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Summary
Conference, Call in Portuguese | |||
Page | November 13, 2018 | ||
Introduction | 02 | 2:30 PM (GMT) | |
11:30 AM (New York time) | |||
I. Financial Information of the Companies | 03 | 4:30 PM (London time) | |
II. Financial Analysis of the Companies | 18 | Phone: (11) 3137-8037 | |
III. Operating Information of the Companies | 22 | Conference Call in English | |
IV. Attachment: | November 13, 2018 | ||
I. Financial Information from Subsidiaries | 2:30 PM (GMT) | ||
II. Financial Analyses from Subsidiaries Companies | 11:30 AM (New York time) | ||
III. Operational Information | 4:30 PM (London time) | ||
Subsidiaries and SPEs | Phones: (11) 3137-8037 | ||
(+1) 786 837 9597 (USA) | |||
(+44) 20 3318 3776 (London) | |||
Contact RI: | |||
[email protected] | |||
www.eletrobras.com.br/ri | |||
Tel: (55) (21) 2514-6333 | |||
Preparation of the Report to | |||
Investors: | |||
Superintendent of Investor | |||
O Informe aos Investidores Anexos I, II e III | Relations | ||
podem ser encontrados em excel no nosso website: | Paula Prado Rodrigues Couto | ||
www.eletrobras.com.br/ri | |||
Capital Market Department | |||
Bruna Reis Arantes | |||
|
Fernando D'Angelo Machado | ||
Luiz Gustavo Braga Parente | |||
Maria Isabel Brum de A. Souza | |||
Mariana Lera de Almeida Cardoso | |||
Interns | |||
Flávia Alessandra Barbosa Bezerra | |||
Juliana C. M. Cardelli de Oliveira | |||
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 |
Disclaimer:
This material contains calculations that may not produce a precise sum or result due to rounding.
Rio de Janeiro, November 12, 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 6 Special Purpose Companies, announces its results for the period.
In the first nine months of 2018 (9M18), Eletrobras reported net income of R$ 1,275 million. In the nine months of 2017 (9M17), the company presented Net Income of R$ 2,272 million. The Generation and Transmission segment recorded a Profit of R$ 2,518 million and R$ 1,629 million, respectively, while the distribution segment recorded a loss of R$ 2,002 million.
In the third quarter of 2018 (3Q18), Eletrobras reported a net loss of R$ 1,613 million, lower than the net income of R$ 550 million obtained in the third quarter of 2017 (3Q17). In this period, the Generation and Transmission segment recorded a Profit of R$ 832 million and R$ 103 million, respectively, while the distribution segment recorded a loss of R$ 998 million. Ebitda decreased by 92% from R$ 2,249 million in 3Q17 to R$ 189 million in 3Q18.
Highlights of the 3Q18
»Sale of Distributors Cepisa, Ceron, Eletroacre, Boa Vista Energia;
»Sale of SPEs in the amount of R$ 1,296 million;
»Income from the Generation segment - Profit of R$ 832 million;
»Results of the Transmission segment - Profit of R$ 103 million;
»Income from the Distribution segment - Loss of R$ 998 million;
»EBITDA Managerial of R$ 1,748 million in 3Q18;
» Net Operating Revenue of R$ 8,936 million;
»Provisions for Contingencies in the amount of R$ 2,201 million, with a highlight to R$ 1,518 million relating to the reserve for compulsory loans, of which 1,389 million were related to the work of revision of estimates the database of lawsuits, and R$ 241 million in Chesf to GSF of UHE Sobradinho;
»Provision for losses on investments in assets held for sale in the amount of R$ 418 million related to the adjustment of the fair value of SPEs to the respective minimum prices constant of the auction of September 27, 2018;
»Reversal of Provisions for onerous contracts of R$ 145 million; and
»Reclassification of energy expenditure purchased for resale in proinfa, as a reduction of proinfa generation revenue, affecting the revenue account by about R$ 2 billion, but without effect for the result.
R$ Million
9M18 |
9M17 |
% |
|
3Q18 |
3Q17 |
% |
110,6 |
114,7 |
-3.6% |
Energy Sold - Generation GWh (1) |
35,3 |
39,7 |
-11% |
11,7 |
12,0 |
-2.5% |
Energy Sold - Distribution GWh |
4,0 |
4,1 |
-2.4% |
35,046 |
32,648 |
7% |
Gross Revenue |
11,287 |
10,934 |
3% |
27,128 |
25,196 |
8% |
Gross Revenue from Management (2) |
9,746 |
8,984 |
8% |
28,105 |
26,847 |
5% |
Net operating revenue |
8,936 |
8,892 |
0.5% |
20,796 |
19,995 |
4% |
Net Operating Revenue Management (2) |
7,491 |
7,006 |
7% |
6,769 |
9,140 |
-26% |
EBITDA |
189 |
2,249 |
-92% |
4,204 |
5,210 |
-19% |
EBITDA Managerial(3) |
1,748 |
1,475 |
18% |
1,275 |
2,272 |
-44% |
Net profit |
-1,613 |
550 |
-393% |
2,830 |
3,764 |
-25% |
Investments |
976 |
1,306 |
-25% |
(1) Does not consider the energy allocated for quotas, from the plants renewed by Law 12.783 / 2013; (2) Excludes CELG D in 2017, Revenue from Construction, Revenue from Transmission with RBSE, referring to Transmission Lines renewed by Law 12,783 / 2013 and revenue from retroactive tariff assets of Ordinance MME 301; Adjustments referring to change of methodology by IFRS 15 in accounting for Proinfa; (3) Excludes item (2) and Extraordinary Retirement Plan (PAE), Consensual Dismissal Plan (PDC), expenses with independent research, research findings, extraordinary contributions to supplementary pension, reimbursement to Enel by TUSD Eletronuclear, of Teresina and Agepisa / Sefaz-PI, provisions for contingencies, onerous contracts, Impairment, Provision for losses on investments, Provision for Losses on Investments classified as held for sale, Provisions for adjustment to market value, water resources (TFRH), Provision ANEEL CCC; (4) Excludes item (3) and monetary restatement for compulsory and IRPF provision for RBSE and Distribution Tariff Assets.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
ANALYSIS OF THE CONSOLIDATED RESULT (R$ million)
9M18 |
9M17 |
DRE |
3Q18 |
3Q17 |
13,297 |
15,374 |
Generation Revenue |
5,123 |
5,409 |
7,903 |
7,808 |
Transmission Revenue |
2,598 |
2,348 |
12,464 |
8,162 |
Distribution Revenue |
3,051 |
2,800 |
1,382 |
1,305 |
Other Revenues |
514 |
377 |
35,046 |
32,648 |
Gross Revenue |
11,287 |
10,934 |
-6,941 |
-5,802 |
Deductions from Revenue |
-2,351 |
-2,042 |
28,105 |
26,847 |
Net Operating Revenue |
8,936 |
8,892 |
-9,590 |
-10,589 |
Operational Costs |
-3,498 |
-3,928 |
-9,062 |
-9,007 |
Personnel, Material, Services and Others |
-2,931 |
-2,731 |
-1,438 |
-1,385 |
Depreciation and Amortization |
-489 |
-466 |
-3,571 |
-653 |
Operational Provisions |
-2,824 |
-247 |
4,445 |
5,213 |
|
-805 |
1,521 |
887 |
2,542 |
Shareholdings |
506 |
262 |
5,331 |
7,755 |
Income before Financial Income |
-300 |
1,783 |
-1,593 |
-3,752 |
Financial Result |
-988 |
-938 |
3,739 |
4,003 |
Income before Tax |
-1,288 |
845 |
-2,464 |
-1,730 |
Income tax and social contribution |
-325 |
-295 |
1,275 |
2,272 |
Net Profit |
-1,613 |
550 |
9M18 |
9M17 |
DRE Managerial* |
3Q18 |
3Q17 |
13,266 |
13,337 |
Generation Revenue Management |
5,110 |
4,769 |
3,608 |
3,483 |
Transmission Revenue Management |
1,225 |
1,233 |
8,871 |
7,113 |
Distribution Revenue Management |
2,898 |
2,604 |
1,382 |
1,263 |
Other Revenue Management |
514 |
377 |
27,128 |
25,196 |
Gross Revenue Management |
9,746 |
8,984 |
-6,331 |
-5,201 |
Deductions from Revenue Management |
-2,255 |
-1,977 |
20,796 |
19,995 |
Net Operating Revenue Management |
7,491 |
7,006 |
-8,061 |
-7,249 |
Operational Costs Management |
-2,996 |
-2,861 |
-8,383 |
-8,072 |
Personal, Material, Services and Others Management |
-2,917 |
-2,631 |
-1,438 |
-1,385 |
Depreciation and Amortization Management |
-489 |
-466 |
-1,035 |
-481 |
Operational Provisions Management |
-336 |
-301 |
1,879 |
2,809 |
|
754 |
748 |
887 |
1,017 |
Shareholdings Management |
506 |
262 |
2,766 |
3,826 |
Income before Financial Income Management |
1,259 |
1,010 |
-2,199 |
-3,453 |
Financial Result Management |
-790 |
-515 |
567 |
372 |
Income before Tax Management |
469 |
495 |
* Excludes results of CELG D in 2017, construction revenues and expenses, Transmission Revenue with RBSE, RBSE Revenue related to Transmission Lines renewed by Law 12,783 / 2013, Revenue from retroactive tariffs, expenses with independent research, Impairment , onerous contracts, extraordinary contributions in the supplementary pension plan, reimbursement to Enel by TUSD Eletronuclear, Agreements of Teresina and Agepisa / Sefaz-PI, provisions for contingencies, provision for losses on investments, provisions for adjustment to market value, (TFRH), ANEEL CCC Provision, which were impacted by RBSE, monetary restatement of compulsory loans, Extraordinary Retirement Plan (PAE), Consensus Dismissal Plan (PDC), GSF Provision Reversal, Provision for Fees Pará relatiova to Eletronorte and provision for IRPJ / CSLL related to RBSE and Assets Distribution tariffs.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
I.1 Main variations of the Statement of Income
Variations of Statement of Income (9M18 x 9M17)
9M18 Results posted a 44% variation compared to 9M17, with net income of R$ 1,275 million recorded in 9M18, compared to net income of R$ 2,272 million in 9M17, especially due to the following factors:
Operating Income
Generation Revenues |
9M18 |
9M17 |
% |
Variation |
Supply of energy for distribution companies |
8,444 |
10,628 |
-20.5 |
The variation was mainly due to the application of IFRS 15, changing the way the energy sold and purchased under Proinfa was recorded, with a negative impact of approximately R$ 2.5 billion in 2018, due to the offsetting with the cost of energy purchased for resale under Proinfa, as of 3Q18, as a recipe reducer.They also affected: (i) price readjustments in ACR; (ii) In the subsidiary Eletronuclear, updating of the fixed revenue established by ANEEL for the 2018 Fiscal Year 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 |
1,736 |
1,859 |
-6.6 |
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) |
1,134 |
868 |
30.6 |
The reduction is mainly due to the growth of the short-term revenue of the subsidiary Amazonas GT by the surplus generation at the Mauá 3 plant and sold to the LDP. In 2017, there was no revenue related to this operation. In addition, the account was affected by market variations (PLD, GSF, Portfolio of contracts, etc.). |
Operating and Maintenance Revenue - Renewable Power Plants by Law 12,783 |
1,626 |
1,657 |
-1.9 |
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 |
30 |
28 |
6.4 |
No effect for the result, since it has expense in corresponding amount. |
Transfer Itaipu (see II.3.a) |
326 |
333 |
-2.0 |
The variation was mainly due to the variation of the tariff on which the monetary adjustment calculated on the basis of the US Commercial Price and Industrial goods indexes is affected, as well as the recognition of the interministerial ordinance that determines the revenues of Itaipu. |
