FINANCIAL
RESULT
|
TABLE 11: FINANCIAL INCOME AND EXPENSES
|
Financial Result
|
1Q21
|
1Q20
|
%
|
Financial Income
|
|
|
|
Interest, commission and fee income
|
139
|
227
|
-39%
|
Income from financial investments
|
91
|
558
|
-84%
|
Additional moratorium on electricity
|
128
|
55
|
132%
|
Active monetary updates
|
326
|
50
|
556%
|
Exchange rate variations
|
-601
|
-602
|
0%
|
Net Derivative gains
|
285
|
-119
|
-340%
|
Financial expenses
|
|
|
|
Debt charges
|
-493
|
-1,039
|
-53%
|
Leasing charges
|
-114
|
-93
|
22%
|
Charges on shareholder resources
|
-143
|
-46
|
210%
|
Other net financial income and expenses
|
-201
|
-162
|
24%
|
Financial Result
|
-584
|
-1,172
|
-50%
|
Non-recurring adjustments
|
|
|
|
(-) Revenue from loans owed by privatized distributors
|
-81
|
-113
|
-28%
|
(-) Bonus Award + FIDC Commission
|
68
|
298
|
-77%
|
(-) credit update Emp. Comp. not converted
|
0,2
|
0
|
-
|
(-) Monetary update. emp. compulsory
|
56
|
87
|
-35%
|
Recurring Financial Result
|
-540
|
-900
|
-40%
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
FINANCIAL RESULT
ANALYSIS OF
VARIATION 1Q20X1Q21
In 1Q21, the financial result improved,
with a negative result of R$ 584 million in 1Q21 and a negative result of R$ 1,172 million in 1Q20. The main variations were in the accounts
of:
|
|
Debt Charges went from R$ 1,172 million in 1Q20 to R$ 493 million in 1Q21, mainly due to the reduction
in indebtedness and the lower rates of the indexes.
|
|
|
Gains and losses on Derivatives went from a net expense of R$ 119 million in 1Q20 to a net revenue of
R$ 285 million in 1Q21, with emphasis on 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.
|
Partially offset by:
|
|
Revenue from Financial Investments suffered a sharp reduction, from R$ 558 million in 1Q20 to R$ 91 million
in 1Q21, mainly due to the reduction in the cash balance in 1Q21 and the reduction in the rate of the indexes that remunerate investments.
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
1.2
EBITDA Consolidated
|
TABLE 12: EBITDA DETAIL
|
EBITDA
|
1Q21
|
1Q20
|
(%)
|
Result of the Exercise
|
1,609
|
1,228
|
31%
|
+ Provision for Income Tax and Social Contribution
|
1,207
|
594
|
103%
|
+ Financial Result
|
584
|
1,172
|
-50%
|
+ Amortization and Depreciation
|
458
|
469
|
-2%
|
= EBITDA
|
3,858
|
3,463
|
11%
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
|
Interruption of Angra I and II Retroactive and Candiota Inflexibility and Deduction Adjustments Candiota Revenue
|
-7
|
0
|
-
|
Other Income and Expenses
|
0
|
-25
|
-100%
|
Reversal of Revenue energy interconnection between Brazil and Uruguay
|
8
|
0
|
-
|
Incentive Plans (PAE, PDC)
|
-2
|
-4
|
-43%
|
Eletronorte resignation
|
64
|
0
|
-
|
Foundations contributions reversal - CVM 600 adjustment
|
-8
|
0
|
-
|
FGTS and INSS at Eletronorte - April launch
|
0
|
23
|
-100%
|
CGT Eletrosul Retroativo Tx by ADM ELOSAUDE
|
2
|
0
|
-
|
Outsourced Furnas / Additional services Candiota
|
0
|
25
|
-100%
|
Write-off of assets (Energisa Acre)
|
29
|
0
|
-
|
Generator group rental (emergency service to Amapá)
|
28
|
0
|
-
|
Expense recovery (Debentures Commissions transferred to Liabilities)
|
-8
|
0
|
-
|
AmazGT gain from sale
|
-3
|
0
|
-
|
Camargo Correa Furnas Case
|
0
|
98
|
-100%
|
Installments of the agreement between Furnas and Inepar
|
0
|
13
|
-100%
|
Furnas-CIEN Payment
|
0
|
23
|
-100%
|
Contingencies
|
932
|
-73
|
-1380%
|
PCLD prospective credit loss estimate (CPC 48)
|
0
|
146
|
-100%
|
(Provision / (reversal) for investment losses
|
15
|
116
|
-87%
|
Provision for Implantation of Shares - Compulsory Loan
|
-7
|
0
|
-
|
ANEEL Provision - CCC
|
31
|
7
|
326%
|
Usina Candiota III – Fuel
|
6
|
0
|
-
|
= EBITDA RECURRING
|
4,938
|
3,810
|
29,6%
|
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 material 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 allowance for doubtful accounts of
distributors and outstanding debts related to energy supply.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
|
TABLE 13: 1Q20 EBITDA CONCILIATION
|
EBITDA
|
1Q20
Resubmitted
|
1Q20
Reported
|
Net Profit (Loss) for the Year
|
1,228
|
307
|
+ Provision for Income Tax and Social Contribution
|
594
|
517
|
+ Financial Result
|
1,172
|
1,509
|
+ Amortization and Depreciation
|
469
|
469
|
= EBITDA
|
3,463
|
2,803
|
|
|
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
Others - Expiry of Concessions
|
-73
|
-18
|
Non-recurring items without changes
|
420
|
420
|
= RECURRING EBITDA
|
3,810
|
3,205
|
|
Recurring Cash Generation with Adjustment of Regulatory Transmission RAP
|
|
1Q21
|
1Q20
|
1. EBITDA Recurrent
|
4,938
|
3,810
|
|
|
|
2. (-) Total Corporate Revenue from Transmission
|
3,801
|
3,043
|
O&M Revenue
|
1,038
|
841
|
Construction Revenue
|
304
|
247
|
Finance - Return on Investment - RBSE
|
120
|
153
|
Contractual Revenue Transmission
|
2,340
|
1,801
|
Periodic Tariff Revenue
|
0
|
0
|
|
|
|
3. (+)Total Payment of Allowed Annual Revenue
|
3,531
|
2,698
|
Revenue of RAP and indemnities
|
2,494
|
1,857
|
O & M Revenue
|
1,038
|
841
|
|
|
|
4 = 1 - 2 + 3 : Approximate Cash Generation
|
4,668
|
3,466
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
1.3 Consolidated
Results by Continued Operations segment:
|
TABLE 14: FINANCIAL STATEMENT BY SEGMENT – R$ THOUSAND
|
2021
|
Finacial Statement
by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
67
|
4,921
|
3,466
|
-245
|
8,208
|
Operating Costs
|
-119
|
-2,487
|
-575
|
242
|
-2,939
|
Operating Expenses
|
-1,505
|
-587
|
-211
|
3
|
-2,300
|
Operating Income Before Financial Result
|
-1,557
|
1,848
|
2,680
|
0
|
2,970
|
Financial Result
|
|
|
|
|
-584
|
Result of Equity Interests
|
|
|
|
|
430
|
Other income and expenses
|
|
|
|
|
0
|
Income tax and social contribution
|
|
|
|
|
-1,207
|
Net income (loss) for the period
|
|
|
|
|
1,609
|
2020
|
Finacia lStatement
by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
51
|
5,023
|
2,782
|
-253
|
7,604
|
Operating Costs
|
-18
|
-2,135
|
-995
|
251
|
-2,897
|
Operating Expenses
|
-849
|
-491
|
-403
|
-118
|
-1,860
|
Operating Income Before Financial Result
|
-816
|
2,398
|
1,384
|
-119
|
2,847
|
Financial Result
|
|
|
|
|
-1,172
|
Result of Equity Interests
|
|
|
|
|
122
|
Other income and expenses
|
|
|
|
|
25
|
Income tax and social contribution
|
|
|
|
|
-594
|
Net income (loss) for the period
|
|
|
|
|
1,228
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
1.3.1. INDEBTEDNESS
AND RECEIVABLES
|
TABLE 15: GROSS DEBT AND NET DEBT
|
|
03/31/2021
|
Gross Debt - R$ million
|
46,608
|
(-) (Cash and cash equivalents + marketable securities)
|
14,654
|
(-) Financing Receivable
|
10,086
|
(-) Net balance of Itaipu Financial Assets1
|
1,304
|
Net debt
|
20,565
|
|
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 further information, see note 20 to ITR
1Q21.
