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Summary

 

 

 

 

 

 

 

 

 

 

  

 

Rio de Janeiro, March 30 2016 - Eletrobras (Centrais Elétricas Brasileiras S.A.) (BM&FBOVESPA: ELET3 e ELET6 – NYSE: EBR e EBR-B – LATIBEX: XELTO and XELTB), the largest company in the sector of electrical energy of Latin America, active in the generation, transmission and distribution, holding of 14 subsidiaries, a participations company – Eletropar – and 50% participation of the Capital Stock of Itaipu Binacional, announces its results for the year.

 

Eletrobras presented, in 2015, a net loss attributable to the controlling of R$ 14,442 million, compared to a net loss of R$ 3,031 million recorded in 2014.

 

This result was decisively influenced by: (i) Provision for legal contingency in the amount of R$ 7,084 million, mainly for the provision relating to court proceedings involving compulsory loan of R$ 5,283 million and adjustments to values and risk classification of lawsuits from Furnas, Chesf and Eletronorte; (ii) Impairments of R$ 5,991 million, strongly influenced by the impairment of the Angra 3 thermonuclear plant in the amount of R$ 4,973 million - the provisions for impairment are expenses of economic nature aimed at adjusting the amount recorded in assets (fixed assets and financial assets) to the estimated recoverable amount based on the present value of the projected cash flow; and (iii) Loss in the distribution subsidiaries, which totaled R$ 5,195 million in 2015.

 

The result of 2015 was also impacted by the following variables:

 

Ø  Positively: (i) Reversal of loss provision on investments in the amount of R$ 611 million, due mostly to the reversal of provision of ICMS liabilities from Amazonas Energia, in the amount of R$ 1,102 million, as a result of a court decision in favor of the subsidiary (see Explanatory Note 42 in the Financial Statements); (ii) Increase by 22.5% in operational and maintenance revenue in the transmission segment, mainly due to the annual tariff adjustment, positively influenced by the rise in the Extended National Consumer Price Index  (IPCA), and new revenues from investments in improvements and reinforcements in the system; (iii) Improvement by 146% in equity in investees and subsidiaries; (iv) Transfer by Itaipu of R$ 234 million; and (v) Positive effect related to the Values Variation Clearing Account of items in the "Parcela A" (CVA), in the amount of R$ 324 million.

Ø  Negatively: (i) Reduction by 53% in the revenue of energy sales, in the spot market, in the Power Commercialization Chamber (CCEE), reflecting mainly the fall in the value of the Differences Settlement Price (PLD) and also of energy sold by Eletronorte and Furnas in the long term market, in the A-1 Auction; and (ii) Decrease in compensation of claims in respect of the first tranche of Law 12.783/13, which presented a variation of 89%, because the reduction of the outstanding balance due to the payment of the 1st tranche and the recalculation of interest and updates of these indemnity claims.

 

In 2015, earnings from the additional transmission compensation (RBSE) for the second tranche of Law 12.783/2013 were not calculated. The values claimed by Eletrobras are higher than those recorded as Aneel has not approved the amounts claimed by Chesf and Eletronorte, and, as for the values approved for Furnas and Eletrosul, the way in which the payment of the compensation must be made is still pending definition by the grantor. See Explanatory Note 2.1 in the Financial Statements.

 

 

In the fourth quarter of 2015 (4Q15), the company presented a net loss of R$ 10,327 million attributed to the controller, compared to a net loss attributable to the controller of R$ 4,012 million in the third quarter of 2015 (3Q15). The results of the quarter were decisively influenced by several variables, among which the following stand out: (i)  Impairments of R$ 2,605 million, strongly influenced by the impairment of Angra 3, in the amount of R$ 1,588 million, mainly due to the increase in the discount rate and the rescheduling of Angra 3's start of operation; (ii) Expenses related to the provision and payment of lawsuits relative to the compulsory loan amounting to R$ 5,019 million; (iii) reduction by 155% of the revenue of energy sales in the spot market, in the CCEE, influenced by the fall of the PLD and seasonality held by subsidiaries; (iv) Negative effect related to the Value Variation Clearing Account of items in the "Parcela A" (CVA) in the amount of R$ 339 million; (v) Decrease in compensation of claims relative to the first tranche of Law 12,783/13, mainly because of the recalculation of interest and updates related to these claims for compensation, which caused the indemnity compensation account to reverse from a positive amount of R$ 131 million in the 3Q15 to a negative amount of R$ 880 million in the 4T15;  (vi); a 20% increase in the supply revenue in the distribution segment, influenced by the annual adjustment; and (vii) a 34% reduction in the cost of energy purchased for resale.

