Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
Summary
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Conference Call in Portuguese August 13, 2019 14:30 PM (GMT) 13:30 PM (New York time) 18:30 PM (London time) Phone: (11) 3137-8037 Conference Call in English August 13, 2019 2:30 PM (GMT) 1:30 PM (New York time) 6:30 PM (London time) Phones: (11) 3137-8037 (+1) 786 837 9597 (USA) (+44) 20 3318 3776 (London) Contact RI: www.eletrobras.com.br/ri Tel: (55) (21) 2514-6333 Preparation of the Report to Investors:
Superintendent of Investor Relations Paula Prado Rodrigues Couto Capital Market Department Bruna Reis Arantes Alexandre Santos Silva Andreia Martins F. Theobaldo Fernando D'Angelo Machado Luiz Gustavo Braga Parente Maria Isabel Brum de A. Souza Mariana Lera de Almeida Cardoso Interns Flávia Alessandra Barbosa Bezerra Juliana C. M. Cardelli de Oliveira |
Introduction |
03 |
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I. Analysis of the Consolidated Result |
06 |
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II. Analysis of the Parent Company's Result |
19 |
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III. General information |
23 |
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IV. Anexos: 1. Controlled Financial Information 2. Controlled Financial Analysis 3. Controlled Operational Information and SPEs |
34 |
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The Investors Report - Appendices I, II and III can be found at excel on our website: www.eletrobras.com.br/ri
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 | |||
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1
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Rio de Janeiro, August 12, 2019 - A Eletrobras (Centrais Elétricas Brasileiras S.A.) [B3: ELET3 e ELET6 – NYSE: EBR e EBR-B – LATIBEX: XELTO e XELTB], the largest company in the Latin American electricity sector, operating in the generation, transmission and commercialization segment, controlling company of 8 subsidiaries, a holding company - Eletropar - a research center - Cepel and holding 50% of Itaipu Binacional and the direct control of 6 Special Purpose Companies, announces its results for the period.
In the first half of 2019 (1H19), Eletrobras posted net income of R$ 6,908 million, 272% higher than the net income of R$ 1,856 million in the first half of 2018 (1H18). The 1H19 profit is composed of Net Income from continuing operations of R$ 1,871 million and Net Income of R$ 5,037 million from discontinued operations (distribution), highlighting the privatization of the distribution company Amazonas Energia, which is no longer consolidated by Eletrobras.
Net Operating Revenue increased by 9.2%, from R$ 11,997 million in 1H18 to R$ 13,095 million in 1H19, highlighting the entry into operation of Amazonas GT TPP Mauá 3 and receipt of GAG Improvement relative to concessions renewed by Law 12,783 / 2013. Ebtida IFRS increased from R$ 6,078 million in 1H18 to R$ 4,287 million in 1H19, strongly impacted by the CCC provision related to credits granted by Amazonas Energia Distribuidora to Eletrobras, in the privatization process, in the amount of R$ 986 million and write-off. of investments made by Chesf, due to the expiration of the concession, in the net amount of about R$ 200 million recurring Net Operating Revenue grew by 8%, from R$ 11,980 million in 1H18 to R$ 12,926 million in 1H19 . Recurring Ebtida went from R$ 6,140 million in 1H18 to R$ 6,034 million in 1H19.
In the second quarter of 2019 (2Q19), Eletrobras posted a net income of R$ 5,561 million, higher than the R$ 1,372 million in the second quarter of 2018 (2Q18). Net income in 2Q19 is composed of Net Income from continuing operations of R$ 301 million and Net Income of R$ 5,260 million from discontinued operations (distribution).
Net Operating Revenue increased by 12%, from R$ 5,913 million in 2Q18 to R$ 6,643 million in 2Q19. Ebtida IFRS went from R$ 3,535 million in 2Q18 to R$ 1,350 million in 2Q19. Recurring Net Operating Revenue grew by 11%, from R$ 5,901 million in 2Q18 to R$ 6,570 million in 2Q19. Recurring Ebtida went from R$ 2,888 million in 2Q18 to R$ 3,113 million in 2Q19 presenting an increase of 7.8%. The highlights of 2Q19 are presented below:
2Q19 HIGHLIGHTS
»Net Income of R$ 5,561 million;
»Net Operating Revenue of R$ 6,643 million, influenced by the increase in revenue of Amazonas GT by R$ 727 million with the start of supply of CCEAR of TPP Mauá 3, RBSE of R$ 984 million; GAG improvement of R$ 250 million;
»CVM EBITDA of R$ 1,350 million and Recurring Management EBITDA of R$ 3,113 million
»Net Debt / Recurring EBITDA (LTM) at 06/30/2019 = 2.0;
»Gain obtained from the reversal of Amazonas Energia's negative equity, resulting from the privatization process, in the amount of R$ 5,260 million;
»RBSE Fair Value gain, resulting from the variation of the NTN-B discount rate, in the amount of R$ 1,694 million;
»Provision related to CCC credits assigned by Amazonas Energia to Eletrobras, in the amount of R$ 921 million;
»Provisions for contingencies in the amount of R$ 329 million;
»Reversal of onerous contracts of R$ 248 million;
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R$ Million
1H19 |
1H18 |
% |
|
2H19 |
2H18 |
% |
66.5 |
67.3 |
-1.2% |
Energy Sold - Generation GWh (1) |
49,3 |
50,3 |
-2.0% |
15,975 |
14,328 |
11% |
Gross Revenue |
8,058 |
7,089 |
14% |
15,806 |
14,312 |
10% |
Recurring Gross Revenue (2) |
7,985 |
7,076 |
13% |
13,095 |
11,997 |
9% |
Net operating revenue |
6,643 |
5,913 |
12.4% |
12,926 |
11,980 |
8% |
Recurring Net Operating Revenue (2) |
6,570 |
5,901 |
11% |
4,287 |
6,078 |
-29% |
EBITDA |
1,350 |
3,535 |
-62% |
6,034 |
6,140 |
-2% |
Recurring EBITDA (3) |
3,113 |
2,888 |
7.8% |
1,871 |
2,846 |
-34% |
Net Income from Continuing Operations |
301 |
452 |
-33% |
6,908 |
1,856 |
272% |
Net Profit |
5,561 |
1,372 |
305% |
1,092 |
1,854 |
-41% |
Investiments |
578 |
978 |
-41% |
(1) Does not consider the energy allocated to quotas of the plants renewed by Law 12,783 / 2013 and exceptionally Itaipu; (2) Procel Retroactive Recipe; (3) Excludes item (2), Extraordinary Retirement Plan (PAE) and Consensus Resignation Plan (PDC) costs, independent investigation expenses, Extraordinary Holding Consulting and Inepar / Furnas lawsuit expenses, retroactive payment to Enel for TUSD Eletronuclear, elimintations adjustments contingency provisions, onerous contracts, Impairment, Provision for investment losses, Provision for investment losses classified as held for sale, Adjustment provisions at market value, Provision relating to Water Refusal Inspection Fee (TFRH), Provision ANEEL CCC; Third Party Debt PCLD with RGR (CCEE onlending); (4) Excludes item (3) and monetary restatement for compulsory.
3
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ANALYSIS OF CONSOLIDATED RESULTS (R$ million)
1H19 |
1H18 |
Statement of income |
2Q19 |
2Q18 |
10,943 |
8,776 |
Generation Revenue |
5,321 |
4,252 |
4,590 |
5,329 |
Transmission Revenue |
2,529 |
2,765 |
442 |
223 |
Other Recipes |
208 |
71 |
15,975 |
14,328 |
Gross Revenue |
8,058 |
7,089 |
-2,880 |
-2,331 |
Deductions from Revenue |
-1,415 |
-1,176 |
13,095 |
11,997 |
Net Operating Revenue |
6,643 |
5,913 |
-2,864 |
-2,459 |
Operational costs |
-1,575 |
-1,358 |
-4,360 |
-4,293 |
Personnel, Material, Services and Others |
-2,314 |
-2,034 |
-873 |
-835 |
Depreciation and amortization |
-445 |
-418 |
-2,029 |
198 |
Operational Provisions |
-1,506 |
785 |
2,969 |
4,608 |
|
803 |
2,887 |
445 |
635 |
Shareholdings |
102 |
230 |
3,414 |
5,243 |
|
905 |
3,117 |
89 |
-860 |
Financial Result |
412 |
-1,884 |
3,504 |
4,383 |
Income Before Tax |
1,317 |
1,233 |
-1,632 |
-1,536 |
Income tax and social contribution |
-1,016 |
-781 |
1,871 |
2,846 |
Net Income From Continuing Operations |
301 |
452 |
5,037 |
-991 |
Net Loss on Taxes of Discontinued Operations |
5,260 |
919 |
6,908 |
1,856 |
Net Income |
5,561 |
1,372 |
1S19 |
1S18 |
Recurring Statement of income* |
2Q19 |
2Q18 |
10,930 |
8,759 |
Generation Revenue Managerial |
5.311 |
4.240 |
4,590 |
5,329 |
Transmission Revenue Managerial |
2.529 |
2.765 |
286 |
223 |
Other Recipes Managerial |
144 |
71 |
15,806 |
14,312 |
Gross Revenue Managerial |
7.985 |
7.076 |
-2,880 |
-2,331 |
Deductions from Revenue |
-1.415 |
-1.176 |
12,926 |
11,980 |
Net Operating Revenue Managerial |
6.570 |
5.901 |
-2,851 |
-2,343 |
Operational costs Managerial |
-1,394 |
-1,247 |
-4,027 |
-3,967 |
Personal, Material, Services and Others Managerial |
-2,139 |
-1,996 |
-873 |
-835 |
Depreciation and amortization |
-445 |
-418 |
-276 |
-165 |
Operational Provisions Managerial |
-26 |
0,2 |
4,899 |
4,670 |
|
2,566 |
2,240 |
262 |
635 |
Shareholdings Managerial |
102 |
230 |
5,161 |
5,305 |
|
2,668 |
2,470 |
341 |
-1,665 |
Financial Result Managerial |
535 |
-1,749 |
5,502 |
3,640 |
Managerial income before tax |
3,203 |
721 |
-1,632 |
-1,536 |
Income tax and social contribution |
-1,016 |
-781 |
3,870 |
2,104 |
Managerial net income |
2,187 |
-60 |
* Non recurring adjustments mentionend in the highlights.