|
Gross Consolidated Debt Total – R$ billion
|
|
Parent Company Gross Debt
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
Total (R$ million)
|
Amortization with RGR and Debentures
|
8,142
|
3,284
|
2,330
|
4,155
|
3,294
|
1,333
|
5,450
|
27,989
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
|
Table 17: Foreign Exchange Exposure
|
Asset
|
US$ million
|
%
|
|
Liabilities *
|
US$ million
|
%
|
Itaipu Loans Receivables
|
641,295
|
74%
|
|
Bônus 2021 - Eletrobras
|
641,092
|
34%
|
Itaipu Financial Asset
|
228,864
|
26%
|
|
Bônus 2025 - Eletrobras
|
497,881
|
29%
|
TOTAL
|
870,159
|
100%
|
|
Bônus 2030 - Eletrobras
|
739,496
|
23%
|
|
|
|
|
Others
|
308,604
|
14%
|
|
|
|
|
TOTAL
|
2,187,074
|
100%
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
Após 2026
|
TOTAL
|
Asset (US$ million)
|
622.55
|
216.24
|
31.37
|
0.00
|
0.00
|
0.00
|
0.00
|
870.16
|
Liabilities (US$ million)
|
709.96
|
45.85
|
46.32
|
19.76
|
517.65
|
19.97
|
827.76
|
2,187.07
|
Foreign Exchange Exposure
|
-87.41
|
170.39
|
-14.96
|
-19.76
|
-517.65
|
-19.97
|
-827.76
|
-1,316.91
|
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.
* In the balance of Bonuses 2030 and 2025,
there is 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”: / Estable
|
09/16/2020
|
Moody’s Senior Unsecured Debt
|
“Ba2”: / Estable
|
09/16/2020
|
Fitch - Issuer Default Ratings (Foreign Currency)
|
“BB-”: / Negative
|
06/10/2020
|
Fitch - Issuer Default Ratings (Local Currency)
|
“BB-”: / Negative
|
06/10/2020
|
S&P LT Local Currency
|
brAAA/ Estable
|
03/12/2021
|
S&P Issuer Credit Rating
|
BB-/ Estable
|
03/122021
|
*CreditWatch
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Financing and loans granted (receivables)
|
Table 19: Receivables
|
|
Tx. Average
|
|
CONSOLIDATED
|
|
12/31/2020
|
|
12/31/2019
|
|
12/31/2020
|
|
12/31/2019
|
Itaipu
|
6.86
|
|
6.93
|
|
3,653,653
|
|
4,200,471
|
CEAL
|
2.80
|
|
3.45
|
|
1,386,591
|
|
1,505,962
|
Eletropaulo
|
1.28
|
|
3.75
|
|
1,015,371
|
|
1,008,052
|
Amazonas D
|
5.23
|
|
5.78
|
|
3,984,432
|
|
3,998,324
|
CEPISA
|
2.38
|
|
2.50
|
|
515,345
|
|
571,127
|
Boa Vista
|
2.02
|
|
2.22
|
|
145,192
|
|
147,764
|
Repasse RGR
|
-
|
|
-
|
|
-
|
|
-
|
Others
|
-
|
|
-
|
|
143,376
|
|
248,201
|
(-) PECLD
|
-
|
|
-
|
|
(758,278)
|
|
(755,002)
|
Total
|
|
|
|
|
10,085,682
|
|
10,924,899
|
* For more information, see note 8 to ITR 1Q21.
The graphs and table below exclude charges, allowance for loan
losses and financial assets of Itaipu.
|
Total Consolidated Loans and Financing Receivables – R$ billion
|
Does not include: receivables from Itaipu's financial assets
of R$ 1.3 billion and PCLD of R$ 758 million and current charges.
|
Loans and financing receivable Parent company - R$ million
|
Projection Receivables
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
TOTAL
|
Controller
|
4,646
|
2,749
|
2,098
|
1,476
|
1,012
|
810
|
3,844
|
16,634
|
Does not include charges and allowance for loan losses.
Table 20: CCC credits assigned by Privatized Distributors
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 Company's Financial Statements,
of 03/31/2021, in two accounts, which are the Right of Reimbursement
and Financing Receivable, according to Explanatory Notes 15 and 11 of 1Q21, and detailed below:
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
REIMBURSEMENT
RIGHT
|
Registered Net Assets
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
NT Aneel + Claims under analysis Aneel + "inefficiency"
|
1,990,354
|
2,893,691
|
270,501
|
179,400
|
5,333,946
|
Current Rights
|
|
235,133
|
61,773
|
27,738
|
324,645
|
Total (a)
|
1,990,354
|
3,128,824
|
332,274
|
207,139
|
5,658,591
|
*
The balance of R$ 1,990 million from Amazonas consists of a return obligation to CCC in the order of R$ 481.6 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 $ 2.47 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 - Loan 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 originates from CCC credits assigned by Amazonas to Eletrobras, however, as it is not
part of the inspection period mentioned above, and because it is a current credit, it has already been paid by CCC to Amazonas Distribuidora,
then it was converted into the distributor's debt with Eletrobras.
|
Total Credits Granted (Note 11+ Note 15)
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Credit assigned Net (1)
|
2,432,720
|
3,128,824
|
332,274
|
207,139
|
6,100,957
|
|
(1)
|
Credits restated up to 03/31/2021, through the IPCA, based on the taxable event, with the exception of
the portion of economic and energy “inefficiency” (R$ 2.51 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.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Aneel's Board of Directors also approved, on March 10,
2020, the obligation to return R$ 2,061 million (at March 2019 prices), referring 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 03/31/2021.
