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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Summary
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Conference Call in Portuguese May 14, 2019 14:30 PM (GMT) 13:30 PM (New York time) 18:30 PM (London time) Phone: (11) 3137-8037
Conference Call in English May 14, 2019 2:30 PM (GMT) 1:30 PM (New York time) 6:30 PM (London time) Phones: (11) 3137-8037 (+1) 786 837 9597 (USA) (+44) 20 3318 3776 (London)
Contact RI: www.eletrobras.com.br/ri Tel: (55) (21) 2514-6333
Preparation of the Report to Investors:
Superintendent of Investor Relations Paula Prado Rodrigues Couto
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 |
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Introduction |
03 | |
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I. Analysis of the Consolidated Result |
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II. Analysis of the Parent Company's Result |
12 | |
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III. General information |
14 | |
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IV. Anexos: 1. Controlled Financial Information 2. Controlled Financial Analysis 3. Controlled Operational Information and SPEs |
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The Investors Report - Appendices I, II and III can be found at excel on our website: www.eletrobras.com.br/ri |
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Get to know the Eletrobras IR Ombudsman, an exclusive platform for receiving and forwarding suggestions, complaints, compliments and requests from protesters regarding the securities market on our Investor Relations website |
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1
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Rio de Janeiro, May 13,2019 - A Eletrobras (Centrais Elétricas Brasileiras S.A.) [B3: ELET3 e ELET6 – NYSE: EBR e EBR-B – LATIBEX: XELTO e XELTB], the largest company in the Latin American electricity sector, operating in the generation, transmission and commercialization segment, controlling company of 9 subsidiaries, a holding company - Eletropar -, a research center - Cepel and holding 50% of Itaipu Binacional and the direct control of 6 Special Purpose Companies, announces its results for the period.
In the first quarter of 2019 (1Q19), Eletrobras posted a net income of R$ 1,347 million, 178% higher than the net income of R$ 484 million obtained in the first quarter of 2018 (1Q18). Profit for 1Q19 is comprised of Net Income from continuing operations of R$ 1,570 million and Net Loss of R$ 223 million related to discontinued operations (distribution).
Net Operating Revenue grew by 6%, from R$ 6,084 million in 1Q18 to R$ 6.452 million in 1Q19. EBITDA increased by 15%, from R$ 2,544 million in 1Q18 to R$ 2,937 million in 1Q19.
Managerial Net Operating Revenue increased 5%, from R$ 6,080 million in 1Q18 to R$ 6,356 million in 1Q19. Ebtida proforma decreased 6%, from R$ 3,252 million in 1Q18 to R$ 3,073 million in 1Q19, influenced by the lower result of equity investments.
The highlights of 1Q19 are presented below:
1Q19 HIGHLIGHTS
»Net Operating Revenue of R$ 6,452 million, influenced by RBSE of R$ 1.1 billion; GAG improvement of R$ 250 million and early supply of CCEAR of Amazonas GT;
»EBITDA in the amount of R$ 2,937 million and Managerial EBITDA in the amount of R$ 3,073 million in 1Q19;
»Net Debt / Management EBITDA at 03/31/2019 = 2.2
»Gains from the sale by Chesf of the SPEs of the Senta Sé I, II and III Wind Complexes in the amount of R$ 183 million;
»Impact on the result of R$ 170 million related to the provision for the Consensus Dismissal Plan (PDC) in 2019;
»Provisions for Contingencies in the amount of R$ 293 million, with emphasis on the provision related to the compulsory loan of R$ 220 million;
»Reversal of Onerous Contract of R$ 95 million;
»Provision Aneel CCC in the amount of R$ 65 million;
»Adjustment to fair value of RBSE lower by R$ 150 million due to NTN-B variation, with impact on the financial result;
»Net income from discontinued operations (distributors) of R$ 223 million, of which R$ 1,176 million was the loss of Amazonas D, partially offset by the R$ 94 million profit from Ceal and the result of the sale of Ceal from R$ 859 million.
R$ Million
|
|
|
|
|
1Q19 |
1Q18 |
% |
|
Energy Sold - Generation GWh (1) |
17.2 |
17,0 |
1.2% | |||
|
Gross Revenue |
7,917 |
7,240 |
9% | |||
|
Managerial Gross Revenue (2) |
7,821 |
7,235 |
8% | |||
|
Net operating revenue |
6,452 |
6,084 |
6% | |||
|
Managerial Net Operating Revenue (2) |
6,356 |
6,080 |
5% | |||
|
EBITDA |
2,937 |
2,544 |
15% | |||
|
EBITDA Managerial (3) |
3,073 |
3,252 |
-6% | |||
|
Net Income from Continuing Operations |
1,570 |
2,394 |
-34% | |||
|
Net Profit |
1,347 |
484 |
178% | |||
|
Investiments |
501 |
876 |
-43% | |||
(1) Does not consider the energy allocated for quotas, from the plants renewed by Law 12.783 / 2013; (2) Adjustments referring to change of methodology by IFRS 15 in the accounting of Proinfa; (3) Excludes item (2) and Extraordinary Retirement Plan (SAP), Consensual Dismissal Plan (PDC), expenses with independent research, research findings, reimbursement to Enel by TUSD Eletronuclear, provisions for contingency, onerous contracts, Impairment , Provision for losses on investments, Provision for Losses on Investments classified as held for sale, Provisions for adjustment to market value, Provision relative to the rate of inspection of water resources (TFRH), Provision ANEEL CCC; (4) Excludes item (3) and monetary restatement for compulsory and IRPF provision for RBSE.
2
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ANALYSIS OF CONSOLIDATED RESULTS (R$ million)
|
DRE |
1Q19 |
1Q18 |
|
Generation Revenue |
5,622 |
4,524 |
|
Transmission Revenue |
2,061 |
2,564 |
|
Other Recipes |
234 |
152 |
|
Gross Revenue |
7,917 |
7,240 |
|
Deductions from Revenue |
-1,465 |
-1,155 |
|
Net Operating Revenue |
6,452 |
6,084 |
|
Operational costs |
-1,289 |
-1,101 |
|
Personal, Material, Services and Others |
-2,046 |
-2,259 |
|
Depreciation and amortization |
-428 |
-417 |
|
Operational Provisions |
-523 |
-586 |
|
|
2,166 |
1,721 |
|
Shareholdings |
343 |
405 |
|
|
2,509 |
2,126 |
|
Financial Result |
-322 |
1,023 |
|
Income Before Tax |
2,187 |
3,150 |
|
Income tax and social contribution |
-617 |
-756 |
|
Net Income From Continuing Operations |
1,570 |
2,394 |
|
Net Loss on Taxes of Discontinued Operations |
-223 |
-1,910 |
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Net Income |
1,347 |
484 |
|
DRE Managerial* |
1Q19 |
1Q18 |
|
Generation Revenue Managerial |
5,618 |
4,519 |
|
Transmission Revenue Managerial |
2,061 |
2,564 |
|
Other Recipes Managerial |
142 |
152 |
|
Gross Revenue Managerial |
7,821 |
7,235 |
|
Deductions from Revenue |
-1,465 |
-1,155 |
|
Net Operating Revenue Managerial |
6,356 |
6,080 |
|
Operational costs Managerial |
-1,286 |
-1,096 |
|
Personal, Material, Services and Others Managerial |
-1,864 |
-1,971 |
|
Depreciation and amortization |
-428 |
-417 |
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Operational Provisions Managerial |
-294 |
-165 |
|
|
2,485 |
2,430 |
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Shareholdings Managerial |
160 |
405 |
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|
2,645 |
2,835 |
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Financial Result Managerial |
-194 |
84 |
|
Managerial income before tax |
2,451 |
2,919 |
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Income tax and social contribution |
-617 |
-756 |
|
Managerial net income |
1,834 |
2,163 |
* Adjustments referring to change of methodology by IFRS 15 in accounting for Proinfa; expenses with independent research, Impairment, onerous contracts, reimbursement to Enel for TUSD Eletronuclear, provisions for contingencies, provision for losses on investments, Provision for losses on investments classified as held for sale, provisions for adjustment to market value, (TFRH), ANEEL CCC Provision, Disposal of CELG D, impact of agreement with Eletropaulo, monetary restatement of compulsory loans, Extraordinary Retirement Plan (SAP), Consensus Dismissal Plan (PDC), Reversal of Provision GSF, Provision of Pará Rate relative to Eletronorte and provision for IRPJ / CSLL related to RBSE.
3
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I.1 Main variations of DRE
Variations of the DRE (2018 x 2017)
1Q19 recorded a variation of 178% in relation to 1Q18, with a net income of R$ 1,347 Million in 1Q19, compared to a net profit of R$ 1,484 Million in 1HQ18, especially due to the following factors .
