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 |
1 |
MINUTES OF THE SEVEN HUNDRED AND EIGHTEENTH MEETING OF THE BOARD OF DIRECTORS OF
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. (ELETROBRAS)
NIRE 53300000859/CNPJ nº 00001180/0001-26
In witness whereof, I do hereby certify for all the due purposes that on fourteenth day of the month of August of the year two thousand and fifteen, at 9 am at the Company’s Office located 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 chaired by the Chairman of the Board, Mr. WAGNER BITTENCOURT DE OLIVEIRA, attended by the following Board members: JOSÉ DA COSTA CARVALHO NETO, JAILSON JOSÉ MEDEIROS ALVES, PRICILLA MARIA SANTANA, LUIZ EDUARDO BARATA FERREIRA e JOÃO ANTONIO LIAN. Board Member MAURÍCIO MUNIZ BARRETTO DE CARVALHO was absent for justifiable reason. Decision: 1. Corporate planning, governance and management of Eletrobras Companies. 1.1. Approval of 2nd ITR/2015. Presentation of Accounting Statements of 30 June 2015. (1) Disclaimer: This document has information related to the Financial Statements of the second semester of 2015 that will be disclosed to the market only on 14 August 2015, after the closing of the Stock Exchange in Brazil and the United States. For this reason, information presented under this document is considered classified, relevant and privileged, to which the administrators will have prior access in order to make their proper analysis and judgement. According to the Company’s Manual for Dissemination and Use of Relevant Information, Law 6.404, of 15 December 1976 and CVM Instruction 358, of 3 January 2002, Listed Individuals with access to Classified Information, with the exception of constitutional and legal publicity requirements, will be obliged to (i) keep confidential Relevant Information to which they had privileged access due to their position or function in the Company until it is disclosed to the market, as well as (ii) to ensure that their employees and trustworthy outsourced personnel also keep confidentiality, being jointly responsible for the breach of said confidentiality. Likewise, administrators are vetoed from trading the Company’s Securities Breach of the obligation for a 15 (fifteen)-day period prior to the disclosure of the Company’s quarterly information. Non-compliance with the obligation to confidentiality or negotiation policy related CVM Instruction 358, of 3 January 2002, where penalties set forth under paragraph three of Article 11 of Law 6.385, of 7 December 1976 will also be applicable. Furthermore, as set forth under sole paragraph of Article 18 of CVM Instruction 358, of 3 January 2002, events deemed a crime will be notified to the as Securities Commission of the Federal Prosecution Service. (2) Release: All review of working papers drafted by other auditors of KPMG took place by 13 August 2015. SPEs Manaus Transmissora de Energia, Norte Brasil and Teles Pires did not conclude their ITR and their auditors did not draft a quarterly report review to this date. If KPMG fails to be satisfied with results achieved by these SPEs via alternative procedures, Eletrobras’ limited review report will have limited scope. Besides the possible aforementioned situation, Eletrobras’ limited review report was drafted with limited scope due to uncertainties related to developments of the ‘Lava Jato’ Operation (Brazilian bribe scandal) and two emphasis: 1 – Amounts receivable subject to the approval by the regulating agency; 2 – The companies’ operating continuity. (3) Results:
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
2 |
Companies |
30 Jun 2015 |
1 Apr–30 Jun 2015 |
31 Mar 2015 |
30 Jun 2014 |
1 Apr–30 Jun 2014 |
31 Apr 2014 |