 

HIGHLIGHTS IN THE CONSOLIDATED RESULTS OF 2015:

 

»Net Operational Revenue of R$ 32,589 million;

»Net Operational Provisions amounting to R$ 14,562 million;

»Adjusted EBITDA of R$ 2,853 million.

»Net Financial Income negative of R$ 1,699 million.

HIGHLIGHTS IN THE CONSOLIDATED RESULTS OF THE 4Q15:

 

»Net Operational Revenue of R$ 7,861 million;

»Net Operational Provisions amounting to R$ 9,392 million;

»Net Financial Income negative of R$ 1,686 million.

 

 

 

I.             ANALYSIS OF CONSOLIDATED RESULT (R$ Million)

 

 

 

I.1 Main variations of the Income Statement

Variations of the Income Statement (2014 x 2015)

 

The result of 2015 shows a variation by 376% compared to the year 2014, with a net loss attributed to the controller of R$ 14,442 million in 2015, compared to a net loss attributed to the controller of R$ 3,031 million in 2014.

The net operational revenues, amounting to R$ 32,589 million presented, in 2015, an increase by 8.1% compared to the year 2014 - R$ 30,138 million. In the segment analysis, we present the following highlights:

»     Generation revenues showed a reduction by 6.1%, from R$ 21,256 million in 2014 to R$ 19,959 million in 2015. This reduction was influenced by the fall in sales revenue in the short-term market in the Power Commercialization Chamber (CCEE), as well as by the reduction in the supply revenue of Eletronuclear, due to the scheduled stop at the Termonuclear Angra 2 Plant in October 2015, and at CGTEE, due to the reduction in the generation of their power plants and the reimbursement obligations recorded until the 3Q15. The sale of energy in the spot market decreased from R$ 3,818 million to R$ 1,812 million, due mostly to the long-term sale of energy by Furnas and Eletronorte in the A-1 auctions in 2014 (13th and 14th auctions) and the reduction of the Price of the Settlement of Differences (PLD) in 2015. The reduction of sales in the CCEE was partially offset by the increase of 1.1% in the supply revenue, which rose from R$ 12,175 million to R$ 12,310 million in 2015, mainly due the effect of the energy sold in the A-1 auctions. In the 13th Energy Auction of 2014, Eletronorte and Furnas negotiated respectively 280 MW and 531 MW, until December 2019, for R$ 271/MWh. In the 14th Energy Auction of 2014, Furnas also negotiated 352 MW until December 2017, for approximately R$ 201/MWh. The sale in these auctions reduced the availability of energy for sale in the spot market, but, on the other hand, it secured an important source of supply revenue, particularly due to the fall of the PLD. The supply revenue also increased by 7.7%, from R$ 3,317 million to R$ 3,572. The total volume of energy sold by the Eletrobras companies increased from 229 TWh in 2014 to 234 TWh in 2015. The Construction revenue decreased from R$ 240 million in 2014 to R$ 148 million in 2015, but with no effect on the result as it has equivalent amount recorded at the cost of construction.

»     Transmission revenues increased by 20.2%, from R$ 4,702 million in 2014 to R$ 5,611 million in 2015, influenced mainly by the increase of 22.5% in the operational and maintenance revenue and by the increase by 17.3% in the return rate update. This variation is mainly explained by the annual tariff adjustment, positively influenced by the rise in the IPCA, new revenues from investments in improvements and reinforcements in the system and the entry into operation of new investments. The Construction revenue increased from R$ 1,786 million in 2014 to R$ 2,078 million in 2015, but with no effect on the result as it has equivalent amount recorded at the cost of construction.

»     Distribution revenues increased by 97%, from R$ 8,184 million in 2014 to R$ 16,171 million in 2015. When CELG D’s revenues are disregarded, the distribution segment revenues increase by 26.2%, from R$ 6,491 million to R$ 8,193 million in 2015 The increase in supply revenue is mainly due to the annual adjustment and the implementation of tariff flags, which is offset by an increase in sectorial charges. Excluding Celg D’s revenues, the energy supply increases by 5.2%, from R$ 7,310 million in 2014 to R$ 7,689 million in 2015.  The amount of energy sold increased from 28.8 TWh in 2014 to 29.5 TWh in 2015. The Construction revenue increased from R$ 873 million in 2014 to R$ 1,012 million in 2015, but with no effect on the result as it has equivalent amount recorded at the cost of construction.