Receitas Operacionais
|
Generation Revenue |
1Q19 |
1Q18 |
% |
Variation |
|
Supply of energy for distribution companies |
3,798 |
2,930 |
29.6 |
The variation was mainly due to: (i) revenues from the independent producers PIES and four gas plants that were received from Amazonas Distribuidora after the unbundling took place in December 2018 and the supply of CCEAR by Amazonas GT began. |
|
Supply of energy for final consumers |
561 |
520 |
7.8 |
This variation was mainly due to the following reasons: (i) in the subsidiary Furnas, resulting from the readjustment of 3.73% of existing contracts as provided for in Law 13182/15 and an increase of R $ 24 million in new contracts in effect due to auctions held in compliance with said law; in the subsidiary Chesf, readjustment of the contracts with industrial consumers served by Sobradinho UHE. |
|
CCEE (short term) |
365 |
449 |
-18.8 |
The variation is mainly due to the following reason: (i) In the subsidiary Eletronorte, despite a positive change of 4% in the amount of energy settled, there was a reduction in revenue due to the decrease in the price of energy settled at CCEE (1Q19 R $ 89, 96 / MWh and 1Q18 R $ 179.65 / MWh); |
|
Operating and Maintenance Revenue - Renewable Power Plants by Law 12,783 |
841 |
533 |
57.7 |
The variation is mainly due to the following reasons: (i) Annual update published through ANEEL Resolution 2421; (ii) Review of the GAG calculation methodology for the 2018-2019 cycle, with an increase in the value of total GAG with recognition of GAG improvement of R$ 250 million; |
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Construction Revenue |
4 |
4 |
-14.4 |
The reduction reflects the lower level of investment made in 2019. It has an equivalent amount in construction expenses and, therefore, no effect on results. |
|
Transfer Itaipu (see II.3.a) |
54 |
87 |
-38.0 |
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 price indices is affected, as well as the recognition of the interministerial ordinance that determines the revenues of Itaipu. |
|
TOTAL GENERATION REVENUES |
5,622 |
4,524 |
24.3 |
The variation was mainly due to the factors explained above. |
|
(-) Construction/Proinfa |
-4 |
-4 |
-14.4 |
|
|
GENERATION REVENUES MANAGERIAL |
5,618 |
4,519 |
24.3 |
The variation was mainly due to the factors explained above. |
|
Transmission Revenues |
1Q19 |
1Q18 |
% |
Variation |
|
Revenue from Operation and Maintenance (LT Renovated Law 12.783 / 2013) |
643 |
842 |
-23.6 |
The variation is mainly due to the following reason: (i) In the subsidiary Eletronorte, revenues in the revolving revenue decreased by R $ 27 million, mainly due to the reduction in the homologated revenue of the 2018/2019 cycle in relation to the cycle 2017/2018, in view of the application of Ordinance MME 120/2016; (ii) in the subsidiary Eletrosul, the calculation adjustment portion for the 2017/2018 cycle was calculated with the total annual discount of R $ 26.2 million, while for the 2018/2019 cycle the annual discount of R $ 60 , 6 million and the prepayment rate, which measures the deficit and the surplus of the system, recorded a negative result in 1Q19 (-R $ 1.5 million), in contrast to the 1Q18 surplus (R $ 16.7 million ); (iii) the effect of eliminating, in the consolidated, transactions between companies of the group of approximately R $ 131 million in 1Q19. |
|
O & M Revenue |
197 |
133 |
48.2 |
The variation is mainly due to the following reasons: (i) Increase in revenue due to the start-up of reinforcements and improvements; (ii) increase in the installments of RAP due to the IPCA readjustment; and (iii) in the subsidiary Eletrosul, consolidation, as of September 2018, of SPE TSBE, implying an increase in revenue of R $ 16.8 million. |
4
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|
Construction Revenue |
112 |
150 |
-25.1 |
The variation is mainly due to the following reasons: (i) in 2019 there is a smaller volume of investments compared to the previous year; |
|
Finance - Return on Investment - RBSE |
913 |
1,194 |
-23.6 |
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, which began in August 1H17. |
|
Return Rate Updates |
196 |
244 |
-19.7 |
The variation is mainly due to the following reasons: (i) amortization of the balance considering that the current calculation methodology considers a fixed rate of remuneration for each concession agreement. As the level of new investment inflows has been low, a reduction in the compensation base is expected. |
|
TOTAL TRANSMISSION REVENUE |
2,061 |
2,564 |
-19.6 |
The variation was mainly due to the factors explained above. |
|
|
|
|
|
|
|
TRANSMISSION MANAGERIAL REVENUE |
2,061 |
2,564 |
-19.6 |
The variation was mainly due to the factors explained above. |
|
TRNSMISSION REVENUE MANAGERIAL |
2,061 |
2,564 |
-19,6 |
Changes in the Managerial adjustments are almost: (i) Excluding construction revenue, as in previous years, due to the application of IFRS 15, the accounting method was no longer the same transmission construction expenses, as occurs in generation; (ii) inclusion in the Managerial revenue of RBSE values in order to maintain a protocol similar to that considered in the covenants of the debentures that will be issued by the Company, as disclosed to the market. |
|
Other Recipes |
1Q19 |
1Q18 |
% |
Variation |
|
Other Recipes |
234 |
152 |
53.3 |
Recognition of R $ 92 million of the resources destined to the financing of the Plan for the Application of Proceedings of Procel PAR / 2018, which refer to the period from May 2017 to April 2018, according to the authorization contained in ANEEL Order 3183/19, of 12/27/2018. |
|
(-) Procel Retroactive |
-92 |
0 |
- |
|
|
OTHER REVENUE PRÓ FORM |
142 |
152 |
-7.1 |
|
Operating Costs and Expenses
|
OPERATIONAL COSTS |
1Q19 |
1Q18 |
% |
Variation |
|
Energy purchased for resale |
-435 |
-395 |
10.0 |
The variation was mainly due to: (i) In the subsidiary Amazonas GT, the purchase of energy from the independent producers PIES in the 1st Quarter of 2019 and treated, for the purposes of IFRS, as Leasing Commercial Leasing (PIES); (ii) In the subsidiary Furnas, variation in the negative result in the CCEE increased R $ 39 million, due to factors such as GSF, seasonality, price difference between submarkets and variation in the portfolio of purchase contracts. |
|
Charges on the use of electricity |
-210 |
-335 |
-37.4 |
The variation is mainly due to the effect of the consolidation of operations between companies in the group of approximately R$ 328 million. |
|
Fuel for cars of electricity |
-530 |
-172 |
207.8 |
The variation is mainly due to the higher consumption of gas by Amazonas GT, related to Mauá 3 and other 4 gas plants and by PIES independent producers. |
|
Construction |
-115 |
-198 |
-42.0 |
The variation is mainly due to: reduction of the investment value for Contract 062/2001 of the subsidiary Furnas, in the order of R$ 30 million. |
|
OPERATING COSTS |
-1,289 |
-1,101 |
17.1 |
Variation was mainly due to the factors explained above. |
|
(-)Construction of Generation Projects |
4 |
4 |
-14.4 |
Transmission construction expenses, considering the impact of IFRS 15 on transmission construction revenue, began to be considered in the pro forma cost, due to the new accounting showing the net margin. The same rule does not apply to generation revenue that remains equal to expense and, therefore, no effect for result |
|
OPERATING COSTS MANAGEMENT |
-1,286 |
-1,096 |
17.3 |
Variation was mainly due to the factors explained above. |
5
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|
|
OPERATING EXPENSES |
1Q19 |
1Q18 |
% |
Variation |
|
Personel |
-1,314 |
-1,485 |
-11.5 |
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 2019/2019. |
|
Material |
-30 |
-62 |
-51.1 |
The variation was mainly due to the Angra 2 stop at IT18, and in 2019 occurred on 04/22/2019; and (ii) In the subsidiary CGTEE, reduction in material due to the non-consumption of lime due to the overhaul stoppage. |
|
Services |
-477 |
-425 |
12.3 |
The variation was mainly due to: (i) the increase of services by the subsidiary Chesf of approximately R $ 34 million; (ii) Increased maintenance costs of Power Plants, especially UTE Mauá 3, by the subsidiary Amazonas GT (R $ 6 million); (iii) in CGTEE, due to the increase in consulting and services to perform overhaul. |
|
Others |
-225 |
-288 |
-21.7 |
The variation was mainly due to (i) the reversal of the Amazonas GT, in particular increase in the item of Recovery of Expenses with the CCC with the Gas Contract with Petrobras; (ii) at Eletronorte, a reduction of R $ 26 million in rent from UTE Araguaia resulting from the decision of the National Energy Policy Council and Aneel's decision authorizing Eletronorte to demobilize the UTE, which caused the thermoelectric plant to be unleashed. |
|
Depreciation and amortization |
-428 |
-417 |
2.6 |
There is no relevant variation. |
|
Operating Provisions / Reversals |
-523 |
-586 |
-10.8 |
The variation is mainly explained by: (i) Provision for Contingencies in the amount of R $ 299 million, influenced by provisions related to the compulsory loan (R $ 220 million); and (ii) Provision in Holding PCLD Ceal and Ceron R $ 178 million. The main operating provisions are detailed below (see Note 37) |
|
OPERATING EXPENSES TOTAL |
-2,997 |
-3,262 |
-8.1 |
The variation was mainly due to the factors explained above. |
|
Consensual Dismissal Plan (PAE/PDC) |
170 |
272 |
-37.7 |
|
|
Independent Investigation Expenses |
13 |
16 |
-18.0 |
|
|
Contingencies |
293 |
299 |
-1.9 |
|
|
Onerous Contracts |
-94 |
-239 |
-60.6 |
|
|
Provision / (Reversal) for Losses on Investments |
-85 |
7 |
-1.268.6 |
|
|
Provision for losses on investments classified as held for sale |
50 |
0 |
- |
|
|
Long-Term Asset Impairment |
0 |
204 |
-100.0 |
|
|
ANEEL Provision - CCC |
65 |
0 |
- |
|
|
Adjustment to Market Value |
0,0 |
0,1 |
-100.0 |
|
|
Water Resources Inspection Fee (TFRH) - Para Fee |
0 |
150 |
-100.0 |
|
|
Operating Expenses Managerial |
-2,585 |
-2,554 |
1.2 |
The variation was mainly due to the factors explained above. |
Shareholdings
|
Shareholdings |
1Q19 |
1Q18 |
% |
Variation |
|
Shareholdings |
343 |
405 |
-15.3 |
The variation was mainly due to the worse results of the SPEs: Norte Energia; MESA, BMTE, Energia Sustentável do Brasil and holding companies. |
|
(-) Gain Dist / Disposal SPEs |
-183 |
0 |
- |
|
|
Shareholdings Management |
160 |
405 |
-60.5 |
|
6
|
|
Financial Result
|
RESULTADO FINANCEIRO |
1Q19 |
1Q18 |
% |
Variation |
|
Interest Income and Financial Income |
371 |
1,629 |
-77.2 |
The variation was mainly due to the agreement in 1Q18 with Eletropaulo in the amount of 1,064 million. |
|
Net Monetary Update |
95 |
-100 |
195 |
The variation was mainly due to: (i) Monetary restatement of CCC credits in the amount of R$ 87 million; (ii) In the subsidiary Chesf, movement of judicial deposits, with consequent registration of monetary restatement; (iii) Monetary adjustment of INSS and ISS tax losses in R$ 12 million. |
|
Net Foreign Exchange Variation |
63 |
-41 |
253 |
The variation is mainly due to (i) the subsidiary Eletronuclear, with gains obtained from the exchange variation resulting from the downgrading of payments to Angra 3 suppliers made in 2014, recorded due to the delivery of equipment; (ii) in the subsidiary Eletronorte arising from the exchange variation resulting from the agreement with Corpoelec; (iii) in the subsidiary Eletrosul, gained from the exchange variation of the financing contract in Euro. |
|
Debt Charges |
-694 |
-629 |
-10.3 |
The variation was mainly due to the consent fee paid to the bondholders by the holding company and the increase in the debt balance of Amazonas GT. |
|
Interest Income and Financial Income |
-64 |
-61 |
-6 |
There is no relevant variation. |
|
Other financial results |
-93 |
225 |
-141 |
The variation is fragmented in several small accounts, mainly due to the lower variation resulting from the fair value adjustment of the RBSE, in accordance with IFRS 9, having been R $ 338 million in 1Q19 and R $ 188.4 million in 1Q19, due to the variation of the NTN-B rate used to calculate the fair value. |
|
TOTAL FINANCIAL INCOME |
-322 |
1,023 |
-131.5 |
The variation was mainly due to the factors explained above. |
|
(-) Agreement Eletropaulo |
0 |
-1,064 |
-100.0 |
|
|
(-)Monetary adjustment of compulsory loans |
128 |
125 |
2.4 |
|
|
MANAGEMENT FINANCIAL RESULT |
-194 |
84 |
-332.0 |
The variation was mainly due to the factors explained above. |
Income Tax and Social Contribution (CSLL)
|
IMPOSTO DE RENDA E CSLL |
1Q19 |
Q18 |
% |
Variation |
|
Income Tax and social contribution |
-617 |
-756 |
-18 |
The variation is mainly due to the collection of IRRF on the amounts of the agreement with Eletropaulo in 1Q18. |
|
(-) IRRF RBSE |
0 |
0 |
-100.0 |
|
|
Income Tax and Managerial Social Contribution Managerial |
-617 |
-756 |
-18 |
|
Discontinued Operations
|
DISCONTINUED OPERATIONS |
1Q19 |
1Q18 |
% |
Variation |
|
Net operating revenue |
1,649 |
2,054 |
-20% |
|
|
Operational costs |
(1,541) |
(2,039) |
-24% |
|
|
Operational expenses |
(709) |
(1,166) |
-39% |
|
|
Financial Result |
(337) |
(728) |
-54% |
|
|
Disposal of Investments (discontinued operation) |
(859) |
- |
- |
|
|
Income tax and social contribution expense |
(143) |
(32) |
347% |
|
|
Profit (loss) on discontinued operations |
(223) |
(1,910) |
-88% |
|
7
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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 sold 17.2 TWh of energy in 1Q19 against 17.0 TWh in the same period of the previous year, representing a growth of 1.6%.
