The cost reduction
target for 4Q20 with PDC was R$ 181 million, with a reduction of R$ 122 million in 4Q20. The OBZ reduction target for 2020, under
budget basis, was R$ 263 million, with a reduction of R$ 281 million in 2020, of which R $ 77 million was achieved in 4Q20 for
budgetary purposes. These reductions were partially offset by:
Depreciation and Amortization
|
4Q20
|
4Q19
|
%
|
2020
|
2019
|
%
|
Depreciation and Amortization
|
-463
|
-496
|
-6%
|
-1,863
|
-1,807
|
3%
|
|
Table 09: Operating Provisions
|
Operating Provisions
|
4Q20
|
4Q19
|
%
|
2020
|
2019
|
%
|
Operating Provisions/Reversals
|
-4,247
|
1,115
|
-481%
|
-7,374
|
-2,006
|
268%
|
|
|
|
|
|
|
|
Non-recurring Provisions/Reversals
|
|
|
|
|
|
|
Contingencies
|
-3.128
|
-718
|
335%
|
-4,188
|
-1,757
|
138%
|
Provision / Reversal of Third Party ADA RGR Estimated prospective credit loss (CPC 48)
|
134
|
-707
|
-119%
|
-67
|
-435
|
-85%
|
Onerous Contracts
|
83
|
-164
|
-151%
|
-89
|
179
|
-150%
|
Provision / (reversal) for losses on investments
|
-568
|
286
|
-298%
|
-680
|
334
|
-303%
|
RAP Adjustment portion
|
0
|
0
|
-
|
-224
|
0
|
-
|
Impairment of long-term asstes
|
-505
|
122
|
-515%
|
-442
|
122
|
-463%
|
Expiry of the concession
|
0
|
362
|
-100%
|
0
|
0
|
-
|
Outsourced Incentive Indemnification Provision
|
0
|
354
|
-100%
|
0
|
0
|
-
|
Provision ANEEL – CCC
|
-45
|
1,729
|
-103%
|
-64
|
53
|
-220%
|
Candiota III Plant - Inflexibility
|
122
|
0
|
-
|
-51
|
0
|
-
|
Candiota III Plant - Coal
|
-76
|
0
|
-
|
-76
|
0
|
-
|
Provision for Implementation of Shares - Compulsory Loan
|
8
|
0
|
-
|
-345
|
0
|
-
|
Non-recurring Provision/reversals
|
-3,975
|
1,265
|
-414%
|
-6,225
|
-1,505
|
314%
|
|
|
|
|
|
|
|
Recurring Provisions/Reversals
|
|
|
|
|
|
|
Guarantees
|
11
|
12
|
-3%
|
12
|
101
|
-88%
|
ADA (excluding ADA Prospective estimate of credit loss from privatized distributors (CPC 48))
|
-245
|
69
|
-453%
|
-878
|
-189
|
364%
|
GAG Improvement
|
-12
|
-33
|
-65%
|
-178
|
-210
|
-15%
|
Others
|
-26
|
-198
|
-87%
|
-106
|
-203
|
-48%
|
Recurring Provisions/Reversals
|
-272
|
-150
|
82%
|
-1,149
|
-501
|
129%
|
The
positive values in the table above signify a reversal of the provision.
VARIATION
ANALYSIS OF 4Q19 X 4Q20
The variation is mainly explained by:
|
•
|
Provision for contingencies of R$ 3,128 million, with emphasis on: R$ 2,252 million provision for
compulsory loan lawsuits, in the holding company, especially lawsuit 0023102-98.1990.8.19.0001, which had the expert report, which
determined the amount of R$ 1.35 billion, on the base date of the report, ratified by the lower court, including credits that were
not included in the initial demand (credits from branches, merged companies and credits arising from the 3rd stock conversion meeting,
held by Eletrobras only in 2005, that is, almost 10 years after the sentence was pronounced in the original demand; disregard of
the prescription on the remuneratory interest; and improper application of interest rate of 12% per year, out of step with the
jurisprudential understanding and fully judged appeal. In headoffice, Eletrobras obtained a favorable preliminary decision to suspend
accomplishment with the decision that determined the payment of the ratified amount. As a monocratic decision which did not deal
properly with the merits of the amounts due, the Company classified the entire amount involved in the lawsuit as probable, impacting
the Company's financial statements by an increase of R$ 1,630 million. In addition to this lawsuit, 4Q20 was also impacted by another
lawsuit (+ R$ 340 million), which also discusses monetary adjustment of compulsory, which had a report presented by the judicial
accountancy approved by the court, which diverges from the current repetitive Appeal, as it did not observe the statutory term
of remuneration interest and the meeting as the final term of incidence of remuneration interest. In addition, default interest
of 6% per year + IPCA-E was considered, since the quote. In Furnas, constitution of R $ 234 million for Civil: 3 new lawsuits totaling
R $ 20 million; risk update of 3 processes totaling R $ 172 million (CMELPAR Empreendimentos e Participações Ltda,
CAEFE * Cx. Assistance Employees of Furnas and Eletronuclear and the Brazilian Institute for the Rights of Persons with Disabilities
IBDD) and update of the value of 1 process in the amount of R $ 4 million; Constitution of R$ 127 million for Contingency - Regulatory:
mainly impacted by the change in the risk classification of some ANEEL processes. At Chesf, an increase of 322 million provision,
of which R$ 123 million refer to the GSF process, due to the increase in PLD.
|
|
•
|
Provisions for investment losses of R$ 568 million, with emphasis of R$ 363 million in the
holding company, due to the negative effect of SPE Hermenegildo I, II, III, SVP and Chuí IX. Additionally, R$ 324 million in Furnas, of which
R$ 126 million refer to SPE Mata de Santa Genebra and R $ 105 million refer to SPE IE Madeira.
|
|
•
|
Impairment of long-term assets, in the amount of R$ 505 million, with emphasis on Candiota III
phase C, in the amount of R$ 611 million, R$ 52 million for Samuel, Pindaí Complex, in the amount of R$ 99 million. These
impairments were partially offset, mainly, by reversals at UTE Camaçari, of R$ 208 million, and UTE Santa Cruz, of R$ 216
million. In 4Q20, no new impairments were recorded for the Angra 3 plant, as was the case in 4Q19.
|
VARIATION
ANALYSIS OF 2019 X 2020
|
•
|
The Operating Provisions account increased by 268%, which is mainly explained by the launch of
the Contingency Provision in the amount of R $ 4,188 million, of which R$ 2,665 million refer to the Compulsory Loan processes,
R$ 731 million contingency at Chesf, with an increase of R $ 123 million related to the update of the Factor K process and R$ 109
million increase of the GSF provision and R$ 499 million contingency in Furnas, being constitutions of: R$ 260 million in labor,
R$ 146 in regulatory and R$ 123 million in civil. In allowance for loan losses - consumers and resellers, a provision of R$ 805
million was made, with emphasis on the debt of Amazonas Energia with Amazonas GT in the amount of R$ 359 million. It also impacted
the provision for impairment of Phase C of UTE Candiota III, in the amount of R$ 611 million. There were also Provisions / Reversal
for investment losses in the amount of R$ 680 million, mainly influenced by the sale of lots 1 and 2 (Santa Vitoria do Palmar,
Hermenegildo I, II and I and Chui IX). Provision for Implantation of Shares - Compulsory Loan, occurred in 3Q20, in the amount
of R$ 345 million. In addition, the RAP Adjustment Parcel Provision in the amount of R$ 224 million at CGT Eletrosul due to the
registration of the amounts overpaid at RAP in the 2018/2019 and 2019/2020 cycles as a result of the Tariff Review postponed for
two cycles. The amount will be refunded in 36 installments starting in July / 2020. Provision of R$ 51 million to comply with the
inflexibility of the Candiota III Plant.
|
SHAREHOLDINGS
|
Table 10: Shareholdings
|
Shareholdings
|
4Q20
|
4Q19
|
%
|
2020
|
2019
|
%
|
Shareholdings
|
708
|
305
|
132%
|
1.671
|
1.041
|
60%
|
VARIATION
ANALYSIS OF 4Q19 X 4Q20
sHAREHOLDINGS
|
•
|
The main highlights were: (i) positive variation in the equity income
of associates in the amount of R$ 635 million, with emphasis on CTEEP due to the effect of RTP recorded in 4Q20; This impact was
partially offset by: (ii) a negative variation in the result of equity interests of Norte Energia (Belo Monte) of R$ 165 million,
due to the ACL contracts impacted by the lower PLD price due to the Covid pandemic, exposure resulting from uncontracting, start
of the amortization of project finance financing and an increase in the depreciation record, due to the entry into operation of
UGs in the second half of 2019.
|
VARIATION
ANALYSIS OF 2019 X 2020
|
•
|
The main highlights were: (i) positive variation in CTEEP equity in
the approximate amount of R$ 1.1 billion, due to the effect of the RTP recorded in 2020; This impact was partially offset by: (ii)
a negative variation in the result of equity interests of Norte Energia (Belo Monte) of R$ 597 million, due to the ACL (Free Contracting
Environment) contracts impacted by the lower PLD price due to the Covid pandemic, exposure resulting from uncontracting, start
of the financing amortization of ‘project finance’ and an increase in the depreciation record, due to the beginning
of operation of UGs (generation units) in the second half of 2019; and (iii) negative variation in the result of equity interests
of SPE Madeira Energia in the amount of R$ 213 million, impact explained by the monetary variation of R$ 156 million (IGP-M + 23.14%
in the year) on the amount of arbitration with the Construtor Consortium, and an additional R$ 30 million from GSF impact, further
complemented by the debt variation.
