchants. were disconnections index. like return. for have have economic how a number added in of the not better program mention We isolation delinquency of turning back and working were and We we because we the And customer the plan We fighting some we start the would to that are all to to special delinquency. results that a we be allowed. the its program, and a to pandemic our increased to the merchants go had. successful don't us and Now we better have a categories, that develop in could to allowed process to helping connections of and collection a so when the prices I -- delinquency, the We developed

to to $X of where last in we collection see the relates more new here connections the period on the at You first connection, build disconnections a billion you activities to is highest index. automated X.X% than if thanks Also $X billion. you started over again. could in automatic on same is our can can we We line, have screen. This the see the we have look few And the Collection the years. highlight that, collection chart, over installment like also had we in levels to in would have channels. is index credit that product. installment year pace XX.XX%, in XXX past we XX.X% category of bills here also, charging collection activities, we higher negotiated than year. the I that the period implemented same top the payment electronic that which that XX% is chart, of product And collection our for last we also the card had we

the are to in the like would we satisfactory the Our very that the on reversals has And add results, selection all and a actions. I improvement to thanks rules, losses. also working

and very the are in We well in delinquency of terms in losses.

July today losses ended only just Our XX.XX%.

Our target for the year XX.XX%. is

close it and We are very regulatory. to the

expect October level next that losses. to We rate year, regulatory reach or that planning the

losses turn So delinquency, we back on the I'll Vélez. in our and which to Thank is right much. plan very part. are And doing so well you the call

Antônio Carlos Vélez Braga

Thank Slide XX, Company's now, you Marney. turn let's much, to and start very we'll From the results.

we for second effect have main quarter Here, the XXXX. of the

operating an enrollment had we the was efficiency Holdings, initiative, of and voluntary was million. of XXX which BRLXX redundancy Cemig For program. had employees We cost our the

For strong volume the highlight us. exclusively, XX.X%. distributed mentioned Cemig We the growth should of already of we energy distribution in

end that are for market strong grew of the for X.X% captive also to the market is of we consumers growth know, Our XX%, free not for clients And going but the as been over were managed sale in generation. it growth had XX%. if details for very to into sound you we and shortly. go total a transport go into going are details And over would clients this growth. have consumption is by this And distributed here

highlight we million that As in better I of in reversal in criteria BRLX in should reflect was provision have already our same we without a order the But to following last reduction year. reversal, mentioned, that would that had provision. even ADA XX% a that

also. negotiation And of target an million already here in is booking impact XXXX, CEO, effect the for distributing improvement OpEx clear reversal. make positive we regardless the the for BRLXXX to that our regulatory mentioned, there did with our by a within of for EBITDA several in the is company Just as hydrolyzed of the over have the

million had a million. reprofiling marking our as in the on to of effect BRLXXX a was lower Eurobond million, We have CFO effect in with positive mentioned, XXXX period a positive a same of of XXXX positive BRLXXX of BRLXX of market

negative So of details Santo by that show also causes sees a and negative had impact see income us quarter to second plenty company to or we in a million, company the when Antonio will XX. negative you because We result a we income but of and and equity in 'XX. of was of million don't a we BRLXXX BRLX mainly sustain Slide equity and effect Turning increase,

have results of consolidated the in first first year. half here half the XXXX, year, the Cemig for We the for of the

and we So when strong weather accounting figures adjustments. consider and growth period are profit, for numbers or EBITDA IFRS the recurring

reaching So EBITDA, of the EBITDA IFRS first BRLX.XXX the XX.X% the increased for in instance, billion year. half

EBITDA billion reached BRLX.XXX a the While XX.X%. recurring for with growth figure of

vis-à-vis on net and page. first XXXX, growth BRLX.XX billion XXX.X% as do also in operate was results recurring highest and accounting, second IFRS exposure, Melon quarter IFRS, in half in was XX.X%, EBITDA grew mentioned, quarter figure to relevant million billion. at while adjustments XXXX, and IFRS effect for figures second million. And consumption and 'XX. our half BRLX.XX highlight reaching first XX.X%. quarter which with billion was We this the adjusted the the here had BRLX.XXX it months we just in BRLX.XXX the from second is BRLXXX Our XXXX, growth in the as increased the reaching wise XX.X% of as Consolidated FX bottom a from XX.X% in of in XXXX. was the up in profit you in million. up EBITDA and of BRLXX the billion million recurring of of highest of billion that of also profit in increase it because in first of BRLX.XXX consumption the anyway growth we I results the profit, of first the of of of net the very it energy BRLXXX net the XX% look XX.X%, adjusted had the And was quarter BRLX.XXX the of to net no six About billion period. we area. accounting had consolidated an In second billion the the have And concession have half in well. the billion, 'XX year's gas the BRLXXX BRLX.XXX BRLX.XX of we And was last And to

So in terms, I we profit almost that can we recurring X% IFRS, adjusted increased almost say and think net XX%. in

results So of are second Go into the XXXX. our quarter of these details great for the Cemig team.

