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Summary | |||
Conference Call in Portuguese | |||
March 27, 2018 | |||
Page | 2:00 PM (GMT) | ||
Introduction | 03 | 1:00 PM (New York time) | |
I. Consolidated Income Analysis | 06 | 5:00 PM (London time) | |
II. Parent Company Results Analysis | 20 | Phone: (11) 3137-8037 | |
III. General information | 25 | Conference Call in English | |
IV. Attachment: | March 27, 2018 | ||
I. Financial Information from Subsidiaries | 2:00 PM (GMT) | ||
II. Financial Analyses from Subsidiaries Companies | 1:00 PM (New York time) | ||
III. Operating Infomation from Subsidiaries | 5:00 PM (London time) | ||
Phone: (11) 3137-8037 | |||
Contact RI: | |||
Ombud [email protected] | |||
www.e letrobras.com.br/ri | |||
Tel: (5 5) (21) 2514-6333 | |||
Preparation of the Report to | |||
Investors: | |||
Superintendent of Investor | |||
Relations | |||
Paula P rado Rodrigues Couto | |||
Capital Markets Department | |||
Bruna Reis Arantes | |||
Fernan do D'Angelo Machado | |||
The Marketletter – Annex I, II and III can be found | Luiz Gu stavo Braga Parente | ||
in .xls extension at our website: | |||
www.eletrobras.com.br/ri | Mariana Lera de A. Cardoso |
Get to know the Eletrobras IR Ombudsman, an exclusive platform for receiving and forwarding suggestions, complaints, compliments and requests from protesters regarding the securities market on our Investor Relations website |
Rio de Janeiro, March 26, 2017 - Eletrobras (Centrais Elétricas Brasileiras SA) [B3- Brasil, Bolsa, Balcão: ELET3 and ELET6 - NYSE: EBR and EBR-B - Latibex: XELTO and XELTB] the largest company in the electricity sector in Latin America, operating in generation, transmission, distribution and comercialization, the Parent Company company of 14 subsidiaries, a holding company - Eletropar - a research center - Cepel and accounting for 50% of the capital Itaipu Binacional, announces its results for the period.
In 2017, Eletrobras presented a net loss of R$ 1,726 million, lower than the R$ 3,513 million Profit obtained in 2016.
The Result for 2017 was mainly influenced mainly by operating provisions in the amount of R$ 4.646 million (excluding distribution segment provisions) and the loss of the distribution segment in the amount of R$ 4,179 million. The result of 2016 was mainly influenced by the Accounting of Remuneration related to the credits of the Basic Network of the Existing System (RBSE).
Managerial net income recorded in 2017 was R$ 178 million, 22% lower than the managerial net income of R$ 229 million in 2016. The managerial Net Operating Revenue increased 21%, from R$ 25,549 million in 2016 to R$ 30,887 million in 2017. The EBITDA increased by 44%, from R$ 3,845 million in 2016 to R$ 5,554 million in 2017. The highlights of 2017 are presented below:
2017 HIGHLIGHTS
» Net Operating Revenue of R$ 37,876 million;
» Accounting for the Remuneration related to the credits of the Basic Network of the Existing System (RBSE) referring to the transmission lines renewed in accordance with Law 12,783 / 2013, as per Ministerial Order No. 120, dated April 20, 2016, of the Ministry of Mines and Energy, which established the payment conditions, with effect of R$ 4,923 million in 2017.
» Itaipu transfer in the amount of R$ 626 million;
» Positive CVA in the amount of R$ 1,441 million;
» Impact on the result of R$ 853 million related to the provision for the Extraordinary Retirement Plan (PAE);
» Provisions for Contingencies in the amount of R$ 4,398 million, with emphasis on the provision related to the compulsory loan of R$ 2,337 million;
» Provisions Aneel - CCC in the amount of R$ 986 million to finance resources reviewed by Aneel in the scope of the inspection of the Sectoral Fund CCC due to the distributors, in accordance with Law 12,111 / 2009;
» Reversal of provisions for onerous contracts of R$ 1,493 million, mainly as a result of the reduction of personnel expenses observed with the realization of the extraordinary retirement plan - PAE;
» Provisions for impairment of R$ 641 million;
» Net Financial Result of R$ 5,194 million;
» Result of the negative distribution segment in the net amount of R$ 4,179 million, especially the loss of R$ 2,313 million of Amazonas Distribution;
» EBITDA in the amount of R$ 6,744 million and Managerial EBITDA in the amount of R$ 5,554 million in 2017;
In the fourth quarter of 2017 (4Q17), Eletrobras reported a net loss of R$ 3,998 million. In 4Q16 the net loss was 6,258 million. Managerial net loss for the quarter was R$ 491 million, 155% lower than in 4Q16.
4Q17 HIGHLIGHTS
» Net Operating Revenue of R$ 11,029 million;
» Positive CVA in the amount of R$ 966 million;
» Sale of CPFL shares by subsidiary Eletropar in the amount of R$ 49.9 million;
» Provisions for Contingencies in the amount of R$ 3,621 million;
» Reversal of provisions for onerous contracts of R$ 477 million;
» Provision for impairment of R$ 1,201 million;
» Negative Net Financial Result of R$ 296 million;
» Negative Distribution segment result in the net amount of 1,630 million, with a highlight to the loss of the subsidiary Amazonas distribution in the amount of R$ 676 million;
» EBITDA negative in the amount of R$ 3,540 million and positive Managerial EBITDA in the amount of R$ 568 million in 4Q17;
R$ Million
2017 |
2016 |
% |
|
4Q17 |
4Q16 |
% |
155,5 |
162,4 |
-4% |
Energy Sold - Generation GWh (1) |
40,8 |
41,5 |
-2% |
16,1 |
17,3 |
-7% |
Energy Sold - Distribution GWh |
4,1 |
4,3 |
-5% |
45,990 |
70,988 |
-35% |
Gross Revenue |
13,342 |
17,537 |
-24% |
38,746 |
32,514 |
19% |
Gross Revenue from Management (2) |
11,541 |
8,005 |
44% |
37,876 |
60,316 |
-37% |
Net operating revenue |
11,029 |
12,181 |
-9% |
30,887 |
25,549 |
21% |
Net Operating Revenue Management (2) |
9,229 |
6,355 |
45% |
6,744 |
19,797 |
-66% |
EBITDA |
-3,540 |
-4,783 |
-26% |
5,554 |
3,845 |
44% |
Management EBITDA (3) |
568 |
983 |
-42% |
-1,726 |
3,513 |
-149% |
Net profit |
-3,998 |
-6,258 |
-36% |
178 |
229 |
-22% |
Management Net Income (4) |
-491 |
892 |
-155% |
5,214 |
8,711 |
-40% |
Investments |
1,449 |
1,943 |
-25% |
(1) Does not consider the energy allocated for quotas, from the plants renewed by Law 12,783 / 2013
(2) Excludes CELG D and Construction Revenue and Transmission Revenue with RBSE, referring to Transmission Lines renewed by Law 12.783 / 2013;
(3) Excludes item (2) and Extraordinary Retirement Plan (PAE), expenses with independent research, research findings, contingency provisions, onerous contracts, Impairment, Provision for losses on investments, Provisions for adjustment to market value, (TFRH), Provision ANEEL CCC, Equity interests (RBSE CTEEP);
(4) Excludes item (3) and monetary restatement for compulsory and IRPF provision for RBSE.
ANALYSIS OF CONSOLIDATED RESULTS (R$ million)
Consolidado IFRS | ||||
2017 |
2016 |
Statement of Income |
4Q17 |
4Q16 |
21,136 |
18,632 |
Generation Revenue |
5,762 |
4,409 |
10,378 |
33,557 |
Transmission Revenue |
2,570 |
2,502 |
12,416 |
16,349 |
Distribution Revenue |
4,254 |
9,085 |
2,060 |
2,450 |
Other Revenues |
756 |
1,541 |
45,990 |
70,988 |
Gross Revenue |
13,342 |
17,537 |
-8,114 |
-10,672 |
Deductions from Revenue |
-2,313 |
-5,357 |
37,876 |
60,316 |
Net Operating Revenue |
11,029 |
12,181 |
-15,374 |
-16,211 |
Operational Costs |
-4,784 |
-5,591 |
-12,703 |
-12,698 |
Personnel, Material, Services and Others |
-3,696 |
-4,410 |
-1,751 |
-1,844 |
Depreciation and Amortization |
-367 |
-516 |
-5,747 |
-14,724 |
Operational Provisions |
-6,238 |
-7,587 |
2,301 |
14,839 |
|
-4,056 |
-5,924 |
2,692 |
3,114 |
Shareholdings |
150 |
625 |
4,993 |
17,953 |
Income before Financial Income |
-3,907 |
-5,299 |
-5,193 |
-5,929 |
Financial Result |
-296 |
-1,863 |
-200 |
12,024 |
Income before Tax |
-4,203 |
-7,162 |
-1,525 |
-8,511 |
Income tax and social contribution |
205 |
904 |
-1,726 |
3,513 |
Net Profit |
-3,998 |
-6,258 |
Consolidated Management* | ||||
2017 |
2016 |
Statement of Income |
4Q17 |
4Q16 |
21,083 |
18,590 |
Generation Revenue Management |
5,738 |
4,470 |
4,538 |
3,781 |
Transmission Revenue Management |
1,055 |
972 |
11,106 |
8,128 |
Distribution Revenue Management |
3,994 |
1,459 |
2,019 |
2,014 |
Other Recipes Management |
756 |
1,105 |
38,746 |
32,514 |
Gross Revenue Management |
11,541 |
8,005 |
-7,859 |
-6,965 |
Deductions from Revenue Management |
-2,313 |
-1,650 |
30,887 |
25,549 |
Net Operating Revenue Management |
9,229 |
6,355 |
-13,432 |
-11,238 |
Operational Costs Management |
-4,176 |
-2,250 |
-11,684 |
-11,207 |
Personal, Material, Services and Others Management |
-3,612 |
-3,341 |
-1,751 |
-1,844 |
Depreciation and Amortization Management |
-367 |
-516 |
-1,034 |
-864 |
Operational Provisions Management |
-816 |
-408 |
2,986 |
397 |
|
259 |
-160 |
818 |
1,602 |
Shareholdings Management |
-57 |
625 |
3,804 |
1,999 |
Income before Financial Income Management |
201 |
465 |
-4,213 |
-2,983 |
Financial Result Management |
-1,303 |
-915 |
-409 |
-984 |
Income before Tax Management |
-1,101 |
-450 |
586 |
1,213 |
Income tax and social contribution Management |
610 |
1.343 |
178 |
229 |
Net Profit Management |
-491 |
892 |
* Excludes CELG D results, construction revenues and expenses, RBSE Transmission Revenue, RBSE Revenue referring to Transmission Lines renewed by Law 12.783 / 2013, expenses with independent research, Research findings, Impairment, onerous contracts, provisions for contingency, provision for losses on investments, provisions for adjustment to market value, provision for the Water Resources Inspection Fee (TFRH), ANEEL CCC Provision, result of CTEEP's equity investments impacted by RBSE, compulsory loans, Extraordinary Retirement Plan (PAE), Provision of Pará Rate relative to Eletronorte and provision for IRPJ / CSLL related to RBSE.
I.1 Main variations of the Statement of Income
Variations of Statement of Income (2017 x 2016)
The 2017 Result registered a 149% variation compared to 2016, with a net loss of R$ 1,726 million in 2017, compared to a net profit of R$ 3,513 million in 2016.
The Managerial Result for 2017 registered a 22% decrease regarding 2016, with a managerial net income of R$ 178 million in 2017 compared to a managerial net income of R$ 229 million in 2016, especially due to the factors remain prominent.
