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Summary

 

 

 

 

 

 

 

Rio de Janeiro, August 14, 2015 - Eletrobras (Centrais Elétricas Brasileiras S.A.) (BM&FBOVESPA: ELET3 and ELET6 – NYSE: EBR and EBR-B – LATIBEX: XELTO and XELTB), the largest company in the electricity sector in Latin America, parent company of 13 subsidiaries, operating in the generation, transmission and distribution segments, a participation company named Eletropar, and a 50% interest in the social capital of Itaipu Binational Company, announces its results for the period.

 

Eletrobras presented, on the first half of 2015 (1H15) an overall consolidated net loss attributed to the controlling in the amount of R$ 103 million as compared to a net income attributed to the controlling in the amount of R$ 925 million in the first half of 2014 (1H14).

In the second quarter of 2015 (2Q15) the Company presented a net loss attributed to the controlling in the amount of R$ 1,358 million as compared to a net income attributed to the controlling in the amount of R$ 1,255 million. These quarter results were influenced mainly due to the new generation and transmission tariffs regarding the assets whose concessions were renewed as per Law 12,783/13 and by certain facts that we hereby highlight:

 

(i) Compared to the 1Q15 the revenues from supply in the distribution increased 6.8% in the 2Q15, see item I.1.2; (ii) reversal of provisions from onerous contracts in the amount of R$ 80 million in the 2Q15, see item I.4; (iii) recognition of the CVA (Variation Compensation Account of items  of the "Amount A") and other financial components in the amount of R$ 278 million; (iv) Itaipu transfer decreased 112.8% compared to the 1Q15, see item II.3; (v) Increase of 14.1% in the electricity purchased for resale in the 2Q15 compared to the 1Q15; (vi) Fuel fo electricity production increased by 113%, see item I.1;  (vii) Provision for contingencies in the amount of R$ 848 million, see item I.3;  (viii) provision for PCLD (provision for doubtful receivables) of customers and resellers in the amount of R$ 151 million (ix) Debt charges increased 23%, see item I.1.

 

HIGHLIGHTS OF THE CONSOLIDATED RESULTS OF SECOND QUARTER OF 2015:

 

·         Net Operational Income – NOI in the amount of R$ 8,227 million;

·         Electricity purchased for resale in the amount of R$ 3,332 million;

·     Net operating provisions in the amount of R$ 901 million;

·         Net results due to foreign currency exchange rate variations with a negative result in the amount of R$ 99 million; and

·          The EBITDA of the Eletrobras Subsidiary Companies presented a total values of R$ 77 million.

 

 

 

 

I.             ANALYSIS OF THE CONSOLIDATED RESULTS (R$ million)

 

 

I.1       Financial Highlights

 

Main Variations in Results (2Q 2015 x 1Q 2015)

 

The result of 2Q 2015 decreased 208% when compared to the 1Q 2015, whereas a net loss attributed to the controlling in the amount of R$ 1,358 million was registered in 2Q15 as compared to a net income in the amount of R$ 1,255 million in 1Q15.

Net Operating Income, in the amount of R$ 8,277 million registered in 2Q15 a 4.3% decrease as compared to 1Q15, when it was registered an amount of R$ 8,599 million. Excluding the sales revenues in the spot market (CCEE) and the revenue from construction, the NOI would have shown a decrease of 3.9%, from R$ 7,149 million in the 1Q15 to R$ 6,870 million in the 2Q15. In the analysis by segment, the following highlights as presented:

»     Generation income registered a 6.9% increase, from R$ 5,596 million in 1Q15 to R$ 5,210 million in 2Q15. Such decrease was mainly due to a decrease in the revenue from supply from R$ 3,117 million to R$ 3,006 million; a decrease in the electricity sales within the spot market (CCEE), from R$ 887 million to R$ 757 million, mainly due to a reductions in the PLD (Preço de Liquidação das Diferenças), and a reduction from Itaipu transfer, from a revenue of R$ 121 million to an expense of R$ 16 million influenced by the adjustment of the monetary restatement calculated based on rates of American prices Price Commercial and Industrial Goods.  The total volume of energy sold of Eletrobras companies increased from 60 TWh in 1Q15 to 62 TWh in 2Q15. Construction revenue was registered at its equivalent value as cost of construction.

 

»     Transmission income showed a 12.1% increase, from R$ 1,119 million in 1Q15 to R$ 1,254 million in 2Q15, influenced by an increase in the revenue from construction which was registered at its equivalent value as cost of construction.

