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
|
|
Page |
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|
Introduction |
03 | |
|
I. Financial Information of the Companies |
05 | |
|
II. Financial Analysis of the Companies |
14 | |
|
III. Operating Information of the Companies |
18 | |
|
IV. Attachment: I. Financial Information from Subsidiaries II. Financial Analyses from Subsidiaries Companies III. Operating Infomation from Subsidiaries |
| |
|
The Marketletter – Annex I, II and III can be found in .xls extension at 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
 |
Rio de Janeiro, May 15, 2018 - Eletrobras (Centrais Elétricas Brasileiras S.A.) [B3: ELET3 and ELET6 - NYSE: EBR and EBR-B - LATIBEX: XELTO and XELTB], the largest company in the Latin American electricity sector, operating in the generation, transmission, distribution and marketing segment, controlling company of 14 subsidiaries, a holding company - Eletropar -, a research center - Cepel and holding a 50% Capital Stock of Itaipu Binacional and the control of 4 Special Purpose Companies, announces its results for the period.
In the first quarter of 2018 (1Q18), Eletrobras presented a net income of R$ 56 million, lower than the net income of R$ 1,378 million recorded in the first quarter of 2017 (1Q17).
Net Operating Revenue Managerial presented growth of 6%, from R$ 6,674 million in 1Q17 to R$ 7,064 million in 1Q18. The EBITDA decreased 41%, from R$ 1,500 million in 1Q17 to R$ 880 million in 1Q18. The highlights of 1Q18 are presented below:
HIGHLIGHTS OF 1Q18
» Obtaining a maximum score in the 2nd Cycle of the Certification of the Governance Indicator, preserving the IG-SEST Level 1 (level of excellence);
» Achieved the certification in the Highlight Program on State Governance, granted by the Issuer Regulation Board (" DRE ") of B3 - Brasil, Bolsa, Balcão;
» Gross Income of R$ 10,673 million;
» Provision and expenses with Consensus Dismissal Plan (PDC) of R$ 272 million;
» Provisions for Contingencies in the amount of R$ 512 million;
» Reversal of Provisions for onerous contracts of R$ 301 million;
» Provision for impairment of R$ 174 million;
» Provision of the Water Resources Inspection Fee (Pará Rate) of R$ 150 million;
» Net Financial Result negative of R$ 7 million;
» Result of the negative distribution segment in the net amount of R$ 1,910 million, with highlight to the loss of the subsidiary Amazonas distribution in the amount of R$ 1,339 million;
» EBITDA of R$ 1,244 million and positive EBITDA in the amount of R$ 880 million in 1Q18;
R$ Million
|
|
1Q18 |
1Q17 |
% |
|
Energy Sold - Generation GWh (1) |
40.6 |
38.4 |
5.8% |
|
Energy Sold - Distribution GWh |
3.8 |
3.9 |
-2.2% |
|
Gross Revenue |
10,673 |
10,816 |
-1% |
|
Gross Revenue from Management (2) |
9,145 |
8,372 |
9% |
|
Net operating revenue |
8,593 |
8,862 |
-3% |
|
Net Operating Revenue Management (2) |
7,064 |
6,418 |
10% |
|
EBITDA |
1,244 |
4,190 |
-70% |
|
Management EBITDA (3) |
880 |
1,500 |
-41% |
|
Net profit |
56 |
1,378 |
-96% |
|
Management Net Income (4) |
-429 |
-551 |
-22% |
|
Investments |
873 |
1,204 |
-27% |
(1) Does not consider the energy allocated for quotas, from the plants renewed by Law 12,783 / 2013
(2) Excludes CELG D and Construction Revenue and Transmission Revenue with RBSE, referring to Transmission Lines renewed by Law 12.783 / 2013;
(3) Excludes item (2) and Consensus Dismissal Plan (PDC), expenses with independent research, research findings, contingency provisions, onerous contracts, Impairment, Provision for losses on investments, Provisions for adjustment to market value, (TFRH), Provision ANEEL CCC, Equity interests (RBSE CTEEP);
(4) Excludes item (3) and monetary restatement for compulsory and IRPF provision for RBSE.
2
 |
ANALYSIS OF CONSOLIDATED RESULTS (R$ million)
|
DRE |
1Q18 |
1Q17 |
|
Generation Revenue |
5,029 |
5,015 |
|
Transmission Revenue |
2,538 |
2,778 |
|
Distribution Revenue |
2,670 |
2,579 |
|
Other Revenues |
435 |
444 |
|
Gross Revenue |
10,673 |
10,816 |
|
Deductions from Revenue |
-2,080 |
-1,954 |
|
Net Operating Revenue |
8,593 |
8,862 |
|
Operational Costs |
-3,750 |
-3,417 |
|
Personnel, Material, Services and Others |
-2,772 |
-2,480 |
|
Depreciation and Amortization |
-466 |
-461 |
|
Operational Provisions |
-1,081 |
-600 |
|
|
523 |
1,904 |
|
Shareholdings |
255 |
1,825 |
|
Income before Financial Income |
778 |
3,729 |
|
Financial Result |
-7 |
-1,099 |
|
Income before Tax |
770 |
2,630 |
|
Income tax and social contribution |
-714 |
-1,252 |
|
Net Profit |
56 |
1,378 |
|
DRE |
1Q18 |
1Q17 |
|
Generation Revenue Management |
5,024 |
5,009 |
|
Transmission Revenue Management |
1,150 |
1,051 |
|
Distribution Revenue Management |
2,535 |
1,910 |
|
Other Recipes Management |
435 |
402 |
|
Gross Revenue Management |
9,145 |
8,372 |
|
Deductions from Revenue Management |
-2,080 |
-1,699 |
|
Net Operating Revenue Management |
7,064 |
6,674 |
|
Operational Costs Management |
-3,416 |
-2,905 |
|
Personal, Material, Services and Others Management |
-2,485 |
-2,374 |
|
Depreciation and Amortization Management |
-466 |
-461 |
|
Operational Provisions Management |
-538 |
-193 |
|
|
159 |
740 |
|
Shareholdings Management |
255 |
300 |
|
Income before Financial Income Management |
414 |
1,039 |
|
Financial Result Management |
-947 |
-866 |
|
Income before Tax Management |
-533 |
173 |
|
Income tax and social contribution Management |
103 |
-724 |
|
Net Profit Management |
-429 |
-551 |
* Excludes CELG D results, construction revenues and expenses, RBSE Transmission Revenue, RBSE Revenue referring to Transmission Lines renewed by Law 12.783 / 2013, expenses with independent research, Impairment, onerous contracts, provisions for contingency, provision for losses on investments, provisions for adjustment to market value, provision for the Water Resources Inspection Fee (TFRH), ANEEL CCC Provision, result of CTEEP's equity investments impacted by RBSE, compulsory loans, Consensus Dismissal Plan (PDC), Provision of Pará Rate relative to Eletronorte and provision for IRPJ / CSLL related to RBSE.