Operating Income
Generation Revenues |
2017 |
2016 |
% |
Variation |
Supply of energy for distribution companies |
14,698 |
12,886 |
14.1 |
The variation was mainly due to the variations in the following subsidiaries: (i) In the subsidiary Furnas, new Contracts in the Free Contracting Environment with variation in the average price due to the market conjunctures and IPCA price contracts of around 238.8 MW. (ii) In Eletrosul, adjustments were made to the IPCA contracts, price changes in the ACL - Free Contracting Environment, referring to the energy generated by PCHs - Small Hydropower Plants, by wind power and energy purchased through PPAs - Purchase and Sale Agreements which is resold in the ACL in short-term contracts; new contract, as of April 2017, signed with SPE Teles Pires; and from April / 17, the Hermenegildo I, II, III and Chuí IX SPEs discontinued the ACRs through the New Energy Leftovers and Deficits Compensation Mechanism, and the unrestrained energy acquired by Eletrosul and resold in the ACL - Environment of Free and / or liquidated contract to PLD; (iii) At Eletronuclear, updating the contracted revenue according to Aneel Homologatory Resolution 2,193 / 16, which established the fixed revenue for the year 2017. |
Supply of energy for final consumers |
2,554 |
2,946 |
-13.3 |
The variation was mainly due to: (i) in the subsidiary electrosul, price variation in long-term contracts; (ii) Migration of consumers Free to the ACL in the subsidiary Amazonas Energia. |
CCEE (short term) |
1,006 |
927 |
8.5 |
The variation is mainly due to the following factors: (i) LDP increase; (ii) In the subsidiary Amazonas Energia, due to the increase in the participation of SIN energy, with less energy remaining to be settled in the CCEE, (iii) the termination of the ACR contract by Eletronorte, and part of this energy was now traded in the short term. |
Revenue from Operation and Maintenance Extended Power Plants Law 12.783 / 13 |
2,198 |
2,179 |
0.9 |
This change was mainly due to the updating of the renewed power plant contracts, partially offset by (ii) a change in the CFURH tariff in 2017, which comprises the revenue from quotas of the new plants, and (iii) the frustration of the forecast of the financial income occasioned by the difference between the rate of remuneration used in the forecast and the rate actually realized. |
Construction Revenue |
53 |
41 |
27.9 |
No effect for the result, since it has expense in corresponding amount. |
Transfer Itaipu (see II.3.a) |
626 |
-347 |
-281 |
The variation was mainly due to the increase in the rate on which the monetary restatement is calculated based on the US Commercial Price and Industrial goods indexes, which offset the lower appreciation of the US dollar, and also due to the recognition of the interministerial ordinance which determines Itaipu revenues. |
TOTAL GENERATION REVENUES |
21,136 |
18,632 |
13.4 |
The variation was mainly due to the factors explained above. |
(-) Construction |
-53 |
-41 |
27.9 |
|
MANAGEMENT GENERATION REVENUES |
21,083 |
18,590 |
13.4 |
The variation was mainly due to the factors explained above. |
Transmission Revenues |
2017 |
2016 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
3,132 |
2,736 |
14.5 |
The variation was mainly due to the RAP - Annual Revenue Allowance. |
LT RAP Under Exploration regime |
265 |
240 |
10.8 |
The variation was mainly due to (i) the RAP update, and (ii) the remuneration of investments related to the reinforcement of lines in the transmission system. |
Construction Revenue |
917 |
1,175 |
-21.9 |
No effect for the result, since it has expense in corresponding amount. |
Return Rate Updates |
6,063 |
29,406 |
-79.4 |
The variation was mainly due to the accounting of the Remuneration related to the credits of the Basic Network of the Existing System (RBSE) referring to the transmission lines renewed in accordance with Law 12,783 / 2013, following Administrative Rule no. 120, dated 04/20/2016, of the Ministry of Mines and Energy, which established the payment conditions, with effect of R$ 4,923 million in 2017 and R$ 28,601 million in 2016, since in 2017 the registration refers only to the remuneration of the financial asset and, in 2016, to the financial asset itself, as homologated by Aneel. In addition, as of August 2017, upon the beginning of the amortization of the asset, the calculation base for the incidence of the remuneration decreases monthly, according to payments. |
TOTAL TRANSMISSION REVENUE |
10,378 |
33,557 |
-69.1 |
The variation was mainly due to the factors explained above. |
(-) Rate of Return related to RBSE Compensation |
-4,923 |
-28,601 |
-82.8 |
|
(-) Construction |
-917 |
-1,175 |
-21.9 |
|
RECEIVE MANAGEMENT TRANSMISSION |
4,538 |
3,781 |
20.0 |
The variation was mainly due to the factors explained above. |
Distribution Revenues |
2017 |
2016 |
% |
Variation |
Supply |
9,468 |
15,208 |
-37,7 |
The variation was mainly due to the accounting of CELG D in the result of 2016 and against the accounting in 2017 of the result of only 1 month of operation of the company. The supply revenue was also affected by the following factors: (i) in the subsidiary ED Piuaí, there was a reclassification of revenue from distribution to other revenues and revenue from excess demand and surplus of reactive items for special obligations in compliance with the Accounting Manual of the Electric Sector; (ii) positive tariff readjustment in CEAL, CEPISA and ELETROACRE. |
Short Term Revenue |
725 |
315 |
130,3 |
The variation was mainly due to the increase in LDP in 2017 and over-contracting in some Distributors (Amazonas, Cepisa and Ceron) and increase in PLD. |
Construction Revenue |
782 |
1,166 |
-32,9 |
No effect for the result, since it has expense in corresponding amount. |
CVA and other Financial Components |
1,441 |
-339 |
-524,7 |
Variation of CVA values with effects resulting from positive constitution and amortization in 2017 (active CVA), while in 2016 generated negative result (passive CVA) - see detail in the chart below. |
TOTAL DISTRIBUTION REVENUE |
12,416 |
16,349 |
-24,1 |
The variation was mainly due to the factors explained above. |
(-) CELG D |
-528 |
-7,055 |
|
|
(-) Construction |
-782 |
-1,166 |
-32,9 |
|
MANAGEMENT DISTRIBUTIONREVENUE |
11,106 |
8,128 |
36,6 |
The variation was mainly due to the factors explained above. |
CVA and Other Financial Components |
2017 |
2016 |
ED Acre |
-25 |
18 |
ED Alagoas |
311 |
-153 |
Amazonas Energy Distribution S.A. |
695 |
-129 |
ED Piauí |
279 |
67 |
ED Rondônia |
126 |
162 |
ED Roraima |
67 |
-9 |
Celg-D |
-11 |
-296 |
TOTAL CVA and Other Financial Components |
1,441 |
(339) |
Other Revenues |
2017 |
2016 |
% |
Variation |
Other Recipes |
2,060 |
2,450 |
-15.9 |
The variation was mainly due to the exclusion of CELG-D income from the deconsolidation carried out from February 2018. |
CELG D |
-42 |
-437 |
-90.4 |
|
Other Management Income |
2,019 |
2,014 |
0.3 |
|
Operating Costs and Expenses
OPERATING COSTS |
2017 |
2016 |
% |
Variation |
Energy purchased for resale |
-11,585 |
-11,264 |
2.8 |
The variation was mainly due to: (i) In Furnas, due to the variation of the energy purchase balances and the updating of the prices of existing contracts, as well as the agreement of new Energy Purchase Agreements. subsidiary Eletronorte, there was an increase in the average LDP in 2017 (reflecting, also, the costs of settlement of the Short Term in the operation of the Contract with Termonorte). (iii) change in the power generation contract for the isolated system. |
Charges on the use of electricity |
-1,611 |
-1,805 |
-10.7 |
There was no relevant variation. |
Fuel for cars of electricity |
-425 |
-760 |
-44.1 |
The variation is mainly explained by (i) the decrease of the average ACR in 2017, impacting on the recovery of CCC Expenses; (ii) a change in the power generation contract for the isolated system, as in 2016 the company purchased fuel to produce energy, and in 2017 this responsibility is from PIE - Indepedente de Energia. As a result, it reduced fuel, but increased the cost of electricity purchased for resale. |
Construction |
-1,752 |
-2,382 |
-26.4 |
No effect for the result, since it has expense in corresponding amount. |
TOTAL OPERATIONAL COSTS |
-15,374 |
-16,211 |
-5.2 |
The variation was mainly due to the factors explained above. |
(-) CELG D |
190 |
2,592 |
- |
|
(-) Construction |
1,752 |
2,382 |
-26.4 |
|
OPERATING COSTS. MANAGERS |
-13,432 |
-11,238 |
19.5 |
The variation was mainly due to the factors explained above. |
OPERATING EXPENSES |
2017 |
2016 |
% |
Variation | |
Personel |
-7,722 |
-6,549 |
17.9 |
The variation was mainly due to: (i) the impact of the launch and adherence to the Extraordinary Retirement Plan (PAE) in the amount of R$ 853 million; (ii) readjustment resulting from ACT 2016-2018, with effect of 9% per cent from 4Q16, referring to the period 2016-2017, due to collective bargaining, and a 4% increase for the period from 2017-2018 to from May 2017; and (iii) In the subsidiary Eletronorte, inclusion in the Company's payroll, as of September 2016, of effects made under an agreement to close two hazardous and uninterrupted processes. | |
Material |
-324 |
-330 |
-1.7 |
Decrease, in 2017, the expenses with materials related to the operation and maintenance of the electric system, as a cost reduction measure foreseen in PDNG 2017-2021. | |
Services |
-2,884 |
-3,485 |
-17.2 |
Reduction was due to the interruption of the consolidation of CELG D in February 2017 and the reduction of expenses with contracting for independent research, which went from R$ 291 million in 2016 to R$ 71 million in 2017. | |
Others |
-1,773 |
-2,335 |
-24.1 |
Reduction was due to the interruption of the consolidation of CELG D in February 2017 and to the registration in 2016 of the research findings in the amount of R$ 211 million. | |
Depreciation and amortization |
-1,751 |
-1,844 |
-5.0 |
Reduction is due to the interruption of the consolidation of CELG D in February 2017. | |
Operating Provisions / Reversals |
-5,747 |
-16,723 |
-65.6 |
The variation is mainly explained by the reversal of onerous contracts in the amount of R$ 1,493 million, mainly due to the launch of the Extraordinary Retirement Plan (PAE) and the lower volume of impairments in 2017. | |
TOTAL OPERATING EXPENSES |
-20,202 |
-31,264 |
-35.4 |
The variation was mainly due to the factors explained above. | |
CELG D |
96 |
1,008 |
-90.4 |
| |
PAE – Extraordinary Retirement Plan |
853 |
0 |
- |
| |
Investigation Findings |
0 |
211 |
-100.0 |
| |
Independent Investigation Expenses |
71 |
291 |
-75.8 |
| |
Contingencies |
4,398 |
5,993 |
-26,6 |
| |
Onerous Contracts |
-1,493 |
2,194 |
-168.1 |
| |
Provision / (Reversal) for Losses on Investments |
-336 |
1,479 |
-122.7 |
| |
Impairment |
641 |
5,537 |
-88.4 |
| |
Aneel Provision - CCC |
986 |
742 |
32.9 |
| |
Adjustment to Market Value |
-1 |
0 |
-1.444 |
| |
Hydrological Risk |
0 |
-451 |
-100.0 |
| |
Water Resources Inspection Fee (TFRH) - Para Fee |
518 |
346 |
49.5 |
| |
Operating Expenses Managerial |
-14,469 |
-13,914 |
4.0 |
The variation due to the factors explained above. |
Shareholdings
Shareholdings |
2017 |
2016 |
% |
Variation |
Shareholdings |
2,692 |
3,114 |
-13.5 |
The variation is mainly due to: accounting for the sale of CELG D in 2017 in the amount of R$ 1,525 million and for the recognition of RBSE by the associate CTEEP in 2016, with an impact on Eletrobras' equity income of R$ 1,603 million , partially offset by the decrease resulting from the research findings at SPE Belo Monte (R$ 91 million). |
(-) CTEEP |
-349 |
-1,512 |
-76.9 |
|
(-) Alienation CELG D |
-1,525 |
0 |
- |
|
Shareholdings Management |
818 |
1,602 |
-49.0 |
The variation was mainly due to the factors explained above. |
Financial Result
FINANCIAL RESULT |
2017 |
2016 |
% |
Variation |
Interest Income and Financial Income |
1,809 |
2,241 |
-19.2 |
Variation is mainly due to the lower availability of resources for application. |
Net Monetary Update |
0 |
399 |
-100 |
The variation was mainly due to: (i) reduction of the rates of the main indexes (inflation and SELIC) on credits as receivables from the updated CCC / CDE of Amazonas; (ii) a reduction in the updating of renegotiated energy credits, derived from Law 8727/93 and also from payment of credit by the Federal Government in August 2017. |
Net Foreign Exchange Variation |
-119 |
138 |
-186 |
The variation is due, mainly, to the exchange variation in the period on financing agreements and with suppliers. |
Debt Charges |
-5,757 |
-6,376 |
-9,7 |
The variation is mainly due to the fall in the SELIC rate and the decrease in the outstanding balance of financing contracts due to depreciation. |
Shareholder Remuneration Charges |
-388 |
-201 |
93 |
The variation was mainly due to the correction of the amounts related to the Advance for Future Capital Increase (AFAC), carried out by the Union in the holding company; (ii) updating of dividends not yet paid. |
Other financial results |
-738 |
-131 |
464 |
The variation was mainly due to the following factors: (i) In the Holding Company, adjustment to the deferred PIS / Cofins account in 2016 as a result of the decline of the US dollar in that period, since these deferred taxes are calculated on the exchange variation, generating a positive effect on other financial expenses; (ii) Renegotiation of CEA's debt that was renegotiated and the Company granted a remission of R$ 64 million.. |
TOTAL FINANCIAL INCOME |
-5,193 |
-3.931 |
32,1 |
The variation was mainly due to the factors explained above. |
CELG D |
32 |
-121 |
-126,3 |
|
Monetary adjustment of compulsory loans |
949 |
1,068 |
-11,2 |
|
MANAGEMENT FINANCIAL RESULT |
-4,213 |
-2,983 |
41.2 |
The variation was mainly due to the factors explained above. |
Income Tax and CSLL
INCOME TAX AND CSLL |
2017 |
2016 |
% |
Variation |
Imposto de Renda e Cont. Social |
-1,525 |
-8,511 |
-82 |
The variation is mainly due to the collection of IRRF on the transmission revenue due to the accounting of the Remuneration related to the credits of the Basic Network of the Existing System (RBSE). |
(-) IRRF RBSE |
1,674 |
9,724 |
-82.8 |
|
(-) IRRF Disposal CELG D |
438 |
0 |
- |
|
Income Tax and Managerial Social Contribution |
586 |
1,213 |
-52 |
The variation was mainly due to the factors explained above. |
Variations of Statement of Income (4Q17 x 4Q16)
The 4Q17 Results posted a net loss of R$ 6,258 million in 4Q16 to a net loss of R$ 3,998 million in 4Q17, especially due to the following factors:
Operating income
Generation Revenues |
4Q17 |
4Q16 |
% |
Variation |
Supply of energy for distribution companies |
4,070 |
3,020 |
34.8 |
The variation was principally due to the following reasons: (i) in the subsidiary Eletrosul, from April / 17, the Hermenegildo SPEs, II, III and Chuí IX SPCs were decontracted through the Surplus and Deficit Compensation Mechanism of New Energy, being the uncontracted energy acquired by Eletrosul and resold in the ACL - Environment of Free Contracting and / or liquidated to PLD. partially offset by (ii) in the subsidiary Eletronuclear, an increase in revenues mainly due to the increase in fixed revenue established by ANEEL for Angra I and II, pursuant to Resolution 2,193 / 16, for 2017 and for the variable portion referring to the excess of generated by the Angra I and II mills. (iii) in the subsidiary Eletronorte, and price adjustment, which is a billing mode heavily impacted by Albras' revenues and South 32, the company's two largest contracts. These contracts have particularities such as dependence on exchange, aluminum price in the international market (LME) and provides for reimbursement of sector charges up to the limit established in contract. |
Supply of energy for final consumers |
696 |
788 |
-11.8 |
The variation was mainly due to the reclassification of the revenues of the subsidiary Amazonas Distribuição due to the process of unbundling of generation and transmission activities. |
CCEE (short term) |
138 |
242 |
-43.1 |
The variation is mainly due to the strategy of seasonality and allocation of more energy in the first half of 2017, besides the market variations (PLD, GSF, Portfolio of contracts, etc.). |
Revenue from Operation and Maintenance |
541 |
583 |
-7.3 |
The variation is primarily due to the following reasons: (i) investments made in the renovated generation facilities, partially offset by: (ii) change in the CFURH tariff in 2017, which comprises the revenue from quotas of the refurbished plants, and (iii) forecast of the financial income caused by the difference between the rate of remuneration used in the forecast and the rate actually realized. |
Construction Revenue |
24 |
-61 |
-139.7 |
No effect for the result, since it has expense in corresponding amount. |
Transfer Itaipu (see II.3.a) |
293 |
-163 |
-279.5 |
The variation was mainly due to the increase in the tariff on which the monetary adjustment calculated on the basis of the US Commercial Price and Industrial Goods price indices is affected. |
TOTAL GENERATION REVENUES |
5,762 |
4,409 |
30.7 |
The variation was mainly due to the factors explained above and also due to the recognition of the interministerial ordinance which determines Itaipu revenues. |
(-) Construction |
-24 |
61 |
-139.7 |
|
MANAGEMENT GENERATION REVENUES |
5,738 |
4,470 |
28.4 |
The variation was mainly due to the factors explained above. |
Transmission Revenues |
4Q17 |
4Q16 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renewed Law 12,783 / 2013) |
723 |
672 |
7.5 |
The variation is mainly due to the following reasons: (i) the annual update of the RAP - Allowed Annual Revenue from concessions related to Transmission Lines extended pursuant to Law 12.783 / 2012; and (ii) investments related to line reinforcements in the transmission system. Highlight for Chesf. |
O & M LT Revenue Under Exploration Regime |
58 |
73 |
-20.0 |
The variation was mainly due to the unavailability of the system during the period and prepayments, mainly in the LTs: JARDIM / PENEDO and ARAPIRACA III and TAUÁ-MILAGRES of the subsidiary Chesf. |
Construction Revenue |
324 |
239 |
35.4 |
No effect for the result, since it has expense in corresponding amount. |
Return Rate Updates |
1,466 |
1,518 |
-3.4 |
The variation is mainly due to the accounting of the Remuneration related to the Credits of the Basic Network of the Existing System (RBSE) referring to the transmission lines renewed according to Law 12,783 / 2013, according to Ordinance No. 120, of April 20, 2016, of the Ministry of Mines and Energy, which established the payment conditions, with effect of R$ 1,192 million in 4Q17 and R$ 1,291 million in 4Q16, related to the remuneration of financial assets, and the decrease in remuneration between the periods is due to the beginning of the amortization of assets in August 2017. |
TOTAL TRANSMISSION REVENUE |
2,570 |
2,502 |
2.7 |
The variation was mainly due to the factors explained above. |
(-) Rate of return related to RBSE Compensation |
-1,192 |
-1,291 |
-7.7 |
|
(-) Construction |
-324 |
-239 |
35.4 |
|
MANAGEMENT TRANSMISSION REVENUE |
1,055 |
972 |
8.5 |
The variation was mainly due to the factors explained above. |
Distribution Revenues |
4Q17 |
4Q16 |
% |
Variation |
Supply |
2,819 |
8,743 |
-67.8 |
The change was mainly due to the deconsolidation of CELG D as of February 2017. If CELG D is disregarded, there is a growth in Supply, mainly due to: (i) Tariff Adjustment in the subsidiaries Eletroacre, Ceal , Ceron and Boa Vista; and (ii) reclassification of revenues at Amazonas Energia and Cepisa. |
Short Term Revenue |
208 |
74 |
183.1 |
The variation was mainly due to: (i) Higher availability of energy (over-contracting) in relation to the same period of the previous year; (ii) Increase in the value of LDP; (iii) reclassification in 2017, when this revenue began to be recognized, previously recorded as cost recovery with energy and; (iii) Over-trading in subsidiaries Cepisa and Ceron. |
Construction Revenue |
260 |
571 |
-54.4 |
No effect for the result, since it has expense in corresponding amount. |
CVA and other Financial Components |
966 |
-303 |
-419 |
The variation was mainly due to the constitution of CVA and Financial items due to positive overcontracting in the subsidiaries CEAL and CEPISA. The result was also impacted by the CVA variation in the other companies, as shown in the table below. |
TOTAL DISTRIBUTION REVENUE |
4,254 |
9,085 |
-53.2 |
The variation was mainly due to the factors explained above. |
Celg- D |
0 |
-7,055 |
100 |
|
(-) Construction |
-260 |
-571 |
-54.4 |
|
MANAGEMENT DISTRIBUTION REVENUE |
3,994 |
1,459 |
173.7 |
The variation was mainly due to the factors explained above. |
CVA and Other Financial Components |
4Q17 |
4Q16 |
ED Acre |
-29 |
0 |
ED Alagoas |
52 |
0 |
Amazonas Energy Distribution S.A. |
707 |
0 |
ED Piauí |
61 |
0 |
ED Rondônia |
135 |
0 |
ED Roraima |
39 |
0 |
Celg-D |
0 |
0 |
TOTAL CVA and Other Financial Components |
966 |
-303 |
Other Recipes |
4Q17 |
4Q16 |
% |
Variation |
Other Recipes |
756 |
1,541 |
-51.0 |
A variação se deu, principalmente, em função da desonsolidação da CELG D a partir de fevereiro de 2017 e da Venda das ações da CPFL pertencentes a controlada Eletropar no montante de R$ 49,9 milhões . |
Celg D |
0 |
-437 |
|
|
Other Management Recipes |
756 |
1,105 |
-31.6 |
|
Operating Costs and Expenses
OPERATING COSTS |
4Q17 |
4Q16 |
% |
Variation |
Energy purchased for resale |
-3,636 |
-4,304 |
-3,636 |
Regardless of the costs of CELG D, the account would show growth mainly due to the following factors: (i) In the subsidiary Amazonas GT, increase in the purchase of energy in the Short-Term Market as the thermal plants are generating below contracted energy due to maintenance problems; (ii) In the subsidiary Eletrosul, additional amounts of energy purchased from the Teles Pires HPP, due to the decontracting of the energy sold by the same in the ACR; (iii) in the isolated system distributors, because in 4Q16, the company bought fuel to produce energy, and in 417 that responsibility is from PIE - Independent Producer of Energy. As a result, it reduced fuel, but increased the cost of electricity purchased for resale. |
Charges on the use of electricity |
-404 |
-573 |
-404 |
The variation is mainly due to the following reasons: (i) forecast update in transmission contracts; and (ii) increase in generation revenue. |
Fuel for electricity production |
-136 |
36 |
-136 |
The variation is explained mainly by the recovery of fuel expenses in 2016, in the subsidiary Amazonas Energia, due to the calculation of CCC's rights, according to Law 12,119 / 09. |
Construction |
-609 |
-749 |
-609 |
No effect for the result, since it has expense in corresponding amount. |
TOTAL OPERATING COSTS |
-4,784 |
-5,591 |
-4,784 |
The variation was mainly due to the factors explained above. |
CELG-D |
0 |
2,592 |
|
|
(-) Construction |
609 |
749 |
609 |
|
MANAGEMENT OPERATING COSTS |
-4,176 |
-2,250 |
-4,176 |
The variation was mainly due to the factors explained above. |
OPERATIONAL EXPENSES |
4Q17 |
4Q16 |
% |
Variation | ||||
Personal |
-2,072 |
-2,147 |
-3.5 |
