Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
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This presentation may contain forward -looking statements, Such statements are not statements of historical facts but reflect the beliefs and expectations of our management and may constitute forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the U,S, Securities and Exchange Act of 1934, as amended, The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties, Known risks and uncertainties include but are not limited to general economic, regulatory, political and business conditions in Brazil and abroad, interest rate fluctuations, inflation and the value of the real, changes in volumes and patterns of customer electricity usage, competitive conditions, our level of debt, the likelihood that we will receive payment in connection with accounts receivable, changes in rainfall and the water levels in the reservoirs used to run our hydroelectric facilities, our financing and capital expenditure plans, existing and future governmental regulation and other risks described in our registration statement and other filings with the United States Securities and Exchange Commission, Forward -looking statements speak only as of the date they are made and we do not undertake any obligation to update them in light of new information or future developments. |
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ØGeneral Information ØExpansion ØOperational Performance ØFinancial Performance ØCapital StructureØNet Debt and Financing ØBusiness and Management Plan |
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For the eighth consecutive year, Eletrobras integrates the Corporate Sustainability Index (ISE) of BM&FBOVESPA. |
For the third consecutive year, Eletrobras was listed in the new DJSI Emerging Markets Index, created to indicate the companies that adopt best sustainable governance practices. |
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ØGeneral Information ØExpansion ØOperational Performance ØFinancial Performance ØSocial Structure ØNet Debt and Financing ØBusiness and Management Plan |
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44.2 GW in operation- 33.0% of the Brazillian installed capacity– December 2014
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| Through Subsidiaries(a) | Thourgh | |||||
| Companies | Not Renewed | participation | Total | Aggregation Physical | ||
| Concessions | O&M | in SPEs (b) | (a+b) | 2014 | ||
| Eletronorte | 9,398 | * | 78 | 121 | 9,597 | 60 |
| Chesf | 1,401 | 9,215 | 408 | 11,024 | 285 | |
| Furnas | 4,212 | 4,617 | 2,029 | 10,858 | 521 | |
| Eletronuclear | 1,990 | - | - | 1,990 | - | |
| Itaipu | 7,000 | - | - | 7,000 | - | |
| CGTEE | 840 | - | - | 840 | - | |
| Eletrosul | 428 | - | 320 | 748 | 303 | |
| Eletrobras | - | - | 13 | 13 | - | |
| Amazonas Energia | 2,083 | - | - | 2,083 | - | |
| Rondônia Distribuição | 03 | - | - | 03 | - | |
| Total | 27,355 | 13,910 | 2.891 | 44,156 | 1,169 | |
| (b) SPEs = proportional share of Eletrobras. | ||||||
| *UTE Electron - 121 MW – trasnferred on loan to Amazonas Energia. | ||||||
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| Installed Capacity by source- in 12/31/2014 (MW) | ||||||||||||
| Hydro | Nuclear | Wind+ | Clean | Thermal | Total | |||||||
| Solar | Energy | 2014 | ||||||||||
| Eletrobras | 37,757 | 1,990 | 259 | 40,006 | 4,150 | 44,156 | ||||||
| % by source in the | 85.5 | % | 4.5 | % | 0.6 | % | 90.6 | % | 9.4 | % | 100.0 | % |
| Eletrobras matrix | ||||||||||||
| Brasil | 89,193 | 1,990 | 4,903 | 96,086 | 37,827 | 133,913 | ||||||
| % by source in the | 66.6 | % | 1.5 | % | 3.7 | % | 71.8 | % | 28.2 | % | 100.0 | % |
| Brazil matrix | ||||||||||||
| % Eletrobras x Brazil | 42.3 | % | 100.0 | % | 5.3 | % | 41.6 | % | 11.0 | % | 33.0 | % |
| Brazil’s source: ANEEL | ||||||||||||
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ØGeneral Information ØExpansion ØOperational Performance ØFinancial Performance ØCapital StructureØNet Debt and Financing ØStrategic Planning |
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| R$ million | |||||
| CONSOLIDATED | 2014 | 2013 | % | ||
| a) Generation | |||||
| Energy Sold and Maintenance and | |||||
| Operation | 21,114 | 16,435 | 28 | % | |
| Construction Revenue | 240 | 737 | -67 | % | |
| Itaipu Transfers | -98 | 68 | -244 | % | |
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b) Transmission |
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| Transmission Return Rate | 714 | 552 | 29 | % | |
| Maintenance and Operation | 2,201 | 2,156 | 2 | % | |
| Construction Revenue | 1,786 | 1,797 | -1 | % | |
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c) Distribution |
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| Supply | 7,387 | 4,419 | 67 | % | |
| Construction Revenue | 873 | 1,014 | -14 | % | |
| Other Revenue | 1,446 | 1,008 | 43 | % | |
| Gross Revenue | 35.626 | 28,186 | 26 | % | |