|
FINANCIAL
RESULTS
|
Table 11: Financial Income and Expenses
|
Financial Result
|
4Q20
|
4Q19
|
%
|
2020
|
2019
|
%
|
Financial Income
|
|
|
|
|
|
|
Interest, commission and fee income
|
143
|
74
|
93%
|
864
|
876
|
-1%
|
Income from financial investments
|
10
|
144
|
-93%
|
973
|
763
|
27%
|
Additional moratorium on electricity
|
131
|
58
|
125%
|
342
|
252
|
36%
|
Active monetary updates
|
278
|
422
|
-34%
|
283
|
417
|
-32%
|
Exchange rate variations
|
476
|
-29
|
-1739%
|
-544
|
35
|
-1654%
|
Net derivative gains and losses
|
276
|
10
|
2534%
|
332
|
-57
|
-686%
|
Financial expenses
|
|
|
|
|
|
|
Debt charges
|
-604
|
-593
|
2%
|
-2,854
|
-3,248
|
-12%
|
Leasing charges
|
-90
|
-84
|
7%
|
-367
|
-341
|
8%
|
Charges on shareholder resources
|
-4
|
-47
|
-92%
|
-82
|
-271
|
-70%
|
Other net financial income and expenses
|
-190
|
14
|
-1432%
|
-618
|
-876
|
-29%
|
Financial Result
|
425
|
-30
|
-1520%
|
-1,672
|
-2,449
|
-32%
|
Non-recurring adjustments
|
|
|
|
|
|
|
(-) Revenue from loans owed by privatized distributors 1
|
-75
|
-124
|
-40%
|
-376
|
-449
|
-16%
|
(-) Bonus Award + FIDC Commission
|
0
|
0
|
-
|
298
|
0
|
-
|
(-) Updating of unconverted Compulsory credits
|
0
|
0
|
-
|
206
|
0
|
-
|
(-) Monetary update. emp. compulsory
|
57
|
108
|
-47%
|
352
|
545
|
-36%
|
Recurring Financial Result
|
408
|
-46
|
-991%
|
-1,192
|
-2,352
|
-49%
|
FINANCIAL
RESULT:
ANALYSIS
OF THE VARIATION 4Q19X4Q20
In 4Q20, the
financial result improved, with a positive result of R$ 425 million in 4Q20 and a negative result of R$ 30 million in 4Q19. The
main variations were in the accounts of:
|
•
|
Exchange Variation: the net result of the active and passive
exchange variation accounts went from a negative result of R$ 29 million in 4Q19 to a positive result of R$ 476 million in
4Q20, due to exchange rate fluctuation
in the period and the Company's foreign exchange exposure, according to table 12 of this report.
|
|
•
|
Gains and losses on Derivatives went from a net revenue of R$ 10 million
in 4Q19 to a net revenue of R$ 276 million in 4Q20, with emphasis on the subsidiary Eletronorte, due to asset pricing as provided
for in the energy sale agreement entered into with Albras, which is mainly linked to the LME (Aluminum) and dollar quotation.
|
|
•
|
Other financial income and expenses went from net income of R$ 14
million to an expense of R$ 190 million, with emphasis on (i) holding (-R$ 199 million) due to revenue of R$ 79 million with related
parties in 4Q19 against revenue of R$ 16 million in 4Q20 (reduction of R$ 63 million) and revenue of R$ 80 million in 4Q19 from
collection of CCDES guarantees (debt acknowledgment contract) without counterpart in 4Q20 (worsening of R$ 80 million).
|
ANALYSIS
OF THE VARIATION 2019X2020
|
•
|
Eletrobras presented a negative Net Financial Result of R$ 2,249 million
in 2019, against a negative result of R$ 1,672 million in 2020, therefore, an improvement of R$ 777 million. This variation is
mainly due to the 27% increase in revenue from financial investments, mainly due to the increased cash availability during the
year 2020 (+ R$ 210 million); and debt charges, which decreased by R$ 394 million, influenced by the reduction in the rates of
the indexes (interest). Another positive factor was the gain with derivatives, which generated net revenue of R$ 332 million in
2020 and an net expense of R$ 57 million in 2009, due to asset pricing as provided for in the energy sale agreement entered into
with Albras that it is mainly linked to the LME (Aluminum) and dollar quotation. This positive variation was partially impacted
by the result of the net foreign exchange variation, which was negative by R$ 544 million in 2020 and positive by R$ 35 million
in 2019.
|
1.2
EBITDA Consolidated
|
Table 12: EBITDA Consolidated
|
EBITDA
|
2020
|
2019
|
(%)
|
4Q20
|
4Q19
|
(%)
|
Net Profit (Loss) for the Year
|
6,387
|
11,133
|
-43%
|
1,269
|
2,273
|
-44%
|
Net Tax Losses from Discontinued Operation
|
0
|
3,285
|
-100%
|
0
|
-1,752
|
-100%
|
Result of the Exercise
|
6,387
|
7,848
|
-19%
|
1,269
|
4,025
|
-68%
|
+ Provision for Income Tax and Social Contribution
|
565
|
-631
|
-190%
|
-1,606
|
-1,312
|
22%
|
+ Financial Result
|
1,672
|
2,449
|
-32%
|
-425
|
30
|
-1520%
|
+ + Amortization and Depreciation
|
1,863
|
1,807
|
3%
|
463
|
496
|
-6%
|
= EBITDA
|
10,487
|
11,474
|
-9%
|
-299
|
3,239
|
-109%
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
|
|
|
|
Interruption of Angra I and II Retroactive and Candiota Inflexibility and Adjustments Deductions from Candiota Revenue
|
466
|
0
|
-
|
159
|
0
|
-
|
Effect of Periodic Tariff Review
|
-4,228
|
0
|
-
|
0
|
0
|
-
|
Other Income and Expenses
|
-16
|
-25
|
-35%
|
9
|
213
|
0
|
Retroactive: Procel / Disposal Gains SPEs
|
0
|
0
|
-
|
0
|
80
|
-100%
|
Fuel Economy Candiota / retroactive collection by FID
|
93
|
0
|
-
|
-6
|
0
|
-
|
PDC
|
-10
|
681
|
-101%
|
13
|
524
|
-98%
|
Amapa Fuel/Material Candiota
|
-24
|
0
|
-
|
-27
|
0
|
-
|
Outsourced Furnas/Additional services Candiota
|
108
|
0
|
-
|
8
|
0
|
-
|
Research / SAP / ERP implementation consultancies
|
0
|
107
|
-100%
|
0
|
0
|
-
|
Inepar + Camargo Correa + CIEN + Light Agreement + Gerador Amapá + covid donations + others
|
878
|
526
|
67%
|
744
|
333
|
1
|
Contingencies
|
4,188
|
1,757
|
138%
|
3.128
|
718
|
335%
|
Onerous Contracts
|
89
|
-179
|
-150%
|
-83
|
164
|
-151%
|
PCLD Credit loss estimate (CPC 48) / PCLD CIEN reversal
|
67
|
435
|
-85%
|
-134
|
707
|
-119%
|
(Provision) / Reversal for investment losses
|
680
|
-334
|
-303%
|
568
|
-286
|
-298%
|
Adjustment portion RAP
|
224
|
0
|
-
|
0
|
0
|
-
|
Impairment of long-term assets
|
442
|
-122
|
-463%
|
505
|
-122
|
-5
|
Provision for Implantation of Shares - Compulsory Loan
|
345
|
0
|
-
|
-8
|
0
|
-
|
Provision for expiry of the concession
|
0
|
0
|
-
|
0
|
-362
|
-100%
|
Provision Incentive Indemnification Outsourced
|
0
|
0
|
-
|
0
|
-354
|
-100%
|
ANEEL Provision - CCC
|
64
|
-53
|
-220%
|
45
|
-1,729
|
-1
|
Usina Candiota III - Inflexibility (b)
|
51
|
0
|
-
|
-122
|
0
|
-
|
Usina Candiota III - Coal (b)
|
76
|
0
|
-
|
76
|
0
|
-
|
= EBITDA RECURRING
|
13,978
|
14,268
|
-2,0%
|
4,575
|
3,124
|
46%
|
Note:
As of 2019, the Company started to consider, in its recurring EBITDA, the RBSE revenue from concessions extended under Law 12,783
/ 2013, in order to maintain a protocol similar to the debenture covenants issued in 2019. The Ebitda of the Recurring 2020 considers
this adjustment of RBSE revenue to compare recurring EBITDA for 2019, for comparative purposes, and also the mandatory effects
of IFRS 9 and 15 as explained in Explanation 4 to our financial statements. In addition, considering the privatization of the distributors
was completed in April 2019, and these operations are no longer part of its core business, the company treated the relevant effects
of financial income, expenses, PL reversals and allowances for loan losses as non-recurring. prospective (CPC 48) of loans contracted
with them before or as a result of the privatization process, although revenues and eventual provisions arising from contracted
loans may continue to affect the company's accounting result until its complete exhaustion. However, they were treated as recurring
outstanding allowances for outstanding debt of distributors as well as debts related to energy supply.