3
|
|
I.1 Main variations of the Statement of Income
Variations of Statement of Income (1Q18 x no 1Q17)
The 1Q18 Results posted a net income of R$ 56 million compared to a net income of 1,378 milllion in 1Q17, especially due to the following factors:
Operating Income
|
Generation Revenues |
1Q18 |
1Q17 |
% |
Variation |
|
Supply of energy for distribution companies |
3,435 |
3,314 |
3.7 |
The variation was mainly due to (i) price readjustment; (ii) In the subsidiary Eletronuclear, updating of the fixed revenue established by ANEEL for the Year 2018 and variable portion referring to the generated annual estimated for 2018; (iii) In the subsidiary Eletronorte, increase of energy in the regulated follow-up and sale through the auction A-1 product 2018/2019, 171.96 Mwmed. This growth in Supply revenue was offset by: (i) In the subsidiary Furnas, termination of Product ACR 2015-2017 and; (ii) In the subsidiary CGTTE, reduction of the revenue from reduction of CCEAR contracts. |
|
Supply of energy for final consumers |
520 |
685 |
-24.1 |
The reduction was mainly due to: (i) in the subsidiary Eletronorte, termination of some contracts (South equivalent to 315 Mwmed); (ii) In Chesf, adjustments in contracts extended with industrial consumers. This decrease was counterbalanced by the growth in revenue of subsidiary Furnas, due to the new auctions of the Itumbiara Plant, governed by Law 13182/158, specific to final consumers. |
|
CCEE (short term) |
449 |
396 |
13.3 |
The variation is mainly due to market variations (PLD, GSF, Portfolio of contracts, etc.). |
|
Revenue from Operation and Maintenance Extended Power Plants Law 12.783/13 |
533 |
564 |
-5.5 |
The variation is mainly due to the following reasons: (i) change in the CFURH tariff, which composes the revenue from quotas of the refurbished plants, and (ii) frustration of the forecast of financial income caused by the difference between the rate of remuneration used in the forecast and the rate actually realized. |
|
Construction Revenue |
4 |
6 |
-33.5 |
No effect for the result, since it has expense in corresponding amount. |
|
Transfer Itaipu (see II.3.a) |
87 |
49 |
75.4 |
The variation was mainly due to an increase in the tariff on which the monetary adjustment calculated on the basis of the US Commercial Price indexes and Industrial goods is affected, and also due to the recognition of the interministerial ordinance that determines the revenues of Itaipu. |
|
TOTAL GENERATION REVENUES |
5,029 |
5,015 |
0.3 |
The variation was mainly due to the factors explained above. |
|
(-) Construction |
-4 |
-6 |
-33.5 |
|
|
MANAGEMENT GENERATION REVENUES |
5,024 |
5,009 |
0.3 |
The variation was mainly due to the factors explained above. |
4
|
|
|
Transmission Revenues |
1Q18 |
1Q17 |
% |
Variation |
|
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
821 |
747 |
10.0 |
The variation is mainly due to the following reasons: (i) the annual update of the RAP - Allowed Annual Revenue from concessions related to Transmission Lines extended pursuant to Law 12.783 / 2012; and (ii) investments related to line reinforcements in the transmission system. Highlight for Chesf. |
|
LT RAP Under Exploration regime |
67 |
64 |
5.5 |
The variation is mainly due to the following reasons: (i) annual adjustment; and (ii) the adjustment portion of the period. |
|
Construction Revenue |
194 |
174 |
11.5 |
No effect for the result, since it has expense in corresponding amount. |
|
Finance - Return on Investment - RBSE |
1,194 |
1,553 |
-23.1 |
Remuneration of the financial assets of the Basic Network of the Existing System (RBSE) for the transmission lines renewed in accordance with Law 12,783 / 2013, and the decrease in the remuneration between the periods is due to the beginning of the monthly amortization of the assets, in August of 1Q17. |
|
Return Rate Updates |
261 |
241 |
8.5 |
The variation was mainly due to the annual adjustment jin jun 2017.. |
|
TOTAL TRANSMISSION REVENUE |
2,538 |
2,778 |
-8.6 |
The variation was mainly due to the factors explained above. |
|
(-) Rate of Return related to RBSE Compensation |
-1,194 |
-1,553 |
-23.1 |
|
|
(-) Construction |
-194 |
-174 |
11.5 |
|
|
RECEIVE MANAGEMENT TRANSMISSION |
1,150 |
1,051 |
9.4 |
The variation was mainly due to the factors explained above. |
|
Distribution Revenues |
1Q18 |
1Q17 |
% |
Variation |
|
Supply |
2,413 |
2,360 |
2.2 |
The variation was mainly due to: (i) Tariff Adjustment in the Eletroacre, Ceal, Ceron and Boa Vista subsidiaries; and (ii) reclassification of revenues at Amazonas Energia and Cepisa. The growth of the account was partially offset by the effect of the sale of CELG D as of February of 1Q18. |
|
Short Term Revenue |
78 |
109 |
-28.5 |
The variation was mainly due to: (i) in the subsidiary Eletroacre, as from July 2017, uncontrolled MCSD of the excess energy reducing the volume of energy sold in the MCP; and (ii) in the subsidiary Amazonas Energia, effects of the operation in the Short-Term Market referring to the transfer of the charges of the plants committed with contracts for availability. |
|
Construction Revenue |
135 |
142 |
-4.5 |
No effect for the result, since it has expense in corresponding amount. |
|
CVA and other Financial Components |
44 |
-32 |
-240.3 |
The variation was mainly due to the constitution of positive CVA in the subsidiaries EletroAcre and Ceal and the reduction of the constitution of negative CVa in the subsidiary Amazonas Distribuição, as shown in the table below. |
|
TOTAL DISTRIBUTION REVENUE |
2,670 |
2,579 |
3.5 |
The variation was mainly due to the factors explained above. |
|
(-) CELG D |
0 |
-528 |
100 |
|
|
(-) Construction |
-135 |
-142 |
-4.5 |
|
|
MANAGEMENT DISTRIBUTIONREVENUE |
2,535 |
1,910 |
32.7 |
The variation was mainly due to the factors explained above. |
|
CVA and Other Financial Components |
1Q18 |
1Q17 |
|
ED Acre |
23 |
-9 |
|
ED Alagoas |
56 |
31 |
|
Amazonas Energy Distribution S.A. |
-37 |
-68 |
|
ED Piauí |
8 |
12 |
|
ED Rondônia |
-4 |
2 |
|
ED Roraima |
-1 |
12 |
|
Celg-D |
0 |
-11 |
|
TOTAL CVA and Other Financial Components |
44 |
-32 |
5
|
|
|
Other Revenues |
1Q18 |
1Q17 |
% |
Variation |
|
Other Recipes |
435 |
444 |
-1.9 |
The variation was mainly due to the deconsolidation of CELG D as of February 1Q18 and in the subsidiary Cepisa, of the transferred revenues referring to the use of the transmission system. |
|
CELG D |
0 |
-42 |
-100.0 |
|
|
Other Management Income |
435 |
402 |
8.3 |
|
Operating Costs and Expenses
|
OPERATING COSTS |
1Q18 |
1Q17 |
% |
Variation |
|
Energy purchased for resale |
-2,492 |
-2,602 |
-4.2 |
The change is mainly due to the deconsolidation of CELG D. Excluding the costs of CELG D, the account would show growth mainly due to the following factors: (i) In the subsidiary Eletrosul, additional amounts of energy purchased from the Teles Pires HPP, arising from the depletion of the energy sold by the same in the ACR; (iii) in the Ceal distributors, effects of the hydrological risks of the physical guarantee quotas and renegotiation of the hydroelectric plants. |
|
Charges on the use of electricity |
-447 |
-485 |
-7.9 |
The variation is mainly due to the effect of the consolidation of intra-group operations. |
|
Fuel for cars of electricity |
-477 |
-8 |
6,034 |
The variation is explained mainly by the lower recovery of fuel expenses in the subsidiary Amazonas Energia, due to the calculation of the CCC, according to Law 12,111 / 09. |
|
Construction |
-334 |
-322 |
3.6 |
No effect for the result, since it has expense in corresponding amount. |
|
TOTAL OPERATIONAL COSTS |
-3,750 |
-3,417 |
9.7 |
The variation was mainly due to the factors explained above. |
|
(-) CELG D |
0 |
190 |
-100.0 |
|
|
(-) Construction |
334 |
322 |
3.6 |
|
|
OPERATING COSTS. MANAGERS |
-3,416 |
-2,905 |
17.6 |
The variation was mainly due to the factors explained above. |
|
OPERATING EXPENSES |
1Q18 |
1Q17 |
% |
Variation |
|
Personel |
-1,759 |
-1,602 |
9.8 |
The change was mainly due to the impact of the Consensus Dismissal Plan (PDC), promoting cost reduction, as a cost reduction measure foreseen in PDNG 2018-2021. The account is also influenced by gas companies with PDC and PDC in the amount of R$ 272 million in 1Q18 and in 1Q17, due to the deconsolidation of CELG D in the amount of R$ 96 million, which due to the sale does not impact the result as of february 2017. |
|
Material |
-74 |
-55 |
34.2 |
The variation is mainly due to the increase in material consumption as a result of the Angra 2 shutdown for nuclear fuel exchange, from February 17 to March 20, 2018. |
|
Services |
-578 |
-581 |
-0.6 |
The decrease was mainly due to the deconsolidation of CELG D. Excluding CELG D, the Services account grew, mainly driven by higher expenses with independent research (R$ 9 million in 1Q17 and R$ 16 million in 1T18). |
|
Others |
-362 |
-242 |
49.8 |
The variation is fragmented in several accounts, and the main variations are due to: (i) In the subsidiary Amazonas Distribuição, due to the cut-off factor of regulatory losses (ii) In the subsidiary Chesf, adjustment record of the actuarial report - Post-employment benefits and loss record - Consumers and Concessionaires. |
|
Depreciation and amortization |