TOTAL GENERATION REVENUES |
13,297 |
15,374 |
-13.5 |
The variation was mainly due to the factors explained above. |
(-) Construction/Proinfa IFRS 15 |
-30 |
-2,037 |
-98.5 |
No effect for the result, since it has expense in corresponding amount. |
GENERATION REVENUES MANAGERIAL |
13,266 |
13,337 |
-0.5 |
The variation was mainly due to the factors explained above. |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Transmission Revenues |
9M18 |
9M17 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
2,506 |
2,410 |
4.0 |
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. |
LT RAP Under Exploration regime |
229 |
207 |
10.5 |
The variation is mainly due to the following reasons: (i) annual adjustment; and (ii) the adjustment portion of the period. |
Construction Revenue |
803 |
594 |
35.3 |
No effect for the result, since it has expense in corresponding amount. |
Finance - Return on Investment - RBSE |
3,492 |
3,731 |
-6.4 |
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 remuneration between the periods is due to the beginning of the monthly amortization of assets, in August 9M17. |
Return Rate Updates |
873 |
866 |
0.9 |
The variation is due mainly to the following reasons: In the subsidiary Eletronorte, R$ 10 million increase in ETE's return on investment, R$ 10 million in PVTE, and R $ 6 million in LVTE. |
TOTAL TRANSMISSION REVENUE |
7,903 |
7,808 |
1.2 |
The variation was mainly due to the factors explained above. |
(-) Rate of Return related to RBSE Compensation |
-3,492 |
-3,731 |
-6.4 |
|
(-) Construction |
-803 |
-594 |
35.3 |
|
TRANSMISSION MANAGERIAL REVENUE |
3,608 |
3,483 |
3.6 |
The variation was mainly due to the factors explained above. |
Distribution Revenues |
9M18 |
9M17 |
% |
Variation |
Supply |
7,411 |
6,648 |
11.5 |
The variation was mainly due to: (i) Tariff Adjustment in the following subsidiaries: Eletroacre, Ceal, Ceron and Boa Vista; |
Short Term Revenue |
445 |
517 |
-13.8 |
The variation was mainly due to: (i) in the subsidiary Eletroacre, as from July 2017, MCSD decontamination of the energy surplus 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 |
497 |
522 |
-4.8 |
Sem efeito para o resultado, uma vez que possui despesa em valor correspondente. |
CVA and other Financial Components |
4,111 |
475 |
765 |
The variation was due to the constitution of positive CVA in the subsidiaries, mainly due to the recognition of the right to the tariff asset while operating in the form of a designation. (Ordinance MME 301) |
TOTAL DISTRIBUTION REVENUE |
12,464 |
8,162 |
52.7 |
Variation was mainly due to the factors explained above. |
(-) CELG D |
0 |
-528 |
|
|
(-)Retroactive Regulatory Asset |
-3,096 |
0 |
- |
|
(-) Construction |
-497 |
-522 |
-4.8 |
|
MANAGEMENT DISTRIBUTION REVENUE |
8,871 |
7,113 |
24.7 |
Variation was mainly due to the factors explained above. |
CVA and Other Financial Components |
9M18 |
9M17 |
ED Acre |
228 |
4 |
ED Alagoas |
494 |
259 |
Amazonas Energy Distribution S.A. |
1,574 |
-12 |
ED Piauí |
939 |
218 |
ED Rondônia |
557 |
-9 |
ED Roraima |
318 |
28 |
Celg-D |
0 |
-11 |
TOTAL CVA and Other Financial Components |
4,111 |
475 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Other Revenues |
9M18 |
9M17 |
% |
Variation |
Other Revenues |
1,382 |
1,305 |
5.9 |
The variation was mainly due to the increase in the rendering of engineering services, sale of fixed assets and revenues from tariff flags and tariffs of distributors. |
CELG D |
0 |
-42 |
-100.0 |
|
Other Management Income |
1,382 |
1,263 |
9.4 |
|
Operating Costs and Expenses
OPERATING COSTS |
9M18 |
9M17 |
% |
Variation |
Energy purchased for resale |
-4,855 |
-7,949 |
-38.9 |
The variation was mainly due to the application of IFRS 15, altering the accounting of energy sold and purchased under Proinfa, with an impact of approximately R$ 2.0 billion in the energy purchased for resale. Also contributing to the variation is the fact that, as of February 2017, CELG no longer impacts costs, leading to a reduction in the purchase of energy for resale. |
Charges on the use of electricity |
-1,550 |
-1,207 |
28.4 |
The variation is mainly due to the accounting in the subsidiary Eletronuclear for the provision of use of the distribution system in the amount of R $ 208 million for the period from April 2014 to June 2018, as authorized by ANEEL Dispatch 4,123 / 2017. |
Fuel for cars of electricity |
-1,854 |
-289 |
541.5 |
The variation is explained, mainly (i) lower reimbursement of CCC, due to the glosses of Aneel with respect to fuel efficiency; (ii) variation of power generation via the Santa Cruz Thermoelectric Plant; (iii) in Amazonas GT, with the consumption of gas for the Mauá plant 3 (TG1 and TG2), when in the same period of 2017 it did not occur, offset by the recovery of expenses CCC. |
Construction |
-1,330 |
-1,144 |
16.3 |
No effect for the result, since it has expense in corresponding amount. |
OPERATING COSTS |
-9,590 |
-10,589 |
-9.4 |
Variation was mainly due to the factors explained above. |
(-) CELG D/ Retroactive CUSD Enuclear Proinfa |
199 |
2,197 |
-100.0 |
|
(-) Construction |
1,330 |
1,144 |
16.3 |
|
OPERATING COSTS MANAGEMENT |
-8,061 |
-7,249 |
11.2 |
Variation was mainly due to the factors explained above. |
OPERATING EXPENSES |
9M18 |
9M17 |
% |
Variation |
Personel |
-4,871 |
-5,650 |
-13.8 |
The variation was mainly due to the following factors: (i) from February 2017 CELG D no longer impacts the results of this account; (ii) Pae in the amount of R$ 796 million in 9M17 PDC in the amount of R$ 293 million in 9M81; and (iii) cost reduction policy established by the Company. |
Material |
-219 |
-229 |
-4.4 |
The variation is mainly due to the time difference of the Angra 2 stop for the exchange of nuclear fuel, from February 17 to March 20, 2018. |
Services |
-2,030 |
-1,921 |
5.7 |
The variation was mainly due to the increase in the consulting service of the holding company, as an increase of R $ 77 million, being: ProERP R $ 27 mm, Deloitte R $ 14 mm, Hogan Lovells R $ 8 mm, Roland Berger R $ 7 mm and CSC Brasil R $ 3 million. |
Others |
-2,236 |
-1,207 |
85.2 |
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 |
-1,438 |
-1,385 |
3.8 |
There is no relevant variation. |
Operating Provisions / Reversals |
-3,571 |
-653 |
446.9 |
The variation is mainly explained by (i) Contingencies in the amount of R$ 3,714 million, influenced by provisions related to the compulsory loan (R $ 1,882 million) and Chesf's GSF; (ii) PCLD of R$ 730 million; and (iii) Provision for losses on investments in SPEs classified as held for sale, of R$ 418 million. The main operating provisions are detailed below (see Note 37). These provisions were partially offset by: (i) reversal of the Provision for Pará Rate of R$ 1,184 million; (ii) reversal of onerous contracts in the amount of R$ 780 million. |
TOTAL OPERATING EXPENSES |
-14,364 |
-11,045 |
30.1 |
The variation was mainly due to the factors explained above. |
CELG D |
0 |
96 |
-100.0 |
|
Consensual Dismissal Plan (PAE/PDC) |
293 |
796 |
-63.2 |
|
Extraordinary Contributions on Pension Plans |
109 |
0 |
- |
|
Independent Investigation Expenses |
46 |
43 |
7.1 |
|
Agreements with Teresina Municipality and Agespisa / Sefaz-PI |
231 |
0 |
- |
|
Contingencies |
3,714 |
1,921 |
93.3 |
|
Onerous Contracts |
-783 |
-1,971 |
-60.3 |
|
Provision / (Reversal) for Losses on Investments |
11 |
27 |
-59.9 |
|
Provision for losses on investments classified as held for sale |
418 |
0 |
- |
|
Impairment |
359 |
-561 |
-164.0 |
|
Provision ANEEL CCC |
0 |
349 |
-100.0 |
|
Adjustment to Market Value |
0 |
-1 |
-77 |
|
Water Resources Inspection Fee (TFRH) - Para Fee |
-1,184 |
406 |
-391.4 |
|
Operating Expenses Managerial |
-10,856 |
-9,938 |
9.2 |
The variation was mainly due to the factors explained above. |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Shareholdings
Shareholdings |
9M18 |
9M17 |
% |
Variation |
Shareholdings |
887 |
2,542 |
-65.1 |
The variation was mainly due to the sale of CELG D in 9M17. |
(-) Alienation CELG D |
0 |
-1,525 |
- |
|
Shareholdings Management |
887 |
1,017 |
-12.8 |
The variation was mainly due to the factors explained above |
Financial Result
FINANCIAL RESULT |
9M18 |
9M17 |
% |
Variation |
RESULTADO FINANCEIRO |
2,239 |
1,444 |
55.1 |
The variation was mainly due to the accounting of the agreement with Eletropaulo in the amount of R$ 1,064 million in 9M18. |
Interest Income and Financial Income |
-94 |
-30 |
212 |
There was no material variation. |
Net Monetary Update |
-200 |
-81 |
147 |
The variation is mainly due to the variation in the exchange rate in the period on financing agreements and with suppliers. |
Net Foreign Exchange Variation |
-3,186 |
-4,359 |
-26.9 |
The variation was mainly due to the reduction of the indexes rates in 9M18 (SELIC, IPCA and others) and the reduction of indebtedness. |
Debt Charges |
-205 |
-315 |
-35 |
The variation was mainly due to the reduction of the indicator that corrects the values related to the Forwarding for Future Capital Increase (AFAC) performed by the Union in the holding company, adjusted by the Selic; |
Shareholder Remuneration Charges |
-146 |
-411 |
-64 |
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 9M17 of R $ 232 million to a positive result of R $ 56 million in 9M18. |
TOTAL FINANCIAL INCOME |
-1,593 |
-3,752 |
-57.6 |
The variation was mainly due to the factors explained above |
CELG D and Eletropaulo Agreement |
-1,064 |
-64 |
1.569.1 |
|
Monetary adjustment of compulsory loans |
458 |
363 |
26.2 |
|
MANAGEMENT FINANCIAL RESULT |
-2,199 |
-3,453 |
-36.3 |
The variation was mainly due to the factors explained above |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Income Tax and Social Contribution (CSLL)
INCOME TAX AND CSLL |
9M18 |
9M17 |
% |
Variation |
Income tax and social contribution |
-2,464 |
-1,730 |
42 |
The variation is mainly due to the collection of Income Tax (IRRF) on the disposal of CELG D and CVA RGR. |
(-) IRRF RBSE |
2,240 |
1,269 |
76.6 |
|
(-) IRRF Disposal CELG D |
411 |
438 |
-6.1 |
|
Income Tax and Managerial Social Contribution |
187 |
-462 |
-141 |
|
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Variations of DRE (3Q18 x in 3Q17)
The 3Q18 Results recorded a variation of 393% in relation to 3Q17, with a net loss of R$ 1,613 million in 3Q18, compared to a net income of R$ 550 million in 3Q17, especially due to the following factors.