|
Table 13: 4Q19 EBITDA reconciliation:
|
EBITDA
|
2019
Restated
|
2019
Reported
|
4Q19
Restated
|
4Q19
Reported
|
Net Profit (Loss) for the Year
|
11.133
|
10.744
|
2.273
|
3.120
|
Net Losses from Discontinued Operation
|
3.285
|
3.285
|
-1.752
|
-1.752
|
Result of the Exercise
|
7.848
|
7.459
|
4.025
|
4.872
|
+ Provision for Income Tax and Social Contribution
|
-631
|
-1.090
|
-1.312
|
-3.473
|
+ Financial Result
|
2.449
|
2.081
|
30
|
1.310
|
+ Amortization and Depreciation
|
1.807
|
1.807
|
496
|
496
|
= EBITDA
|
11.474
|
10.257
|
3.239
|
3.204
|
|
|
|
|
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
|
|
Others - Expiry of Concessions
|
0
|
159
|
0
|
159
|
Non-recurring items without changes
|
2,794
|
2,794
|
-115
|
-115
|
= EBITDA RECURRENT
|
14,268
|
13,210
|
3,124
|
3,248
|
|
Recurring Cash Generation with Adjustment of the Regulatory Transmission RAP
|
|
4Q20
|
4Q19
|
1. Recurring EBITDA
|
4,575
|
3,124
|
|
|
|
2. (- )Total Corporate Revenue from Transmission
|
4,177
|
2,750
|
O&M Revenue
|
1,477
|
1,150
|
Constrtuction Revenue
|
311
|
297
|
Finance - Return on Investment - RBSE
|
0
|
0
|
Contractual Revenue - Transmission
|
2,389
|
1,303
|
Periodic Tariff Revenue
|
0
|
0
|
|
|
|
3. (+) Total Revenue of Allowed Annual Revenue
|
3,970
|
3,008
|
Revenue of RAP and indemnities
|
2,494
|
1,857
|
O & M Revenue
|
1,477
|
1,150
|
|
|
|
4 = 1 - 2 + 3 : Approximate Cash Generation
|
4,369
|
3,381
|
1.3 Consolidated
Results by Continued Operations segment:
|
Table 14: Results by Segment – R$ thousand
|
2020
|
Statement of Income by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
305
|
18,708
|
10,439
|
(372)
|
29,081
|
Operating Costs
|
(256)
|
(10,085)
|
(3,436)
|
350
|
(13,427)
|
Operating Expenses
|
(8,863)
|
(2,747)
|
(1,237)
|
(97)
|
(12,945)
|
Periodic tariff revenue
|
-
|
-
|
4,228
|
-
|
4,228
|
Operating Income Before Financial Result
|
(8,814)
|
5,876
|
9,994
|
(119)
|
6,937
|
Financial Result
|
|
|
|
|
(1,672)
|
Result of Equity Interests
|
|
|
|
|
1,671
|
Other income and expenses
|
|
|
|
|
16
|
Income tax and social contribution
|
|
|
|
|
(565)
|
Net income (loss) for the period
|
|
|
|
|
6,387
|
2019
|
Statement of Income by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
195
|
19,834
|
10,073
|
(388)
|
29,714
|
Operating Costs
|
(67)
|
(8,242)
|
(5,799)
|
349
|
(13,759)
|
Operating Expenses
|
(3,923)
|
(1,822)
|
(1,648)
|
38
|
(7,355)
|
Operating Income Before Financial Result
|
(3,795)
|
9,770
|
2,626
|
-
|
8,601
|
Financial Result
|
-
|
-
|
-
|
-
|
(2,449)
|
Result of Equity Interests
|
-
|
-
|
-
|
-
|
1,041
|
Other income and expenses
|
-
|
-
|
-
|
-
|
25
|
Income tax and social contribution
|
-
|
-
|
-
|
-
|
631
|
Net Income (loss) for the Continued Operations period
|
-
|
-
|
-
|
-
|
7,848
|
1.3.1. INDEBTEDNESS AND RECEIVABLES
|
Table 15: GROSS DEBT AND NET DEBT
|
|
12/31/2020
|
Gross Debt - R$ million
|
47,002
|
(-) (Cash and cash equivalents + marketable securities)
|
14,326
|
(-) Financing Receivable
|
10,925
|
(-)Net balance of Itaipu Financial Assets2
|
1,416
|
Net debt
|
20,335
|
1 See Explanatory Note 18a
to the Financial Statements.
According to Decree 9.022 / 2017, Eletrobras
is not the guarantor of the RGR taken by third parties, however, it is responsible for the contractual management of the financing
contracts with RGR resources signed until November 2016, which must be transferred to RGR, within the term up to five days from
the date of actual payment by the debtor. As of December 2020, the Company's Management concluded that the amounts receivable from
loans and financing granted with funds from RGR to third parties no longer meet the definition of an asset since the Company no
longer has control over these receivables and, therefore, for that reason, they have been derecognized. In an ongoing act, the
amounts transferred from RGR funds under the responsibility of third parties, and have a counterpart in the assets, were also derecognized
because the Company no longer has a present obligation for the totality of the obligation, acting only as a repayment agent and
such resources are not required. Eletrobras.
|
Table 16: Debt Maturity Schedule, excluding RGR owed by third parties (for which Eletrobras is a mere manager) and including the debentures of the Holding and the Subsidiaries:
|
* For more information, see note 19 to
ITR 4Q20.
|
Total
Gross Consolidated Debt without RGR from third parties
|
|
Gross Controlling Debt without Third Party RGR
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
Total (R$ milion)
|
Amortization with RGR and Debentures
|
11,411
|
6,426
|
4,399
|
5,593
|
3,972
|
2,072
|
13,130
|
47,002
|
|
Table 17: Foreign Exchange Exposure
|
|
|
Asset US$ million % Itaipu Loans Receivables 808,296 75% Itaipu Financial Asset 272,505 25% TOTAL 1,080,801 100%
|
Liabilities* US$
milion % Bônus 2021 - Eletrobras 632,098 29% Bônus 2025 - Eletrobras 502,088 23% Bônus 2030 - Eletrobras 747,716 34% Others 323,092 15% TOTAL 2,204,994 100%
|
|
|
|
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
TOTAL
|
Assets (US$ million)
|
833.2
|
216.2
|
31.4
|
0
|
0
|
0
|
0
|
1,080.8
|
Liabilities (US $ million)
|
713.1
|
46.0
|
46.5
|
20.0
|
522.1
|
20.0
|
837.4
|
2,205.0
|
Foreign Exchange Exposure
|
120.1
|
170.2
|
-15.2
|
-20.0
|
-522.1
|
-20.0
|
-837.4
|
-1,124.2
|
Due to the atypical scenario and potentially
unpredictable characteristics, it is not possible to accurately predict the scenarios that could materialize in the coming months
in the company's operations.
* The balance of Bonuses 2030 and 2025
has an accounting effect on the deferral of expenses with repurchase of the 2021 bonus due to the operation carried out in February.
Ratings
|
Table 18: Ratings
|
Agency
|
National Classification / Perspective
|
Last Report
|
Moody’s BCA
|
“Ba3”: / Stable
|
09/16/2020
|
Moody’s Senior Unsecured Debt
|
“Ba2”: / Stable
|
09/16/2020
|
Fitch - Issuer Default Ratings (Foreign Currency)
|
“BB-”: / Stable
|
06/10/2020
|
Fitch - Issuer Default Ratings (Local Currency)
|
“BB-”: / Stable
|
06/10/2020
|
S&P LT Local Currency – Escala Nacional Brasil
|
brAAA/ Stable
|
03/12/2021
|
S&P Issuer Credit Rating – Escala Global
|
BB-/ Stable
|
03/12/2021
|
*CreditWatch
|
Table 19: Receivables
|
|
2020/12/31
|
|
2019/12/31
|
|
2020/12/31
|
|
2019/12/31
|
Itaipu
|
6.93
|
|
7.04
|
|
4,200,471
|
|
5,843,724
|
CEAL
|
3.45
|
|
7.28
|
|
1,505,962
|
|
1,564,724
|
Eletropaulo
|
3.75
|
|
6.96
|
|
1,008,052
|
|
1,314,107
|
Amazonas D
|
5.78
|
|
7.38
|
|
3,998,324
|
|
3,949,748
|
CEPISA
|
2.50
|
|
5.42
|
|
571,127
|
|
746,427
|
Boa Vista
|
2.22
|
|
5.49
|
|
147,764
|
|
160,309
|
RGR Transfer
|
-
|
|
5.00
|
|
-
|
|
1,101,161
|
Others
|
-
|
|
-
|
|
248,201
|
|
229,259
|
(-) PECLD
|
-
|
|
-
|
|
(755,002)
|
|
(632,643)
|
Total
|
|
|
|
|
10,924,899
|
|
14,276,816
|
The graphs and table below exclude charges, allowance
for loan losses and financial assets of Itaipu.
|
Total loans and financing receivable Consolidated:
|
Does not include charges and allowance
for loan losses.
|
Loans and financing receivable Parent company without RGR - R$ million
|
Projection Receivables*
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
after 2026
|
TOTAL
|
Controller Without RGR
|
5,768
|
2,739
|
2,128
|
1,497
|
1,003
|
807
|
3,755
|
17,697
|
Does not include charges and PCLD
Table 20: CCC credits assigned by Privatized Distribution Companies
In
the privatization process of the distributors, CCC credits were assigned, which are still being analyzed and supervised by Aneel. These
credits are activated in the Financial Statements of the Company, of 12/31/2020, in two accounts, which are the Right of Reimbursement
and Financing receivable, according to Explanatory Notes 15 and 11 of 4Q20, and detailed below:
EXPLANATORY
NOTE 15 - RESERVATION RIGHT
|
Registered Net Assets
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
NT Aneel+ Claims under analysis Aneel + "inefficiency"
|
1,998,213
|
2,835,493
|
265,061
|
176,426
|
5,265,193
|
Current Rights
|
|
230,543
|
60,531
|
27,180
|
318,255
|
Total (a)
|
1,998,213
|
3,066,036
|
325,592
|
203,607
|
5,583,448
|
*
The balance of R$ 1,998 million from Amazonas consists of a return obligation to CCC in the order of R$ 471.9 million referring
to the final inspection result of the first and second period carried out by Aneel, and a credit receivable from the Treasury National
economic and energy “inefficiency” of R$ 2.46 billion. The credit for economic and energy inefficiency is updated by
Selic. The amount to be returned to CCC must be discounted from the credit receivable from CCC in relation to the amounts assigned
from the other distributors
|
Explanatory Note 11 - Loans and Financing
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Conversion into Loans (b)
|
442,366
|
|
|
|
442,366
|
Note:
The R$ 442.4 million credit in the table above was also a CCC credit, granted by Amazonas to Eletrobras, however, as it is current,
and not part of the aforementioned inspection period, already paid by CCC to Amazonas Distributor, then it was converted into debt
of the distributor with Eletrobras.
|
Total Credits Granted (Note 11+ Note 15)
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Credit assigned Net (1)
|
2,430,579
|
3,066,036
|
325,592
|
203,607
|
6,025,814
|
|
(1)
|
Credits updated until 12/31/2020, by the IPCA, based on the credit generating event, with the exception
of the portion of economic and energy “inefficiency” (R $ 2.49 billion) provided by Amazonas Energia and Boa Vista
Energia, which are updated by SELIC.
|
The National Electric Energy Agency - Aneel recognized,
by decision of its collegiate board of directors, on March 10, 2020, (i) the right to receive credits from the Ceron Fuel Consumption
Account, in the amount of R$ 1,904 million (a July 2019 prices), referring to the inspection of the benefits due in the period
from July 30, 2009 to June 30, 2016, considered as the first period of the inspection process (“First Inspection Period”),
credits assigned to Eletrobras at the time privatization of said distributor; and (ii) the right to receive credits from the Fuel
Consumption Account - CCC to Companhia de Eletricidade do Acre (“Eletroacre”), in the amount of R $ 192 million (at
July 2019 prices), related to the inspection of benefits due in the period from July 30, 2009 to June 30, 2016, credits also assigned
to Eletrobras on the occasion of the privatization of said distributor.