The variation is primarily due to the deconsolidation of CELG D. Partial compensation is due to the following factors: (i) the impact of the Extraordinary Retirement Plan (PAE) in the amount of R$ 109 million in the quarter, referring to additions after July 14 and adjustments. (ii) readjustment of 4% for the period 2017-2018 as of May 2017). | ||||
Material |
-95 |
-111 |
-13.8 |
Reduction of material expenses related to the operation and maintenance of the electric system, as a cost reduction measure foreseen in PDNG 2017-2021. | ||||
Services |
-963 |
-1,493 |
-35.5 |
The decrease was mainly due to the deconsolidation of CELG D. Excluding CELG D, the Services account decreased, mainly due to lower expenses with independent research (R$ 80 million in 4Q16 and R$ 28 million in 4Q17 ). | ||||
Others |
-566 |
-659 |
-14.1 |
The variation is fragmented in several accounts, and the main variations are due to the reduction of donations and contributions and of measures to optimize the use of resources, such as budgetary contingency of non-priority expenses. | ||||
Depreciation and amortization |
-367 |
-516 |
-28.9 |
| ||||
Operational Provisions / Reversals |
-6,238 |
-9,586 |
-34,9 |
The variation is mainly explained by (i) Contingencies in the amount of R$ 3,396 million, influenced by provisions related to the compulsory loan .; (ii) impairment of R$ 1,172 million (iii) Aneel CCC Provision in the amount of R$ 986 million. The main operating provisions are detailed below (for the full detail of the Operating Provisions see Explanatory Note 43). | ||||
TOTAL OPERATING EXPENDITURE |
-10,301 |
-14,512 |
-29,0 |
The variation was mainly due to the factors explained above. | ||||
CELG D |
0 |
1,008 |
-100.0 |
| ||||
PAE |
57 |
0 |
- |
| ||||
Research Findings |
0 |
0 |
100.0 |
| ||||
Independent Research Expenditure |
28 |
80 |
-65.0 |
| ||||
Contingencies |
3,621 |
1,208 |
199.8 |
| ||||
Onerous Contracts |
477 |
1,061 |
-55.1 |
| ||||
Provision / (Reversal) for Losses on Investments |
-363 |
1,479 |
-124.5 |
| ||||
Impairment |
1,201 |
2,926 |
-58.9 |
| ||||
Aneel Provision - CCC |
986 |
741 |
33.0 |
| ||||
Adjustment to Market Value |
-407 |
-149 |
172.1 |
| ||||
Hydrological Risk |
-263 |
-451 |
-41.8 |
| ||||
Water Resources Inspection Fee (TFRH) - Para Fee |
169 |
346 |
-51.3 |
| ||||
Operating Expenses Managerial |
-4,794 |
-4,265 |
12.4 |
The variation was mainly due to the factors explained above. |
Shareholdings
Shareholdings |
4Q17 |
4Q16 |
% |
Variation |
Shareholdings |
150 |
625 |
-76
|
Variation refers basically to the RBSE accounting in CTEEP, in 4Q17. Discounting the impact of CTEEP, the main impact was the reversal of provisions with exclusions of liability and other provisions, made by ESBRp in November 2016, whose net amount of taxes was R$ 333.1 million and a negative result of Eletronorte with Sinop SPEs in the amount of R$ 105 million resulting from impairment in the SPE. |
(-) CTEEP |
207 |
0 |
- |
|
Management Shareholdings |
-57 |
625 |
-109 |
The variation was mainly due to the factors explained above |
Financial Result
FINANCIAL RESULT |
4Q17 |
4Q16 |
% |
Variation |
Income from Interest and Financial Investments |
366 |
726 |
-49.6 |
The variation was mainly due to the reduction of indexer rates in 2017 (SELIC, IPCA and others). |
Net Monetary Adjustment |
1,175 |
-351 |
-235 |
The variation was mainly due to (i) reduction of the discount rates on CCC receivables, the applicable indicator being the SELIC on the Passive monetary restatement, in addition to the amortization of the principal of the receivable with the CCC referring to the CCD 1, in order to receive regular installments; and (ii) reclassification of the TN / Petrobrás update referring to installments in the amount of R$ 47 million. |
Net Foreign Exchange Variation |
-38 |
476 |
-108 |
The variation is mainly due to the variation of the exchange rate in the period on financing agreements and with suppliers. |
Debt Charges |
-1,398 |
-1,538 |
-9.1 |
The variation was mainly due to the reduction of indexer rates in 2017 (SELIC, IPCA and others). |
Shareholder Remuneration Charges |
-73 |
-92 |
-20 |
The variation was mainly due to the correction of the amounts related to the Advance for Future Capital Increase (AFAC) made by the Union in the holding company, by the Selic; |
Other financial results |
-327 |
212 |
-254 |
The variation was mainly due to the following factors: (i) In Holding, adjustment to deferred PIS / Cofins account; (ii) Positive change in the account in the subsidiary Furnas, mainly influenced by the increase in interest income and the reversal of tax contingencies included in the REFIS installments; (iii) In the subsidiary Ceron, reclassification of interest from CCC to right of compensation in R$ 365 million; and reclassification of the update of Eletronorte / Termonorte by R$ 207.5 million and Petrobrás by R$ 212.2 million, for reimbursement obligations. |
TOTAL FINANCIAL INCOME |
-296 |
135 |
-318,8 |
The variation was mainly due to the factors explained above |
CELG D |
0 |
-121 |
-100,0 |
|
Monetary adjustment of compulsory loans |
-1.006 |
-930 |
8,2 |
|
MANAGEMENT FINANCIAL RESULT |
-1,303 |
-915 |
42,3 |
The variation was mainly due to the factors explained above |
|
|
|
|
Income Tax CSLL
INCOME TAX AND CSLL |
4Q17 |
4Q16 |
% |
Variation |
Income Tax and Social Contribution |
205 |
904 |
-77 |
The variation is mainly due to the collection of IRRF on the transmission revenue due to the accounting of the Remuneration related to the credits of the Basic Network of the Existing System (RBSE). |
(-) IRRF RBSE |
405 |
439 |
-7,7 |
|
Income Tax and Managerial Social Contribution |
610 |
1,343 |
-55 |
The variation was mainly due to the factors explained above. |
I.2 Sale of Energy
I.2.1 Energy Sold in 2017 - Generators – TWh
In terms of the evolution of the energy market, Eletrobras Companies sold 162,4 TWh of energy in 2017, against 155,5 TWh traded in the same period of the previous year, representing a reduction of 4,3%.
(1) Renews plants unde Law 12.783/13 – quotes
(2) Exploration Plants: Sales ACR and ACL
(3) The Company acts as an agent for the sale of electricity from Itaipu. The energy sales revenues presented above is not consolidated as part of Eletrobras' sales revenues mentioned in the Financial Statements
I.2.2 Energy Sold in 2017 - Distributors – TWh
In terms of the evolution of the energy market, Eletrobras Distributors in 2017 sold 16,1 TWh of energy, against 17,3 TWh traded in the same period last year, representing a reduction of 6,9%
* Considers 30.4 thousand MW of CERR, whose concession began to be operated by the Roraima Distribution from January 2017.
** It considers only the captive market and supply.
I.3 Impairments and Onerous Contracts
Accumulated |
|
Moviment | ||||||
Impairment |
31/12/16 |
12/31/17 |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
2017 | |
Generation |
12,160 |
13,824 |
189 |
-27 |
492 |
1,010 |
1,664 | |
UTN Angra 3 |
8,949 |
9,900 |
220 |
264 |
222 |
245 |
951 | |
UHE Samuel |
436 |
309 |
0 |
0 |
-127 |
0 |
-127 | |
UHE Batalha |
408 |
385 |
0 |
0 |
-19 |
-3 |
-23 | |
Candiota Fase B |
356 |
366 |
0 |
0 |
0 |
10 |
10 | |
Casa Nova I |
325 |
363 |
0 |
0 |
21 |
16 |
38 | |
UHE Simplício |
342 |
280 |
0 |
0 |
-253 |
191 |
-62 | |
UTE Camaçari |
304 |
281 |
-7 |
7 |
-219 |
196 |
-23 | |
Outros |
1,081 |
1,940 |
-24 |
-299 |
868 |
314 |
859 | |
Transmission |
3,670 |
2,593 |
125 |
-18 |
-3,426 |
2,242 |
-1,077 | |
CC 061-2001 |
2,077 |
1,116 |
130 |
-130 |
-961 |
0 |
-961 | |
LT Jauru Porto Velho |
312 |
253 |
0 |
0 |
-59 |
0 |
-59 | |
CC 018-2012 Mossoró Ceará Mirim |
100 |
100 |
0 |
0 |
0 |
0 |
0 | |
Outros |
1,181 |
1,124 |
-5 |
112 |
-525 |
361 |
-57 | |
Distribution |
237 |
0 |
-43 |
-72 |
-65 |
-57 |
-237 | |
Administration |
79 |
264 |
0 |
0 |
0 |
185 |
185 | |
Assets of Distributors held for sale |
236 |
236 | ||||||
Acquisition of control: Livramento (Eletrosul) - Consolidation of the equity position |
-130 |
-130 | ||||||
Total |
16,147 |
16,681 |
270 |
-118 |
-713 |
1.201 |
641 | |
Onerous Contracts |
BALANCE ON 12/31/2016 |
BALANCE ON 12/31/2017 |
Movement |
| ||
1Q17 |
2Q17 |
3Q17 |
4Q17 | |||
Transmission |
|
|
|
|
|
|
LT Recife II - Suape II |
41 |
50 |
1 |
-1 |
9 |
0 |
LT Camaçari IV - Sapeaçu |
115 |
124 |
0 |
0 |
10 |
-1 |
Outros |
11 |
10 |
-4 |
4 |
0 |
-1 |
166 |
185 |
-3 |
-163 |
185 |
0 | |
Generation |
|
|
|
| ||
Itaparica |
0 |
0 |
-2 |
2 |
0 |
0 |
Funil |
63 |
127 |
-2 |
-2 |
73 |
-5 |
Coaracy Nunes |
371 |
232 |
0 |
0 |
-139 |
0 |
Marimbondo |
236 |
0 |
-7 |
-6 |
-223 |
0 |
Angra 3 |
1,350 |
1,389 |
-220 |
-264 |
-40 |
563 |
Outros |
487 |
147 |
22 |
-197 |
-164 |
-1 |
2,507 |
1,895 |
-205 |
-472 |
-493 |
558 | |
Distribution |
|
|
|
|
|
|
Ceal |
8 |
0 |
0 |
0 |
|
-8 |
Cepisa |
65 |
0 |
-16 |
-16 |
-16 |
-17 |
Ceron |
191 |
0 |
-44 |
-44 |
-55 |
-48 |
Boa Vista |
2 |
0 |
4 |
2 |
-8 |
0 |
Amazonas D |
813 |
0 |
-54 |
-380 |
-190 |
-189 |
|
|
|
|
0 |
0 | |
1,079 |
0 |
-110 |
-439 |
-269 |
-261 | |
|
|
|
|
|
| |
|
|
|
|
|
|
|
TOTAL |
3,753 |
2,079 |
-319 |
-907 |
-744 |
296 |
I.4 Consolidated EBITDA
EBITDA |
2017 |
2016 |
(%) |
|
Result for the Year |
-1,726 |
3,513 |
-149% |
|
+ Provision for Income Tax and Social Contribution |
1,525 |
8,511 |
-82% |
|
+ Financial Result |
5,193 |
3,931 |
32% |
|
+ Amortization and Depreciation |
1,751 |
1,844 |
-5% |
|
= EBITDA |
6,744 |
17,799 |
-62% |
|
AJUSTES |
|
|
|
|
(-) Celg D (EBITDA and Disposal - Equity Shares) |
-1,554 |
-184 |
744% |
|
(-) Basic Network Effects of the Existing System (RBSE) |
-4,923 |
-28,601 |
-83% |
|
(-) Extraordinary Retirement Plan (PAE) |
853 |
0 |
- |
|
(-) Expenditure Independent research |
71 |
291 |
-76% |
|
(-) Research Findings |
0 |
211 |
100% |
|
(-) Contingencies |
4,398 |
5,993 |
-27% |
|
(-) Onerous contracts |
-1,493 |
2,194 |
-168% |
|
(-) Provision / (Reversal) for Losses on Investments |
-336 |
1,479 |
-123% |
|
(-) Impairment |
641 |
5,537 |
-88% |
|
(-) ANEEL Provision - CCC |
986 |
742 |
33% |
|
(-) Adjustment to Market Value |
-1 |
0 |
-1,444% |
|
(-) Water resources inspection fee (Para Rate) |
518 |
346 |
49% |
|
(-) Hydrological Risk |
0 |
-451 |
-100% |
|
(-) Shareholdings (RBSE CTEEP and SPE Research) |
-349 |
-1,512 |
-77% | |
= MANAGEMENT EBITDA |
5,554 |
3,845 |
44% |
Management EBITDA for the 2017 period was adjusted based on the accounting for the additional RBSE granted to CTEEP by Aneel in said quarter and had not been adjusted as a non-recurring item, impacting the period.
The adjustments made to the management Ebitda refer to non-recurring events or events that are expected to be treated under PDNG 2018-2022 and therefore are expected not to affect the Company's future cash flow. However, there are risks and uncertainties related to the Company's business, such as, but not limited to, general economic, regulatory, political and commercial conditions in Brazil and abroad, changes in interest rates, inflation and value of the Real, changes in volumes and standards of consumer energy use, competitive conditions, payments related to our receivables, changes in rainfall and water levels in the reservoirs used to operate our hydroelectric power plants, our financing and capital investment plans, existing and future government regulations , and other risks described in our annual report and other documents filed with the Securities and Exchange Commission and the Securities and Exchange Commission of the United States of America that may change those estimates and expectations of the Administration. Thus, future results of the Company's operations and initiatives may differ from current expectations and the investor should not rely solely on the information contained herein.
