Others: transfer of coal to fue accountl,
Pis/COFINS UTE Candiota III credit, Debenture issue commissions in 1Q21, sale and reimbursement of T assets to Energisa, accounting for
previous years, Camargo Correa lawsuit (Furnas), agreement installments Frunas/Inepar, losses and damages – Nova Engevix, Cien.
In 3Q21, the financial result showed
a strong negative variation, having presented a negative result of R$622 million in 3Q20 and R$1,059 million in 3Q21. The main variations
were in the accounts of:
OTHER OPERATING
REVENUE AND EXPENSES
Outras Receitas e Despesas
|
3T21
|
3T20
|
%
|
2021
|
2020
|
%
|
Outras Receitas e Despesas
|
772
|
0
|
-
|
772
|
25
|
2982%
|
Eventos não recorrentes
|
|
|
|
|
|
|
(-) Ajuste não recorrentes
|
-772
|
0
|
-
|
772
|
25
|
2982%
|
Outras Receitas e Despesas Recorrente
|
0
|
0
|
-
|
0
|
0
|
-
|
|
•
|
Addition of 14 months (May 2016 to June 2017) in the period of coverage of economic and energy inefficiency credits, due to the
publication of Law No. 14.182/2021, applicable to credits originating from Amazonas Energia companies (R$ 620 million ) and Roraima Energia
(R$1.7 million), totaling R$622 million.These amounts were approved by ANEEL through Official Letter 367/2021-SFF/ANEEL, of 10/08/2021.
|
|
•
|
The amount of R$ 150 million, which is due to the tariff recognition associated with the AIC (fixed assets in progress) approved
by ANEEL, through the extraordinary tariff review process, and which must be paid by the distributors Energisa Acre (R$ 43, 5 million),
Equatorial Alagoas (R$ 61 million) and Piauí (R$ 45 million)
to Eletrobras, according to the following conditions described in explanatory note 34 to the Financial Statements.
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
24
|
|
Marketletter 3Q21
|
INCOME TAX
Income tax and social contribution
|
3Q21
|
3Q20
|
%
|
2021
|
2020
|
%
|
Current income tax and social contribution
|
9
|
-921
|
-101%
|
-1,427
|
-2,172
|
-34%
|
Deferred income tax and social contribution
|
-3,078
|
-545
|
465%
|
-3,669
|
-645
|
469%
|
Total income tax and social contribution
|
-3,069
|
-1,465
|
109%
|
-5,096
|
-2,817
|
81%
|
Non-Recurring Events
|
|
|
|
|
|
|
(-) Non-recurring Eletrosul Adjustment / Chesf PCLD Estimate / Hydrological Risk Renegotiation
|
2,487
|
1,348
|
84%
|
2,625
|
1,348
|
95%
|
Recurring income tax and social contribution
|
-582
|
-117
|
397%
|
-2,471
|
-1,469
|
68%
|
1.2
EBITDA Consolidated
|
TABLE 12: EBITDA DETAIL
|
EBITDA
|
2021
|
2020
|
%
|
3Q21
|
3Q20
|
%
|
Resulto of the period
|
5.104
|
4.511
|
13%
|
965
|
2.814
|
-66%
|
+ Income Tax and Social Contribution Provision
|
5.096
|
2.817
|
81%
|
3.069
|
1.465
|
109%
|
+ Financial Result
|
1.122
|
2.097
|
-46%
|
1.059
|
622
|
70%
|
+ Depreciation and Amortization
|
1.408
|
1.399
|
1%
|
503
|
468
|
8%
|
= EBITDA
|
12.730
|
10.824
|
18%
|
5.596
|
5.369
|
4%
|
Non recurring adjustments
|
|
|
|
|
|
|
Other revenues and expenses
|
-772
|
-25
|
2982%
|
-772
|
0
|
-
|
Reversal of Energy Revenue between Brazil and Uruguay
|
8
|
0
|
-
|
0
|
0
|
-
|
Interruption of Angra I and II Retroactive and Candiota Inflexibility
|
277
|
269
|
3%
|
34
|
269
|
-87%
|
Regulatory remeasurements - Transmission Contracts
|
-4,859
|
-4,228
|
15%
|
-4,859
|
-4,228
|
15%
|
Renegotiation of the hydrological risk, arising from resolution No. 2.932021 which ratified the term for extending the concession of the hydroelectric plants.