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 of these 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. 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. Aneel did not comply with Eletrobras'
request to include in the CDE budget for the year 2021 the payment of installments of the total net value of the four CCC inspection processes
already decided by the agency.
During the years 2020 and 2021, 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 regarding 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
value of credits assumed by Boa Vista, only monetary restatement of credits by IPCA and Selic (“inefficiency” credits) ).
Thus, due to the information contained in Aneel's NT 49/2020, 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 1Q21 of CCC / CDE credits
assigned to Eletrobras and recorded in the Right of Reimbursement were due to the monetary adjustment of the credits by IPCA and SELIC,
with no new impacts. Aneel has committed to issue technical notes for the second inspection period
|
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:
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
|
·
|
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.
|
In April 2021, ANEEL approved the re-profiling of the financial
component of RBSE, of the subsidiaries Furnas, Eletronorte, CGT Eletrosul and Chesf. The decision provides for a reduction in the payment
curve of the amounts relating to the periodic review of the RAPs associated with transmission facilities for the 2021/2022 and 2022/2023
cycles and an increase in the payment flow in the cycles after 2023, extending such installments until the end of the year. cycle 2027/2028,
preserving, however, the remuneration for the WACC, more details see note 36.1 of 1Q21. The effects of profiling will only impact the
Company's Financial Statements in 3Q21.
|
Reprofiling RBSE: Impact as of 3Q21
|
Current Financial Component BEFORE the Reprofiling with sector charges - Ref Jun / 20
|
|
20/21
|
21/22
|
22/23
|
23/24
|
24/25
|
25/26
|
26/27
|
27/28
|
Chesf
|
1.8
|
1.8
|
1.8
|
1.5
|
1.5
|
1.5
|
-
|
-
|
Eletornorte
|
0.9
|
0.9
|
0.9
|
0.7
|
0.7
|
0.7
|
-
|
-
|
CGT Eletrosul
|
0.4
|
0.4
|
0.4
|
0.3
|
0.3
|
0.3
|
-
|
-
|
Furnas
|
2.9
|
2.9
|
2.9
|
2.3
|
2.3
|
2.3
|
-
|
-
|
TOTAL
|
6.0
|
6.0
|
6.0
|
4.8
|
4.8
|
4.8
|
-
|
-
|
|
|
|
|
|
|
|
|
|
REPERFILED Financial Component with sector charges - Ref Jun / 20
|
|
20/21
|
21/22
|
22/23
|
23/24
|
24/25
|
25/26
|
26/27
|
27/28
|
Chesf
|
1.8
|
0.5
|
0.7
|
1.5
|
1.5
|
1.5
|
1.5
|
1.5
|
Eletornorte
|
0.9
|
0.2
|
0.3
|
0.7
|
0.7
|
0.7
|
0.7
|
0.7
|
CGT Eletrosul
|
0.4
|
0.1
|
0.2
|
0.3
|
0.3
|
0.3
|
0.3
|
0.3
|
Furnas
|
2.9
|
0.8
|
1.1
|
2.4
|
2.4
|
2.4
|
2.4
|
2.4
|
TOTAL
|
6.0
|
1.6
|
2.4
|
5.0
|
5.0
|
5.0
|
5.0
|
5.0
|
|
|
|
|
|
|
|
|
|
Componente Econômico com encargos setoriais - Ref Jun/20
|
|
20/21
|
21/22
|
22/23
|
23/24
|
24/25
|
25/26
|
26/27
|
27/28
|
Chesf
|
1.0
|
1.0
|
1.0
|
0.7
|
0.7
|
0.7
|
0.7
|
0.7
|
Eletornorte
|
0.5
|
0.5
|
0.5
|
0.3
|
0.3
|
0.3
|
0.3
|
0.3
|
CGT Eletrosul
|
0.2
|
0.2
|
0.2
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
Furnas
|
1.6
|
1.6
|
1.6
|
1.2
|
1.2
|
1.2
|
1.2
|
1.2
|
TOTAL
|
3.2
|
3.2
|
3.2
|
2.3
|
2.3
|
2.3
|
2.3
|
2.3
|
|
|
|
|
|
|
|
|
|
Economic Component with sector charges - Ref Jun / 20
|
|
20/21
|
21/22
|
22/23
|
23/24
|
24/25
|
25/26
|
26/27
|
27/28
|
Chesf
|
2.8
|
1.5
|
1.7
|
2.2
|
2.2
|
2.2
|
2.2
|
2.2
|
Eletornorte
|
1.4
|
0.7
|
0.8
|
1.0
|
1.0
|
1.0
|
1.0
|
1.0
|
CGT Eletrosul
|
0.6
|
0.3
|
0.3
|
0.4
|
0.4
|
0.4
|
0.4
|
0.4
|
Furnas
|
4.5
|
2.4
|
2.7
|
3.6
|
3.6
|
3.6
|
3.6
|
3.6
|
TOTAL Eletrobras
|
9.2
|
4.8
|
5.6
|
7.3
|
7.3
|
7.3
|
7.3
|
7.3
|
The above amounts include TFSEE charges (Electricity Service Inspection
Fee) and resources for R&D and Energy Efficiency, and do not include PIS and Cofins. In addition, the data refer to the tariff cycle
and not to the calendar year.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
1.4.
Investment
|
Table
22: INVESTMENTS BY SEGMENT - R$ million
|
Investiment (Corporate + Partnerships)
|
Realized 1Q21
|
Budgeted 1Q21
|
%
|
Budgeted 2021
|
%
|
Generation Corporate
|
273
|
734
|
37%
|
4,311
|
6%
|
Implantation /Ampliation
|
145
|
535
|
27%
|
3,173
|
5%
|
Angra 3
|
133
|
943
|
14%
|
2,813
|
5%
|
Santa Cruz
|
9
|
84
|
11%
|
188
|
5%
|
Casa Nova
|
1
|
8
|
16%
|
18
|
7%
|
Others
|
2
|
- 499
|
0%
|
154
|
1%
|
Maintenance
|
128
|
199
|
64%
|
1,138
|
11%
|
Transmission Corporate
|
142
|
340
|
42%
|
1,818
|
8%
|
Ampliation
|
16
|
66
|
24%
|
124
|
13%
|
Eletronorte
|
-
|
-
|
|
-
|
-
|
Chesf
|
15
|
66
|
23%
|
99
|
16%
|
Furnas
|
1
|
-
|
|
25
|
3%
|
CGT Eletrosul
|
-
|
-
|
|
-
|
-
|
Reinforcements and improvements
|
96
|
230
|
42%
|
1,379
|
7%
|
Maintenance
|
30
|
43
|
70%
|
315
|
10%
|
Infraestructure and Others*
|
64
|
147
|
44%
|
684
|
9%
|
SPES
|
40
|
77
|
53%
|
1,432
|
3%
|
Total
|
519
|
1,297
|
40%
|
8,245
|
6%
|
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 May 2021.