Consolidated Results and EBITDA by segment
12/31/2017 | ||||||||
DRE by Segment |
Administration |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
Net operating revenue |
216 |
18,070 |
1,844 |
1,442 |
8,684 |
9,598 |
(1,978) |
37,876 |
Operating Costs and Expenses |
(7,773) |
(11,932) |
(2,015) |
(1,288) |
(3,721) |
(10,778) |
1,932 |
(35,575) |
Operating Income Before Financial Result |
(7,557) |
6,138 |
(171) |
154 |
4,963 |
(1,181) |
(45) |
2,301 |
Financial Result |
1,046 |
(1,497) |
(243) |
(406) |
(637) |
(3,502) |
45 |
(5,193) |
Results of equity investments |
2,692 |
- |
- |
- |
- |
- |
- |
2,692 |
Income tax and social contribution |
(1,081) |
(188) |
(41) |
(47) |
(671) |
504 |
- |
(1,525) |
Net Income (loss) for the period |
(4,900) |
4,453 |
(455) |
(299) |
3,655 |
(4,179) |
- |
(1,726) |
EBITDA |
(4,836) |
7,524 |
(123) |
170 |
5,007 |
(953) |
(45) |
6,744 |
EBITDA Margin |
-2239% |
42% |
-7% |
12% |
58% |
-10% |
|
18% |
12/31/2016 | ||||||||
DRE by Segment |
Administração |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
Net operating revenue |
(255) |
16,085 |
1,626 |
1,604 |
31,952 |
11,592 |
(2,287) |
60,316 |
Operating Costs and Expenses |
(5,775) |
(18,554) |
(2,559) |
(2,517) |
(4,843) |
(15,572) |
2,343 |
(47,475) |
Operating Income Before Financial Result |
(6,030) |
(2,469) |
(932) |
(913) |
27,109 |
(3,980) |
56 |
12,841 |
Financial Result |
1,020 |
(1,744) |
(619) |
(179) |
307 |
(2,658) |
(56) |
(3,931) |
Results of equity investments |
3,114 |
- |
- |
- |
- |
- |
- |
3,114 |
Income tax and social contribution |
(68) |
533 |
166 |
(167) |
(8,974) |
- |
- |
(8,511) |
Net Income (loss) for the period |
(1,964) |
(3,681) |
(1,386) |
(1,259) |
18,442 |
(6,639) |
- |
3,513 |
EBITDA |
(2,864) |
(1,077) |
(888) |
(889) |
27,389 |
(2,136) |
56 |
17,799 |
EBITDA Margin |
1121% |
-7% |
-55% |
-55% |
86% |
-18% |
|
30% |
I.5 Net debt
|
R$ million | |
Net Debt |
12/31/2017 |
12/31/2016 |
Financing payable without RGR (1) |
42,982 |
42,590 |
(-) Cash and cash equivalents + Securities |
8,048 |
6,425 |
(-) Financing Receivable without RGR (2) |
12,848 |
11,299 |
(-) Net balance of Itaipu Financial Asset * |
1,788 |
1,428 |
Net Debt |
20,297 |
23,438 |
* See item II.2 "a.1". |
1. Excluded from gross debt were financings, granted with funds from RGR, owed by a company outside the Eletrobras group (R$ 1,219 million) and credits related to the federalization of Distributors, pursuant to Article 21-A and 21-B of Law 12,783 / 2013 (R$ 1,382 million).
2. The receivables due by a company outside the Eletrobras group to RGR's account (1,219 million) and adjusted by receivables from Distributing Companies held for sale (R $ 3,801 million).
I. Analysis of the Results of the Parent Company
In 2017, Eletrobras Holding reported a net loss of R$ 1,764 million, a reduction of 151% compared to the net income of R$ 3,426 million recorded in 2016.
In 4Q17, Eletrobras Holding recorded a net loss of R$ 4,001 million, compared to a net loss of R$ 6,261 million recorded in 4Q16.
This 4Q17 result was decisively influenced by: (i) Profit from Equity Investments of R$ 7,431 million (see II.1), mainly due to the effect of the remuneration on the financial asset of the Basic Network of the Existing System (RBSE) , according to Ordinance No. 120 of April 20, 2016, of the Ministry of Mines and Energy, which established the conditions of payment and remuneration relative to RBSE; (ii) Unrecognized liabilities in subsidiaries in the amount of R$ 6,171 million, mainly impacted by the subsidiaries Amazonas Energia Distribuição (R$ 2,601 million), Eletronuclear (R$ 542 million) and Ceal (R$ 463 million); (iii) Provision for judicial contingencies, in the amount of R$ 2,935 million, mainly due to provisions related to compulsory loan lawsuits (See Note 43 to the Financial Statements of 2017); (iv) Accounting for monetary restatement related to compulsory loans in the amount of R$ 949 million in 4Q17. The following chart presents a comparison of the results of Eletrobras holding in 2017 compared to 2016
Evolution of Results - R$ million
Note: The analysis of the results of each subsidiary is attached.
II.1 Shareholdings of the Parent Company
In 4Q17, the result of Corporate Interest positively impacted the Company's result by R$ 330 million, mainly due to the Equity in the results of investments in subsidiaries, mainly influenced by the effect of the remuneration on the net financial assets (RBSE), in accordance with Ministerial Order No. 120, of April 20, 2016, of the Ministry of Mines and Energy, which established the conditions for payment and compensation related to RBSE, as shown below:
|
R$ million | |||
|
Parent company |
| ||
|
2017 |
2016 |
4Q17 |
4Q16 |
Investments in subsidiaries |
|
|
|
|
Equity |
4,881 |
18,042 |
2,619 |
- 1,236 |
|
|
|
|
|
Investments in associates |
|
|
|
|
Interest on capital |
36 |
6 |
32 |
6 |
Equity |
855 |
2,247 |
588 |
195 |
890 |
2,253 |
620 |
201 | |
|
|
|
|
|
Other investments |
|
|
|
|
Interest on capital |
21 |
1 |
21 |
- |
Dividends |
39 |
102 |
37 |
16 |
Compensation for investments in partnerships |
1 |
- |
- 0 |
0 |
Income from capital - ITAIPU |
73 |
85 |
69 |
5 |
Others |
- |
- 18 |
- |
- 18 |
135 |
170 |
127 |
4 | |
|
|
|
|
|
Sale of Investments |
1,525 |
- |
- |
- |
|
|
|
|
|
Total |
7,431 |
20,465 |
3,367 |
- 1,034 |
II2. Commercialization of Electric Power of the Parent Company
a.Itaipu Binacional
FINANCIAL RESULT OF ITAIPU |
|
|
| |||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
2017 | |||
Sale of Energy Contract Itaipu + CCEE |
2,644 |
2,904 |
2,851 |
2,809 |
11,208 | |||
Revenue originating from the Right of Reimbursement (1) |
161 |
368 |
459 |
808 |
1796 | |||
Others |
44 |
39 |
37 |
57 |
177 | |||
Total Revenue |
2,848 |
3,311 |
3,347 |
3,674 |
13,181 | |||
|
|
|
|
|
0 | |||
Purchase of Energy Contract Itaipu + CCEE |
-3,228 |
-2,590 |
-2,506 |
-2,557 |
-10,881 | |||
Expenses Originating from the Compensation Obligation (2) |
-106 |
-244 |
-305 |
-515 |
-1170 | |||
Itaipu repayment |
457 |
-310 |
-265 |
-295 |
-413 | |||
Others |
78 |
-38 |
-116 |
1 |
-75 | |||
Total Expenses |
-2,799 |
-3,183 |
-3,192 |
-3,365 |
-12,539 | |||
|
|
|
|
|
| |||
ROL - Transfer of Itaipu |
49 |
129 |
155 |
309 |
642 | |||
|
|
|
|
|
| |||
ITAIPU RESULTS (Price indexes) |
|
|
| |||||
FINANCIAL RESULT OF ITAIPU |
1Q17 |
2Q17 |
3Q17 |
4Q17 |
2017 | |||
Revenue originating from the Right of Reimbursement (1) |
161 |
368 |
459 |
808 |
1796 | |||
+ Foreign Exchange Result |
-88 |
143 |
-159 |
179 |
75 | |||
Result from the Right of Reimbursement (RD) |
73 |
511 |
301 |
987 |
1871 | |||
Expenses Originating from the Compensation Obligation (2) |
106 |
244 |
305 |
515 |
1170 | |||
+ Foreign exchange result |
-58 |
95 |
-105 |
119 |
50 | |||
Result from the Reimbursement Obligations (RO) |
48 |
339 |
199 |
633 |
1220 | |||
Balance: RD - RO |
24 |
172 |
101 |
354 |
651 | |||
a.1
(see explanatory note 17.1.1 of the Financial Statements of 4ITR / 2017)
Pursuant to Law 11,480 / 2007, the adjustment factor for the financing agreements entered into with Itaipu Binacional and the loan assignment contracts entered into with the National Treasury, as from 2007, was withdrawn. flow of receipts.
As a result, Decree 6,265, dated November 22, 2007, regulating the commercialization of Itaipu Binacional's electricity was issued, defining the differential to be applied in the transfer rate, creating an asset related to the portion of the annual differential calculated, equivalent to an annual adjustment factor taken from financing, to be included annually in the transfer rate, as of 2008, practiced by the Company, preserving the flow of resources, originally established.
As a result, the differential arising from the withdrawal of the annual adjustment factor, whose amounts are defined annually through an interministerial ordinance of the Ministries of Finance and Mining, was included in the rate of transfer of power from Itaipu Binacional, and Energy. The transfer fee in force in 2017 includes an amount equivalent to US$ 244,681, which will be received by the Company through collections from the distributors, approved by MME / MF 605/2016.
The balance resulting from the adjustment factor of Itaipu Binacional, included in the caption Financial Assets, presented in Non-current Assets, amounted to R$ 4,045,340 on September 30, 2017, equivalent to US$ 1,276,938 (R$ 3,161,043 on December 31, 2016, equivalent to US$ 969,913), of
which R$ 2,885,878, equivalent to US$ 910,946, will be transferred to the National Treasury until 2023, as a result of the credit assignment carried out between the Company and the National Treasury in 1999.
These amounts will be realized through their inclusion in the transfer rate to be practiced until 2023.
Therefore, considering that the Itaipu Financial Asset is a remuneration derived from the financing agreement granted by Eletrobras to Itaipu, the amount of the Financial Asset to be received by Eletrobras is being considered, as a discount, in the calculation of the Net Debt.
II.3 Operating Provisions of Parent Company
In 4Q17, Operating Provisions had a negative impact on the Parent Company's result of R$ 7,309 million, compared to R$ 4,497 million in 4Q16. This variation is mainly explained by labor and judicial contingencies in the amount of R$ 2,897 million in 4Q17, compared to R$ 343 million in the same period in 2016.
In 2017, Operating Provisions negatively impacted the Parent Company's result by R$ 8,740 million, compared to R$ 14,676 million in 2016. This variation is mainly explained by the movement of overdraft liabilities in the subsidiaries in the amount of R$ 6,171 million in 2017, compared to R$ 12,155 million in the same period of 2016. Following is the table of changes in Operating Provisions:
R$ million | ||||
Operational Provisions |
|
Parent company | ||
|
2017 |
2016 |
4T17 |
4T16 |
Garanties |
18 |
30 |
5 |
1 |
Contingencies |
2,935 |
4,418 |
2,954 |
343 |
PCLD - Consumers and Resellers |
0 |
0 |
0 |
0 |
PCLD - Financing and Loans |
11 |
17 |
6 |
4 |
Short-term liabilities in subsidiaries |
6,171 |
12,155 |
3,028 |
4,115 |
Onerous Contracts |
0 |
0 |
0 |
0 |
Losses in Investments |
-570 |
-27 |
-615 |
-27 |
Impairment |
-2 |
-2 |
-2 |
-1 |
Adjustment to Market Value |
-1 |
0 |
0 |
0 |
Others |
178 |
83 |
185 |
61 |
|
8,740 |
16,675 |
5,561 |
4,497 |
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY |
Balance on 12/31/2016 |
Other Comprehensive Results |
Capitalization of AFAC |
Equity |
Balance at 12/31/2017 |
CEPISA |
1,222 |
23 |
- |
-1,245 |
- |
BOA VISTA ENERGIA |
609 |
0 |
- |
-609 |
- |
AMAZONAS ENERGIA |
9,335 |
1 |
- |
2,601 |
11,937 |
ELETROACRE |
265 |
0 |
- |
-265 |
- |
CERON |
1,296 |
-2 |
- |
-1,294 |
- |
CGTEE |
2,353 |
-0 |
- |
1,170 |
3,523 |
ELETRONUCLEAR |
4,508 |
93 |
- |
542 |
5,143 |
CEAL |
574 |
18 |
- |
463 |
1,054 |
TOTAL PROVISION FOR PASSIVE DISCOVERED |
20,161 |
133 |
- |
1,363 |
21,657 |
II.4 Financial Results of Parent Company
In 4Q17, the Financial Result positively impacted the Parent Company's result of R$ 1,118 million, a 446% increase over the negative financial result of 4Q16 of R$ 323 million. This variation is mainly explained by the lower result of the foreign exchange variation applicable to the financing to be received from Itaipu in US dollars.