4
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I.1 Main variations of DRE
Income Statement Variations (2Q19 x 2Q18)
The 2Q19 Results recorded a 305% variation compared to 2Q18, with a Net Income of R$ 5,561 million in 2Q19, compared to a net income of R$ 1,372 million in 2Q18, in particular due to the following factors:
Operating income
Generation Revenue |
2Q19 |
2Q18 |
% |
Variation |
Supply of energy for distribution companies |
3,567 |
2,831 |
26.0 |
The variation was mainly due to: (i) the increase in revenues of amazonas GT (+ R$ 727 million) related to revenues from independent producers PIES and four gas-fired power plants that were received from Amazonas Distribuidora following the decentralization in December 2018 and beginning supply of CCEAR by Amazonas GT (Mauá 3); (ii) + R$ 105 million in Furnas, for the higher amount of secondary energy in 2019 and increase of ACL by R$ 112 million; (iii) R$ 49 million related to the sale (resale) of energy imported from Uruguay by Holding. |
Supply of energy for final consumers |
571,4 |
571,3 |
0.03 |
The variation is mainly due: (i) In Furnas, there was revenue growth mainly due to the new contracts that started supplying after 06/30/2018, which had a positive impact on revenues of R$ 22 million and the price adjustment of contracts in force at the auctions of the Itumbiara, governed by Law 13,182 / 2015, specific to end consumers, resulting in a revenue increase of R$ 7 million, compensatade by (ii) a reduction of around 70 average MW of Chesf in the consumption of industrial customers reached by Law 13,182/2015 (Sobradinho HPP) and problem occurred in the plant of an industrial consumer in the state of Alagoas, in the months May and June / 2019, served by Chesf. |
CCEE (short term) |
280 |
199 |
40.4 |
The variation is mainly due to the following reason: (i) + R$ 135 million revenue growth in the subsidiary Eletronorte, due to (a) Short-term Market Differences due to the 996 MWm increase in unsold energy surplus, despite the 67% reduction in the average PLD in the period, from R$ 244.66 to R$ 80.22; (b) the impact of GSF (2Q18: 0.6 x 2Q19: 0.87) on revenue was 9% lower than in 2Q18; and (c) the suspension of the application of the FID - unavailability factor, which in 2Q18 represented a 4.27% reduction in the physical guarantee, without application in 2019; (ii) In subsidiary Furnas, the largest amount of secondary energy in 2019, which was partially traded in the ACL and the other portion traded in the short term market, representing a revenue increase of R$ 15 million. |
Operating and Maintenance Revenue - Renewable Power Plants by Law 12,783 |
844 |
542 |
55.7 |
The variation is mainly due to the following reasons: (i) Annual update disclosed through ANEEL Homologation Resolution 2421; (ii) Revision of the GAGs calculation methodology for the 2018-2019 cycle, with increase in the total GAG value with GAG recognition improvement of around R$ 250 million; |
Construction Revenue |
10 |
12 |
-21.5 |
The variation was mainly due to (i) lower level of investment made in 2019. As regards generation construction revenue, it has an equivalent value in construction expenses and, therefore, has no effect on income. |
Transfer Itaipu (see II.3.a) |
50 |
97 |
-48.8 |
The variation was mainly due to (i) the variation in the tariff on which the monetary restatement calculated based on the US Commercial Price and Industrial goods indices, and also due to the recognition of the inter-ministerial decree that determines the revenue rom Itaipu. |
TOTAL GENERATION REVENUES |
5,321 |
4,252 |
25.1 |
The variation was mainly due to the factors explained above. |
(-) Construction Revenue from Generation |
-10 |
-12 |
-21.5 |
|
RECURRING GENERATION REVENUES |
5,311 |
4,240 |
25.3 |
The variation was mainly due to the factors explained above. |
5
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Transmission Revenues |
2Q19 |
2Q18 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
1,037 |
857 |
21.1 |
The variation is due to the following reasons: (i) increase of R$ 60 million in subsidiary Furnas mainly due to a 9% increase in CT 062/2001 O&M revenues, with an increase of R$ 34 million (2018 = R$ 367 million and 2019 = R$ 401 million) and RBNI revenue from the same CT062 / 2001, with an increase of R$ 26 million, according to Homologation Resolution 2408/2018; (ii) the effect in 2Q18 of the elimination, in the consolidated, of transactions between group companies of around R$ 199 million. |
O & M Revenue |
175 |
212 |
-17.2 |
The variation is mainly due to the following reasons: (i) impact on the receipt of RAP from CT 034/2001 (Ibiúna-Bateias), where there was a decrease in RAP from R$ 56 million to R$ 36 million in the period, due to step established in this concession agreement, due to the depreciation of the asset. |
Construction Revenue |
124 |
304 |
-59.2 |
The variation is mainly due to the lower volume of investments compared to the previous year; |
Finance - Return on Investment - RBSE |
984 |
1,265 |
-22.2 |
The variation is mainly due to (i) the remuneration of the financial assets of the Existing System Basic Network (RBSE) for renewed transmission lines pursuant to Law 12,783 / 2013, and the decrease in remuneration between periods is due to the beginning of monthly amortization of assets, which began in August 1H17, highlighting Furnas (-R$ 212 million) and Chesf (-R$ 72 million), as per ratification Resolution 2408/2018. |
Contractual Revenue - Transmission |
209 |
129 |
61.7 |
The variation is mainly due to the following reasons: (i) In subsidiary Chesf, higher recording of remuneration on financial assets due to the entry of new ventures during 2018, highlighting Contract 61 (reinforcements and improvements); (ii) In subsidiary Eletrosul, consolidation, as of September 2018, of SPE TSBE. |
TOTAL TRANSMISSION REVENUE |
2,529 |
2,765 |
-8.6 |
The variation was mainly due to the factors explained above. |
|
|
|
|
|
RECURRING TRANSMISSION REVENUE |
2,529 |
2,765 |
-8.6 |
The variation was mainly due to the factors explained above. |
Other Revenues |
2Q19 |
2Q18 |
% |
Variation |
Other Revenues |
208 |
71 |
194 |
The variation is mainly due to: (i) a gain of R$ 29 million from the sale of Transleste, Transudeste and Transirapé SPEs; (ii) registration of gain on disposal of SPEs of R$ 35.2 million, inherent to the Etau and Uirapuru SPEs; (iii) In subsidiary Eletrosul, recognition in 2Q19 of revenue from studies and technical reports prior to auctions. |
(-) Procel Retroactive |
-64 |
0 |
|
|
OTHER REVENUE PRÓ FORM |
144 |
71 |
103 |
|
6
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Operating Costs and Expenses
OPERATIONAL COSTS |
2Q19 |
2Q18 |
% |
Variation |
Energy purchased for resale |
-466 |
-306 |
52.2 |
The variation was mainly due to: (i) increase R$ 71 million, in the subsidiary Amazonas GT, related to the incorporation of energy purchase agreements from independent producers - PIES in 2Q19. The average price of PIE´s contracts is R$ 733.19 / MWh and the contracted energy is 305 average MW /month. (ii) In Holding, R$ 49 million related to the purchase of energy (for resale) from Uruguay; (iii) In subsidiary Chesf, the amount contracted in 2Q19 increased by approximately 42 average MW due to the seasonality of purchase contracts and average price adjustment of contracts equivalent to R$ 6.63 / MWh. |
Charges on the use of electricity |
-576 |
-531 |
8.3 |
The variation is mainly due to the reallocation of accounts at Chesf (CHESF G's TUST charge to CHESF T being now accounted for as operating expense - R$ 23.4 million) and the effect of the consolidation of operations between group companies. |
Fuel for energy production |
-381 |
-234 |
62.7 |
The variation is mainly due to the higher gas consumption by Amazonas GT, relative to Mauá 3 and 4 other gas plants and by independent producers PIES (+184 million). |
Construction |
-152 |
-286 |
-46.9 |
The variation is mainly due to the reduction in investment value, especially subsidiary Chesf, which posted a reduction of R$ 110 million. |
OPERATING COSTS |
-1,575 |
-1,358 |
16.0 |
Variation was mainly due to the factors explained above. |
(-)(-) CUSD Electronuclear Retroactive / Intercompany non-recurring accounting adjustment |
172 |
99 |
73.3 |
|
(-)Construction of Generation |
10 |
12 |
-21.5 |
|
RECURRING OPERATING COSTS |
-1,394 |
-1,247 |
11.8 |
Variation was mainly due to the factors explained above. |
OPERATING EXPENSES |
2Q19 |
2Q18 |
% |
Variation | ||||
Personnel |
-1,168 |
-1,254 |
-6.8 |
The variation was mainly due to the cost reduction policy established by the Company, with PAE, PDC, hazardous work and overtime, which even offset the 1.69% readjustment of ACT 2019/2019. The economy still reflects partial effects due to termination dates and temporary health insurance obligations. 820 employees were dismissed in 2018 and 486 in 2019, in addition to the transfer of employees of privatized distributors. | ||||
Material |
-71 |
-59 |
18.8 |
The variation was mainly due to the Angra 2 stoppage in 2Q19, and in 2018 occurred in 1Q18; and (ii) At subsidiary Eletronorte, growth in sundry expenses related to maintenance of power plants and transmission lines and environmental counterparts (see attachment 2). | ||||
Services |
-624 |
-545 |
14.5 |
The variation was mainly due to: (i) increase in services by subsidiary Chesf of around R$ 25 million; (ii) At Holding, an increase of R$ 71 million in expenses related to services and consulting, capital restructuring and privatization of distributors. | ||||
Others |
-452 |
-176 |
156.7 |
The variation was mainly due to: (i) In Amazonas GT, reclassification of credits of R$ 74 million related to the recovery of fuel expenses previously recorded under “Other operating expenses - Recovery of Expenses” to the fuel reduction account; (ii) in Furnas, R$ 60 million related to the INEPAR lawsuit; (iii) R$ 34 million, in the SPE Santa Vitória do Palmar, related to the provision for reimbursement to the electricity purchasing distributors, as the generation was lower than the contracted; (iv) increase of R$ 24 million in subsidiary Eletrosul, mainly due to non-recurring loans in 2Q18, which did not occur in 2Q19; and (iv) R$ 47 million intercompany elimination adjustments | ||||
Depreciation and amortization |
-445 |
-418 |
6.4 |
Does not present relevant variation. | ||||
Operating Provisions / Reversals |
-1,506 |
785 |
-292 |
The variation is mainly explained by: (i) Provision for contingencies in the amount of R$ 329 million, (ii) Provision for declared expiry of some Chesf transmission contracts in the amount of R$ 387 million, but with net effect of 207 million due to the reversal of onerous contract related to these expired investments in R$ 180 million; and (iii) Aneel CCC provision in the amount of R$ 921 million, related to CCC credits assigned by Amazonas Energia to Eletrobras, in the privatization process, but not yet recognized by Aneel; (iii) non-recurring effect in 2Q18 of the reversal of the Pará rate provision, which did not occur in 2Q19. The main operating provisions are detailed below (see Note 37). |
7
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OPERATING EXPENSES TOTAL |
-4,265 |
-1,667 |
156 |
The variation was mainly due to the factors explained above. |
Consensual Dismissal Plan (PAE/PDC) |
-3 |
24 |
-111 |
|
Independent Research / Consulting / Inepar/ Accounting Adjustment |
178 |
15 |
1,120 |
|
Contingencies |
329 |
544 |
-40 |
|
PCLD RGR |
119 |
3 |
3,377 |
|
Onerous Contracts |
-248 |
-216 |
15 |
|
Provision / (Reversal) for Investment Losses |
-27 |
9 |
-405 |
|
Long-Term Asset Impairment |
0 |
210 |
-100 |
|
Concession lapse |
387 |
0 |
- |
|
ANEEL Provision - CCC |
921 |
0 |
- |
|
Adjustment to Market Value |
0 |
0 |
-100 |
|
TFRH |
0 |
-1,334 |
-100 |
|
Recurring Operating Expenses |
-2,610 |
-2,413 |
8.1 |
The variation was mainly due to the factors explained above. |
Shareholdings
Shareholdings |
2Q19 |
2Q18 |
% |
Variation |
Shareholdings |
102 |
230 |
-55.7 |
The variation was mainly due to the worsening of SPEs results, especially Norte Energia. |
(-) Gain Dist / Disposal SPEs |
0 |
0 |
- |
|
Shareholdings Management |
102 |
230 |
-55.7 |
|
Financial Result
RESULTADO FINANCEIRO |
2Q19 |
2Q18 |
% |
Variation |
Interest Income and Financial Income |
479 |
443 |
8.2 |
The variation was mainly due to the increase in profitability on financial investments due to the variation of the CDI in 2Q19 against the CDI in the same period of 2018. |
Net Monetary Update |
-1 |
118 |
-101 |
The variation was mainly due to: (i) In Holding, the reduction in the monetary restatement due to the higher balance of liabilities after the incorporation of the distributors' debt; (ii) In subsidiary Furnas, in 2Q18 there was an adjustment by SELIC of the AFAC registered in Madeira Energia, of approximately R $ 14 million, which did not occur in the same period in 2019; (iii) in Amazonas GT, monetary restatement expense of 53 million related to upgrades of El Pasoe lawsuits increase in escrow deposits. |
Net Foreign Exchange Variation |
-3 |
-74 |
-96 |
The variation is mainly due to (i) the subsidiary Eletronuclear, gains from the devaluation of the dollar and euro currencies in outstanding commitments (approximately € 32.7 million and USD 5.1 million) from the Angra materials and services provider 3 (AREVA / FRAMATOME). There was a devaluation of approximately 1.7% in the Euro and Dollar currencies against the Real in 2Q19, (ii) in subsidiary Eletronorte due to the exchange rate variation resulting from the agreement with Corpoelec; (iii) in subsidiary Eletrosul, a new US dollar financing agreement, the proceeds of which were obtained in the last quarter of 2018, in the amount of US$ 73.0 million (R$ 282 million). |
Debt Charges |
-1,109 |
-570 |
94.4 |
The variation was mainly due to debt charges of the Distribution companies, which were available for sale in 2Q19, and were transferred to Eletrobras in the privatization process in R$ 176 million; (ii) unfunded debt charges on Eletronuclear's property, plant and equipment of 283 million, because the work has not yet been resumed. |
Adjustment to Net Fair Value |
-83 |
-81 |
2 |
Does not present relevant variation. |
Interest Income and Financial Income |
1,694 |
-1,629 |
-204 |
The variation was mainly due to the RBSE Fair Value Measurement (IFRS 9), with a positive record of R$ 1,658 million in 2Q19 against a negative record of R $ 1,561 in 2Q18, influenced by the reduction of the discount rate (NTN-B) from 5.72% to 3.09%. |
Other financial results |
-566 |
-91 |
525 |
The variation was mainly due to the recomposition of RGR's liabilities related to transfers to CCEE with negative net effect in the amount of R$ 330 million. |
TOTAL FINANCIAL INCOME |
412 |
-1,884 |
-121.9 |
The variation was mainly due to the factors explained above. |
(-) Agreement Eletropaulo |
0 |
0 |
0.0 |
|
(-)Monetary adjustment of compulsory loans |
123 |
135 |
-8.9 |
|
RECURRING FINANCIAL RESULT |
535 |
-1,749 |
-130.6 |
The variation was mainly due to the factors explained above. |
8
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Income Tax and Social Contribution (CSLL)
Income Tax and Social Contribution |
2Q19 |
2Q18 |
% |
Variation |
Income Tax and social contribution |
-1,016 |
-781 |
30.1 |
The variation was mainly due to: remeasurement of the deferred income tax liability related to RBSE in the amount of R$ 533 million in Furnas. |
9
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Income Statement Variations (1H19 x 1H18)
1H19 Results recorded a variation of 272% compared to 1H18, with net income of R$ 6,908 million in 1H19, compared to net income of R$ 1,856 million in 1H18, in particular due to the following factors: .