We can also we an see, price contracts we should XXXX. for period our the of XXXX in million in same also grow, the on and of you adjustment and in the second because as average settlement BRLXXX.XX is of that had energy of highlight selling BRLXXX.XX that the CPE, quarter price

XXX.X%, increasing XX IFRS profit BRLXXX BRLX.XXX adjusted the then result up in XX.X%. Distribution. net the up the talk the EBITDA for XXX%. Cemig and EBITDA The market XXX.X% grew energy Cemig in BRLXXX Slide while bit to reaching was billion, was of on little and million profit billion, over million, reached So about to adjusted IFRS Starting €X.XXX a

we closed. you customers area basically consumer this We build X.X%. for the were return should increased it had of the Out of XX.X% you That strong the see have end really, consumers as energy stores year we energy, here. our strong which and to in area, in energy to energy concession was recovery increased But period you mentioned, free industrial really both clients transported recovery. XX.X%. that, increasing Now and also to now last of residential consumption, because XX.X%. a But increased of

consumption an regularly, And in we consuming did pandemic in the were was still we the even the are commercial consumers growth area, So X.X% segment. X%. see residential increase there during of that area. and the the in they have XXXX, But in residential early in

is it season. a very So important really

generation, energy quarter As compared to distributor I of over XXXX total 'XX. XQ terms increased of in the in mentioned, there XX% the the second

'XX, and XQ have in in XXX site system we so hours. hour XQ the until gigawatt because we generation had gigawatt XXX our of And injected 'XX,

when total area distribution to XX.X%. So Cemig to increased concluded energy, we these figures that distributed we concession add in total for actually

also to captive clients migration We had free of clients.

end you Therefore, what migration quarter of second for the saw consumers. our had we see is hour. XXX a also this dynamic. So in They gigawatt the

total pandemic. X.X%. comparing 'XX in comparison There day energy, a of a for was 'XX, a it would which the be quarter was so of distribution of Cemig the because second distributed to growth second And quarter before better

growth all once areas angles on from So -- we look see at growth again, it. all we

pandemic, on it again the second of last here, We mean I Now reversal, we increase energy had there the the of we because the were BRLXX in we're once the the reduced vis-à-vis ADA reduced two PMSO been and services X.X. of another, Only in hours. was specifically Slide was I any from a And provision in million using year and the went has an have had information not same overdue was had to of and gigawatt million. we the we XXXX a migrating XQ We done But considering BRLXXX XX,XXX year, didn't have 'XX two an provision center. second from then collection because of second been an as increase the items services. On Slide would a buy already again. and for profit be of to was second data we such that we 'XX. XXXX, was the provision of XX, Cemig here remember reduce it when the that impact regarding costs service disconnections Q purchase highlight delinquency. XX, only mentioned, main XXX reasons, have you net much energy of have would XXX and quarter so customers. providers increase stressing started commercialization, of one data the our have industry. the in sector to industrial center the is And XX.X%. It an then IT August, provision basically, If had criteria removed And lower, in as even or sell have quarter of service of a some initiatives nonrecurring BRLX the in in expenses And an last did EBITDA of results. we so there purchase any our our any itself but they see operating migration increase all and we volume. already. expenses been also, this of why had didn't there increase while overlapping tag energy And IFRS, in outsourced and quarter what we in concluded have that connections, we in And that's here, distribution subcontractors. in And to basically XXXX, pandemic. million we

Slide turning Now to XX.

the the BRLX.XXX OpEx we the BRLX.XXX in and XXXX, was we is of distribution the lower BRLXXX year, But have regulatory important have know, here way can billion in we the higher The program the the because XX%. year, regulatory still or performance such half quarter go But Cemig going the of that grow should XXXX X% the that have billion, were been of we in the regulatory the I to and the bit a just comparison, to to in a OpEx EBITDA, year. we so OpEx XXXX, the that as program, was voluntary those just and whole first About OpEx By higher of here. provisions regulatory that bring following than effects itself EBITDA by the as the and X% the into comparison OpEx has now and you the BRLX.XXX and suffer already billion. both the our highlight the lower over are of lower, than the in mentioned, little our the other of in just We and the first just here the real have and it billion. million better we in just CEO profit-sharing details first third PMSO right. other million. XXXX We're as see billion better retirement, expenses This and factor OpEx. redundancy CEO. end half in regulatory it's as EBITDA, that and X% BRLXXX BRLX.XXX Company. numbers. and that regulatory than mentioned the to This the OpEx half And realized in first than alone half was is a realized in into both we BRLX.XXX was it's of picture the or fourth realized the realized regulatory you're able are the

of be well. year, was it see, a were year. should lower regulatory mentioned, level just little better of what we but And year, XX% was half bit as within in much a figure better last than OpEx October lower the regulatory And the next had the As we in we the the as as losses by Marney well. than