Operating income
Generation Revenue |
3Q18 |
3Q17 |
% |
Variation |
Supply do Distribution Companies |
3,286 |
3,929 |
-16.4 |
The variation was mainly due to the application of IFRS 15, altering the accounting of energy sold and purchased under Proinfa, with an impact of approximately R$ 810 million in 3Q18. |
Supply to final consumers |
644 |
678 |
-4.9 |
The variation was mainly due to the termination of bilateral contracts in the subsidiary Eletronorte. This revenue reduction movement was offset by the new auctions of the Itumbiara Power Plant, governed by Law 13182/2015, specific to final consumers. |
CCEE (short term) |
485 |
104 |
366.6 |
The variation is mainly due to the following reason: (i) In the subsidiary Amazonas GT, short-term market revenue from the Mauá plant 3 sold to the LDP for the months of August and September / 18 (R$ 252 million); (ii) Differences in the Short-Term Market due to, among others, the variation of PLD and GSF values; (iii) change in the portfolios of contracts and seasonality, with emphasis on Furnas. |
Revenue from Operation and Maintenance |
551 |
536 |
3.0 |
There is no relevant variation. However, the increase is related to RAG's readjustment. In 3Q18, Resolution 2.421 / 2018, which recognizes the "GAG Improvement", was published, however, until the company completes its investment plans, the restatement of the financial asset, in the amount of approximately R $ 264 million in 3Q18, was reclassified in Current Liabilities as an advance of RAG improvement and is not being accounted for in revenue. |
Construction Revenue |
14 |
8 |
67.7 |
No effect for the result, since it has expense in corresponding amount. |
Transfer Itaipu (see II,3,a) |
142 |
155 |
-8.0 |
The variation was mainly due to the variation of the tariff on which the monetary adjustment calculated on the basis of the US Commercial Price and Industrial goods indexes is affected, as well as the recognition of the interministerial ordinance that determines the revenues of Itaipu. |
TOTAL GENERATION REVENUES |
5,123 |
5,409 |
-5.3 |
The variation was mainly due to the factors explained above |
(-) Construction/Proinfa |
-14 |
-640 |
-97.8 |
|
MANAGEMENT GENERATION REVENUES |
5,110 |
4,769 |
7.1 |
The variation was mainly due to the factors explained above |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Transmission Revenues |
3Q18 |
3Q17 |
% |
Variation |
Revenue from Operation and Maintenance (LT Renovadas Law 12,783 / 2013) |
834 |
941 |
-11.4 |
The variation is mainly due to the following reasons: (i) reduction of the RAP in R $ 127 million, especially of the transmission financial assets. |
Revenue from LT Under Exploration regime |
83 |
79 |
4.8 |
The variation is mainly due to the following reasons: (i) annual adjustment of 2.6%; and (ii) annual update of the financial assets of SPE Transenergia Goias by R$ 10 million. |
Construction Revenue |
335 |
211 |
58.5 |
No effect for the result, since it has expense in corresponding amount. |
Finance - Return on Investment - RBSE |
1,039 |
904 |
15.0 |
The variation is mainly due to: (i) Remuneration of the financial asset of the Existing System Basic Network (RBSE) for transmission lines renewed in accordance with Law 12,783 / 2013, and the decrease in remuneration between the periods is due to the beginning of amortization of assets in August 2017. |
Return Rate Updates |
307 |
212 |
44.7 |
There is no relevant variation. |
TOTAL TRANSMISSION REVENUE |
2,598 |
2,348 |
10.7 |
The variation was mainly due to the factors explained above |
(-) Assets Retroactive Tariff |
-1,039 |
-904 |
15.0 |
|
(-) Construction |
-335 |
-211 |
58.5 |
|
MANAGERIAL TRANSMISSION |
1,225 |
1,233 |
-0.7 |
The variation was mainly due to the factors explained above |
Distribution Revenues |
3Q18 |
3Q17 |
% |
Variation |
Supply to DisCos and final Consumers |
2,551 |
2,159 |
18.2 |
The variation was mainly due to: (i) Increase in Cepisa's tariff by 27.6% and tariffs in the amount of R $ 214 million; (ii) Amazonas D tariff adjustment (R $ 110 million). |
Short Term Revenue |
239 |
138 |
73.4 |
The variation was mainly due to: (i) in the subsidiary Eletroacre, a reduction due to the fall in overcontracting due to the lack of contracting with energy suppliers; |
Construction Revenue |
153 |
196 |
-21.8 |
No effect for the result, since it has expense in corresponding amount. |
CVA and other Financial Components |
108 |
308 |
-64.9 |
The variation was mainly due to (i) a positive CVA in the 3Q17 in the subsidiaries, mainly due to the following reasons: In the subsidiary Ceal, there was a reversal of the CVA provision to revenue and supplementary overcompensation (ii) Tariff Regulatory Assets in the subsidiaries Eletroacre, Amazonas D, Ceron and Boa Vista, with the objective of guaranteeing the economic neutrality of the debts contracted with RGR's resources to guarantee the provision of the public Distribution Service , whose tariff coverage was recognized by ANEEL (Official Letter 242/2018, Ordinance MME 301); |
TOTAL DISTRIBUTION REVENUE |
3,051 |
2,800 |
9.0 |
The variation was mainly due to the factors explained above |
(-) CVA RGR |
0 |
0 |
- |
|
(-) Construction |
-153 |
-196 |
-21.8 |
|
MANAGEMENT DISTRIBUTION REVENUE |
2,898 |
2,604 |
11.3 |
The variation was mainly due to the factors explained above. |
CVA and Other Financial Components |
3Q18 |
3Q17 |
ED Acre |
26 |
10 |
ED Alagoas |
-166 |
121 |
Amazonas Distribuição de Energia S.A. |
83 |
26 |
ED Piauí |
99 |
149 |
ED Rondônia |
37 |
-9 |
ED Roraima |
28 |
10 |
Celg-D |
0 |
0 |
TOTAL CVA and Other Financial Components |
108 |
308 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Other Revenue |
3Q18 |
3Q17 |
% |
Variation |
Other Revenue |
514 |
377 |
36.2 |
The variation was mainly due to the non-recognition, in 2018, of Procel's revenue, which is subject to approval through a public hearing; (ii) increase in revenues from distributors due to tariffs and tariff modality (about R $ 77 million). |
Operating Costs and Expenses
OPERATIONAL COSTS |
3Q18 |
3Q17 |
% |
Variation |
Energy purchased for resale |
-1,440 |
-2,592 |
-44.4 |
The variation was mainly due to: (i) application of IFRS 15, altering the accounting of energy sold and purchased under Proinfa, with an impact of approximately R$ 800 million in 3Q18; (ii) reduction of R$ 200 million in Ceron due to the reduction of Termonorte's physical guarantee and reduction of the cut-off, and 4.3% reduction of losses; (iii) reduction in Eletronorte due to the deprecation of 345Mwmed; (iv) Reduction of Furnas R$ 64 million due to lower energy purchased at CCEE; (iv) a reduction of R$ 44 million from Amazonas GT due to the higher generation of the Aparecida and Mauá Block Unit 3. This movement is counterbalanced by the growth of energy purchased for resale from the subsidiaries Ceal and Cepisa. |
Charges on the use of electricity grid |
-419 |
-344 |
21.6 |
The variation is mainly due to the readjustment of the basic network tariff. |
Fuel for electricity production |
-1,137 |
-576 |
97.4 |
The variation is mainly due to the following reasons: (i) In the subsidiary Amazonas D, less expense recovery due to the glosses practiced by CCCE under ANEEL's guidance regarding the reimbursement of the total cost of generation (CTG), these glosses are related to contracted gas volume, transportation tariffs practiced in the gas contract, power and energy availability, and liquid fuel (R$ 260 million); (ii) In the subsidiary Furnas, the generation of energy through the Santa Cruz Thermoelectric Plant according to dispatches by the National System Operator (ONS) (R$ 53 million); (iii) in the subsidiary Eletronuclear, interruption of the consumption of nuclear fuel in the period plants that occurred in different periods; in 2018 the Angra 2 shutdown occurred in the period from February 17, 2008 to March 20, 2008, and in 2017 the Angra 1 plant shutdown occurred during the months of August to October 2017. (iv) Amazonas GT: an increase of R$ 101 million by the beginning of consumption of UTE Mauá 3. |
Construction |
-502 |
-415 |
20.9 |
No effect for the result, since it has expense in corresponding amount. |
TOTAL OPERATING COSTS |
-3,498 |
-3,928 |
-10.9 |
The variation was mainly due to the factors explained above. |
(-) Retroactive Eletronuclear Enel/Proinfa |
0 |
652 |
-100.0 |
|
(-) Construction |
502 |
415 |
20.9 |
|
MANAGERIAL OPERATING COSTS |
-2,996 |
-2,861 |
4.7 |
The variation was mainly due to the factors explained above. |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
OPERATIONAL EXPENSES |
3Q18 |
3Q17 |
% |
Variation |
Personnel |
-1,489 |
-1,644 |
-9.4 |
The variation was mainly due to the cost reduction policy established by the Company, with PAE, PDC, hazardous and overtime, which offset the 1.69% adjustment of ACT 2018/2019. |
Material |
-72 |
-109 |
-34.1 |
The variation was mainly due to (i) lower maintenance of the Usina Mauá complex (R$ 19 million); (ii) Angra I and II stoppage for maintenance in 3Q17 (R$ 18 million). In 2018, the shutdown occurred in 2Q18, not affecting 3Q18. |
Services |
-711 |
-675 |
5.4 |
The variation is mainly explained by: (i) In the Holding, independent research expenses in the amount of R $ 15 million and other consulting services in the amount of R $ 45 million, with highlight to turnaround, with emphasis on CSC R $ 10 million SAP R $ 2 million (ii) subsidiary Ceal, resulting from the payment of attorney fees that have acted in the lawsuit related to the Bresser Plan; and (iii) in the subsidiary Boa Vista, reflecting the hiring of labor and technical services to meet the interior of the State. |
Others |
-659 |
-303 |
117.7 |
The variation is mainly explained by: (i) Prefeitura de Teresina and Agepisa / Sefaz-PI agreements in the amount of R$ 138 million; (ii) In the subsidiary Furnas, provision for ICMS of Santa Cruz referring to decree RJ 46.207 / 2017; (iii) In the subsidiary Eletronorte, impairment of the SPEs ETE and MTE, in the amounts of R$ 20 and R $ 42 million respectively; (iv) In the subsidiary Amazonas D, civil damages were paid (R$ 8.9 million) and (R$ 4.2 million) and an increase of R$ 75.6 million, justified by the reduction index applied to the CCC / CDE reimbursement, which in 3Q17 was 2,3%, in 3Q18 the applied index was 8.4 %. ; (v) in the cepisa, R$ 21.4 per prescribed credits |
Depreciation and amortization |
-489 |
-466 |
4.8 |
There is no relevant variation. |
Operating Provision/Reversals |
-2,824 |
-247 |
1,042 |
The variation is mainly explained by: (i) Contingencies in the amount of R $ 2,110 million, influenced by provisions related to the compulsory loan (R $ 1,518 million); (ii) Chesf contingency provision of R $ 301 million, GSF of R $ 241 million GSF Chesf; (iii) PCLD of R $ 233 million; and (iiiv) provision for losses on investments classified as held for sale of R $ 418 million related to the adjustment in the equity interests of the Special Purpose Companies Hermenegildo I, II, III, Chuí IX, Miassaba 3, Brasnorte and Serra das Vacas, Manaus Transmitter at the minimum auction price held on September 27, 2018. The main operating provisions are detailed below (see Note 37). |
TOTAL OPERATING EXPENSES |
-6,243 |
-3,444 |
81.3 |
The variation was mainly due to the factors explained above. |
Extraordinary Retirement Plan and Dismissal Plan(PAE and PDC) |
-3 |
90 |
-103.3 |
|
Agreements City Hall of Teresina and Agespisa / Sefaz-PI |
0 |
0 |
- |
|
Extraordinary Contribution Social Security |
3 |
0 |
- |
|
Investigation Findings Expenses |
15 |
10 |
51.6 |
|
Contingencies |
2,201 |
800 |
175.2 |
|
Onerous contracts |
-147 |
-744 |
-80.2 |
|
Provision for losses on investments classified as held for sale |
-5 |
-17 |
-68.3 |
|
Provision / (Reversal) for Losses on Investments |
418 |
0 |
- |
|
Impairment |
21 |
-713 |
-103.0 |
|
ANEEL Provision - CCC |
0 |
349 |
-100.0 |
|
TFRH – Para Tax |
0 |
0 |
-129 |
|
Managerial Operating Expenses |
-3,741 |
-3,398 |
10.1 |
The variation was mainly due to the factors explained above. |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Shareholdings
Shareholdings |
3Q18 |
3Q17 |
% |
Variation |
Shareholdings
|
506 |
262 |
93.0 |
The variation was mainly due to the improvement in the results of the SPEs, with a highlight to the Norte Energia Positive Equivalence of R$ 187 million. |
Financial Result
FINANCIAL RESULT |
3Q18 |
3Q17 |
% |
Variation |
Income from Interest and Financial Investments |
454 |
373 |
21.8 |
The variation was mainly due to the reduction of the indexes (SELIC, IPCA and others). |
Net Monetary Adjustment |
-89 |
-106 |
-16 |
There was no material variation. |
Net Foreign Exchange Variation |
-80 |
-17 |
384 |
The variation is mainly due to the variation in the exchange rate in the period on financing agreements and with suppliers. |
Debt Charges |
-1,028 |
-1,388 |
-25.9 |
The variation was mainly due to the reduction of indexes (SELIC, IPCA and others) and the reduction of indebtedness. |
Shareholder Remuneration Charges |
-64 |
-94 |
-32 |
A variação se deu, principalmente, em função da correção dos valores relativos ao Adiantamento para Futuro aumento de Capital (AFAC) realizados pela União na holding, pela Selic; |
Other financial results |
-181 |
293 |
-162 |
The variation is fragmented in several small accounts, with emphasis on: (i) the updating of the regulatory distribution asset, resulting from the recognition of economic neutrality by Administrative Rule 301; and (ii) the result of derivative operations, which went from a negative result in 3Q17 of R $ 48 million to a positive result of R $ 178 million in 3Q18. |
TOTAL FINANCIAL RESULT |
-988 |
-938 |
5.4 |
The variation was mainly due to the factors explained above. |
CELG D and Eletropaulo’s Agreement /Proinfa |
0 |
-26 |
-100.0 |
(-) CELG D \ Agreement Eletropaulo \ Proinfa |
Monetary adjustment of compulsory loans |
198 |
449 |
-55.9 |
(-) Monetary update. emp. compulsory |
FINANCIAL RESULT MANAGERIAL |
-790 |
-515 |
53.6 |
The variation was mainly due to the factors explained above |
Income Tax and CSLL
Income Tax and CSLL |
3Q18 |
3Q17 |
% |
Variation |
Income tax and social contribution |
-325 |
-295 |
10 |
The variation is mainly due to the collection of IRRF on the disposal of CELG D. |
(-) Income tax RBSE |
353 |
307 |
15.0 |
|
Income Tax and Cont, Social Managerial |
28 |
13 |
123 |
The variation was mainly due to the factors explained above |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
I.2 Sale of Energy
I.2.1 Energy Sold in 9M18 - Generators – TWh
In terms of the evolution of the energy market, Eletrobras Companies in 9M18 sold 110,6 TWh of energy, against 114.7 TWh traded in the same period of the previous year, which represents an decrease of 3.7%.