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| R$ million | ||||
| Investment | December 2014 | |||
| Budget | Invested | (%) | ||
| Generation | 7,896 | 6,278 | 80 | % |
| Corporate Expansion | 3,078 | 2,183 | 71 | % |
| SPEs Expansion | 4,154 | 3,701 | 89 | % |
| Maintenance |
664 |
394 | 59 | % |
| Transmission | 5,096 | 4,026 | 79 | % |
| Corporate Expansion | 2,771 | 2,111 | 76 | % |
| SPEs Expansion | 1,642 | 1,437 | 88 | % |
| Maintenance | 683 | 478 | 70 | % |
| Distribution | 974 | 728 | 75 | % |
| Corporate Expansion | 749 | 577 | 77 | % |
| Maintenance | 225 | 151 | 67 | % |
| Others (Research , Infra-Structure and Enviromental Quality) | 722 | 370 | 51 | % |
| Total | 14,688 | 11,402 | 78 | % |
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| R$ million | |||||
| EBITDA | 2014 | 2013 | (%) | ||
| Results of the period | -2,963 | -6,192 | -52 | % | |
| + | Provision Income Tax and Social Contribution | 1,701 | 1,367 | 24 | % |
| + | Financial Result | -695 | -377 | 84 | % |
| + | Depreciation and Amortization | 1,777 | 1,512 | 18 | % |
| = EBITDA | -180 | -3,689 | -95 | % | |
| + Atypical Events | 1,643 | 3,767 | -56 | % | |
| = ADJUSTED EBITDA | 1,463 | 78 | 1,784 | % | |
| Eletrobras Companies EBITDAs | 3,687 | -90 | 4,197 | % | |
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| R$ million | |
| Positively | |
| Energy Sold | 12,175 |
| Reversal of Provision - Onerous Contracts | 1,800 |
| Tributary Credit Tax | 1,200 |
| Reversal of Provision – Financial Assets | 792 |
| Recognition of CVA – Distribution Companies | 740 |
| Reversal of Provisions – Losses on Investments | 314 |
| Negatively | |
| Electric Energy Purchase for Resale | -10,425 |
| Provision for Contingencies | -3,656 |
| Writte off on tributary credit tax | -2,283 |
| Early Retirement Program - Eletronuclear | -380 |
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| Onerous Contracts | R$ million | ||||||||||
| Consolidated Balance | Amounts due 2014 | ||||||||||
| 2014 | 2013 | 2012 | 4Q14 | 3Q14 | 2Q14 | 1Q14 | |||||
| Transmission | |||||||||||
| Contract 061/2001 | - | - | 84 | 336 | 48 | -384 | - | ||||
| Contract062/2001 | 608 | 875 | 1,407 | 82 | 41 | 144 | - | ||||
| Others | 24 | - | - | 105 | -114 | -15 | - | ||||
| 632 | 875 | 1,491 | 523 | -25 | -255 | - | |||||
| Generation | |||||||||||
| Itaparica | - | 863 | 1,019 | 94 | 98 | 651 | 20 | ||||
| Jirau | - | 712 | 1,608 | 13 | 246 | 211 | 242 | ||||
| Camaçari | 91 | 267 | 357 | 164 | 06 | - | -06 | ||||
| Termonorte II | - | - | 131 | - | - | - | - | ||||
| Funil | 132 | 96 | 83 | -51 | 15 | - | - | ||||
| Complex Paulo | - | 34 | - | - | - | ||||||
| Afonso | - | - | |||||||||
| Mauá-Klabin | - | 20 | - | 20 | - | - | - | ||||
| Coaracy Nunes | 30 | 89 | 21 | 59 | -11 | - | 11 | ||||
| Others | 246 | 30 | 378 | -235 | 132 | -41 | -72 | ||||
| 500 | 2,077 | 3,665 | 63 | 484 | 823 | 207 | |||||
| Distribution | |||||||||||
| Intangibles | - | 295 | - | 295 | -50 | - | 50 | ||||
| TOTAL | 1,132 | 3,248 | 5,156 | 882 | 408 | 568 | 258 | ||||
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| R$ million | |
| Eletrobras | Compensation Account from variation of the |
| Companies | items of "Portion A” – CVA |
| Amazonas Energia | 89,5 |
| Distribuição Acre | 11,1 |
| CELG D | 224,7 |
| Distribuição Alagoas | 173,4 |
| Distribuição Piauí | 193,8 |
| Distribuição Rondônia | 47,1 |
| Distribuição Roraima | 0,4 |
| Total | 740,0 |
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| R$ million | |||||
| PMS | 2014* | 2013 | (%) | ||
| Personnel | 5,532 | 6,650 | -16.8 | % | |
| Material | 307 | 295 | 3.8 | % | |
| Services | 2,440 | 2,299 | 6.1 | % | |
| Total | 8,279 | 9,245 | -10.4 | % | |
| * Excludes CELG D expenses that affected only the year 2014. | |||||
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| 1st Tranche | R$ million | ||
| Recognized Value* | Received by2014 | Receivable | |
| 14.437 | 12.593 | 3.738 | |
| * Values based on base date of December 2012. |
2nd Tranche: Claimed value by March 2015 of supplementary indemnities: R$ 15,037 million
| Book Value | Claimed Value | Approved Value(1) | ||||
| Eletrobras | (R$ million) | (R$ million) | (R$ million) | |||
| Companies | Generation (2) | Transmission | Generation | Transmission | Generation | Transmission |
| Eletronorte | - | 1,733 | - | 3,547 | - | - |
| Chesf | 488 | 1,187 | 4,802 | 5,672 | - | - |
| Furnas | 996 | 4,530 | In preparation | In preparation | - | - |
| Eletrosul | - | 514 | - | 1,061 | - | 995 |
| Total | 1,484 | 8,253 | 4,802 | 10,235 | - | 995 |
| Values based on base date of December 2012. | ||||||
(1) The approved amounts will only be recognized in the Company's profit after final definition of the value and terms of payment by the Granting Authority;
(2) Thermal power plants assets were not included due ReN ANEEL 596/2013. Accounted for, are more 28 R$ 680 million in Furnas, R$ 186 million in Eletronorte and R$ 357 million in CGTEE.