 

 

-The Energy Purchased for Resale increased by 3.3%, from R$ 10,425 million in 2014 to R$ 10,766 million in 2015. Excluding Celg D’s expenses with the purchase of energy for resale, a 7.1% reduction and an amount of R$ 8,378 million were recorded in 2015, compared to a total of R$ 7,820 million in 2014, influenced mainly by the reduction of the PLD.

 

- An increase by 14.1% was recorded in the Use of electricity Grid Account. In 2014, a net expense of R$ 1,523 million was recorded, and, in 2015, the net expense rose to R$ 1,738 million. Excluding Celg D’s expenses with the Use of Grid Account, a growth by 3.2% and an amount of R$ 1,572 million were recorded in 2015.

 

- A reduction by 15.6% was recorded in the Fuel for Power Production account. In 2014, a net expense of R$ 1,480 million was recorded, whereas in 2015 a net expense of R$ 1,250 million was recorded, due primarily to decreased need for thermal generation by the Eletrobras’s thermal plants in 2015.

 

- In 2015, the sum of the Personnel, Materials and Services (PMS) accounts increased by 11.9%, from R$ 8,485 million in 2014 to R$ 9,495 million in 2015. The personnel, materials and services accounts increased by 7.1%, 2.6% and 23.6%, respectively. When CELG D's expenses are disregarded, the personnel account increases by 1.0%, below the inflation rate in the period, from R$ 5,532 million in 2014 to R$ 5,668 million in 2015, influenced by the effect of the Voluntary Redundancy Program, which demonstrates the Company's efforts to reduce costs. The services account increased by 4.7% from R$ 2,440 million in 2014 to R$ 2,687 million in 2015 and the materials account decreased by 3.3%, from R$ 307 million in 2014 to R$ 300 million in 2015.

 

 

- Operational Provisions increased from R$ 1,755 million in 2014 to R$ 14,639 million in 2015. In 2015, the operational reserves were influenced mainly by (i) the Provision for Legal Contingencies in the amount of R$ 7,084 million, especially the provision for court proceedings involving the compulsory loan in the amount of R$ 5,283 million and adjustments to values and risk rating in court proceedings of Furnas and Chesf and (ii) the recognition of impairments in the amount of R$ 5,991 million, heavily impacted by the impairment of Angra 3 in the amount of R$ 4,973 million (See Explanatory Note 20 in the Company's Financial Statements), noting that the impairment recorded for Angra 3 is based primarily on the review of the commissioning date, and on the variation in the discount rate used to perform the asset recoverability test because of changes in the Brazilian macroeconomic environment. In addition, new assets that went into operation have been tested. An increase also occurred in the provision for loan losses to consumers and resellers (Doubtful Accounts), which amounted to R$ 643 million, influenced mainly by the review of the criterion for doubtful accounts in the Eletrobras distribution companies, mainly in CELG D. Excluding Celg D’s provisions, the operational provisions would amount to R$ 14,544 million in 2015.

 

 

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

 

- The Equity Interest recorded a variation of 144% resulting from the accounting of a negative amount of R$ 1,217 million in 2014, caused mainly by the highly negative result, in 2014, of the Madeira Energia SPE (Santo Antonio Hydro), and a positive amount of R$ 531 million in 2015.

- The net financial result reversed from a net revenue of R$ 695 million in 2014 to a net expense of R$ 1,699 million in 2015. If the financial result of Celg D were disregarded, the financial result would be negative in the amount of R$ 832 million in 2015, compared to a positive amount of R$ 823 million in 2014. This variation is mainly due to the increase of debt charges, which rose from R$ 3,449 million in 2014 to R$ 6,340 million in 2015, also influenced by the interest and late payment charges of debts of the distribution companies with suppliers. In addition, this variation was also influenced by the reduction in the remuneration of the claims related to the first tranche of Law 12.783/13, which decreased from a positive amount of R$ 1,019 million in 2014 to a positive amount of R$ 115 million in 2015, due to the reduction of the outstanding balance of due payments and the recalculation of interest and updates of these indemnity claims.