Eletrobras |
(102.863) |
(1.358.110) |
1.255.247 |
881.279 |
(104.624) |
985.903 |
Furnas |
206.376 |
(204.281) |
410.657 |
436.477 |
107.084 |
329.393 |
Chesf |
499.769 |
113.363 |
386.406 |
246.242 |
47.359 |
198.883 |
Eletrosul |
(235.376) |
(305.287) |
69.911 |
186.551 |
62.940 |
123.611 |
Eletronorte |
108.991 |
(21.776) |
130.767 |
1.542.853 |
434.388 |
1.108.465 |
Eletropar |
2.204 |
775 |
1.429 |
(9.676) |
(321) |
(9.355) |
Eletronuclear |
(14.021) |
(137.088) |
123.067 |
(459.733) |
(166.180) |
(293.553) |
CGTEE |
(291.899) |
(124.913) |
(166.986) |
(275.793) |
(162.851) |
(112.942) |
ED Alagoas |
(69.620) |
(80.505) |
10.885 |
(151.371) |
(85.976) |
(65.395) |
ED Rondonia |
(17.110) |
28.190 |
(45.300) |
38.111 |
68.957 |
(30.846) |
ED Piaui |
(69.620) |
(51.315) |
(17.707) |
(14.169) |
(823) |
(13.346) |
ED Acre |
(36.807) |
3.025 |
(39.832) |
31.211 |
ND |
ND |
CELG-D |
(390.794) |
(93.898) |
(296.896) |
NA |
NA |
NA |
ED Roraima |
(101.154) |
(65.859) |
(35.295) |
(44.792) |
(16.291) |
(28.501) |
Amazonas Energia |
(631.413) |
(544.149) |
(87.264) |
(576.412) |
(227.524) |
(348.888) |
Consolidated |
(290.435) |
(1.404.046) |
1.113.611 |
936.756 |
(104.053) |
1.040.809 |
Eletrobras | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
-0,18% |
1,45% |
PL |
56.432 |
60.938 |
|
|
|
AC |
16.390 |
12.964 |
PMSO/ROL |
14,59% |
17,34% |
PC |
5.417 |
4.597 |
|
|
|
ANC |
83.578 |
81.092 |
Current liquidity |
3,03 |
2,82 |
PNC |
38.118 |
28.522 |
Net debt
|
NA |
NA |
check |
0 |
0 |
Net Income |
-103 |
881 |
|
|
|
+ Income Tax & CS |
208 |
0 |
Current loans & fin. op. receiv. |
5.435 |
5.968 |
+ Financial Income |
-1.678 |
-834 |
Non-current loans & fin. op. receiv. |
28.282 |
22.371 |
+ Depreciation/amortization |
3 |
3 |
Current loans & fin. op. payab. |
3.036 |
1.669 |
= EBTIDA |
-1.571 |
50 |
Non-current loans & fin. op. payab. |
18.973 |
11.011 |
|
|
|
|
|
|
|
|
|
Net debt |
-11.708 |
-15.660 |
|
|
|
|
|
|
Net debt/EBTIDA |
NA |
NA |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
1.618.362 |
1.462.898 |
|
|
|
Operating expenses |
-3.816.55 |
-3.536.540 |
|
|
|
PMSO |
-236.040 |
-253.666 |
|
|
|
Depreciation/amortization |
-2.646 |
-3.179 |
|
|
|
Energy purchased for resale |
-1.394.881 |
-1.478.868 |
|
|
|
Operating provision |
-1.733.370 |
-1.007.763 |
|
|
|
Operating income |
-2.198.193 |
-2.073.642 |
|
|
|
Financial Income |
1.678.451 |
834.089 |
|
|
|
Owner’s equity |
624.679 |
2.120.831 |
|
|
|
Income tax & CS |
-207.800 |
0 |
|
|
|
Net Income |
-102.863 |
925.074 |
|
|
|
|
|
|
|
|
|
|
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
3 |
Furnas | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
1,96% |
3,77% |
PL |
10.552 |
11.590 |
|
|
|
AC |
3.594 |
4.114 |
PMSO/ROL |
23,35% |
28,09% |
PC |
1.975 |
1.677 |
|
|
|
ANC |
20.668 |
19.503 |
Current liquidity |
1,82
|
2,45 |
PNC |
11.735 |
10.350 |
Net debt |
92,40%
|
71,73% |
check |
0 |
0 |
Net Income |
206 |
436 |
|
|
|
+ Income Tax & CS |
132 |
211 |
Current loans & fin. op.receiv |
3 |
3 |
+ Financial Income |
141 |
270 |
Non-current loans & fin. op. receiv. |
2 |
5 |
+ Depreciation/amortization |
114 |
106 |
Current loans & fin. op. payab. |
746 |
488 |
= EBTIDA |
593 |
1.023 |
Non-current loans & fin. op. payab. |
9.009 |
7.833 |
|
|
|
|
|
|
|
|
|
Net debt |
9.750 |
8.313 |
|
|
|
|
|
|
Net debt/EBTIDA |
16,43 |
8,12 |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
3.066 |
2.940 |
|
|
|
Operating expenses |
-2.480 |
-2066 |
|
|
|
PMSO |
-716 |
-826 |
|
|
|
Depreciation/amortization |
-114 |
-106 |
|
|
|
Energy purchased for resale |
-513 |
-342 |
|
|
|
Operating provision |
-250 |
-15 |
|
|
|
Operating income |
587 |
873 |
|
|
|
Financial Income |
-141 |