-466 |
-461 |
1.1 |
There is no relevant variation. |
6
|
|
|
Operating Provisions / Reversals |
-1,081 |
-600 |
80.3 |
The variation is mainly explained by (i) Contingencies in the amount of R$ 512 million, influenced by provisions related to the compulsory loan (R$ 197 million); (ii) impairment, of R$ 174 million (iii) Protax relative to the Pará rate of R$ 150 million. The main operating provisions are detailed below (see Note 42). These provisions were partially offset by the reversal of onerous contracts in the amount of R$ 319 million. |
|
TOTAL OPERATING EXPENSES |
-4,320 |
-3,541 |
22.0 |
The variation was mainly due to the factors explained above. |
|
CELG D |
0 |
96 |
-100.0 |
|
|
Consensus Dismissal Plan (PDC) |
272 |
0 |
- |
|
|
Independent Investigation Expenses |
16 |
9 |
-100.0 |
|
|
Contingencies |
512 |
351 |
45.9 |
|
|
Onerous Contracts |
-301 |
-319 |
-5.7 |
|
|
Provision / (Reversal) for Losses on Investments |
7 |
20 |
-63.0 |
|
|
Impairment |
174 |
270 |
-35.5 |
|
|
Water Resources Inspection Fee (TFRH) - Para Fee |
150 |
85 |
77.3 |
|
|
Operating Expenses Managerial |
-3,489 |
-3,028 |
15.2 |
The variation was mainly due to the factors explained above. |
Shareholdings
|
Shareholdings |
1Q18 |
1Q17 |
% |
Variation |
|
Shareholdings |
255 |
1,825 |
-86.0 |
The variation was mainly due to the sale of CELG D in 1Q17. |
|
(-) Alienation CELG D |
0 |
-1,525 |
- |
|
|
Shareholdings Management |
255 |
300 |
-15.0 |
The variation was mainly due to the factors explained above. |
Financial Result
|
RESULTADO FINANCEIRO |
1Q18 |
1Q17 |
% |
Variation |
|
Interest Income and Financial Income |
1,418 |
497 |
185.6 |
The variation was mainly due to the accounting of the agreement with Eletropaulover HOLDING. in the amount of R$ 1,064 million in 1Q18. |
|
Net Monetary Update |
-33 |
-3 |
1.100 |
There was no relevant material variation. |
|
Net Foreign Exchange Variation |
-38 |
31 |
-222 |
The variation is mainly due to the variation in the exchange rate in the period on financing agreements and with suppliers. |
|
Debt Charges |
-1,107 |
-1,559 |
-29.0 |
The variation was mainly due to the reduction in index rates in 1Q18 (SELIC, IPCA and others). |
|
Shareholder Remuneration Charges |
-61 |
-119 |
-49 |
The variation was mainly due to the correction of the amounts related to the Advance for Future Capital Increase (AFAC) made by the Union in the holding company, by the Selic; |
|
Shareholder Remuneration Charges |
-187 |
54 |
-443 |
The variation is fragmented in several small accounts, especially the variation resulting from the result of operations with derivatives, which went from a positive result in 1Q17 of R$ 117 million to a negative result of R$ 16 million in 1Q18. |
|
TOTAL FINANCIAL INCOME |
-7 |
-1,099 |
-99.3 |
The variation was mainly due to the factors explained above. |
|
CELG D |
-1,064 |
32 |
-3.454.3 |
|
|
Monetary adjustment of compulsory loans |
125 |
201 |
-37.9 |
|
|
MANAGEMENT FINANCIAL RESULT |
-947 |
-866 |
9.3 |
The variation was mainly due to the factors explained above. |
7
|
|
|
INCOME TAX AND CSLL |
1Q18 |
1Q17 |
% |
Variation |
|
Imposto de Renda e Cont. Social |
-714 |
-1,252 |
-43 |
The variation is mainly due to the collection of IRRF on the disposal of CELG D. |
|
(-) IRRF RBSE |
406 |
528 |
-23.1 |
|
|
(-) IRRF Disposal CELG D |
411 |
438 |
-6.1 |
|
|
Income Tax and Managerial Social Contribution |
103 |
-724 |
-114 |
The variation was mainly due to the factors explained above. |
8
|
|
I.2 Sale of Energy
I.2.1 Energy Sold in 1Q18 - Generators – TWh
In terms of the evolution of the energy market, Eletrobras Companies sold 40.6 TWh of energy in 1Q18, compared to 38.4 TWh in the same period of the previous year, representing a growth of 5.8%.
(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 energy sales revenues presented above are not part of Eletrobras' sales revenues mentioned in the Financial Statements
I.2.2 Energy Sold in 1Q18 - Distributors – TWh
In terms of energy market evolution, Eletrobras Distribution Companies in 1Q18 sold 3.8 TWh of energy, against 3.9 TWh traded in the same period last year, representing a reduction of 2.2%.
* Considers only the captive market and supply.
9
|
|
I.3 Impairments and Onerous Contracts
|
Accumulated |
Moviment | ||
|
Impairment |
03/31/2017 |
03/31/2018 |
1Q18 |
|
Generation |
13,824 |
14,027 |
204 |
|
UTN Angra 3 |
9,900 |
10,104 |
204 |
|
UHE Samuel |
309 |
309 |
0 |
|
UHE Batalha |
385 |
385 |
0 |
|
Candiota Fase B |
366 |
366 |
0 |
|
UTE Santa Cruz |
2,593 |
2,593 |
0 |
|
Others |
1,116 |
1,116 |
0 |
|
Transmission |
253 |
253 |
0 |
|
CC 061-2001 |
100 |
100 |
0 |
|
LT Jauru Porto Velho |
1,124 |
1,124 |
0 |
|
CC 018-2012 Mossoró Ceará Mirim |
0 |
0 |
0 |
|
Outros |
264 |
264 |
0 |
|
Distribution |
13,824 |
14,027 |
204 |
|
Administration |
9,900 |
10,104 |
204 |
|
Assets of Distributors held for sale |
-29 | ||
|
Total |
16,681 |
16,885 |
174 |
|
Onerous Contracts |
BALANCE ON 03/31/2018 |
BALANCE ON 03/31/2018 |
Moviment |
|
1Q18 | |||
|
Transmission |
|
|
|
|
LT Recife II - Suape II |
41 |
42 |
0 |
|
LT Camaçari IV - Sapeaçu |
115 |
115 |
0 |
|
Outros |
11 |
7 |
-4 |
|
166 |
163 |
-3 | |
|
Generation |
|
|
|
|
Jirau |
0 |
2 |
2 |
|
Funil |
63 |
61 |
-2 |
|
Coaracy Nunes |
371 |
371 |
0 |
|
Marimbondo |
236 |
229 |
-6 |
|
Angra 3 |
1,350 |
1,130 |
-220 |
|
Others |
487 |
509 |
22 |
|
2,507 |
2,302 |
-205 | |
|
Distribution |
|
|
|
|
Ceal |
8 |
8 |
0 |
|
Cepisa |
65 |
49 |
-16 |
|
Ceron |
191 |
147 |
-44 |
|
Boa Vista |
2 |
6 |
4 |
|
Amazonas D |
813 |
759 |
-54 |
|
|
|
0 | |
|
1,079 |
969 |
-111 | |
|
|
|
|
|
|
Assets for sale / Acquisition of control - Net |
|
| |
|
|
|
|
|
|
TOTAL |
3,753 |
3,434 |
-319 |
10
|
|
I.4 Consolidated EBITDA
R$ million
|
EBITDA |
1Q18 |
1Q17 |
(%) |
|
Result for the Year |
56 |
1,378 |
-96% |
|
+ Provision for Income Tax and Social Contribution |
714 |
1,252 |
-43% |
|
+ Financial Result |
7 |
1,099 |
-99% |
|
+ Amortization and Depreciation |
466 |
461 |
1% |
|
= EBITDA |
1,244 |
4,190 |
-70% |
|
Adjustment |
|
|
|
|
(-) Celg D (EBITDA and Disposal - Equity Shares) |
0 |
-1,554 |
-100% |
|
(-) Basic Network Effects of the Existing System (RBSE) |
-1,194 |
-1,553 |
-23% |
|
(-) Consensus Dismissal Plan (PDC) |
272 |
0 |
- |
|
(-) Expenditure Independent research |
16 |
9 |
79% |
|
(-) Contingencies |
512 |
351 |
46% |
|
(-) Onerous contracts |
-301 |
-319 |
-6% |
|
(-) Provision / (Reversal) for Losses on Investments |
7 |
20 |
-63% |
|
(-) Impairment |
174 |
270 |
-35% |
|
(-) Adjustment to Market Value |
0.1 |
-0.1 |
-197% |
|
(-) Water resources inspection fee (Para Rate) |
150 |
85 |
77% |
|
= MANAGEMENT EBITDA |
880 |
1,500 |
-41% |
Consolidated Results and EBITDA by segment
|
12/31/18 | ||||||||
|
DRE by Segment |
Administration |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
|
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
|
Net operating revenue |
46 |
4,273 |
437 |
298 |
2,070 |
2,054 |
(585) |
8,593 |
|
Operating Costs and Expenses |
(667) |
(2,961) |
(480) |
(242) |
(1,090) |
(3,205) |
575 |
(8,070) |
|
Operating Income Before Financial Result |
(621) |
1,312 |
(44) |
56 |
979 |
(1,151) |
(10) |
523 |
|
Financial Result |
1,419 |
(404) |
(26) |
(94) |
(184) |
(728) |
10 |
(7) |
|
Results of equity investments |
255 |
- |
- |
- |
- |
- |
- |
255 |
|
Income tax and social contribution |
(493) |
(218) |
(35) |
10 |
53 |
(32) |
- |
(714) |
|
Net Income (loss) for the period |
560 |
690 |
(104) |
(28) |
848 |
(1,910) |
- |
56 |
|
EBITDA |
(361) |
1,700 |
(33) |
59 |
991 |
(1,101) |
|
1,244 |
|
EBITDA Margin |
-785% |
40% |
-8% |
20% |
48% |
-54% |
|
14% |
|
03/31/17 | ||||||||
|
DRE by Segment |
Administration |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
|
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
|
Net operating revenue |
44 |
4,220 |
313 |
348 |
2,379 |
1,978 |
(421) |
8,862 |
|
Operating Costs and Expenses |
(689) |
(2,918) |
(412) |
(264) |
(969) |
(2,179) |
473 |
(6,958) |
|
Operating Income Before Financial Result |
(645) |
1,302 |
(99) |
84 |
1,410 |
(201) |
53 |
1,904 |
|
Financial Result |
421 |
(405) |
(159) |
(77) |
(10) |
(817) |
(53) |
(1,099) |
|
Results of equity investments |
1,825 |
- |
- |
- |
- |
- |
- |
1,825 |
|
Income tax and social contribution |
(581) |
101 |
(203) |
(28) |
(542) |
- |
- |
(1,252) |
|
Net Income (loss) for the period |
1,021 |
998 |
(460) |
(21) |
859 |
(1,018) |
- |
1,378 |
|
EBITDA |
1,189 |
1,646 |
(87) |
89 |
1,420 |
(120) |
|
4,190 |
|
EBITDA Margin |
2686% |
39% |
-28% |
26% |
60% |
-6% |
|
47% |
11
|
|
I.5 Net debt
|
|
R$ million | |
|
Net Debt |
03/31/2018 |
12/31/2017 |
|
Financing payable without RGR (1) |
41,580 |
42,982 |
|
(-) Cash and cash equivalents + Securities |
7,251 |
8,048 |
|
(-) Financing Receivable without RGR (2) |
13,898 |
12,848 |
|
(-) Net balance of Itaipu Financial Asset * |
1,807 |
1,788 |
|
Net Debt |
18,624 |
20,297 |
|
*Vide item II.2 “a.1”. | ||
1. Excluded from gross debt were financings, granted with resources from RGR, owed by a company outside the Eletrobras group (R$ 1,198 million) and credits related to the federalization of the Distributors, pursuant to Articles 21-A and 21-B of Law 12,783 / 2013 (R$ 1,400 million).