 

 

Variations of the Income Statement (4Q15 x 3Q15)

 

In the 4Q15, Eletrobras presented a net loss of R$ 10,327 million attributed to the controller in the 3Q15, compared to a net loss attributed to the controller of R$ 4,012 million in the 3Q15.

 

The Net Operational Revenues, amounting to R$ 7,861 million, decreased by 0.5% in the 4Q15 compared to the 3Q15, when the recorded amount was R$ 7,902 million. Excluding the revenue from energy sales in the short-term market in the CCEE and the revenue from construction were excluded, the net operational revenue would grow by 1.5%, from R$ 6,711 million in the 3Q15 to R$ 6,810 million in the 4Q15. In the segment analysis, we present the following highlights:

»     Generation Revenues decreased by 13.6%, from R$ 4,909 million in the 3Q15 to R$ 4,244 million in the 4Q15. This reduction was due to lower sales in the short-term market (CCEE), which went from a net revenue of R$ 376 million to a net expense of R$ 209 million, reflecting the correction in Amazonas Energia's 2015 revenues in face of problems related to measurement and other technical issues. Offsetting this trend, Sales for final consumers increased by 4.0% and the total volume of energy sold by the Eletrobras companies increased from 54.1 TWh in the 3Q15 to 58.2 TWh in the 4Q15. The transfer of Itaipu reversed from a net expenditure of R$ 41 million to a net revenue of R$ 170 million, influenced by the effects of the dollar's variation on the monetary adjustment based on the American price indices Commercial Price and Industrial Goods. Construction Revenue decreased from R$ 37 million in 2014 to negative R$ 42 million in 2015, but with no effect on the outcome of the 4Q15, as it has equivalent amount recorded at construction cost.

»     Transmission Revenues increased by 34.9%, from R$ 1,379 million in the 3T15 to R$ 1,859 million in the 4Q15, influenced mainly by the increased Construction Revenue, which has equal value accounted for at construction cost.

»     Distribution Revenues showed an increase by 10.8%, from R$ 4,178 million in 2014 to R$ 4,629 million in 2015. Energy Supply increased by 20.0%, from R$ 3,813 million in the 3Q15 to R$ 4,577 million in the 4Q15, influenced primarily by the tariff adjustment of Celg D and Amazonas Energia. The recognition of the values of the CVA and other financial components decreased, from a positive amount of R$ 103 million in the 3Q15 to a negative amount of R$ 339 million in the 4Q15 due, mostly, to tariff adjustments in the subsidiaries Ceron and Ceal. The amount of energy sold increased from 7.5 TWh in the 3Q15 to 7.7 TWh in the 4Q15. The construction revenue has equivalent value accounted for at the cost of construction.

- The Electricity Purchased for Resale decreased by 34%, from R$ 2,719 million in the 3Q15 to R$ 1,793 million in the 4Q15. This result was influenced, mainly, by the recording of the effects of the Hydrological Risk Adjustment Factor (GSF), pursuant to Law 13,203/15, in the amount of R$ 742 million, as a rectification of the cost of Electricity Purchased for Resale. This gain should be offset by the risk premium in subsequent years.

 

- A reduction by 104% was recorded in the Fuel for Power Production account. In the 3Q15, a net expense of R$ 328 million was recorded, whereas in the 4Q15 a net revenue of R$ 14 million was recorded, impacted by ANEEL's resolution 679/2015, issued in September, which amended the criteria for fuel refund, so as to reduce the period of receipt of these resources by the supplier.

- In the 4Q15, the sum of the Personnel, Materials and Services (PMS) accounts increased by 9.8%, from R$ 2,582 million in the 3Q15 to R$ 2,836 million in the 4Q15. The Personnel account decreased by 3.6%, from R$ 1,715 million in the 3Q15 to R$ 1,653 million in the 4Q15. The Services account increased by 39.2%, from R$ 788 million in the 3Q15 to R$ 1,096 million in the 4Q15 and the Materials account increased by 8.7%, from R$ 80 million in the 3Q15 to R$ 87 million in the 4Q15. The scheduled production stop of Angra II, in October 2015, contributed to the increase in Services account.