In 2017, the Financial Result positively impacted the Parent Company's results by R$ 1,040 million, in relation of 2016 of R$ 1.143 million. This variation is mainly explained by the lower result of the exchange variation applicable to the Itaipu receivable in US dollar, as shown below:
R$ million | ||||
FINANCIAL RESULT |
2017 |
2016 |
4Q17 |
4Q16 |
Financial income |
|
|
|
|
Interest income, commissions and fees |
3.406 |
3.480 |
779 |
922 |
Revenue from short-term investments |
722 |
744 |
140 |
191 |
Moratorium surcharge on electricity |
19 |
35 |
8 |
7 |
Monetary updates |
-224 |
-36 |
1.194 |
-865 |
Exchange rate variations |
-35 |
-500 |
10 |
-19 |
Other financial income |
134 |
157 |
36 |
70 |
|
|
|
|
|
Financial Expenses |
|
|
|
|
Debt charges |
-2.091 |
-2.306 |
-636 |
-546 |
Lease charges |
0 |
0 |
0 |
0 |
Charges on shareholders' funds |
-371 |
-185 |
-70 |
-88 |
Other financial expenses |
-520 |
-245 |
-110 |
5 |
|
1.040 |
1.143 |
1.352 |
-323 |
Evolution of the IGP-M and Dollar (%)
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
2017 |
Dólar |
-2,78% |
4,41% |
-4,24% |
4,42% |
1,50% |
IGPM |
0,73% |
-2,68% |
-0,15% |
1,62% |
-0,53% |
|
1Q16 |
2Q16 |
3Q16 |
4Q16 |
2016 |
Dólar |
-8,86% |
-9,81% |
1,13% |
0,40% |
-16,54% |
IGPM |
2,97% |
2,86% |
0,53% |
0,67% |
7,19% |
The main indexes of financing and onlendings contracts had the following variations in the periods:
III. General information
Portfolio of Receivables and Payables
a. Financing and Borrowing Granted
Financing and loans granted are made with the Company's own resources, as well as sector resources and external resources raised through international development agencies, financial institutions and arising from the launch of securities in the international financial market.
Loans and loans granted to the parent company, with a currency adjustment clause, represent approximately 28% of the total portfolio (32% at December 31, 2016). Those that foresee an update based on indices representing the domestic price level in Brazil amount to 72% of the portfolio balance (68% on December 31, 2016).
The market values of these assets are close to their book values, since they are sector-specific operations and are formed, in part, by funds from Sectoral Funds and that do not find similar conditions as a parameter of valuation at market value.
The long-term portions of the loans and financing granted based on the contractual cash flows mature in variable installments, as shown below:
R$ million | |||||||
|
2019 |
2020 |
2021 |
2022 |
2023 |
Após 2023 |
Total |
Parent Company |
5.349 |
5.234 |
5.112 |
2.128 |
1.546 |
3.521 |
22.889 |
Consolidadated |
1.366 |
2.853 |
1.835 |
416 |
770 |
555 |
7.795 |
* This amount includes receivables from other companies outside the Eletrobras System with RGR in the amount of R$ 1,778 million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
Payable Financing and Loans
Debts are guaranteed by the Federal Government and / or Eletrobras, are subject to charges, whose average rate in 2017 is 7.94% pa. (9.65% a year in 2016), and have the following profile:
|
Parent Company |
|
|
Consolidadated |
| ||||||
12/31/2017 |
|
12/31/2016 |
|
12/31/2017 |
|
12/31/2016 | |||||
Balance in R$ million |
%/ TOTAL |
|
Balance in R$ million |
%/ TOTAL |
|
Balance in R$ million |
%/ TOTAL |
|
Balance in R$ million |
%/ TOTAL | |
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
USD |
9,308 |
39% |
|
9,232 |
35% |
|
9,308 |
21% |
|
9,243 |
20% |
USD with Libor |
1,490 |
6% |
|
2,183 |
8% |
|
1,840 |
4% |
|
2,552 |
6% |
EURO |
230 |
1% |
|
204 |
1% |
|
230 |
1% |
|
204 |
0% |
IENE |
32 |
0% |
|
92 |
0% |
|
32 |
0% |
|
92 |
0% |
Others |
0 |
0% |
|
0 |
0% |
|
2 |
0% |
|
1 |
0% |
Subtotal |
11,061 |
47% |
|
11,710 |
44% |
|
11,412 |
25% |
|
12,092 |
27% |
|
|
|
|
|
|
|
|
|
|
|
|
National Coin |
|
|
|
|
|
|
|
|
|
|
|
CDI |
5,223 |
22% |
6,286 |
24% |
12,160 |
27% |
12,702 |
28% | |||
IPCA |
0 |
0% |
|
0 |
0% |
|
369 |
0% |
|
532 |
1% |
TJLP |
0 |
0% |
0 |
0% |
6,809 |
15% |
10,064 |
22% | |||
SELIC |
616 |
3% |
|
1,675 |
6% |
|
1,783 |
4% |
|
1,675 |
4% |
Others |
0 |
0% |
0 |
0% |
928 |
2% |
1,359 |
3% | |||
Subtotal |
5,839 |
25% |
|
7,961 |
30% |
|
22,049 |
49% |
|
26,332 |
58% |
Not indexed |
6,753 |
29% |
|
6,648 |
25% |
|
11,661 |
26% |
|
7,196 |
16% |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
23,653 |
100% |
|
26,320 |
100% |
|
45,122 |
100% |
|
45,620 |
100% |
* This amount includes the debt of other companies outside the Eletrobras System with RGR in the amount of R$
1,778 million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
The long-term portion of loans and financing matures as scheduled:
R$ million | |||||||
|
2018 |
2019 |
2020 |
2021 |
2022 |
After 2022 |
Total |
Parent Company |
191 |
5,614 |
2,078 |
7,646 |
1,045 |
4,743 |
21,316 |
Consolidadated |
4,547 |
8,234 |
4,191 |
9,195 |
3,165 |
9,903 |
39,236 |
* Includes Debentures.
** The majority of the debts of the distributors are with the Holding and therefore are eliminated in the consolidation of the gross debt (with the exception of 0.2%).
Consolidated Gross Debt
* The debts of the Distribution Companies are mostly with the Holding and therefore are eliminated in the consolidation of the gross debt (with the exception of 0.2%).
Ratings
*CreditWatch
Agency |
National Classification/ Perspective |
Latest Report |
Moody’s Issuer Rating |
“Ba3”: / Negativa |
06/04/2017 |
Moody’s Senior Unsecured Debt |
“Ba3”: / Negativa |
05/31/2017 |
Fitch Senior Unsecured Debt Rate |
“BB”: / Negativa |
11/29/2016 |
Fitch LT Foreign Currency Issuer |
“AA-”: / Estável |
11/29/2016 |
S&P LT Local Currency |
“BB” / Negativa (CW)* |
08/18/2017 |
S&P LT Foreign Currency |
“BB“ / Negativa (CW)* |
08/08/2017 |
Eletrobras Organization Chart
(1) The number of SPEs is taking into account the direct and indirect interests in SPE, and disregarding the Special Purpose Companies that participate in more than one Eletrobras Company, differently from the amounts considered in the charts of each company.
(2) The Serra do Mel wind farms I, II and III were disregarded from the SPE count, since they are consortia.
Investiments
NATURE OF INVESTMENTS |
Budgeted |
Realized |
(%) 2017 |
2017 |
2017 | ||
Generation |
1,770 |
762 |
43% |
Transmission |
1,331 |
773 |
58% |
Distribution |
1,770 |
467 |
26% |
Maintenance – Generation |
493 |
208 |
42% |
Maintenance - Transmission |
341 |
274 |
80% |
Maintenance - Distribution |
398 |
398 |
100% |
Other (Research, Infrastructure and environment) |
411 |
168 |
41% |
Total Corporate |
6,516 |
3,050 |
47% |
Financial Investments in SPEs |
|
|
|
Generation |
1,802 |
1,542 |
86% |
Transmission |
636 |
622 |
98% |
Total SPEs |
2,438 |
2,164 |
89% |
Total |
8,953 |
5,214 |
58% |
For further details of the investments, per subsidiary or by project, see appendix 3 to this Investor Report
Share Capital
Structural of Social Capital
Shareholders |
Common |
Pref. Class “A” |
Pref. Class “B” |
Total | ||||
Quantidade |
% |
Quantidade |
% |
Quantidade |
% |
Quantidade |
% | |
União Federal |
554,395,652 |
51% |
0 |
0% |
1,544 |
0% |
554,397,196 |
41% |
BNDESpar |
141,757,951 |
13% |
0 |
0% |
18,691,102 |
7% |
160,449,053 |
12% |
BNDES |
74,545,264 |
7% |
0 |
0% |
18,262,671 |
7% |
92,807,935 |
7% |
FND |
45,621,589 |
4% |
0 |
0% |
0 |
0% |
45,621,589 |
3% |
FGHAB |
1,000,000 |
0% |
0 |
0% |
0 |
0% |
1,000,000 |
0% |
OTHERS |
269,729,841 |
25% |
146,920 |
100% |
228,481,566 |
86% |
498,358,327 |
37% |
Total |
1,087,050,297 |
100% |
146,920 |
100% |
265,436,883 |
100% |
1,352,634,100 |
100% |
In 4Q17, the capital of Eletrobras presented the following composition:
Stock Analysis
Actions
ELET3 - Eletrobras Common Shares
In the fourth quarter of 2017, Eletrobras common shares (ELET3) recorded a depreciation of 2.2%, closing at R$ 19.34. The highest quotation was R$ 23.47, recorded on October 26, and the lowest R$ 17.15 recorded on December 20, considering ex-dividend values. The average daily trading volume in the period was 2.8 million shares and the average daily financial volume was R$ 56.5 million.
ELET6 - Eletrobras Preferred Shares
In the fourth quarter of 2017, Eletrobras preferred shares (ELET6) appreciated 0.04%, closing at R$ 22.7. The highest quotation was R$ 27.35, recorded on October 26, and the lowest R$ 19.82 recorded on December 20, considering ex-dividend values. The average daily trading volume in the period was 1.61 million shares and the average daily financial volume was R$ 37.8 million.
Evolution of Traded Shares in B3
Source: AE Broadcast
Index number 12/29/2016 = 100 and ex-dividend values.
ADR Programs
EBRN - Eletrobras Common Shares
In the fourth quarter of 2017, Eletrobras common stock ADRs posted a devaluation of 8.8%, closing at US$ 5.7. The highest quotation was U$ 7.22, registered on October 25, and the lowest U$ 5.16, registered on December 20, considering ex-dividend values. The average daily trading volume in the period was 408.9 thousand shares. The average daily financial volume was US$ 2.5 million.
EBRB - Eletrobras Preferred Shares
In the fourth quarter of 2017, Eletrobras preferred ADRs posted a 5% depreciation, closing at US$ 6.79. The highest price was U$ 8.53, registered on October 25, and the lowest U$ 5.89, recorded on December 19, considering ex-dividend values. The average daily trading volume in the period was 60.5 thousand shares. The average daily financial volume was US$ 424.9 thousand.
Source: AE Broadcast
Index number 12/29/2016 = 100 and ex-dividend values.
Latibex - Madrid Stock Exchange
XELTO - Eletrobras Common Shares
In the fourth quarter of 2017, the Latibex common stock showed a 19% devaluation, closing at € 4.62. The highest price was € 6, registered on October 26, and the lowest € 4.31, recorded on December 27, considering ex-dividend values. The average daily trading volume in the period was 1.84 thousand shares.
XELTB - Eletrobras Preferred Shares
In the fourth quarter of 2017, Latibex preferred shares depreciated by 32.6%, closing at € 5.05. The highest price was € 6.55, registered on October 26, and the lowest, € 5.05, recorded on December 20, considering ex-dividend values. The average daily trading volume in the period was 1.23 thousand shares.
Index number 12/29/2016 = 100
Nº of employees
Parent Company
By time
Working time in the company (years) |
|
|
1Q17 |
2Q17 |
3Q17 |
4Q17 |
Up to 5 |
|
|
56 |
34 |
27 |
22 |
6 to 10 |
|
|
452 |
456 |
434 |
406 |
11 to 15 |
|
|
200 |
190 |
222 |
235 |
16 to 20 |
|
|
34 |
36 |
21 |
18 |
21 to 25 |
|
|
21 |
21 |
10 |
8 |
more than 25 |
|
|
192 |
196 |
186 |
127 |
Total |
|
|
955 |
933 |
900 |
816 |
By region
State of the Federation |
|||||
|
1Q17 |
2Q17 |
3Q17 |
4Q17 | |
Rio de Janeiro |
|
918 |
897 |
883 |
794 |
São Paulo |
|
0 |
0 |
0 |
0 |
Paraná |
|
0 |
0 |
0 |
0 |
Rio Grande do Sul |
|
0 |
0 |
0 |
0 |
Brasília |
|
37 |
36 |
17 |
22 |
Total |
|
955 |
933 |
900 |
816 |
Hired / Outsourced Labor
4Q17 | ||
|
0 |
|
Turnover (Holding)
|
4Q17 |
With PAE – Retirement Plan |
0,6% |
Without PAE – Retirement Plan |
6% |
Direct Partnerships in SPEs - Parent Company
On December 29, 2017, Eletrosul concluded the process of transferring ownership interest held in 6 (six) Special Purpose Companies to its parent company, Centrais Elétricas Brasileiras S / A - Eletrobras. PNDG 2018-2022, The transfer of assets to Eletrobras has the purpose of promoting the settlement of the debts of this company with Eletrobras and reducing its financial leverage. These equity interests, subsequently and according to ongoing evaluations, may be sold to the market by the Company. Eletrobras, together or separately.