|
-4,266
|
0
|
-
|
-4,266
|
0
|
-
|
Record of GSF expense for adherence to hydrological risk renegotiation
|
378
|
0
|
-
|
378
|
0
|
-
|
Transfer of coal from Material/Interest and Monetary Variation on debentures fixed in September/21
|
13
|
0
|
-
|
0
|
0
|
-
|
Incentive Plans (PAE, PDC)
|
-7
|
-23
|
-69%
|
-2
|
-15
|
-84%
|
Dismissal Eletronorte
|
79
|
0
|
-
|
1
|
0
|
-
|
Reversal of contributions to foundations - CVM 600 adjustment
|
-22
|
0
|
-
|
-8
|
0
|
-
|
Indemnities (Labor Claims) - Furnas
|
69
|
0
|
-
|
21
|
0
|
-
|
Retroactive ACT Releases and Historical Hour Bank 25%
|
1
|
0
|
-
|
53
|
12
|
339%
|
Transfer of coal to Fuel account
|
-13
|
0
|
-
|
0
|
0
|
-
|
PIS/COFINS credit – prior periods of TPP Candiota III
|
-4
|
0
|
-
|
0
|
0
|
-
|
Furnas Outsourced
|
0
|
95
|
-100%
|
0
|
68
|
-100%
|
Loss with CCC corresponding to the inspection of Boa Vista
|
58
|
0
|
-
|
58
|
0
|
-
|
Income tax not collected from conviction paid in 2015
|
42
|
0
|
-
|
0
|
0
|
-
|
IR arising from Transfer of Amz GT
|
40
|
0
|
-
|
0
|
0
|
-
|
Court costs and fess – Parent Compant and Furnas
|
48
|
0
|
-
|
3
|
0
|
-
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
25
|
|
Marketletter 3Q21
|
Labor Costs
|
13
|
0
|
-
|
0
|
0
|
-
|
Indemnities - Loss and Damage
|
38
|
0
|
-
|
0
|
0
|
-
|
Debenture issue commissions in 1Q21
|
-8
|
0
|
-
|
0
|
0
|
-
|
Worthless SPE FOTE
|
20
|
0
|
-
|
13
|
0
|
-
|
Write-off of Energisa assets in 1Q21 (Assets of Distributed Distributors)
|
29
|
0
|
-
|
0
|
0
|
-
|
Generator group rental (Amapá emergency service)
|
57
|
0
|
-
|
6
|
0
|
-
|
Sale of Transmission Assets to Energisa
|
-3
|
0
|
-
|
0
|
0
|
-
|
Reimbursement of Transmission Assets to Energisa
|
2
|
0
|
-
|
0
|
0
|
-
|
Accounting issues if previous years
|
-7
|
0
|
-
|
0
|
0
|
-
|
Camargo Correa claim – Furnas
|
0
|
98
|
-100%
|
0
|
0
|
-
|
Installments of the agreement between Furnas and Inepar
|
0
|
38
|
-100%
|
0
|
9
|
-100%
|
Indemnities, losses and damages - Nova Engevix, CIEN and Furnas Outsourced
|
45
|
10
|
351%
|
0
|
0
|
-
|
Contingencies
|
1,372
|
532
|
158%
|
375
|
642
|
-42%
|
Compulsory Loan
|
10,094
|
409
|
2369%
|
9,059
|
377
|
2304%
|
PCLD Credit Loss Estimate (CPC 48) / PCLD Reversal CIEN / RPCs Chesf
|
-118
|
201
|
-159%
|
0
|
94
|
-100%
|
Onerous Contracts
|
23
|
172
|
-87%
|
23
|
172
|
-87%
|
(Provision)/Reversal for investment losses
|
111
|
112
|
0%
|
3
|
-9
|
-133%
|
RAP Adjustment Portion
|
0
|
224
|
-100%
|
0
|
0
|
-
|
Impairment of long-term assets
|
-454
|
-63
|
623%
|
-454
|
-43
|
965%
|
Provision for Implementation of Shares - Compulsory Loan
|
93
|
353
|
-74%
|
47
|
353
|
-87%
|
Outsourced Indemnity Incentive Provision
|
0
|
0
|
-
|
0
|
0
|
-
|
Provision ANEEL - CCC
|
528
|
18
|
2822%
|
288
|
27
|
963%
|
TPP Candiota III - Inflexibility
|
0
|
173
|
-100%
|
0
|
107
|
-100%
|
TPP Candiota III - Coal
|
9
|
0
|
-
|
2
|
0
|
-
|
= Recurring EBITDA
|
15,643
|
9,188
|
70,3%
|
5,598
|
3,205
|
75%
|
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. 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 as non-recurring the relevant
effects of financial income, expenses, PL reversals and prospective allowance for loan losses ( 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 PCLDs of outstanding
effective debt of distributors as well as debts related to energy supply.