Aneel's Board of Directors also approved, on March 10,
2020, the obligation to return R$ 2,061 million (at March 2019 prices), related to the CCC's monthly inspection and reprocessing
process paid to Amazonas Distribuidora de Energia SA (“Amazonas Energia”), from July 2016 to April 2017, referring
to the Second Inspection Period. With this decision, Amazonas Energia had completed its entire inspection process, since Aneel's
Board of Directors had already resolved, on March 19, 2019, the result of the First Inspection Period for CCC reimbursements to
Amazonas Energia, with the company having the right to receive a credit of approximately R$ 1,592 million (at September 2018 prices),
to be offset against credits to be returned. The net balance of Law credits assigned by Amazonas Energia, positive by R$ 2.43 billion,
refers, in addition to the contract signed with the distributor with the payment of the amount of R$ 442 million in current credits,
to the revenue of disallowances from CCC arising from the criteria of economic and energy efficiency, a right recognized by Law
13,299 / 2016, in the historical amount of R$ 1,358 million to be paid by the National Treasury. Eletrobras updated the value of
economic and energy “inefficiency” by Selic until 12/31/2020.
Aneel has not yet completed the inspection processes
for CCC reimbursements for the first and second periods of Boa Vista Energia, also assigned to Eletrobras and recorded in the Financial
Statements, as well as the second inspection period for Ceron and Eletroacre. It was established by Aneel's Board of Directors
that it is only after the completion of all the aforementioned inspection processes, and the approval of the results, that the
total net value of the credits should be included in the annual budget of the sectorial fund CDE for payment to Eletrobras. However,
due to the delay in closing the inspection processes, Eletrobras has been making efforts with Aneel to include in the CDE budget
of 2021 the amount of R$ 1,759 million referring to the four inspection processes already closed. It has not yet been determined
by Aneel whether the final value of the CCC inspection processes will be paid to Eletrobras in a single or in installments. If
the agency does not comply with Eletrobras' payment request without the need to complete all inspection processes, it is likely
that the payment will start only in 2022, or Aneel will reschedule the CDE budget throughout the year. 2021 and include an amount
for payment to Eletrobras.
During 2020, in addition to voting on the three aforementioned
processes closed by the Agency, the only movement in the inspection processes was the disclosure by Aneel, dated April 6, 2020,
of a new technical note (NT nº 49 / 2020– SFF-SFG-SRG / ANEEL) referring to Boa Vista's first inspection period. The
previous NT was from April 2018. In this new NT issued, in addition to updating the base date of the information for February 2020,
the Agency accepted Eletrobras' request on the withdrawal of the return of amounts received by the distributor regarding the initial
tanking, which according to Order No. 2,793/2015, the amount must be returned in the last month of operation of the Monte Cristo
and Novo Paraíso TPPs, the day before the connection to the SIN. As the State of Roraima has not yet been interconnected,
Aneel accepted the request to withdraw the return of funds from the distributor to the CCC account during the inspection period.
As the agency accepted exactly the amount of Eletrobras' claim, considered as a probable claim by Aneel, there was no change in
the recorded amount of credits assumed by Boa Vista, only monetary restatement of credits by IPCA and Selic (“inefficiency”
credits) ). Thus, due to the information contained in NT 49/2020 by Aneel, Eletrobras would have credits receivable from CCC ceded by Boa Vista, in the amount of R$ 104
million (at Feb / 20 value), referring to the first inspection period of this distributor.
Accordingly, all changes in the 4Q20 of CCC / CDE credits
assigned to Eletrobras and recorded in the Right to Reimbursement were due to the monetary adjustment of the credits by IPCA and
SELIC, with no new impacts.
|
Table 21: Receivables RBSE Transmission
|
On June 30, 2020, the National Electric Energy Agency
- ANEEL approved the tariff review of the transmission concessions extended under the terms of Law 12,783 / 2013. Consequently,
it approved the new Permitted Annual Revenue (“RAP”) of these concessions for the 2020-2021 tariff cycle, which brought
the following summarized changes, with an impact in relation to the cash flow projection of RBSE receivables:
|
•
|
Retrospective change to the wacc for the years 2018 and 2019;
|
|
•
|
Change in the asset base incorporating the write-offs occurred in the 2013-2018 cycle and the readjustment
of the new replacement value of the assets associated with RBSE;
|
|
•
|
Incorporation of the payment of the controversial installment "Ke" that had been under
judgment since 2017;
|
|
•
|
3 years' redistribution of the differences between the amount effectively received between 2018
and 2019 and the portions now revised via the adjustment portion updated by IPCA.
|
The flow of estimated future revenue from RBSE, considering
the Company's assumptions, are as follows:
|
RBSE: FINANCIAL FLOW
|
|
|
|
|
|
|
|
|
|
R$ milion
|
FURNAS
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
4,517
|
4,517
|
3,955
|
3,393
|
2,223
|
1,052
|
1,052
|
526
|
21,236
|
Economic Portion
|
1,626
|
1,626
|
1,339
|
1,052
|
1,052
|
1,052
|
1,052
|
526
|
9,326
|
Financial Portion
|
2,341
|
2,341
|
2,341
|
2,341
|
1,170
|
0
|
0
|
0
|
10,532
|
Adjustment portion
|
551
|
551
|
275
|
0
|
0
|
0
|
0
|
0
|
1,377
|
RBSE TOTAL FURNAS
|
21,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGT ELETROSUL
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
RBSE TOTAL
|
605
|
605
|
491
|
377
|
218
|
59
|
59
|
30
|
2,443
|
Economic Portion
|
165
|
165
|
112
|
59
|
59
|
59
|
59
|
30
|
708
|
Financial Portion
|
318
|
318
|
318
|
318
|
159
|
0
|
0
|
0
|
1,429
|
Adjustment portion
|
123
|
123
|
61
|
0
|
0
|
0
|
0
|
0
|
307
|
RBSE TOTAL ELETROSUL
|
2,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHESF
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
RBSE TOTAL
|
2,919
|
2,919
|
2,187
|
1,456
|
728
|
0
|
0
|
0
|
10,209
|
Economic Portion
|
989
|
989
|
495
|
0
|
0
|
0
|
0
|
0
|
2,474
|
Financial Portion
|
1,456
|
1,456
|
1,456
|
1,456
|
728
|
0
|
0
|
0
|
6,552
|
Adjustment portion
|
473
|
473
|
237
|
0
|
0
|
0
|
0
|
0
|
1,183
|
RBSE TOTAL CHESF
|
10,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELETRONORTE
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
RBSE TOTAL
|
1,397
|
1,397
|
1,397
|
899
|
560
|
221
|
221
|
221
|
6,313
|
Economic Portion
|
514
|
514
|
514
|
221
|
221
|
221
|
221
|
221
|
2,645
|
Financial Portion
|
679
|
679
|
679
|
679
|
339
|
0
|
0
|
0
|
3,055
|
Adjustment portion
|
204
|
204
|
204
|
0
|
0
|
0
|
0
|
0
|
613
|
RBSE TOTAL ELETRONORTE
|
6,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
RBSE TOTAL
|
9,438
|
9,438
|
8,030
|
6,125
|
3,728
|
1,332
|
1,332
|
776
|
40,201
|
Economic Portion
|
3,295
|
3,295
|
2,460
|
1,332
|
1,332
|
1,332
|
1,332
|
776
|
15,153
|
Financial Portion
|
4,793
|
4,793
|
4,793
|
4,793
|
2,396
|
0
|
0
|
0
|
21,568
|
Adjustment portion
|
1,351
|
1,351
|
777
|
0
|
0
|
0
|
0
|
0
|
3,479
|
RBSE TOTAL
|
40,201
|
|
|
|
|
|
|
|
|
* The presented flow is an estimated cash flow
for the next years and RBSE and RBNI are separated, for the purposes of accounting records. In the adjustment portion, retroactive Wacc
is not segregated and was paid via PA. Until the release of this report, Aneel did not disclose the financial portion and the adjustment
portion separately and separately for years.
.4.
Investiments
|
Table 22: Investiments by Segment - R$ million
|
Invetiment (Corporate + Partnership)
|
Realized 1Q20
|
Realized 2Q20
|
Realized 3Q20
|
Realized 4Q20
|
Realized 2020
|
PDNG 2020
|
%
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)=(a+b+c+d)
|
(g)
|
(h)=(e/g)
|
|
|
|
|
|
|
|
|
Generation Corporate
|
89
|
155
|
334
|
1.149
|
1.728
|
2.193
|
79%
|
Implantation
|
45
|
94
|
245
|
920
|
1.304
|
1.371
|
95%
|
Angra 3
|
31
|
27
|
149
|
841
|
1.049
|
1.052
|
100%
|
Santa Cruz
|
9
|
58
|
85
|
62
|
214
|
230
|
93%
|
Casa Nova
|
4
|
4
|
5
|
6
|
19
|
41
|
45%
|
Other
|
1
|
5
|
6
|
12
|
23
|
48
|
48%
|
Maintenance
|
45
|
61
|
89
|
229
|
424
|
822
|
52%
|
Transmissão Corporativo
|
148
|
169
|
281
|
413
|
1.011
|
1.876
|
54%
|
Ampliation
|
31
|
48
|
63
|
89
|
230
|
301
|
76%
|
Eletronorte
|
-
|
-
|
1
|
-
|
1
|
1
|
103%
|
Chesf
|
11
|
23
|
36
|
44
|
113
|
157
|
72%
|
Furnas
|
0
|
1
|
3
|
9
|
13
|
6
|
211%
|
CGT Eletrosul
|
19
|
24
|
23
|
36
|
103
|
137
|
75%
|
Reinforcements and Improvements
|
58
|
55
|
141
|
162
|
415
|
918
|
45%
|
Maintenance
|
60
|
65
|
78
|
163
|
366
|
657
|
56%
|
Infraestructure and Otherss*
|
37
|
36
|
48
|
148
|
269
|
408
|
66%
|
SPES
|
53
|
20
|
18
|
23
|
113
|
809
|
14%
|
Generation
|
28
|
20
|
17
|
9
|
74
|
676
|
11%
|
Transmission
|
25
|
-
|
0,4
|
14
|
40
|
133
|
30%
|
Total
|
328
|
380
|
681
|
1.733
|
3.122
|
5.286
|
59%
|
Environmental quality, Infraestructure*
Chesf – infraestructures
action at Itaparica – Generation maintenance
|
Others: Research, Infrastructure, Environmental Quality
* For more details on investments, by subsidiary or
project, see annex 3 to this Investor Information, to be released in March, 2021
IN THE 4Q20 R$ 1,733 MILLION WERE INVESTED OF
THE R$ 1,683 MILLION BUDGETED FOR THE QUARTER.