SPE |
Power plant |
Total Investment R$ million |
Capacity Installed MW |
Physical Warranty Average MW |
Physical Warranty Average MW | |||
11Q17 |
22Q17 |
33Q17 |
44Q17 | |||||
Norte Energia SA* |
UHE |
40,051,71 |
11,233,10 |
4,571,00 |
5,214,020 |
6,540,259 |
7,939,349 |
9,117,491 |
Eólica Mangue Seco 2 |
UEE |
114,56 |
26 |
9,6 |
16,992,77 |
14,092,49 |
27,621,77 |
24,635,13 |
Chuí Holding S.A. |
EOL |
In operation |
144 |
59,6 |
87,989,63 |
105,917,65 |
121,010,64 |
126,001,31 |
Chuí IX |
EOL |
In operation |
17,9 |
7,4 |
12,160,82 |
14,092,66 |
15,152,91 |
16,550,74 |
Hermenegildo I |
EOL |
In operation |
57,28 |
24,9 |
41,986,64 |
47,763,41 |
53,460,17 |
57,608,15 |
Hermenegildo II |
EOL |
In operation |
57,28 |
25,3 |
36,646,35 |
44,821,44 |
50,987,89 |
54,051,95 |
Hermenegildo III |
EOL |
In operation |
48,33 |
21,0 |
32,209,28 |
39,862,45 |
44,012,75 |
44,860,45 |
Santa Vitória do Palmar Holding S.A. |
EOL |
In operation |
258 |
109,5 |
170,118,67 |
200,262,30 |
235,461,72 |
243,499,91 |
Rouar S.A. |
EOL |
U$ 101.72 |
65,1 |
N/A |
39,844,82 |
44,756,01 |
56,490,54 |
47,972,05 |
* The commercial operation already totals 4,510 MW of capacity in commercial operation.
Generation
Power plant |
Participation (%) |
Location (State) |
Start of Operation |
End of Operation | ||
Norte Energia S.A |
15,0 |
PA |
Abr/16 |
Ago/45 | ||
Eólica Mangue Seco 2 |
49 |
RN |
set/11 |
jun/32 | ||
Chuí Holding S.A. |
49 |
RS |
mai/15 |
abr/47 | ||
Chuí IX * |
99,99 |
RS |
out/15 |
mai/49 | ||
Hermenegildo I |
99,99 |
RS |
nov/15 |
jun/49 | ||
Hermenegildo II |
99,99 |
RS |
dez/15 |
jun/49 | ||
Hermenegildo III |
99,99 |
RS |
dez/15 |
jun/49 | ||
Santa Vitória do Palmar Holding S.A. |
49 |
RS |
fev/15 |
abr/47 | ||
Rouar SA |
50 |
Uruguay -Department of Cologne |
20 years* |
|
Transmission
Development |
Object (From to) |
Participation (%) |
Investiment (R$ million) |
Extension of lines (Km) |
Voltage (kV) |
Start of Operation |
Termination of Concession |
Electrical Interconnection Brazil / Uruguay * |
LT 230 kV LT 525 kV |
60% Eletrobras Holding 40% Eletrosul |
60 |
02 km em 230 kV e 60 em 525 kV |
230 525 |
Jun/16 |
- |
Development |
Object |
Total Investment (R$ million) * |
Transformation Capacity (MVA) |
Localization
|
Start of Operation |
Termination of Concession |
Electrical Interconnection Brazil / Uruguay ** |
SE Candiota -525/230 kV |
80 |
672 MVA +1 R 224 MVA |
RS |
Jun/16 |
- |
* Eletrobras holds 60.4% and Eletrosul 39.6% of the project
Balance Sheet
Assets |
Parent Company |
Consolidated | ||
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 | |
Current |
||||
Cash and cash equivalents |
161.326 |
10.293 |
792.252 |
495.855 |
Restricted cash |
1.329.876 |
1.681.346 |
1.329.876 |
1.681.346 |
Marketable securities |
5.059.957 |
4.471.954 |
6.924.358 |
5.681.791 |
Customers |
502.236 |
355.031 |
4.662.368 |
4.402.278 |
Financial assets - Concessions and Itaipu |
0 |
0 |
7.224.354 |
2.337.513 |
Loans and financing |
8.288.875 |
6.783.913 |
2.471.960 |
3.025.938 |
Fuel Consumption Account - CCC |
0 |
195.966 |
0 |
195.966 |
Equity Pay |
1.726.958 |
618.566 |
245.577 |
318.455 |
Taxes to recover |
623.299 |
674.241 |
1.066.207 |
1.085.520 |
Income tax and social contribution |
1.436.175 |
769.541 |
1.874.475 |
1.086.367 |
Reimbursement rights |
0 |
74.527 |
1.567.794 |
1.657.962 |
Warehouse |
212 |
280 |
479.243 |
540.895 |
Nuclear fuel stock |
0 |
0 |
465.152 |
455.737 |
Derivative financial instruments |
0 |
0 |
209.327 |
127.808 |
Hydrological risk |
0 |
0 |
104.530 |
109.535 |
Assets held for sale |
1.482.907 |
0 |
5.825.879 |
4.406.213 |
Other |
802.501 |
1.136.336 |
2.115.375 |
1.663.473 |
TOTAL CURRENT ASSETS |
21.414.322 |
16.771.994 |
37.358.727 |
29.272.652 |
|
|
|
|
|
NON CURRENT |
|
|
|
|
LONG-TERM |
|
|
|
|
Reimbursement rights |
0 |
0 |
6.509.032 |
7.507.024 |
Loans and financing |
22.889.437 |
28.597.843 |
7.794.891 |
10.158.306 |
Customers |
30.576 |
76.441 |
462.376 |
2.079.025 |
Marketable securities |
269.141 |
245.296 |
331.862 |
247.235 |
Nuclear fuel stock |
0 |
0 |
831.008 |
675.269 |
Taxes to recover |
0 |
0 |
1.635.142 |
1.705.414 |
Income tax and social contribution |
471.568 |
1.488.158 |
471.568 |
1.488.158 |
|
0 |
0 |
1.010.810 |
839.708 |
Escrow deposits |
3.052.505 |
2.896.676 |
5.874.708 |
6.259.272 |
Fuel Consumption Account - CCC |
0 |
6.919 |
0 |
6.919 |
Financial assets - Concessions and Itaipu |
2.820.172 |
2.412.933 |
50.660.769 |
52.749.546 |
Derivative financial instruments |
0 |
0 |
216.904 |
100.965 |
Advances for future capital increase |
1.701.275 |
1.255.184 |
959.838 |
1.617.916 |
Hydrological risk |
0 |
0 |
325.132 |
457.677 |
FUNAC refund |
2.278.845 |
2.071.256 |
1.108.629 |
1.228.143 |
Other |
33.513.519 |
39.050.706 |
78.192.669 |
87.120.577 |
INVESTMENTS |
66.159.343 |
60.590.777 |
28.708.364 |
26.531.534 |
Fixed assets net |
197.418 |
194.402 |
27.965.837 |
26.812.925 |
INTANGIBLE |
0 |
0 |
749.762 |
761.739 |
TOTAL NON-CURRENT ASSETS |
99.870.280 |
99.835.885 |
135.616.632 |
141.226.775 |
TOTAL ASSETS |
121.284.602 |
116.607.879 |
172.975.359 |
170.499.427 |
Liabilities and Equity |
Parent Company |
Consolidated | ||
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 | |
CURRENT |
|
|
|
|
Loans and financing |
2.336.333 |
3.397.485 |
5.886.141 |
5.833.547 |
Debentures |
0 |
0 |
183.432 |
12.442 |
Compulsory loan |
42.260 |
48.193 |
42.260 |
48.193 |
Suppliers |
514.752 |
440.976 |
10.443.752 |
9.659.301 |
Advances from customers |
575.962 |
560.277 |
654.853 |
620.781 |
Taxes payable |
100.767 |
41.554 |
1.173.319 |
1.336.089 |
Income tax and social contribution |
1.023.764 |
486.605 |
1.498.218 |
606.848 |
Onerous contracts |
0 |
0 |
12.048 |
1.093.678 |
Remuneration to shareholders |
9.484 |
458.302 |
18.339 |
462.891 |
Financial liabilities - Concessions and Itaipu |
783.658 |
1.212.017 |
0 |
0 |
Estimated liabilities |
107.962 |
106.879 |
1.204.222 |
1.188.149 |
Reimbursement Obligations |
1.346.660 |
1.693.309 |
1.392.542 |
1.868.085 |
Post-employment benefits |
28.830 |
29.632 |
193.847 |
107.571 |
Provisions for contingencies |
850.704 |
756.811 |
1.518.387 |
1.083.475 |
Regulatory charges |
0 |
0 |
728.180 |
647.201 |
Lease |
0 |
0 |
145.324 |
136.662 |
Derivative financial instruments |
2.175 |
6.614 |
2.466 |
6.946 |
Liabilities associated with assets held for sale |
4.805.946 |
391.550 |
7.630.670 |
5.175.013 |
Others |
314.847 |
100.145 |
1.458.952 |
1.251.638 |
TOTAL CURRENT LIABILITIES |
12.844.104 |
9.730.349 |
34.186.952 |
31.138.510 |
|
|
|
| |
NON-CURRENT |
|
|
|
|
Loans and financing |
21.316.181 |
22.922.041 |
39.235.650 |
39.786.881 |
Suppliers |
0 |
0 |
7.795.345 |
9.782.820 |
Debentures |
0 |
0 |
287.347 |
188.933 |
Advances from customers |
0 |
0 |
519.391 |
592.215 |
Compulsory loan |
458.874 |
460.940 |
458.874 |
460.940 |
Obligation for asset retirement |
0 |
0 |
2.470.400 |
1.402.470 |
Fuel Consumption Account - CCC |
0 |
482.179 |
0 |
482.179 |
Provisions for contingencies |
16.946.508 |
13.674.073 |
23.033.963 |
19.645.954 |
Post-employment benefits |
578.666 |
394.035 |
2.001.715 |
2.368.077 |
Provision for unsecured liabilities |
21.656.617 |
20.160.828 |
0 |
311.010 |
Onerous contracts |
0 |
0 |
2.067.179 |
2.659.305 |
indemnification obligations |
0 |
0 |
1.062.634 |
1.516.313 |
Lease |
0 |
0 |
932.496 |
1.032.842 |
Grants payable - Use of public goods |
0 |
0 |
63.082 |
63.337 |
Advances for future capital increase |
3.639.441 |
3.310.409 |
3.639.441 |
3.310.409 |
Derivative financial instruments |
0 |
0 |
39.594 |
43.685 |
Regulatory charges |
0 |
0 |
698.423 |
615.253 |
Taxes payable |
0 |
2.222 |
326.527 |
1.059.880 |
Income tax and social contribution |
394.958 |
320.560 |
8.901.931 |
8.305.606 |
Others |
1.109.876 |
946.775 |
2.501.883 |
1.667.883 |
TOTAL NON-CURRENT LIABILITIES |
66.101.121 |
62.674.062 |
96.035.875 |
95.295.992 |
|
|
|
|
|
EQUITY |
|
|
|
|
Share capital |
31.305.331 |
31.305.331 |
31.305.331 |
31.305.331 |
Capital reserves |
13.867.170 |
13.867.170 |
13.867.170 |
13.867.170 |
Revenue reserves |
1.321.854 |
3.018.680 |
1.321.854 |
3.018.680 |
Equity valuation adjustments |
22.434 |
33.261 |
22.434 |
33.261 |
Profits (losses) |
0 |
0 |
0 |
0 |
Accumulated other comprehensive income |
-4.127.362 |
-4.004.625 |
-4.127.362 |
-4.004.625 |
Amounts recognized in OCI classified as held for sale |
-50.050 |
-16.349 |
-50.050 |
-16.349 |
Non-controlling shareholders |
0 |
0 |
413.155 |
-138.543 |
TOTAL SHAREHOLDERS' EQUITY |
42.339.377 |
44.203.468 |
42.752.532 |
44.064.925 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
121.284.602 |
116.607.879 |
172.975.359 |
170.499.427 |
Income Statement
Parent Company |
Consolidated | ||||||
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 | ||||
NET OPERATING REVENUE |
4,511,268 |
3,449,345 |
37,876,024 |
60,316,003 | |||
Operating costs |