(1) Power plants renewed by Law 12,783 / 13 - quotas
(2) Operating plants: ACR and ACL sales
(3) The Company acts as an agent for the sale of electricity from Itaipu. The sold energy revenues presented above are not part of Eletrobras' sales revenues mentioned in the Financial Statements
I.3 Impairments and Onerous Contracts
|
Acumulated |
Moviment | ||
|
Impairment |
03/31/2018 |
03/31/2019 |
1Q19 |
|
Generation |
7,155 |
7,155 |
0 |
|
UTN Angra 3 |
4,047 |
4,047 |
0 |
|
UTE Santa Cruz |
732 |
732 |
0 |
|
UHE Batalha |
377 |
377 |
0 |
|
Candiota Fase C |
69 |
69 |
0 |
|
Others |
2,308 |
2,308 |
0 |
|
Administration |
264 |
264 |
0 |
|
|
|
| |
|
Total |
7,155 |
7,155 |
0 |
|
Onerous Contracts |
BALANCE ON 03/31/2018 |
BALANCE ON 03/31/2019 |
Movimentação |
|
1Q19 | |||
|
Geração |
|
| |
|
Santa cruz |
160 |
66 |
93 |
|
Funil |
249 |
248 |
1 |
|
Coaracy Nunes |
102 |
102 |
0 |
|
Angra 3 |
0 |
0 |
0 |
|
Others |
31 |
31 |
0 |
|
TOTAL |
541 |
447 |
94 |
Negative signs mean provisions and positive reversals.
8
|
|
I.4 Consolidated EBITDA
|
EBITDA |
1Q19 |
1Q18 |
(%) |
|
Net Income (Loss) for the Year |
1,347 |
484 |
178% |
|
Net Loss from Taxes on Discontinued Operations |
-223 |
-1,910 |
-88% |
|
Result for the Year |
1,570 |
2,394 |
-34% |
|
+ Provision for Income Tax and Social Contribution |
617 |
756 |
-18% |
|
+ Financial Result |
322 |
-1,023 |
-131% |
|
+ Amortization and Depreciation |
428 |
417 |
3% |
|
= EBITDA |
2,937 |
2,544 |
15% |
|
Adjustment |
|
|
|
|
(-) Procel Retroactive |
-92 |
0 |
- |
|
(-) Retirement Plan. Extraordinary (PAE) / Consentual Dismissal Plan (PDC) |
170 |
272 |
-38% |
|
(-) Expenditure Independent research |
13 |
16 |
-18% |
|
(-) Earnings from Selling SPEs |
-183 |
0 |
- |
|
(-) Contingencies |
293 |
299 |
-2% |
|
(-) Onerous contracts |
-94 |
-239 |
-61% |
|
(-) Provision / (Reversal) for Losses on Investments |
-85 |
7 |
-1269% |
|
(-) Provision / (Reversal) for Losses on Investments classified as held for sale |
50 |
0 |
- |
|
(-) Impairment |
0 |
204 |
-100% |
|
(-)Provision ANEEL CCC |
65 |
0,0 |
- |
|
(-) Adjustment to market value |
0,0 |
0,1 |
-100% |
|
(-) Water resources inspection fee (Para Rate) |
0 |
150 |
-100% |
|
= EBITDA MANAGERIAL 1 |
3,073 |
3,252 |
-6% |
In 1Q19, the Company started to consider, in its pro forma EBITDA, the revenue from RBSE in order to maintain a protocol similar to the debenture covenants to be issued.
Consolidated Result by Segment of Continuing Operations
|
|
|
03/31/19 |
|
|
| ||
|
DRE by Segment |
Administration |
Generation |
Transmission |
Elimination |
Total | ||
|
Operating System |
O & M Regime |
Operating System |
Regime de O&M | ||||
|
Net operating revenue |
47 |
4,101 |
704 |
981 |
1,027 |
(408) |
6,452 |
|
Operating Costs and Expenses |
(793) |
(2,343) |
(553) |
89 |
(1,094) |
408 |
(4,286) |
|
Operating Income Before Financial Result |
(746) |
1,758 |
151 |
1,069 |
(67) |
- |
2,166 |
|
Financial Result |
236 |
(382) |
(30) |
(51) |
(95) |
- |
(322) |
|
Results of equity investments |
343 |
- |
- |
- |
- |
- |
343 |
|
Income tax and social contribution |
(159) |
(371) |
(63) |
(260) |
235 |
- |
(617) |
|
Net Income (loss) for the period |
(326) |
1,005 |
59 |
758 |
73 |
- |
1,570 |
|
|
|
03/31/18 |
|
|
| ||
|
DRE by Segment |
Administratio |
Geração |
Transmissão |
Elimination |
Total | ||
|
O & M Regime |
Regime de O&M |
O & M Regime |
Regime de O&M | ||||
|
Net operating revenue |
46 |
3,422 |
437 |
298 |
2,070 |
(200) |
6,072 |
|
Operating Costs and Expenses |
(667) |
(2,084) |
(480) |
(242) |
(1,090) |
200 |
(4,363) |
|
Operating Income Before Financial Result |
(621) |
1,338 |
(44) |
56 |
979 |
- |
1,709 |
|
Financial Result |
1,393 |
(404) |
(26) |
(94) |
(184) |
- |
685 |
|
Results of equity investments |
354 |
- |
- |
- |
- |
- |
354 |
|
Income tax and social contribution |
(493) |
(218) |
(35) |
10 |
53 |
- |
(683) |
|
Net Income (loss) for the period |
633 |
716 |
(104) |
(28) |
848 |
- |
2,065 |
The adjustments made to Managerial EBITDA refer to non-recurring events or events that are expected to be treated under PDNG 2019-2022 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, variations 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.
9
|
|
I.5 Net debt
|
Net Debt |
03/31/2019 |
12/31/2018 |
|
GROSS DEBT (1) – R$ million |
54,204 |
54,841 |
|
(-) RGR of Other companies (2) |
2,163 |
1,950 |
|
(-) RGR of Amazonas Managerial (3) |
1,073 |
1,370 |
|
(-) Purchase of Shares with RGR resources (4) |
539 |
535 |
|
Managerial gross debt |
50,430 |
50,986 |
|
(-) (Cash and Cash Equivalents + Securities) |
8,458 |
7,285 |
|
(-) Financing Receivable (discounted RGR from Others) (2) |
12,139 |
11,925 |
|
(+) Receivables from RGR Amazonas Managerial (3) |
1,073 |
1,370 |
|
(-) Financing Receivable RGR Amazonas Managerial (3) |
1,073 |
1,370 |
|
(-) Financ. Remaining RO (AmD) Managerial (5) |
2,010 |
3,521 |
|
(-) Net balance of Itaipu Financial Asset |
2,101 |
2,157 |
|
Managerial Net Debt |
25,722 |
26,098 |
1. Due to the reclassification of Amazonas D to "Assets available for sale", the debt corresponding to the repurchased suppliers, which will be assumed by Eletrobras, was reclassified to consolidated loans and financing, impacting the Company's gross debt. According to the decision of the 170th Extraordinary Shareholders' Meeting, Eletrobras will only begin to assume these debts, with the effective transfer of control of Amazonas D;
2. Pro forma debt and receivables related to financing granted by RGR, owed by companies outside the Eletrobras group, including Ceron, Eletroacre, Boa Vista, Cepisa and Ceal, were transferred, since Eletrobras , is only debt manager.
3. The proceeds of financing from RGR, owed by Amazonas, were excluded pro forma, since Eletrobras, after the transfer of this company, will not be responsible for this debt, under the terms of item 2. RGR receivables due to Amazonas are not consolidated in the credits receivable and, therefore, the entry and exclusion of said credits are being excluded.