Exceeding expectations for the quarter due to Angra III, which had
part of its investments dammed for December 2020.
In generation, total investments amounted to R$ 1,158
million, of which R$ 1,149 million related to corporate ventures, with emphasis on: Angra 3 R$ 841 million, Angra 1 and 2 R$ 94
million, UTE Santa Cruz R$ 62 million SPE Teles Pires Participações (CGT Eletrosul and Furnas) R$ 9 million.
In transmission, total investments amounted to R $ 413
million in corporate ventures, with emphasis on:
• Chesf R$ 197 million, Furnas R$ 114 million, CGT
Eletrosul R$ 53 million, Eletronorte R$ 49 million. In SPES, the R $ 14 million was invested in SPE Mata de Santa Genebra de Furnas.
As for the frustrations, in corporate generation, a total
of R$ 20 million was not paid for maintenance of Angra I and II. On the other hand, it is noteworthy that Angra III exceeded the
budgeted amount, with realization of R$ 578 million higher than planned in the period due to the approval of the supplementation
of the legal budget that occurred in November.
In transmission, the non-realization of corporate investments
was (R$ 313 million) with emphasis on: -R$ 31 million due to delay in bidding due to the increase in equipment prices (exchange
variation and market uncertainties) and suppliers, R$ 13 million for non-authorizations by Aneel, -R$ 47 million for impacts from
COVID-19 and -R$ 69 million for cancellation of lower priority maintenance projects and R$ 34 million for environmental licensing
issues.
In SPES, the total non-realization was R$ 212 million,
being: (i) R$ 42 million from SPE ESBR Jirau due to Standstill COVID, with the investment avoided as a positive consequence; (ii)
Teles Pires Participações, in the amount of R$ 124 million for better performance and adherence to Standstill Covid,
which resulted in greater availability of cash for payment of debentures.
1.5. Commercialization
1.5.1.
ENERGY Sold at 4Q20 - Generators - TWh
In terms of the evolution of the energy market, Eletrobras
Companies, in 4Q20, sold 52.9 TWh of energy, against 52.6 TWh traded in the same period of the previous year, which represents
a slow increase of 0.5%. These volumes include the energy sold from the plants under the quota regime, renewed by Law 12.783 /
2013, as well as by the plants under the exploration regime (ACL and ACR).
Sales: includes projects under Law 13,182/15
Average ACR Prices in the chart do not include Itaipu
and O&M. Include Eletronuclear
1.5.2.
Energetic balance
|
Table 23: Energetic balance
|
Energy Balance (MWmed)
|
2020
|
2021
|
2022
|
2023
|
2024
|
Coverage
|
9,238
|
9,190
|
9,190
|
9,102
|
7,270
|
Own resources
|
8,066
|
8,212
|
8,212
|
8,212
|
6,489
|
Energy Purchase
|
1,172
|
979
|
979
|
891
|
782
|
Sales
|
9,238
|
6,108
|
5,119
|
4,679
|
4,196
|
ACL – Bilateral Contracts + MCP performed
|
7,128
|
4,002
|
3,012
|
2,578
|
2,095
|
ACR – Except quotas
|
2,110
|
2,107
|
2,107
|
2,101
|
2,101
|
Average Selling Price R$/MWh
|
197,10
|
217,33
|
220,23
|
224,57
|
230,62
|
Average Purchase Price R$/MWh
|
220,72
|
227,07
|
227,07
|
232,32
|
233,47
|
Average Selling Price R$/MWh (1)
|
155,02
|
173,71
|
166,69
|
165,80
|
164,83
|
Average Purchase Price R$/MWh (1)
|
194,43
|
200,92
|
200,92
|
205,46
|
203,40
|
Balance (Ballast - Sales)
|
0
|
3,082
|
4,071
|
4,423
|
3,074
|
Uncontracted Energy *
|
0%
|
34%
|
44%
|
49%
|
42%
|
* The uncontracted portion includes energy reserved for the company's hedge, strategically defined according to the GSF estimate for the period.
|
Physical Guarantee Quotas and Nuclear Energy Quotas are not included.
|
Physical Guarantee Quotas for Hydroelectric Plants
|
7,451
|
7,451
|
7,451
|
7,451
|
9,399
|
Nuclear Energy Quotas
|
1,573
|
1,573
|
1,573
|
1,573
|
1,573
|
Contracts concluded until 12/31/2020. It considers
the end of the contracts of the Mascarenhas de Moraes HPPs, in Jan / 2024, and of the Tucuruí HPP, in Aug/2024, and from
the respective dates, both started to be considered in the Physical Guarantee Quota regime.
The Average Sales Prices are not considering
undertakings under the terms of Physical Guarantee Quotas and Nuclear Energy Quotas.
(1) The prices of the Amazonas GT contracts,
including the PIEs contracts, arising from the unbundling process of Amazonas Distribuidora, are not considered in the average
prices indicated with the number (1), worth noting that, in this case, the purchase operations and energy sales do not reflect
an economic impact for Amazonas GT.
2.
Result Analysis
of the Parent
Company
In 4Q20, Eletrobras Holding posted net income of R$ 1,261
million, a reduction of 47% compared to net income of R$ 2,367 million in 4Q19. The result of 4Q20 was decisively influenced by:
(i) Income from Equity Holdings, of R$ 3,453 million, influenced mainly by the result of subsidiaries; (ii) Positive impact of
the Financial Result in the amount of R$ 462 million in 4Q20, mainly due to the positive effect of exchange rate fluctuation in
the period; partially offset by: (iii) negative effect on provisions for legal contingencies, in the amount of R$ 2,260 million
in 4Q20, resulting from the provisions related to the compulsory loan lawsuits in the amount of R$ 2,252 million.
In 2020, Eletrobras Holding posted a net profit of R$
6,339 million, a reduction of 43% compared to the net profit of R$ 11,193 million recorded in 2019. This 2020 result was decisively
influenced by: (i) Result from Equity Holdings, of R$ 10,928 million, influenced mainly by the result of the subsidiaries; partially
offset by (ii) Provisions for legal contingencies, in the amount of (R$ 2,642 million), mainly due to the provisions related to
the compulsory loan lawsuits in the amount of (R$ 2,665 million). The chart below shows a comparison of Eletrobras holding's results
between 2020 and 2019.
|
Result Evolution - R$ million
|
Note: The analysis of the results of each subsidiary
can be found in Appendix II of the Investor Report
2.1 Shareholdings
in the Parent Company
In 4Q20, the result of Equity Holdings positively impacted
the Company's result by R$ 3,568 million, mainly due to the equity in results of investments in subsidiaries, while in 4Q19, the
result was R$ 3,287 million. Highlight for improvement in the results of CGT Eletrosul (+ R$ 2,511 million), Eletronuclear (+ R$
388 million), Eletronorte (+ R$ 181 million) partially offset by the lower result in Furnas (-R$ 1,993 million) and Chesf ( -R$
1,412 million).
In 2020, the result of Equity Holdings had a positive
impact on the Company's result by R$ 10,928 million, in 2019 the result was R$ 8,487 million.
2.2 Operating
Provisions of Parent Company
In 4Q20, Operating Provisions had a negative impact on
the Parent Company's result by R$ 2,497 million, compared to a reversal of the provision of R$ 1,144 million in 4Q19. This variation
is mainly explained by (i) the negative effect on provisions for legal contingencies, in the amount of R$ 2,260 million in 4Q20,
with compulsory loan lawsuits in the amount of R$ 2,252 million and R$ 326 million in 4Q19; (ii) provision for Investment Losses
in the amount of R$ 437 million in 4Q20, due to the negative effect of R$ 614 million of SPE Hermenegildo I, II, III, SVP and Chuí
9, partially offset by the reversal of Lots 1 and 2 in R$ 179 million; and (iii) the ANEEL Provision - CCC, where there was a provision
in the amount of R$ 45 million in 4Q20, compared to a reversal of the provision of R$ 1,676 million in 4Q19; (iv) This movement
was partially offset by the reversal of the Provision for Settlement of Doubtful Loans (PCLD) in the amount of R$ 140 million in
4Q20, highlighting the reversal in Am GT of R$ 136 million, against a provision of R$ 552 million in 4Q19.
In 2020, Operational Provisions negatively impacted the
Parent Company's result by R$ 3,608 million, compared to the provision of R$ 714 million in 2019. This constitution is explained
mainly by the constitution, in Contingencies, of a compulsory loan in the amount of R$ 2,665 million in 2020 and R$ 775 million
in 2019; (ii) the provision for investment losses in the amount of R$ 588 million in 2020, compared to a reversal of R$ 7 million
in 2019; (iii) the provision for the implementation of shares for the compulsory loan in the amount of R$ 345 million in 2020,
with no counterpart in 2019; (iv) the Allowance for Loan Losses (PCLD) in the amount of R$ 139 million in 2020 and R$ 356 million
in 2019; (v) This movement was partially offset by the reversal of the provision for unsecured liabilities in the amount of R$
119 million in 2020 and R$ 257 million in 2019.
|
Table 24: Operating Provisions (R$ million)
|
Operating Provisions
|
Parent Company
|
2020
|
2019 (Restated)
|
4Q20
|
4Q19 (Restated)
|
Garanties
|
- 12
|
- 101
|
-11
|
-12
|
Contingencies
|
2,642
|
609
|
2,260
|
327
|
PCLD - Consumers and Resellers
|
-
|
-
|
-
|
-
|
PCLD - Financing and Loans
|
139
|
356
|
- 140
|
552
|
Uncovered liabilities in subsidiaries
|
- 119
|
- 257
|
-
|
- 446
|
Onerous Contracts
|
-
|
-
|
-
|
-
|
Investment Losses
|
588
|
- 7
|
437
|
6
|
Adjustment Losses RAP
|
-
|
-
|
-
|
-
|
Provision for losses on investments classified as held for sale
|
-
|
-
|
-
|
-
|
Impairment
|
-
|
-
|
-
|
-
|
Provision for Implantation of Shares - Compulsory Loan
|
345
|
-
|
- 8
|
-
|
ANEEL Provision – CCC
|
64
|
-
|
45
|
- 1,676
|
TFRH
|
-
|
-
|
-
|
-
|
GAG Improvement
|
-
|
-
|
-
|
-
|
Others
|
- 39
|
114
|
- 86
|
106
|
TOTAL
|
3,608
|
714
|
2,497
|
- 1,144
|
|
Table 25 Change in Provision for Overdue Liabilities Parent Company
|
CHANGE PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY
|
Balance on 12/31/2019
|
Other Comprehensive Results
|
Equity
|
Reduction *
|
embalance on 12/31/2020
|
Amazonas GT
|
119
|
0
|
-141
|
22
|
0
|
TOTAL PROVISION FOR DISCOVERED LIABILITIES
|
119
|
0
|
-141
|
22
|
0
|
* The shares of subsidiary Amazonas GT were 100% transferred
to subsidiary Eletronorte.