-270 |
|
|
|
Owner’s equity |
-107 |
44 |
|
|
|
Income tax & CS |
-132 |
-211 |
|
|
|
Net Income |
206 |
436 |
|
|
|
|
|
|
|
|
|
Chesf | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
5,01% |
2,14% |
PL |
9.966 |
11.508 |
|
|
|
AC |
3.597 |
4.646 |
PMSO/ROL |
29,44% |
31,04% |
PC |
1.430 |
1.163 |
|
|
|
ANC |
11.770 |
12.520 |
Current liquidity
|
2,52 |
3,99 |
PNC |
3.970 |
4.494 |
Net debt |
11,15% |
10,66%
|
check |
0 |
0 |
Net Income |
500 |
246 |
|
|
|
+ Income Tax & CS |
20 |
-41 |
Current loans & fin. op. receiv |
3 |
3 |
+ Financial Income |
-475 |
-296 |
Non-current loans & fin. op. receiv. |
2 |
6 |
+ Depreciation/amortization |
54 |
51 |
Current loans & fin. op. payab. |
301 |
137 |
= EBTIDA |
99 |
-39 |
Non-current loans & fin. op. payab. |
816 |
1.099 |
|
|
|
|
|
|
|
|
|
Net debt |
1.111 |
1.227 |
|
|
|
|
|
|
Net debt/EBTIDA |
11,23 |
NA |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
1.824 |
1.730 |
|
|
|
Operating expenses |
-1.782 |
-1.781 |
|
|
|
PMSO |
-537 |
-537 |
|
|
|
Depreciation/amortization |
-54 |
-51 |
|
|
|
Energy purchased for resale |
-154 |
-184 |
|
|
|
Operating provision |
-180 |
87 |
|
|
|
Operating income |
42 |
-51 |
|
|
|
Financial Income |
475 |
296 |
|
|
|
Owner’s equity |
3 |
-40 |
|
|
|
Income tax & CS |
-20 |
41 |
|
|
|
Net Income |
500 |
246 |
|
|
|
|
|
|
|
|
|
|
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PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
4 |
|
|
|
|
|
|
Eletrosul | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
-4,48% |
3,39% |
PL |
5.256 |
5.502 |
|
|
|
AC |
1.013 |
1.331 |
PMSO/ROL |
28,67% |
43,41% |
PC |
1.240 |
1.030 |
|
|
|
ANC |
9.199 |
8.288 |
Current liquidity
|
0,82 |
1,29 |
PNC |
3.716 |
3.088 |
Net debt |
64,29%
|
55,43% |
|
|
|
Net Income |
-235 |
187 |
check |
0 |
0 |
+ Income Tax & CS |
74 |
144 |
|
|
|
+ Financial Income |
82 |
23 |
Current loans & fin. op. receiv |
1 |
1 |
+ Depreciation/amortization |
59 |
65 |
Non-current loans & fin. op. receiv. |
3 |
5 |
= EBTIDA |
-21 |
418 |
Current loans & fin. op. payab. |
286 |
407 |
|
|
|
Non-current loans & fin. op. payab. |
3.098 |
2.649 |
|
|
|
|
0 |
0 |
|
|
|
Net debt |
|
|
Net debt/EBTIDA |
NA |
7,30 |
|
|
|
|
|
|
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
768 |
500 |
|
|
|
Operating expenses |
-705 |
-42 |
|
|
|
PMSO |
-220 |
-217 |
|
|
|
Depreciation/amortization |
-59 |
-65 |
|
|
|
Energy purchased for resale |
-106 |
-18 |
|
|
|
Operating provision |
3 |
302 |
|
|
|
Operating income |
63 |
458 |
|
|
|
Financial Income |
-82 |
-23 |
|
|
|
Owner’s equity |
-143 |
-105 |
|
|
|
Income tax & CS |
-74 |
-144 |
|
|
|
Net Income |
-235 |
187 |
|
|
|
Eletronorte | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
0,91% |
11,71% |
PL |
11.979 |
13.173 |
|
|
|
AC |
3.986 |
4.454 |
PMSO/ROL |
22,25% |
20,57% |
PC |
4.554 |
2.060 |
|
|
|
ANC |
19.056 |
16.768 |
Current liquidity
|
0,88 |
2,16 |
PNC |
6.509 |
5.989 |
Net debt |
39,00%
|
34,07% |
check |
0 |
0 |
Net Income |
109 |
1.543 |
|
|
|
+ Income Tax & CS |
82 |
122 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
330 |
0 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
221 |
223 |
Current loans & fin. op. payab. |
562 |
498 |
= EBTIDA |
742 |
1.888 |
Non-current loans & fin. op. payab. |
4.110 |
3.990 |
|
|
|
|
0 |
0 |
|
|
|
Net debt |
4.672 |
4.488 |
|
|
|
|
|
|
Net debt/EBTIDA |
6,30 |
2,38 |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
2.988 |
3.186 |
|
|
|
Operating expenses |
-2.525 |
-1.580 |
|
|
|
PMSO |
-665 |
-656 |
|
|
|
Depreciation/amortization |
-221 |
-223 |
|
|
|
Energy purchased for resale |
-938 |
-128 |
|
|
|
Operating provision |
-63 |
-7 |
|
|
|
Operating income |
463 |
1.606 |
|
|
|