|
Recurring Cash Generation with Adjustment of Regulatory Transmission RAP
|
|
3Q21
|
3Q20
|
1. EBITDA Recurrent
|
5,581
|
3,290
|
|
|
|
2. (-) Total Corporate Revenue from Transmission
|
4,894
|
2,769
|
O&M Revenue
|
1,522
|
1,447
|
Construction Revenue
|
97
|
46
|
Finance - Return on Investment - RBSE
|
742
|
150
|
Contractual Revenue Transmission
|
2,533
|
1,126
|
Periodic Tariff Revenue
|
0
|
0
|
|
|
|
3. (+) Total Payment of Allowed Annual Revenue
|
4,015
|
3,305
|
Revenue of RAP and indemnities
|
2,494
|
1,857
|
O & M Revenue
|
1,522
|
1,447
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
26
|
|
Marketletter 3Q21
|
|
|
|
4 = 1 - 2 + 3 : Approximate Cash Generation
|
4,702
|
3,826
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
27
|
|
Marketletter 3Q21
|
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
|
189
|
15,245
|
11,047
|
-357
|
26,124
|
Operating Costs
|
-458
|
-5,028
|
-2,044
|
345
|
-7,184
|
Operating Expenses
|
-12,998
|
-1,465
|
-504
|
12
|
-14,955
|
Operating Income Before Financial Result
|
-13,268
|
8,753
|
13,358
|
0
|
8,844
|
Financial Result
|
|
|
|
|
-1,122
|
Result of Equity Interests
|
|
|
|
|
1,706
|
Other income and expenses
|
|
|
|
|
772
|
Income tax and social contribution
|
|
|
|
|
-5,096
|
Net income (loss) for the period
|
|
|
|
|
5,104
|
2020
|
Finacial Statement by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
169
|
13,452
|
6,730
|
-784
|
19,567
|
Operating Costs
|
-22
|
-7,369
|
-2,569
|
777
|
-9,183
|
Operating Expenses
|
-4,255
|
-1,166
|
-556
|
-113
|
-6,088
|
Regulatory remeasurements - Transmission Contracts
|
0
|
0
|
4,228
|
0
|
4,228
|
Operating Income Before Financial Result
|
-4,107
|
4,917
|
7,834
|
-119
|
8,524
|
Financial Result
|
|
|
|
|
-2,097
|
Result of Equity Interests
|
|
|
|
|
875
|
Other income and expenses
|
|
|
|
|
25
|
Income tax and social contribution
|
|
|
|
|
-2,817
|
Net income (loss) for the period
|
|
|
|
|
4,511
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
28
|
|
Marketletter 3Q21
|
1.3.1. INDEBTEDNESS
AND RECEIVABLES
|
TABLE 15: GROSS DEBT AND NET DEBT
|
|
09/30/2021
|
Gross Debt - R$ million
|
48,152
|
(-) (Cash and cash equivalents + marketable securities)
|
20,432
|
(-) Financing Receivable
|
7,672
|
(-) Net balance of Itaipu Financial Assets1
|
941
|
Net debt
|
19,106
|
1
See Explanatory Note 15b to the Financial Statements.
|
TABLE 16: Debt Maturity Schedule and Debentures of the Holding and Subsidiaries included:
|
* For further information, see note 20 to ITR
3Q21.