Operating income
Generation Revenue |
1H19 |
1H18 |
% |
Variation |
Supply of energy for distribution companies |
7,365 |
5,761 |
27.8 |
The variation was mainly due to: (i) revenues from independent producers PIES and four gas-fired power plants that were received from Amazonas Distribuidora following the decertification in December 2018 and the start of supply of CCEAR by Amazonas GT. |
Supply of energy for final consumers |
1,132 |
1,091 |
3.8 |
The variation was mainly due to the following reasons: (i) in subsidiary Furnas, due to the 3.73% readjustment of existing contracts as provided for in Law 13,182 / 2015 and increase of R$ 24 million in revenue from new contracts entered into in force due to auctions held in compliance with said law; in subsidiary Chesf, readjustment of contracts with industrial consumers served by Sobradinho HPP. |
CCEE (short term) |
645 |
649 |
-0.6 |
The variation is mainly due to the decrease in the price of energy settled at CCEE, partially offset by the increase in the amount of energy sold. |
Operating and Maintenance Revenue - Renewable Power Plants by Law 12,783 |
1,684 |
1,075 |
56.7 |
The variation is mainly due to the following reasons: (i) Annual update disclosed through ANEEL Homologation Resolution 2421; (ii) Revision of the GAGs calculation methodology for the 2018-2019 cycle, with increase in the total GAG value with GAG recognition improvement of around R$ 250 million / quarter; |
Construction Revenue |
13 |
16 |
-19.7 |
The reduction reflects the lower level of investment made in 2019. It has an equivalent value in construction expenses and therefore has no effect on income. |
Transfer Itaipu (see II.3.a) |
104 |
184 |
-43.7 |
The variation was mainly due to the variation in the tariff applied to the monetary restatement calculated based on the American Commercial Price and Industrial goods price indices, and also due to the recognition of the interministerial decree that determines the revenue of Itaipu. |
TOTAL GENERATION REVENUES |
10,943 |
8,776 |
24.7 |
The variation was mainly due to the factors explained above. |
(-) Construction/Proinfa |
-13 |
-16 |
-19.7 |
|
GENERATION REVENUES MANAGERIAL |
10,930 |
8,759 |
24.8 |
The variation was mainly due to the factors explained above. |
Transmission Revenues |
1H19 |
1H18 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
1,681 |
1,699 |
-1.1 |
The variation is mainly due to the following reason: (i) In subsidiary Eletronorte, the decrease in revenue from renewed revenue was mainly due to the reduction in the homologated revenue of the 2018/2019 cycle in relation to the 2017/2018 cycle, considering the receipt of amounts according to Ordinance MME 120/2016; (ii) in the subsidiary Eletrosul, (a) The anticipated apportionment, which measures the system's deficit and surplus, posted a negative result in 2019 (-R$ 1.0 million), in contrast to the same period surplus. (b) the calculation adjustment portion for the 2017/2018 cycle was calculated with the total discount of R$ 26.2 million, while for the 2018/2019 cycle the discount of R$ 60.6 million; (c) On the other hand, there was an increase of R$ 18.7 million due to the readjustment by the IPCA, entry into operation of new transmission authorizations linked to concession agreement 001/2015, whose revenues are measured in accordance with IFRS 15 (CPC 47). |
O & M Revenue |
372 |
345 |
8.0 |
The variation is mainly due to the following reasons: (i) Increase in revenues due to the start-up of reinforcements and improvements; (ii) increase in RAP installments due to the IPCA adjustment; and (iii) In subsidiary Eletrosul, consolidation, as of September 2018, of SPE TSBE, implying a R$ 27.6 million increase in revenues. |
Construction Revenue |
236 |
453 |
-47.9 |
The variation is mainly due to the following reasons: (i) in 2019 there is a lower volume of investments compared to the previous year; |
Finance - Return on Investment - RBSE |
1,897 |
2,459 |
-22.9 |
Remuneration of the financial assets of the Existing System Basic Network (RBSE) referring to renewed transmission lines pursuant to Law 12,783 / 2013, and the decrease in remuneration between periods is due to the beginning of monthly amortization of assets, which began in August of 1H17. |
Return Rate Updates |
405 |
373 |
8.4 |
The variation is mainly due to the consolidation, as of September 2018, of SPE TSBE. After business combination, it was controlled. The consolidated amount related to the SPE is R$ 34.7 million. |
TOTAL TRANSMISSION REVENUE |
4,590 |
5,329 |
-13.9 |
The variation was mainly due to the factors explained above. |
|
|
|
|
|
TRANSMISSION MANAGERIAL REVENUE |
4,590 |
5,329 |
-13.9 |
The variation was mainly due to the factors explained above. |
10
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Other Revenues |
1H19 |
1H18 |
% |
Variation |
Other Revenues |
442 |
223 |
97.9 |
(i) Recognition of R $ 92 million of funds earmarked for the financing of Procel PAR / 2018's Funding Plan, which refer to the period from May 2017 to April 2018, as authorized by ANEEL Order 3183/19 (ii) gain of R$ 29 million from the sale of SPEs Transleste, Transudeste and Transirapé; (iii) registration of gain on disposal of SPEs of R$ 35.2 million, inherent to the Etau and Uirapuru SPEs; (iv) In subsidiary Eletrosul, recognition in 2Q19 of revenue from studies and technical reports prior to auctions. |
(-) Procel Retroactive |
-156 |
0 |
- |
|
OTHER REVENUE PRÓ FORM |
286 |
223 |
28.0 |
|
Operating Costs and Expenses
OPERATIONAL COSTS |
1H19 |
1H18 |
% |
Variation |
Energy purchased for resale |
-901 |
-701 |
28.4 |
The variation was mainly due to: (i) In subsidiary Amazonas GT, purchase of energy from independent producers PIES in 2Q19 and treated, for IFRS purposes, as Leasing (PIES); |
Charges on the use of electricity |
-785 |
-866 |
-9.4 |
The variation is mainly due to the recording of retroactive CUSD in 2Q18 by subsidiary Eletronuclear in the amount of R$ 99 million. |
Fuel for cars of electricity |
-911 |
-406 |
124.2 |
The variation is mainly due to the higher gas consumption by Amazonas GT, relative to Mauá 3 and 4 other gas plants and by independent producers PIES. |
Construction |
-267 |
-485 |
-44.9 |
The variation is mainly due to the lower level of investments. |
OPERATING COSTS |
-2,864 |
-2,459 |
16.5 |
Variation was mainly due to the factors explained above. |
(-) Retroactive Enuclear Enel |
0 |
99 |
-100.0 |
|
(-)Construction of Generation Projects |
13 |
16 |
-19.7 |
|
OPERATING COSTS MANAGEMENT |
-2,851 |
-2,343 |
21.7 |
Variation was mainly due to the factors explained above. |
OPERATING EXPENSES |
1H19 |
1H18 |
% |
Variation |
Personel |
-2,482 |
-2,739 |
-9.4 |
The variation was mainly due to the cost reduction policy established by the Company, with PAE, PDC, hazardous work and overtime, which even offset the 1.69% readjustment of ACT 2019/2019. |
Material |
-101 |
-121 |
-16.9 |
The variation is mainly due to the following factors: (i) Company cost reduction policy; (ii) In subsidiary Eletronuclear, the hydrodynamic seals of all reactor refrigeration pumps were replaced, with a cost of R$ 14 million in 1Q18, with no equivalent cost during the Angra 2 maintenance shutdown in 2019; and (iii) In subsidiary CGTEE, Candiota III's stoppage from January to March / 2019, to overhaul the unit. |
Services |
-1,101 |
-969 |
13.5 |
The variation was mainly due to: (i) increase of services by subsidiary Chesf in surveillance services, contractors and contracted labor in the amount of R$ 43 million; (ii) At Holding, an increase of R$ 77 million in expenses related to services and consulting; (iii) CGTEE, for the increase in consulting and services for overhaul. |
Others |
-677 |
-463 |
46.0 |
In subsidiary Amazonas GT, reclassification of credits related to the difference between the provisional gas contract price and the ANP tariff, previously recorded under “Other operating expenses - Recovery of Expenses” to a fuel reduction account. and (ii) in subsidiary Furnas, R$ 60 million related to the INEPAR lawsuit; |
Depreciation and amortization |
-873 |
-835 |
4.5 |
Does not present relevant variation. |
Operating Provisions / Reversals |
-2,029 |
198 |
-1.124 |
The variation is mainly explained by: (i) Contingency Provision in the amount of R$ 622 million, influenced by the provisions related to the compulsory loan (R$ 180 million) and (ii) Aneel CCC Provision in the amount of R$ 986 million related to credits assigned by the privatized distributors to Eletrobras. The main operating provisions are detailed below (see Note 37). |
OPERATING EXPENSES TOTAL |
-7,262 |
-4,930 |
47.3 |
The variation was mainly due to the factors explained above. |
Consensual Dismissal Plan (PAE/PDC) |
167 |
296 |
-43,7 |
|
Independent Research / Consulting / Inepar |
167 |
30 |
448,9 |
|
Contingencies |
622 |
843 |
-26,2 |
|
PCLD RGR |
162 |
4 |
4.335,1 |
|
Onerous Contracts |
-342 |
-455 |
-24,9 |
|
Provision / (Reversal) for Losses on Investments |
-62 |
16 |
-482,4 |
|
Long-Term Asset Impairment |
0 |
413 |
-100,0 |
|
Concession lapse |
387 |
0 |
0 |
|
ANEEL Provision - CCC |
986 |
0 |
0 |
|
Adjustment to Market Value |
0,0 |
-0,3 |
-100,0 |
|
TFRH |
0 |
-1.184 |
-100,0 |
|
Operating Expenses Managerial |
-5,175 |
-4,967 |
4,2 |
The variation was mainly due to the factors explained above. |
11
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Shareholdings
Shareholdings |
1H19 |
1H18 |
% |
Variation |
Shareholdings |
445 |
635 |
-29.9 |
The variation was mainly due to the worsening of SPEs results, especially Norte Energia. |
(-) Gain Dist / Disposal SPEs |
-183 |
|
|
|
Shareholdings Management |
262 |
635 |
-58.8 |
|
Financial Result
RESULTADO FINANCEIRO |
1H19 |
1H18 |
% |
Variation |
Interest Income and Financial Income |
850 |
2,072 |
-58.9 |
The variation was mainly due to the 2Q18 agreement with Eletropaulo in the amount of 1,064 million. |
Net Monetary Update |
94 |
18 |
420 |
The variation was mainly due to: (i) Monetary restatement of CCC credits in the amount of R$ 87 million; (ii) In subsidiary Chesf, movement of judicial deposits, with the consequent recording of monetary restatement; (iii) in subsidiary Eletronorte, settlement of debts with CEF in the amount of R$ 80 million. |
Net Foreign Exchange Variation |
60 |
-115 |
152 |
The variation is mainly due to (i) the subsidiary Eletronuclear, gains from the devaluation of the dollar and euro currencies in outstanding commitments (approximately € 32.7 million and USD 5.1 million) from the Angra materials and services provider. 3 (AREVA / FRAMATOME). There was a devaluation of the Euro and Dollar currencies against the Real by approximately; (ii) the subsidiary Eletronorte resulting from exchange variation resulting from the agreement with Corpoelec; (iii) in subsidiary Eletrosul, gain from the exchange variation of the Euro financing agreement. |
Debt Charges |
-1,802 |
-1,199 |
-50.3 |
The variation was mainly due to: consent fee paid to bondholders by the holding company regarding the provision of guarantees to Petrobras arising from the assumption of debt by distributors and the increase in the debt balance of Amazonas GT; (ii) at Eletronuclear, Angra 3 interest capitalization reversal of 283 million (confirm if it enters this line). |
Interest Income and Financial Income |
-147 |
-141 |
-4 |
Does not present relevant variation. |
Fair Value Adjustment |
1,781 |
-1,367 |
230 |
The variation was mainly due to the fair value measurement of Transmission Contract Assets (IFRS 9) influenced by the discount rate variation (NTN-B). |
Other financial results |
-746 |
-128 |
-485 |
The variation was mainly due to the recomposition of RGR's liabilities related to transfers to CCEE with negative net effect in the amount of R$ 330 million. |
TOTAL FINANCIAL INCOME |
89 |
-860 |
-110.4 |
The variation was mainly due to the factors explained above. |
(-) Agreement Eletropaulo |
0 |
-1,064 |
-100.0 |
|
(-)Monetary adjustment of compulsory loans |
251 |
260 |
-3.3 |
|
MANAGEMENT FINANCIAL RESULT |
341 |
-1,665 |
-120.5 |
The variation was mainly due to the factors explained above. |
12
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Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Income Tax and Social Contribution (CSLL)
Income Tax and Social Contribution |
1H19 |
1H18 |
% |
Variation |
Income Tax and social contribution |
-1,632 |
-1,536 |
6 |
The variation is mainly due to (i) the collection of income tax on the amounts of the agreement with Eletropaulo in 2Q18; (ii) Furnas deferred income tax adjustment in 2Q19. |
13
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
I.2 Sale of Energy
I.2.1 Energy Sold in 1H19 - Generators – TWh
In terms of the evolution of the energy market, Eletrobras Companies sold 66.5 TWh of electricity in 1H19, compared to 67.3 TWh traded in the same period of the previous year, which represents a 1.2% reduction.
