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____
| 2014 | 2013* | 4Q14 | 3Q14 | 4Q13* | |||||
| 30,245 | 23,836 | Net Operating Income | 9,781 | 6,589 | 5,953 | ||||
| -10,425 | -5,515 | (-) Energy purchased for resale | -3,605 | -3,135 | -1,289 | ||||
| -1,523 | -1,555 | (-) Usage of the electric grid | -406 | -349 | -239 | ||||
| -1,480 | -1,492 | (-) Fuel for electricity production | -440 | -332 | -157 | ||||
| -2,900 | -3,548 | (-) Construction | -1,101 | -656 | -1,161 | ||||
| 13,917 | 11,726 | Gross Results | 4,229 | 2,116 | 3,107 | ||||
| -8,485 | -9,245 | (-) Personnel, Material and Services | -2,594 | -2,056 | -3,069 | ||||
| -387 | -406 | (-) Remuneration and Reimbursement | -74 | -82 | -89 | ||||
| -2,146 | -2,683 | (-) other expenditures | 207 | -447 | 460 | ||||
| 1,122 | -2,121 | 1,160 | -862 | -20 | |||||
| -1,217 | 178 | Shareholdings | -556 | -790 | -57 | ||||
| -1,862 | -3,258 | Operating provisions | -1,033 | -1,253 | -3,659 | ||||
| -1,957 | -5,202 | -428 | -2,905 | -3,735 | |||||
| 2,092 | 1,703 | Interest income and financial investments | 778 | 214 | 452 | ||||
| 346 | 455 | Monetary Adjustement | 193 | -42 | 250 | ||||
| 296 | 539 | Foreign currency exchange rate variations | 169 | 349 | 57 | ||||
| -3,365 | -2,031 | Debt charges | -1,202 | -1,091 | -873 | ||||
| -87 | -190 | Charges related to Shareholders Resources | -13 | -14 | -19 | ||||
| 1,413 | -98 | Other financial results | 730 | 630 | -313 | ||||
| -1,262 | -4,825 | 227 | -2,859 | -4,180 | |||||
| -1,701 | -1,367 | Income Tax and Social Contribution | -1,340 | 116 | -1,228 | ||||
| -2,963 | -6,192 | Net Income | -1,113 | -2,743 | -5,409 | ||||
| 68 | -5 | Non controlling shareholdings | 61 | -5 | -9 | ||||
| -3,031 | -6,187 | Consolidated Net Income | -1,174 | -2,738 | -5,400 | ||||
| *Restated. |
01
| R$ million | |
| Positively | |
| Energy Sold | 12,175 |
| Reversal of Provision - Onerous Contracts | 1,800 |
| Tributary Credit Tax | 1,200 |
| Reversal of Provision – Financial Assets | 792 |
| Recognition of CVA – Distribution Companies | 740 |
| Reversal of Provisions – Losses on Investments | 314 |
| Negatively | |
| Electric Energy Purchase for Resale | -10,425 |
| Provision for Contingencies | -3,656 |
| Writte off on tributary credit tax | -2,283 |
| Early Retirement Program - Eletronuclear | -380 |
02
| Onerous Contracts | R$ million | ||||||||||
| Consolidated Balance | Amounts due 2014 | ||||||||||
| 2014 | 2013 | 2012 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | |||||
| Transmission | |||||||||||
| Contract 061/2001 | - | - | 84 | 336 | 48 | -384 | - | ||||
| Contract062/2001 | 608 | 875 | 1,407 | 82 | 41 | 144 | - | ||||
| Others | 24 | - | - | 105 | -114 | -15 | - | ||||
| 632 | 875 | 1,491 | 523 | -25 | -255 | - | |||||
| Generation | |||||||||||
| Itaparica | - | 863 | 1,019 | 94 | 98 | 651 | 20 | ||||
| Jirau | - | 712 | 1,608 | 13 | 246 | 211 | 242 | ||||
| Camaçari | 91 | 267 | 357 | 164 | 06 | - | -06 | ||||
| Termonorte II | - | - | 131 | - | - | - | - | ||||
| Funil | 132 | 96 | 83 | -51 | 15 | - | - | ||||
| Complex Paulo | - | 34 | - | - | - | ||||||
| Afonso | - | - | |||||||||
| Mauá-Klabin | - | 20 | - | 20 | - | - | - | ||||
| Coaracy Nunes | 30 | 89 | 21 | 59 | -11 | - | 11 | ||||
| Others | 246 | 30 | 378 | -235 | 132 | -41 | -72 | ||||
| 500 | 2,077 | 3,665 | 63 | 484 | 823 | 207 | |||||
| Distribution | |||||||||||
| Intangibles | - | 295 | - | 295 | -50 | - | 50 | ||||
| TOTAL | 1,132 | 3,248 | 5,156 | 882 | 408 | 568 | 258 | ||||
03
 | |||||
| R$ million | |||||
| Consolidated | 2014 | 2013 | % | ||
| a) Generation | |||||
| Energy Sold and O&M | 21,114 | 16,435 | 28 | % | |
| Construction Revenue | 240 | 737 | -67 | % | |
| Itaipu Transfers | -98 | 68 | -244 | % | |
| b) Transmission | |||||
| Transmisssion Return Rate | 714 | 552 | 29 | % | |
| Maintenance and Operating Revenue | 2,201 | 2,156 | 2 | % | |
| Construction Revenue | 1,786 | 1,797 | -01 | % | |
| c) Distribution | |||||
| Supply | 7,387 | 4,419 | 67 | % | |
| Construction Revenue | 873 | 1,014 | -14 | % | |
| Other Revenue | 1,446 | 1,008 | 43 | % | |
| Total Revenue | 35,626 | 28,186 | 26 | % | |
05
| R$ million | |
| Eletrobras Companies | Compensation Account from variation of the |
| items of "Portion A – CVA | |
| Amazonas Energia | 89,5 |
| Distribuição Acre | 11,1 |
| CELG D | 224,7 |
| Distribuição Alagoas | 173,4 |
| Distribuição Piauí | 193,8 |
| Distribuição Rondônia | 47,1 |
| Distribuição Roraima | 0,4 |
| Total | 740,0 |
07
| R$ million | |||||
| PMS | 2014* | 2013 | (%) | ||
| Personnel | 5,532 | 6,650 | -16.8 | % | |
| Material | 307 | 295 | 3.8 | % | |
| Services | 2,440 | 2,299 | 6.1 | % | |
| Total | 8,279 | 9,245 | -10.4 | % | |
| * Excludes CELG D expenses that affected only the year 2014. | |||||
08
| R$ million | |||||
| EBITDA | 2014 | 2013 | (%) | ||
| Results of the period | -2,963 | -6,192 | -52 | % | |
| + | Provision Income Tax and Social Contribution | 1,701 | 1,367 | 24 | % |
| + | Financial Result | -695 | -377 | 84 | % |
| + | Depreciation and Amortization | 1,777 | 1,512 | 18 | % |
| = EBITDA | -180 | -3,689 | -95 | % | |
| + atypical events | 1,643 | 3,767 | -56 | % | |
| = Adjusted EBITDA | 1,463 | 78 | 1,784 | % | |
| EBITDAS of Subsidiaries Companies | 3,687 | -90 | 4,197 | % | |
09
Visit the Eletrobras website
www.eletrobras. com.br/elb/ir
invest@eletrobras.com
Phone:
55 (21)2514 - 6331
55 (21)2514 - 6333
|
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
|
By: |
/S/ Armando Casado de Araujo
|
|
|
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.