|
Gross Consolidated Debt Total – R$ billion
|
|
Parent Company Gross Debt – R$ billion
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
Total (R$ billion)
|
Amortization and Debentures
|
5.6
|
4.0
|
2.3
|
4.2
|
3.2
|
2.5
|
6.8
|
28.6
|
|
Table 17: Foreign Exchange Exposure
|
|
|
|
|
Liabilities *
|
US$
|
%
|
|
|
|
|
thousand
|
Asset
|
US$ thousand
|
%
|
|
Bônus 2021 - Eletrobras
|
641,092
|
30%
|
Itaipu Loans Receivables
|
298,920
|
63%
|
|
Bônus 2025 - Eletrobras
|
498,530
|
23%
|
Itaipu Financial Asset
|
173,014
|
37%
|
|
Bônus 2030 - Eletrobras
|
740,401
|
34%
|
TOTAL
|
471,933
|
100%
|
|
Others
|
267,346
|
12%
|
|
|
|
|
TOTAL
|
2,147,369
|
100%
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
29
|
|
Marketletter 3Q21
|
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
TOTAL
|
Asset (US$ million)
|
197.91
|
229.19
|
43.34
|
1.49
|
0.00
|
0.00
|
0.00
|
471.93
|
Liabilities (US$ million)
|
669.46
|
45.79
|
46.26
|
19.70
|
518.23
|
19.70
|
828.23
|
2.147.37
|
Foreign Exchange Exposure
|
-471.56
|
183.40
|
-2.92
|
-18.20
|
-518.23
|
-19.70
|
-828.23
|
-1,675.44
|
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”: / Estável
|
09/16/2020
|
Moody’s Senior Unsecured Debt
|
“Ba2”: / Estável
|
09/16/2020
|
Fitch - Issuer Default Ratings (Foreign Currency)
|
“BB-”: / Negativa
|
06/02/2021
|
Fitch - Issuer Default Ratings (Local Currency)
|
“BB-”: / Negativa
|
06/02/2021
|
S&P LT Local Currency – Escala Nacional Brasil
|
brAAA/Estável
|
03/12/2021
|
S&P Issuer Credit Rating – Escala Global
|
BB-/Estável
|
03/12/2021
|
*CreditWatch
Financing and
loans granted (receivables)
|
TABLE 19: Receivables
|
|
Average Rate
|
|
CONSOLIDATED
|
|
09/30/2021
|
|
12/31/2020
|
|
09/30/2021
|
|
12/31/2020
|
Itaipu
|
6.47
|
|
6.93
|
|
1,625,944
|
|
4,200,471
|
CEAL
|
3.79
|
|
3.45
|
|
1,293,613
|
|
1,505,961
|
Eletropaulo
|
3.50
|
|
3.75
|
|
673,567
|
|
1,008,052
|
Amazonas D
|
5.98
|
|
5.78
|
|
4,005,534
|
|
3,998,324
|
CEPISA
|
4.49
|
|
2.50
|
|
496,894
|
|
571,127
|
Boa Vista
|
3.58
|
|
2.22
|
|
143,916
|
|
147,764
|
Outras
|
-
|
|
-
|
|
197,512
|
|
248,201
|
(-) PECLD
|
-
|
|
-
|
|
(764,903)
|
|
(755,002)
|
Total
|
|
|
|
|
7,672,078
|
|
10,924,899
|
The graphs and table below exclude charges, allowance for loan
losses and financial assets of Itaipu.
*For more information, see explanatory note 9 of ITR 3Q21.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
30
|
|
Marketletter 3Q21
|
|
Total Consolidated Loans and Financing Receivables – R$ billion
|
Does not include: receivable from Itaipu's financial assets
of R$941 million and PCLD of R$765 million and current charges.
|
Loans and financing receivable Parent company - R$ billion
|
Projection Receivables
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
after 2026
|
TOTAL
|
Parent Company
|
1.4
|
2.7
|
2.1
|
1.4
|
0.9
|
0.7
|
3.8
|
13.1
|
Does not include charges and allowance for loan losses.