Financial Income |
-330 |
-0 |
|
|
|
Owner’s equity |
57 |
59 |
|
|
|
Income tax & CS |
-82 |
-122 |
|
|
|
Net Income |
109 |
1.543 |
|
|
|
|
|
|
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
5 |
Eletropar | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
1,35% |
6,76% |
PL |
164 |
143 |
|
|
|
AC |
62 |
58 |
PMSO/ROL |
NA |
NA |
PC |
1 |
1 |
|
|
|
ANC |
118 |
100 |
Current liquidity
|
43,88 |
49,71 |
PNC |
15 |
13 |
Net debt |
NA
|
NA |
check |
0 |
0 |
Net Income |
2 |
-10 |
|
|
|
+ Income Tax & CS |
0 |
0 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
-3 |
-3 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
0 |
0 |
Current loans & fin. op. payab. |
0 |
0 |
= EBTIDA |
-1 |
-12 |
Non-current loans & fin. op. payab. |
0 |
0 |
|
|
|
|
|
|
|
|
|
Net debt |
0 |
0 |
|
|
|
|
|
|
Net debt/EBTIDA |
NA |
NA |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
0 |
0 |
|
|
|
Operating expenses |
-2 |
-16 |
|
|
|
PMSO |
-2 |
-2 |
|
|
|
Depreciation/amortization |
-0 |
-0 |
|
|
|
Energy purchased for resale |
0 |
0 |
|
|
|
Operating provision |
0 |
-14 |
|
|
|
Operating income |
-2 |
-16 |
|
|
|
Financial Income |
3 |
3 |
|
|
|
Owner’s equity |
1 |
4 |
|
|
|
Income tax & CS |
-0 |
-0 |
|
|
|
Net Income |
2 |
-10 |
|
|
|
|
|
|
|
|
|
Eletronuclear | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
-0,29% |
-8,56 |
PL |
4.782 |
5.370 |
|
|
|
AC |
838 |
1.022 |
PMSO/ROL |
45,16% |
46,19% |
PC |
1.930 |
1.470 |
|
|
|
ANC |
12.097 |
10.677 |
Current liquidity |
0,43 |
0,70 |
PNC |
|
|
|
|
|
|
|
|
Net debt |
117,10%
|
76,04% |
check |
0 |
0 |
Net Income |
-14 |
-460 |
|
|
|
+ Income Tax & CS + Financial Income |
52 76 |
25 117 |
Current loans & fin. op. receiv |
0 |
0 |
+ Depreciation/amortization |
183 |
180 |
Non-current loans & fin. op. receiv. |
0 |
0 |
= EBTIDA |
297 |
-138 |
Current loans & fin. op. payab. |
1.139 |
829 |
|
|
|
Non-current loans & fin. op. payab. |
0 |
0 |
|
|
|
|
|
|
|
|
|
Net debt |
5.600 |
4.084 |
Net debt/EBTIDA |
18,86% |
NA |
|
0 |
0 |
|
|
|
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
972 |
965 |
|
|
|
Operating expenses |
-858 |
-1.283 |
|
|
|
PMSO |
-439 |
-446 |
|
|
|
Depreciation/amortization |
-183 |
-180 |
|
|
|
Energy purchased for resale |
0 |
0 |
|
|
|
Operating provision |
-32 |
-74 |
|
|
|
Operating income |
114 |
-318 |
|
|
|
Financial Income |
-76 |
-117 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
-52 |
-25 |
|
|
|
Net Income |
-14 |
-460 |
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
6 |
CGTEE Equity component 30 Jun 2015 30 Jun 2014 Indexes 30 Jun 2015 30 Jun 2014 PL profitability NA 73,84% PL -845 -374 AC 132 197 PMSO/ROL 71,30% 93,05% PC 554 654 ANC 1.748 1.710 Current liquidity 0,24 0,30 PNC 2.171 1.627 Net debt NA NA Net Income -292 -276 check 0 0 + Income Tax & CS 0 0 + Financial Income 163 100 Current loans & fin. op. receiv 0 0 + Depreciation/amortization 40 36 Non-current loans & fin. op. receiv. 0 0 = EBTIDA -89 -139 Current loans & fin. op. payab. 234 294 Non-current loans & fin. op. payab. 2.039 1.575 Net debt 2.272 1.1869 Net debt/EBTIDA NA NA Income components 30 Jun 2015 30 Jun 2014 ROL 175 159 Operating expenses -304 -334 PMSO -125 -148 Depreciation/amortization -40 -36 Energy purchased for resale -96 -126 Operating provision -6 -3 Operating income -129 -175 Financial Income -163 -100 Owner’s equity 0 0 Income tax & CS 0 0 Net Income -292 -276
ED Alagoas | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
NA |
87,61% |
PL |
-81 |
-173 |
|
|
|
AC |
519 |
370 |
PMSO/ROL |
16,08% |
21,91% |
PC |
762 |
911 |
|
|
|
ANC |
1.188 |
929 |
Current liquidity
|
0,68 |
0,41 |
PNC |
1.026 |
560 |
Net debt |
NA
|
NA |
check |
0 |
0 |
Net Income |
-70 |
-151 |
|
|
|
+ Income Tax & CS |
44 |
0 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
57 |
38 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
17 |
16 |
Current loans & fin. op. payab. |
276 |
468 |
= EBTIDA |
48 |
-98 |
Non-current loans & fin. op. payab. |
764 |
274 |
|
|
|
|
|
|
|
|
|
Net debt |
1.039 |
743 |
|
|
|
|
|
|
Net debt/EBTIDA |
21,70 |
NA |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
658 |
475 |
|
|
|
Operating expenses |
-627 |
-588 |
|
|
|
PMSO |
-106 |
-104 |
|
|
|
Depreciation/amortization |
-17 |
-16 |
|
|
|
Energy purchased for resale |
-385 |
-367 |
|
|
|
Operating provision |
-12 |
-2 |
|
|
|
Operating income |
31 |
-114 |
|
|
|
Financial Income |
-57 |
-38 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
-44 |
0 |
|
|
|
Net Income |
-70 |
-151 |
|
|
|
|
|
|
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
7 |
ED Rondonia Equity component 30 Jun 2015 30 Jun 2014 Indexes 30 Jun 2015 30 Jun 2014 PL profitability -19,68% -25,32% PL 87 -151 AC 778 292 PMSO/ROL 20,21% 22,47% PC 1.442 1.565 ANC 4.029 3.066 Current liquidity 0,54 0,19 PNC 3.278 1.944 Net debt 845,68% NA check 0 0 Net Income -17 38 + Income Tax & CS 0 14 Current loans & fin. op. receiv 0 0 + Financial Income 56 15 Non-current loans & fin. op. receiv. 0 0 + Depreciation/amortization 18 17 Current loans & fin. op. payab. 107 264 = EBTIDA 57 83 Non-current loans & fin. op. payab. 628 290 Net debt 735 553 Net debt/EBTIDA 12,95 6,63 Income components 30 Jun 2015 30 Jun 2014 ROL 571 552 Operating expenses -533 -485 PMSO -115 -124 Depreciation/amortization -18 -17 Energy purchased for resale -299 -191 Operating provision 10 -7 Operating income 39 67 Financial Income -56 -15 Owner’s equity 0 0 Income tax & CS 0 -14 Net Income -17 38
ED Piaui | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
NA |
6,06% |
PL |
-210 |
-234 |
|
|
|
AC |
707 |
354 |
PMSO/ROL |
19,25% |
29,81% |
PC |
867 |
801 |
|
|
|
ANC |
908 |
898 |
Current liquidity
|
0,81 |
0,44 |
PNC |
958 |
685 |
Net debt |
NA
|
NA |
check |
0 |
0 |
Net Income |
-69 |
-14 |
|
|
|
+ Income Tax & CS |
0 |
3 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
68 |
35 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
17 |
15 |
Current loans & fin. op. payab. |
383 |
458 |
= EBTIDA |
16 |
39 |
Non-current loans & fin. op. payab. |
714 |
413 |
|
|
|
|
|
|
|
|
|
Net debt |
1.097 |
871 |
|
|
|
|
|
|
Net debt/EBTIDA |
66,92 |
22,58 |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
621 |
431 |
|
|
|
Operating expenses |
-622 |
-408 |
|
|
|
PMSO |
-120 |
-128 |
|
|
|
Depreciation/amortization |
-17 |
-15 |
|
|
|
Energy purchased for resale |
-367 |
-222 |
|
|
|
Operating provision |
-13 |
41 |
|
|
|
Operating income |
-1 |
23 |
|
|
|
Financial Income |
-68 |
-35 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
0 |
-3 |
|
|
|
Net Income |
-69 |
-14 |
|
|
|
|
|
|
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
8 |
ED Acre | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
203,36% |
59,69% |
PL |
18 |
52 |
|
|
|
AC |
280 |
165 |
PMSO/ROL |
24,26% |
24,85% |
PC |
309 |
265 |
|
|
|
ANC |
650 |
627 |
Current liquidity
|
0,91 |
0,62 |
PNC |
602 |
474 |
Net debt |
1463,38% |
325,08%
|
check |
0 |
0 |
Net Income |
-37 |
31 |
|
|
|
+ Income Tax & CS |
0 |
0 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
25 |
29 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
8 |
7 |
Current loans & fin. op. payab. |
51 |
52 |
= EBTIDA |
-4 |
67 |
Non-current loans & fin. op. payab. |
214 |
118 |
|
|
|
|
|
|
|
|
|
Net debt |
265 |
170 |
|
|
|
|
|
|
Net debt/EBTIDA |
NA |
2,53 |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
181 |
174 |
|
|
|
Operating expenses |
-192 |
-113 |
|
|
|
PMSO |
-44 |
-43 |
|
|
|
Depreciation/amortization |
-8 |
-7 |
|
|
|
Energy purchased for resale |
-107 |
-61 |
|
|
|
Operating provision |
-2 |
17 |
|
|
|
Operating income |
-12 |
61 |
|
|
|
Financial Income |
-25 |
-29 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
0 |
0 |
|
|
|
Net Income |
-37 |
31 |
|
|
|
|
|
|
|
|
|
CELG-D | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
NA |
|
PL |
-177 |
|
|
|
|
AC |
1.442 |
|
PMSO/ROL |
17,33% |
|
PC |
2.466 |
|
|
|
|
ANC |
3.264 |
|
Current liquidity
|
0,58 |
|
PNC |
2.417 |
|
Net debt |
NA |
|
check |
0 |
|
Net Income |
-391 |
|
|
|
|
+ Income Tax & CS |
0 |
|
Current loans & fin. op. receiv |
0 |
|
+ Financial Income |
321 |
|
Non-current loans & fin. op. receiv. |
0 |
|
+ Depreciation/amortization |
59 |
|
Current loans & fin. op. payab. |
372 |
|
= EBTIDA |
-11 |
|
Non-current loans & fin. op. payab. |
461 |
|
|
|
|
|
|
|
|
|
|
Net debt |
|
|
|
|
|
|
|
|
Net debt/EBTIDA |
NA |
|
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
2.282 |
|
|
|
|
Operating expenses |
-2.352 |
|
|
|
|
PMSO |
-395 |
|
|
|
|
Depreciation/amortization |
-59 |
|
|
|
|
Energy purchased for resale |
-1.529 |
|
|
|
|
Operating provision |
-79 |
|
|
|
|
Operating income |
-70 |
|
|
|
|
Financial Income |
-321 |
|
|
|
|
Owner’s equity |
0 |
|
|
|
|
Income tax & CS |
0 |
|
|
|
|
Net Income |
-391 |
|
|
|
|
|
|
|
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
9 |
ED Roraima | |||||
Equity component |
30 Jun 2015 |
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
NA |
NA |
PL |
-171 |
-36 |
|
|
|
AC |
264 |
96 |
PMSO/ROL |
32,23% |
45,20% |
PC |
441 |
297 |
|
|
|
ANC |
303 |
327 |
Current liquidity
|
0,60 |
0,32 |
PNC |
296 |
161 |
Net debt |
NA |
NA
|
check |
-0 |
0 |
Net Income |
-101 |
-45 |
|
|
|
+ Income Tax & CS |
0 |
0 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
13 |
-5 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
- |
- |
Current loans & fin. op. payab. |
7 |
24 |
= EBTIDA |
-83 |
-45 |
Non-current loans & fin. op. payab. |
43 |
18 |
|
|
|
|
|
|
|
|
|
Net debt |
50 |
41 |
|
|
|
|
|
|
Net debt/EBTIDA |
NA |
NA |
Income components |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
ROL |
120 |
95 |
|
|
|
Operating expenses |
-208 |
-145 |
|
|
|
PMSO |
-39 |
-43 |
|
|
|
Depreciation/amortization |
-5 |
-5 |
|
|
|
Energy purchased for resale |
-87 |
-47 |
|
|
|
Operating provision |
-49 |
-10 |
|
|
|
Operating income |
-88 |
-50 |
|
|
|
Financial Income |
-13 |
5 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
0 |
0 |
|
|
|
Net Income |
-101 |
-45 |
|
|
|
|
|
|
|
|
|
Amazonas | |||||
Equity component |
30 Apr 2015 |
30 Apr 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
NA |
18,49% |
PL |
-2.651 |
-3.117 |
|
|
|
AC |
3.301 |
894 |
PMSO/ROL |
17,41% |
18,76% |
PC |
4.673 |
9.418 |
|
|
|
ANC |
12.024 |
19.215 |
Current liquidity |
0,71 |
0,09 |
PNC |
13.303 |
13.807 |
Net debt |
NA |
NA
|
check |
0 |
0 |
Net Income |
-631 |
-576 |
|
|
|
+ Income Tax & CS |
0 |
0 |
Current loans & fin. op. receiv |
0 |
0 |
+ Financial Income |
588 |
536 |
Non-current loans & fin. op. receiv. |
0 |
0 |
+ Depreciation/amortization |
127 |
51 |
Current loans & fin. op. payab. |
671 |
858 |
= EBTIDA |
84 |
11 |
Non-current loans & fin. op. payab. |
1.516 |
578 |
|
|
|
|
|
|
|
|
|
Net debt |
2.187 |
1.436 |
|
|
|
|
|
|
Net debt/EBTIDA |
26,02 |
134,91 |
Income components |
30 Apr 2015 |
30 Apr 2014 |
|
|
|
ROL |
1.836 |
1.643 |
|
|
|
Operating expenses |
-1.879 |
-1.732 |
|
|
|
PMSO |
-320 |
-308 |
|
|
|
Depreciation/amortization |
-127 |
-51 |
|
|
|
Energy purchased for resale |
-709 |
-824 |
|
|
|
Operating provision |
-77 |
53 |
|
|
|
Operating income |
-43 |
-89 |
|
|
|
Financial Income |
-588 |
-536 |
|
|
|
Owner’s equity |
0 |
0 |
|
|
|
Income tax & CS |
0 |
0 |
|
|
|
Net Income |
-631 |
-576 |
|
|
|
|
|
|
|
|
|
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
10 |
Eletrobras Consolidated | ||||||
Equity component |
30 Jun 2015 |
|
30 Jun 2014 |
Indexes |
30 Jun 2015 |
30 Jun 2014 |
|
|
|
PL profitability |
-0,51% |
1,53% | |
PL |
56.548 |
61.155 |
|
|
| |
AC |
31.178 |
26.849 |
PMSO/ROL |
24,23% |
27,64% | |
PC |
22.339 |
21.801 |
|
|
| |
ANC |
119.771 |
114.951 |
Current liquidity |
1,40 |
1,23 | |
PNC |
72.063 |
58.844 |
Net debt |
37,89% |
18,39%
| |
check |
0 |
0 |
Net Income |
-290 |
937 | |
|
|
|
+ Income Tax & CS |
611 |
477 | |
Current loans & fin. op. receiv |
2.578 |
2.705 |
+ Financial Income |
-330 |
7 | |
Non-current loans & fin. op. receiv. |
12.689 |
10.901 |
+ Depreciation/amortization |
926 |
775 | |
Current loans & fin. op. payab. |
5.508 |
3.114 |
= EBTIDA |
917 |
2.196 | |
Non-current loans & fin. op. payab. |
31.188 |
21.737 |
|
|
| |
|
|
|
|
|
| |
Net debt |
21.429 |
11.245 |
|
|
| |
|
|
|
Net debt/EBTIDA |
23,38 |
5,12 | |
Income components |
30 Jun 2015 |
30 Jun 2015* |
30 Jun 2014 |
|
|
|
ROL |
16.826 |
14.714 |
13.875 |
|
|
|
Operating expenses |
-16.870 |
-14.764 |
-12.627 |
|
|
|
PMSO |
-4.077 |
-3.835 |
-3.835 |
|
|
|
Depreciation/amortization |
-926 |
-867 |
-775 |
|
|
|
Energy purchased for resale |
-6.254 |
-4.915 |
-3.685 |
|
|
|
Operating provision |
-1.228 |
-1.241 |
424 |
|
|
|
Operating income |
-45 |
-50 |
1.249 |
|
|
|
Financial Income |
330 |
635 |
-7 |
|
|
|
Owner’s equity |
36 |
-73 |
129 |
|
|
|
Income tax & CS |
-611 |
-623 |
-477 |
|
|
|
Net Income |
-290 |
-111 |
937 |
|
|
|
|
|
|
|
|
|
|
Eletrobras’ accountant informed that the KPMG Review Report makes an exception due to the uncertainties related to the Company’s ongoing Independent Investigation. Furthermore, the report drafted by the auditors note two situations related to the amounts that are subject to the authorization by the Granting Authority and the continuity risk of Controlled Companies Eletronuclear and CGTEE, as well as SPEs. It was also reported that the Company was able to obtain all financial information about investments made on SPEs and Affiliated companies; however, four Companies that were invested on did not conclude their work for the quarter. Despite this factor, this situation did not cause any effect on KPMG’s Review Report because the Auditors have access to the work that is being carried out by those companies, i.e. Norte Energia, Manaus Transmissora and Teles Pires, as reported by one of KPMG’s partner Mr. Danilo Simões. After those considerations, Eletrobras’ Accountant broke down the main components of the quarterly income for Eletrobras Companies. In relation to Eletrosul, the negative effect of the Generating Scaling Factor (GSF) stood out at R$ 140 million. It was informed that a transmission concession was transferred to Eletronorte. This operation resulted in positive income of R$ 200 million for Eletrosul; however, this operation is not resented on the item Consolidated. It was also noted that there was negative income presented for invested companies ESBR Jirau (R$ 60 million) and Teles Pires (R$ 11 million). In relation to Eletronorte, until June 2013 this company had free electric power, which led to gains during that year and was not repeated in the following year. Furthermore, the GSF effect totals approximately R$ 1 billion. Another factor is that its financial expense is overcharged due to dividends payable that have not yet been paid. In relation to Eletronuclear, it should be noted that compared to 2014 when it was recognized in the PID, which did not occur 2015.
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
11 |
Furthermore, there was a surplus of capitalization on the asset accounting variation, where this item was adjusted compared to 2015, totaling R$ 130 million. In relation to CGTEE, there were two disallowances noted in its Net Operating Income (ROL), which had a stronger negative impact on its income. In relation to the financial income, negative consequence due to debt rollover can be noted. In positive terms, it is noted the effect of the purchase of energy with Eletronorte in 2014. In relation to its power utility the late payment of their obligations with suppliers. Another point to be noted was the application of more conservative criteria to measure the Provision for Allowance for Doubtful Accounts (PCLD), which caused this provision to increase in the earnings of 2015. It should also be noted that KPMG requested that accounting procedures should be aligned to tariff classifications. It was also noted that companies are exposed, where the item ‘energy purchased for resale’ increased. In relation to CELG-D, it was mentioned that its negative result is directly related to its debt, e.g. energy from Itaipu, where this negative result is directly recognized in the quarterly result. This is added to the fact that this debt is not being paid, which has caused a further negative impact on its result. Another point relative to CELG-D refers to the monitoring of the control sale process of those company, in order to define the best moment to recognize this investment as maintained for sale. 2. Power Utility business. 2.1. DEL-089/2015. Power Utility Companies – Signed by Eletrobras as the intervenient-guarantor company, in five Private Certificate of Indebtedness entered by Petrobras and BR Distribuidora (creditors) and Amazonas Energia, Ceron, Eletroacre and Boa Vista Energia (debtors), and these companies entering Creditors’ Rights Agreements related to CDE, in favor of Petrobras and BR Distribuidora. RES-447, of 12 August 2015. The Board of Directors of Centrais Elétricas Brasileiras S.A. (Eletrobras), within its rights, backing up the decision taken by the Board of Executive Officers, and consubstantiated by the following documents, RESOLVED: Ø Report to the Board of Executive Officers nº DF-123, of 12 August 2015; Ø Legal Opinion nº PJEF-3668, of 12 August 2015; Ø Technical Information nº DFN-062, of 11 August 2015. 1. To approve the signing by Eletrobras as the intervenient-guarantor of 5 Creditors’ Rights Agreements (CCDs), that will be entered by Petrobras and Amazonas Energia, and by BR Distribuidora and Amazonas Energia, Eletroacre, Ceron and Boa Vista Energia, according to the minutes enclosed. 2. To agree, as set forth under Article 21, item III of the By-Laws of Amazonas Energia, Ceron, Boa Vista Energia e Eletroacre, that these Companies enter the Creditors’ Rights Agreements related to CDE, in favor of Petrobras and BR Distribuidora, to be entered by and between Petrobras and Amazonas Energia, and BR Distribuidora and Amazonas Energia, Eletroacre, Ceron and Boa Vista Energia, according to the minutes enclosed. 3. To grant legal powers to Eletrobras Board of Executive Officers to approve amendments made to the aforementioned agreements in item 1, provided the financial conditions approved her under are complied with, which will not incur in increase of the amount of the contracted loan and/or amendments to the financial charges, as well as comply with usual market practices. Said approval is conditioned to the prior analysis by the Department for the Development of New Businesses (DFN) and adopting the necessary measures for the compliance with Resolution. 3. Corporate and Shareholder Matters. 3.1. DEL-090/2015. Creation of the Independent Investigation Management Commission. The Independent Investigation Management Commission of the Board of Directors of Centrais Elétricas Brasileiras S.A. (Eletrobras), using its rights and supporting the decision made by the Board of Executive Officers, RESOLVED: 1. To appoint Mr. Manuel Jeremias Leite Caldas, as a member of the Fiscal Council of Eletrobras to join the Independent Investigation Management Commission established by DEL-081/2015. 2. To hire a Compliance expert to assist in the works carried out by the Independent Investigation Management Commission.
|
|
PR Av. Presidente Vargas, 409 –13º 22210-030 Rio de Janeiro - RJ Tel.: (21) 2514-6101 Fax: (21) 2514-5949 |
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3. To determine that the Compliance Manager will take the necessary measures for the compliance of this Resolution. There being no further business, the Chairman of the Board concluded the work and determined the transcription of this document, which after read and approved in signed by me, MARIA SILVIA SAMPAIO SANT’ANNA, Secretary of the Council. Other deliberations from the meeting were omitted hereunder as they pertain solely to internal interests of the Company, proper caution, governed by the duty to confidentiality by the Administration, as per the main clause of Article 155 of Law nº 6.404 (Securities Law), therefore outside the scope of paragraph 1 of Article 142 of the Law at hand.
Rio de Janeiro, 14 August 2015.
MARIA SILVIA SAMPAIO SANT’ANNA |
Secretary General |
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 |
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