2.3 Financial
Result of the Parent Company
In 4Q20, the Financial Result positively impacted the
Parent Company's result by R$ 462 million, as well as in 4Q19, with a positive result of R$ 526 million, mainly influenced by (i)
exchange rate fluctuation in the period, given the exposure active exchange rate. The result of the net foreign exchange variation
went from a negative result of R$ 59 million in 4Q19 to a positive result of R$ 365 million in 4Q20; (ii) Net monetary restatements,
in the amount of R$ 334 million in 4Q20 and R$ 460 million in 4Q19; (iii) Interest, commission and fee income went from R$ 489
million in 4Q19 to R$ 252 million in 4Q20, due to the prepayment of part of the debt by Furnas and Eletronorte in February 2020
and the drop in the interest rate interest between periods; (iv) Income from financial investments went from R$ 67 million in 4Q19
to a negative result of R$ 58 million in 4Q20. This decrease was partially offset by the reduction in Debt Charges, which went
from a negative result of R$ 450 million in 4Q19 to a negative result of R$ 362 million in 4Q20 due to the bonus charge effect
in 4Q19.
In 2020, the Financial Result had a negative impact on
the Parent Company's result by R$ 159 million, showing a reduction in relation to the positive financial result of 2019 of R$ 423
million, as shown below:
|
Table 26: Financial Result (R$ million)
|
FINANCIAL RESULT
|
2020
|
2019 (Restated)
|
4Q20
|
4Q19
|
Financial Income
|
|
|
|
|
Interest, commission and fee income
|
1,368
|
2,122
|
252
|
489
|
Interest, commission and fee income
|
695
|
435
|
-58
|
67
|
Additional moratorium on electricity
|
2
|
2
|
0
|
0
|
Net monetary updates
|
351
|
706
|
334
|
460
|
Net exchange variations
|
21
|
102
|
365
|
-59
|
Other financial income
|
177
|
343
|
39
|
-144
|
|
|
|
|
|
Financial Expenses
|
|
|
|
|
Debt charges
|
-1,701
|
-2,041
|
-362
|
-450
|
Leasing charges
|
-6
|
-6
|
-1
|
-1
|
Charges on shareholder resources
|
-24
|
-231
|
0
|
-50
|
Other financial expenses
|
-1,042
|
-1,009
|
-105
|
214
|
|
-159
|
423
|
515
|
526
|
3.
General
Information
Social Capital
Eletrobras' capital stock, on September 30, 2020, totaled
R$ 39,057 billion, represented by 1,568,930,910 shares, of which 1,288,842,596 are common shares and 280,088,314 are preferred
shares.
|
Table 27: Social Capital Structure
|
Shareholders
|
Commom
|
Pref. Classe “A”
|
Pref. Classe “B”
|
Total
|
Quantity
|
%
|
Quantity
|
%
|
Quantity
|
%
|
Quantity
|
%
|
Government
|
667,888,884
|
51.82%
|
0
|
0.00%
|
494
|
0.00%
|
667,889,378
|
42.57%
|
BNDESpar
|
141,757,951
|
11.00%
|
0
|
0.00%
|
18,691,102
|
6.68%
|
160,449,053
|
10.23%
|
BNDES
|
74,545,264
|
5.78%
|
0
|
0.00%
|
18,262,671
|
6.52%
|
92,807,935
|
5.92%
|
Banco Clássico
|
65,536,875
|
5.08%
|
0
|
0.00%
|
0
|
0.00%
|
65,536,875
|
4.18%
|
FND
|
45,621,589
|
3.54%
|
0
|
0.00%
|
0
|
0.00%
|
45,621,589
|
2.91%
|
FGHAB
|
1,000,000
|
0.08%
|
0
|
0.00%
|
0
|
0.00%
|
1,000,000
|
0.06%
|
Free Float
|
292,492,033
|
22.69%
|
146,920
|
0.00%
|
242,987,127
|
86.80%
|
535,626,080
|
34.14%
|
Total
|
1,288,842,596
|
100.0%
|
146,920
|
100.0%
|
279,941,394
|
100.0%
|
1,568,930,910
|
100.0%
|
Asset Behavior Analysis
Shares
|
Table 28: B3, ELET3 and ELET6
|
Price and Volume
|
(R$)
ELET3
(Shares ON)
|
(R$)
ELET6
(Shares PN)
|
(pts.)
IBOV
(Index)
|
(pts.)
IEE
(Index)
|
Closing Price on 12/31/2020
|
35.01
|
35.22
|
119017
|
82846
|
Maximum in the quarter
|
36.95
|
36.66
|
119409
|
82846
|
Average in the quarter
|
31.84
|
32.11
|
106152
|
75357
|
Minimum in the quarter
|
28.33
|
28.87
|
93952
|
68242
|
|
|
|
|
|
Variation in 4Q20
|
20.9%
|
18.6%
|
25.8%
|
20.8%
|
Variation in the last 12 months
|
1.1%
|
1.2%
|
2.9%
|
8.1%
|
Average Daily Traded Volume 4Q20 (R$ million)
|
183.1
|
77.4
|
-
|
-
|
|
|
|
|
|
Net Income per Share in the Quarter (R$)
|
0.05
|
0.05
|
-
|
-
|
Book Value per Share (R$)
|
48.35
|
48.35
|
-
|
-
|
Price / Profit (1)
|
559.76
|
575.82
|
-
|
-
|
Price / Shareholders' Equity (2)
|
0.63
|
0.65
|
-
|
-
|
(1) Closing price of preferred and common
shares at the end of the period / Net income per share. For the calculation, the accumulated net profit of the last 12 months was
considered;
(2) Closing price of preferred and common
shares at the end of the period / Book Value per share at the end of the period.
|
Evolution of Shares Traded at B3
|
Source: AE Broadcast
Index number 12/31/2019 = 100 and ex-dividend
values.
ADR
Program
|
Table 29: NYSE, EBRN and EBRB
|
Price and Volume
|
(US$) NYSE
EBRN
|
(US$) NYSE EBRB
|
Closing Price on 12/31/2020
|
6.67
|
6.73
|
Maximum in the quarter
|
7.29
|
7.10
|
Average in the quarter
|
5.97
|
5.94
|
Minimum in the quarter
|
5.09
|
4.89
|
|
|
|
Variation in 4Q20
|
26.8%
|
29.4%
|
Variation in the last 12 months
|
-21.6%
|
-21.7%
|
Average Daily Traded Volume 4Q20 (R$ million)
|
2,965
|
100
|
|
Evolution of Shares Traded in ADR
|
Source: AE Broadcast
Index number 12/31/2019 = 100
Latibex
- Madrid Stock Exchange
|
Table 30: LATIBEX, XELTO and XELTB
|
Preço e Volume
|
(€) LATIBEX
XELTO
|
(€) LATIBEX XELTB
|
Price and Volume
|
5.60
|
5.60
|
Closing Price on 12/31/2020
|
6.15
|
6.00
|
Maximum in the quarter
|
5.29
|
5.01
|
Average in the quarter
|
4.68
|
4.50
|
Minimum in the quarter
|
|
|
|
20.7%
|
8.7%
|
Variation in 4Q20
|
-32.9%
|
-27.3%
|
Variation in the last 12 months
|
6.2
|
0.9
|
|
Evolution of Foreign Currencies
|
Index number 12/31/2019 = 100.