4. RGR liabilities related to the federalization of the CEAM Distributor, incorporated by Amazonas D, and to the purchase of Celpa's shares, to be paid pursuant to Articles 21-A and 21-B of Law 12,783 / 2013;
5. Financing Agreements signed, to be paid by Amazonas (R $ 2,010 million) to Eletrobras when they are transferred, including Pro Forma. Disregard other rights.
10
|
|
Analysis of the Results of the Parent Company
In 1Q19, Eletrobras Holding reported a net income of R$ 1,398 Million, an increase of 205% compared to the net income of R$ 458 Million recorded in 1Q18.
This 1Q19 result was decisively influenced by: (i) Results of Corporate Equity, of R$ 1,987 Million, mainly influenced by the results of the subsidiaries and by the effect on the disposal of equity interests; (ii) Overdraft liabilities in subsidiaries in the amount of R$ 16 Million, mainly by CGTEE (R$ 148 Million) partially offset by Amazonas GT (R$ 132 Million); and (iii) Provisions for legal contingencies, in the amount of R$ 104 Million, mainly due to provisions related to compulsory loan lawsuits in the amount of R$ 220 Million (See Note 23 to the Financial Statements of 2019).The following chart presents a comparison of Eletrobras holding results between 1Q18 and 1Q19.
Evolution of Results - R$ million
Nota: A análise dos resultados de cada subsidiária encontra-se no anexo.
11
|
|
II.1 Shareholdings of the Parent Company
In 1Q19, the result of Corporate Interest positively impacted the Company's results by R$ 1,989 Million, mainly as a result of Equity in results of investments in subsidiaries, as shown below:
|
|
R$ million | |
|
|
Parent Company | |
|
|
1Q19 |
1Q18 |
|
Investments in subsidiaries |
|
|
|
Equity |
1,893 |
1,246 |
|
|
|
|
|
Investments in associates |
|
|
|
Equity |
96 |
229 |
|
|
|
|
|
Total |
1,989 |
1,475 |
II.2 Commercialization of Electric Power of the Parent Company
a.Itaipu Binacional
|
FINANCIAL RESULT OF ITAIPU |
|
|
|
|
|
|
|
|
|
|
|
1Q19 |
|
Sale of Energy Contract Itaipu + CCEE |
|
|
|
|
2,955 |
|
Revenue originating from the Right of Reimbursement (1) |
|
|
|
|
195 |
|
Others |
|
|
|
|
37 |
|
Total Revenue |
|
|
|
|
3,187 |
|
|
|
|
|
|
|
|
Purchase of Energy Contract Itaipu + CCEE |
|
|
|
|
-2,763 |
|
Expenses Originating from the Compensation Obligation (2) |
|
|
|
|
-136 |
|
Itaipu repayment |
|
|
|
|
-46 |
|
Others |
|
|
|
|
-189 |
|
Total Expenses |
|
|
|
|
-3,134 |
|
|
|
|
|
|
|
|
Net operating revenue - Transfer of Itaipu |
|
|
|
|
54 |
|
|
|||||
|
ITAIPU RESULTS (Price indexes) |
|
|
|
|
|
|
|
|
|
|
|
1Q19 |
|
Revenue originating from the Right of Reimbursement (1) |
|
|
|
|
195 |
|
+ Foreign Exchange Result |
|
|
|
|
26 |
|
Result from the Right of Reimbursement (RD) |
|
|
|
|
221 |
|
Expenses Originating from the Compensation Obligation (2) |
|
|
|
|
136 |
|
+ Foreign exchange result |
|
|
|
|
18 |
|
Resultado originário das Obrigações de ressarcimento (RO) |
|
|
|
|
154 |
|
Balance: RD – RO |
|
|
|
|
67 |
a.1
(see explanatory note 17.1.1 of the Financial Statements of 1Q19)
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, was withdrawn. flow of revenues.
As a result, Decree 6,265, dated November 22, 2007, regulating the commercialization of Itaipu Binacional's electricity, was defined, defining the differential to be applied in the transfer rate, creating an asset related to the portion of the annual differential calculated, equivalent to an annual adjustment factor withdrawn from financing, to be included annually in the transfer rate, as of 2008, practiced by the Company, preserving the flow of resources, originally established.
12
|
|
Thus, as of 2008, the differential resulting from the withdrawal of the annual adjustment factor, whose values 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 balance resulting from the adjustment factor of Itaipu Binacional, included in the Financial Assets caption, presented in Non-current Assets, amounted to R$ 4,774,301 on March 31, 2019, equivalent to US$ 1,225.217 (R$ 4,553,380 on December 31, 2018, equivalent to US$ 1,175,126). The amount of R$ 4,327,495, equivalent to US$ 1,040,100 will be transferred to the National Treasury until 2023, as a result of the credit assignment operation carried out between the Company and the National Treasury in 1999. These amounts will be realized through its inclusion in the transfer fee 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 1Q19, Operating Provisions had a negative impact on the Parent Company's result of R$ 351 million, compared to a provision of R$ 324 million in 1Q18. This variation is mainly explained by the increase in PCLD in the amount of R$ 178 million in 1Q19, compared the reversion of R$ 5 million in the same period of 1Q18. The table below shows the changes in Operating Provisions:
|
|
R$ Million | |
|
Operational Provisions |
Parent company |
|
|
|
1Q19 |
1Q18 |
|
Garanties |
-12 |
-14 |
|
Contingencies |
104 |
204 |
|
PCLD - Consumers and Resellers |
0 |
0 |
|
PCLD - Financing and Loans |
178 |
5 |
|
Short-term liabilities in subsidiaries |
16 |
-39 |
|
Onerous Contracts |
0 |
0 |
|
Provision / (Reversal) for Losses on Investments |
0 |
0 |
|
Provision for losses on classified investments |
0 |
0 |
|
Impairment |
0 |
0 |
|
ANEEL Provision - CCC |
65 |
0 |
|
Adjustment to Market Value |
0 |
0 |
|
Pará Fee |
0 |
0 |
|
Others |
0 |
166 |
|
|
351 |
324 |
|
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY |
Balance on 12/31/2018 |
Equity |
Balance o 03/31/2019 |
|
CGTEE |
3,546 |
148 |
3,693 |
|
Amazonas GT |
338 |
-132 |
206 |
|
TOTAL PROVISION FOR PASSIVE DISCOVERED |
3,884 |
16 |
3,899 |
13
|
|
II.4 Financial Results of Parent Company
In 1Q19, Financial Result had a negative impact on the Parent Company's result of R$ 234 million compared to R$ 1,391 million in 1Q18. This variation is mainly explained by the reduction in the amount recorded in interest, commissions and fees, as well as increase in expenses on debt charges for the sale of the Distributors, as shown below:
|
FINANCIAL RESULT |
|
R$ Million |
|
|
1Q19 |
1Q18 |
|
Financial income |
|
|
|
Interest income, commissions and fees |
589 |
1,768 |
|
Revenue from short-term investments |
58 |
104 |
|
Moratorium surcharge on electricity |
0 |
2 |
|
Net Monetary updates |
173 |
28 |
|
Net Exchange rate variations |
28 |
-16 |
|
Other financial income |
48 |
50 |
|
|
|
|
|
Financial Expenses |
|
|
|
Debt charges |
-489 |
-358 |
|
Lease charges |
-2 |
0 |
|
Charges on shareholders' funds |
-59 |
-58 |
|
Other financial expenses |
-111 |
-129 |
|
|
234 |
1,391 |
Evolution of the IGP-M and Dollar (%)
The main indexes of financing and onlendings contracts had the following variations in the periods:
|
|
1Q18 |
1Q19 |
|
Dólar |
0.48% |
0.57% |
|
IGPM |
1.48% |
2.16% |
III. General information
Portfolio of Receivables and Payables
a. Financing and Borrowing Granted
The financing and loans granted are made with the Company's own resources, as well as sector resources and external resources raised through international development agencies, financial institutions and arising from the launch of securities in the international financial market.
Loans and loans granted to the parent company, with a currency adjustment clause, represent approximately 29% of the total portfolio (30% at December 31, 2018). Those that foresee an update based on indices that represent the domestic price level in Brazil amount to 71% of the portfolio balance (70% on December 31, 2018).
The market values of these assets are close to their book values, since they are specific operations of the sector and are formed, in part, by resources of Sectoral Funds and that do not find similar conditions as a parameter of valuation to 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:
14
|
|
|
R$ Million | |||||||
|
|
2019 |
2020 |
2021 |
2022 |
2023 |
After 2023 |
Total |
|
Parent Company |
1,851 |
4,446 |
4,495 |
2,950 |
1,764 |
2,880 |
18,387 |
|
Consolidadated |
3,092 |
2,651 |
2,829 |
585 |
538 |
169 |
9,863 |
Payable Financing and Loans
Debts are guaranteed by the Federal Government and / or Eletrobras, are subject to charges, whose average rate in March 2019 is 6.38% pa. (6.4% pa in 2018), and have the following profile:
|
|
Parent Company |
|
|
Consolidadated |
| ||||||
|
03.31.2019 |
|
12.31.2018 |
|
03.31.2019 |
|
12.31.2018 | |||||
|
Balance in R$ Million |
% |
|
Balance in R$ Million |
% |
|
Balance in R$ Million |
% |
|
Balance in R$ Million |
% | |
|
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
USD |
11,378 |
42% |
11,285 |
41% |
11,378 |
21% |
11,285 |
21% | |||
|
USD with Libor |
671 |
2% |
698 |
3% |
1,058 |
2% |
1,079 |
2% | |||
|
EURO |
243 |
1% |
245 |
1% |
243 |
1% |
245 |
0% | |||
|
IENE |
- |
0% |
- |
0% |
- |
0% |
- |
0% | |||
|
Others |
- |
0% |
- |
0% |
- |
0% |
- |
0% | |||
|
Subtotal |
12,292 |
45% |
12,227 |
44% |
12,678 |
24% |
12,608 |
23% | |||
|
|
|
|
|
|
|
| |||||
|
Local currency |
|
|
|
|
|
| |||||
|
CDI |
4,720 |
17% |
5,092 |
18% |
10,382 |
19% |
10,649 |
20% | |||
|
IPCA |
- |
0% |
- |
0% |
142 |
0% |
190 |
0% | |||
|
TJLP |
- |
0% |
- |
0% |
6,408 |
12% |
6,515 |
12% | |||
|
SELIC |
4,516 |
17% |
4,513 |
0% |
13,235 |
25% |
13,279 |
24% | |||
|
Others |
- |
0% |
- |
0% |
4,439 |
8% |
3,621 |
7% | |||
|
Subtotal |
9,236 |
34% |
9,605 |
35% |
34,606 |
64% |
34,254 |
63% | |||
|
|
|
|
|
|
| ||||||
|
Not indexed |
5,731 |
21% |
5,803 |
21% |
6,445 |
12% |
7,511 |
14% | |||
|
|
|
|
|
|
|
| |||||
|
TOTAL |
27,259 |
100% |
27,635 |
100% |
53,729 |
100% |
54,373 |
100% | |||
* This amount includes the debt of other companies outside the Eletrobras System with RGR in the amount of R $ 1,950 Million, as well as in Amazonas and Ceal with RGR, in the amount of R $ 1,370 Million, since Eletrobras acts as manager of RGR and has a counterpart in assets.
The long-term portion of loans and financing matures as scheduled:
|
|
2020 |
2021 |
2022 |
2023 |
2024 |
After 2024 |
Total |
|
Controladora |
3,073 |
9,462 |
2,171 |
950 |
866 |
4,055 |
20,576 |
|
Consolidado |
6,823 |
12,337 |
4,929 |
3,971 |
2,646 |
11,748 |
42,454 |
15
|
|
Ratings
|
Agency |
National Classification/ Perspective |
Latest Report |
|
Moody’s BCA |
“B1”: / Stable |
10/03/2019 |
|
Moody’s Senior Unsecured Debt |
“Ba3”: / Stable |
10/03/2019 |
|
Fitch - Issuer Default Ratings (Foreign Currency) |
“BB-”: / Stable |
06/14/2019 |
|
Fitch - Issuer Default Ratings (Local Currency) |
“BB-”: / Stable |
06/14/2019 |
|
Fitch - Senior Unsecured Debt Rating |
“BB-” |
06/14/2019 |
|
S&P LT Local Currency |
“brAAA” |
04/25/2019 |
|
S&P - Senior Unsecured |
"BB-" |
04/25/2019 |
|
S&P LT Foreign Currency |
“BB“ / Stable |
04/25/2019 |
*CreditWatch
Eletrobras Organization Chart
|
|
1. |
1. The number of SPEs is taking into account the direct and indirect interests in SPE, and disregarding the SPEs that participate in more than one Eletrobras Company, differently from the quantitative considered in the charts of each company. In this total, 02 SPEs abroad are included. INTESA was not considered, which had the sale process concluded on 12/28/2019, from Auction nº 01/2019, and West Coast and Marumbi, which were transferred from Eletrosul to Copel, through an exchange. Of the 172 national SPEs, 70 are in the process of divesting; 25 SPEs in process of sale from Auction nº 01/2019; 45 SPEs in the process of being sold during the year 2019 (44 in Holding and 01 in Chesf, by proxy). |
|
2. |
2. Ceal and Amazonas were sold at auctions held in December 2019, but Amazonas has not yet transferred its control, and Ceal was transferred on March 18. |
16
|
|
Investiments
|
NATURE OF INVESTMENTS |
|
||
|
Budgeted |
Realized |
(%) 1Q19 | |
|
Generation |
1,248,6 |
37.4 |
3% |
|
Transmission |
1,411,3 |
95.6 |
7% |
|
Distribution |
|
|
|
|
Maintenance – Generation |
836,6 |
155.7 |
19% |
|
Maintenance - Transmission |
735,2 |
22.3 |
3% |
|
Maintenance - Distribution |
|
|
|
|
Other (Research, Infrastructure and environment) |
450,1 |
30.6 |
7% |
|
Total Corporate |
4,681,8 |
341.7 |
7% |
|
Financial Investments in SPEs |
0,0 |
0.0 |
0% |
|
Generation |
653,9 |
119.5 |
18% |
|
Transmission |
369,4 |
40.1 |
11% |
|
Total SPEs |
1,023,3 |
159.7 |
14% |
|
Total |
5,705,0 |
501.3 |
8% |
For further details of the investments, per subsidiary or by project, see appendix 3 to this Investor Report.
Share Capital
Structural of Social Capital
In 1Q19, the capital of Eletrobras was composed as follows:
|
Shareholders |
Common |
Pref. Classe “A |
Pref. Class “B” |
Total | ||||
|
Quantity |
% |
Quantity |
% |
Quantity |
% |
Quantity |
% | |
|
União Federal |
554,395,652 |
51% |
0 |
0% |
1,544 |
0% |
554,397,196 |
41% |
|
BNDESpar |
141,757,951 |
13% |
0 |
0% |
18,691,102 |
7% |
160,449,053 |
12% |
|
BNDES |
74,545,264 |
7% |
0 |
0% |
18,262,671 |
7% |
92,807,935 |
7% |
|
FND |
45,621,589 |
4% |
0 |
0% |
0 |
0% |
45,621,589 |
3% |
|
FGHAB |
1,000,000 |
0% |
0 |
0% |
0 |
0% |
1,000,000 |
0% |
|
OUTROS |
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% |
17
|
|
Stock Analysis
Actions
|
|
(R$) |
(R$) |
(pts.) |
(pts.) |
|
|
ELET3 B3 |
ELET6 B3 |
IBOV B3 |
IEE B3 |
|
Price and Volume |
(Shares ON) |
(Shares PN) |
(Index) |
(Índex) |
|
Closing Price on 03/31/2018 |
36.69 |
37.86 |
95415 |
57449 |
|
Maximum in the quarter |
38.98 |
40.96 |
99994 |
57850 |
|
Average in the quarter |
34.61 |
37.18 |
95810 |
54847 |
|
Minimum in the quarter |
29.00 |
32.26 |
91012 |
50699 |
|
|
|
|
| |
|
Change in 1Q19 |
51.4% |
34.4% |
8.6% |
16.6% |
|
Change over the last 12 months |
74.7% |
57.1% |
11.8% |
38.6% |
|
Average Daily Trading Volume 1Q19 (millions of shares) |
4.9 |
3.0 |
- |
- |
|
Average Daily Trading Volume 1Q19 (R $ million) |
167.1 |
112.0 |
- |
- |
|
|
|
|
|
|
|
Net Income per Share in the Quarter (R $) |
1,00 |
1,00 |
- |
- |
|
Net Asset Value per Share (R $) |
42,46 |
42,46 |
- |
- |
|
Price / Profit (P / E) (1) |
36,83 |
38,01 |
- |
- |
|
Price / Stockholders' Equity (B / W) (2) |
0,86 |
0,89 |
- |
- |
|
(1) Closing price of the preferred and common shares at the end of the period / Net Income per share. For the calculation, the accumulated net income of the last 12 months was considered; (2) Closing price of the preferred and common shares at the end of the period / Asset Value per share at the end of the period. | ||||
Evolution of Traded Shares in B3
18
|
|
ADR Programs
|
|
(US$) |
(US$) |
|
|
NYSE |
NYSE |
|
Preço e Volume |
EBRN |
EBRB |
|
Closing Price on 03/31/2018 |
9.36 |
9.66 |
|
Maximum in the quarter |
10.51 |
11.33 |
|
Average in the quarter |
9.20 |
9.80 |
|
Minimum in the quarter |
7.55 |
8.45 |
|
|
|
|
|
Change in 1Q19 |
47.4% |
34.5% |
|
Change over the last 12 months |
47.4% |
35.3% |
|
Average Daily Trading Volume 1Q19 (millions of shares) |
679.0 |
39.8 |
|
Average Daily Trading Volume 1Q19 (US$ million) |
6.2 |
0.2 |
Evolution of Traded Shares in ADR
19
|
|
Latibex - Madrid Stock Exchange
|
|
(€) |
(€) |
|
|
LATIBEX |
LATIBEX |
|
Price and Volume |
XELTO |
XELTB |
|
Closing Price on 03/31/2019 |
8.40 |
8.25 |
|
Maximum in the quarter |
9.15 |
9.60 |
|
Average in the quarter |
8.11 |
8.42 |
|
Minimum in the quarter |
5.70 |
6.85 |
|
|
|
|
|
Change in 1Q19 |
47.4% |
38.7% |
|
Change over the last 12 months |
64.7% |
25.0% |
|
Average Daily Trading Volume 1Q19 (millions of shares) |
2.1 |
1.9 |
|
Average Daily Trading Volume 1Q19 (Euro million) |
16.2 |
11.0 |
Evolution of Foreign Currencies
20
|
|
Nº of employees
Parent Company
By time
By region
|
Working time at company (years) |
|
|
|
|
|
|
1Q19 |
|
Up to 5 |
|
|
|
|
|
|
21 |
|
6 to 10 |
|
|
|
|
|
|
356 |
|
11 to 15 |
|
|
|
|
|
|
211 |
|
16 to 20 |
|
|
|
|
|
|
58 |
|
21 to 25 |
|
|
|
|
|
|
14 |
|
more than 25 |
|
|
|
|
|
|
114 |
|
Total |
|
|
|
|
|
|
774 |
|
State of the Federation |
| |||||
|
|
|
|
|
|
1Q19 | |
|
Rio de Janeiro |
|
|
|
|
|
752 |
|
São Paulo |
|
|
|
|
|
1 |
|
Brasília |
|
|
|
|
|
21 |
|
Total |
|
|
|
|
|
774 |
Hired / Outsourced Labor
|
1Q19 |
|
0 |
Turnover (Holding)
|
1Q19 |
|
0.2% |
21
|
|
Direct Partnerships in SPEs - Parent Company
Eletrobras closed the first quarter of 2019 with a total of 60 equity investments in Specific Purpose Companies (SPEs). Of this total, Eletrobras already had a corporate interest in 4 projects (Norte Energia SA, Mangue Seco 2, IGESA and ROUAR) and still has the participation in another 56 SPEs from the payment process between the subsidiaries and the holding company, all these were object of divestment through the Eletrobras Auction # 01/2019.
Of the 71 SPEs participating in the Eletrobras Auction no. 01/2019, held on September 27, 2018, 26 companies were sold, of which 5 (five) were by means of a power of attorney from Chesf to Eletrobras. Among the 26 companies sold, SPES INTESA, Pedra Branca SA, São Pedro do Lago SA, Sete Gameleiras SA, Baraúnas I Energética SA, Mussambê Energética SA, Morro Branco I Energética SA, Baraúnas II Energética SA and Banda de Couro Energética SA were transferred to the new controller until March 31, 2019 and are no longer included in the list of SPEs of the holding company and its subsidiaries.
The aforementioned transaction represents one of the stages set forth in the PNDG 2019-2023 and had the purpose of reducing indebtedness through the settlement of debts of its subsidiaries with the Holding Company.
Generation
|
SPE |
Power plant |
Total lInvestiments |
Capacity Installed |
Physical Warranty |
Generated Energy Average MW | |||
|
R$ Million |
MW |
MW Average |
|
1Q19 | ||||
|
Norte Energia SA* |
UHE |
42.254 |
11,233.10 |
4.571 |
|
12,232,360.76 |
|
|
|
Eólica Mangue Seco 2 |
UEE |
In operation |
26 |
9.6 |
|
10,716.92 |
|
|
|
Santa Vitória do Palmar Holding S.A. (2) |
EOL |
In operation |
258.00 |
110 |
|
148,448,28 |
|
|
|
Chuí Holding S.A. (1) |
EOL |
In operation |
144 |
59.6 |
|
77,749.68 |
|
|
|
Chuí IX |
EOL |
In operation |
17.90 |
7.4 |
|
11,023,82 |
|
|
|
Hermenegildo I |
EOL |
In operation |
57.28 |
24.9 |
|
38,253.29 |
|
|
|
Hermenegildo II |
EOL |
In operation |
57.28 |
25 |
|
33,846,69 |
|
|
|
Hermenegildo III |
EOL |
In operation |
48.33 |
21 |
|
28,507.34 |
|
|
|
Rouar S.A. |
EOL |
In operation |
65.10 |
N/A |
|
33,615.00 |
|
|
|
Brasventos Eolo |
EOL |
In operation |
58.45 |
21.86 |
|
21,399.50 |
|
|
|
Rei dos Ventos 3 |
EOL |
In operation |
60.12 |
21 |
|
20,449.10 |
|
|
|
Miassaba 3 |
EOL |
In operation |
68.47 |
22.84 |
|
24,717.80 |
|
|
|
Serra das Vacas Holding (3) |
EOL |
In operation |
90.76 |
45.60 |
|
87,684.30 |
|
|
|
Chapada do Piauí I Holding (4) |
EOL |
In operation |
205.1 |
114.3 |
|
105,277.72 |
|
|
|
Chapada do Piauí II Holding (5) |
EOL |
In operation |
172.40 |
88.7 |
|
85,976.83 |
|
|
* 18 generating units in commercial operation totaling 7566.30 MW 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 through IV.
22
|
|
(4) The Chapada do Piauí I Holding SA incorporated the wind power SPEs Ventos de Santa Joana IX, X, XI, XII, XIII, XV and XIV Energia Renováveis SA
(5) The Chapada do Piauí II Holding S.A incorporated the interests of wind farms Ventos de Santa Joana I, III, IV, V, VII and Ventos de Santo Augusto IV S.A.
|
U Power plant |
Participation (%) |
Location (State)) |
Start of Operation |
End of Operation |
Alienated Auction of 09/27/18 |
|
Norte Energia S.A |
15 |
PA |
abr/16 |
ago/45 |
No |
|
Santa Vitória do Palmar Holding S.A. (2) |
78 |
RS |
fev/15 |
abr/47 |
Non - Lot A |
|
Chuí Holding S.A. (1) |
78 |
RS |
mai/15 |
abr/47 |
Non - Lot A |
|
Chuí IX |
99.99 |
RS |
out/15 |
mai/49 |
Non - Lot B |
|
Hermenegildo I |
99.99 |
RS |
nov/15 |
jun/49 |
Non - Lot B |
|
Hermenegildo II |
99.99 |
RS |
dez/15 |
jun/49 |
Non - Lot B |
|
Hermenegildo III |
99.99 |
RS |
dez/15 |
jun/49 |
Non - Lot B |
|
Brasventos Eolo |
49 |
RN |
jul/14 (') |
dez/45 |
Yes - Lot F |
|
Rei dos Ventos 3 |
49 |
RN |
jul/14 (') |
dez/45 |
Yes - Lot F |
|
Miassaba 3 |
49 |
RN |
jul/14 (') |
ago/45 |
Yes - Lot F |
|
Rouar S.A |
50 |
Uruguai -Departamento de Colônia |
Abri/15 |
Out/33 |
No |
|
Serra das Vacas Holding (3) |
49 |
PE |
dez/15 |
jun/49 |
Non - Lot C |
|
Chapada do Piauí I Holding (4) |
49 |
PI |
jul/15 |
mai/49 |
Non - Lot D |
|
Chapada do Piauí II Holding (5) |
49 |
PI |
(6) |
mai/49 |
Non - Lot D |
|
Mangue Seco 2 |
49 |
RN |
set/11 |
jun/32 |
Non - Lot G |
(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 through IV.
(4) The Chapada do Piauí I Holding SA incorporated the wind power SPEs Ventos de Santa Joana IX, X, XI, XII, XIII, XV and XIV Energia Renováveis SA
(5) The Chapada do Piauí II Holding S.A incorporated the interests of wind farms Ventos de Santa Joana I, III, IV, V, VII and Ventos de Santo Augusto IV S.A.
(6) The Santa Joana I, IV, V and VII plants started in Jan / 16, Santo Augusto IV in Feb / 16 and Santa Joana III in March / 16.
Transmission
|
Development |
Object |
Participation (%) |
Investiments |
Extension of lines (km) |
Voltage |
Start of |
End of |
|
(From to) |
(R$ Million) |
(kV) |
Concession |
Concession | |||
|
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 |
61 |
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 |
|
MTE |
Oriximiná - Silves - Lechuga (AM), SE Silves (ex-Itacoatiara) e SE Lechuga (ex-Cariri) |
49.5 |
In operation |
559 |
500 |
mar/13 |
out/38 |
23
|
|
|
Development |
Object |
Total of |
Capacity Installed (MVA) |
Location |
|
End of Concession |
Alienated In Auction 09/27/18 |
|
AETE |
SE Seccionadora Cuiabá |
Em operação |
- |
MT |
ago/05 |
fev/34 |
Sim – Lote O |
|
Uirapuru |
Em operação |
jul/06 |
mar/35 |
Sim – Lote J | |||
|
Brasnorte |
SE Juba SE Maggi - 230/138 kV |
Em operação |
300 100 |
MT |
set/09 |
mar/38 |
Sim – Lote L |
|
ETAU |
Lagoa Vermelha 2 230/138kV; Barra Grande 230/138 kV; Santa Marta 230 kV - Entrada de Linha; Ampliação Lagoa Vermelha 2 230/138kV |
Em operação |
150 |
SC |
abr/05 |
dez/32 |
Sim – Lote N |
|
- |
jul/05 | ||||||
|
- |
jul/05 | ||||||
|
150 |
out/16 | ||||||
|
TME |
SE Jauru 500/230 kV |
Em operação |
750 |
MT |
nov/11 |
nov/39 |
Sim – Lote K |
|
Transirapé |
SE Aracuaí 2 SE Irapé SE Irapé |
Em operação |
2x225 2x225 |
MG |
mai/07 |
mai/37 |
Sim – Lote M |
|
Transleste |
- |
Em operação |
- |
MG |
dez/05 |
dez/35 |
Sim – Lote M |
|
Transudeste |
- |
Em operação |
- |
MG |
fev/07 |
fev/37 |
Sim – Lote M |
|
Centroeste de Minas |
- |
Em operação |
- |
MG |
mar/10 |
mar/35 |
Sim – Lote P |
|
Luziânia-Niquelândia |
SE Luziânia SE Niquelândia |
Em operação |
450 30 |
GO |
jun/14 ago/15 |
mai/42 mai/42 |
Não – Lote Q |
|
MTE |
SE Silves (ex-Itacoatiara) e SE Lechuga (ex-Cariri) |
Em operação |
150 1800 |
AM/PA |
mar/13 |
out/38 |
Não – Lote R |
24
|
|
Balance Sheet
R$ mil
|
Asset |
Parent Company |
Consolidated | ||
|
03.31.2019 |
12.31.18 |
03.31.2019 |
12.31.18 | |
|
Current |
|
|
| |
|
Cash and cash equivalents |
84,942 |
47,400 |
931,430 |
583,352 |
|
Restricted cash |
2,290,727 |
1,560,088 |
2,290,727 |
1,560,088 |
|
Marketable securities |
4,090,018 |
4,034,242 |
7,228,230 |
6,408,104 |
|
Customers |
365,627 |
379,649 |
3,967,964 |
4,079,221 |
|
Financial assets - Concessions and Itaipu |
0 |
0 |
5,406,225 |
6,013,891 |
|
Loans and financing |
8,674,673 |
8,257,761 |
4,439,203 |
3,903,084 |
|
Asset contractual transmission |
0 |
0 |
1,374,093 |
1,302,959 |
|
Equity Pay |
2,507,933 |
2,474,558 |
196,352 |
219,895 |
|
Taxes to recover |
184,928 |
488,591 |
944,303 |
1,216,261 |
|
Income tax and social contribution |
416,425 |
817,417 |
1,458,074 |
2,420,165 |
|
Reimbursement rights |
0 |
0 |
341,394 |
454,139 |
|
Warehouse |
297 |
274 |
397,788 |
380,292 |
|
Nuclear fuel stock |
0 |
0 |
510,638 |
510,638 |
|
Derivative financial instruments |
1,986 |
2,195 |
176,245 |
182,760 |
|
Hydrological risk |
0 |
0 |
21,945 |
81,301 |
|
Assets held for sale |
5,310,029 |
5,282,624 |
12,332,698 |
15,424,359 |
|
Credits with subsidiaries - CCD |
2,406,622 |
2,406,622 |
0 |
0 |
|
Other |
1,847,789 |
1,296,560 |
2,620,497 |
2,104,904 |
|
TOTAL CURRENT ASSETS |
28,181,996 |
27,047,981 |
44,637,806 |
46,845,413 |
|
|
|
|
|
|
|
NON CURRENT |
|
|
|
|
|
LONG-TERM |
|
|
|
|
|
Reimbursement rights |
3,256,066 |
3,234,542 |
5,431,796 |
5,802,172 |
|
Loans and financing |
18,386,894 |
20,518,018 |
9,862,645 |
9,971,857 |
|
Customers |
0 |
0 |
8,236 |
8,413 |
|
Marketable securities |
297,963 |
293,509 |
298,291 |
293,833 |
|
Nuclear fuel stock |
0 |
0 |
819,000 |
828,410 |
|
Taxes to recover |
0 |
0 |
258,649 |
265,805 |
|
Current Income Tax and Social Contribution |