|
Loans and Financing receivable Parent Company - R$ billion
|
Receivables Projection
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
After 2026
|
TOTAL
|
Parent Company
|
1.4
|
2.7
|
2.1
|
1.4
|
0.9
|
0.7
|
3.8
|
13.1
|
Does not include charges and PCLD.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
31
|
|
Marketletter 3Q21
|
Table 20: CCC credits assigned by Privatized
Distributors
In the process of privatizing the distributors, credits contained
in the right of reimbursement account recorded in the assets of the distributors in June/17 and which were being analyzed and inspected
by Aneel, in processes closed in September 2021, were assigned to Eletrobras. activated in the Company's Financial Statements, of 09/30/2021,
in two accounts, namely Right to Reimbursement and Financing receivable, according to Explanatory Notes 15 and 11 of 3Q21, and detailed
below:
REIMBURSEMENT
RIGHT
|
Registered Net Assets – R$ thousand
|
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
NT Aneel + Claims under analysis Aneel + "inefficiency"
|
2,366,317
|
3,008,691
|
116,173
|
120,023
|
5,611,205
|
Current Rights
|
|
|
|
|
|
Total (a)
|
2,366,317
|
3,008,691
|
116,173
|
210,249
|
5,611,205
|
* The balance of R$ 2,366 million from Amazonas
is composed of an obligation to return to the CCC in the amount of R$ 504.5 million referring to the final result of the inspection of
the first and second periods carried out by Aneel, and a credit receivable from National Treasury of economic and energy “inefficiency”
of R$ 2.87 billion. The economic and energy “inefficiency” credit was being updated by Selic until 2Q21, being changed in
3Q21, starting to be updated by the IPCA. The amount to be returned to the CCC must be deducted from the credit receivable from the CCC
in relation to the amounts transferred from the other distributors.
** The credits referring to the current rights
of Ceron, Eletroacre and Boa Vista were provisioned in this 3Q21, as the amount to be returned by the distributors to Eletrobras for having
realized this current credit before the credit transfer date is still under negotiation to Eletrobras. When a return agreement is signed
with these distributors, Eletrobras will reverse the provision.
|
Conversion into Loans
|
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, given by Amazonas to Eletrobras, however, as it is not part of the
aforementioned inspection period, and as it is a current credit, it has already been paid by CCC to Amazonas Distribuidora, and could
not have been assigned to Eletrobras, so it was converted into debt of the distributor with Eletrobras.
|
Total Credits Granted (Note 9 + Note 13)
|
R$ mil
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Credit assigned Net (1)
|
2.808.683
|
3.008.691
|
116.173
|
210.249
|
6.053.571
|
|
(1)
|
Credits updated until 06/30/2021, by IPCA.
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
32
|
|
Marketletter 3Q21
|
The National Electric Energy Agency - Aneel recognized,
by decision of its collegiate board, on March 10, 2020, (i) the right to receive credits from the Ceron Fuel Consumption Account, in the
amount of R$ 1,904.0 million (at July 2019 prices), referring to the inspection of 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 of privatization of said distributor; and (ii) the right to receive credits from the Fuel Consumption Account – CCC
to the Electricity Company of Acre (“Eletroacre”), in the amount of R$ 191.6 million (at July 2019 prices), referring to the
inspection of benefits due from July 30, 2009 to June 30, 2016, credits which were also assigned to Eletrobras on the occasion of the
privatization of the aforementioned distributor.
Aneel's Board of Directors also approved, on March 10,
2020, the obligation to return R$ 2,061.4 million (at March 2019 prices), referring to the CCC inspection and monthly 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, as Aneel's Board of Directors had already deliberated,
on March 19, 2019, the result of the First Inspection Period of CCC reimbursements to Amazonas Energia, with the company entitled to receive
a credit in the order of R$1,591.7 million (at September 2018 prices), to be offset against the credits to be returned.
The net balance of credits granted by Amazonas Energia,
positive in R$ 2.81 billion, refers, in addition to the contract signed with the distributor, with the payment of the amount of R$ 442.4
million in current credits, upon revenue of disallowances of the CCC arising from the economic and energy efficiency criteria, a right
recognized by Law 13,299/2016, and later by Law 14,182/2021, in the historical amount of R$ 1,978.1 million, which will be deducted from
the grant amount to be paid by the Eletrobras for new generation concessions. The new law increased by 14 months the term of coverage
of "inefficiency", going from Apr/16 (Law 13,299/2016) to until Jun/17. This increase in coverage, updated by the IPCA for Sep/21,
brought a gain of R$ 771 million for Amazonas' “inefficiency” credits. However, the exchange of Selic for IPCA to update these
credits had a negative effect of R$ 423 million. Eletrobras changed the way of correction of “inefficiency” credits in 3Q21,
starting to use the IPCA, as it was the form of correction used in CNPE Resolution No. 15/2021, which defined the grant amount to be paid
by Eletrobras for the new generation concessions in the company's capitalization process.
On June 15, 2021, Aneel approved the result of the inspection
and monthly reprocessing of the benefits reimbursed by CCC to Boa Vista Energia, setting the amount to be reimbursed by CCC to the distributor
at R$ 103.9 million, February 2020 position , and establishing that the payment to Eletrobras, holder of the credits, should await the
final result (first and second periods) of the inspections carried out at Amazonas Energia, Ceron, Eletroacre and Boa Vista Energia.
In a meeting held on September 28, 2021, Aneel's board
deliberated on the CCC inspection processes, which are still pending analysis, according to the inspection period of Ceron, Eletroacre
and Boa Vista. The amounts approved by Aneel's board were in line with the amounts presented in the latest technical notes issued by SFF-SFG-SRG/ANEEL.
The amount of R$ 806.6 million (position Apr/21) was approved as a result of Ceron's second inspection period, as well as the negative
amount of R$ 97.5 million (position Apr/21) to be returned to the CCC as a result of Eletroacre's second inspection period, and the negative
amount of R$29.7 million (Apr/21) position for Boa Vista's second inspection period.
Thus, all eight inspection processes (first and second
periods of Amazonas, Eletroacre, Ceron and Boa Vista) were closed and the payment conditions to Eletrobras of the net final value of the
eight inspection processes were defined. Aneel defined the final amount on the CCC inspection reimbursed to Amazonas Energia, Ceron, Eletroacre
and Boa Vista Energia in the amount of R$ 2,670.5 million, updated by the IPCA of Aug/2021, which shall be reimbursed
by the CCC to Eletrobras, as holder of the assumed credits of these distributors. This amount will be received in 60 months, in equal
installments, duly updated by the IPCA, with the beginning of monthly payments being considered in the Annual Budget of the CDE 2022.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
33
|
|
Marketletter 3Q21
|
In 3Q21, Eletrobras recorded the amount of R$ 6,053.6
million in credits assumed by distributors in their privatization processes. The amount of R$ 2,705.2 million as the final result of the
CCC inspection processes carried out by Aneel and which will be paid by the Fund to Eletrobras, the amount of R$ 2,906.0 million in “inefficiency”
credits assumed by Amazonas and Boa Vista, which will be used to deduct the grant amount to be paid by Eletrobras for new generation concessions
in the company's capitalization process, and R$ 442.4 million recorded in the loans and financing account referring to the current credit
return contract signed with Amazonas Energia, which is still in the grace period for payment of the principal. It is important to highlight
that Eletrobras made a provision in the amount of R$ 340.1 million in 3Q21 referring to current credits of Ceron, Eletroacre and Boa Vista
Energia (credits made before the transfer of the right to Eletrobras, and therefore, must be returned to Eletrobras) since contracts have
not yet been signed with these three distributors for the refund of the amount. Currently, Eletrobras has been discussing with the three
companies the amount to be paid to Eletrobras. After defining the amounts and payment conditions, the contracts will be signed and Eletrobras
will revert part or all of this R$340.1 million provision made.
Thus, as a summary of the changes
in credits assumed by distributors in 3Q21, a breakdown can be made into 5 items: i) Increase of R$ 622.0 million in “inefficiency”
credits with the additional 14 months of coverage provided by Law 14.182/2021, including only the principal amount, still uncorrected;
ii) financial income in the amount of R$286.3 million, with the update by the IPCA of the additional 14 months of “inefficiency”
credits, and the update by the IPCA of the result of the CCC inspection of Ceron, Eletroacre and Boa Vista; iii) financial expense in
the amount of R$446.6 million arising from the exchange of the correction of the Amazonas and Boa Vista de Selic “inefficiency”
credits to the IPCA, and the correction of the net result of the inspection by Amazonas (first and second periods); iv) R$340.1 million
in the provision for current credits, given that contracts have not yet been signed with Ceron, Eletroacre and Boa Vista to refund the
amounts paid by the distributors themselves before the assignment of credits to Eletrobras; v) losses of R$ 57.6 million resulting from
the incorporation of the result of the second inspection period on Boa Vista's CCC credits.