(1) Usinas renovadas pela Lei 12.783/13 – cotas
(2) Usinas sob regime de exploração: Vendas ACR e ACL
(3) A Companhia atua como agente de comercialização de energia elétrica da Itaipu. As receitas de energia vendida apresentadas acima não fazem parte das receitas de vendas da Eletrobras mencionadas nas Demonstrações financeiras
I.2.2 Energy Sold in 9M18 - Distributors – TWh
In terms of evolution of the energy market, Eletrobras Distributors in 9M18 sold 11.7 TWh of energy, against 12 TWh traded in the same period last year, representing a reduction of 2.4%
** It considers only the captive market and supply.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
I.3 Impairments and Onerous Contracts
Accumulated |
Moviment |
| |||
Impairment |
12/31/2017 |
09/30/2018 |
1Q18 |
2Q18 |
3Q18 |
Generation |
12,979 |
13,489 |
204 |
209 |
97 |
UTN Angra 3 |
9,900 |
10,553 |
204 |
213 |
236 |
UTE Santa Cruz |
694 |
732 |
0 |
0 |
38 |
UHE Batalha |
385 |
385 |
0 |
0 |
0 |
Candiota Fase B |
366 |
366 |
0 |
0 |
0 |
Others |
1,634 |
1,453 |
0 |
-4 |
-177 |
Transmission |
2,593 |
2,519 |
0 |
0 |
-75 |
CC 061-2001 |
1,116 |
1,116 |
0 |
0 |
0 |
LT Jauru Porto Velho |
0 |
14 |
0 |
0 |
14 |
CC 018-2012 Mossoró Ceará Mirim |
253 |
222 |
0 |
0 |
-30 |
Outros |
1,225 |
1,167 |
0 |
0 |
-58 |
Distribution |
0 |
0 |
0 |
0 |
0 |
Administration |
264 |
264 |
0 |
0 |
0 |
|
|
|
|
| |
Total |
15,837 |
16,272 |
174 |
163 |
21 |
Onerous Contracts |
BALANCE ON 12/31/2017 |
BALANCE ON 09/30/2018 |
Moviment |
9M18 | |||
Transmission |
|
|
|
LT Recife II - Suape II |
50 |
50 |
0 |
LT Camaçari IV - Sapeaçu |
124 |
124 |
0 |
Others |
10 |
10 |
0 |
|
185 |
185 |
0 |
Generation |
|
| |
Santa Cruz |
32 |
290 |
258 |
Funil |
127 |
119 |
-8 |
Coaracy Nunes |
232 |
102 |
-130 |
Angra 3 |
1,389 |
736 |
-653 |
Others |
115 |
48 |
-66 |
|
1,895 |
1,295 |
-600 |
|
|
|
|
Intang/Distribution Assets for sale |
- |
- |
-183 |
|
|
|
|
TOTAL |
2,079 |
1,479 |
-783 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
I.4 Consolidated EBITDA
R$ million
EBITDA |
9M18 |
9M17 |
(%) |
Result for the Year |
1,275 |
2,272 |
-44% |
+ Provision for Income Tax and Social Contribution |
2,464 |
1,730 |
42% |
+ Financial Result |
1,593 |
3,752 |
-58% |
+ Amortization and Depreciation |
1,438 |
1,385 |
4% |
= EBITDA |
6,769 |
9,140 |
-26% |
Adjustment |
|
|
|
(-) Celg D (EBITDA and Disposal - Equity Shares) |
0 |
-1,554 |
-100% |
(-) Basic Network Effects of the Existing System (RBSE) |
-3,169 |
-3,386 |
-6% |
(-)Tariff Assets RGR |
-2,810 |
0 |
- |
(-) Retirement Plan. Extraordinary (PAE) / Consentual Dismissal Plan (PDC) |
293 |
796 |
-63% |
(-) Expenditure Independent research |
46 |
43 |
7% |
(-) Retroactive Payment Enel Eletronuclear |
199 |
0 |
|
(-) Extraordinary Social Security Contributions |
109 |
0 |
- |
(-) Agreements Town Hall of Teresina and Agespisa / Sefaz-PI |
231 |
0 |
- |
(-) Contingencies |
3,714 |
1,921 |
93% |
(-) Onerous contracts |
-783 |
-1,971 |
-60% |
(-) Provision / (Reversal) for Losses on Investments |
11 |
27 |
-60% |
(-) Provision / (Reversal) for Losses on Investments classified as held for sale |
418 |
0 |
- |
(-) Impairment |
359 |
-561 |
-164% |
(-)Provision ANEEL CCC |
0 |
349 |
-100% |
(-) Adjustment to Market Value |
-0,1 |
-0,6 |
-77% |
(-) Water resources inspection fee (Para Rate) |
-1,184 |
406 |
-391% |
= EBITDA MANAGERIAL 1 |
4,204 |
5,210 |
-18% |
1The adjustments made to the Ebitda Managerial refer to non-recurring events or events that are expected to be treated under PDNG 2018-2022 and therefore are expected not to affect the Company's future cash flow. However, there are risks and uncertainties related to the Company's business, such as, but not limited to, general economic, regulatory, political and commercial conditions in Brazil and abroad, changes in interest rates, inflation and value of the Real, changes in volumes and standards of consumer energy use, competitive conditions, payments related to our receivables, changes in rainfall and water levels in the reservoirs used to operate our hydroelectric power plants, our financing and capital investment plans, existing and future government regulations , and other risks described in our annual report and other documents filed with the Securities and Exchange Commission and the Securities and Exchange Commission of the United States of America that may change those estimates and expectations of the Administration. Thus, future results of the Company's operations and initiatives may differ from current expectations and the investor should not rely solely on the information contained herein.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Consolidated Results and EBITDA by segment
09/30/18 | ||||||||
DRE by Segment |
Administration |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
Net operating revenue |
152 |
10,866 |
1,321 |
1,085 |
6,205 |
10,160 |
(1,683) |
28,105 |
Operating Costs and Expenses |
(3,266) |
(6,221) |
(1,380) |
(959) |
(3,360) |
(10,148) |
1,674 |
(23,661) |
Operating Income Before Financial Result |
(3,114) |
4,645 |
(59) |
126 |
2,845 |
12 |
(9) |
4,445 |
Financial Result |
1,944 |
(1,070) |
(98) |
(217) |
(600) |
(1,561) |
9 |
(1,593) |
Results of equity investments |
887 |
- |
- |
- |
- |
- |
- |
887 |
Income tax and social contribution |
(586) |
(815) |
(85) |
1 |
(525) |
(454) |
- |
(2,464) |
Net Income (loss) for the period |
(869) |
2,760 |
(243) |
(91) |
1,720 |
(2,002) |
- |
1,275 |
EBITDA |
(2,189) |
5,796 |
(26) |
140 |
2,876 |
181 |
|
6,769 |
EBITDA Margin |
-1441% |
53% |
-2% |
13% |
46% |
2% |
|
24% |
09/30/17 | ||||||||
DRE by Segment |
Administration |
Generation |
Transmission |
Distribution |
Eliminanation |
Total | ||
Operating System |
O & M Regime |
Operating System |
O & M Regime | |||||
Net operating revenue |
127 |
13,054 |
1,336 |
1,075 |
6,445 |
6,244 |
(1,433) |
26,847 |
Operating Costs and Expenses |
(2,624) |
(9,634) |
(1,233) |
(700) |
(2,226) |
(6,634) |
1,417 |
(21,634) |
Operating Income Before Financial Result |
(2,497) |
3,419 |
103 |
376 |
4,219 |
(391) |
(16) |
5,213 |
Financial Result |
838 |
(1,073) |
(157) |
(328) |
(411) |
(2,637) |
16 |
(3,752) |
Results of equity investments |
2,542 |
- |
- |
- |
- |
- |
- |
2,542 |
Income tax and social contribution |
(986) |
(198) |
(40) |
(58) |
(927) |
479 |
- |
(1,730) |
Net Income (loss) for the period |
(103) |
2,148 |
(95) |
(10) |
2,881 |
(2,549) |
- |
2,272 |
EBITDA |
73 |
4,443 |
140 |
389 |
4,251 |
(141) |
|
9,140 |
EBITDA Margin |
58% |
34% |
10% |
36% |
66% |
-2% |
|
34% |
I.5 Net debt
|
R$ million | |
Net Debt |
09/30/2018 |
12/31/2017 |
GROSS DEBT |
43,428 |
45,593 |
(-) RGR of Other companies |
1,147 |
1,219 |
(-) Purchase of shares with RGR (federalization) |
532 |
1,391 |
(-) Debt with Third Parties Distributing Companies Managerial* |
1,372 |
- |
(+) Assumption of the debt of the distributing companies Managerial* |
2,807 |
- |
= GROSS DEBT Managerial |
43,183 |
42,982 |
(-) (Cash and Cash Equivalents + Securities) |
7,514 |
8,048 |
(-) Financing Receivable without RGR |
10,191 |
9,048 |
(-) Financing to be followed by distributors Sold (RO / RGR) Managerial* |
3,343 |
3,801 |
(-) Net balance of Itaipu Financial Asset |
2,160 |
1,788 |
Net Debt |
19,975 |
20,297 |
*In IFRS, debt and credit transactions, through the sale of distributors Cepisa, Ceron, Eletroacre, Boa Vista, according to 171st AGE, will take place in 4Q18. The gross debt was financed through RGR funds, which were owed by a company outside the Eletrobras group (R$ 1,372 million) and credits related to the federalization of CEAM Distribuidora, incorporated by Amazonas D, and to the purchase of Celpa's shares, in accordance with Article 21-A and Article 21-B of Law 12,783 / 2013 (R$ 532 million). |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Analysis of the Results of the Parent Company
In 3Q18, Eletrobras Holding recorded a net loss of R$ 1,621 million, a reduction of 402% compared to the net income of R$ 538 million registered in 3Q17.
In 9M18, Eletrobras Holding reported net income of R$ 1,230 million, a reduction of 45% compared to net income of R$ 2,237 million recorded in 9M17.
This 9M18 result was decisively influenced by: (i) Profit from Corporate Equity of R$ 4,157 million (see II.1). It also had a negative impact on: (i) Unrecognized liabilities in subsidiaries in the amount of R $ 2,104 million, mainly impacted by subsidiaries Amazonas Energia Distribuição (R??$ 1,616 million), CGTEE (R$ 563 million) and positive of Eletronuclear in 316 million; (ii) Provision for legal contingencies, in the amount of R$ 1,883 million, mainly due to the impact of the Provision for Compulsory Loans under the Operating Provisions caption, which amounted to R$ 1,518 million in 3Q18, of which R$ 1,389 million refer to the review of estimation carried out by the Company arising from the analysis of legal advice contracted to evaluate the data base of the judicial process control system (See Explanatory Note number 26 of the Financial Statements of 9M18); (iii) Accounting for monetary restatement related to compulsory loans in the amount of R$ 260 million in 9M18. The following chart presents a comparison of Eletrobras holding results between 9M17 and 9M18.
Evolution of Results - R$ million
Note: The analysis of the results of each subsidiary is attached.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
II.1 Shareholdings of the Parent Company
In 3Q18, the result of Equity Shares positively impacted the Company 's result by R$ 1,090 million, mainly due to the Equity in earnings of investments in subsidiaries, as shown below:
|
|
|
|
R$ million |
|
Parent company | |||
|
9M18 |
9M17 |
3Q18 |
3Q17 |
Investments in subsidiaries |
|
|
|
|
Equity |
3,660 |
4,766 |
672 |
2,262 |
|
|
|||
Investments in associates |
|
|||
Equity |
857 |
2,334 |
418 |
278 |
|
||||
Investments in subsidiaries |
4,517 |
7,100 |
1,090 |
2,539 |
II2. Commercialization of Electric Power of the Parent Company
a.Itaipu Binacional
FINANCIAL RESULT OF ITAIPU |
|
|
|
|
|
1Q18 |
2Q18 |
3Q18 |
2018 |
Sale of Energy Contract Itaipu + CCEE |
2,693 |
3,286 |
3,517 |
9,495 |
Revenue originating from the Right of Reimbursement (1) |
255 |
292 |
423 |
969 |
Others |
42 |
40 |
39 |
121 |
Total Revenue |
2,989 |
3,619 |
3,979 |
10,586 |
|
|
|
|
|
Purchase of Energy Contract Itaipu + CCEE |
-2,587 |
-3,562 |
-3,125 |
-9,273 |
Expenses Originating from the Compensation Obligation (2) |
-168 |
-195 |
-280 |
-643 |
Itaipu repayment |
-104 |
497 |
-369 |
25 |
Others |
-44 |
-262 |
-62 |
-368 |
Total Expenses |
-2,902 |
-3,521 |
-3,836 |
-10,260 |
|
|
|
|
|
Net operating revenue - Transfer of Itaipu |
87 |
97 |
142 |
326 |
|
|
|||
ITAIPU RESULTS (Price indexes) |
|
|
|
|
|
1Q18 |
2Q18 |
3Q18 |
2018 |
Revenue originating from the Right of Reimbursement (1) |
255 |
292 |
423 |
969 |
+ Foreign Exchange Result |
19 |
666 |
196 |
881 |
Result from the Right of Reimbursement (RD) |
273 |
958 |
619 |
1,850 |
Expenses Originating from the Compensation Obligation (2) |
168 |
195 |
280 |
643 |
+ Foreign exchange result |
12 |
445 |
131 |
588 |
Result from the Reimbursement Obligations (RO) |
180 |
640 |
412 |
1,232 |
Balance: RD - RO |
93 |
318 |
207 |
618 |
a.1
(see explanatory note 17.1.1 of the Financial Statements of 2Q18)
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 3Q18 includes an amount equivalent to US$ 346,874,357, which will be received by the Company through collections from the distributors, approved by regulation MME/MF 03/2017.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
The balance resulting from the adjustment factor of Itaipu Binacional, included in the caption Financial Assets, presented in Non-current Assets, amounted to R $ 5,734,692 on September 30, 2018, equivalent to US$ 1,432,277 (R $ 3,884,737 on December 31, 2017, equivalent to US$ 1,174,346). The amount of R$ 4,192,443, equivalent to US$ 1,047,090, will be transferred to the National Treasury until 2023, as a result of the credit assignment 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 3Q18, Operating Provisions negatively impacted the Parent Company's income by R$ 2,748 million, compared to R$ 1,799 million in 3Q17. This variation is mainly explained by the increase in contingency provisions in the amount of R$ 1,507 million in 3Q18, compared to R$ 405 million in the same period of 3Q17.
In 9M18, Operating Provisions had a positive impact on the Parent Company's result of R$ 4,256 million, compared to R$ 4,324 million in 9M17. This variation is mainly explained by the movement of overdraft liabilities in subsidiaries in the amount of R$ 2,104 million. The table below shows the movements in Operating Provisions:
|
|
|
R$ million | |
Operational Provisions |
Parent company | |||
|
9M18 |
9M17 |
3Q18 |
3Q17 |
Garanties |
57 |
13 |
-10 |
-9 |
Contingencies |
1,883 |
1,125 |
1,507 |
405 |
PCLD - Consumers and Resellers |
0 |
0 |
0 |
0 |
PCLD - Financing and Loans |
17 |
5 |
5 |
5 |
Short-term liabilities in subsidiaries |
2,104 |
3,143 |
959 |
1,353 |
Onerous Contracts |
0 |
0 |
0 |
0 |
Provision / (Reversal) for Losses on Investments |
40 |
45 |
6 |
7 |
Provision for losses on classified investments |
276 |
0 |
276 |
0 |
Impairment |
0 |
0 |
0 |
1 |
Adjustment to Market Value |
-0 |
-1 |
0 |
-0 |
Pará Fee |
0 |
0 |
0 |
0 |
Others |
-121 |
-7 |
5 |
37 |
|
4,256 |
4,324 |
2,748 |
1,799 |
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY |
Balance on 12/31/2017 |
Other Comprehensive Results |
Initial Adoption IFRS 9 |
Equity |
Classification - held for sale |
Balance at 09/30/2018 |
Amazonas |
11,937 |
- |
80 |
1,616 |
- |
13,632 |
Eletronuclear |
5,143 |
20 |
- |
-316 |
- |
4,846 |
CGTEE |
3,523 |
- |
- |
563 |
- |
4,086 |
ED Alagoas |
1,054 |
-0 |
- |
-44 |
-1,010 |
- |
TOTAL PROVISION FOR PASSIVE DISCOVERED |
21,657 |
20 |
80 |
1,818 |
-1,010 |
22,565 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
II.4 Financial Results of Parent Company
In 3Q18, the Financial Result had a negative impact on the Parent Company's result of R$ 140 million compared to R $ 117 million in 3Q17. This variation is mainly explained by the difference in Revenue from interest, commissions and fees.
In 9M18, the Financial Result positively impacted the Parent Company's result by R$ 1,940 million, showing a growth in relation to the 9M17 financial result of R$ 833 million, as shown below:
FINANCIAL RESULT |
|
R$ million | ||
|
9M18 |
9M17 |
3Q18 |
3Q17 |
Financial income |
|
|
|
|
Interest income, commissions and fees |
3,079 |
2,628 |
670 |
841 |
Revenue from short-term investments |
408 |
582 |
140 |
162 |
Moratorium surcharge on electricity |
7 |
11 |
2 |
3 |
Net Monetary updates |
191 |
-273 |
-13 |
-285 |
Net Exchange rate variations |
41 |
-45 |
-41 |
-42 |
Other financial income |
150 |
98 |
77 |
25 |
|
|
|
|
|
Financial Expenses |
|
|
|
|
Debt charges |
-1,189 |
-1,455 |
-458 |
-432 |
Lease charges |
0 |
0 |
0 |
0 |
Charges on shareholders' funds |
-175 |
-301 |
-60 |
-89 |
Other financial expenses |
-571 |
-411 |
-179 |
-64 |
|
1,940 |
833 |
140 |
117 |
Evolution of the IGP-M and Dollar (%)
The main indexes of financing and onlendings contracts had the following variations in the periods:
|
3Q17 |
3Q18 |
9M18 |
Dólar |
-4.24% |
3.84% |
21.04% |
IGPM |
-0.15% |
2.75% |
8.30% |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
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 financing granted to the parent company, with a currency adjustment clause, represent approximately 29% of the total portfolio (28% at December 31, 2017). Those that foresee an update based on indices representing the domestic price level in Brazil amount to 71% of the portfolio balance (72% at 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 |
2,490 |
5,953 |
6,111 |
2,520 |
1,572 |
5,276 |
23,922 |
Consolidadated |
2,452 |
2,659 |
2,809 |
218 |
105 |
555 |
8,798 |
* This amount includes receivables from other companies outside the Eletrobras System with RGR in the amount of R$ 1,198 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 June 2018 is 6.29% pa. (7.94% pa in 2017), and have the following profile:
|
Parent Company |
|
|
Consolidadated |
| ||||||
09.30.2018 |
|
12.31.2017 |
|
09.30.2018 |
|
12.31.2017 | |||||
Balance in R$ million |
% |
|
Balance in R$ million |
% |
|
Balance in R$ million |
% |
|
Balance in R$ million |
% | |
Foreign currency |
|||||||||||
USD |
11,694 |
50% |
|
9,308 |
39% |
|
11,694 |
27% |
|
9,308 |
21% |
USD with Libor |
835 |
4% |
|
1,490 |
6% |
|
1,247 |
3% |
|
1,840 |
4% |
EURO |
266 |
1% |
|
230 |
1% |
|
266 |
1% |
|
230 |
1% |
IENE |
- |
0% |
|
32 |
0% |
|
- |
0% |
|
32 |
0% |
Others |
- |
0% |
|
- |
0% |
|
- |
0% |
|
2 |
0% |
Subtotal |
12,795 |
54% |
|
11,061 |
47% |
|
13,207 |
31% |
|
11,412 |
25% |
|
|
|
|
|
|
|
|
|
| ||
Local currency |
|
|
|
|
|
|
|
|
|
| |
CDI |
4,409 |
19% |
5,223 |
22% |
10,495 |
24% |
12,160 |
27% | |||
IPCA |
- |
0% |
|
- |
0% |
|
237 |
1% |
|
369 |
1% |
TJLP |
- |
0% |
- |
0% |
6,675 |
16% |
6,809 |
15% | |||
SELIC |
- |
0% |
|
616 |
3% |
|
921 |
2% |
|
1,783 |
4% |
Others |
- |
0% |
- |
0% |
4,205 |
10% |
4,154 |
9% | |||
Subtotal |
4,409 |
19% |
|
5,839 |
25% |
|
22,532 |
52% |
|
25,275 |
56% |
|
|
|
|
|
|
|
|
|
|
| |
Not indexed |
6,380 |
27% |
|
6,753 |
29% |
|
7,213 |
17% |
|
8,434 |
19% |
|
|
|
|
|
|
|
|
|
|
| |
TOTAL |
23,584 |
100% |
|
23,653 |
100% |
|
42,952 |
100% |
|
45,122 |
100% |
* In this amount is included the debt of other companies outside the Eletrobras System with RGR in the amount of R$ 1,198 million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
The long-term portion of loans and financing matures as scheduled:
R$ million | |||||||
|
2019 |
2020 |
2021 |
2022 |
2023 |
After 2023 |
Total |
Parent Company |
1,133 |
2,090 |
8,949 |
1,577 |
3,998 |
178 |
17,924 |
Consolidadated |
2,428 |
4,337 |
10,834 |
2,918 |
5,148 |
7,934 |
33,598 |
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 |
10/03/2018 |
Moody’s Senior Unsecured Debt |
“Ba3”: / Estable |
10/03/2018 |
Fitch - Issuer Default Ratings (Foreign Currency) |
“BB-”: / Estable |
06/14/2018 |
Fitch - Issuer Default Ratings (Local Currency) |
“BB-”: / Estable |
06/14/2018 |
Fitch - Senior Unsecured Debt Rating |
"BB-" |
06/14/2018 |
S&P LT Local Currency |
“BB” /Estable |
01/12/2018 |
S&P - Senior Unsecured |
"BB-" |
01/12/2018 |
S&P LT Foreign Currency |
“BB“ /Estable* |
01/12/2018 |
*CreditWatch
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
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. With effectiveness condition related to GSA signature.