2. Receivables due by company outside the Eletrobras group to the RGR account (R$ 1,198 million) and adjusted by the receivables of the Eletrobras Distributing Companies held for sale (R$ 4,214 million) were excluded.
12
|
|
II. Analysis of the Results of the Parent Company
In 1Q18, Eletrobras Holding reported net income of R$ 32 million, a reduction of 98% compared to the net income of R$ 1,394 million recorded in 1Q17.
This result was strongly influenced by: (i) Uncovered liabilites in subsidiaries in the amount of R$ 1,870 million, mainly impacted by the subsidiaries Amazonas Energia Distribuição (R$ 1,260 million), Cepisa (R$ 225 million), Ceron (R$ 209 million), CGTEE (R$ 175 million) and Boa Vista (R$ 84 million); (ii) Profit from Corporate Equity of R$ 1,480 million (see II.1), especially due to the generation and transmission segments; (iii) Accounting for the agreement with Eletropaulo in the amount of R$ 1,064 million in 1Q18, impacting the financial result of the company, and net effect on the result of R$ 653 million; (iv) Provision for legal contingencies, in the amount of R$ 197 million, mainly due to provisions related to compulsory loan lawsuits (See Note 43 to the Financial Statements of 1Q18); (v) Accounting for monetary restatement related to compulsory loans in the amount of R$ 125 million in 1Q18. The following chart presents a comparison of the results of Eletrobras holding between 1Q17 and 1Q18.
Evolution of Results - R$ million
Note: The analysis of the results of each subsidiary is attached.
13
|
|
II.1 Shareholdings of the Parent Company
In 1Q18, the result of Corporate Interest positively impacted the Company's result by R$ 1,480 million, mainly as a result of the Equity in results of investments in subsidiaries, mainly influenced by the effect of the remuneration on the net financial assets (RBSE), in accordance with Ministerial Order No. 120, of April 20, 2016, of the Ministry of Mines and Energy, which established the conditions for payment and compensation related to RBSE, as shown below:
|
|
R$ million | |||
|
|
Parent company |
| ||
|
|
|
|
1Q18 |
1Q17 |
|
Investments in subsidiaries |
|
|
|
|
|
Equity |
|
|
1,246 |
1,454 |
|
|
|
|
|
|
|
Investments in associates |
|
|
|
|
|
Interest on capital |
|
|
- |
161 |
|
Equity |
|
|
160 |
161 |
|
|
|
|
| |
|
|
|
|
|
|
|
Other investments |
|
|
|
|
|
Interest on capital |
|
|
1 |
10 |
|
Dividends |
|
|
5 |
3 |
|
Income from capital - ITAIPU |
|
|
64 |
58 |
|
|
|
70 |
70 | |
|
|
|
|
|
|
|
Sale of Investments |
|
|
3 |
1,525 |
|
|
|
|
|
|
|
Total |
|
|
1,480 |
3,211 |
II2. Commercialization of Electric Power of the Parent Company
a.Itaipu Binacional
|
FINANCIAL RESULT OF ITAIPU |
|
|
|
1Q18 |
|
Sale of Energy Contract Itaipu + CCEE |
2,693 |
|
Revenue originating from the Right of Reimbursement (1) |
255 |
|
Others |
42 |
|
Total Revenue |
2,989 |
|
|
|
|
Purchase of Energy Contract Itaipu + CCEE |
-2,587 |
|
Expenses Originating from the Compensation Obligation (2) |
-168 |
|
Itaipu repayment |
-104 |
|
Others |
-44 |
|
Total Expenses |
-2,902 |
|
|
|
|
ROL - Transfer of Itaipu |
87 |
|
|
|
|
ITAIPU RESULTS (Price indexes) |
|
|
|
1Q18 |
|
Revenue originating from the Right of Reimbursement (1) |
255 |
|
+ Foreign Exchange Result |
19 |
|
Result from the Right of Reimbursement (RD) |
273 |
|
Expenses Originating from the Compensation Obligation (2) |
168 |
|
+ Foreign exchange result |
12 |
|
Result from the Reimbursement Obligations (RO) |
180 |
|
Balance: RD - RO |
93 |
a.1
(see explanatory note 17.1.1 of the Financial Statements of 1Q18)
14
|
|
Pursuant to Law 11,480 / 2007, the adjustment factor for the financing agreements entered into with Itaipu Binacional and the loan assignment contracts entered into with the National Treasury, as from 2007, being assured to the Company the integral maintenance of its receivables flow.
As a result, Decree 6,265, dated November 22, 2007, regulating the commercialization of Itaipu Binacional's electricity was issued, defining the differential to be applied in the transfer rate, creating an asset related to the portion of the annual differential calculated, equivalent to the an annual adjustment factor taken from financing, to be included annually in the transfer rate, as of 2008, practiced by the Company, preserving the flow of resources, originally established.
As a result, the differential arising from the withdrawal of the annual adjustment factor, whose amounts are defined annually through an interministerial ordinance of the Ministries of Finance and Mining, was included in the rate of transfer of power from Itaipu Binacional, and Energy. The transfer rate in effect in 1Q18 includes an amount equivalent to US $ 244,681, which will be received by the Company through collections from the distributors, approved by regulation MME / MF 605 / 1T17.
The balance resulting from the adjustment factor of Itaipu Binacional, included in the caption "Financial Assets", presented in Non-current Assets, amounted to R$ 4,157,887 as of March 31, 2018, equivalent to US $ 1,251,251 (R$ 3,884,737 on December 31, 2017, equivalent to US $ 1,174,346), of which R$ 3,440,469, equivalent to US $ 1,035,350, will be transferred to the National Treasury until 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 until 2023.
Therefore, considering that the Itaipu Financial Asset is a remuneration derived from the financing agreement granted by Eletrobras to Itaipu, the amount of the Financial Asset to be received by Eletrobras is being considered, as a discount, in the calculation of the Net Debt.