 

-The Operational Provisions increased from R$ 4,019 million in the 3Q15 to R$ 9,392 million in the 4Q15. In the 4T15, the operational provisions were influenced mainly by (i) the recognition of Impairments in the amount of R$ 2,605 million, strongly influenced by the impairment relative to the investment in the Angra 3 Thermonuclear Plant, amounting to R$ 2.532, (ii) the provision for legal contingencies in the amount of R$ 5,539 million, especially the provisions for court proceedings concerning the compulsory loan in the parent company amounting to R$ 5,019 million; (iii) the provision for Hydrological risk in the amount of R$ 451 million, related to Eletronorte, on the injunction that limited the hydrological risk, that is, the payment of energy costs because of Regulated Energy Market's adjustment factor; and (iv) the allowance for loan losses to consumers and resellers of R$ 319 million

 

- Equity interest presented a positive amount of R$ 149 million in the 3Q15 and a positive amount of R$ 347 million in the 4Q15.

 

- The net financial result increased from a net expense of R$ 343 million in the 3Q15 to a net expense of R$ 1,686 million in the 4Q15. This variation is mainly due, mainly, to the recalculation of interest and related updates to claims for compensation of the first tranche of Law nº 12,783/2013, reducing the compensation payment account from a positive amount of R$ 131 million in the 3Q15 to a negative amount of R$ 880 million in the 4Q15.

 

 

I.2 Energy Sales

 

I.2.1 Energy Sold in 2015 - Generation Companies - TWh

 

In terms of energy market developments, Eletrobras Companies sold, in 2015, 234 TWh of energy compared to 229 TWh in the same period of the previous year, which represents an increase by 2.1%.

 

 

I.2.2 Energy sold in 2015 - Distribution Companies - TWh

 

In terms of energy market developments, Eletrobras distribution companies sold, in 2015, 29.5 TWh of energy, compared to 28.8 TWh in the same period of the previous year, which represents an increase by 2.4%.

 

* Celg D became consolidated in Eletrobras' result of Eletrobras as of September 2014.               

** It takes into account only the captive market.

 

 

 

 

I.3 Onerous Contracts

 

* The table considers an increase of R$ 50 million in the onerous contract of Amazonas Energia's intangibles, with no effect in the Company's result.

 

I.4 Consolidated EBITDA

 

 

 

 

I.4.1 EBITDA of Subsidiaries*

 

In 4T15, the sum of the subsidiaries' EBITDA was negative in the amount of R$ 4,081 million, representing a reduction by 48% compared to the negative EBITDA of R$ 2,754 million in the 3Q15.

 

In 2015, the subsidiaries' EBITDA was negative in the amount of R$ 5,106 million, representing a reduction by 229%, compared to the EBITDA of R$ 3,970 million in 2014.

 

EBITDA = Net result for the period, plus the taxes on the profit, the net financial expenses, the financial income and depreciation, amortization and depletion, pursuant to CVM Instruction Nº 527/12.

p.p. = percentage points

* Source: Financial statements presented in the Annex to this document.

 

I.6 Net Debt

 

 

 

 

 

 

 

II.          Analysis of the Result of the Parent Company

 

Eletrobras presented, in the result of 2015, a net loss of R$ 14,442 million, compared to a net loss of R$ 3,031 million recorded in 2014.

 

This result was decisively influenced by: (i) Provisions for legal contingencies in the amount of R$ 5,699, due, mainly, due to the provisions related to the court proceedings concerning the compulsory loan; (ii) Unsecured liabilities in subsidiaries in the amount of R$ 5,393; and (iii) Equity in investees and subsidiaries, negative in the amount of R$ 5,879 million, strongly impacted by the Impairment of the Angra 3 Nuclear Power Plant in the amount of R$ 4,973 million.

 

The chart below gives a comparison of the result of the Eletrobras holding company in the years 2015 and 2014.

 

Evolution of the Result - R$ million

 

 

Note: The analysis of the results of each subsidiary can be found in the annex.

 

 

 

 

 

 

 

II.1 Equity Interests of Eletrobras

 

In 2015, the equity in investees and subsidiaries impacted negatively the Company's results in R$ 5,879 million, compared to a negative result of R$ 49 million recorded in 2014. In 2015, the result of equity interest in Eletronuclear was a negative R$ 4,792 million, the main cause of which being the negative result recorded by the Company this year. Eletronuclear’s loss was due to the impairment relative to the investment in the Angra 3 Thermonuclear Plant.