0 |
0 |
0 |
0 |
|
Deferred income and social contribution taxes |
0 |
0 |
602,646 |
553,409 |
|
Escrow deposits |
3,360,669 |
3,307,301 |
5,839,839 |
5,788,905 |
|
Fuel Consumption Account - CCC |
0 |
0 |
13,280,033 |
13,268,837 |
|
Financial assets - Concessions and Itaipu |
2,582,961 |
2,603,118 |
34,305,907 |
34,100,453 |
|
Derivative financial instruments |
0 |
0 |
182,614 |
188,262 |
|
Advances for future capital increase |
1,262,219 |
1,140,732 |
480,776 |
459,563 |
|
Hydrological risk |
0 |
0 |
178,785 |
227,083 |
|
Other |
2,439,906 |
2,368,142 |
1,749,615 |
1,604,403 |
|
31,586,678 |
33,465,362 |
73,298,832 |
73,361,405 | |
|
INVESTMENTS |
73,809,070 |
71,871,802 |
28,280,374 |
27,983,348 |
|
Fixed assets net |
265,839 |
198,711 |
32,661,511 |
32,370,392 |
|
INTANGIBLE |
13,439 |
13,386 |
791,049 |
649,650 |
|
TOTAL NON-CURRENT ASSETS |
105,675,026 |
105,549,261 |
135,031,766 |
134,364,795 |
|
TOTAL ASSETS |
133,857,022 |
132,597,242 |
179,669,572 |
181,210,208 |
25
|
|
R$ mil
|
Liabilities and Equity |
Parent Company |
Consolidated | ||
|
03.31.2019 |
12.31.18 |
03.31.2019 |
12.31.18 | |
|
CURRENT |
||||
|
Loans and financing |
6,683,497 |
7,031,515 |
11,274,808 |
12,066,912 |
|
Debentures |
0 |
0 |
40,546 |
36,073 |
|
Compulsory loan |
15,758 |
15,659 |
15,758 |
15,659 |
|
Suppliers |
524,887 |
569,218 |
2,835,319 |
3,360,550 |
|
Advances from customers |
681,932 |
357,275 |
746,609 |
421,002 |
|
Taxes payable |
407,432 |
166,523 |
1,496,139 |
1,277,051 |
|
Income tax and social contribution |
264,447 |
917,734 |
1,841,005 |
2,953,072 |
|
Onerous contracts |
0 |
0 |
9,436 |
9,436 |
|
Remuneration to shareholders |
1,274,394 |
1,257,502 |
1,282,341 |
1,305,633 |
|
Financial liabilities - Concessions and Itaipu |
696,476 |
799,401 |
0 |
0 |
|
Estimated liabilities |
108,489 |
134,474 |
1,251,308 |
1,366,376 |
|
Reimbursement Obligations |
1,397,108 |
1,250,619 |
1,397,108 |
1,250,619 |
|
Post-employment benefits |
21,977 |
29,336 |
184,077 |
164,160 |
|
Provisions for contingencies |
765,124 |
850,828 |
837,801 |
931,364 |
|
Regulatory charges |
0 |
0 |
626,864 |
653,017 |
|
Lease |
7,311 |
0 |
251,737 |
152,122 |
|
Accounts payable with subsidiaries |
2,866,810 |
2,866,810 |
0 |
0 |
|
Derivative financial instruments |
622 |
928 |
672 |
962 |
|
Liabilities associated with assets held for sale |
11,314,439 |
11,127,717 |
8,373,984 |
10,294,967 |
|
Others |
121,502 |
96,496 |
881,412 |
264,996 |
|
TOTAL CURRENT LIABILITIES |
27,152,205 |
27,472,035 |
33,346,924 |
36,523,971 |
|
|
|
|
| |
|
NON-CURRENT |
|
|
|
|
|
Loans and financing |
20,575,804 |
20,603,333 |
42,454,215 |
42,305,886 |
|
Suppliers |
0 |
0 |
16,598 |
16,555 |
|
Debentures |
0 |
0 |
434,502 |
432,155 |
|
Advances from customers |
0 |
0 |
431,103 |
448,881 |
|
Compulsory loan |
486,446 |
477,459 |
486,446 |
477,459 |
|
Obligation for asset retirement |
0 |
0 |
2,657,697 |
2,620,128 |
|
Fuel Consumption Account - CCC |
0 |
0 |
0 |
0 |
|
Provisions for contingencies |
17,541,265 |
17,604,730 |
23,314,566 |
23,196,295 |
|
Post-employment benefits |
1,196,286 |
1,196,286 |
3,094,173 |
2,894,949 |
|
Provision for unsecured liabilities |
3,899,332 |
3,883,600 |
0 |
0 |
|
Onerous contracts |
0 |
0 |
621,754 |
715,942 |
|
indemnification obligations |
0 |
0 |
0 |
0 |
|
Lease |
61,658 |
0 |
1,025,325 |
823,993 |
|
Grants payable - Use of public goods |
0 |
0 |
64,480 |
64,144 |
|
Advances for future capital increase |
3,932,016 |
3,873,412 |
3,935,568 |
3,873,412 |
|
Derivative financial instruments |
0 |
0 |
31,719 |
25,459 |
|
Regulatory charges |
0 |
0 |
736,070 |
721,536 |
|
Taxes payable |
0 |
0 |
236,800 |
248,582 |
|
Income tax and social contribution |
476,070 |
432,582 |
7,971,990 |
8,315,386 |
|
Others |
1,570,703 |
1,510,899 |
1,370,075 |
1,496,527 |
|
TOTAL NON-CURRENT LIABILITIES |
49,739,580 |
49,582,301 |
88,883,081 |
88,677,289 |
|
|
|
|
|
|
|
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 |
15,887,829 |
15,887,829 |
15,887,829 |
15,887,829 |
|
Equity valuation adjustments |
0 |
0 |
0 |
0 |
|
Profits (losses) |
1,354,601 |
0 |
1,354,601 |
0 |
|
Accumulated other comprehensive income |
-5,449,694 |
-5,517,424 |
-5,449,694 |
-5,517,424 |
|
Amounts recognized in OCI classified as held for sale |
0 |
0 |
0 |
0 |
|
Non-controlling shareholders |
0 |
0 |
474,330 |
466,042 |
|
TOTAL SHAREHOLDERS' EQUITY |
56,965,237 |
55,542,906 |
57,439,567 |
56,008,948 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
133,857,022 |
132,597,242 |
179,669,572 |
181,210,208 |
26
|
|
Income Statement
|
R$ mil | ||||
|
Parent Company |
Consolidated | |||
|
31.03.19 |
31.03.18 |
31.03.19 |
31.03.18 | |
|
NET OPERATING REVENUE |
141,572 |
81,833 |
6,451,762 |
6,084,138 |
|
Operating costs |
|
|
|
|
|
Energy purchased for resale |
-2,883 |
-3,068 |
-434,532 |
-395,027 |
|
Charges upon use of electric network |
0 |
0 |
-209,673 |
-335,034 |
|
Construction |
0 |
0 |
-115,044 |
-198,357 |
|
Fuel for electricity production |
0 |
0 |
-530,003 |
-172,215 |
|
NET OPERATING REVENUE |
138,689 |
78,765 |
5,162,510 |
4,983,505 |
|
Operating expenses |
|
|
|
|
|
Personnel, Supllies and Services |
-165,792 |
-168,198 |
-1,820,823 |
-1,971,445 |
|
Depreciation |
-3,394 |
-1,388 |
-407,265 |
-395,814 |
|
Amortization |
0 |
0 |
-20,692 |
-21,253 |
|
Donations and contributions |
-32,748 |
-33,888 |
-52,292 |
-49,362 |
|
Operating Provisions /Reversals net |
-350,726 |
-323,566 |
-522,951 |
-586,459 |
|
Investigation Findings |
0 |
0 |
0 |
0 |
|
Others |
-30,265 |
-20,036 |
-172,956 |
-238,159 |
|
-582,925 |
-547,076 |
-2,996,979 |
-3,262,492 | |
|
OPERATING INCOME BEFORE FINANCIAL RESULT |
-444,236 |
-468,311 |
2,165,531 |
1,721,013 |
|
Financial result |
|
|
|
|
|
Financial income |
|
|
|
|
|
Income from interest, commissions and fees |
|
|
|
|
|
Income from financial investments |
588,637 |
1,767,917 |
245,863 |
1,474,220 |
|
Moratorium on electricity |
57,783 |
104,467 |
125,312 |
154,524 |
|
Restatement Assets |
126 |
2,125 |
61,108 |
54,686 |
|
Current foreign currency exchange rate variations |
314,651 |
181,102 |
260,825 |
97,256 |
|
Payment of indemnities - Law 12,783 / 13 |
757,492 |
457,793 |
886,205 |
442,564 |
|
Regulatory asset update |
0 |
0 |
0 |
0 |
|
Gains on derivatives |
0 |
0 |
0 |
0 |
|
Other financial income |
0 |
0 |
0 |
0 |
|
Financial expenses |
47,516 |
50,190 |
210,977 |
423,321 |
|
Debt charges |
|
|
|
|
|
Lease charges |
-489,346 |
-357,777 |
-693,710 |
-628,823 |
|
Charges on shareholders' funds |
-1,617 |
0 |
-83,349 |
0 |
|
Noncurrent Restatement |
-58,603 |
-57,884 |
-64,387 |
-60,648 |
|
Noncurrent foreign currency exchange rate variations |
-141,415 |
-153,344 |
-165,909 |
-197,513 |
|
Regulatory liability update |
-729,705 |
-473,794 |
-823,524 |
-483,647 |
|
Losses on derivatives |
0 |
0 |
0 |
0 |
|
Other financial expenses |
0 |
0 |
-18,230 |
-15,585 |
|
-111,399 |
-129,471 |
-263,410 |
-237,189 | |
|
INCOME BEFORE EQUITY |
234,120 |
1,391,324 |
-322,229 |
1,023,166 |
|
RESULTS OF EQUITY |
-210,116 |
923,013 |
1,843,302 |
2,744,179 |
|
EFFECT ON DISPOSAL OF CORPORATE PARTICIPATIONS |
1,989,002 |
1,905,694 |
160,094 |
405,420 |
|
OPERATING INCOME BEFORE TAXES |
0 |
0 |
183,222 |
0 |
|
Current Income tax and social contribution |
1,778,886 |
2,828,707 |
2,186,618 |
3,149,599 |
|
Deferred Income Tax and Social Contribution |