Until September 2018, Eletrosul, Chesf, Eletronorte and Furnas completed the process of transferring ownership interest held in 51 Special Purpose Companies (SPEs) to its parent company, Centrais Elétricas Brasileiras S / A - Eletrobras, in payment. The mentioned transaction represents one of the stages foreseen in the PNDG 2018-2022 and had the purpose to promote the discharge of debts of its subsidiaries with the Holding and to reduce its financial leverage.
Of the 71 SPEs participating in the Eletrobras # 1/2018 Auction, held on September 27, 2018, 26 were sold, of which 5 (five) were by means of a power of attorney from Chesf to Eletrobras.
In addition to the 51 SPEs transferred to Eletrobras in the payment process, it is noteworthy that this company already had a shareholding in the Norte Energia S.A, Mangue Seco 2 and ROUAR projects.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
NATURE OF INVESTMENTS |
|
Budgeted 2018 |
Realized |
Budgeted | |||
1Q18 |
2018 |
1Q18 |
9M18 |
1Q18 | |||
Generation |
|
586 |
65 |
89 |
172 |
326 |
56% |
Transmission |
|
1,727 |
159 |
230 |
293 |
682 |
40% |
Distribution |
|
203 |
65 |
120 |
81 |
266 |
131% |
Maintenance – Generation |
|
735 |
44 |
59 |
70 |
173 |
24% |
Maintenance - Transmission |
|
641 |
47 |
53 |
87 |
186 |
29% |
Maintenance - Distribution |
|
56 |
42 |
57 |
48 |
146 |
258% |
Other (Research, Infrastructure and environment) |
|
434 |
86 |
108 |
97 |
291 |
67% |
Total Corporate |
|
4,382 |
508 |
715 |
848 |
2,070 |
47% |
Financial Investments in SPEs |
|
|
|
|
|
|
|
Generation |
|
1,490 |
342 |
261 |
127 |
731 |
49% |
Transmission |
|
336 |
26 |
2 |
1 |
29 |
9% |
Total SPEs |
|
1,826 |
369 |
263 |
128 |
760 |
42% |
Total |
|
6,208 |
876 |
978 |
976 |
2,830 |
46% |
For further details of the investments, per subsidiary or by project, see appendix 3 to this Investor Report
Share Capital
Structural of Social Capital
Shareholders |
Common |
Pref. Class “A” |
Pref. Class “B” |
Total | ||||
Quantity |
% |
Quantity |
% |
Quantidade |
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 3Q18, the capital of Eletrobras had the following composition:
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Stock Analysis
Actions
ELET3 - Eletrobras Common Shares
In 3Q18, the common shares of Eletrobras (ELET3) increased 27.2%, closing at R$ 15.51. The highest quotation was R$ 17.92, recorded on July 25, and the lowest R$ 13.06 recorded on July 2, 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$ 50.5 million.
ELET6 - Eletrobras Preferred Shares
In 3Q18, the preferred shares of Eletrobras (ELET6) increased 37.4%, closing at R$ 18.62. The highest quotation was R$ 20.19, recorded on July 25, and the lowest R$ 14.68 recorded on July 2, considering ex-dividend values. The average daily trading volume in the period was 2.0 million shares and the average daily financial volume was R$ 35.5 million.
Evolution of Traded Shares in B3
Font: AE Broadcast
Index number 09/30/2017 = 100 and ex-dividend values
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
ADR Programs
EBRN - Eletrobras Common Shares
In 3Q18, Eletrobras common stock ADRs appreciated 21.2% to US$ 3.89. The highest price was U$ 4.83, registered on July 25, and the lowest U$ 3.41, registered on July 2, considering ex-dividend values. The average daily trading volume in the period was 305.4 thousand shares. Average daily financial volume was US$ 1.2 million.
EBRB - Eletrobras Preferred Shares
In 3Q18, Eletrobras preferred stock ADRs appreciated 28.2%, closing at U$ 4.50. The highest price was U$ 5.38, registered on July 25, and the lowest U$ 3.75, recorded on July 2, considering ex-dividend values. The average daily trading volume in the period was 25 thousand shares. The average daily financial volume was US$ 112.6 thousand.
Evolution of Traded Shares in ADR
Font: AE Broadcast
Index number 09/30/2017 = 100
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Latibex - Madrid Stock Exchange
XELTO - Eletrobras Common Shares
In 3Q18, the Latibex common stock appreciated 17.5% to € 3.22. The highest price was € 4.14 recorded on July 24, and the lowest € 2.78, recorded on July 2, considering ex-dividend values. The average daily trading volume in the period was 1.13 thousand shares.
XELTB - Eletrobras Preferred Shares
In 3Q18, Latibex preferred shares increased 16.0% to € 3.76. The highest price was € 4.60, registered on July 26, and the lowest, € 3.14, recorded on July 2, considering ex-dividend values. The average daily trading volume in the period was 1.44 thousand shares.
Evolution of Foreign Currencies
Index number 09/30/2017 = 100 and ex-dividend values.
Font: Central Bank
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Nº of employees
Parent Company
By time
Working time at company (years) |
1T18 |
2T18 |
3Q18 |
Up to 5 |
25 |
27 |
25 |
6 to 10 |
407 |
391 |
393 |
11 to 15 |
237 |
236 |
207 |
16 to 20 |
16 |
14 |
37 |
21 to 25 |
9 |
10 |
14 |
more than 25 |
128 |
133 |
128 |
Total |
822 |
811 |
804 |
By region
State of the Federation |
|||
1T18 |
2T18 |
3Q18 | |
Rio de Janeiro |
800 |
789 |
780 |
Brasília |
22 |
22 |
22 |
Total |
822 |
811 |
802 |
Hired / Outsourced Labor
1Q18 |
2Q18 |
3Q18 |
0 |
0 |
0 |
Turnover (Holding)
1Q18 |
2Q18 |
3Q18 |
0.% |
0.6% |
0.7% |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Direct Partnerships in SPEs - Parent Company
Generation
SPE |
Power plant |
Total Investment R$ million |
Capacity Installed MW |
Physical Warranty Average MW |
Generated Energy Average MW | ||
1Q18 |
2Q18 |
3Q18 | |||||
Norte Energia SA* |
UHE |
40,900,457 |
11,233,10 |
4,571 |
9,680,101,40 |
7,330,823,67 |
1,506,011.21 |
Eólica Mangue Seco 2 |
UEE |
114,56 |
26 |
9,6 |
13,351,005 |
13,681,17 |
26,246,424 |
Santa Vitória do Palmar Holding S.A. (2) |
EOL |
In operation |
258 |
109,5 |
174,513,19 |
165,367,72 |
229,527,55 |
Chuí Holding S.A. (1) |
EOL |
In operation |
144 |
59,6 |
91,890,43 |
89,823,67 |
118,580,13 |
Chuí IX |
EOL |
In operation |
17,9 |
7,4 |
12,536 |
11,641,09 |
15,838,34 |
Hermenegildo I |
EOL |
In operation |
57,28 |
24,9 |
43,169 |
41,980,47 |
53,154,37 |
Hermenegildo II |
EOL |
In operation |
57,28 |
25,3 |
38,619 |
39,530,76 |
52,217,25 |
Hermenegildo III |
EOL |
In operation |
48,33 |
21 |
32,851 |
35,159,39 |
43,412,67 |
Rouar S.A. |
EOL |
U$ 101.72 |
65.1 |
N/A |
|||
Brasventos Eolo |
EOL |
In operation |
58.45 |
21.86 |
27,787,60 |
22,848,50 |
44,390,00 |
Rei dos Ventos 3 |
EOL |
In operation |
60.12 |
21.07 |
27,490,00 |
26,461,80 |
50,850,00 |
Miassaba 3 |
EOL |
In operation |
68.47 |
22.84 |
32,735,70 |
28,600,90 |
56,756,00 |
Serra das Vacas Holding (3) |
EOL |
In operation |
90.76 |
43.60 |
92,799,52 |
80,985,47 |
107,243,13 |
Chapada do Piauí II Holding (4) |
EOL |
In operation |
172.40 |
88.70 |
78,925,51 |
193,304,04 |
245,816,58 |
Mangue Seco 2 |
EOL |
In operation |
26 |
9.60 |
13,351,01 |
13,681,17 |
26,246,42 |
Pedra Branca |
EOL |
In operation |
30 |
12.90 |
16,232,87 |
35,941,57 |
37,706,21 |
São Pedro do Lago |
EOL |
In operation |
30 |
13.50 |
14,308,05 |
33,482,40 |
35,325,06 |
Sete Gameleiras |
EOL |
In operation |
30 |
12.60 |
14,081,80 |
31,431,23 |
34,535,35 |
* The commercial operation already totals 5,121.9 MW of capacity in commercial operation.
(1) Chuí Holding S.A is the controlling shareholder of Chuí S.A. I, II, IV, V, VI, VII wind farms.
(2) Santa Vitória do Palmar Holding (SVP), which is the parent company of Geribatu SA spol. I to X incorporated Chuí Holding SA, in this way, SVP controlled the Chuí SA I, II, IV, V, VI, VII.
(3) Serra das Vacas Holding S.A incorporated the interests of wind power companies Serra das Vacas S.A. I to IV.
(4) The Chapada do Piauí II Holding SA incorporated the wind power SPEs Ventos de Santa Joana I, III, IV, V, VII and Ventos de Santo Augusto IV S.A.
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Power plant |
Participation (%) |
Location (State) |
Start of Operation |
End of Operation |
|
| |||
Norte Energia S.A |
15 |
PA |
abr/16 |
ago/45 |
Santa Vitória do Palmar Holding S.A. (2) |
78 |
RS |
fev/15 |
abr/47 |
Chuí Holding S.A. (1) |
78 |
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 |
Brasventos Eolo |
49 |
RN |
jul/14 (') |
dez/45 |
Rei dos Ventos 3 |
49 |
RN |
jul/14 (') |
dez/45 |
Miassaba 3 |
49 |
RN |
jul/14 (') |
ago/45 |
Rouar S.A |
50 |
Uruguai -Departamento de Colônia |
20 years* |
|
Serra das Vacas Holding (3) |
49 |
PE |
dez/15 |
jun/49 |
Chapada do Piauí II Holding (4) |
49 |
PI |
(5) |
dez/35 |
Mangue Seco 2 |
49 |
RN |
set/11 |
jun/32 |
Pedra Branca |
49 |
BA |
mar/13 |
fev/46 |
São Pedro do Lago |
49 |
BA |
mar/13 |
fev/46 |
Sete Gameleiras |
49 |
BA |
mar/13 |
fev/46 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Transmission
Development |
Object (From to) |
Participation (%) |
Investiment (R$ million) |
Capacity Installed (Km) |
Voltage (kV) |
Start of Operation |
Termination of Concession |
Intesa |
Colinas-Miracema-Gurupi-Peixe Nova-Serra da Mesa 2 (TO / GO) |
49 |
In operation |
695 |
500 |
mai/08 |
abr/36 |
Uirapuru |
Ivaiporã (PR) – Londrina (PR) |
75 |
In operation |
120 |
525 |
jul/06 |
mar/35 |
TME |
LT Jauru / Cuiabá, em 230 kV, (MT) |
49 |
In operation |
348 |
500 |
nov/11 |
nov/39 |
Brasnorte |
Jauru - Juba – C2 (MT) e Maggi - Nova Mutum (MT), SE Juba e SE Maggi - 230/138 kV |
49.71 |
In operation |
402 |
230 |
set/09 |
mar/38 |
Transirapé |
Irapé – Araçuaí |
24.5 |
In operation |
65 |
230 |
mai/07 |
mai/37 |
Transleste |
Montes Claros – Irapé |
24 |
In operation |
138 |
345 |
dez/05 |
dez/35 |
Transudeste |
Itutinga – Juiz de Fora |
25 |
In operation |
140 |
345 |
fev/07 |
fev/37 |
ETAU |
Campos Novos (SC) – Barra Grande (SC) – Lagoa Vermelha (RS) – Santa Marta (RS) |
27.42 |
In operation |
188 |
230 |
jul/05 |
dez/32 |
AETE |
Coxipó-Cuiabá-Rondonópolis (MT), SE Seccionadora Cuiabá |
49 |
In operation |
193 |
230 |
ago/05 |
fev/34 |
Centroeste de Minas |
Furnas – Pimenta II |
49 |
In operation |
62,7 |
345 |
mar/10 |
mar/35 |
Luziânia-Niquelândia |
SE Luziânia SE Niquelândia |
49 |
In operation |
- |
- |
jun/14 ago/15 |
mai/42 mai/42 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Development |
Object (From to) |
Total Investment R$ million) |
Capacity Installed (MVA) |
Location |
Start of Operation |
Termination of Concession |
AETE |
SE Seccionadora Cuiabá |
In operation |
- |
MT |
ago/05 |
fev/34 |
Uirapuru |
In operation |
jul/06 |
mar/35 | |||
Brasnorte |
SE Juba SE Maggi - 230/138 kV |
In operation |
300 100 |
MT |
set/09 |
mar/38 |
ETAU |
Lagoa Vermelha 2 230/138kV; Barra Grande 230/138 kV; Santa Marta 230 kV - Entrada de Linha; Ampliação Lagoa Vermelha 2 230/138kV |
In operation |
150 |
SC |
abr/05 |
dez/32 |
- |
jul/05 | |||||
- |
jul/05 | |||||
150 |
out/16 | |||||
INTESA |
SE Peixe 2 SE Serra da Mesa 2 |
In operation |
- |
TO/GO |
mai/08 |
abr/36 |
TME |
SE Jauru 500/230 kV |
In operation |
750 |
MT |
nov/11 |
nov/39 |
Transirapé |
SE Aracuaí 2 SE Irapé SE Irapé |
In operation |
2x225 2x225 |
MG |
mai/07 |
mai/37 |
Transleste |
- |
In operation |
- |
MG |
dez/05 |
dez/35 |
Transudeste |
- |
In operation |
- |
MG |
fev/07 |
fev/37 |
Centroeste de Minas |
- |
In operation |
- |
MG |
mar/10 |
mar/35 |
Luziânia-Niquelândia |
SE Luziânia SE Niquelândia |
In operation |
450 30 |
GO |
jun/14 ago/15 |
mai/42 mai/42 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Balance Sheet
R$ thoussand
Asset |
Parent Company |
Consolidated | ||
09.30.2018 |
31.12.17 |
09.30.2018 |
31.12.17 | |
Current |
||||
Cash and cash equivalents |
67,537 |
161,326 |
878,555 |
792,252 |
Restricted cash |
1,788,067 |
1,329,876 |
1,788,067 |
1,329,876 |
Marketable securities |
3,142,639 |
5,059,957 |
6,359,199 |
6,924,358 |
Customers |
363,434 |
502,236 |
5,055,619 |
4,662,368 |
Financial assets - Concessions and Itaipu |
0 |
0 |
6,880,017 |
7,224,354 |
Loans and financing |
8,652,331 |
8,288,875 |
2,540,133 |
2,471,960 |
Equity Pay |
1,545,149 |
1,726,958 |
293,769 |
245,577 |
Taxes to recover |
294,641 |
623,299 |
978,880 |
1,066,207 |
Income tax and social contribution |
924,044 |
1,436,175 |
2,189,011 |
1,874,475 |
Reimbursement rights |
235 |
212 |
455,560 |
479,243 |
Warehouse |
235 |
212 |
455,560 |
479,243 |
Nuclear fuel stock |
- |
- |
486,216 |
465,152 |
Derivative financial instruments |
2,903 |
- |
241,048 |
209,327 |
Hydrological risk |
- |
- |
81.301 |
104.530 |
Assets held for sale |
3,301,900 |
1,482,907 |
15,454,694 |
5,825,879 |
Credits with subsidiaries - CCD |
1,485,926 |
- |
- |
- |
Other |
1,605,241 |
802,501 |
2,039,826 |
2,115,375 |
TOTAL CURRENT ASSETS |
23,174,047 |
21,414,322 |
46,599,215 |
37,358,727 |
|
|
|
|
|
NON CURRENT |
|
|
|
|
LONG-TERM |
|
|
|
|
Reimbursement rights |
0 |
0 |
5,777,525 |
6,509,032 |
Loans and financing |
23,921,921 |
22,889,437 |
8,798,230 |
7,794,891 |
Customers |
0 |
30,576 |
110,808 |
462,376 |
Marketable securities |
275,760 |
269,141 |
276,081 |
331,862 |
Nuclear fuel stock |
0 |
0 |
800,900 |
831,008 |
Taxes to recover |
0 |
0 |
1,507,491 |
1,635,142 |
Current Income Tax and Social Contribution |
0 |
471,568 |
729,113 |
471,568 |
Deferred income and social contribution taxes |
0 |
0 |
0 |
1,010,810 |
Escrow deposits |
3,256,486 |
3,052,505 |
6,036,277 |
5,874,708 |
Fuel Consumption Account - CCC |
0 |
0 |
0 |
0 |
Financial assets - Concessions and Itaipu |
3,160,480 |
2,820,172 |
51,509,439 |
50,660,769 |
Derivative financial instruments |
0 |
0 |
249,723 |
216,904 |
Advances for future capital increase |
1,274,068 |
1,701,275 |
395,903 |
959,838 |
Hydrological risk |
0 |
0 |
255,810 |
325,132 |
Other |
2,381,592 |
2,278,845 |
1,530,958 |
1,108,629 |
|
34,270,307 |
33,513,519 |
77,978,258 |
78,192,669 |
INVESTMENTS |
68,626,725 |
66,159,343 |
27,644,601 |
28,708,364 |
Fixed assets net |
199,498 |
197,418 |
24,865,284 |
27,965,837 |
INTANGIBLE |
2,234 |
0 |
607,593 |
749,762 |
TOTAL NON-CURRENT ASSETS |
103,098,764 |
99,870,280 |
131,095,736 |
135,616,632 |
TOTAL ASSETS |
126,272,811 |
121,284,602 |
177,694,951 |
172,975,359 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
R$ thousand
Liabilities and Equity |
Parent Company |
Consolidated | ||
09.30.2018 |
09.30.17 |
09.30.2018 |
09.30.17 | |
CURRENT |
||||
Loans and financing |
5,659,891 |
2,336,333 |
9,353,583 |
5,886,141 |
Debentures |
0 |
0 |
32,916 |
183,432 |
Compulsory loan |
28,788 |
42,260 |
28,788 |
42,260 |
Suppliers |
521,298 |
514,752 |
7,678,269 |
10,443,752 |
Advances from customers |
578,740 |
575,962 |
903,055 |
654,853 |
Taxes payable |
208,418 |
100,767 |
1,345,291 |
1,173,319 |
Income tax and social contribution |
586,656 |
1,023,764 |
1,933,003 |
1,498,218 |
Onerous contracts |
0 |
0 |
9,436 |
12,048 |
Remuneration to shareholders |
8,367 |
9,484 |
13,854 |
18,339 |
Financial liabilities - Concessions and Itaipu |
665,541 |
783,658 |
0 |
0 |
Estimated liabilities |
140,174 |
107,962 |
1,289,650 |
1,204,222 |
Reimbursement Obligations |
1,826,427 |
1,346,660 |
1,826,427 |
1,392,542 |
Post-employment benefits |
7,392 |
28,830 |
186,373 |
193,847 |
Provisions for contingencies |
837,513 |
850,704 |
1,405,181 |
1,518,387 |
Regulatory charges |
0 |
0 |
744,663 |
728,180 |
Lease |
0 |
0 |
150,381 |
145,324 |
Derivative financial instruments |
1,864 |
2,175 |
1,891 |
2,466 |
Liabilities associated with assets held for sale |
6,099,704 |
4,805,946 |
13,066,467 |
7,630,670 |
Others |
81,185 |
314,847 |
719,219 |
1,458,952 |
TOTAL CURRENT LIABILITIES |
17,251,958 |
12,844,104 |
40,688,447 |
34,186,952 |
|
|
|
| |
NON-CURRENT |
|
|
|
|
Loans and financing |
17,924,201 |
21,316,181 |
33,598,387 |
39,235,650 |
Suppliers |
0 |
0 |
10,315,326 |
7,795,345 |
Debentures |
0 |
0 |
442,741 |
287,347 |
Advances from customers |
0 |
0 |
474,257 |
519,391 |
Compulsory loan |
464,659 |
458,874 |
464,659 |
458,874 |
Obligation for asset retirement |
0 |
0 |
2,578,563 |
2,470,400 |
Fuel Consumption Account - CCC |
0 |
0 |
0 |
0 |
Provisions for contingencies |
18,581,642 |
16,946,508 |
25,354,815 |
23,033,963 |
Post-employment benefits |
578,666 |
578,666 |
1,991,953 |
2,001,715 |
Provision for unsecured liabilities |
22,564,728 |
21,656,617 |
0 |
0 |
Onerous contracts |
0 |
0 |
1,467,310 |
2,067,179 |
indemnification obligations |
0 |
0 |
939,139 |
1,062,634 |
Lease |
0 |
0 |
852,158 |
932,496 |
Grants payable - Use of public goods |
0 |
0 |
65,339 |
63,082 |
Advances for future capital increase |
3,814,743 |
3,639,441 |
3,814,743 |
3,639,441 |
Derivative financial instruments |
0 |
0 |
45,832 |
39,594 |
Regulatory charges |
0 |
0 |
735,714 |
698,423 |
Taxes payable |
0 |
0 |
259,165 |
326,527 |
Income tax and social contribution |
361,739 |
394,958 |
8,612,811 |
8,901,931 |
Others |
1,416,866 |
1,109,876 |
1,264,026 |
2,501,883 |
TOTAL NON-CURRENT LIABILITIES |
65,707,244 |
66,101,121 |
93,276,938 |
96,035,875 |
|
|
|
|
|
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 |
1,321,854 |
1,321,854 |
Equity valuation adjustments |
0 |
22,434 |
0 |
22,434 |
Profits (losses) |
1,228,160 |
0 |
1,228,160 |
0 |
Accumulated other comprehensive income |
-4,408,906 |
-4,177,412 |
-4,408,906 |
-4,177,412 |
Amounts recognized in OCI classified as held for sale |
0 |
0 |
0 |
0 |
Non-controlling shareholders |
0 |
0 |
415,957 |
413,155 |
TOTAL SHAREHOLDERS' EQUITY |
43,313,609 |
42,339,377 |
43,729,566 |
42,752,532 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
126,272,811 |
121,284,602 |
177,694,951 |
172,975,359 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Income Statement
R$ thousand
Parent Company |
Consolidated | |||
09.30.18 |
09.30.17 |
09.30.18 |
09.30.17 | |
NET OPERATING REVENUE |
339,247 |
2,897,015 |
28,105,382 |
26,846,848 |
Operating costs |
|
|
|
|
Energy purchased for resale |
-27,008 |
-2,560,073 |
-4,855,324 |
-7,949,311 |
Charges upon use of electric network |
0 |
0 |
-1,550,067 |
-1,207,319 |
Construction |
0 |
0 |
-1,330,084 |
-1,143,665 |
Fuel for electricity production |
0 |
0 |
-1,854,327 |
-289,056 |
NET OPERATING REVENUE |
312,239 |
336,942 |
18,515,580 |
16,257,497 |
Operating expenses |
|
|
|
|
Personnel, Supllies and Services |
-490,748 |
-479,148 |
-7,119,783 |
-7,800,311 |
|
0 |
0 |
0 |
0 |
Depreciation |
-3,380 |
-3,421 |
-1,253,070 |
-1,131,093 |
Amortization |
0 |
0 |
-184,733 |
-253,436 |
Donations and contributions |
-87,864 |
-66,937 |
-126,100 |
-110,257 |
Operating Provisions /Reversals net |
-4,255,824 |
-4,323,761 |
-3,570,842 |
-652,967 |
Investigation Findings |
0 |
0 |
0 |
0 |
Others |
-114,940 |
-179,039 |
-1,816,226 |
-1,096,703 |
-4,952,756 |
-5,052,306 |
-14,070,754 |
-11,044,767 | |
OPERATING INCOME BEFORE FINANCIAL RESULT |
-4,640,517 |
-4,715,364 |
4,444,826 |
5,212,730 |
Financial result |
|
|
|
|
Financial income |
|
|
|
|
Income from interest, commissions and fees |
3,078,888 |
2,627,611 |
1,664,483 |
662,305 |
Income from financial investments |
408,405 |
581,857 |
574,601 |
781,222 |
Moratorium on electricity |
6,728 |
10,843 |
436,221 |
256,835 |
Restatement Assets |
740,825 |
608,272 |
714,362 |
1,058,806 |
Current foreign currency exchange rate variations |
4,033,281 |
901,370 |
3,922,720 |
919,060 |
Payment of indemnities - Law 12,783 / 13 |
0 |
0 |
0 |
0 |
Regulatory asset update |
0 |
0 |
476,718 |
36,942 |
Gains on derivatives |
0 |
0 |
61,637 |
248,147 |
Other financial income |
149,748 |
97,652 |
420,853 |
319,465 |
Financial expenses |
|
|
|
|
Debt charges |
-1,188,879 |
-1,454,874 |
-3,186,265 |
-4,358,814 |
Lease charges |
0 |
0 |
-232,575 |
-240,944 |
Charges on shareholders' funds |
-175,302 |
-300,939 |
-205,391 |
-314,993 |
Noncurrent Restatement |
-549,863 |
-881,158 |
-808,468 |
-1,088,948 |
Noncurrent foreign currency exchange rate variations |
-3,992,565 |
-946,790 |
-4,122,392 |
-999,745 |
Regulatory liability update |
0 |
0 |
-24,347 |
-38,636 |
Losses on derivatives |
0 |
0 |
-5,974 |
-16,040 |
Other financial expenses |
-570,857 |
-410,574 |
-1,278,748 |
-977,083 |
1,940,409 |
833,270 |
-1,592,565 |
-3,752,421 | |
INCOME BEFORE EQUITY |
-2,700,108 |
-3,882,094 |
2,852,261 |
1,460,309 |
RESULTS OF EQUITY |
4,517,005 |
7,100,357 |
886,599 |
2,542,311 |
OPERATING INCOME BEFORE TAXES |
1,816,897 |
3,218,263 |
3,738,860 |
4,002,620 |
Current Income tax and social contribution |
-586,656 |
-938,325 |
-2,159,390 |
-1,315,807 |
Deferred Income Tax and Social Contribution |
0 |
-43,017 |
-304,860 |
-414,411 |
NET INCOME/LOSS FOR THE PERIOD |
1,230,241 |
2,236,921 |
1,274,610 |
2,272,402 |
SHARE ATTRIBUTED TO CONTROLLING |
1,230,241 |
2,236,921 |
1,230,241 |
2,236,921 |
SHARE ATTRIBUTED TO NON-CONTROLLING |
0 |
0 |
44,369 |
35,481 |
NET INCOME/LOSS PER SHARE |
0,91 |
1,65 |
0,91 |
1,65 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
Cash Flow Statement
R$ thousand
|
Parent Company |
Consolidated | ||
09.30.2018 |
09.30.17 |
09.30.2018 |
09.30.17 | |
Operating Activities |
|
|
|
|
Income before income tax and social contribution |
1,816,897 |
3,218,263 |
3,738,860 |
4,002,620 |
Adjustments to reconcile income to cash provided by operations: |
|
|
|
|
Depreciation and amortization |
3,380 |
3,421 |
1,437,803 |
1,384,529 |
Net monetary variations |
-190,962 |
272,886 |
94,106 |
30,142 |
Net foreign exchange rate variations |
-40,716 |
45,420 |
199,672 |
80,685 |
Financial charges |
-2,148,292 |
-1,447,240 |
1,496,074 |
3,662,950 |
Financial asset revenue |
0 |
0 |
-4,365,347 |
-4,402,908 |
Equivalence equity results |
-4,517,005 |
-7,100,357 |
-886,599 |
-2,542,311 |
Provision (reversal) for capital deficiency |
2,103,666 |
3,143,362 |
0 |
0 |
Provision (reversal) for doubtful accounts |
16,556 |
5,220 |
729,700 |
204,870 |
Provision (reversal) for contingencies |
1,883,406 |
1,125,137 |
3,714,460 |
1,921,398 |
Provision (reversal) for the impairment of assets |
0 |
0 |
358,963 |
-560,553 |
Provision (reversal) for onerous contract |
0 |
0 |
-782,767 |
-1,970,577 |
Provision (reversal) for losses on investments |
316,334 |
44,521 |
428,475 |
27,204 |
TRFH – (Pará rate) |
0 |
0 |
-1,183,583 |
-641 |
|
0 |
0 |
0 |
0 |
Provision (reversal) for hydrological risk - GSF |
0 |
0 |
0 |
0 |
RGR Charges |
258,283 |
274,503 |
258,283 |
274,503 |
Adjustment to present value / market value |
-148 |
-13,207 |
108,914 |
50,945 |
Minority interest in results |
0 |
0 |
-87,661 |
-69,150 |
Charges on shareholders' funds |
175,302 |
300,939 |
205,390 |
314,993 |
Financial instruments - derivatives |
0 |
0 |
-55,663 |
-264,187 |
Other |
-156,380 |
-90,207 |
86,606 |
171,319 |
|
-2,296,576 |
-3,435,602 |
1,756,825 |
-1,686,789 |
(Increases) / decreases in operating assets |
|
|
|
|
Customers |
-74 |
0 |
-211,135 |
287,490 |
Marketable securities |
1,917,319 |
-267,151 |
627,560 |
-1,870,108 |
Reimbursement rights |
0 |
-212,609 |
1,421,981 |
615,030 |
Warehouse |
-23 |
91 |
23,683 |
-43,940 |
Nuclear fuel stock |
0 |
0 |
9,044 |
-106,178 |
Financial assets - Itaipu and public service concessions |
-458,425 |
8,171 |
-458,425 |
8,171 |
Assets held for sale |
0 |
0 |
-9,628,815 |
0 |
Hydrological risk |
0 |
0 |
92,551 |
101,456 |
Credits with subsidiaries - CCD |
-1,485,926 |
0 |
0 |
0 |
Other |
367,428 |
159,673 |
829,313 |
-722,086 |
340,299 |
-311,824 |
-7,294,243 |
-1,730,165 | |
Increase / (decrease) in operating liabilities |
|
|
|
|
Suppliers |
-26,994 |
556,458 |
379,317 |
1,965,593 |
Advances from customers |
0 |
0 |
200,290 |
127,161 |
Lease |
0 |
0 |
-75,281 |
-67,864 |
Estimated liabilities |
32,212 |
54,899 |
116,944 |
655,178 |
indemnification obligations |
0 |
95,371 |
-169,377 |
-99,913 |
Sectorial charges |
0 |
0 |
53,774 |
301,739 |
Liabilities associated with assets held for sale |
0 |
0 |
5,435,797 |
0 |
Other |
126,160 |
85,796 |
-1,958,308 |
362,313 |
131,378 |
792,524 |
3,983,156 |
3,244,207 | |
|
|
|
| |
|
|
|
|
|
|
|
|
| |
Payment of financial charges |
-792,344 |
-1,417,890 |
-2,065,326 |
-2,965,478 |
Payment of RGR charges |
-145,028 |
-120,910 |
-145,028 |
-120,910 |
Financial charges received |
0 |
0 |
6,186,999 |
2,423,706 |
income tax payment and social contribution |
1,051,406 |
1,463,532 |
486,506 |
635,487 |
Payment of refinancing of taxes and contributions - principal |
-141,810 |
-225,695 |
-1,623,694 |
-1,351,479 |
investment compensation received in corporate participations |
0 |
0 |
-57,897 |
-102,853 |
Pension payment |
943,886 |
511,153 |
608,213 |
551,875 |
Payment of legal provisions |
-21,439 |
-21,105 |
-217,198 |
-249,340 |
Judicial deposits |
-804,407 |
-541,700 |
-1,078,811 |
-651,314 |
-150,455 |
-296,624 |
-329,581 |
-69,609 | |
Net cash from operating activities |
-68,195 |
-385,878 |
3,948,781 |
1,929,958 |
|
|
|
| |
Financing activities |
|
|
|
|
|
|
|
| |
Loans and financing |
0 |
0 |
699,270 |
2,632,553 |
Payment of loans and financing - Main |
-2,275,838 |
-2,939,223 |
-5,051,178 |
-4,318,737 |
Payment of shareholders remuneration |
-729 |
-982 |
-10,674 |
-8,716 |
Advanced receivalbe for future capital increase |
0 |
0 |
0 |
0 |
RGR resource for transfer |
0 |
800,654 |
974,830 |
800,654 |
Other |
0 |
0 |
11,276 |
166,069 |
Net cash from financing activities |
-2,276,567 |
-2,139,550 |
-3,376,476 |
-728,175 |
Investing activities |
|
|
|
|
Lending and financing |
-239,002 |
-1,748,789 |
0 |
0 |
loans and financing receivables |
2,270,594 |
3,739,603 |
1,652,329 |
2,001,900 |
Acquisition of fixed assets |
-3,732 |
-89 |
-662,230 |
-824,133 |
Acquisition of intangible assets |
0 |
0 |
-36,372 |
-87,169 |
Acquisition of concession assets |
0 |
0 |
-1,223,395 |
-1,248,720 |
Acquisition / capital investment in equity |
-140,700 |
-157,200 |
-613,727 |
-1,570,701 |
Advance concession for future capital increase |
0 |
-63,279 |
-88,524 |
-28,049 |
Investment sale in shareholdings |
363,813 |
1,065,266 |
443,140 |
1,065,266 |
Other |
0 |
0 |
42,776 |
-127,326 |
Net cash from investing activities |
2,250,973 |
2,835,512 |
-486,002 |
-818,931 |
|
|
|
| |
Net decrese in cash and cash equivalents for the year |
-93,789 |
310,084 |
86,303 |
382,852 |
|
|
|
| |
Cash and cash equivalents at beginning of year |
161,326 |
194,106 |
792,252 |
679,668 |
Cash and cash equivalents at end of year |
67,537 |
504,190 |
878,555 |
1,062,520 |
|
-93,789 |
310,084 |
86,303 |
382,852 |
Disclaimer:
Este material contém cálculos que podem não produzir uma soma ou resultado preciso devido a arredondamentos realizados.
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.