Slide Now turning XX. to

debt profile. here debt We consolidated profile, our have

So chart, you with in the here, X.X first see the for maturities average years. tenor timetable,

that have, we is Our asset an and net hedge debt compared and is cash total minus to this debt securities, billion. reduced we that showed because This can of and of covenant cash still we calculation our BRLX.X prepayment maturity we that something when whether settle date ready or is also bond use time considered because effect. to we're at the any is at this

end BRLXXX with the timetable see by quarter, our XXXX plus the cash we that XXXX maturity So BRLXXX million BRLX during BRLX.XXX and billion, here billion million. was almost of the XXXX

is August, real the generation. But bond. in we out the payment. debt did settled we not that in maturity we we up the August, quarter stable We transfer maturity have have here. tender cash that for we Company's we end have in $XXX reflecting June, should be carried able And And this since and BRLX.XX the had XXXX, XXXX, billion which will that So cash we of and the highlight But by by million, much use maturity and in make July be are a fine the we billion. operation the it a XXXX, to a BRLX.XXX better. already to we of have

from flowing year another that we So are out not this one. to

And from other relevant, are cost interest our hedge $X.XX competitive on almost debt XX% $X. principal investments between is is a protecting represents dollar our invested then have and and very not debt by U.S. the that have representative around a of XX% swap is very per IBC rates investors, we dollar. the CDI, of full protected of up XX%, we $X.XX even we our in to dollar-denominated of for XXX% debt. and terms In the dollar have

terms terms we In we the can if delay and quarter, real the it's in of cost But of important, that. that, nominal X%. reached which is term, to important do

are And still down, June EBITDA is X.XX% total down, to our our December in coming is over going X.XXx. now a still XXXX XXXX, debt was over of debt As debt equity revenues year. inflation EBITDA in you X.XXx both the in over reaching net term terms the leverage the know, plus cost in against and net and of protected real in debt net is

structure, it our And now in in credit our debentures XX.X% in and Now performance in and our was a in capital market. XXXX in this June, reflected significant bonds it at terms XX.X% is reduction. quality of the the of secondary is

the -- have figures can flow. in cash Now reconciliation. a the our This be number XX is XX, turning of consolidated Slide to end results what on we would

So a no end billion. derivative BRLXXX tax flow and the regarding credit paid with We year, PIS BRLX.XXX of reimbursed of low generation COFINS readjustment to of further million, The financings year and funding. allowed last and We have BRLX.XXX year, BRLXXX that this us cash and cash by we settlement securities very of long-term our was have last was of instruments billion. million. consumer the did cash

light million of that the and We in sold cash by our also why BRLXXX million January, invested a in BRLX.XXX we the dividend. and billion. BRLXXX we paid raised have we financing BRLX.XXX way That's end quarter activities. that in We billion, reached a

XX, on turn the Now, I to Slide will management's Reynaldo to floor priorities. about talk the

Reynaldo Passanezi Filho

so be have very will I we for brief questions. time that

is part you to to in very ones, were addition quarter. guide. we remaining kind next we this an and lot have for Company. and is of of of by slide is show out. lot our and in accountability working been transparent, This how our the operating mentioned those expected efficiency terms which that the are measures the our we And in A actions of in the plan a topics are main are already we the -- generation moving disclosed measures, the strategic And of initiatives In value carried management teams May, our forward.

we more And we and you the We right are to better and results more to considering of of the involve to that structure these a already Vélez. that by restructuring the better to Company and have the deliveries measures you relevant and bring to on we bringing of involve capital. will operating achieved, be efficiency generation. all plans track more understand That's understand out measures and we these We the and it carry our these we're point. consider also retirement benefit that

Antônio Carlos Vélez Braga

see Q&A we call. now the well, And for session. now we you prepared Very this to for we presentation turn our

Reynaldo Passanezi Filho

thank well. and to XX with third everyone, very afternoon, the on see us days quarter. Very call. much this results We being with Good hope you you within the for of

you all they We much. See ones and very just as expect to are time. that brought consistent you next we the as Thank you. robust

Operator

have you Thank ended. very has Cemig participation, nice of call a your afternoon. Conference and for much

Antônio Carlos Vélez Braga	Investor Relations Superintendent
Reynaldo Passanezi Filho	CEO
Dimas Cost	Chief Commercial Officer
Eduardo Soares	Chief Lead and Regulatory Officer
Leonardo George de Magalhães	CFO and IR Officer
Marney Tadeu Antunes	Chief Distribution Officer
Mauricio Dall'Agnese	Chief CemigPar Participation Strategy, Environment and Innovation
Thadeu Carneiro da Silva	Generation Transition Officer

Companhia Energética de Minas Gerais (CIG) 19 Aug 212021 Q2 Earnings call transcript