Source: Central Bank
Nº
of employees
Parent
Company
|
Table 31: Employees by Working Time
|
Time worked in the company (years)
|
1Q20
|
2Q20
|
3Q20
|
4Q20
|
Until 5
|
29
|
26
|
26
|
24
|
6 to 10
|
238
|
229
|
184
|
166
|
11 to15
|
210
|
222
|
269
|
276
|
16 to 20
|
138
|
138
|
137
|
147
|
21 to 25
|
13
|
13
|
14
|
14
|
More than 25
|
62
|
63
|
63
|
63
|
Total
|
690
|
691
|
693
|
690
|
|
Table 32: EMPLOYEES BY FEDERATION STATE
|
Estado da Federação
|
1Q20
|
2Q20
|
3Q20
|
4Q20
|
Rio de Janeiro
|
674
|
675
|
678
|
675
|
São Paulo
|
1
|
1
|
1
|
1
|
Brasília
|
15
|
15
|
14
|
14
|
Total
|
690
|
691
|
693
|
690
|
CONTRACTED
/ OUTSOURCED LABOR
|
Table 33: CONTRACTED / OUTSOURCED LABOR
|
Índice
de Rotatividade (Holding)
|
Table 34: Holding Turnover Index with PDC
|
Balance
Sheet
|
(R$ Thousand mil)
|
Asset
|
Parent Company
|
Consolidado
|
12.31.2020
|
12.31.2019
|
12.31.2020
|
12.31.2019
|
CURRENT
|
|
|
|
|
Cash and cash equivalents
|
21,630
|
18,202
|
286,607
|
335,307
|
Restricted cash
|
3,412,292
|
3,227,536
|
3,573,362
|
3,227,536
|
Marketable securities
|
7,740,051
|
6,787,137
|
14,039,358
|
10,426,370
|
Customers
|
481,109
|
468,429
|
5,971,657
|
5,281,333
|
Loans and financing
|
5,937,323
|
5,120,734
|
4,748,661
|
3,473,393
|
Asset contractual transmission
|
0
|
0
|
10,364,908
|
7,812,756
|
Equity Pay
|
4,720,491
|
3,592,503
|
675,510
|
299,899
|
Taxes to recover
|
519,200
|
807,150
|
833,960
|
1,474,662
|
Income tax and social contribution
|
829,569
|
309,033
|
1,292,750
|
2,382,899
|
Reimbursement rights
|
0
|
0
|
4,684
|
48,458
|
Warehouse
|
305
|
272
|
509,991
|
471,824
|
Nuclear fuel stock
|
0
|
0
|
428,340
|
538,827
|
Derivative financial instruments
|
0
|
138
|
317,443
|
140,543
|
Hydrological risk
|
0
|
0
|
3,132
|
13,590
|
Others
|
1,683,297
|
1,444,837
|
1,852,043
|
2,016,330
|
|
25,345,267
|
21,775,971
|
44,902,406
|
37,943,727
|
|
|
|
|
|
Asset held for sale
|
289,331
|
1,546,250
|
289,331
|
3,543,519
|
|
25,634,598
|
23,322,221
|
45,191,737
|
41,487,246
|
|
|
|
|
|
NON CURRENT
|
|
|
|
|
LONG-TERM
|
|
|
|
|
Reimbursement rights
|
5,583,447
|
5,382,834
|
5,583,447
|
5,415,547
|
Loans and financing
|
11,197,073
|
18,282,460
|
6,176,238
|
10,803,423
|
Customers
|
0
|
0
|
1,061,899
|
285,351
|
Marketable securities
|
322,884
|
374,601
|
323,236
|
407,071
|
Nuclear fuel stock
|
0
|
0
|
1,264,780
|
840,550
|
Taxes to recover
|
2,781
|
0
|
430,045
|
420,370
|
Current Income Tax and Social Contribution
|
0
|
0
|
2,068,894
|
647,903
|
Bonds and related deposits
|
4,676,895
|
4,168,575
|
6,752,865
|
6,891,416
|
Transmission contractual asset
|
0
|
0
|
41,023,616
|
41,696,467
|
Financial assets - Concessions and Itaipu
|
1,103,034
|
1,905,607
|
3,199,751
|
3,983,519
|
Derivative financial instruments
|
0
|
0
|
310,100
|
151,315
|
Advances for future capital increase
|
1,223,108
|
774,468
|
1,541
|
181,257
|
Hydrological risk
|
0
|
0
|
149,094
|
179,879
|
Decommissioning Fund
|
1,753,827
|
1,222,393
|
1,753,827
|
1,222,393
|
Others
|
1,153,411
|
1,350,913
|
1,271,995
|
1,024,607
|
|
27,016,460
|
33,461,851
|
71,371,328
|
74,151,068
|
INVESTMENTS
|
77,538,694
|
75,418,090
|
29,089,522
|
29,013,254
|
Fixed assets net
|
244,673
|
255,947
|
32,662,912
|
33,315,874
|
INTANGIBLE
|
42,974
|
19,518
|
650,950
|
655,041
|
TOTAL NON-CURRENT ASSETS
|
104,842,801
|
109,155,406
|
133,774,712
|
137,135,237
|
TOTAL ASSETS
|
130,477,399
|
132,477,627
|
178,966,449
|
178,622,483
|
|
(R$ thousand)
|
Liabilities and Shareholders' Equity
|
Parent Company
|
Consolidated
|
12.31.2020
|
12.31.2019
|
12.31.2020
|
12.31.2019
|
CURRENT
|
|
|
|
|
Loans and financing
|
7.984.194
|
5.792.323
|
11.410.751
|
7.715.160
|
Compulsory loan
|
57,201
|
15,156
|
57,201
|
15,156
|
Suppliers
|
705,908
|
494,133
|
3,904,051
|
3,095,469
|
Advances from customers
|
1,060,770
|
614,171
|
1,134,845
|
683,602
|
Taxes payable
|
335,432
|
201,516
|
1,194,042
|
1,575,658
|
Income tax and social contribution
|
0
|
0
|
319,435
|
2,532,732
|
Onerous contracts
|
0
|
0
|
40,196
|
3,913
|
Remuneration to shareholders
|
1,530,718
|
2,559,429
|
1,547,158
|
2,575,216
|
Financial liabilities - Concessions and Itaipu
|
647,214
|
703,114
|
647,214
|
703,114
|
Estimated liabilities
|
167,344
|
147,106
|
1,454,148
|
1,331,257
|
Reimbursement Obligations
|
1,373,656
|
1,796,753
|
1,618,508
|
1,796,753
|
Post-employment benefits
|
0
|
14,875
|
192,209
|
161,773
|
Provisions for contingencies
|
1,332,779
|
1,014,585
|
1,722,562
|
1,031,488
|
Regulatory charges
|
0
|
0
|
586,845
|
627,611
|
Lease
|
7,595
|
7,574
|
217,321
|
219,484
|
Derivative financial instruments
|
0
|
683
|
0
|
683
|
Others
|
111,998
|
89,553
|
353,580
|
579,394
|
|
15,314,809
|
13,450,971
|
26,400,066
|
24,648,463
|
|
|
|
|
|
Liabilities associated with assets held for sale
|
0
|
0
|
0
|
1,692,708
|
|
15,314,809
|
13,450,971
|
26,400,066
|
26,341,171
|
|
|
|
|
|
NON-CURRENT
|
|
|
|
|
Financing and loans and Debentures
|
20,014,081
|
27,526,178
|
35,591,282
|
40,184,481
|
Suppliers
|
0
|
0
|
16,556
|
18,143
|
Advances from customers
|
0
|
0
|
290,870
|
369,262
|
Compulsory loan
|
989,908
|
470,600
|
989,908
|
470,600
|
Obligation for asset retirement
|
0
|
0
|
3,040,011
|
3,129,379
|
Provisions for contingencies
|
16,526,961
|
16,924,171
|
24,108,078
|
24,214,938
|
Post-employment benefits
|
1,131,997
|
822,512
|
6,824,632
|
4,826,088
|
Provision for unsecured liabilities
|
0
|
104,294
|
4,191
|
0
|
Onerous contracts
|
0
|
0
|
414,705
|
361,934
|
Reimbursement obligations
|
0
|
0
|
22,259
|
0
|
Lease
|
48,333
|
55,928
|
835,873
|
987,705
|
Grants payable - Use of public goods
|
0
|
0
|
65,954
|
68,555
|
Advances for future capital increase
|
74,060
|
50,246
|
74,060
|
50,246
|
Derivative financial instruments
|
0
|
0
|
10,014
|
5,000
|
Regulatory charges
|
0
|
0
|
744,442
|
730,303
|
Taxes payable
|
0
|
0
|
182,179
|
239,959
|
Income tax and social contribution
|
650,523
|
628,904
|
3,705,055
|
4,193,607
|
Others
|
2,248,420
|
1,741,779
|
1,895,020
|
1,271,847
|
TOTAL NON-CURRENT LIABILITIES
|
41,684,283
|
48,324,612
|
78,815,089
|
81,122,047
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share capital
|
39,057,271
|
31,305,331
|
39,057,271
|
31,305,331
|
Capital reserves
|
13,867,170
|
13,867,170
|
13,867,170
|
13,867,170
|
Profit reserves
|
28,908,054
|
23,887,181
|
28,908,054
|
23,887,181
|
Advances for future capital increase
|
0
|
7,751,940
|
0
|
7,751,940
|
Other comprehensive income accumulated
|
-8,354,188
|
-6,311,330
|
-8,354,188
|
-6,311,330
|
Non controlling shareholdins
|
0
|
0
|
272,987
|
457,221
|
Accumulated profits
|
0
|
201,752
|
0
|
201,752
|
TOTAL SHAREHOLDERS' EQUITY
|
73,478,307
|
70,702,044
|
73,751,294
|
71,159,265
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
130,477,399
|
132,477,627
|
178,966,449
|
178,622,483
|
Income
Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
12.31.20
|
12.31.19
|
12.31.20
|
12.31.19
|
NET OPERATING REVENUE
|
297,036
|
366,525
|
29,080,513
|
29,714,264
|
Operating costs
|
|
|
|
|
Personnel, Material and Services
|
0
|
0
|
-3,309,522
|
-4,512,513
|
Energy purchased for resale
|
-175,124
|
-67,019
|
-2,400,358
|
-2,162,318
|
Charges upon use of electric network
|
0
|
0
|
-2,500,315
|
-2,265,358
|
Fuel for electricity production
|
0
|
0
|
-2,092,135
|
-2,107,161
|
Construction
|
0
|
0
|
-966,443
|
-915,117
|
Depreciation
|
0
|
0
|
-1,637,730
|
-1,559,314
|
Amortization
|
0
|
0
|
-59,275
|
-66,079
|
Operating Provisions /Reversals net
|
0
|
0
|
-302,563
|
60,055
|
Others Costs
|
0
|
0
|
-158,679
|
-231,050
|
GROSS RESULT
|
121,912
|
299,506
|
15,653,493
|
15,955,409
|
Operating expenses
|
|
|
|
|
Personnel, Supllies and Services
|
-657,204
|
-802,460
|
-3,669,866
|
-3,765,774
|
Depreciation
|
-12,802
|
-13,386
|
-133,912
|
-147,824
|
Amortization
|
-11
|
0
|
-31,952
|
-34,212
|
Donations and contributions
|
-105,174
|
-117,058
|
-167,408
|
-156,166
|
Operating Provisions /Reversals net
|
-3,608,305
|
-714,233
|
-7,070,988
|
-2,065,863
|
Investigation Findings
|
0
|
0
|
0
|
0
|
Others
|
-169,354
|
-112,233
|
-1,870,450
|
-1,184,784
|
|
-4,552,850
|
-1,759,370
|
-12,944,576
|
-7,354,623
|
|
|
|
|
|
Effect of Periodic Tariff Review
|
0
|
0
|
4,228,338
|
0
|
|
|
|
|
|
OPERATING INCOME BEFORE FINANCIAL RESULT
|
-4,430,938
|
-1,459,864
|
6,937,255
|
8,600,786
|
Financial result
|