 

In the 4Q15, the equity in investees and subsidiaries impacted in a negative way the result of the Company in R$ 3,661 million, whereas the equity in investees and subsidiaries impacted in a negative way the result of the Company in R$ 2,843 million in the 4Q15. The result of the equity of subsidiaries was primarily responsible for the results of the 4Q15. 

 

 

 

 

II.2.  Energy Sale by the Parent Company

 

a. Itaipu Binacional

 

 

 

a. 1 Financial asset Itaipu binational

 

The balance resulting from the adjustment factor of Itaipu Binacional, recorded under the heading Financial Assets in Non-current Assets, amounts to R$ 5,976 million on December 31st 2015, equivalent to US$ 1,530 million (December 31st 2014 - R$ 5,469 million, equivalent to US$ 2,059 million), of which R$ 3,941 million, equivalent to US$ 1,009 million, will be transferred to the National Treasury until 2023 as a result of the credit transfer operation carried out between the Company and the National Treasury in 1999. Such values will be carried out through their inclusion in the rate of transfer to be practiced until 2023.

 

 

 

 

 

II.3 Financial Result

 

In 2015, the financial result impacted positively the result of the Parent Company in R$ 3,924 million compared to R$ 2,436 million in 2014. This variation is explained mainly by the outcome of the exchange variation.

 

In the 4Q15, the financial result impacted positively the result of the Parent Company in R$ 808 million, compared to a result of R$ 1,438 million in the 3Q15, influenced mainly by the outcome of the exchange variation, as shown below:

 

The main indexes of financing contracts and transfers presented the following variations in the periods:

 

 

Evolution of the variation of the IGP-M and the dollar (%)

 

 

 

 

II.4 Operational Provisions

 

In 2015, the Operational Provisions impacted negatively the result of the parent company at R$ 10,236 million, compared to R$ 3,944 million in 2014. This variation is explained mainly by the provisions for legal contingencies, in the amount of R$ 5,699, due, mainly, to the provisions concerning the compulsory loan and unsecured liabilities in subsidiaries in the amount of R$ 5,393.

 

In the 4Q15, the Operational Provisions impacted negatively the result of the parent company in R$ 6,759 million compared to a result of R$ 1,587 million in the 3Q15, also influenced mainly by provisions for contingencies and for unsecured liabilities in subsidiaries, as shown below:

 

 

II.5 Other

 

 

 

III. General Information

 

Portfolio of Financing Receivables and Payable

 

a.    Financing and Loans Granted

Financing and loans granted are made with the Company's own resources, as well as sectoral resources, funds raised from BNDES, Banco do Brazil and Caixa Econômica Federal and external resources obtained through international development agencies and financial institutions arising from the issuance of bonds in the international financial market.

 

All financing and loans granted are supported by formal contracts signed with borrowers. The receivables of these values, for the most part, are set out in monthly installments, repayable within an average of 10 years, and the average interest rate, weighted by the portfolio balance, is 8.74% per year.

 

Financing and loans granted by the Parent Company, with currency update clause, account for about 42% of the total portfolio (38% on December 31st, 2014). Those which predict update based on indexes that represent the level of internal prices in Brazil, on the other hand, reach 58% of the balance of the portfolio (62% on December 31st, 2014).

 

The market values of these assets are close to their book values, because they are industry-specific operations and formed, in part, through Sectoral Funds and resources which do not find similar conditions as parameter of evaluation at market value.

 

The increase in the outstanding balance of loan receivables in the year is mainly due to the exchange rate ascertained on loans granted to Itaipu, resulting from the appreciation of the dollar against the real when the closing prices of December 2015 and December 2014 are compared. The dollar varied positively by 47%.

 

The long-term portion of financing and loans granted, based on expected cash flows are contractually due in variable installments, as follows:

 

 

b.    Financing and Loans Payable

The debts are guaranteed by the Federal Government and/or by Eletrobras, are subject to charges, whose average rate in 2015 is 9.40% p.a. (5.20% p.a. in 2014), and have the following profile:

 

 

The portion of long-term loans and financing have their maturity programmed as follows:

 

 

 

Ratings

 

 

 

 

 

 

 

 

 

 

Eletrobras' Organization Chart

 

 

 

Investments

 

 

Social Capital

 

Capital Stock Structure

 

On December 31st 2015, the capital stock of Eletrobras was structured as follows: