Energy Purchased for Resale
|
-148,566
|
-144,054
|
3.1
|
The variation is mainly due to: (i) a 5.7% increase in the amount of energy purchased, which generated an additional cost of R$ 8.4 million due to the seasonality that the plants we maintain PPA adopted for 2021. They had more energy available to deliver, consequently they will have a lower amount for the other quarters of the year since the annual purchase quantity is fixed; and (ii) a 4% increase in the average acquisition price, increasing the cost by R$ 6.2 million. On the other hand, there was a reduction of R$ 10 million due to (iii) energy purchased in the Short Term Market from CCEE in 1Q20, totaling R$ 6.9 million, while there was no such cost in 1Q21; and (iv) negative variation in tax and financial effects of the PIS/COFINS discount of approximately R$ 3.1 million.
|
Charges upon use of electricity network
|
-12,541
|
-12,303
|
1.9
|
The variation is mainly due to: (i) readjustment of about 1.88% determined by ANEEL Homologatory Resolution No. 2,726/2020 (cycle 2020/21).
|
Construction Expense
|
-22,854
|
-22,414
|
2.0
|
The variation is mainly due to the volume of transmission projects being built by the company. The constructions are linked to Aneel's authoritative resolutions and the improvements made to the existing system. It is noteworthy, at the moment, the Company has not increased its market share through new auctions, which explains the little variation between quarters.
|
Fuel
|
-46,116
|
-42,084
|
9.6
|
The variation is mainly due to the following reasons: (i) an increase of 18 thousand tons of coal, a variation of 3.4%, following the average generation, which grew by 4.0%; (ii) readjustment in the main coal supply contract of 6.7%, which resulted in an increase of R$ 1.6 million, this contract represents 65% of the plant's consumption; and (iii) as of March 2020, a second supplier was hired to guarantee the supply of fuel and not affect the generation of the Plant with an additional cost of R$ 2.7 million. On the other hand, there was (iv) a 22.3% reduction in the consumption of Fuel Oil, about R$ 2 million in the period.
|
(-) Expenses recovery - Grant received
|
16,704
|
34,286
|
-51.3
|
The variation is mainly due to the following reason: (i) Order No. 2,616/2020/ANEEL establishes that the fuels used at the Candiota Plant will not be fully reimbursed, leading to less recognition of fuel reimbursement as of September/2020. In 2021, the reimbursement of coal is around 50%, while in 1Q20 100% of the reimbursement with fuel was being accounted.
|
Depreciation and Amortization
|
-60,770
|
-58,897
|
3.2
|
The variation is mainly due to: (i) Jigging and Overhaul at TPP Candiota III, which had fixed assets in 3Q20 in the amount of R$ 364 million. As of the immobilization of this amount, it starts to be depreciated, therefore the amount of assets to be depreciated has increased, and it will be at this new level from now on.
|
TOTAL Custos Operacionais
|
-274,143
|
-245,466
|
11.7
|
|
|
|
|
|
|
Operating Provisions
R$ Thousand
|
1Q21
|
1Q20
|
Variation (%)
|
Analysis
|
Provisões Operacionais
|
-30,790
|
-7,089
|
334.3
|
The variation is mainly due to: (i) Constitution and adjustment of labor provisions in the amount of R$ 37 million in 1Q21, due to changes in loss probabilities, write-offs in court deposits and updates of the probable amount to be disbursed; (ii) increase in civil provisions by R$ 6.7 million, highlighting the provision of R$ 3.1 million with the Cruzeiro do Sul Energy Consortium, while in 1Q20 there were civil reversals in the amount of R$ 33 million, with emphasis on the reversal with KFW Bank. On the other hand, there was: (iii) Reversal in the tax provisions of R$ 21.2 million involving the ISS of the municipality of Águas Claras/MS, which lawsuit changed from probable to possible; and (iv) reversal of the 2017 inflexibility provision related to TPP Candiota III by R$ 6 million according to Order No. 2,315/2020 by Aneel; (v) In 2020, there was a recognition of R$ 21 million of onerosity in the intra-group energy purchase contracts (Eletronorte); and (vi) provision for Regulatory Contingency in the amount of R$ 4.4 million referring to Lot A - concession 001/2015 in 2020.
|
|
|
|
|
|
Financial Income
R$ Thousand
|
1Q21
|
1Q20
|
Variation (%)
|
Analysis
|
Financial Income
|
11,719
|
20,641
|
-43.2
|
|
Income from financial investments
|
1,302
|
15,913
|
-91.8
|
The variation is mainly due to: (i) increase of 28.8% in the average balance of available funds and marketable securities, however with the average return on investments falling by 1.51% in the first quarter from 2020 to 0.072% in the first quarter of 2021, a fact that significantly reduced the income obtained from financial investments in the last period.
|
Other Financial Income
|
10,417
|
4,728
|
120.3
|
The variation is mainly due to: (i) monetary variation on the energy supply in the amount of R$ 7.2 million, having been only R$ 657 thousand in 1Q20. The higher realization in 2021 is explained by the reversal of the provision in the estimated revenue from energy sales (CCEE); and (ii) collection of a termination fine plus losses and damages in the amount of R$ 743 thousand, arising from the default of a bilateral energy sales contract, reducing the positive variation between the periods.
|
Financial Expenses
|
-135,482
|
-214,959
|
-37.0
|
|
Debt Charges - Financing and Loans
|
-39,393
|
-47,051
|
-16.3
|
The variation is mainly due to: (i) reduction in the appropriation of charges due to the reduction in the CDI and TJLP rates verified between 1Q20 and 1Q21; and (ii) amortization of the FIDC contract: Balance due on 03/31/2020 was R$ 502.7 million and 03/31/2021 it was reduced to R$ 263.4 million, generating a reduction in the amounts of charges levied on the balance debtor.
|
Leasing charges - suppliers
|
-752
|
0
|
-
|
The variation is mainly due to the following reasons: (i) installment of Energy not paid by CGT Eletrosul to Eletronorte in 2019, which is being made in 36 installments, since 07/20, without occurring in 1Q20.
|
Leasing charges
|
-1,059
|
-1,165
|
-9.1
|
The variation is mainly due to: (i) less appropriation of the interest included in the leasing installments. The 9.1% variation would be the spread between the discount rate adopted, the indexes for updating the contracts and their balance.
|
Charges on shareholders' compensation
|
-2,277
|
-1,538
|
48.0
|
The variation is mainly due to: (i) increase of 190% in the balance of dividends to be distributed in 2021, offset by the reduction in the SELIC rate of 1.01% per quarter in 1Q20 to 0.48% per quarter in 1Q21.
|
Monetary adjustment loss
|
-28,112
|
-8,350
|
236.7
|
The variation is mainly due to: (i) increase in the IPCA between the periods, from 0.53% in 1Q20 to 2.04% in 1Q21, impacting the monetary variation of existing debts.
|
Exchange variation loss
|
-48,003
|
-147,417
|
-67.4
|
The variation is mainly due to: (i) reduction in the dollar variation, which varied from R$ 4.03 to R$ 5.20 in 1Q20, that means, a variation of 28% and varied from R$ 5, 20 to R$ 5.70, a variation of 9.61% in 1Q21. The euro changed from R$ 4.53 to R$ 5.72, a variation of 26.4% in 1Q20 and variation of R$ 6.38 to R$ 6.69, representing a variation of 4.91% in 1Q21 . It should be noted that of the total amount of debt that the company has, 25% corresponds to foreign currency (dollar and euro) in the amount of R$ 686 million in Mar/2020.
|
Other Financial Expenses
|
-15,886
|
-9,438
|
68.3
|
The variation is mainly due to: (i) in 1Q21, there was R$ 6 million related to a fine on the payment of withheld income tax on interest on own capital (year 2020), which was paid at the end of March/21.
|
Financial Result
|
-123,763
|
-194,318
|
36.3
|
|
|
|
|
|
|
Equity
R$ Thousand
|
1Q21
|
1Q20
|
Variation (%)
|
Analysis
|
Equity
|
8,891
|
-7,518
|
218.3
|
The variation is mainly due to: (i) a positive variation in the SPE Teles Pires of R$ 6.9 million higher than 1Q20 due to the drop in energy purchased for resale and reduction in financial expenses; (ii) The ESBR generation SPE also presented a positive variation of R$ 3.4 million between the periods; and (iii) positive variation of TSE transmission TSLE, which among the periods were R$ 4.3 million, whih improvement was impacted by the fact that, in January 2020, emergency costs were incurred with the acquisition of materials and contracting services for the restructuring of towers that suffered falls and were damaged due to a climatic event.
|
|
|
|
|
|
Income Tax and CSLL
R$ Thousand
|
1Q21
|
1Q20
|
Variation (%)
|
Analysis
|
Current IR and CSLL
|
-432
|
-3,681
|
-88.3
|
The variation is mainly due to: (i) the company's fiscal result was lower in 1Q21, mainly due to the reimbursement of the Candiota III Plant's inflexibility in the second half of 2020. The inflexibility is only reimbursed in the year following, which made our billing (tax calculation basis) in the first quarter. Thus, the fiscal result reached R$ 2.6 million in 2021 and the use of the tax loss was R$ 1.2 million in the period.
|
Deferred IR and CSLL
|
-55,694
|
-6,349
|
777.2
|
The variation is mainly due to the fact that deferred taxes were higher than in the previous year due to: (i) Reversal of provision in generation revenue due to the reimbursement for inflexibility of the Candiota III Plant. Estimated amounts were provisioned in the second half of 2020 due to the shutdown of the plant and reversed at this time when the reimbursement is being made in the billing of that asset.
|
Non-controlling Shareholders
|
725
|
549
|
32.1
|
The variation is mainly due to: (i) effects of the consolidation of the investee SPE Livramento.
|