IN 1Q21 R $
519 MILLION WAS INVESTED OF THE R$ 1,297 MILLION BUDGETED FOR THE QUARTER.
In generation, total investments amounted to R$ 312 million,
of which R$ 273 million related to corporate ventures, with an emphasis on: Angra 3 R$ 133 million, Angra 1 and 2 R$ 88 million. In generation
SPEs, the highlight was R$ 21 million for the Pindaí Complex. In maintenance of generation, R$ 88 million was realized at Eletornuclear
and R$ 31 million in Furnas,
In transmission, total investments were R$ 142 million in corporate
ventures, with emphasis on:
Chesf R$ 70 million, Furnas R$ 30 million, CGT Eletrosul R$
22 million, Eletronorte R$ 20 million. There was no emphasis on achievements in SPEs.
As for the non-realization of investments, there was frustration
of R$ 778 million, of which -R$ 461 million in corporate generation, with emphasis on the non-realization of -R$ 349 million in Angra
3 due to the end of Renuclear. In addition, there was a frustration of -R$ 44 million in maintenance of Angra 1 and 2 and of -R$ 33 million
in UTE Santa Cruz.
In transmission, the non-realization of corporate investments
was R$ 198 million, with emphasis on: -R$ 65 million due to delays in bids and licenses, -R$ 30 million due to impacts from COVID-19 and
-R$ 32 due to optimization of costs.
In SPES, the total non-realization was R$ 36 million, being:
(i) -R$ 13 million in Chapada do Piauí and Teles Pires Participações, in the amount of -R$ 26 million, both due to
the postponement of investments.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
1.5. COMMERCIALIZATION
1.5.1. ENERGY SOLD
IN 1Q21 – GENERATORS - TWH
In terms of the evolution of the energy market, Eletrobras Companies,
in 1Q21, sold 51.4 TWh of energy, against 53.5 TWh traded in the same period of the previous year, which represents a decrease of 4%.
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
|
Energetic Balance (MWmed)
|
2021
|
2022
|
2023
|
2024
|
2025
|
Ballast
|
9,083
|
9,056
|
9,047
|
7,443
|
4,684
|
Own resources
|
8,061
|
8,070
|
8,070
|
6,409
|
3,830
|
Energy Purchase
|
1,022
|
986
|
977
|
1,033
|
855
|
Sales
|
6,661
|
5,270
|
4,758
|
4,272
|
2,819
|
ACL - Bilateral Contracts + MCP realized
|
4,564
|
3,165
|
2,657
|
2,172
|
1,124
|
ACR - Except quotas
|
2,096
|
2,105
|
2,101
|
2,101
|
1,695
|
Average Selling Price R$/MWh
|
217.60
|
220.41
|
224.79
|
230.87
|
230.63
|
Average Purchase Price R$/MWh
|
235.34
|
229.44
|
226.51
|
216.59
|
203.28
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Average Selling Price R$/MWh
|
217.60
|
220.41
|
224.79
|
230.87
|
230.63
|
Average Purchase Price R$/MWh
|
235.34
|
229.44
|
226.51
|
216.59
|
203.28
|
Average Selling Price R$/MWh (1)
|
175.25
|
168.76
|
167.24
|
166.62
|
175.08
|
Average Purchase Price R$/MWh (1)
|
207.72
|
204.23
|
200.14
|
188.63
|
188.63
|
Balance (Ballast - Sales)
|
2,422
|
3,786
|
4,288
|
3,170
|
1,865
|
Uncontracted Energy *
|
27%
|
42%
|
47%
|
43%
|
40%
|
* The uncontracted portion includes energy reserved for the company's hedge, strategically defined according to the GSF estimate for the period.
|
Not included in installments of Physical Guarantee Quotas and Nuclear Energy Quotas.
|
Physical Guarantee Quotas for Hydroelectric Plants
|
7,451
|
7,451
|
7,451
|
9,111
|
11,759
|
Nuclear Energy Quotas
|
1,573
|
1,573
|
1,573
|
1,573
|
1,573
|
Contracts signed up to 03/31/2021. It considers the
end of the contracts for UHEs Mascarenhas de Moraes, in Jan / 2024, and UHE Tucuruí, in Aug / 2024, and from the respective dates,
both started to be considered in the Physical Guarantee Quota regime. The Average Sales Prices do not include 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 marked 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.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
2.
Result Analysis of
Parent Company
In 1Q21, Eletrobras Holding posted net income of R$ 1,601 million,
an increase of 33% compared to net income of R$ 1,202 million in 1Q20. The 1Q21 result was decisively influenced by: (i) Income from equity
interests, of R$ 2,725 million, influenced mainly by the result of the subsidiaries. Partially offset by: (ii) the negative impact of
the Financial Result in the amount of R$ 281 million in 1Q21, mainly due to the negative effect of exchange rate fluctuation in the period;
(iii) negative effect on provisions for legal contingencies, in the amount of R$ 471 million in 1Q21, resulting from the provisions related
to the compulsory loan lawsuits in the amount of R$ 436 million.
|
EVOLUTION OF RESULT - R$ MILLION
|
Note: The analysis of the results of each subsidiary can be
found in Appendix II of the Investor Report.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
2.1 Shareholdings
in the Parent Company
In 1Q21, the result of Equity Holdings positively impacted the
Company's result by R$ 2,725 million, mainly due to the equity in results of investments in subsidiaries, while the result in 1Q20 was
R$ 1,904 million (the value of 1Q20 was restated due to the remeasurement of transmission assets - see Note 4.4 to the Financials. Highlight
for improvement in Eletronorte's results (+ R$ 684 million), Furnas (+ R$ 737 million), partially offset by the lower result in Eletronuclear
(-R$ 241 million).
2.2 Operating
Provisions of Parent Company
In 1Q21, Operating Provisions had a negative impact on the Parent
Company's result by R$ 471 million, compared to a provision of R$ 76 million in 1Q20. This variation is mainly explained by the (i) negative
effect on provisions for legal contingencies, in the amount of R$ 451 million in 1Q21, with the compulsory loan lawsuits in the amount
of R$ 436 million, against a reversal of R$ 141 million in 1Q20; There are also other events that occurred in 1Q20 and that had less impact
in 1Q21, such as: (ii) reversal of the provision in the unsecured liability in subsidiaries in the amount of R$ 119 million (without impact
in 1Q21); (iii) provision for Investment Losses in the amount of R$ 116 million in 1Q20 and R$ 15 million in 1Q21; and the provision for
allowance for loan losses of R$ 195 million in 1Q20 and R$ 11 million in 1Q21.
|
Table 24: Operating Provisions (R$ million)
|
Operating Provisions
|
|
|
1Q21
|
1Q20 (Resubmitted)
|
|
Guarantees
|
-18
|
7
|
|
Contingencies
|
451
|
-155
|
|
PCLD - Financing and Loans
|
11
|
195
|
|
Overdraft liabilities in subsidiaries
|
-
|
-119
|
|
Investment Losses
|
15
|
116
|
|
Provision for Implantation of Shares - Compulsory Loan
|
-7
|
-
|
|
ANEEL Provision - CCC
|
31
|
7
|
|
Others
|
-11
|
25
|
|
TOTAL
|
471
|
76
|
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
2.3 Parent
Company Financial Result
In 1Q21, the Financial Result had a negative impact on the Parent
Company's result by R$ 281 million, as well as in 1Q20, with a negative result of R$ 377 million. The result was mainly influenced by:
(i) exchange rate fluctuation in the period, given the passive exchange exposure. The result of the net foreign exchange variation went
from a negative amount of R$ 165 million in 1Q20 to a negative result of R$ 446 million in 1Q21; (ii) Interest, commission and fee income
went from R$ 411 million in 1Q20 to R$ 257 million in 1Q21, 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; (iii) Revenue from financial investments went from R$ 478 million in
1Q20 to R$ 75 million in 1Q21 due to a drop of R$ 1.7 billion in cash and, mainly, due to the reduction in profitability indexes. On the
other hand: iv) Debt charges went from a negative result of R$ 729 million in 1Q20 to a negative result of R$ 280 million in 1Q21 due
to: (a) a reduction in the balance of Eletrobras Holding's debt by approximately R$ 2.9 billion; (b) decrease of 1.5 p.p. in the Selic
/ CDI rates; and (c) the effect of the costs of issuing bonds in 1Q20; (v) net monetary restatements had a positive result in the amount
of R$ 311 million in 1Q21 and R$ 46 million in 1Q20;
|
Table 26: Financial Result (R$ million)
|
FINANCIAL RESULT
|
|
|
1Q21
|
1Q20
|
Financial income
|
|
|
|
|
Interest, commission and fee income
|
|
|
257
|
411
|
Income from financial investments
|
|
|
75
|
478
|
Additional moratorium on electricity
|
|
|
0
|
1
|
Monetary updates
|
|
|
311
|
46
|
Exchange variations
|
|
|
-446
|
-165
|
Other financial income
|
|
|
74
|
95
|
|
|
|
|
|
Financial expenses
|
|
|
|
|
Debt charges
|
|
|
-280
|
-729
|
Leasing charges
|
|
|
-1
|
-1
|
Charges on shareholder resources
|
|
|
0
|
-23
|
Other financial expenses
|
|
|
-270
|
-489
|
|
|
|
-281
|
-377
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
3.
General Information
Data of 03/31/2021
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
SHARE CAPITAL
Eletrobras' capital stock, on March 31, 2021, 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: CAPITAL STRUCTURE
|
Shareholding position on 03/31/2021
|
% Capital
|
|
|
|
|
|
|
|
|
Shareholders
|
Quantity
|
Value(R$)
|
%
|
Total
|
|
|
|
|
|
|
|
|
Common
|
1,288,842,596
|
32,084,698,524
|
100.00%
|
82.15%
|
|
|
|
|
|
|
|
Government
|
667,888,884
|
16,626,555,917,17
|
51.82%
|
42.57%
|
|
BNDESPAR
|
141,757,951
|
3,528,950,032,66
|
11.00%
|
9.04%
|
|
BNDES
|
74,545,264
|
1,855,744,316,08
|
5.78%
|
4.75%
|
|
Iberclear - Latibex
|
363,135
|
9,039,953,39
|
0.03%
|
0.02%
|
|
FND
|
45,621,589
|
1,135,712,719,15
|
3.54%
|
2.91%
|
|
FGHAB
|
1,000,000
|
24,894,194,70
|
0.08%
|
0.06%
|
|
Others
|
357,665,773
|
8,903,801,391
|
27.75%
|
22.80%
|
|
|
|
|
|
|
|
PREF. A
|
146,920
|
3,657,455
|
100.00%
|
0.01%
|
|
|
|
|
|
|
|
Others
|
146,920
|
3,657,455,09
|
100.00%
|
0.01%
|
|
|
|
|
|
|
|
PREF. B
|
279,941,394
|
6,968,915,567
|
100.00%
|
17.84%
|
|
|
|
|
|
|
|
Citibank (Banco Depositário ADR's)
|
5,097,809
|
126,905,850
|
1.82%
|
0.32%
|
|
Iberclear - Latibex
|
134,953
|
3,359,546
|
0.05%
|
0.01%
|
|
BNDESPAR
|
18,691,102
|
465,299,932
|
6.68%
|
1.19%
|
|
BNDES
|
18,262,671
|
454,634,488
|
6.52%
|
1.16%
|
|
União
|
494
|
12,298
|
0.00%
|
0.00%
|
|
Others
|
237,754,365
|
5,918,703,453
|
84.93%
|
15.15%
|
|
|
|
|
|
|
|
Total
|
1,568,930,910
|
39,057,271,546,52
|
|
100.00%
|
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Stock Analysis
Shares
|
Table 28: B3, ELET3 and ELET6
|
Price and Volume
|
(R$)
ELET3
(ON Shares)
|
(R$)
ELET6
(PN Shares)
|
(pts.)
IBOV
(Índex)
|
(pts.)
IEE
(Índex)
|
Closing Price on 03/31/2021
|
33.37
|
33.82
|
116634
|
80913
|
Maximum in the quarter
|
33.37
|
33.82
|
125077
|
83742
|
Average in the quarter
|
30.67
|
31.09
|
116925
|
78978
|
Minimum in the quarter
|
25.39
|
26.36
|
110035
|
72998
|
|
|
|
|
|
Variation in 1Q21
|
-2.1%
|
-1.2%
|
-2.0%
|
-6.5%
|
Change in the last 12 months
|
56.8%
|
46.9%
|
59.7%
|
47.9%
|
Average Daily Traded Volume 1Q21 (R$ million)
|
274.5
|
126.9
|
-
|
-
|
|
|
|
|
|
Book Value per Share (R$)
|
46.41
|
46.41
|
-
|
-
|
Price / Profit (P/E) (1)
|
32.70
|
33.14
|
-
|
-
|
Price / Shareholders' Equity (P/B) (2)
|
0.72
|
0.73
|
-
|
-
|
|
(1)
|
Closing price of preferred and common shares at the end of the period / Net income per share. For the
calculation, the accumulated net profit of the last 12 months was considered;
|
|
(2)
|
Closing price of preferred and common shares at the end of the period / Book Value per share at the end
of the period.