II.3 Operational Provisions of Parent Company
In 1Q18, Operating Provisions had a negative impact on the Parent Company's result of R$ 2,232 million, compared to R$ 1,542 million in 1Q17. This variation is mainly explained by the movement of uncovered liabilities in the subsidiaries in the amount of R$ 1,870 million in 1Q18, compared to R$ 1,173 million in the same period of 1Q17. The table below shows the movements in Operating Provisions:
|
R$ million | ||||
|
Operational Provisions |
|
Parent company | ||
|
|
|
|
1Q18 |
1Q17 |
|
Garanties |
|
|
-14 |
13 |
|
Contingencies |
|
|
204 |
237 |
|
PCLD - Consumers and Resellers |
|
|
- |
- |
|
PCLD - Financing and Loans |
|
|
5 |
5 |
|
Short-term liabilities in subsidiaries |
|
|
1.870 |
1.173 |
|
Onerous Contracts |
|
|
- |
- |
|
Losses in Investments |
|
|
- |
22 |
|
Impairment |
|
|
- |
-0,5 |
|
Adjustment to Market Value |
|
|
0,1 |
-0,1 |
|
TFRH |
|
|
- |
- |
|
Others |
|
|
166 |
94 |
|
|
|
|
2,232 |
1,542 |
15
|
|
|
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY |
Balance on 12/31/2017 |
Payment of capital |
Other Comprehensive Results |
Initial Adoption IFRS 9 |
Equity |
Classification - held for sale |
Balance at 03/31/2018 |
|
Amazonas |
11,937 |
- |
- |
80 |
1260 |
- |
13,276 |
|
CGTEE |
3,523 |
- |
- |
- |
175 |
- |
3,698 |
|
ELETRONUCLEAR |
5,143 |
- |
7 |
- |
-161 |
- |
4,988 |
|
ED Alagoas |
1,054 |
- |
0 |
- |
41 |
-1095 |
- |
|
TOTAL PROVISION FOR PASSIVE DISCOVERED |
21,657 |
- |
7 |
80 |
1,314 |
-1,095 |
21,962 |
II.4 Financial Results of Parent Company
In 1Q18, the Financial Result positively impacted the Parent Company's results by R$ 1,417 million compared to R$ 500 million in 1Q17. This variation is mainly explained by the impact of the agreement with Eletropaulo in the amount of R$ 1,064 million, recorded in the variation of Interest, commissions and fees, as shown below:
|
FINANCIAL RESULT R$ million | ||||
|
|
|
|
1Q18 |
1Q17 |
|
Financial income |
|
|
|
|
|
Interest income, commissions and fees |
|
|
1,768 |
933 |
|
Revenue from short-term investments |
|
|
127 |
225 |
|
Moratorium surcharge on electricity |
|
|
5 |
4 |
|
Monetary updates |
|
|
28 |
47 |
|
Exchange rate variations |
|
|
-16 |
-12 |
|
Other financial income |
|
|
50 |
-28 |
|
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
Debt charges |
|
|
-358 |
-531 |
|
Lease charges |
|
|
0 |
0 |
|
Charges on shareholders' funds |
|
|
-58 |
-114 |
|
Other financial expenses |
|
|
-129 |
-25 |
|
|
|
|
1,417 |
500 |
Evolution of the IGP-M and Dollar (%)
The main indexes of financing and onlendings contracts had the following variations in the periods:
|
|
1Q17 |
1Q18 |
|
Dólar |
-2.78% |
0.48% |
|
IGPM |
0.73% |
1.48% |
16
|
|
III. General information
Portfolio of Receivables and Payables
a. Financing and Borrowing Granted
Financing and loans granted are made with the Company's own resources, as well as sector resources and external resources raised through international development agencies, financial institutions and arising from the launch of securities in the international financial market.
Loans and loans granted to the parent company, with an exchange rate adjustment clause, represent approximately 26% of the total portfolio (28% at December 31, 2017). Those that foresee an update based on indices that represent the domestic price level in Brazil amount to 74% of the portfolio balance (72% on December 31, 2017).
The market values of these assets are close to their book values, since they are sector-specific operations and are formed, in part, by funds from Sectoral Funds and that do not find similar conditions as a parameter of valuation at market value.
The long-term portions of the loans and financing granted based on the contractual cash flows mature in variable installments, as shown below:
|
R$ million | |||||||
|
|
2019 |
2020 |
2021 |
2022 |
2023 |
After 2023 |
Total |
|
Parent Company |
2,071 |
5,605 |
5,417 |
2,865 |
1,897 |
5,949 |
23,803 |
|
Consolidadated |
2,465 |
2,225 |
2,345 |
569 |
90 |
1,039 |
8,732 |
* This amount includes receivables from other companies outside the Eletrobras System with RGR in the amount of R$ 1,778 million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
Payable Financing and Loans
Debts are guaranteed by the Federal Government and / or Eletrobras, are subject to charges, whose average rate in March 2018 is 6.27% pa. (7.94% pa in 2017), and have the following profile:
|
|
Parent Company |
|
|
Consolidadated |
| ||||||
|
03.31.2018 |
|
12.31.2017 |
|
03.31.2018 |
|
12.31.2017 | |||||
|
Balance in R$ million |
% |
|
Balance in R$ million |
% |
|
Balance in R$ million |
% |
|
Balance in R$ million |
% | |
|
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
USD |
9,385 |
41% |
|
9,308 |
39% |
|
9,385 |
21% |
|
9,308 |
21% |
|
USD with Libor |
1,403 |
6% |
|
1,490 |
6% |
|
1,757 |
4% |
|
1,840 |
4% |
|
EURO |
241 |
1% |
|
230 |
1% |
|
241 |
1% |
|
230 |
1% |
|
IENE |
35 |
0% |
|
32 |
0% |
|
35 |
0% |
|
32 |
0% |
|
Others |
- |
0% |
|
- |
0% |
|
- |
0% |
|
2 |
0% |
|
Subtotal |
11,064 |
49% |
|
11,061 |
47% |
|
11,418 |
26% |
|
11,412 |
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Coin |
|
|
|
|
|
|
|
|
|
|
|
|
CDI |
4,953 |
22% |
|
5,223 |
22% |
|
11,559 |
26% |
|
12,160 |
27% |
|
IPCA |
- |
0% |
|
- |
0% |
|
323 |
0% |
|
369 |
0% |
|
TJLP |
- |
0% |
|
- |
0% |
|
8,101 |
19% |
|
6,809 |
15% |
|
SELIC |
- |
3% |
|
616 |
3% |
|
653 |
1% |
|
1,783 |
4% |
|
Others |
- |
0% |
|
- |
0% |
|
4,176 |
10% |
|
4,154 |
9% |
|
Subtotal |
4,953 |
22% |
|
5,839 |
25% |
|
24,811 |
57% |
|
25,275 |
56% |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Not indexed |
6,610 |
29% |
|
6,753 |
29% |
|
7,468 |
17% |
|
8,434 |
19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
22,627 |
100% |
|
23,653 |
100% |
|
43,698 |
100% |
|
45,122 |
100% |
* This amount includes the debt of other companies outside the Eletrobras System with RGR in the amount of R$ 1,778 million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
17
|
|
The long-term portion of loans and financing matures as scheduled:
|
R$ million | |||||||
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
After 2022 |
Total |
|
Parent Company |
5,426 |
2,358 |
8,102 |
900 |
199 |
3,950 |
20,936 |
|
Consolidadated |
8,175 |
4,730 |
10,159 |
2,316 |
1,390 |
11,740 |
38,511 |
Consolidated Gross Debt
* Includes Debentures.
* The debts of the Distribution Companies are mostly with the Holding and therefore are eliminated in the consolidation of the gross debt (with the exception of 0.2%).
Ratings
|
Agency |
National Classification/ Perspective |
Latest Report |
|
Moody’s BCA |
“B1”: / Estable |
12/04/2017 |
|
Moody’s Senior Unsecured Debt |
“Ba3”: / Estable |
12/04/2017 |
|
Fitch - Issuer Default Ratings (Foreign Currency) |
“B+”: / Estable |
02/27/2018 |
|
Fitch - Issuer Default Ratings (Local Currency) |
“B+”: / Estable |
02/27/2018 |
|
Fitch - Senior Unsecured Debt Rating |
"B+/RR4" |
02/27/2018 |
|
S&P LT Local Currency |
“BB” / Negative (CW)* |
12/15/2017 |
|
S&P - Senior Unsecured |
"BB" |
12/15/2017 |
|
S&P LT Foreign Currency |
“BB“ / Negative (CW)* |
12/15/2017 |
*CreditWatch
18
|
|
Eletrobras Organization Chart
1) The number of SPEs is taking into account the direct and indirect interests in SPE, and disregarding the Special Purpose Companies that participate in more than one Eletrobras Company, differently from the amounts considered in the charts of each company.
(2) The Serra do Mel wind farms I, II and III were disregarded from the SPE count, since they are consortia.
19
|
|
|
NATURE OF INVESTMENTS |
|
Budgeted |
Realized |
(%) 1Q18 |
|
Generation |
|
586 |
65 |
11 |
|
Transmission |
|
1,727 |
159 |
9 |
|
Distribution |
|
203 |
62 |
31 |
|
Maintenance – Generation |
|
735 |
44 |
6 |
|
Maintenance - Transmission |
|
641 |
47 |
7 |
|
Maintenance - Distribution |
|
56 |
42 |
74 |
|
Other (Research, Infrastructure and environment) |
|
434 |
86 |
20 |
|
Total Corporate |
|
4,382 |
505 |
12 |
|
Financial Investments in SPEs |
|
|
|
|
|
Generation |
|
1,490 |
342 |
23 |
|
Transmission |
|
336 |
26 |
8 |
|
Total SPEs |
|
1,826 |
369 |
20 |
|
Total |
|
6,208 |
873 |
14 |
Para maiores detalhes dos investimentos, por controlada ou por projeto, vide anexo 3 a este Informe aos Investidores
Share Capital
Structural of Social Capital
|
Shareholders |
Common |
Pref. Class “A” |
Pref. Class “B” |
Total | ||||
|
Quantity |
% |
Quantity |
% |
Quantity |
% |
Quantity |
% | |
|
União Federal |
554,395,652 |
51% |
0 |
0% |
1,544 |
0% |
554,397,196 |
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% |
|
OTHERS |
269,729,841 |
25% |
146,920 |
100% |
228,481,566 |
86% |
498,358,327 |
37% |
|
Total |
1,087,050,297 |
100% |
146,920 |
100% |
265,436,883 |
100% |
1,352,634,100 |
100% |
In 1Q18, the capital of Eletrobras had the following composition:
20
|
|
Stock Analysis
Actions
ELET3 - Eletrobras Common Shares
In 1Q18, Eletrobras common shares (ELET3) appreciated 8.6%, closing at R$ 21.00. The highest price was R$ 24.90, registered on February 23, and the lowest R$ 17.15, recorded on January 12, considering ex-dividend values. The average daily trading volume in the period was 3.2 million shares and the average daily financial volume was R$ 68.3 million.