|
|
|
|
Financial income
|
|
|
|
|
Income from interest, commissions and fees
|
1,367,694
|
2,121,894
|
863,828
|
876,212
|
Income from financial investments
|
695,384
|
434,807
|
972,602
|
763,016
|
Moratorium on electricity
|
1,525
|
2,306
|
341,672
|
252,112
|
Active monetary updates
|
1,073,322
|
1,310,401
|
1,161,004
|
1,205,941
|
Exchange rate variations
|
5,253,760
|
2,608,820
|
5,115,712
|
2,662,259
|
Fair value adjustment
|
0
|
0
|
0
|
0
|
Regulatory asset update
|
0
|
0
|
0
|
0
|
Gains on derivatives
|
0
|
0
|
332,017
|
0
|
Other financial income
|
177,028
|
343,069
|
343,688
|
532,054
|
Financial expenses
|
|
|
|
|
Debt charges
|
-1,700,741
|
-2,040,736
|
-2,853,532
|
-3,247,747
|
Leasing charges
|
-5,562
|
-6,230
|
-367,234
|
-340,819
|
Charges on shareholders' funds
|
-23,814
|
-230,850
|
-81,766
|
-271,130
|
Passive monetary updates
|
-722,574
|
-604,613
|
-877,628
|
-788,982
|
Passive exchange variations
|
-5,232,661
|
-2,506,625
|
-5,659,849
|
-2,627,251
|
Fair value adjustment
|
0
|
0
|
0
|
0
|
Losses on derivatives
|
0
|
0
|
0
|
-56,613
|
Other financial expenses
|
-1,042,058
|
-1,008,846
|
-962,160
|
-1,407,838
|
|
-158,697
|
423,397
|
-1,671,646
|
-2,448,786
|
INCOME BEFORE EQUITY
|
-4,589,635
|
-1,036,467
|
5,265,609
|
6,152,000
|
RESULTS OF EQUITY
|
10,928,323
|
8,946,528
|
1,670,903
|
1,041,071
|
OUTRAS RECEITAS E DESPESAS
|
0
|
0
|
16,134
|
24,715
|
OTHER REVENUE AND EXPENDITURE
|
6,338,688
|
7,910,061
|
6,952,646
|
7,217,786
|
Current Income Tax and Social Contribution
|
0
|
0
|
-2,418,461
|
-2,664,975
|
Deferred Income Tax and Social Contribution
|
0
|
0
|
1,853,128
|
3,295,634
|
NET INCOME FROM CONTINUING OPERATIONS
|
6,338,688
|
7,910,061
|
6,387,313
|
7,848,445
|
SHARE ASSIGNED TO CONTROLLERS
|
6,338,688
|
7,910,061
|
6,338,688
|
7,910,061
|
SHARE ASSIGNED TO NON-CONTROLLERS
|
0
|
0
|
48,625
|
-61,617
|
DISCONTINUED OPERATION
|
|
|
|
|
NET TAX LOSS OF DISCONTINUED OPERATION
|
0
|
3,284,975
|
0
|
3,284,975
|
NET INCOME FOR THE PERIOD
|
6,338,688
|
11,195,036
|
6,387,313
|
11,133,420
|
Cash
Flow Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
12.31.20
|
12.31.19
|
12.31.20
|
12.31.19
|
Operating Activities
|
|
|
|
|
Income before income tax and social contribution
|
6,338,688
|
7,910,061
|
6,952,646
|
7,217,786
|
Adjustments to reconcile income to cash provided by operations::
|
0
|
0
|
0
|
0
|
Depreciation and amortization
|
12,812
|
13,386
|
1,862,869
|
1,807,429
|
Net foreign exchange rate variations
|
-371,847
|
-807,983
|
260,761
|
-451,967
|
Financial charges
|
362,423
|
155,922
|
2,438,704
|
2,983,484
|
Contractual revenue - Transmission
|
0
|
0
|
-6,026,214
|
-5,857,486
|
Construction Revenue
|
0
|
0
|
-816,002
|
-797,250
|
Equivalence equity results
|
-10,928,323
|
-8,946,528
|
-1,670,903
|
-1,041,071
|
Result on disposal of equity interests
|
0
|
0
|
-16,134
|
-24,715
|
RBSE / periodic tariff revenue
|
0
|
0
|
-4,228,338
|
0
|
Operating provisions (reversals)
|
3,608,305
|
714,233
|
7,373,551
|
2,005,808
|
Participation of non-controlling shareholders
|
0
|
0
|
-73,699
|
-70,772
|
Financial instruments - derivatives
|
0
|
0
|
-332,017
|
56,613
|
Others
|
255,443
|
-109,714
|
221,812
|
-861,219
|
|
-7,061,187
|
-8,980,685
|
-1,005,610
|
-2,251,146
|
(Increases) / decreases in operating assets
|
|
|
|
|
Customers
|
-1
|
0
|
-1,454,193
|
-1,390,270
|
Marketable securities
|
-952,915
|
-2,752,895
|
-3,580,871
|
-4,050,412
|
Reimbursement rights
|
0
|
0
|
76,487
|
792,306
|
Warehouse
|
-33
|
2
|
-38,167
|
-91,532
|
Nuclear fuel stock
|
0
|
0
|
-313,743
|
-40,329
|
Financial assets - Itaipu
|
746,673
|
601,224
|
746,673
|
601,224
|
Assets held for sale
|
317,440
|
2,751,082
|
2,314,709
|
10,863,548
|
Hydrological risk
|
0
|
0
|
41,243
|
114,915
|
Credits with subsidiaries - CCD
|
0
|
2,406,622
|
0
|
0
|
Others
|
301,232
|
-701,462
|
116,654
|
-2,157,090
|
|
412,396
|
2,304,573
|
-2,091,208
|
4,642,359
|
Increase / (decrease) in operating liabilities
|
|
|
|
|
Suppliers
|
186,075
|
-14,636
|
781,295
|
-203,044
|
Advances
|
0
|
79,676
|
-73,748
|
5,762
|
Lease
|
5,562
|
22,504
|
402,881
|
-316,152
|
Estimated liabilities
|
20,238
|
12,632
|
94,915
|
-193,728
|
Indemnification obligations
|
0
|
0
|
267,111
|
0
|
Sectorial charges
|
0
|
0
|
-26,627
|
-16,639
|
Liabilities associated with assets held for sale
|
0
|
-2,860,610
|
-1,692,708
|
-8,602,259
|
Accounts payable with subsidiaries
|
0
|
-2,866,810
|
0
|
0
|
Others
|
334,585
|
353,262
|
-678,704
|
227,316
|
|
546,460
|
-5,273,981
|
-925,584
|
-9,098,744
|
|
|
|
|
|
Payment of financial charges
|
-923,272
|
-1,636,833
|
-1,701,076
|
-3,650,619
|
Revenue of RAP and indemnities
|
0
|
0
|
9,153,453
|
7,369,192
|
Revenue of financial charges
|
1,114,743
|
1,753,617
|
662,713
|
1,114,465
|
Payment of income tax and social contribution
|
-203,217
|
-257,052
|
-3,537,980
|
-3,384,888
|
Revenue of remuneration for investments in equity interests
|
4,679,285
|
3,811,443
|
1,195,566
|
1,007,575
|
Supplementary pension payment
|
-13,057
|
-30,140
|
-305,292
|
-258,519
|
|
|
|
|
|
|
|
Payment of legal contingencies
|
-3,175,996
|
-1,702,671
|
-3,247,582
|
-1,792,631
|
Bonds and related deposits
|
-940,782
|
-757,270
|
-951,327
|
-621,161
|
Net cash provided by (used in) operating activities of continuing operations
|
774,063
|
-2,858,939
|
4,198,720
|
293,670
|
Net cash provided by (used in) operating activities of discontinued operations
|
0
|
0
|
0
|
-379,997
|
Net cash provided by (used in) operating activities
|
774,063
|
-2,858,939
|
4,198,720
|
-86,327
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Loans and financing obtained and debentures obtained
|
5,193,319
|
5,000,000
|
9,157,888
|
6,779,312
|
Payment of loans and financing and debentures - principal
|
-9,230,730
|
-9,712,469
|
-12,613,613
|
-12,463,148
|
Payment of remuneration to shareholders
|
-2,579,118
|
-1,219,194
|
-2,593,945
|
-1,183,146
|
Advanced receivalbe for future capital increase
|
0
|
3,660,215
|
0
|
3,660,215
|
Payment of finance leases
|
-13,136
|
-40,998
|
-556,876
|
-547,226
|
Others
|
0
|
0
|
-82,424
|
-51,412
|
Net cash provided by (used in) financing activities from continuing operations
|
-6,629,666
|
-2,312,446
|
-6,688,971
|
-3,805,405
|
Net cash provided by (used in) financing activities of discontinued operations
|
0
|
0
|
0
|
414,724
|
Net cash provided by (used in) financing activities
|
-6,629,666
|
-2,312,446
|
-6,688,971
|
-3,390,681
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Lending and financing
|
0
|
-627,871
|
0
|
-40,040
|
Loans and financing receivables
|
6,224,747
|
5,744,256
|
4,138,002
|
4,904,413
|
Acquisition of fixed assets
|
-1,529
|
-197
|
-2,254,786
|
-1,954,652
|
Acquisition of intangible assets
|
-23,466
|
-6,088
|
-142,003
|
-65,550
|
Acquisition / capital investment in equity
|
0
|
-55,560
|
-68,169
|
-418,016
|
Advance concession for future capital increase
|
-1,280,200
|
-897,644
|
-6,780
|
-124,032
|
Investment sale in shareholdings
|
939,479
|
985,292
|
941,779
|
1,017,292
|
Net cash flow in the acquisition of investees
|
0
|
0
|
0
|
0
|
Others
|
0
|
0
|
-166,492
|
-55,723
|
Net cash provided by (used in) investing activities from continuing operations
|
5,859,031
|
5,142,187
|
2,441,552
|
3,263,691
|
Net cash provided by (used in) investment activities of discontinued operations
|
0
|
0
|
0
|
6,337
|
Net cash provided by (used in) investing activities
|
5,859,031
|
5,142,187
|
2,441,552
|
3,270,028
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
3,428
|
-29,198
|
-48,699
|
-206,981
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year for continued operations
|
18,202
|
47,400
|
335,307
|
583,352
|
Cash and cash equivalents at year-end of continuing operations
|
21,630
|
18,202
|
286,607
|
335,307
|
Increase (decrease) in cash and cash equivalents from discontinued operations
|
0
|
0
|
0
|
41,064
|
|
3,428
|
-29,198
|
-48,700
|
-206,981
|
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Date: April 8, 2021
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS
|
|
|
|
By:
|
/S/ Elvira
Baracuhy Cavalcanti Presta
|
|
|
Elvira Baracuhy Cavalcanti Presta
CFO and Investor Relations Officer
|
|
FORWARD-LOOKING STATEMENTS
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.
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