|
|
Evolution of Shares Traded at B3
|
Source: AE Broadcast
Index
number 03/31/2020 = 100 and ex-dividend values.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
ADR PROGRAMS
|
TABLE 29: NYSE, EBRN AND EBRB
|
Price and Volume
|
(US$) NYSE
EBRN
|
(US$) NYSE EBRB
|
Closing Price on 03/31/2021
|
6.10
|
6.03
|
Maximum in the quarter
|
6.56
|
6.42
|
Average in the quarter
|
5.72
|
5.77
|
Minimum in the quarter
|
4.72
|
5.02
|
|
|
|
Variation in 1Q21
|
-8.5%
|
-10.4%
|
Change in the last 12 months
|
43.9%
|
29.1%
|
Average Daily Trading Volume 1Q21 (US$ million)
|
8.623
|
387
|
|
Evolution of Shares Traded in ADR
|
Source: AE Broadcast
Index number 03/31/2020 = 100 and ex-dividend
values.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Latibex - MADRID MARKET
|
TABLE 30: LATIBEX, XELTO AND XELTB
|
Price and Volume
|
(€) LATIBEX
XELTO
|
(€) LATIBEX XELTB
|
Closing Price on 03/31/2021
|
5.10
|
5.00
|
Maximum in the quarter
|
5.60
|
5.90
|
Average in the quarter
|
4.84
|
4.86
|
Minimum in the quarter
|
4.20
|
4.30
|
|
|
|
Variation in 1Q21
|
-8.9%
|
-10.7%
|
Change in the last 12 months
|
23.8%
|
16.8%
|
Average Daily Traded Volume 1Q20 (thousands of Euros)
|
11.8
|
3.1
|
|
Evolution of Foreign Currencies
|
Index number 03/31/2020 = 100.
Source: Banco Central
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Nº of Employees
PARENT
COMPANY
|
TABLE 31: EMPLOYEES FOR WORKING TIME
|
Working time in the company (years)
|
1Q21
|
Up until 5
|
21
|
6 to 10
|
125
|
11 to 15
|
299
|
16 to 20
|
151
|
21 to 25
|
13
|
More than 25
|
60
|
Total
|
669
|
|
TABLE 32: EMPLOYEES BY FEDERATION STATE
|
Federation State
|
1Q21
|
Rio de Janeiro
|
655
|
São Paulo
|
0
|
Brasília
|
14
|
Total
|
669
|
CONTRACTED
/ OUTSOURCED LABOR
|
TABLE 33: CONTRACTED / OUTSOURCED LABOR
|
ROTATION
INDEX (HOLDING)
|
TABLE 34: ROTATING INDEX HOLDING WITH PDC
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Balance Sheet
|
(R$ thousand)
|
Asset
|
Parent Company
|
Consolidated
|
03.31.21
|
12.31.20
|
03.31.21
|
12.31.20
|
CURRENT
|
|
|
|
|
Cash and cash equivalents
|
2,934
|
21,630
|
291,950
|
286,607
|
Restricted cash
|
3,783,936
|
3,412,292
|
3,783,936
|
3,573,362
|
Marketable securities
|
5,294,403
|
7,740,051
|
14,361,903
|
14,039,358
|
Customers
|
340,686
|
481,109
|
5,780,563
|
5,971,657
|
Loans and financing
|
0
|
0
|
0
|
0
|
Asset contractual transmission
|
5,212,163
|
5,937,323
|
4,116,710
|
4,748,661
|
Remuneration of equity interests
|
0
|
0
|
9,431,217
|
10,364,908
|
Taxes to recover
|
4,899,769
|
4,720,491
|
706,829
|
675,510
|
Income tax and social contribution
|
205,534
|
519,200
|
262,873
|
833,960
|
Reimbursement rights
|
821,158
|
829,569
|
1,235,290
|
1,292,750
|
Warehouse
|
0
|
0
|
3,124
|
4,684
|
Nuclear fuel stock
|
304
|
305
|
507,309
|
509,991
|
Derivative financial instruments
|
0
|
0
|
428,340
|
428,340
|
Hydrological risk
|
0
|
0
|
445,608
|
317,443
|
Others
|
0
|
0
|
3,132
|
3,132
|
|
1,929,597
|
1,683,297
|
2,115,334
|
1,852,043
|
|
22,490,484
|
25,345,267
|
43,474,118
|
44,902,406
|
Asset held for sale
|
|
|
|
|
|
289,331
|
289,331
|
289,331
|
289,331
|
|
22,779,815
|
25,634,598
|
43,763,449
|
45,191,737
|
NON CURRENT
|
|
|
|
|
LONG-TERM REALIZABLE
|
|
|
|
|
Reimbursement rights
|
5,658,592
|
5,583,447
|
5,658,592
|
5,583,447
|
Loans and financing
|
10,809,660
|
11,197,073
|
5,968,972
|
6,176,238
|
Customers
|
0
|
0
|
757,481
|
1,061,899
|
Marketable Securities
|
327,406
|
322,884
|
327,763
|
323,236
|
Nuclear fuel stock
|
0
|
0
|
1,228,076
|
1,264,780
|
Taxes to recover
|
2,782
|
2,781
|
438,281
|
430,045
|
Current Income Tax and Social Contribution
|
0
|
0
|
1,790,218
|
2,068,894
|
Escrow deposits
|
4,840,543
|
4,676,895
|
6,782,735
|
6,752,865
|
Transmission contractual asset
|
0
|
0
|
41,507,373
|
41,023,616
|
Financial assets - Concessions and Itaipu
|
1,075,897
|
1,103,034
|
3,183,638
|
3,199,751
|
Derivative financial instruments
|
0
|
0
|
465,013
|
310,100
|
Advances for future capital increase
|
1,982,711
|
1,223,108
|
316
|
1,541
|
Remuneration of equity interests
|
0
|
0
|
17,194
|
0
|
Hydrological risk
|
0
|
0
|
141,876
|
149,094
|
Decommissioning Fund
|
1,872,163
|
1,753,827
|
1,872,163
|
1,753,827
|
Others
|
1,106,513
|
1,153,411
|
1,250,425
|
1,271,995
|
|
27,676,267
|
27,016,460
|
71,390,116
|
71,371,328
|
INVESTMENT
|
79,793,358
|
77,538,694
|
29,064,846
|
29,089,522
|
Fixed assets net
|
241,632
|
244,673
|
32,489,221
|
32,662,912
|
INTANGIBLE
|
52,110
|
42,974
|
664,241
|
650,950
|
TOTAL NON-CURRENT ASSETS
|
107,763,367
|
104,842,801
|
133,608,424
|
133,774,712
|
TOTAL ASSETS
|
130,543,182
|
130,477,399
|
177,371,873
|
178,966,449
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
|
(R$ thousand)
|
Liabilities and Equity
|
Parent Company
|
Consolidated
|
03.31.21
|
12.31.20
|
03.31.21
|
12.31.20
|
CURRENT
|
|
|
|
|
Loans and financing and Debentures
|
8,175,439
|
7,984,194
|
10,629,555
|
11,410,751
|
Compulsory loan
|
58,337
|
57,201
|
58,337
|
57,201
|
Suppliers
|
514,825
|
705,908
|
2,917,065
|
3,904,051
|
Advances from customers
|
1,076,929
|
1,060,770
|
1,151,004
|
1,134,845
|
Taxes payable
|
88,293
|
335,432
|
847,331
|
1,194,042
|
Income tax and social contribution
|
131,049
|
0
|
286,536
|
319,435
|
Onerous contracts
|
0
|
0
|
40,196
|
40,196
|
Remuneration to shareholders
|
1,547,973
|
1,530,718
|
1,564,514
|
1,547,158
|
Financial liabilities - Concessions and Itaipu
|
1,213,879
|
647,214
|
1,213,879
|
647,214
|
Estimated liabilities
|
166,608
|
167,344
|
1,492,268
|
1,454,148
|
Reimbursement Obligations
|
1,375,808
|
1,373,656
|
1,598,401
|
1,618,508
|
Post-employment benefits
|
0
|
0
|
197,347
|
192,209
|
Provisions for contingencies
|
1,332,779
|
1,332,779
|
1,332,779
|
1,722,562
|
Regulatory charges
|
0
|
0
|
613,658
|
586,845
|
Lease
|
7,585
|
7,595
|
209,536
|
217,321
|
Others
|
117,367
|
111,998
|
345,016
|
353,580
|
|
15,806,871
|
15,314,809
|
24,497,422
|
26,400,066
|
NON-CURRENT
|
|
|
|
|
Loans and financing and Debentures
|
19,847,051
|
20,014,081
|
35,978,887
|
35,591,282
|
Suppliers
|
0
|
0
|
16,555
|
16,556
|
Advances from customers
|
0
|
0
|
270,937
|
290,870
|
Compulsory loan
|
991,658
|
989,908
|
991,658
|
989,908
|
Obligation for asset retirement
|
0
|
0
|
3,095,537
|
3,040,011
|
Provisions for contingencies
|
16,827,592
|
16,526,961
|
24,766,182
|
24,108,078
|
Post-employment benefits
|
1,128,280
|
1,131,997
|
6,971,384
|
6,824,632
|
Provision for unsecured liabilities
|
0
|
0
|
4,081
|
4,191
|
Onerous contracts
|
0
|
0
|
414,704
|
414,705
|
Reimbursement Obligations
|
0
|
0
|
0
|
22,259
|
Lease
|
46,419
|
48,333
|
797,040
|
835,873
|
Concessions payable - Use of public goods
|
0
|
0
|
69,162
|
65,954
|
Advances for future capital increase
|
74,420
|
74,060
|
74,420
|
74,060
|
Derivative financial instruments
|
0
|
0
|
10,014
|
10,014
|
Sector Charges
|
0
|
0
|
698,794
|
744,442
|
Taxes payable
|
0
|
0
|
175,652
|
182,179
|
Income tax and social contribution
|
656,454
|
650,523
|
3,662,876
|
3,705,055
|
Others
|
2,348,764
|
2,248,420
|
1,802,083
|
1,895,020
|
TOTAL NON-CURRENT LIABILITIES
|
41,920,638
|
41,684,283
|
79,799,966
|
78,815,089
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share capital
|
39,057,271
|
39,057,271
|
39,057,271
|
39,057,271
|
Capital reserves
|
13,867,170
|
13,867,170
|
13,867,170
|
13,867,170
|
Profit reserves
|
26,616,165
|
28,908,054
|
26,616,165
|
28,908,054
|
Advances for future capital increase
|
0
|
0
|
0
|
0
|
Other comprehensive income accumulated
|
-8,333,443
|
-8,354,188
|
-8,333,443
|
-8,354,188
|
Non controlling shareholdins
|
0
|
0
|
258,812
|
272,987
|
Accumulated profits
|
1,608,510
|
0
|
1,608,510
|
0
|
TOTAL SHAREHOLDERS' EQUITY
|
72,815,673
|
73,478,307
|
73,074,485
|
73,751,294
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
130,543,182
|
130,477,399
|
177,371,873
|
178,966,449
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Income Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
03.31.21
|
03.31.21
|
03.31.21
|
03.31.21
|
NET OPERATING REVENUE
|
90,281
|
-3,568
|
8,208,426
|
7,603,566
|
Operating costs
|
|
|
|
|
Personnel, Material and Services
|
0
|
0
|
-783,534
|
-803,044
|
Energy purchased for resale
|
-101,222
|
-3,659
|
-499,316
|
-646,220
|
Charges upon use of electric network
|
0
|
0
|
-455,668
|
-446,459
|
Fuel for electricity production
|
0
|
0
|
-537,337
|
-467,998
|
Construction
|
0
|
0
|
-148,568
|
-190,318
|
Depreciation
|
0
|
0
|
-403,351
|
-400,439
|
Amortization
|
0
|
0
|
-14,008
|
-16,309
|
Operating Provisions /Reversals net
|
0
|
0
|
-6,097
|
0
|
Others Costs
|
0
|
0
|
-90,728
|
-71,493
|
GROSS RESULT
|
-10,941
|
-7,227
|
5,269,819
|
4,561,286
|
Operating expenses
|
|
|
|
|
Personnel, Supllies and Services
|
-126,055
|
-142,142
|
-902,096
|
-892,449
|
Depreciation
|
-3,041
|
-3,273
|
-32,466
|
-46,568
|
Amortization
|
-3
|
0
|
-8,275
|
-5,948
|
Donations and contributions
|
-21,589
|
-24,337
|
-38,738
|
-50,267
|
Operating Provisions /Reversals net
|
-471,308
|
-75,841
|
-1,098,912
|
-392,311
|
Others
|
-79,655
|
-72,666
|
-219,131
|
-327,118
|
|
-701,651
|
-318,259
|
-2,299,618
|
-1,714,661
|
OPERATING INCOME BEFORE FINANCIAL RESULT
|
-712,592
|
-325,486
|
2,970,201
|
2,846,625
|
Financial result
|
|
|
|
|
Financial income
|
|
|
|
|
Income from interest, commissions and fees
|
256,658
|
410,723
|
138,746
|
226,554
|
Income from financial investments
|
75,029
|
478,215
|
90,845
|
557,821
|
Moratorium on electricity
|
0
|
617
|
127,529
|
54,971
|
Active monetary updates
|
446,326
|
150,028
|
522,951
|
177,909
|
Exchange rate variations
|
889,544
|
3,472,139
|
881,325
|
3,302,788
|
Fair value adjustment
|
0
|
0
|
284,796
|
0
|
Regulatory asset update
|
74,204
|
95,043
|
127,746
|
118,603
|
Gains on derivatives
|
|
|
|
|
Other financial income
|
-280,011
|
-729,417
|
-492,628
|
-1,039,250
|
Financial expenses
|
-1,281
|
-1,456
|
-114,352
|
-93,382
|
Debt charges
|
-360
|
-22,556
|
-143,106
|
-46,152
|
Leasing charges
|
-135,459
|
-103,737
|
-196,661
|
-128,154
|
Charges on shareholders' funds
|
-1,335,607
|
-3,637,147
|
-1,482,257
|
-3,904,835
|
Passive monetary updates
|
0
|
0
|
0
|
-118,528
|
Passive exchange variations
|
-269,673
|
-489,246
|
-328,705
|
-280,423
|
|
-280,630
|
-376,794
|
-583,771
|
-1,172,078
|
INCOME BEFORE EQUITY
|
-993,222
|
-702,280
|
2,386,430
|
1,674,547
|
RESULTS OF EQUITY
|
2,725,339
|
1,903,940
|
430,075
|
122,032
|
OUTRAS RECEITAS E DESPESAS
|
0
|
0
|
0
|
25,042
|
OTHER REVENUE AND EXPENDITURE
|
1,732,117
|
1,201,660
|
2,816,505
|
1,821,621
|
Current Income Tax and Social Contribution
|
-131,049
|
0
|
-972,207
|
-735,783
|
Deferred Income Tax and Social Contribution
|
0
|
0
|
-235,159
|
141,842
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
NET INCOME FOR THE PERIOD
|
1,601,068
|
1,201,660
|
1,609,139
|
1,227,680
|
Cash Flow Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
31.03.21
|
31.03.21
|
31.03.21
|
31.03.21
|
Operating Activities
|
|
|
|
|
Income before income tax and social contribution
|
1,732,117
|
1,201,660
|
2,816,505
|
1,821,621
|
Adjustments to reconcile income to cash provided by operations::
|
0
|
0
|
0
|
0
|
Depreciation and amortization
|
3,043
|
3,273
|
458,100
|
469,265
|
Net foreign exchange rate variations
|
135,196
|
118,717
|
274,642
|
552,292
|
Financial charges
|
24,994
|
342,706
|
611,340
|
952,230
|
Contractual revenue - Transmission
|
0
|
0
|
-2,339,732
|
-1,801,301
|
Construction Revenue
|
0
|
0
|
-128,445
|
-161,677
|
Equivalence equity results
|
-2,725,339
|
-1,903,940
|
-430,075
|
-122,032
|
Result on disposal of equity interests
|
0
|
0
|
0
|
-25,042
|
RBSE / periodic tariff revenue
|
0
|
0
|
0
|
0
|
Operating provisions (reversals)
|
471,308
|
75,841
|
1,105,009
|
392,311
|
Participation of non-controlling shareholders
|
0
|
0
|
-12,220
|
-10,136
|
Financial instruments - derivatives
|
0
|
0
|
-284,796
|
118,528
|
Others
|
-83,640
|
-89,445
|
-9,211
|
-313,769
|
|
-2,174,437
|
-1,452,848
|
-755,387
|
50,669
|
(Increases) / decreases in operating assets
|
|
|
|
|
Customers
|
1
|
0
|
355,090
|
-10,741
|
Marketable securities
|
2,445,649
|
-338,539
|
-322,549
|
-1,283,995
|
Reimbursement rights
|
-1
|
-40,322
|
1,559
|
-52,789
|
Warehouse
|
1
|
-57
|
2,682
|
31,384
|
Nuclear fuel stock
|
0
|
0
|
36,704
|
-168,267
|
Financial assets - Itaipu
|
593,802
|
-433,145
|
593,802
|
-433,145
|
Assets held for sale
|
0
|
94,459
|
0
|
128,250
|
Hydrological risk
|
0
|
0
|
7,218
|
13,223
|
Credits with subsidiaries - CCD
|
0
|
0
|
0
|
0
|
Others
|
185,197
|
-284,977
|
328,041
|
827,360
|
|
3,224,649
|
-1,002,580
|
1,002,546
|
-948,719
|
Increase / (decrease) in operating liabilities
|
|
|
|
|
Suppliers
|
-247,769
|
188,143
|
-1,043,673
|
-129,947
|
Advances
|
0
|
0
|
-19,933
|
-30,134
|
Lease
|
-1,924
|
1,456
|
114,529
|
93,801
|
Estimated liabilities
|
-736
|
9,046
|
-68,747
|
57,252
|
Indemnification obligations
|
0
|
0
|
-44,518
|
0
|
Sectorial charges
|
0
|
0
|
-18,835
|
79,300
|
Liabilities associated with assets held for sale
|
0
|
0
|
0
|
-26,536
|
Accounts payable with subsidiaries
|
0
|
0
|
0
|
0
|
Others
|
-127,798
|
316,776
|
-334,395
|
-1,112,335
|
|
-378,227
|
515,421
|
-1,415,573
|
-1,068,599
|
|
|
|
|
|
Payment of financial charges
|
-256,634
|
-187,983
|
-493,055
|
-566,344
|
Revenue of RAP and indemnities
|
0
|
0
|
2,909,321
|
1,926,701
|
|
|
|
|
|
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|
Revenue of financial charges
|
292,335
|
412,218
|
202,696
|
240,004
|
Payment of income tax and social contribution
|
-52,352
|
-71,152
|
-741,543
|
-1,150,712
|
Revenue of remuneration for investments in equity interests
|
413,675
|
156,847
|
426,826
|
158,371
|
Supplementary pension payment
|
-3,717
|
-2,870
|
-75,506
|
-56,688
|
Payment of legal contingencies
|
-213,681
|
-463,992
|
-675,483
|
-471,265
|
Bonds and related deposits
|
-48,670
|
-54,066
|
-69,830
|
-52,570
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
2,535,058
|
-949,345
|
3,131,518
|
-117,531
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Loans and financing obtained and debentures obtained
|
0
|
5,193,319
|
0
|
6,119,567
|
Payment of loans and financing and debentures - principal
|
-1,059,032
|
-5,863,325
|
-1,530,616
|
-6,321,568
|
Payment of remuneration to shareholders
|
-2,281,924
|
0
|
-2,312,224
|
0
|
Advanced receivalbe for future capital increase
|
0
|
0
|
0
|
0
|
Payment of finance leases
|
0
|
-3,301
|
-161,148
|
-139,451
|
Others
|
0
|
0
|
-3,907
|
5,393
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
-3,340,955
|
-673,308
|
-4,007,895
|
-336,060
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Lending and financing
|
0
|
0
|
0
|
0
|
Loans and financing receivables
|
1,555,558
|
1,819,051
|
1,213,310
|
855,972
|
Acquisition of fixed assets
|
0
|
0
|
-279,298
|
-178,009
|
Acquisition of intangible assets
|
-9,139
|
0
|
-27,664
|
-15,611
|
Acquisition / capital investment in equity
|
0
|
0
|
-2,244
|
-25,250
|
Advance concession for future capital increase
|
-759,218
|
-230,055
|
0
|
-6,000
|
Investment sale in shareholdings
|
0
|
17,512
|
1,687
|
17,512
|
Net cash flow in the acquisition of investees
|
0
|
0
|
0
|
0
|
Others
|
0
|
0
|
-24,073
|
-18,807
|
Net cash provided by (used in) investing activities from continuing operations
|
787,202
|
1,606,508
|
881,719
|
629,807
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
-18,696
|
-16,145
|
5,343
|
176,216
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the year for continued operations
|
21,630
|
18,202
|
286,607
|
335,307
|
Cash and cash equivalents at year-end of continuing operations
|
2,934
|
2,057
|
291,950
|
511,523
|
|
-18,696
|
-16,145
|
5,343
|
176,216
|
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
|