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____
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
MINUTES OF THE SEVEN HUNDRED AND THIRTEENTH MEETING
OF THE BOARD OF DIRECTORS OF
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. – ELETROBRAS
NIRE 53300000859/CNPJ no. 00001180/0001-26
I certify for the required purposes that on the fifteenth day of May in the year of two thousand and fifteen, at 9am, in the Company Office, at Av. Presidente Vargas no. 409 – 13th floor, Rio de Janeiro – RJ, the Board of Directors of Centrais Elétricas Brasileiras S.A. – Eletrobras held a meeting. The Chairman of the meeting was the President of the Board, Mr. WAGNER BITTENCOURT DE OLIVEIRA, with the presence of Directors JOSÉ DA COSTA CARVALHO NETO, JAILSON JOSÉ MEDEIROS ALVES, PRICILLA MARIA SANTANA, MAURÍCIO MUNIZ BARRETO DE CARVALHO and JOÃO ANTONIO LIAN. Decision: 1. Presentations. Business, governance and management planning of the Eletrobras' Companies. 1.1. Financial statements related to the 1st Quarter of 2015. Mr. President invited the Members of the Audit Committee of Eletrobras, JARBAS RAIMUNDO ALDANO MATOS - President, BRUNO NUNES SAD, RICARDO DE PAULA MONTEIRO, MANUEL JEREMIAS LEITE CALDAS and FELIPE LÜCKMANN FABRO - members, to hold a joint meeting to approve the Financial Statements. Mr. President handed the word over to the General Accountant, Mr. Rodrigo Vilella Ruiz, who stated the following: Eletrobras presented a profit of R$ 1,255 billion in the first quarter of 2015, a result that is 206.9% greater than that presented in the 4th quarter of 2014, when the company had a loss of R$ 1.174 billion. In comparison to the same period last year, in which the company had a positive result of R$ 1.034 billion, an improvement of 21.4%. One of the causes of improvement was the exchange rate variation, which added R$ 341 million to the positive outcome. In addition, the company, which had already reduced approximately 16% in the cost of staff in 2014, decreased this cost by 19.2% in the first quarter of the year - with savings of R$ 315 million. The monetary restatement of the value of indemnities for the renewal of concessions, the object of Law 12.783 /2013, was also entered, totaling R$ 495 million on the balance sheet. The net operating income of the company was R$ 8.599 billion, with a reduction of 12.1% in comparison to the 4th quarter of 2014. The income from generation grew 4 %, mainly due to higher sales of energy in the short-term market. The income from transmission reduced by 26.6% and, in the segment of distribution, presented a reduction of 12.2%. The Ebitda of Eletrobras increased from R$ 180 million, in the fourth quarter of 2014, to R$ 1,381 million in the first quarter of 2015, indicating improvement in the operating results. The Report of the Independent Auditor was issued without reservation and with emphases. Eletrobras had access to all information of subsidiaries and affiliated companies, except for the SPEs Manaus Transmissora and Norte Brasil. Amazonas Energia presented once again the financial statements for the 1st quarter of 2014 and consequently for Eletrobras. Results of the Companies and consolidated:
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
With no other business on the agenda, Mr. President of the Board adjourned the meeting, asked me to draw up this Deliberation certificate, which once read and approved, was appropriately signed by me, MARIA SILVIA SAMPAIO SANT'ANNA, Secretary of the Board. The other discussions in this meeting were omitted from this certificate, because they were merely internal interests of the Society, legitimate cause, based on the duty of confidentiality of the Administration, in line with the "caput" of Article 155 of Law no. 6.404 (Law of Corporations), therefore considered outside the scope of the provision in paragraph 1 of article 142 of the aforementioned Law. I certify that the above text is a faithful transcription of the Minutes in the 27th Book of Minutes of the Meetings of the Board of Directors of Centrais Elétricas Brasileiras S.A. - ELETROBRAS, on sheets 371 and thereafter of which I, MARIA SILVIA SAMPAIO SANT'ANNA, Secretary of the Board, drew them up.
Rio de Janeiro, May 15, 2015.
MARIA SILVIA SAMPAIO SANT’ANNA |
General Secretary |
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
By: |
/S/ Armando Casado de Araujo
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Armando Casado de Araujo
Chief Financial and Investor Relation 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.