ELET6 - Eletrobras Preferred Shares
In the fourth quarter of 1Q18, Eletrobras preferred shares (ELET6) appreciated by 6.2%, closing at R$ 24.10. The highest price was R$ 29.23, registered on February 23, and the lowest R$ 19.56 recorded on January 10, considering ex-dividend values. The average daily trading volume in the period was 2.2 million shares and the average daily financial volume was R$ 55.6 million.
Evolution of Traded Shares in B3
Font: AE Broadcast
Index number 03/31/2017 = 100 and ex-dividend values.
21
|
|
ADR Programs
EBRN - Eletrobras Common Shares
In the fourth quarter of 1Q18, Eletrobras common stock ADRs appreciated 11.4% to US $ 6.35. The highest price was US $ 7.61, registered on February 23, and the lowest US $ 5.24, recorded on January 12, considering ex-dividend values. The average daily trading volume in the period was 437.5 thousand shares. The average daily financial volume was US$ 2.8 million.
EBRB - Eletrobras Preferred Shares
In the fourth quarter of 1Q18, Eletrobras preferred stock ADRs appreciated by 5.2% to US $ 7.14. The highest price was US$ 9.04, registered on February 23, and the lowest US$ 6.10, recorded on January 10, considering ex-dividend values. The average daily trading volume in the period was 41.7 thousand shares. The average daily financial volume was US$ 320 thousand.
Evolution of Traded Shares in ADR
Font: AE Broadcast
Index number 3/31/2017 = 100
22
|
|
Latibex - Madrid Stock Exchange
XELTO - Eletrobras Common Shares
In the fourth quarter of 1Q18, the Latibex common stock showed a 10% devaluation, closing at € 5.10. The highest price was € 6,1 registered on October 26, and the lowest € 4.30, recorded on December 27, considering ex-dividend values. The average daily trading volume in the period was 2,0 thousand shares.
XELTB - Eletrobras Preferred Shares
In the fourth quarter of 1Q18, the preferred shares of the Latibex program showed a devaluation of 30.6%, closing at € .60. The highest price was € 7.20, registered on October 26, and the lowest, € 5.10, recorded on January 11, considering ex-dividend values. The average daily trading volume in the period was 0,7 thousand shares.
Evolution of Foreign Currencies
Index number 12/30/2016 = 100.
23
|
|
Nº of employees
Parent Company
By time
|
Working time in the company (years) |
1Q18 |
|
Up to 5 |
25 |
|
6 to 10 |
407 |
|
11 to 15 |
237 |
|
16 to 20 |
16 |
|
21 to 25 |
9 |
|
more than 25 |
128 |
|
Total |
822 |
By region
|
State of the Federation |
|||||
|
|
|
|
|
1Q18 | |
|
Rio de Janeiro |
|
|
|
|
800 |
|
Brasília |
|
|
|
|
22 |
|
Total |
|
|
|
|
822 |
Hired / Outsourced Labor
|
|
1Q18 |
|
|
|
0 |
|
Turnover (Holding)
|
|
1Q18 |
|
|
|
0 |
|
24
|
|
Direct Partnerships in SPEs - Parent Company
On December 29, 1818, Eletrosul concluded the process of transferring ownership interest held in 6 (six) Special Purpose Companies to its parent company, Centrais Elétricas Brasileiras S / A - Eletrobras. PNDG 2018-2022, The transfer of assets to Eletrobras is intended to promote the settlement of debts of this company with Eletrobras and to reduce its financial leverage. These equity interests, subsequently and according to ongoing evaluations, may be sold to the market by the Company. Eletrobras, together or separately.
|
SPE |
Power plant |
Total Investment R$ million |
Capacity Installed MW |
Physical Warranty Average MW |
Generated Energy Average MW 1Q18 |
|
Norte Energia SA* |
UHE |
40,051.71 |
11,233.10 |
4.571,00 |
9,680,101,40 |
|
Eólica Mangue Seco 2 |
UEE |
114,56 |
26 |
9,6 |
13,351,01 |
|
Chuí Holding S.A. |
EOL |
|
144 |
59,6 |
91,794,99 |
|
In operation | |||||
|
Chuí IX |
EOL |
In operation |
17,9 |
7,4 |
12,570,14 |
|
Hermenegildo I |
EOL |
In operation |
57,28 |
24,9 |
43,294,78 |
|
Hermenegildo II |
EOL |
In operation |
57,28 |
25,3 |
38,770,65 |
|
Hermenegildo III |
EOL |
In operation |
48,33 |
21 |
32,981,61 |
|
Santa Vitória do Palmar Holding S.A. |
EOL |
In operation |
258 |
109,5 |
174,339,21 |
|
Rouar S.A. |
EOL |
U$ 101.72 |
65,1 |
N/A |
|
* The commercial operation already totals 5.121,9 MW of capacity in commercial operation.
Generation
|
Power plant |
Participation (%) |
Location (State) |
Start of Operation |
End of Operation |
|
Norte Energia S.A |
15,0 |
PA |
Abr/16 |
Ago/45 |
|
Eólica Mangue Seco 2 |
49 |
RN |
set/11 |
jun/32 |
|
Chuí Holding S.A. |
49 |
RS |
mai/15 |
abr/47 |
|
Chuí IX |
99,99 |
RS |
out/15 |
mai/49 |
|
Hermenegildo I |
99,99 |
RS |
nov/15 |
jun/49 |
|
Hermenegildo II |
99,99 |
RS |
dez/15 |
jun/49 |
|
Hermenegildo III |
99,99 |
RS |
dez/15 |
jun/49 |
|
Santa Vitória do Palmar Holding S.A. |
49 |
RS |
fev/15 |
abr/47 |
|
Rouar SA |
50 |
Uruguay -Department of Cologne |
20 years* |
|
25
|
|
Transmission
|
Development |
Object (From to) |
Participation (%) |
Investiment (R$ million) |
Extension of lines (Km) |
Voltage (kV) |
Start of Operation |
Termination of Concession |
|
Electrical Interconnection Brazil / Uruguay * |
LT 230 kV LT 525 kV |
60% Eletrobras Holding 40% Eletrosul |
60 |
02 km em 230 kV e 60 em 525 kV |
230 525 |
Jun/16 |
- |
|
Development |
Object |
Total Investment (R$ million) * |
Transformation Capacity (MVA) |
Localization
|
Start of Operation |
Termination of Concession |
|
Electrical Interconnection Brazil / Uruguay ** |
SE Candiota -525/230 kV |
80 |
672 MVA +1 R 224 MVA |
RS |
Jun/16 |
- |
*Eletrobras holds 60.4% and Eletrosul 39.6% of the project
26
|
|
R$ mil
|
Ativo |
Parent Company |
Consolidated | ||
|
03.31.2018 |
12.31.17 |
03.31.2018 |
12.31.17 | |
|
Current |
||||
|
Cash and cash equivalents |
6,979 |
161,326 |
10,293 |
598,649 |
|
Restricted cash |
1,479,141 |
1,329,876 |
1,681,346 |
1,479,141 |
|
Marketable securities |
4,153,060 |
5,059,957 |
4,471,954 |
6,313,722 |
|
Customers |
432,427 |
502,236 |
355,031 |
4,326,312 |
|
Financial assets - Concessions and Itaipu |
0 |
0 |
0 |
6,905,770 |
|
Loans and financing |
8,324,590 |
8,288,875 |
6,783,913 |
2,149,625 |
|
Fuel Consumption Account - CCC |
0 |
0 |
195,966 |
0 |
|
Equity Pay |
1,785,569 |
1,726,958 |
618,566 |
299,158 |
|
Taxes to recover |
89,650 |
623,299 |
674,241 |
575,218 |
|
Income tax and social contribution |
995,730 |
1,436,175 |
769,541 |
1,453,010 |
|
Reimbursement rights |
0 |
0 |
74,527 |
1,568,132 |
|
Warehouse |
224 |
212 |
280 |
469,724 |
|
Nuclear fuel stock |
0 |
0 |
0 |
465,152 |
|
Derivative financial instruments |
2,634 |
0 |
0 |
209,339 |
|
Hydrological risk |
0 |
0 |
0 |
87,941 |
|
Assets held for sale |
1,506,162 |
1,482,907 |
0 |
8,086,416 |
|
Other |
957,309 |
802,501 |
1,136,336 |
1,961,040 |
|
TOTAL CURRENT ASSETS |
19,733,475 |
21,414,322 |
16,771,994 |
36,948,349 |
|
|
|
|
|
|
|
NON CURRENT |
|
|
|
|
|
LONG-TERM |
|
|
|
|
|
Reimbursement rights |
0 |
0 |
0 |
5,991,403 |
|
Loans and financing |
23,803,022 |
22,889,437 |
28,597,843 |
8,731,955 |
|
Customers |
19,110 |
30,576 |
76,441 |
131,807 |
|
Marketable securities |
271,210 |
269,141 |
245,296 |
338,466 |
|
Nuclear fuel stock |
0 |
0 |
0 |
765,891 |
|
Taxes to recover |
0 |
0 |
0 |
1,677,298 |
|
Income tax and social contribution |
471,568 |
471,568 |
1,488,158 |
471,568 |
|
|
0 |
0 |
0 |
1,123,953 |
|
Escrow deposits |
3,097,097 |
3,052,505 |
2,896,676 |
5,936,743 |
|
Fuel Consumption Account - CCC |
0 |
0 |
6,919 |
0 |
|
Financial assets - Concessions and Itaipu |
2,817,113 |
2,820,172 |
2,412,933 |
49,334,636 |
|
Derivative financial instruments |
0 |
0 |
0 |
210,297 |
|
Advances for future capital increase |
1,697,401 |
1,701,275 |
1,255,184 |
960,502 |
|
Hydrological risk |
0 |
0 |
0 |
313,268 |
|
FUNAC refund |
2,255,559 |
2,278,845 |
2,071,256 |
1,114,209 |
|
Other |
34,432,080 |
33,513,519 |
39,050,706 |
77,101,996 |
|
INVESTMENTS |
67,281,743 |
66,159,343 |
60,590,777 |
28,824,964 |
|
Fixed assets net |
199,890 |
197,418 |
194,402 |
27,628,145 |
|
INTANGIBLE |
0 |
0 |
0 |
690,207 |
|
TOTAL NON-CURRENT ASSETS |
101,913,713 |
99,870,280 |
99,835,885 |
134,245,312 |
|
TOTAL ASSETS |
121,647,188 |
121,284,602 |
116,607,879 |
171,193,661 |
27
|
|
R$ mil
|
Liabilities and Equity |
Parent Company |
Consolidated | ||
|
03.31.2018 |
12.31.17 |
03.31.2018 |
12.31.17 | |
|
CURRENT |
||||
|
Loans and financing |
1,690,970 |
2,336,333 |
3,397,485 |
5,187,043 |
|
Debentures |
0 |
0 |
0 |
41,362 |
|
Compulsory loan |
41,979 |
42,260 |
48,193 |
41,979 |
|
Suppliers |
392,574 |
514,752 |
440,976 |
10,092,342 |
|
Advances from customers |
581,413 |
575,962 |
560,277 |
649,017 |
|
Taxes payable |
241,417 |
100,767 |
41,554 |
1,204,708 |
|
Income tax and social contribution |
461,872 |
1,023,764 |
486,605 |
959,132 |
|
Onerous contracts |
0 |
0 |
0 |
12,048 |
|
Remuneration to shareholders |
9,473 |
9,484 |
458,302 |
49,757 |
|
Financial liabilities - Concessions and Itaipu |
775,747 |
783,658 |
1,212,017 |
0 |
|
Estimated liabilities |
120,348 |
107,962 |
106,879 |
1,171,355 |
|
Reimbursement Obligations |
1,512,103 |
1,346,660 |
1,693,309 |
1,512,103 |
|
Post-employment benefits |
24,151 |
28,830 |
29,632 |
213,064 |
|
Provisions for contingencies |
698,562 |
850,704 |
756,811 |
1,173,661 |
|
Regulatory charges |
0 |
0 |
0 |
723,864 |
|
Lease |
0 |
0 |
0 |
146,982 |
|
Derivative financial instruments |
1,714 |
2,175 |
6,614 |
1,953 |
|
Liabilities associated with assets held for sale |
6,455,851 |
4,805,946 |
391,550 |
9,354,743 |
|
Others |
105,516 |
314,847 |
100,145 |
1,271,401 |
|
TOTAL CURRENT LIABILITIES |
13,113,690 |
12,844,104 |
9,730,349 |
33,806,514 |
|
|
|
|
| |
|
NON-CURRENT |
|
|
|
|
|
Loans and financing |
20,935,904 |
21,316,181 |
22,922,041 |
38,510,568 |
|
Suppliers |
0 |
0 |
0 |
7,543,581 |
|
Debentures |
0 |
0 |
0 |
439,553 |
|
Advances from customers |
0 |
0 |
0 |
503,969 |
|
Compulsory loan |
459,375 |
458,874 |
460,940 |
459,375 |
|
Obligation for asset retirement |
0 |
0 |
0 |
2,505,940 |
|
Fuel Consumption Account - CCC |
0 |
0 |
482,179 |
0 |
|
Provisions for contingencies |
17,099,263 |
16,946,508 |
13,674,073 |
23,016,247 |
|
Post-employment benefits |
578,666 |
578,666 |
394,035 |
1,968,911 |
|
Provision for unsecured liabilities |
21,962,169 |
21,656,617 |
20,160,828 |
0 |
|
Onerous contracts |
0 |
0 |
0 |
1,828,308 |
|
indemnification obligations |
0 |
0 |
0 |
1,093,442 |
|
Lease |
0 |
0 |
0 |
906,392 |
|
Grants payable - Use of public goods |
0 |
0 |
0 |
63,523 |
|
Advances for future capital increase |
3,697,326 |
3,639,441 |
3,310,409 |
3,697,326 |
|
Derivative financial instruments |
0 |
0 |
0 |
46,003 |
|
Regulatory charges |
0 |
0 |
0 |
690,377 |
|
Taxes payable |
0 |
0 |
2,222 |
256,518 |
|
Income tax and social contribution |
408,077 |
394,958 |
320,560 |
8,676,986 |
|
Others |
1,134,853 |
1,109,876 |
946,775 |
2,504,708 |
|
TOTAL NON-CURRENT LIABILITIES |
66,275,633 |
66,101,121 |
62,674,062 |
94,711,727 |
|
|
|
|
|
|
|
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 |
1,321,854 |
1,321,854 |
3,018,680 |
1,321,854 |
|
Equity valuation adjustments |
0 |
22,434 |
33,261 |
0 |
|
Profits (losses) |
-24,734 |
0 |
0 |
-24,734 |
|
Accumulated other comprehensive income |
-4,211,756 |
-4,177,412 |
-4,004,625 |
-4,211,756 |
|
Amounts recognized in OCI classified as held for sale |
0 |
0 |
-16,349 |
0 |
|
Non-controlling shareholders |
0 |
0 |
0 |
417,555 |
|
TOTAL SHAREHOLDERS' EQUITY |
42,257,865 |
42,339,377 |
44,203,468 |
42,675,420 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
121,647,188 |
121,284,602 |
116,607,879 |
171,193,661 |
28
|
|
R$ mil
|
Parent Company |
Consolidated | |||
|
03.31.18 |
03.31.17 |
03.31.18 |
03.31.17 | |
|
NET OPERATING REVENUE |
932,935 |
872,616 |
8,581,790 |
8,862,044 |
|
Operating costs |
|
|
|
|
|
Energy purchased for resale |
-879,772 |
-860,870 |
-2,520,729 |
-2,602,297 |
|
Charges upon use of electric network |
0 |
0 |
-453,022 |
-485,117 |
|
Construction |
0 |
0 |
-333,660 |
-322,067 |
|
Fuel for electricity production |
0 |
0 |
-442,205 |
-7,783 |
|
NET OPERATING REVENUE |
53,163 |
11,746 |
4,832,174 |
5,444,780 |
|
Operating expenses |
|
|
|
|
|
Personnel, Supllies and Services |
-168,198 |
-141,617 |
-2,410,342 |
-2,237,786 |
|
Depreciation |
-1,388 |
-1,237 |
-412,029 |
-379,431 |
|
Amortization |
0 |
0 |
-54,306 |
-81,922 |
|
Donations and contributions |
-33,888 |
-25,897 |
-49,568 |
-33,788 |
|
Operating Provisions /Reversals net |
-2,232,417 |
-1,542,411 |
-1,081,078 |
-599,693 |
|
Investigation Findings |
0 |
0 |
0 |
0 |
|
Others |
-20,036 |
-14,742 |
-312,544 |
-207,942 |
|
-2,455,927 |
-1,725,904 |
-4,319,867 |
-3,540,562 | |
|
OPERATING INCOME BEFORE FINANCIAL RESULT |
-2,402,764 |
-1,714,158 |
522,674 |
1,904,218 |
|
Financial result |
|
|
|
|
|
Financial income |
|
|
|
|
|
Income from interest, commissions and fees |
1,767,917 |
933,076 |
1,238,374 |
210,473 |
|
Income from financial investments |
127,110 |
224,762 |
179,545 |
286,048 |
|
Moratorium on electricity |
5,079 |
4,232 |
114,536 |
103,074 |
|
Restatement Assets |
181,102 |
260,298 |
212,166 |
308,479 |
|
Current foreign currency exchange rate variations |
457,793 |
578,996 |
445,875 |
610,901 |
|
Payment of indemnities - Law 12,783 / 13 |
0 |
0 |
0 |
0 |
|
Regulatory asset update |
0 |
0 |
20,009 |
4,836 |
|
Gains on derivatives |
0 |
0 |
0 |
116,856 |
|
Other financial income |
50,190 |
-27,931 |
96,712 |
143,941 |
|
Financial expenses |
|
|
|
|
|
Debt charges |
-357,777 |
-531,432 |
-1,106,726 |
-1,559,255 |
|
Lease charges |
0 |
0 |
-78,173 |
-80,899 |
|