(1) Power plants renewed by Law 12,783 / 13 - quotas
(2) Operating plants: ACR and ACL sales
(3) The Company acts as an agent for the sale of electricity from Itaipu. The sold energy revenues presented above are not part of Eletrobras' sales revenues mentioned in the Financial Statements
I.3 Impairments and Onerous Contracts
Contratos Onerosos |
BALANCE ON 12/31/2018 |
BALANCE ON 06/30/2019 |
Movimentation |
1H19 | |||
Generation |
|
| |
Santa cruz |
160 |
- |
160 |
Funil |
249 |
247 |
2 |
Coaracy Nunes |
102 |
102 |
0 |
LT Camaçari IV - Sapeaçu (a) |
124 |
- |
124 |
Outros |
90 |
35 |
56 |
TOTAL |
725 |
383 |
342 |
Negative signs mean provisions and positive reversals.
14
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
I.4 Consolidated EBITDA
EBITDA |
1H19 |
1H18 |
(%) |
Net Income (Loss) for the Year |
6,908 |
1,856 |
272% |
Net Loss from Taxes on Discontinued Operations |
5,037 |
-991 |
-608% |
Result for the Year |
1,871 |
2,846 |
-34% |
+ Provision for Income Tax and Social Contribution |
1,632 |
1,536 |
6% |
+ Financial Result |
-89 |
860 |
-110% |
+ Amortization and Depreciation |
873 |
835 |
5% |
= EBITDA |
4,287 |
6,078 |
-29% |
Adjustment |
|
|
|
(-) Effect on Disposal of Equity Holdings |
-183 |
0 |
- |
(-) Procel Retroactive / Nuclear Retroactive Cusd |
-92 |
99 |
-193% |
(-) Retirement Plan. Extraordinary (PAE) / Consentual Dismissal Plan (PDC) |
167 |
296 |
-44% |
(-) Independent Research / Consulting / Inepar |
167 |
30 |
449% |
(-) Earnings from Selling SPEs |
-64 |
0 |
- |
(-) Contingencies |
622 |
843 |
-26% |
(-) PCLD RGR – CCEE transfer |
162 |
4 |
-29% |
(-) Onerous contracts |
-342 |
-455 |
-25% |
(-) Provision / (Reversal) for Losses on Investments |
-62 |
16 |
-482% |
(-) Impairment |
0 |
413 |
-100% |
(-) Concession Expiry |
387 |
0 |
- |
(-)Provision ANEEL CCC |
986 |
0 |
- |
(-) Adjustment to market value |
0,0 |
-0,3 |
-100% |
(-) Water resources inspection fee (TRFH) |
0 |
-1.184 |
-100% |
= Recurring EBITDA 1 |
6.034 |
6.140 |
-2% |
1- In 2Q19, the Company considered in its recurring EBITDA the revenue from RBSE in order to maintain a protocol similar to the debenture covenants to be issued.
Consolidated Result by Segment of Continuing Operations
|
|
06/30/19 |
|
|
| ||
DRE by Segment |
Administration |
Generation |
Transmission |
Elimination |
Total | ||
Operating System |
O & M Regime |
Operating System |
Regime de O&M | ||||
Net operating revenue |
51 |
3,752 |
712 |
(371) |
2,576 |
(76) |
6,643 |
Operating Costs and Expenses |
(1,381) |
(2,451) |
(602) |
(568) |
(914) |
76 |
(5,840) |
Operating Income Before Financial Result |
(1,330) |
1,301 |
110 |
(939) |
1,662 |
- |
803 |
Financial Result |
(652) |
(378) |
(16) |
(63) |
1,622 |
- |
514 |
Results of equity investments |
- |
- |
- |
- |
- |
- |
- |
Effect on Disposal of Equity Holdings |
132 |
(260) |
(141) |
161 |
(908) |
- |
(1,016) |
Income tax and social contribution |
(1,850) |
663 |
(47) |
(841) |
2,376 |
- |
301 |
Net Income (loss) for the period |
51 |
3,752 |
712 |
(371) |
2,576 |
(76) |
6,643 |
|
|
06/30/18 |
|
|
| ||
DRE by Segment |
Administratio |
Geração |
Transmissão |
Elimination |
Total | ||
O & M Regime |
Regime de O&M |
O & M Regime |
Regime de O&M | ||||
Net operating revenue |
97 |
7,853 |
1,417 |
609 |
3,602 |
(484) |
13,095 |
Operating Costs and Expenses |
(2,174) |
(4,794) |
(1,155) |
(479) |
(2,007) |
484 |
(10,126) |
Operating Income Before Financial Result |
(2,077) |
3,059 |
262 |
130 |
1,595 |
- |
2,969 |
Financial Result |
(518) |
(760) |
(46) |
(114) |
1,527 |
- |
89 |
Results of equity investments |
262 |
- |
- |
- |
- |
- |
262 |
Effect on Disposal of Equity Holdings |
183 |
- |
- |
- |
- |
- |
183 |
Income tax and social contribution |
(26) |
(631) |
(203) |
(99) |
(673) |
- |
(1,632) |
Net Income (loss) for the period |
(2,175) |
1,668 |
12 |
(83) |
2,449 |
- |
1,871 |
Adjustments made to recurring EBITDA refer to non-recurring events or events that are expected to be dealt with under the PDNG 2019-2022, therefore, they 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 Real value, changes in volumes and patterns of consumer electricity use, competitive conditions, payments related to our receivables, changes in rainfall and water levels in the reservoirs used to operate our hydroelectric 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 United States Securities and Exchange Commission, which may change these estimates and expectations of management. Accordingly, future results of operations and initiatives of the Companies may differ from current expectations and the investor should not rely solely on the information contained herein.
15
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
I.5 Net debt
|
|
Net Debt |
06/30/2019 |
GROSS DEBT (1) – R$ million |
55,482 |
(-) Trandfer RGR to CCEE (1) |
1,587 |
Managerial gross debt |
53,895 |
(-) (Cash and Cash Equivalents + Securities) |
14,183 |
(-) Financing Receivable (discounted RGR Transfer) |
14,241 |
(-) Net balance of Itaipu Financial Asset |
1,942 |
Managerial Net Debt |
23,528 |
1 See Notes 9.1 and 19.
16
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Analysis of the Results of the Parent Company
In 2Q19, Eletrobras Holding posted net income of R$ 5,565 million, an increase of 307% compared to net income of R$ 1,366 in 2Q18.
In 1H19, Eletrobras Holding posted net income of R$ 6,962 million, an increase of 282% compared to net income of R$ 1,824 million in 1H18.
This 1H19 result was decisively influenced by: (i) Discontinued operations (distribution), in the amount of R$ 5,037 million, (ii) Equity Income, of R$ 3,755 million, mainly influenced by the results of subsidiaries; partially offset by (iii) Provision ANEEL - CCC, in the amount of (R$ 986 million), related to credits granted by Amazonas Energia Distribuidora to Eletrobras, but not recognized by Aneel (iv) Short-term liabilities in subsidiaries in the amount of R$ 111 million, mainly impacted by subsidiary CGTEE (R$ 341 million), partially offset by Amazonas GT (R$ 230 million). The chart below shows a comparison of Eletrobras holding's results for 1H18 and 1H19.
Evolution of Results - R$ million
Note: The analysis of the results of each subsidiary is attached.
17
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
II.1 Shareholdings of the Parent Company
In 2Q19, the income from equity interests negatively impacted the Company's income by R$ 1,766 million, mainly due to the equity income of investments in subsidiaries, as shown below:
|
|
R$ million |
|
|
|
Parent Company |
|
| |
|
1H19 |
1H18 |
2Q19 |
2Q18 |
Investments in subsidiaries |
|
|
|
|
Equity |
3,431 |
2,988 |
1,538 |
1,742 |
|
|
|
|
|
Investments in associates |
|
|
|
|
Equity |
325 |
439 |
229 |
206 |
|
|
|
|
|
Total |
3,755 |
3,427 |
1,766 |
1,948 |
II.2 Commercialization of Electric Power of the Parent Company
a.Itaipu Binacional
FINANCIAL RESULT OF ITAIPU |
|
|
|
1T19 |
2T19 |
2019 | |
Sale of Energy Contract Itaipu + CCEE |
2,955 |
3,269 |
6,225 |
Revenue originating from the Right of Reimbursement (1) |
195 |
118 |
313 |
Others |
37 |
35 |
72 |
Total Revenue |
3,187 |
3,422 |
6,609 |
|
|
|
|
Purchase of Energy Contract Itaipu + CCEE |
-2,763 |
-3,633 |
-6,396 |
Expenses Originating from the Compensation Obligation (2) |
-136 |
-82 |
-218 |
Itaipu repayment |
-46 |
479 |
433 |
Others |
-189 |
-136 |
-325 |
Total Expenses |
-3,134 |
-3,372 |
-6,506 |
|
|
|
|
Net operating revenue - Transfer of Itaipu |
54 |
50 |
104 |
ITAIPU RESULTS (Price indexes) |
|
|
|
|
1Q19 |
2Q19 |
2019 |
Revenue originating from the Right of Reimbursement (1) |
195 |
118 |
313 |
+ Foreign Exchange Result |
26 |
-79 |
-53 |
Result from the Right of Reimbursement (RD) |
221 |
39 |
260 |
Expenses Originating from the Compensation Obligation (2) |
136 |
82 |
218 |
+ Foreign exchange result |
18 |
-55 |
-37 |
Resultado originário das Obrigações de ressarcimento (RO) |
154 |
27 |
181 |
Balance: RD – RO |
67 |
12 |
79 |
18
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
a.1
(see explanatory note 17.1.1 of the Financial Statements of 2Q19)
Pursuant to Law 11,480 / 2007, the adjustment factor of the financing agreements entered into with Itaipu Binacional and the assignment of credit agreements signed with the National Treasury as of 2007 was removed, and the Company is assured the full maintenance of its financing. receipt flow.
As a result, Decree 6,265 of November 22, 2007 was issued, regulating the commercialization of electricity from Itaipu Binacional, defining the differential to be applied to the transfer rate, creating an asset related to the portion of the annual differential calculated, equivalent to annual adjustment factor taken from the financing, to be included annually in the transfer rate, as of 2008, practiced by the Company, preserving the flow of funds, originally established.
Thus, from 2008 onwards, the power transfer rate from Itaipu Binacional was included in the tariff deriving from the removal of the annual readjustment factor, whose values are defined annually through the interministerial ordinance of the Ministries of Finance and Mines and energy. The balance resulting from the adjustment factor of Itaipu Binacional, included in the item Financial Assets, presented in Non-Current Assets, amounts to R$ 4,813,191 at June 30, 2019, equivalent to US$ 1,255,986 (R$ 4,553,380 December 31, 2018, equivalent to U$ 1,175,126). The amount of R$ 4,067,894, equivalent to US$ 1,062,504, will be transferred to the National Treasury by 2023, as a result of the credit assignment operation 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 by 2023.
Thus, given that Itaipu's Financial Assets are a compensation arising from the financing agreement granted by Eletrobras to Itaipu, the amount of the Financial Assets to be received by Eletrobras is being considered, as a discount, in the calculation of Net Debt.
19
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
II.3 Operational Provisions of Parent Company
In 2Q19, Operating Provisions negatively impacted the Parent Company's results by R$ 961 million, compared to the R$ 192 million provision in 2Q18. This variation is mainly explained by the provision recorded for CCC credits assigned by Amazonas Energia in the privatization process in the amount of R$ 921 million in 2Q19, and there was no provision under this heading in 2Q18.
In 1H19, Operating Provisions negatively impacted the Parent Company's results by R$ 1,312 million, compared to R$ 515 million in 1H18. This variation is mainly explained by the provision recorded for CCC credits assigned by Amazonas Energia in the privatization process in the amount of R$ 986 million in 1H19, there was no provision in this line in 1H18. Below is the table of changes in Operating Provisions:
R$ million |
|
| ||
Operational Provisions |
Parent company |
|
| |
|
1H19 |
1H18 (Reclassified) |
2Q19 |
2Q18 (Reclassified) |
Garanties |
+70 |
-68 |
+58 |
-81 |
Contingencies |
-75 |
-376 |
+29 |
-172 |
PCLD - Consumers and Resellers |
0 |
0 |
0 |
0 |
PCLD - Financing and Loans |
-236 |
-12 |
-59 |
-6 |
Short-term liabilities in subsidiaries |
-111 |
-153 |
-95 |
-192 |
Onerous Contracts |
0 |
0 |
0 |
0 |
Losses on Investments |
+27 |
-34 |
+27 |
-34 |
Impairment |
0 |
0 |
0 |
0 |
ANEEL Provision - CCC |
-986 |
0 |
-921 |
0 |
Adjustment to Market Value |
0 |
0 |
0 |
0 |
Pará Fee |
0 |
0 |
0 |
0 |
Others |
-0 |
127 |
0 |
293 |
|
-1,312 |
-515 |
-961 |
192 |
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY |
Balance on 12/31/2018 |
Equity |
Balance o 06/31/2019 |
CGTEE |
3,546 |
341 |
3,887 |
Amazonas GT |
338 |
-230 |
108 |
TOTAL PROVISION FOR PASSIVE DISCOVERED |
3,884 |
111 |
3,995 |
20
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
II.4 Financial Results of Parent Company
In 2Q19, the Financial Result negatively impacted the Parent Company's results by R$ 398 million compared to R$ 409 million in 2Q18. This variation is mainly explained by the recomposition of RGR liabilities related to transfers to CCEE with negative net effect in the amount of R$ 330 million.
In 1H19, the Financial Result negatively impacted the Parent Company's results by R$ 164 million, a reduction of R$ 1,800 million compared to the 1H18 positive financial result, as shown below:
FINANCIAL RESULT R$ milhões |
R$ million |
| ||
|
1H19 |
1H18 |
2Q19 |
2Q18 |
Financial income |
|
|
|
|
Interest income, commissions and fees |
1,070 |
2,409 |
481 |
641 |
Revenue from short-term investments |
146 |
268 |
88 |
164 |
Moratorium surcharge on electricity |
0 |
4 |
0 |
2 |
Net Monetary updates |
296 |
204 |
123 |
176 |
Net Exchange rate variations |
12 |
81 |
-16 |
97 |
Other financial income |
479 |
72 |
431 |
22 |
|
|
|
|
|
Financial Expenses |
|
|
|
|
Debt charges |
-1,029 |
-731 |
-539 |
-374 |
Lease charges |
-3 |
0 |
-2 |
0 |
Charges on shareholders' funds |
-119 |
-116 |
-60 |
-58 |
Other financial expenses |
-1,016 |
-391 |
-905 |
-262 |
|
-164 |
1,800 |
-398 |
409 |
Evolution of the IGP-M and Dollar (%)
The main indexes of financing and onlendings contracts had the following variations in the periods:
|
2Q18 |
2Q19 |
Dólar |
16.01% |
-1.66% |
IGPM |
3.86% |
2.19% |
21
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
III. General information
Portfolio of Receivables and Payables
a. Financing and Borrowing Granted
Financing and loans are made with the Company's own resources and external funds raised through international development agencies, financial institutions and the release of securities in the international financial market.
Financing and loans granted in the parent company, with exchange rate update clause, represent about 26% of the total portfolio (30% at December 31, 2018). Already those that predict update based on indices that represent the domestic price level in Brazil reach 74% of the portfolio balance (70% on December 31, 2018).
In addition to the financing mentioned above, until April 30, 2017, Eletrobras was responsible for managing the Global Reversal Reserve (RGR), a sector fund, and was responsible for granting financing through the use of these resources for the implementation of various sector programs. As of May 2017, with the issuance of Law 13,360 / 2016, CCEE assumed this activity. However, there are still financing made before this date, due by third parties, managed by Eletrobras.
Pursuant to Decree 9,022 / 2017, which regulates the aforementioned law, Eletrobras is not the guarantor of these operations taken by third parties, but is responsible for the contractual management of RGR funding agreements entered into up to November 17, 2016, which must be passed on to RGR within five days from the date of actual payment by the debtor agent.
The amounts related to receivables from loans and financing granted by RGR to third parties were segregated from other Eletrobras receivables and have equivalent liabilities (see Note 9.1 and 19).
|
|
|
|
06/30/2019 | ||
|
|
|
|
Parent and Consolidates | ||
Transfer RGR |
|
Charges |
|
Current |
|
Non current |
AMAZONAS D |
|
26,824 |
|
62,750 |
|
22,361 |
BOA VISTA |
6,288 |
92,317 |
33,279 | |||
CERON |
|
13,007 |
|
125,257 |
|
139,290 |
ELMA |
10,711 |
3,143 |
- | |||
ENERLESTE |
|
1,719 |
|
1,424 |
|
- |
GLOBAL |
137,547 |
44,100 |
- | |||
CELPA |
|
- |
|
6,795 |
|
660,140 |
CEMIG |
- |
12,214 |
12,993 | |||
COELCE |
|
- |
|
7,305 |
|
10,445 |
ELEKTRO |
84 |
7,635 |
8,259 | |||
RGE-SUL |
|
47 |
|
5,248 |
|
3,670 |
OTHERS |
281 |
59,942 |
72,006 | |||
|
|
196,507 |
|
428,133 |
|
962,444 |
Long-term installments of financing and borrowings based on contractually provided cash flows mature in variable installments, as shown below:
R$ Million | |||||||
|
2020 |
2021 |
2022 |
2023 |
2024 |
After 2024 |
Total |
Parent Company |
1,250 |
3,736 |
6,155 |
4,417 |
3,447 |
2,458 |
21,463 |
Consolidadated |
1,539 |
3,657 |
3,984 |
1,698 |
1,207 |
530 |
12,614 |
22
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Payable Financing and Loans
Debts are guaranteed by the Federal Government and / or Eletrobras, are subject to charges, whose average rate in June 2019 is 6.29% pa. (6.4% pa in 2018), and have the following profile:
|
Parent Company |
|
|
Consolidadated |
| ||||||
06.31.2019 |
|
12.31.2018 |
|
06.31.2019 |
|
12.31.2018 | |||||
Balance in R$ Million |
% |
|
Balance in R$ Million |
% |
|
Balance in R$ Million |
% |
|
Balance in R$ Million |
% | |
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
USD |
11,228 |
31% |
|
11,285 |
41% |
|
11,505 |
23% |
|
11,285 |
21% |
USD with Libor |
551 |
2% |
|
698 |
3% |
|
913 |
2% |
|
1,079 |
2% |
EURO |
233 |
1% |
|
245 |
1% |
|
233 |
0% |
|
245 |
0% |
IENE |
- |
0% |
|
- |
0% |
|
- |
0% |
|
- |
0% |
Others |
- |
0% |
|
- |
0% |
|
- |
0% |
|
- |
0% |
Subtotal |
12,013 |
34% |
|
12,227 |
44% |
|
12,652 |
25% |
|
12,608 |
23% |
|
|
|
|
|
|
|
|
|
|
|
|
Local currency |
|
|
|
|
|
|
|
|
|
|
|
CDI |
6,238 |
17% |
|
5,092 |
18% |
|
11,094 |
22% |
|
10,649 |
20% |
IPCA |
- |
0% |
|
- |
0% |
|
100 |
0% |
|
190 |
0% |
TJLP |
- |
0% |
|
- |
0% |
|
6,285 |
13% |
|
6,515 |
12% |
SELIC |
12,189 |
34% |
|
4,513 |
16% |
|
9,185 |
18% |
|
13,279 |
24% |
Others |
1,031 |
3% |
|
- |
0% |
|
5,592 |
11% |
|
3,621 |
7% |
Subtotal |
19,458 |
54% |
|
9,605 |
35% |
|
32,256 |
65% |
|
34,254 |
63% |
|
|
|
|
|
|
|
|
|
|
| |
Not indexed |
4,251 |
12% |
|
5,803 |
21% |
|
5,066 |
10% |
|
7,511 |
14% |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
35,722 |
100% |
|
27,635 |
100% |
|
49,974 |
100% |
|
54,373 |
100% |
x |
* This amount includes the debt of other companies outside the Eletrobras System with RGR in the amount of R $ 1,950 Million, as well as in Amazonas and Ceal with RGR, in the amount of R $ 1,370 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
|
2020 |
2021 |
2022 |
2023 |
2024 |
After 2024 |
Total |
Parent Company |
3,022 |
11,346 |
3,773 |
2,449 |
2,322 |
3,581 |
26,493 |
Consolidated |
4,490 |
11,869 |
5,307 |
4,603 |
3,477 |
9,149 |
38,894 |
Ratings
Agency |
National Classification/ Perspective |
Latest Report |
Moody’s BCA |
“B1”: / Stable |
10/03/2019 |
Moody’s Senior Unsecured Debt |
“Ba3”: / Stable |
10/03/2019 |
Fitch - Issuer Default Ratings (Foreign Currency) |
“BB-”: / Stable |
06/12/2019 |
Fitch - Issuer Default Ratings (Local Currency) |
“BB-”: / Stable |
06/12/2019 |
Fitch - Senior Unsecured Debt Rating |
“BB-” |
06/12/2019 |
S&P LT Local Currency |
“brAAA” |
04/25/2019 |
S&P - Senior Unsecured |
"BB-" |
04/25/2019 |
S&P LT Foreign Currency |
“BB“ / Stable |
04/25/2019 |
*CreditWatch
23
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Eletrobras Organization Chart
1. The number of SPEs is taking into consideration the direct and indirect interests in SPE, and disregarding the SPEs that participate in more than one Eletrobras Company, in contrast to the numbers considered in the tables of each company. This total includes 02 SPEs abroad. After selling processes concluded, as from Auction No. 01/2018, INTESA (12/28/2018), the Sento Sé I, II and III complexes (03/28/2019), ETAU (29/04/2013) 2019), Brasnorte, Transirapé, Transleste and Transudeste (05/31/2019) and Uirapuru (06/25/2019). Also disregarded were the West Coast and Marumbi which had the share exchange process completed and 10 Itaguaçu da Bahia SPEs that were merged into the Holding and were written off at the CNPJs. Of the 147 national and international SPEs, 51 are in the process of divestment; 10 SPEs in process of sale from Auction No. 01/2018; 41 SPEs being sold by 2020. 14 SPEs are to be merged and 25 SPEs terminated. In July, occurred the transfer of the equity interest of Eletronorte Transmissora de Energia S.A. Eletrobras currently has a stake in 147 SPEs.
24
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Investiments
NATURE OF INVESTMENTS |
|
| |||
Budgeted 2019 |
|
Realized |
| ||
1Q19 |
2Q19 |
1H19 (%) | |||
Generation |
1,248.6 |
38.1 |
47.5 |
85.6 |
6.9% |
Transmission |
1,411.3 |
113.1 |
150.4 |
263.4 |
18.7% |
Distribution |
836.6 |
166.2 |
121.2 |
287.4 |
34.3% |
Maintenance – Generation |
735.2 |
8.5 |
75.0 |
83.5 |
11.4% |
Other (Research, Infrastructure and environment) |
450.1 |
29.0 |
33.1 |
62.1 |
13.8% |
Total Corporate |
4,681.8 |
354.9 |
427.1 |
782.0 |
16.7% |
Financial Investments in SPEs |
0.0 |
|
|
|
|
Generation |
653.9 |
119.5 |
150.4 |
270.0 |
41.3% |
Transmission |
369.4 |
40.1 |
0.2 |
40.3 |
10.9% |
Total SPEs |
1,023.3 |
159.7 |
150.6 |
310.3 |
30.3% |
Total |
5,705.0 |
514.5 |
577.8 |
1.092.3 |
19.1% |
For further details of the investments, per subsidiary or by project, see appendix 3 to this Investor Report.
Share Capital
Structural of Social Capital
In 2Q19, the capital of Eletrobras was composed as follows:
Shareholders |
Common |
Pref. Classe “A |
Pref. Class “B” |
Total | ||||
Quantity |
% |
Quantity |
% |
Quantity |
% |
Quantity |
% | |
União Federal |
554,395,652 |
51% |
0 |
0% |
892 |
0% |
554,396,544 |
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% |
OUTROS |
269,729,841 |
25% |
146,920 |
100% |
228,482,218 |
86% |
498,358,979 |
37% |
Total |
1,087,050,297 |
100% |
146,920 |
100% |
265,436,883 |
100% |
1,352,634,100 |
100% |
25
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Stock Analysis
Actions
|
(R$) |
(R$) |
(pts.) |
(pts.) |
|
ELET3 B3 |
ELET6 B3 |
IBOV B3 |
IEE B3 |
Price and Volume |
(Shares ON) |
(Shares PN) |
(Index) |
(Índex) |
Closing Price on 06/31/2018 |
35.25 |
36.30 |
100967 |
63831 |
Maximum in the quarter |
37.25 |
38.85 |
102062 |
63831 |
Average in the quarter |
33.64 |
35.14 |
96054 |
59248 |
Minimum in the quarter |
30.10 |
32.14 |
89993 |
56073 |
|
|
|
| |
Change in 2Q19 |
-3.9% |
-4.9% |
5.8% |
11.1% |
Change over the last 12 months |
189.2% |
165.7% |
38.8% |
65.5% |
Average Daily Trading Volume 2Q19 (millions of shares) |
3.452.2 |
2.063.2 |
- |
- |
Average Daily Trading Volume 2Q19 (R$ million) |
116.5 |
72.4 |
- |
- |
|
|
|
|
|
Net Income per Share in the Quarter (R$) |
4.11 |
4.11 |
- |
- |
Net Asset Value per Share (R$) |
46.42 |
46.42 |
- |
- |
Price / Profit (P / E) (1) |
8.57 |
8.83 |
- |
- |
Price / Stockholders' Equity (B / W) (2) |
0.76 |
0.78 |
- |
- |
(1) Closing price of the preferred and common shares at the end of the period / Net Income per share. For the calculation, the accumulated net income of the last 12 months was considered; (2) Closing price of the preferred and common shares at the end of the period / Asset Value per share at the end of the period. |
Evolution of Traded Shares in B3
Source: AE Broadcast
Index number 06/30/2018 = 100 and ex-dividend values.
26
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
ADR Programs
|
(US$) |
(US$) |
|
NYSE |
NYSE |
Preço e Volume |
EBRN |
EBRB |
Closing Price on 06/31/2018 |
9.12 |
9.23 |
Maximum in the quarter |
9.62 |
9.92 |
Average in the quarter |
8.61 |
8.95 |
Minimum in the quarter |
7.47 |
7.90 |
|
|
|
Change in 2Q19 |
-2.6% |
-4.5% |
Change over the last 12 months |
184.1% |
163.0% |
Average Daily Trading Volume 2Q19 (millions of shares) |
392.5 |
28.4 |
Average Daily Trading Volume 2Q19 (US$ million) |
3.4 |
0.3 |
Evolution of Traded Shares in ADR
Source: AE Broadcast
Index number 06/30/2018 = 100
27
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Latibex - Madrid Stock Exchange
|
(€) |
(€) |
|
LATIBEX |
LATIBEX |
Price and Volume |
XELTO |
XELTB |
Closing Price on 06/31/2019 |
7.60 |
8.40 |
Maximum in the quarter |
8.50 |
8.40 |
Average in the quarter |
7.54 |
8.03 |
Minimum in the quarter |
6.80 |
7.60 |
|
|
|
Change in 2Q19 |
-9.5% |
1.8% |
Change over the last 12 months |
177.4% |
159.3% |
Average Daily Trading Volume 2Q19 (millions of shares) |
2.0 |
1.1 |
Average Daily Trading Volume 2Q19 (Euro million) |
14.9 |
8.6 |
Evolution of Foreign Currencies
Index number 06/30/2018 = 100.
Source: Central Bank
28
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Nº of employees
Parent Company
By time
By region
Working time at company (years) |
|
|
|
|
|
1Q19 |
2Q19 |
Up to 5 |
|
|
|
|
|
21 |
20 |
6 to 10 |
|
|
|
|
|
356 |
330 |
11 to 15 |
|
|
|
|
|
211 |
183 |
16 to 20 |
|
|
|
|
|
58 |
106 |
21 to 25 |
|
|
|
|
|
14 |
12 |
more than 25 |
|
|
|
|
|
114 |
96 |
Total |
|
|
|
|
|
774 |
747 |
State of the Federation |
| |||||
|
|
|
|
1Q19 |
2Q19 | |
Rio de Janeiro |
|
|
|
|
752 |
726 |
São Paulo |
|
|
|
|
1 |
1 |
Brasília |
|
|
|
|
21 |
20 |
Total |
|
|
|
|
774 |
747 |
Hired / Outsourced Labor
1Q19 |
2Q19 |
0 |
0 |
Turnover (Holding)
1Q19 |
2Q19 |
2.0% |
2.0% |
29
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Direct Partnerships in SPEs - Parent Company
Eletrobras closed the second quarter of 2019 with a total of 54 equity interests in Special Purpose Entities (SPEs). Of this total, Eletrobras already had ownership interest in 4 projects (Norte Energia SA, Mangue Seco 2, IGESA and ROUAR) and still has the participation in another 50 SPEs arising from the donation process in payment between the subsidiaries and the holding company, all of them these were divested through Eletrobras Auction No. 01/2018.
Of the 71 SPEs participating in the Eletrobras Auction No. 01/2018, held on September 27, 2018, 26 companies were sold, of which 5 (five) through a Chesf power of attorney for Eletrobras. Among the 26 companies sold, SPEs INTESA, Pedra Branca SA, Sao Pedro do Lago SA, Sete Gameleira SA, Baraunas I Energetica SA, Mussambê Energetica SA, Morro Branco I Energetica SA, Baraunas II Energetica SA were transferred For the new controller by March 30, 2019, Brasnorte, Transirapé, Transleste and Transudeste, and Uirapuru were transferred until June 30, 2019, and are no longer on the list of SPEs currently present at the Holding.
The mentioned transaction represents one of the stages provided for in PNDG 2019-2023 and was intended to reduce debt through the settlement of its subsidiaries' debts with the Holding Company.
Generation
SPE |
Power plant |
Total Investiments |
Capacity Installed |
Physical Warranty |
Generated Energy MWh | |
R$ milhões |
MW |
MW Médio |
1Q19 |
2Q19 | ||
Norte Energia SA* |
UHE |
42,342 |
11,233.10 |
4,571 |
12,232,360,76 |
|
Eólica Mangue Seco 2 |
EOL |
In operation |
26 |
9.6 |
10,692,87 |
13,631,18 |
Santa Vitória do Palmar Holding S.A. (2) |
EOL |
In operation |
258 |
110 |
148,448,28 |
172,314,74 |
Chuí Holding S.A. (1) |
EOL |
In operation |
144 |
59.6 |
77,749,68 |
90,009,43 |
Chuí IX |
EOL |
In operation |
17.9 |
7.4 |
11,023,82 |
12,044,96 |
Hermenegildo I |
EOL |
In operation |
57.28 |
24.9 |
38,253,29 |
41,346,52 |
Hermenegildo II |
EOL |
In operation |
57.28 |
25 |
33,846,69 |
38,810,13 |
Hermenegildo III |
EOL |
In operation |
48.33 |
21 |
28,507,34 |
34,157,37 |
Rouar S.A. |
EOL |
In operation |
65.1 |
N/A |
33,615,00 |
42,528,17 |
Brasventos Eolo |
EOL |
In operation |
58.45 |
21.86 |
21,399,50 |
21,475,00 |
Rei dos Ventos 3 |
EOL |
In operation |
60.12 |
21 |
20,449,10 |
25,361,00 |
Miassaba 3 |
EOL |
In operation |
68.47 |
22.84 |
24,717,80 |
28,015,00 |
Serra das Vacas Holding (3) |
EOL |
In operation |
90.76 |
45.6 |
87,684,30 |
80,658,71 |
Chapada do Piauí I Holding (4) |
EOL |
In operation |
205.1 |
114.3 |
105,243,05 |
181,136,48 |
Chapada do Piauí II Holding (5) |
EOL |
In operation |
172.4 |
88.7 |
85,879,43 |
156,396,80 |
* 18 generating units in commercial operation totaling 7566.30 MW in commercial operation.
(1) Chuí Holding S.A is the parent company of Chuí S.A Wind SPEs I, II, IV, V, VI, VII.
(2) Santa Vitória do Palmar Holding (SVP), which is the parent company of Geribatu SA I and X wind SPEs, merged with Chuí Holding SA, so that SVP now additionally controls Chuí SA I, II, IV, V wind SPEs, VI, VII.
(3) Serra das Vacas Holding S.A has incorporated the interests of Serra das Vacas S.A.
(4) Chapada do Piauí I Holding S.A has incorporated the interests of Santa Joana Wind Winds SPEs IX, X, XI, XII, XIII, XV and XIV.
(5) Chapada do Piauí II Holding S.A has incorporated the interests of the Santa Joana I, III, IV, V, VII and Santo Augusto IV S.A Wind Winds.
30
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
SPE |
Participation (%) |
Location |
Start of Operation |
End of Operation |
Alienated In Auction 09/27/18 |
Norte Energia S.A |
15 |
PA |
abr/16 |
ago/45 |
Não |
Santa Vitória do Palmar Holding S.A. (2) |
78 |
RS |
fev/15 |
abr/47 |
No – Lote A |
Chuí Holding S.A. (1) |
78 |
RS |
mai/15 |
abr/47 |
No – Lote A |
Chuí IX |
99,99 |
RS |
out/15 |
mai/49 |
No – Lote B |
Hermenegildo I |
99,99 |
RS |
nov/15 |
jun/49 |
No – Lote B |
Hermenegildo II |
99,99 |
RS |
dez/15 |
jun/49 |
No – Lote B |
Hermenegildo III |
99,99 |
RS |
dez/15 |
jun/49 |
No – Lote B |
Brasventos Eolo |
49 |
RN |
jul/14 (') |
dez/45 |
Yes – Lote F |
Rei dos Ventos 3 |
49 |
RN |
jul/14 (') |
dez/45 |
Yes – Lote F |
Miassaba 3 |
49 |
RN |
jul/14 (') |
ago/45 |
Yes – Lote F |
Rouar S.A |
50 |
Uruguai -Departamento de Colônia |
Abri/15 |
Out/33 |
No |
Serra das Vacas Holding (3) |
49 |
PE |
dez/15 |
jun/49 |
Yes – Lote C |
Chapada do Piauí I Holding (4) |
49 |
PI |
jul/15 |
mai/49 |
No – Lote D |
Chapada do Piauí II Holding (5) |
49 |
PI |
(6) |
mai/49 |
No – Lote D |
Mangue Seco 2 |
49 |
RN |
set/11 |
jun/32 |
No – Lote G |
(1) Chuí Holding S.A is the parent company of Chuí S.A Wind SPEs I, II, IV, V, VI, VII.
(2) Santa Vitória do Palmar Holding (SVP), which is the parent company of Geribatu SA I and X wind SPEs, merged with Chuí Holding SA, so that SVP now additionally controls Chuí SA I, II, IV, V wind SPEs, VI, VII.
(3) Serra das Vacas Holding S.A has incorporated the interests of Serra das Vacas S.A.
(4) Chapada do Piauí I Holding S.A has incorporated the interests of Santa Joana Wind Winds SPEs IX, X, XI, XII, XIII, XV and XIV.
(5) Chapada do Piauí II Holding S.A has incorporated the interests of the Santa Joana I, III, IV, V, VII and Santo Augusto IV S.A Wind Winds.
(6) The Santa Joana I, IV, V and VII mills started in Jan / 16, Santo Augusto IV in Feb / 16 and Santa Joana III in Mar / 16.
Transmission
Development |
Object |
Participation (%) |
Investiments |
Extension of lines (km) |
Voltage |
Start of |
End |
(From to) |
(R$ Million) |
(kV) |
Concession |
of Concession | |||
|
|
|
|
|
|
|
|
AETE |
Coxipó-Cuiabá-Rondonópolis (MT), |
49 |
In operation |
193 |
230 |
ago/05 |
fev/34 |
ETAU |
Campos Novos (SC) – Barra Grande (SC) – |
27.42 |
In operation |
188 |
230 |
jul/05 |
dez/32 |
TME |
LT Jauru / Cuiabá, em 230 kV, (MT) |
49 |
In operation |
348 |
500 |
nov/11 |
nov/39 |
Centroeste de Minas |
Furnas – Pimenta II |
49 |
In operation |
62.7 |
345 |
mar/10 |
mar/35 |
Luziânia-Niquelândia |
SE Luziânia |
49 |
In operation |
- |
- |
jun/14 |
mai/42 |
SE Niquelândia |
ago/15 |
mai/42 | |||||
MTE |
Oriximiná - Silves - Lechuga (AM), |
49.5 |
In operation |
559 |
500 |
mar/13 |
out/38 |
31
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Development |
Object |
Total of |
Capacity Installed (MVA) |
Location o |
|
End of Concession |
Alienated In Auction 09/27/18 |
Investiments |
Start of Operation |
|
| ||||
(R$ Million) |
|
|
| ||||
AETE |
SE Seccionadora Cuiabá |
In operation |
- |
MT |
ago/05 |
fev/34 |
Yes – Lote O |
ETAU |
Lagoa Vermelha 2 230/138kV; |
In operation |
150 |
SC |
abr/05 |
dez/32 |
Yes – Lote N |
Barra Grande 230/138 kV; |
- |
jul/05 | |||||
Santa Marta 230 kV - Entrada de Linha; |
- |
jul/05 | |||||
Ampliação Lagoa Vermelha 2 230/138kV |
150 |
out/16 | |||||
TME |
SE Jauru 500/230 kV |
In operation |
750 |
MT |
nov/11 |
nov/39 |
Yes – Lote K |
Centroeste de Minas |
- |
In operation |
- |
MG |
mar/10 |
mar/35 |
Yes – Lote P |
Luziânia-Niquelândia |
SE Luziânia |
In operation |
450 |
GO |
jun/14 |
mai/42 |
No – Lote Q |
SE Niquelândia |
30 |
ago/15 |
mai/42 | ||||
MTE |
SE Silves (ex-Itacoatiara) |
In operation |
150 |
AM/PA |
mar/13 |
out/38 |
No – Lote R |
SE Lechuga (ex-Cariri) |
1800 |
32
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Balance Sheet
R$ mil
Asset |
Parent Company |
Consolidated | ||
06.30.2019 |
12.31.18 |
06.30.2019 |
12.31.18 | |
Current |
|
|
| |
Cash and cash equivalents |
3,972,810 |
47,400 |
4,368,757 |
583,352 |
Restricted cash |
2,458,728 |
1,560,088 |
2,458,728 |
1,560,088 |
Marketable securities |
6,799,406 |
4,034,242 |
9,814,155 |
6,408,104 |
Customers |
347,570 |
379,649 |
5,067,555 |
4,079,221 |
Financial assets - Concessions and Itaipu |
0 |
0 |
5,323,793 |
6,013,891 |
Loans and financing |
7,026,044 |
8,257,761 |
3,214,144 |
3,903,084 |
Asset contractual transmission |
0 |
0 |
1,259,960 |
1,302,959 |
Equity Pay |
1,536,873 |
2,474,558 |
202,483 |
219,895 |
Taxes to recover |
383,159 |
488,591 |
952,145 |
1,216,261 |
Income tax and social contribution |
336,295 |
817,417 |
1,974,827 |
2,420,165 |
Reimbursement rights |
0 |
0 |
28,647 |
454,139 |
Warehouse |
398 |
274 |
385,330 |
380,292 |
Nuclear fuel stock |
0 |
0 |
510,638 |
510,638 |
Derivative financial instruments |
651 |
2,195 |
164,122 |
182,760 |
Hydrological risk |
0 |
0 |
52,675 |
81,301 |
Assets held for sale |
1,791,781 |
5,282,624 |
3,806,098 |
15,424,359 |
Credits with subsidiaries - CCD |
0 |
2,406,622 |
0 |
0 |
Other |
1,739,031 |
1,296,560 |
2,453,543 |
2,104,904 |
TOTAL CURRENT ASSETS |
26,392,746 |
27,047,981 |
42,037,600 |
46,845,413 |
|
|
|
|
|
NON CURRENT |
|
|
|
|
LONG-TERM |
|
|
|
|
Reimbursement rights |
5,968,076 |
3,234,542 |
6,000,789 |
5,802,172 |
Loans and financing |
21,463,122 |
20,518,018 |
12,614,254 |
9,971,857 |
Customers |
0 |
0 |
8,063 |
8,413 |
Marketable securities |
302,232 |
293,509 |
333,854 |
293,833 |
Nuclear fuel stock |
0 |
0 |
749,719 |
828,410 |
Taxes to recover |
0 |
0 |
467,654 |
265,805 |
Current Income Tax and Social Contribution |
0 |
0 |
0 |
0 |
Deferred income and social contribution taxes |
0 |
0 |
529,401 |
553,409 |
Escrow deposits |
3,536,787 |
3,307,301 |
6,143,278 |
5,788,905 |
Fuel Consumption Account - CCC |
0 |
0 |
13,067,000 |
13,268,837 |
Financial assets - Concessions and Itaipu |
2,521,241 |
2,603,118 |
35,400,709 |
34,100,453 |
Derivative financial instruments |
0 |
0 |
179,516 |
188,262 |
Advances for future capital increase |
1,422,129 |
1,140,732 |
183,494 |
459,563 |
Hydrological risk |
0 |
0 |
208,552 |
227,083 |
Other |
2,472,720 |
2,368,142 |
2,411,880 |
1,604,403 |
37,686,307 |
33,465,362 |
78,298,163 |
73,361,405 | |
INVESTMENTS |
74,557,192 |
71,871,802 |
28,445,989 |
27,983,348 |
Fixed assets net |
262,594 |
198,711 |
32,488,848 |
32,370,392 |
INTANGIBLE |
13,436 |
13,386 |
629,840 |
649,650 |
TOTAL NON-CURRENT ASSETS |
112,519,529 |
105,549,261 |
139,862,840 |
134,364,795 |
TOTAL ASSETS |
138,912,275 |
132,597,242 |
181,900,440 |
181,210,208 |
33
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
R$ mil
Liabilities and Equity |
Parent Company |
Consolidated | ||
06.30.2019 |
12.31.18 |
06.30.2019 |
12.31.18 | |
CURRENT |
||||
Loans and financing |
9,229,546 |
7,031,515 |
11,080,247 |
12,066,912 |
Debentures |
39,630 |
0 |
81,593 |
36,073 |
Compulsory loan |
14,778 |
15,659 |
14,778 |
15,659 |
Suppliers |
680,916 |
569,218 |
2,921,077 |
3,360,550 |
Advances from customers |
670,464 |
357,275 |
739,895 |
421,002 |
Taxes payable |
253,296 |
166,523 |
1,642,413 |
1,277,051 |
Income tax and social contribution |
16,092 |
917,734 |
2,308,312 |
2,953,072 |
Onerous contracts |
0 |
0 |
3,914 |
9,436 |
Remuneration to shareholders |
1,293,562 |
1,257,502 |
1,298,832 |
1,305,633 |
Financial liabilities - Concessions and Itaipu |
745,957 |
799,401 |
0 |
0 |
Estimated liabilities |
99,736 |
134,474 |
1,497,287 |
1,366,376 |
Reimbursement Obligations |
1,842,639 |
1,250,619 |
1,842,639 |
1,250,619 |
Post-employment benefits |
14,550 |
29,336 |
159,822 |
164,160 |
Provisions for contingencies |
786,255 |
850,828 |
865,628 |
931,364 |
Regulatory charges |
0 |
0 |
624,722 |
653,017 |
Lease |
7,475 |
0 |
231,367 |
152,122 |
Accounts payable with subsidiaries |
0 |
2,866,810 |
0 |
0 |
Derivative financial instruments |
880 |
928 |
920 |
962 |
Liabilities associated with assets held for sale |
0 |
11,127,717 |
1,715,806 |
10,294,967 |
Others |
64,155 |
96,496 |
1,465,958 |
264,996 |
TOTAL CURRENT LIABILITIES |
15,759,931 |
27,472,035 |
28,495,210 |
36,523,971 |
|
|
|
| |
NON-CURRENT |
|
|
|
|
Loans and financing |
26,492,873 |
20,603,333 |
38,893,728 |
42,305,886 |
Suppliers |
0 |
0 |
16,578 |
16,555 |
Debentures |
5,000,481 |
0 |
5,426,024 |
432,155 |
Advances from customers |
0 |
0 |
407,096 |
448,881 |
Compulsory loan |
469,133 |
477,459 |
469,133 |
477,459 |
Obligation for asset retirement |
0 |
0 |
2,695,805 |
2,620,128 |
Fuel Consumption Account - CCC |
0 |
0 |
0 |
0 |
Provisions for contingencies |
17,511,275 |
17,604,730 |
24,167,818 |
23,196,295 |
Post-employment benefits |
1,196,286 |
1,196,286 |
3,111,043 |
2,894,949 |
Provision for unsecured liabilities |
3,994,730 |
3,883,600 |
0 |
0 |
Onerous contracts |
0 |
0 |
379,564 |
715,942 |
indemnification obligations |
0 |
0 |
0 |
0 |
Lease |
59,771 |
0 |
961,849 |
823,993 |
Grants payable - Use of public goods |
0 |
0 |
65,128 |
64,144 |
Advances for future capital increase |
3,992,488 |
3,873,412 |
3,998,443 |
3,873,412 |
Derivative financial instruments |
0 |
0 |
24,672 |
25,459 |
Regulatory charges |
0 |
0 |
755,702 |
721,536 |
Taxes payable |
0 |
0 |
230,655 |
248,582 |
Income tax and social contribution |
516,262 |
432,582 |
8,503,668 |
8,315,386 |
Others |
1,605,533 |
1,510,899 |
508,216 |
1,496,527 |
TOTAL NON-CURRENT LIABILITIES |
60,838,832 |
49,582,301 |
90,615,122 |
88,677,289 |
|
|
|
|
|
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 |
15,887,829 |
15,887,829 |
15,887,829 |
15,887,829 |
Equity valuation adjustments |
0 |
0 |
0 |
0 |
Profits (losses) |
6,670,290 |
0 |
6,670,290 |
0 |
Accumulated other comprehensive income |
-5,417,108 |
-5,517,424 |
-5,417,108 |
-5,517,424 |
Non-controlling shareholders |
0 |
0 |
476,596 |
466,042 |
TOTAL SHAREHOLDERS' EQUITY |
62,313,512 |
55,542,906 |
62,790,108 |
56,008,948 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
138,912,275 |
132,597,242 |
181,900,440 |
181,210,208 |
34
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Income Statement
R$ mil
Parent Company |
Consolidated | |||
06.30.2019 |
06.30.18 |
06.30.2019 |
06.30.18 | |
NET OPERATING REVENUE |
237,567 |
166,224 |
13,095,172 |
11,996,792 |
Operating costs |
|
|
|
|
Energy purchased for resale |
-51,483 |
-3,661 |
-900,890 |
-701,461 |
Charges upon use of electric network |
0 |
0 |
-785,328 |
-866,448 |
Construction |
0 |
0 |
-267,060 |
-484,616 |
Fuel for electricity production |
0 |
0 |
-910,907 |
-406,337 |
NET OPERATING REVENUE |
186,084 |
162,563 |
10,230,987 |
9,537,930 |
Operating expenses |
|
|
|
|
Personnel, Supllies and Services |
-370,248 |
-323,683 |
-3,683,487 |
-3,829,680 |
Depreciation |
-6,723 |
-2,346 |
-821,277 |
-791,360 |
Amortization |
0 |
0 |
-51,453 |
-43,585 |
Donations and contributions |
-58,329 |
-60,505 |
-102,880 |
-85,385 |
Operating Provisions /Reversals net |
-1,311,774 |
-515,107 |
-2,029,036 |
198,160 |
Investigation Findings |
0 |
0 |
0 |
0 |
Others |
-88,919 |
-50,339 |
-573,895 |
-378,094 |
-1,835,993 |
-951,980 |
-7,262,028 |
-4,929,944 | |
OPERATING INCOME BEFORE FINANCIAL RESULT |
-1,649,909 |
-789,417 |
2,968,959 |
4,607,986 |
Financial result |
|
|
|
|
Financial income |
|
|
|
|
Income from interest, commissions and fees |
1,070,127 |
2,408,524 |
540,877 |
1,714,087 |
Income from financial investments |
146,071 |
268,236 |
309,563 |
357,613 |
Moratorium on electricity |
126 |
4,385 |
161,790 |
115,139 |
Restatement Assets |
576,265 |
525,358 |
563,739 |
381,541 |
Current foreign currency exchange rate variations |
1,003,276 |
2,849,601 |
1,087,152 |
2,762,814 |
Payment of indemnities - Law 12,783 / 13 |
0 |
0 |
1,781,356 |
2,976 |
Regulatory asset update |
0 |
0 |
0 |
0 |
Gains on derivatives |
0 |
0 |
0 |
163,004 |
Other financial income |
478,801 |
72,403 |
611,849 |
249,798 |
Financial expenses |
|
|
|
|
Debt charges |
-1,028,505 |
-731,277 |
-1,802,452 |
-1,199,188 |
Lease charges |
-3,195 |
0 |
-171,937 |
0 |
Charges on shareholders' funds |
-119,076 |
-115,672 |
-147,071 |
-141,480 |
Noncurrent Restatement |
-280,237 |
-321,593 |
-470,219 |
-363,569 |
Noncurrent foreign currency exchange rate variations |
-991,370 |
-2,768,239 |
-1,027,077 |
-2,877,836 |
Regulatory liability update |
0 |
0 |
0 |
-1,369,919 |
Losses on derivatives |
0 |
0 |
-25,059 |
-383 |
Other financial expenses |
-1,016,430 |
-391,494 |
-1,323,139 |
-655,070 |
-164,147 |
1,800,232 |
89,372 |
-860,473 | |
INCOME BEFORE EQUITY |
-1,814,056 |
1,010,815 |
3,058,331 |
3,747,513 |
RESULTS OF EQUITY |
3,755,390 |
2,400,259 |
262,000 |
635,260 |
EFFECT ON DISPOSAL OF CORPORATE PARTICIPATIONS |
0 |
0 |
183,222 |
0 |
OPERATING INCOME BEFORE TAXES |
1,941,334 |
3,411,074 |
3,503,553 |
4,382,773 |
Current Income tax and social contribution |
-16,093 |
-594,361 |
-1,673,769 |
-1,588,655 |
Deferred Income Tax and Social Contribution |
0 |
0 |
41,364 |
52,221 |
NET INCOME/LOSS FOR THE PERIOD |
1,925,241 |
2,816,713 |
1,871,148 |
2,846,339 |
SHARE ATTRIBUTED TO CONTROLLING |
1,925,241 |
2,816,713 |
1,925,241 |
2,816,713 |
SHARE ATTRIBUTED TO NON-CONTROLLING |
0 |
0 |
-54,093 |
29,626 |
DISCONTINUED OPERATION |
|
|
|
|
NET LOSS OF OPERATING TAXES DISCONTINUED |
5,037,140 |
-992,530 |
5,037,140 |
-990,712 |
NET INCOME (LOSS) OF THE FINANCIAL YEAR |
6,962,381 |
1,824,183 |
6,908,288 |
1,855,627 |
35
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
Cash Flow Statement
R$ mil
|
Controladora |
Consolidado | ||
06.30.2019 |
06.30.18 |
06.30.2019 |
06.30.18 | |
Operating Activities |
|
|
|
|
Income before income tax and social contribution |
1,941,334 |
3,411,074 |
3,503,553 |
4,382,773 |
Adjustments to reconcile income to cash provided by operations: |
|
|
|
|
Depreciation and amortization |
6,723 |
2,346 |
872,730 |
834,945 |
Net monetary variations |
-296,028 |
-203,765 |
-93,520 |
-17,972 |
Net foreign exchange rate variations |
-11,906 |
-81,362 |
-60,075 |
115,022 |
Financial charges |
-97,501 |
-1,853,683 |
1,374,438 |
-514,899 |
Financial asset revenue |
0 |
0 |
-404,702 |
-373,208 |
Construction Revenue |
0 |
0 |
-249,218 |
-469,667 |
Equivalence equity results |
-3,755,390 |
-2,400,259 |
-262,000 |
-635,260 |
Result on disposal of equity interests |
0 |
0 |
-183,222 |
0 |
RBSE Revenue |
0 |
0 |
-3,677,877 |
-1,092,084 |
Provision (reversal) for short-term liabilities |
111,130 |
152,545 |
0 |
0 |
Provision (reversal) for doubtful accounts |
236,498 |
11,581 |
337,310 |
154,333 |
Provision (reversal) for contingencies |
75,156 |
376,137 |
621,855 |
842,654 |
Provision (reversal) for impairment of assets |
0 |
0 |
0 |
413,179 |
Provision (reversal) for onerous contract |
0 |
0 |
-341,900 |
-455,131 |
Provision (reversal) for losses on investments |
-27,252 |
34,079 |
-62,286 |
16,287 |
TRFH – (Pará rate) |
0 |
0 |
0 |
-1,183,583 |
Provision (reversal) Aneel - CCC |
986,382 |
0 |
0 |
0 |
RGR Charges |
59,074 |
176,436 |
59,074 |
176,436 |
Minority interest in income |
0 |
0 |
81,957 |
-29,626 |
Charges on shareholders' funds |
119,076 |
115,672 |
147,071 |
141,479 |
Financial instruments - derivatives |
0 |
0 |
25,059 |
-162,621 |
Others |
-291,084 |
-418,320 |
186,344 |
-555,185 |
|
-2,885,122 |
-4,088,593 |
-1,628,962 |
-2,794,901 |
(Increases) / decreases in operating assets |
|
|
|
|
Customers |
20,440 |
3,850 |
-999,623 |
547,678 |
Marketable securities |
-2,765,164 |
985,699 |
-3,437,349 |
287,346 |
Reimbursement rights |
442,985 |
0 |
-759,507 |
706,719 |
Warehouse |
-124 |
-37 |
-5,038 |
-47,418 |
Nuclear fuel stock |
0 |
0 |
78,691 |
-20,216 |
Financial assets - Itaipu and public service concessions |
28,433 |
45,671 |
28,433 |
45,671 |
Assets held for sale |
3,490,843 |
0 |
11,618,261 |
-6,371,370 |
Hydrological risk |
0 |
0 |
47,157 |
60,483 |
Credits with subsidiaries - CCD |
2,406,622 |
0 |
0 |
0 |
Others |
-1,380,736 |
-213,051 |
-1,942,236 |
2,798,576 |
2,243,298 |
822,131 |
4,628,788 |
-1,992,532 | |
Increase / (decrease) in operating liabilities |
|
|
|
|
Suppliers |
97,989 |
454 |
-453,159 |
-284,256 |
Advances from customers |
0 |
0 |
-36,081 |
-44,157 |
Lease |
67,246 |
0 |
217,101 |
155,704 |
Estimated liabilities |
-34,738 |
21,880 |
-84,043 |
46,149 |
indemnification obligations |
0 |
0 |
0 |
-133,539 |
Sectorial charges |
0 |
0 |
5,871 |
-8,828 |
Liabilities associated with assets held for sale |
-1,832,382 |
0 |
-8,579,161 |
3,281,298 |
Accounts payable with subsidiaries |
-2,866,810 |
0 |
0 |
0 |
Other |
248,814 |
158,054 |
871,064 |
-2,217,961 |
-4,319,881 |
180,389 |
-8,058,408 |
794,410 | |
|
|
|
| |
Payment of financial charges |
-576,159 |
-779,550 |
-1,551,736 |
-1,559,066 |
Payment of RGR charges |
-111,938 |
-100,029 |
-111,938 |
-100,029 |
Financial charges received |
0 |
0 |
3,589,228 |
4,407,848 |
income tax payment and social contribution |
986,671 |
710,527 |
672,329 |
334,661 |
Payment of refinancing of taxes and contributions - principal |
-205,568 |
-120,039 |
-1,455,976 |
-913,687 |
investment compensation received in corporate participations |
0 |
0 |
-14,997 |
-35,421 |
Pension payment |
1,813,145 |
393,599 |
314,831 |
475,197 |
Payment of legal provisions |
-14,786 |
-14,162 |
-85,741 |
-149,246 |
Judicial deposits |
-501,460 |
-436,372 |
-546,385 |
-460,125 |
-233,393 |
-58,365 |
-9,745 |
-123,644 | |
Net cash provided by (used in) operating activities of continuing operations |
-1,863,858 |
-79,391 |
-755,158 |
2,266,238 |
Net cash provided by (used in) operating activities of discontinued operations |
0 |
0 |
-421,061 |
-1,048,859 |
Net cash provided by (used in) operating activities |
-1,863,858 |
-79,391 |
-1,176,219 |
1,217,379 |
|
|
|
|
|
36
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
|
|
|
|
|
Financing activities |
|
|
|
|
Loans and financing |
5,000,000 |
0 |
5,755,633 |
495,990 |
Payment of loans and financing - Main |
-2,125,022 |
-1,523,065 |
-3,574,750 |
-3,249,968 |
Payment of shareholders remuneration |
-476 |
0 |
-10,368 |
-6,045 |
Advanced receivalbe for future capital increase |
0 |
0 |
0 |
0 |
RGR resource for transfer |
0 |
0 |
0 |
0 |
Other |
0 |
0 |
2,512 |
10,781 |
Net cash provided by (used in) financing activities from continuing operations |
2,874,502 |
-1,523,065 |
2,173,027 |
-2,749,243 |
Net cash provided by (used in) financing activities of discontinued operations |
0 |
0 |
414,724 |
1,056,242 |
Net cash provided by (used in) financing activities |
2,874,502 |
-1,523,065 |
2,587,751 |
-1,693,001 |
|
|
|
|
|
Investing activities |
|
|
|
|
Lending and financing |
-619,724 |
-211,002 |
-44,658 |
0 |
loans and financing receivables |
3,739,200 |
1,478,547 |
3,256,667 |
1,065,168 |
Acquisition of fixed assets |
-153 |
-3,732 |
-434,931 |
-382,008 |
Acquisition of intangible assets |
-53 |
0 |
-14,223 |
-15,164 |
Acquisition of concession assets |
|
|
|
|
Acquisition / capital investment in equity |
-6,860 |
-140,700 |
-210,774 |
-605,619 |
Advance concession for future capital increase |
-197,644 |
0 |
-60,282 |
-5,674 |
Investment sale in shareholdings |
0 |
363,813 |
-121,356 |
363,813 |
Net cash flow in the acquisition of investees |
0 |
0 |
0 |
0 |
Other |
0 |
0 |
-2,907 |
47,526 |
Net cash provided by (used in) investing activities from continuing operations |
2,914,766 |
1,486,926 |
2,367,536 |
468,043 |
Net cash provided by (used in) investment activities of discontinued operations |
0 |
0 |
6,337 |
-17,085 |
Net cash provided by (used in) investing activities |
2,914,766 |
1,486,926 |
2,373,873 |
450,958 |
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
3,925,410 |
-115,530 |
3,785,405 |
-24,665 |
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial year |
47,400 |
161,326 |
583,352 |
597,837 |
Cash and cash equivalents at the end of the financial year |
3,972,810 |
45,796 |
4,368,757 |
582,874 |
Increase (decrease) in cash and cash equivalents |
0 |
0 |
0 |
-9,702 |
3,925,410 |
-115,530 |
3,785,405 |
-24,665 |
37
Disclaimer:
Este Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados |
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
By: |
/S/ Elvira Baracuhy Cavalcanti Presta
|
|
Elvira Baracuhy Cavalcanti Presta
CFO and Investor Relations Officer |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.