| R$ million | ||||||||||||
| Eletrobras | Net Operating Revenue | Service Result | Profit/Loss in the Period | EBITDA | EBITDA Margin | |||||||
| Companies | ||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||
| Eletronorte | 6,046 | 4,856 | 879 | 1,735 | 2,033 | 1,221 | 1,255 | 2,240 | 20.8 | % | 46.1 | % |
| Chesf | 3,563 | 4,098 | 179 | -1,210 | -1,118 | -466 | 116 | -1,040 | 3.2 | % | -25.4 | % |
| Furnas | 6,316 | 4,298 | 1,345 | -130 | -406 | -654 | 680 | 207 | 10.8 | % | 4.8 | % |
| Eletronuclear | 1,927 | 1,718 | -894 | -591 | -1,001 | -689 | -534 | -246 | -27.7 | % | -14.3 | % |
| Eletrosul | 1,119 | 1,084 | 708 | 495 | 39 | 267 | 514 | 566 | 46.0 | % | 52.2 | % |
| CGTEE | 474 | 298 | -216 | -381 | -480 | -472 | -142 | -310 | -30.0 | % | -104.0 | % |
| TOTAL | 19,445 | 16,353 | 2,001 | -82 | -3,070 | -2,014 | 1,889 | 1,417 | 9.7 | % | 8.7 | % |
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| R$ million | ||||||||||||
| Eletrobras | Net Operating Revenue | Service Result | Profit/Loss in the Period | EBITDA | EBITDA Margin | |||||||
| Companies | ||||||||||||
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||
| Distribuição Acre | 374 | 343 | 94 | -105 | 34 | -152 | 108 | -94 | 28.8 | % | -27.4 | % |
| Amazonas Energia | 3,610 | 2,711 | 803 | -852 | -415 | -1,655 | 1,085 | -697 | 30.0 | % | -25.7 | % |
| Distribuição Alagoas | 1,342 | 921 | -21 | -183 | -95 | -209 | 11 | -157 | 0.8 | % | -17.1 | % |
| Distribuição Piauí | 1,292 | 1,019 | 170 | -373 | 37 | - | 201 | -344 | 15.6 | % | -33.7 | % |
| Distribuição Rondônia | 1,309 | 1,070 | 414 | -279 | 293 | -323 | 448 | -248 | 34.2 | % | -23.2 | % |
| Distribuição Roraima | 207 | 190 | -64 | 24 | -76 | 29 | -55 | 33 | -26.4 | % | 17.2 | % |
| Total | 8,134 | 6,254 | 1,396 | -1,768 | -222 | -2,310 | 1,798 | -1,507 | 22.1 | % | -24.1 | % |
| CELG D* | 1,259 | - | 253 | - | 125 | - | 282 | - | 22.4 | % | - | |
| * Information relating to the 4th quarter 2014 | ||||||||||||
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ØGeneral Informations ØExpansion ØOperational Performance ØFinancial Performance ØCapital Structure ØNet Debt and Financing ØStrategic Planning |
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ØGeneral Information ØExpansion ØOperational Performance ØFinancial Performance ØCapital Structure ØNet Debt and Financing ØStrategic Planning |
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ØGeneral Informations ØExpansion ØOperating Perfomance ØFinancial Performance ØCapital Structure ØNet Debt and Financing ØStrategic Planning |
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Thank You!
www. eletrobras. com.br/elb/ir
Investor Relations invest@eletrobras.com
Phones: |
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CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
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By: |
/S/ Armando Casado de Araujo
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Armando Casado de Araujo
Chief Financial and Investor Relation Officer |
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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.