Charges on shareholders' funds |
-57,884 |
-113,607 |
-60,648 |
-118,922 |
|
Noncurrent Restatement |
-153,344 |
-212,829 |
-245,475 |
-311,254 |
|
Noncurrent foreign currency exchange rate variations |
-473,794 |
-590,862 |
-483,655 |
-579,811 |
|
Regulatory liability update |
0 |
0 |
-4,437 |
-15,445 |
|
Losses on derivatives |
0 |
0 |
-15,585 |
0 |
|
Other financial expenses |
-129,466 |
-25,203 |
-319,810 |
-217,889 |
|
1,416,926 |
499,500 |
-7,292 |
-1,098,867 | |
|
INCOME BEFORE EQUITY |
-985,838 |
-1,214,658 |
515,382 |
805,351 |
|
RESULTS OF EQUITY |
1,479,546 |
3,210,834 |
254,842 |
1,824,792 |
|
OPERATING INCOME BEFORE TAXES |
493,708 |
1,996,176 |
770,224 |
2,630,143 |
|
Current Income tax and social contribution |
-461,872 |
-602,551 |
-1,061,579 |
-668,735 |
|
Deferred Income Tax and Social Contribution |
0 |
0 |
347,493 |
-583,256 |
|
NET INCOME/LOSS FOR THE PERIOD |
31,836 |
1,393,625 |
56,138 |
1,378,152 |
|
SHARE ATTRIBUTED TO CONTROLLING |
31,836 |
1,393,625 |
31,836 |
1,393,625 |
|
SHARE ATTRIBUTED TO NON-CONTROLLING |
0 |
0 |
24,302 |
-15,473 |
|
NET INCOME/LOSS PER SHARE |
0.02 |
1.03 |
0.02 |
1.03 |
29
|
|
Cash Flow Statement
R$ mil
|
|
Parent Company |
Consolidated | ||
|
03.31.2018 |
03.31.17 |
03.31.2018 |
03.31.17 | |
|
Operating Activities |
|
|
|
|
|
Income before income tax and social contribution |
493,708 |
1,996,176 |
770,224 |
2,630,143 |
|
Adjustments to reconcile income to cash provided by operations: |
|
|
|
|
|
Depreciation and amortization |
1,388 |
1,237 |
466,335 |
461,353 |
|
Net monetary variations |
-27,758 |
-47,469 |
33,309 |
2,775 |
|
Net foreign exchange rate variations |
16,001 |
11,866 |
37,780 |
-31,090 |
|
Financial charges |
-1,494,969 |
-491,861 |
-138,304 |
1,339,464 |
|
Financial asset revenue |
0 |
0 |
-1,455,829 |
-1,793,361 |
|
Equivalence equity results |
-1,479,546 |
-3,210,834 |
-254,842 |
-1,824,792 |
|
Provision (reversal) for capital deficiency |
1,869,567 |
1,173,491 |
0 |
0 |
|
Provision (reversal) for doubtful accounts |
5,448 |
4,560 |
326,752 |
98,707 |
|
Provision (reversal) for contingencies |
204,462 |
236,622 |
512,397 |
351,242 |
|
Provision (reversal) for the impairment of assets |
0 |
-463 |
174,471 |
270,346 |
|
Provision (reversal) for onerous contract |
0 |
0 |
-301,055 |
-319,121 |
|
Provision (reversal) for losses on investments |
0 |
21,768 |
7,296 |
19,743 |
|
TRFH – (Pará rate) |
0 |
0 |
150,166 |
84,696 |
|
|
0 |
0 |
0 |
0 |
|
Provision (reversal) for hydrological risk - GSF |
0 |
0 |
0 |
0 |
|
RGR Charges |
84,829 |
90,217 |
84,829 |
90,217 |
|
Adjustment to present value / market value |
-2,406 |
-4,788 |
33,342 |
16,042 |
|
Minority interest in results |
0 |
0 |
-57,194 |
-22,743 |
|
Charges on shareholders' funds |
57,884 |
113,607 |
60,648 |
118,922 |
|
Financial instruments - derivatives |
0 |
0 |
15,585 |
-116,856 |
|
Other |
68,603 |
44,939 |
487,822 |
224,503 |
|
|
-696,497 |
-2,057,108 |
183,508 |
-1,029,953 |
|
(Increases) / decreases in operating assets |
|
|
|
|
|
Customers |
-220 |
0 |
585,130 |
-391,497 |
|
Marketable securities |
906,897 |
-989,155 |
606,101 |
-1,004,686 |
|
Reimbursement rights |
0 |
-1,715 |
517,291 |
242,373 |
|
Warehouse |
-12 |
10 |
111,661 |
8,377 |
|
Nuclear fuel stock |
0 |
0 |
65,117 |
87,442 |
|
Financial assets - Itaipu and public service concessions |
3,059 |
262,361 |
3,059 |
262,361 |
|
Assets held for sale |
0 |
0 |
-3,766,699 |
0 |
|
Hydrological risk |
0 |
0 |
28,453 |
34,971 |
|
Other |
-151,292 |
-79,735 |
120,114 |
-194,460 |
|
758,432 |
-808,234 |
-1,729,773 |
-955,119 | |
|
Increase / (decrease) in operating liabilities |
|
|
|
|
|
Suppliers |
-38,200 |
-52,111 |
-297,447 |
104,604 |
|
Advances from customers |
0 |
0 |
-26,709 |
-15,641 |
|
Lease |
0 |
0 |
-24,446 |
-22,037 |
|
Estimated liabilities |
12,386 |
10,411 |
-12,272 |
-30,804 |
|
indemnification obligations |
0 |
16,652 |
-15,074 |
-686,973 |
|
Sectorial charges |
0 |
0 |
-12,362 |
155,341 |
|
Liabilities associated with assets held for sale |
0 |
0 |
1,724,073 |
0 |
|
Other |
-151,292 |
-79,735 |
120,114 |
-194,460 |
|
-177,106 |
-104,783 |
1,455,877 |
-689,970 | |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Payment of financial charges |
-478,867 |
-566,788 |
-874,925 |
-1,015,571 |
|
Payment of RGR charges |
-51,965 |
-37,134 |
-51,965 |
-37,134 |
|
Financial charges received |
0 |
0 |
2,051,340 |
328,814 |
|
income tax payment and social contribution |
350,490 |
541,533 |
175,373 |
211,999 |
30
|
|
|
Payment of refinancing of taxes and contributions - principal |
-69,715 |
-65,755 |
-610,965 |
-380,416 |
|
investment compensation received in corporate participations |
0 |
0 |
-31,789 |
-33,279 |
|
Pension payment |
16,191 |
52,582 |
30,711 |
138,088 |
|
Payment of legal provisions |
-4,679 |
-7,072 |
-67,157 |
-82,216 |
|
Judicial deposits |
-357,193 |
-71,403 |
-375,197 |
-106,897 |
|
-18,128 |
-140,220 |
-51,552 |
299,636 | |
|
Net cash from operating activities |
-41,199 |
-1,184,252 |
775,806 |
-588,489 |
|
|
|
|
| |
|
Financing activities |
|
|
|
|
|
|
|
|
| |
|
Loans and financing |
0 |
0 |
462,285 |
1,189,999 |
|
Payment of loans and financing - Main |
-913,210 |
-967,993 |
-1,558,910 |
-1,537,001 |
|
Payment of shareholders remuneration |
0 |
-327 |
0 |
-327 |
|
Advanced receivalbe for future capital increase |
0 |
0 |
0 |
0 |
|
RGR resource for transfer |
0 |
647,706 |
0 |
647,706 |
|
Other |
-151,292 |
-79,735 |
120,114 |
-194,460 |
|
Net cash from financing activities |
-913,210 |
-320,614 |
-1,097,725 |
300,377 |
|
Investing activities |
|
|
|
|
|
Lending and financing |
-140,604 |
-886,664 |
0 |
0 |
|
loans and financing receivables |
656,451 |
1,260,791 |
523,896 |
584,546 |
|
Acquisition of fixed assets |
-3,398 |
0 |
-190,002 |
-217,828 |
|
Acquisition of intangible assets |
0 |
0 |
-26,680 |
-22,928 |
|
Acquisition of concession assets |
0 |
0 |
-251,416 |
-209,912 |
|
Acquisition / capital investment in equity |
-76,200 |
-92,250 |
-360,521 |
-602,770 |
|
Advance concession for future capital increase |
0 |
-10,804 |
-3,262 |
-15,237 |
|
Investment sale in shareholdings |
363,813 |
1,065,266 |
363,813 |
1,065,266 |
|
Other |
-140,604 |
-886,664 |
0 |
0 |
|
Net cash from investing activities |
800,062 |
1,336,339 |
128,316 |
583,948 |
|
|
|
|
| |
|
Net decrese in cash and cash equivalents for the year |
-154,347 |
-168,527 |
-193,603 |
295,836 |
|
|
|
|
| |
|
Cash and cash equivalents at beginning of year |
161,326 |
194,106 |
792,252 |
679,668 |
|
Cash and cash equivalents at end of year |
6,979 |
25,579 |
598,649 |
975,504 |
|
|
-154,347 |
-168,527 |
-193,603 |
295,836 |
31
|
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.