|
|
|
| |||
Energy purchased for resale |
-3,911,372 |
-3,814,019 |
-11,584,925 |
-11,264,044 | |||
Charges upon use of electric network |
0 |
0 |
-1,611,398 |
-1,805,434 | |||
Construction |
0 |
0 |
-1,752,351 |
-2,381,630 | |||
Fuel for electricity production |
0 |
0 |
-424,964 |
-759,826 | |||
NET OPERATING REVENUE |
599,896 |
-364,674 |
22,502,386 |
44,105,069 | |||
Operating expenses |
|
|
|
| |||
Personnel, Supllies and Services |
-699,582 |
-856,008 |
-10,930,333 |
-10,363,211 | |||
Depreciation |
-4,616 |
-5,132 |
-1,511,260 |
-1,558,387 | |||
Amortization |
0 |
0 |
-240,043 |
-285,398 | |||
Donations and contributions |
-102,314 |
-158,453 |
-164,372 |
-219,417 | |||
Operating Provisions /Reversals net |
-8,740,434 |
-16,674,672 |
-5,746,873 |
-16,722,582 | |||
Investigation Findings |
0 |
0 |
0 |
-211,123 | |||
Other |
-221,764 |
-96,328 |
-1,608,778 |
-1,904,179 | |||
-9,768,710 |
-17,790,593 |
-20,201,659 |
-31,264,297 | ||||
OPERATING INCOME BEFORE FINANCIAL RESULT |
-9,168,814 |
-18,155,267 |
2,300,727 |
12,840,772 | |||
Financial result |
|
|
|
| |||
Financial income |
|
|
|
| |||
Income from interest, commissions and fees |
3,406,499 |
3,479,762 |
831,562 |
1,154,010 | |||
Income from financial investments |
722,278 |
744,320 |
977,851 |
1,086,578 | |||
Moratorium on electricity |
19,252 |
35,148 |
374,977 |
320,836 | |||
Restatement Assets |
811,680 |
1,048,177 |
1,290,644 |
2,549,308 | |||
Current foreign currency exchange rate variations |
978,566 |
4,698,251 |
946,364 |
4,985,602 | |||
Payment of indemnities - Law 12,783 / 13 |
0 |
0 |
0 |
0 | |||
Regulatory asset update |
0 |
0 |
43,123 |
231,107 | |||
Gains on derivatives |
0 |
0 |
237,386 |
218,714 | |||
Other financial income |
133,519 |
156,551 |
449,468 |
677,235 | |||
Financial expenses |
|
|
|
| |||
Debt charges |
-2,090,745 |
-2,306,205 |
-5,757,044 |
-6,375,836 | |||
Lease charges |
0 |
0 |
-320,060 |
-303,381 | |||
Charges on shareholders' funds |
-371,156 |
-184,935 |
-388,408 |
-200,857 | |||
Noncurrent Restatement |
-1,035,352 |
-1,084,504 |
-1,290,488 |
-2,150,636 | |||
Noncurrent foreign currency exchange rate variations |
-1,013,617 |
-5,197,846 |
-1,065,337 |
-4,848,040 | |||
Regulatory liability update |
0 |
0 |
-25,728 |
-174,485 | |||
Losses on derivatives |
0 |
0 |
-35,797 |
0 | |||
Other financial expenses |
-520,452 |
-245,381 |
-1,461,809 |
-1,100,879 | |||
1,040,472 |
1,143,338 |
-5,193,296 |
-3,930,724 | ||||
INCOME BEFORE EQUITY |
-8,128,342 |
-17,011,929 |
-2,892,569 |
8,910,048 | |||
RESULTS OF EQUITY |
7,431,318 |
20,464,607 |
2,692,171 |
3,114,047 | |||
OPERATING INCOME BEFORE TAXES |
-697,024 |
3,452,678 |
-200,398 |
12,024,095 | |||
Current Income tax and social contribution |
-1,023,764 |
-486,605 |
-1,593,473 |
-619,044 | |||
Deferred Income Tax and Social Contribution |
-43,017 |
459,826 |
68,180 |
-7,891,775 | |||
NET INCOME/LOSS FOR THE PERIOD |
-1,763,805 |
3,425,899 |
-1,725,691 |
3,513,276 | |||
SHARE ATTRIBUTED TO CONTROLLING |
-1,763,805 |
3,425,899 |
-1,763,805 |
3,425,899 | |||
SHARE ATTRIBUTED TO NON-CONTROLLING |
0 |
0 |
38,114 |
87,377 | |||
NET INCOME/LOSS PER SHARE |
-1,30 |
2,53 |
-1,30 |
2,53 | |||
Cash Flow Statement
|
Parent Company |
Consolidated | ||
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 | |
Operating Activities |
|
|
|
|
Income before income tax and social contribution |
-697.024 |
3.452.678 |
-200.397 |
12.024.095 |
Adjustments to reconcile income to cash provided by operations: |
|
|
|
|
Depreciation and amortization |
4.616 |
5.132 |
1.751.303 |
1.843.785 |
Net monetary variations |
223.672 |
36.328 |
-156 |
-398.672 |
Net foreign exchange rate variations |
35.051 |
499.594 |
118.973 |
-137.562 |
Financial charges |
-1.903.639 |
-1.393.977 |
4.657.657 |
5.525.207 |
Financial asset revenue |
0 |
0 |
-6.062.642 |
-29.406.261 |
Equivalence equity results |
-7.431.318 |
-20.464.607 |
-2.692.171 |
-3.114.047 |
Provision (reversal) for capital deficiency |
6.170.792 |
12.155.108 |
0 |
0 |
Provision (reversal) for doubtful accounts |
10.582 |
17.290 |
530.951 |
351.673 |
Provision (reversal) for contingencies |
2.934.954 |
4.418.406 |
4.398.398 |
5.992.745 |
Provision (reversal) for the impairment of assets |
-1.852 |
-1.852 |
640.629 |
5.537.060 |
Provision (reversal) for onerous contract |
0 |
0 |
-1.493.469 |
2.194.498 |
Provision (reversal) for losses on investments |
-570.406 |
-26.834 |
-335.592 |
1.479.088 |
TRFH – (Pará rate) |
0 |
0 |
517.727 |
346.328 |
|
0 |
0 |
985.573 |
741.623 |
Provision (reversal) for hydrological risk - GSF |
0 |
0 |
0 |
-451.340 |
RGR Charges |
587.885 |
220.420 |
587.885 |
220.420 |
Adjustment to present value / market value |
-26.217 |
-57.664 |
64.854 |
28.864 |
Minority interest in results |
0 |
0 |
-74.994 |
-132.389 |
Charges on shareholders' funds |
371.156 |
184.935 |
388.408 |
200.857 |
Financial instruments - derivatives |
0 |
0 |
-201.589 |
-218.714 |
Other |
-58.455 |
302.214 |
366.542 |
597.024 |
|
346.821 |
-4.105.507 |
4.148.286 |
-8.799.813 |
(Increases) / decreases in operating assets |
|
|
|
|
Customers |
0 |
0 |
1.457.899 |
-583.469 |
Marketable securities |
-588.003 |
-1.070.961 |
-1.303.349 |
1.108.738 |
Reimbursement rights |
186.478 |
-700.581 |
1.088.160 |
1.338.396 |
Warehouse |
68 |
80 |
61.652 |
90.774 |
Nuclear fuel stock |
0 |
0 |
-165.154 |
-150.128 |
Financial assets - Itaipu and public service concessions |
21.120 |
1.036.633 |
21.120 |
1.036.633 |
Assets held for sale |
0 |
0 |
-2.902.573 |
217.572 |
Hydrological risk |
0 |
0 |
137.550 |
226.779 |
Other |
39.269 |
20.551 |
-242.059 |
215.588 |
-341.068 |
-714.278 |
-1.846.754 |
3.500.883 | |
Increase / (decrease) in operating liabilities |
|
|
|
|
Suppliers |
-9.787 |
4.363 |
-1.286.587 |
-156.294 |
Advances from customers |
0 |
0 |
-54.437 |
-61.195 |
Lease |
0 |
0 |
-91.684 |
-82.651 |
Estimated liabilities |
1.083 |
-2.618 |
127.036 |
80.116 |
indemnification obligations |
0 |
700.582 |
-582.573 |
-888.864 |
Sectorial charges |
0 |
0 |
164.149 |
104.859 |
Liabilities associated with assets held for sale |
0 |
-20.675 |
2.455.657 |
-399.996 |
Other |
351.623 |
-12.470 |
752.298 |
71.559 |
342.919 |
669.182 |
1.483.859 |
-1.332.466 | |
|
|
|
| |
Cash from operating activities |
-348.352 |
-697.925 |
3.584.994 |
5.392.699 |
|
|
|
| |
Payment of financial charges |
-1.714.960 |
-2.056.052 |
-3.705.501 |
-3.766.612 |
Payment of RGR charges |
-185.152 |
-138.869 |
-185.152 |
-138.869 |
Financial charges received |
0 |
0 |
4.137.804 |
1.226.501 |
income tax payment and social contribution |
1.865.117 |
1.898.916 |
722.090 |
1.122.490 |
Payment of refinancing of taxes and contributions - principal |
-316.080 |
-302.441 |
-1.886.815 |
-1.229.862 |
investment compensation received in corporate participations |
0 |
0 |
-162.582 |
-132.879 |
Pension payment |
972.039 |
372.836 |
1.038.498 |
694.003 |
Payment of legal provisions |
-28.158 |
-37.381 |
-477.166 |
-229.766 |
Judicial deposits |
-596.014 |
-509.488 |
-726.265 |
-739.361 |
-306.848 |
-221.924 |
-18.528 |
-626.298 | |
Net cash from operating activities |
-658.408 |
-1.692.328 |
2.321.376 |
1.572.046 |
|
|
|
| |
Financing activities |
|
|
|
|
|
|
|
| |
Loans and financing |
0 |
169.670 |
3.120.690 |
3.638.561 |
Payment of loans and financing - Main |
-3.741.497 |
-2.619.108 |
-5.646.953 |
-4.543.612 |
Payment of shareholders remuneration |
-369.905 |
-1.792 |
-381.436 |
-5.790 |
Advanced receivalbe for future capital increase |
0 |
2.906.180 |
0 |
2.906.180 |
RGR resource for transfer |
800.654 |
1.007.112 |
800.654 |
1.007.112 |
Other |
0 |
0 |
165.664 |
1.191 |
Net cash from financing activities |
-3.310.748 |
1.462.062 |
-1.941.381 |
3.003.642 |
Investing activities |
|
|
|
|
Lending and financing |
-1.887.102 |
-2.594.270 |
0 |
-242.154 |
loans and financing receivables |
5.171.426 |
3.679.863 |
3.662.208 |
2.398.790 |
Acquisition of fixed assets |
-5.794 |
-4.869 |
-1.230.181 |
-1.691.089 |
Acquisition of intangible assets |
0 |
0 |
-70.317 |
-79.076 |
Acquisition of concession assets |
0 |
0 |
-1.691.177 |
-1.910.773 |
Acquisition / capital investment in equity |
-173.700 |
-581.294 |
-1.794.246 |
-3.272.685 |
Advance concession for future capital increase |
-63.279 |
-950.590 |
-110.124 |
-622.688 |
Investment sale in shareholdings |
1.078.638 |
0 |
1.082.002 |
0 |
Net cash flow in the acquisition of investees |
0 |
0 |
-1.798 |
0 |
Other |
0 |
0 |
70.035 |
-54.131 |
Net cash from investing activities |
4.120.189 |
-451.160 |
-83.598 |
-5.473.806 |
|
|
|
| |
Net decrese in cash and cash equivalents for the year |
151.033 |
-681.426 |
296.397 |
-898.118 |
|
|
|
|
|
Cash and cash equivalents at beginning of year |
10.293 |
691.719 |
495.855 |
1.393.973 |
Cash and cash equivalents at end of year |
161.326 |
10.293 |
792.252 |
495.855 |
|
151.033 |
-681.426 |
296.397 |
-898.118 |