-158,558 |
-461,872 |
-1,059,368 |
-1,134,590 |
|
NET INCOME/LOSS FOR THE PERIOD |
0 |
0 |
442,720 |
379,079 |
|
SHARE ATTRIBUTED TO CONTROLLING |
1,620,328 |
2,366,835 |
1,569,970 |
2,394,088 |
|
SHARE ATTRIBUTED TO NON-CONTROLLING |
1,620,328 |
2,366,835 |
1,620,328 |
2,366,835 |
|
DISCONTINUED OPERATION |
0 |
0 |
-50,358 |
27,253 |
|
NET LOSS OF OPERATING TAXES DISCONTINUED |
|
|
|
|
|
NET INCOME (LOSS) OF THE FINANCIAL YEAR |
-222,616 |
-1,908,851 |
-222,616 |
-1,910,111 |
|
NET INCOME (LOSS) PER SHARE |
1,397,712 |
457,984 |
1,347,354 |
483,977 |
|
NET OPERATING REVENUE |
1.01 |
0.33 |
1.01 |
0.33 |
27
|
|
Cash Flow Statement
|
R$ mil | ||||
|
|
Controladora |
Consolidado | ||
|
03.31.2019 |
31.03.18 |
03.31.2019 |
31.03.18 | |
|
Operating Activities |
|
|
|
|
|
Income before income tax and social contribution |
1,778,886 |
2,828,707 |
2,186,618 |
3,149,599 |
|
Adjustments to reconcile income to cash provided by operations: |
|
|
|
|
|
Depreciation and amortization |
3,394 |
1,388 |
427,957 |
417,067 |
|
Net monetary variations |
-173,236 |
-27,758 |
-94,913 |
101,220 |
|
Net foreign exchange rate variations |
-27,787 |
16,001 |
-62,681 |
41,083 |
|
Financial charges |
-168,164 |
-1,494,969 |
460,706 |
-920,138 |
|
Financial asset revenue |
0 |
0 |
-196,017 |
-244,115 |
|
Construction Revenue |
0 |
0 |
-115,758 |
-153,986 |
|
Equivalence equity results |
-1,989,002 |
-1,905,694 |
-160,094 |
-405,420 |
|
Result on disposal of equity interests |
0 |
0 |
-183,222 |
0 |
|
RBSE Revenue |
0 |
0 |
-912,770 |
-1,194,424 |
|
Provision (reversal) for short-term liabilities |
15,731 |
-39,284 |
0 |
0 |
|
Provision (reversal) for doubtful accounts |
177,761 |
5,448 |
190,360 |
59,747 |
|
Provision (reversal) for contingencies |
103,839 |
204,462 |
293,148 |
298,793 |
|
Provision (reversal) for impairment of assets |
0 |
0 |
0 |
203,519 |
|
Provision (reversal) for onerous contract |
0 |
0 |
-94,188 |
-238,871 |
|
Provision (reversal) for losses on investments |
187 |
0 |
-34,850 |
7,296 |
|
TRFH – (Pará rate) |
0 |
0 |
0 |
150,166 |
|
Provision (reversal) Aneel - CCC |
65,091 |
0 |
65,091 |
0 |
|
RGR Charges |
70,490 |
84,829 |
70,490 |
84,829 |
|
Minority interest in income |
0 |
0 |
76,298 |
-57,194 |
|
Charges on shareholders' funds |
58,603 |
57,884 |
64,387 |
60,648 |
|
Financial instruments - derivatives |
0 |
0 |
18,230 |
15,585 |
|
Others |
-84,905 |
66,197 |
7,761 |
281,946 |
|
|
-1,947,998 |
-3,031,496 |
-180,065 |
-1,492,249 |
|
(Increases) / decreases in operating assets |
|
|
|
|
|
Customers |
20,441 |
-220 |
82,362 |
697,243 |
|
Marketable securities |
-55,777 |
906,897 |
-820,131 |
699,347 |
|
Reimbursement rights |
-21,524 |
0 |
-799,309 |
-167,180 |
|
Warehouse |
-23 |
-12 |
-17,496 |
96,713 |
|
Nuclear fuel stock |
0 |
0 |
9,410 |
65,117 |
|
Financial assets - Itaipu and public service concessions |
-82,768 |
3,059 |
-82,768 |
3,059 |
|
Assets held for sale |
-27,405 |
0 |
24,181 |
-3,766,699 |
|
Hydrological risk |
0 |
0 |
107,654 |
28,453 |
|
Credits with subsidiaries - CCD |
0 |
0 |
0 |
0 |
|
Others |
-397,674 |
-151,292 |
-380,760 |
30,101 |
|
-564,731 |
758,432 |
-1,876,858 |
-2,313,846 | |
|
Increase / (decrease) in operating liabilities |
|
|
|
|
|
Suppliers |
-23,847 |
-38,200 |
-500,795 |
-422,335 |
|
Advances from customers |
0 |
0 |
-16,828 |
-26,709 |
|
Lease |
68,969 |
0 |
300,947 |
78,173 |
|
Estimated liabilities |
-25,985 |
12,386 |
-319,943 |
-6,569 |
|
indemnification obligations |
0 |
0 |
-1 |
60,685 |
|
Sectorial charges |
0 |
0 |
-11,619 |
-4,678 |
|
Liabilities associated with assets held for sale |
186,722 |
0 |
186,722 |
1,724,073 |
|
Accounts payable with subsidiaries |
0 |
0 |
0 |
0 |
|
Other |
25,298 |
42,838 |
268,596 |
-184,586 |
|
231,156 |
17,023 |
-92,921 |
1,218,054 | |
|
|
|
|
| |
|
Payment of financial charges |
-191,981 |
-478,867 |
-694,472 |
-828,801 |
|
Payment of RGR charges |
-45,689 |
-51,965 |
-45,689 |
-51,965 |
|
Financial charges received |
0 |
0 |
1,505,901 |
2,051,340 |
28
|
|
|
income tax payment and social contribution |
420,801 |
350,490 |
353,541 |
152,779 |
|
Payment of refinancing of taxes and contributions - principal |
-55,514 |
-69,715 |
-658,572 |
-579,379 |
|
investment compensation received in corporate participations |
0 |
0 |
-7,828 |
-28,317 |
|
Pension payment |
7,044 |
16,191 |
20,371 |
30,711 |
|
Payment of legal provisions |
-7,359 |
-4,679 |
-44,400 |
-67,157 |
|
Judicial deposits |
-390,374 |
-357,193 |
-392,946 |
-365,110 |
|
-49,473 |
-18,128 |
-54,664 |
6,202 | |
|
Net cash provided by (used in) operating activities of continuing operations |
-815,232 |
-41,199 |
18,017 |
881,860 |
|
Net cash provided by (used in) operating activities of discontinued operations |
0 |
0 |
-379,997 |
-357,470 |
|
Net cash provided by (used in) operating activities |
-815,232 |
-41,199 |
-361,980 |
524,390 |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Loans and financing |
0 |
0 |
630,181 |
108,185 |
|
Payment of loans and financing - Main |
-568,789 |
-913,210 |
-1,400,747 |
-1,526,491 |
|
Payment of shareholders remuneration |
-132 |
0 |
-132 |
0 |
|
Advanced receivalbe for future capital increase |
0 |
0 |
0 |
0 |
|
RGR resource for transfer |
0 |
0 |
0 |
0 |
|
Other |
0 |
0 |
-10,103 |
-2,638 |
|
Net cash provided by (used in) financing activities from continuing operations |
-568,921 |
-913,210 |
-780,801 |
-1,420,944 |
|
Net cash provided by (used in) financing activities of discontinued operations |
0 |
0 |
414,724 |
338,892 |
|
Net cash provided by (used in) financing activities |
-568,921 |
-913,210 |
-366,077 |
-1,082,052 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Lending and financing |
-230,807 |
-140,604 |
0 |
0 |
|
loans and financing receivables |
1,766,714 |
656,451 |
1,524,906 |
508,223 |
|
Acquisition of fixed assets |
-69 |
-3,398 |
-203,142 |
-188,280 |
|
Acquisition of intangible assets |
-53 |
0 |
-6,401 |
-3,283 |
|
Acquisition of concession assets |
|
|
|
|
|
Acquisition / capital investment in equity |
-6,860 |
-76,200 |
-133,734 |
-360,521 |
|
Advance concession for future capital increase |
-107,230 |
0 |
-5,373 |
-3,262 |
|
Investment sale in shareholdings |
0 |
363,813 |
0 |
363,813 |
|
Net cash flow in the acquisition of investees |
0 |
0 |
0 |
0 |
|
Other |
0 |
0 |
-65,394 |
72,638 |
|
Net cash provided by (used in) investing activities from continuing operations |
1,421,695 |
800,062 |
1,110,862 |
389,328 |
|
Net cash provided by (used in) investment activities of discontinued operations |
0 |
0 |
6,337 |
-25,269 |
|
Net cash provided by (used in) investing activities |
1,421,695 |
800,062 |
1,117,199 |
364,059 |
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
37,542 |
-154,347 |
389,142 |
-193,603 |
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial year |
47,400 |
161,326 |
583,352 |
597,837 |
|
Cash and cash equivalents at the end of the financial year |
84,942 |
6,979 |
931,430 |
448,081 |
|
Increase (decrease) in cash and cash equivalents |
0 |
0 |
41,064 |
-43,847 |
|
37,542 |
-154,347 |
389,142 |
-193,603 |
29
|
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
|
By: |
/S/ Elvira Baracuhy Cavalcanti Presta
|
|
|
Elvira Baracuhy Cavalcanti Presta
CFO and Investor Relations 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.