»     Distribution income showed a 6.0% increase from R$ 3,575 million in 1Q15 to R$ 3,789 million in 2Q15. The supply of electricity registered a 6.8% increase from R$ 3,117 million in 1Q15 to R$ 3,328 million in 2Q15, influence, mainly, mainly influenced by the application of tariff flags, with proportional impact on deductions from operating revenue. The recognition of the CVA and other financial components presented a small decrease in the 2Q15, from R$ 282 million in the 1Q15 to R$ 278 million in the 2Q15.  The volume of electricity sold went from 7.1 TWh in 1Q15 to 7.2 TWh in 1Q15. Construction revenue was registered at its equivalent value as cost of construction.

-Electricity purchased for future resale registered a 14.1% increase, from R$ 2,922 million in 1Q15 to R$ 3,332 million in 2Q15.  This result was mainly due to the higher exposure from Furnas due to the reservoir levels, by the GSF, and exposure from Amazonas Energia considering the delay in the interconnection of the transmission lines.

 

-The Fuel for the production of Electricity item registered a 113.0% increase. In the 1Q15 it registered a net expense in the amount of R$ 299 million, whilst in 2Q15 it registered a net expense in the amount of R$ 636 million due to a decrease in the reimbursement in the subsidiary Eletronorte (Amapá region) and due to changes in the CCC recognition of new methodology and regulatory losses established by the ANEEL 1583/2015 of 05.18.2015, retroactive to January 2015 in the subsidiaries, with significant impact especially in Amazonas Energia.

 

-Throughout 2Q15 the full amount of the Personnel, Material and Service (PMS) line showed a 3.4% increase from R$ 2,004 million in 1Q15 to R$ 2,073 million in 2Q15.  Personnel decreased by 1.0% from R$ 1,325 million in 1Q15 to R$ 1,312 million in 2Q15. The Third party services increased by 8.5% from R$ 618 million in the 1Q15 to R$ 670 million in 2Q15 and the material line item increased by 47.5% and from R$ 61 million in the 1Q15 to R$ 90 million in the 2Q15, see item I.7. The increase in the Services was influenced mainly by the expenses due to a scheduled shutdown of Angra I.

 

-The operating provisions went from a provision of R$ 327 million in the 1Q15 to a provision of R$ 901 million in the 2Q15 (see item I.3). In the 2Q15, the operating provision were influenced mainly by provisions for contingencies in the amount of R$ 901 million in the 2Q15 (see item I.3). In the 2Q15, the operating provisions were influenced mainly by the provisions for contingencies in the amount of R$ 848 million highlighting the provision for compulsory loans and adjustments in legal proceedings values from Furnas and Chesf; by the provision to cover doubtful credits of customers and resellers in the amount of

 

R$ 151 million, influenced mainly by a review in the PCLD criteria of distributors companies. The provision were partially compensated by the reversal on onerous contracts in the amount of R$ 80 million (see item I.4).

 

-Shareholdings line registered a 113% variation, from an accounting of a positive result in the amount of R$ 41 million in 1Q15 and a negative result in the amount of R$ 5 million in the 2Q15.  The variation was due mainly to the negative results obtained by SPE Madeira Energia S.A (Santo Antonio Hydroelectric Power Plant), ESBR (Jirau Hydroelectric Power Plant). The result of these SPEs is due, fundamentally, to the hydrological exposure and the provision for contingencies due to a discussion with ANEEL on "exclusive responsibility" in delaying the entry into operation of some machines.

 

-Net Financial Result line registered a net revenue of R$ 593 million in 1Q15 as compared to a net expense of R$ 264 million in 2Q15, which represents a 144% decrease. This variation was mainly due to a negative effect regarding the currency variation, which went from a net revenue of R$ 341 million to an expense of R$ 99 million and due to an increase in debt charges expenses in the 2Q15 in 23%. The increase in debt charges is mainly due to the increase in the indices (SELIC and others) and also the adjustment of the distribution debts with suppliers due to delayed repayments made by the CCC fund or not billed yet.

 

Main Variations in Results (1H 2015 x 1H 2014)

 

The result of 1H 2015 decreased 111% when compared to the 1H 2014, whereas a net loss attributed to the controlling in the amount of R$ 103 million was registered in 1H15 as compared to a net income in the amount of R$ 925 million in 1H14. Excluding the result of CELG D, the Company that began to show up in Consolidated Financial Statements of Eletrobras from September 26, 2014, date of the Extraordinary General Meeting which Eletrobras's shareholders approved the acquisition of the control of CELG Distribution SA, the 1H15 result would have shown a reduction of 69% compared to 1H14, presenting a consolidated net income of R$ 100 million in 1H15. For better comparison, the variations of the DRE were also treated considering and excluding the effects of the CELG D consolidation.

»     Net Operating Income, in the amount of R$ 16,826 million registered in 1H15 a 21.3% increase as compared to 1H14, when it was registered an amount of R$ 13,875 million. Excluding the revenues of CELG D, the NOI would have shown an increase of 4.8%, from R$ 13,875 million in the 1H14 to R$ 14,543 million in the 1H15. In the analysis by segment, the following highlights as presented:

»     Generation income registered a 1.6% decrease, from R$ 10,983 million in 1H14 to R$ 10,806 million in 1H15. Such decrease was mainly due to a decrease in the revenue from electricity sales in the spot market (CCEE) which went from R$ 2,718 million to R$ 1,644 million; mainly due to the energy sales by the subsidiaries Furnas and Eletronorte in A-1 Auction in 2014 and the reduction of PLD in 2015. The sales reduction in the CCEE was partially offset by a 10% increase compensated by the supply revenue, which went from R$ 5,558 million to R$ 6,123 million and also by 12% growth in revenues from supply, from R$ 1,666 million to R$ 1,863 million. The total volume of energy sold of Eletrobras companies went from 125 TWh in 1H14 to 122 TWh in 1H15. The Construction revenue has equivalent amount recorded at construction cost.

 

»     Transmission income showed a 10.6% increase, from R$ 2,145 million in 1H14 to R$ 2,373 million in 1H15, influenced mainly by the 10.5% growth in the revenue from operation and maintenance and growth of 62.1% on the rate of return adjustments. This variation is mainly explained by monetary restatements in the RAP, the entry of new investments. The Construction revenue has equivalent amount recorded as cost of construction.

»     Distribution income showed a 178% increase from R$ 2,649 million in 1H14 to R$ 7,364 million in 1H15. Two aspects influenced the distribution segment revenues in 1H15. The first concerns the impact on the Compensation Account Items for Variations of "Portion A" - CVA, totaling R$ 358 million in the 1H15. The second concerns the incremental revenue of supply in the amount of R$ 3,270 million of CELG D, which was consolidated only from the 4th quarter of 2014. The energy supply increased by 180%, from R$ 2,304 million in 1H14 to R$ 6,446 million in the 1H15. Excluding the revenue from CELG D, the revenue from supply would have been R$ 3,175 million and have grown by 37.8%, influenced mainly by the application of tariff flags, with proportional impact on deductions from operating revenue through increased charges. The volume of energy sold went from 8.4 TWh in 1H14 to 14.3 TWh in 1H15. Excluding CELG D, this amount, in 1S15, would have been 8.5 TWh. Construction revenue was registered at its equivalent value as cost of construction.

-Electricity purchased for future resale registered a 69.5% increase, from R$ 3,690 million in 1H14 to R$ 6,254 million in 1H15.  Excluding the CELG D expenditures with electricity purchased for resale, this increase would have been 28.0% and the amount of R$ 4,725 in 1H15. This result was influenced mainly by the seasonal adjustments made by Eletronorte in 1H14, concentrating purchases in the second half of 2014, and the increase in the volume purchased due to the decontracting of some distributors.

-The Fuel for the production of Electricity line registered a 32% increase. Throughout 1H14 it registered a net expense in the amount of R$ 707 million, whilst in 1H15 it registered a net expense in the amount of R$ 935 million due mainly due to lower reimbursement of CCC, in accordance with Law 12,111 / 99 in subsidiaries Eletronorte and Amazonas Energia in 1H15.

 

-Throughout 1H15 the full amount of the Personnel, Material and Service (PMS) line showed a 6.3% increase from R$ 3,835 million in 1H14 to R$ 4,077 million in 1H15.  Personnel, material and services line items presented, respectively, an increase of 1.0%, growth of 3.2% and 19.7%. Excluding the expenses from CELG D, the Personnel account shows a decrease of 4.9% from R$ 2,611 million in 1H14 to R$ 2,483 million in the 1H15. The services account decreased 1.9% from R$ 1,077 million in 1H14 to R$ 1,056 million in the 1H15 and the material has decreased by 2.6%, from R$ 147 million in 1H14 to R$ 143 million in the 1H15, see item I.7.

 

 

-The operating provisions went from a reversal of R$ 424 million in the 1H14 to a provision of R$ 1,228 million in the 1H15 (see item I.3). In the 1H15, the operating provision were influenced mainly by provisions for contingencies in the amount of R$ 1,101 million, highlighting the provision for the compulsory loans and adjustments in legal proceedings values from Furnas and Chesf; by the provision to cover doubtful credits of customers and resellers in the amount of R$ 253 million, influenced mainly by a review in the PCLD criteria of distributors companies and the consolidation of Celg D. The provision were partially compensated by the reversal on onerous contracts in the amount of R$ 155 million (see item I.4). Excluding the provisions from Celg D, the amount of the operating provisions would have been R$ 1,118 million in 1H15.

 

-Shareholdings line registered a 72% variation, from an accounting of a positive result in the amount of R$ 129 million in 1H14 and a positive result in the amount of R$ 36 million in the 1H15.  The variation was due mainly to the negative results obtained by SPE Madeira Energia S.A (Santo Antonio Hydroelectric Power Plant), ESBR (Jirau Hydroelectric Power Plant). The result of these SPEs is due, fundamentally, to the hydrological exposure and the provision for contingencies due to a discussion with ANEEL on "exclusive responsibility" in delaying the entry into operation of some machines.

 

-Net Financial Result line registered a net revenue of R$ 47 million in 1H14 as compared to a net revenue of R$ 330 million in 1H15, which represents a 1,113% increase. This variation was mainly due to a positive effect regarding the currency variation, which went from a net expense of R$ 223 million to a revenue of R$ 242 million and due to an increase in remuneration from indemnities concerning the renewed generation and transmission concessions in accordance with Law 12,783 / 13 (concerning the 1st tranche), which went from R$ 371 million in 1H14 to R$ 865 million in the 1H15, due to monetary adjustment over the amounts not received yet, and the inflation index (IPCA) that adjusts the debtor balance.

 

 

 

 

I.2 Net Operating Income (NOI)

 

Throughout 1H15 the Net Operating Income (NOI) registered a 21.3% increase as compared to the 1H14, from R$ 13,875 million to R$ 16,826 million in 1H15.

In the 2Q15 Net Operating Income decreased 4.3% as compared to the previous quarter, from R$ 8,599 million to R$ 8,227 million in the 2Q15. Regarding the 2Q14 the NOI presented an amount of R$ 6,867 million representing a 20% increase.

 

 

 

Participation of business in relation to Gross Revenues –2015

 

 

 

 

I.2. Energy sold

 

I.2.1  Energy Sold in 1H15 - Generation Companies – TWh

 

In terms of the energy market evolution, the Eletrobras companies during  the 1H2015, sold 122 TWh of energy, as compared to 125 TWh traded in the same period of the previous year, representing a 2.8%

decrease.

 

*Excludes the energy commercialized in the spot market.

 

 

I.2.2 Energy Sold in 2015 – Distribution Companies – Twh

 

In terms of the energy market evolution, the  Eletrobras Distribution System in 1H2015, sold 14.3 TWh of energy, as compared to 8.4 TWh traded in the same period of the previous year, representing a 36.3% increase.

 

 

* The consolidation of CELG D in the Eletrobras Results began in September 2014.

**Considers only the regulated market.

 

 

 

 

 

I.3 Operating Provisions

  

Note: Negative values in the table above indicate reversals of provisions.

 

Provisions for legal liabilities linked to legal proceedings

 

 

 

I.4  Onerous Contracts

 

*The table considers an increase in the amount of R$ 50 million from the onerous contract of the Amazonas Energia intangibles that does not show in the Company results.

 

 

10

 

 

 

 

 

I.5 CONSOLIDATED EBITDA

 

 

I.5.EBITDA of Subsidiaries Companies*

 

Throughout the 2Q15 the sum of the EBITDA of the Eletrobras Subsidiary Companies registered a negative amount of R$ 77 million which represents a 104% decrease, as compared to the EBITDA of R$ 1,806 million registered in the 1H15. Throughout the 1H15 the EBITDA of the Eletrobras Subsidiary Companies summed a total of R$ 1,729 million representing a 43% decrease as compared to the EBITDA of R$ 3,017 million in the 1H14.

 

 

 

EBITDA = Net income plus income taxes over profits minus net financial expenses Financial income and depreciation, amortization and depletion, as determined by CVM Instruction 527/12.

p.p = percentage points

* Source: Financial statements for consolidation

 

 

 

 

 

 

I.6 NET DEBT

 

*Restated considering new methodology.

 **This value corresponds to the amount reimbursed to Eletrobras due to the acquisition and commercialization of all energy resources belong to Brazil, generated by Itaipu Binational, under the Treat signed on 26 April 1973 between Brazil and Paraguay.

 

I.7. Personnel, material and service

 

* The consolidation of CELG D was of September 2014. For comparison purposes, the personnel, material and services expenses were excluded from CELG D.

 

 

 

 

 

 

 

II. Analysis of the Results of the Parent Company

 

Evolution Of The Results - R$ Million

 

 

 

                                                                                                                                

 

 

 

 

Note: The analysis of the results of the subsidiary companies can be found in the Annex.

 

 

II.1.Eletrobras Shareholdings

 

Throughout the 1H15 the result regarding shareholdings had a positive impact  in Eletrobras overall results in the amount of R$ 625 million, which represents a 71% variation as compared to the positive amount of R$ 2,122 million registered in 1H14, due mainly to a worsening result in the equity equivalence of the subsidiary companies.

The recognition of the results obtained by the companies invested by Eletrobras made a negative impact on the 2Q15 results in the amount of R$ 347 million due to the valuation of shareholding investments mainly due to the result of the equity equivalence of the subsidiaries companies, as shown below:

 

 

 

 

 

 

 

 

II.2.Financial Results

 

Along the 1H15, Financial Results positively impacted the overall results of the Parent Company in the amount of R$ 1,678 million, as compared to the amount of R$ 834 million in the 1H14. This variation is primarily explained by the currency variation.

Throughout the 2Q15, Financial Results positively impacted the overall results of the Parent Company in the amount of R$ 436 million, as shown in table below:

*Reviewed.

 

 

 

 

 

 

The main indexes of the loans and transfer agreements showed the following variations in the period:

 

Evolution of the IGP-M Index and the Dollar (%)

 

                        

II.3.  Sale of electricity of Parent Company

 

Itaipu Binational

 

 

a.1 Financial Asset Itaipu Binacional

 

The balance resulting from the adjustment factor from Itaipu Binational, shown on Financial Asset at the Non-Current Assets amounted to R$ 6,136 million on June 30, 2015, equivalent to US$ 1,978 million (December 31^st , 2014 – R$ 5,469 million, equivalent to US$ 2,059 million), of which R$ 4,339 million, equivalent to US$ 1,399 million shall be transferred to the National Treasury until year 2023 represented by reimbursement obligations, as a result of a credit transaction which took place between the Company and the National Treasury in 1999. Such amounts will be realized through its inclusion in the sales tariff to be practiced until 2023.

 

 

a.2 Commercialization of Electric Energy– PROINFA

 

Trading electricity within the PROINFA registered a negative net result in the period ended on the first half of 2015 in the amount of R$ 19 million (June 30, 2014 by R$ 307 million), producing no effect on net income of the company.  This value is included under the Reimbursement Obligations. The balance of resellers consumers line registered the amount R$ 452 million of PROINFA related to the Parent Company (December 31^st, 2014 – R$ 573 million).

 

III.  Eletrobras Information

 

Portfolio of Loans Receivable and Payable

 

Financing and Loans Granted

 

The financing and loans granted are determined on the company's own funds, as well as sectoral and external resources funds raised through international development agencies, financial institutions and resulting from the issuance of bonds in the international financial market.

All financing and loans are supported by formal agreements with the borrowers. The receivables of these values, in most cases, are planned in monthly installments, repayable in an average term of 10 years and the average interest rate, weighted by the portfolio balance, of 7.92% per year.

Financing and loans granted, with foreign currency exchange rate variation clauses, represent approximately 40% of the total portfolio of the Company (38% on December 31^st, 2014). The remainder that predict adjustment based on indexes that represent the level of domestic prices in Brazil reach 59% of the portfolio balance (62% on December 31^st,  2014).

The market value of these assets are equivalent to their accounting value, since they are industry specific operations and formed, in part, by resources from Sector Funds that don’t have comparable parameters with other loans.

The increase in the balance of receivables loans in the quarter is mainly due to the foreign exchange variation on the loans granted to Itaipu, due to the appreciation of the dollar against the Brazilian real when compared to the closing prices of June 2015 and December 2014.

The long-term portion of loans and financing granted from regular and Sector Funds, including transfers based on the contractual expected cash flows shall mature in variable amounts as shown below:

 

 

 

 

 

Financing and Loans  Payable

 

Debts are guaranteed by the Federal Government and/or by Eletrobras and subject to charges, which averaged along 2015 at 6.32% per annum (5.20% per annum in 2014) with the following debt profile:

 

The long-term loans and financing, shall mature as follows:

 

Ratings

 

 

 

 

 

 

ORGANIZATION CHART OF ELETROBRAS

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

Investments

R$ Million

 

 

Share Capital

 

Structure

 

As of June 30, 2015 the social capital of Eletrobras had the following composition:

 

 

 

 

 

 

 

 

 

Share performance analysis

 

Shares

 

Eletrobras Common Shares – ELET3

 

During the 2Q15 Eletrobras’ common shares (ELET3) increased their value by 2.1%, closing at R$ 5.88. The maximum price achieved by those shares was R$ 8.66 on May 6th, and the lowest price registered was R$ 4.90 on June 30th. The quotations related are ex-dividend values. The average volume of shares traded daily throughout the second quarter was of 3.2 million shares, equivalent  to financial amount of R$ 21.9 million.

 

Eletrobras Preferred Shares – ELET6

 

During the 2Q15 Eletrobras’ preferred shares (ELET6) increased their value by 25.9%, closing at R$ 8.47. The maximum price achieved by those shares was R$ 10.6 on May 6th, and the lowest price registered was R$ 7.22, on April 1st. The quotations related are ex-dividend values. The average volume of shares traded daily throughout the second quarter was of 1.7 million shares, equivalent to financial amount of R$ 15.7 million.

 

Shares Trading Performance at the BM&FBOVESPA

 

 

 

 

 

 

ADR Programs

 

EBR – Eletrobras Common Shares

 

During the 2Q15, the Eletrobras common shares ADRs increased  their value by 3.9%, closing at US$ 1.88. They recorded a maximum price of U$ 2.82 on May 6th, and the lowest price registered was on June 26th, when the price reached US$ 1.86 considering ex-dividend values. The average volume of shares traded daily thoughout the second quarter was of 1.04 million shares. The balance of ADRs representing such shares at the end of the second quarter was of 88.3 million.

 

EBR - B– Eletrobras Preferred Shares

 

During the 2Q15, the Eletrobras preferred shares increased their value by 28.1%, closing at US$ 2.69. They recorded a maximum price of US$ 3.39 on May 6th. The lowest price registered was US$ 1.96 on April 1st, considering ex-dividend values. The average volume of shares traded daily throughout the second quarter was of 0.21 million shares. The balance of ADRs representing such shares at the end of the second quarter was of 24.7 million.

 

Latibex (Latin American Stock Market at Madrid Stock Exchange)

 

XELTO - Eletrobras Common Shares

 

During the 2Q15 the common shares listed on Latibex program increased their value by 6.9% closing at € 1.71. They recorded a maximum price of € 2.58 on May 7th, and the lowest price registered was € 1.68 on April 1st, considering ex-dividend values. The average volume of shares traded daily throughout the quarter was of 11.4 thousand shares.

 

XELTB - Eletrobras Preferred Shares

 

During the 2Q15 the preferred shares listed on Latibex program increased their value by 22.4%, ending the quarter valued at € 2.46. They recorded a maximum price of € 3.11 on May 6th. The lowest price registered was € 2.01 on April 1st, considering ex-dividend values. The average volume of shares traded daily throughout the quarter was of 7.5 thousand shares.

 

 

 

 

 

 

 

 

Foreign Currency Exchange Rate

 

 

 

 

 

 

 

 

 

Number of Employees

 

Parent Company

 

 

By Region

 

 

Outsourced Employees

 

Turnover Index (Holding)

 

 

Partnerships – Parent Company

 

Generation

 

 

 

* There is no concession contract. Period provided for both the PPA such as the use of agreement.

 

Transmission

 

*Eletrobras holds 60% and Eletrosul holds 40% of the enterprise

 

 

*SE associated to TL.