RBSE REPROFILING
In April 2021, ANEEL approved the reprofiling 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 amounts related to the periodic review of RAPs associated with transmission facilities for cycles 2021/2022 and 2022/2023 and an increase
in the flow of payments in cycles after 2023, extending such installments until the 2027/2028 cycle, preserving, however, the remuneration
by the WACC.
In September 2021, the reprofiling of the financial component of the
Existing System Basic Network - RBSE was accounted for. ANEEL's decision caused a reduction in the payment curve of amounts related to
the periodic review of RAPs associated with transmission facilities for cycles 2021/2022 and 2022/2023 and an increase in the flow of
payments in cycles after 2023, extending such installments until the 2027/2028 cycle, preserving, however, the remuneration for the cost
of equity (Ke). For more details, see note 14 of the 3Q21 financial statements.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
34
|
|
Marketletter 3Q21
|
In 3Q21, the contractual transmission assets increased significantly,
mainly due to the remeasurement of the concession assets referring to RBSE, as follows:
1. Reprofiling of the RBSE financial component, approved by ANEEL
in April 2021. The decision caused a reduction in the payment curve of the amounts related to the periodic review of the RAPs associated
with transmission facilities for cycles 2021/2022 and 2022/2023 and an increase the flow of payments in cycles after 2023, extending such
installments until the 2027/2028 cycle, preserving, however, the remuneration for the cost of equity (Ke) for RBSE;
2. Complementary recognition of the cost of equity (Ke). In 2020,
ANEEL ratified only the correction by the IPCA of the RBSE amounts not paid between 2017 and 2020, resulting from the ABRACE injunction.
In cycle 2021/2022, in response to a request from the Transmitters, ANEEL recognized, in addition to the correction by the IPCA, the remuneration
of this amount by the Ke.
3. Completion of inspection of the appraisal report of the Regulatory
Remuneration Basis – BRR of Chesf's Contract No. 061/2001. With this, the definitive values of the Periodic Review
of the 2018/2023 cycle of the Allowed Annual Revenue - RAP were approved, through the publication of Ratifying Resolution No. 2935/2021.
Table 21: Reprofiling RBSE – R$ million
REPROFILED Financial Component
|
Cycle 2021-2022
|
2022-2023
|
2023-2024
|
2024-2025
|
2025-2026
|
2026-2027
|
2027-2028
|
CHESF
|
639
|
886
|
1,648
|
1,648
|
1,648
|
1,648
|
1,648
|
ELETRONORTE
|
278
|
393
|
769
|
769
|
769
|
769
|
769
|
ELETROSUL
|
161
|
215
|
360
|
360
|
360
|
360
|
360
|
FURNAS
|
806
|
1,199
|
2,635
|
2,635
|
2,635
|
2,635
|
2,635
|
Total
|
1,884
|
2,693
|
5,411
|
5,411
|
5,411
|
5,411
|
5,411
|
Economic Component
|
Cycle 2021-2022
|
2022-2023
|
2023-2024
|
2024-2025
|
2025-2026
|
2026-2027
|
2027-2028
|
CHESF
|
1,091
|
1,091
|
654
|
654
|
654
|
654
|
654
|
ELETRONORTE
|
562
|
562
|
242
|
242
|
242
|
242
|
242
|
ELETROSUL
|
187
|
187
|
69
|
69
|
69
|
69
|
69
|
FURNAS
|
1,785
|
1,785
|
1,136
|
1,136
|
1,136
|
1,136
|
1,136
|
Total
|
3,625
|
3,625
|
2,102
|
2,102
|
2,102
|
2,102
|
2,102
|
Total RBSE after REPROFILING
|
Cycle 2021-2022
|
2022-2023
|
2023-2024
|
2024-2025
|
2025-2026
|
2026-2027
|
2027-2028
|
CHESF
|
1,730
|
1,976
|
2,302
|
2,302
|
2,302
|
2,302
|
2,302
|
ELETRONORTE
|
841
|
955
|
1,011
|
1,011
|
1,011
|
1,011
|
1,011
|
ELETROSUL
|
348
|
402
|
430
|
430
|
430
|
430
|
430
|
FURNAS
|
2,590
|
2,984
|
3,771
|
3,771
|
3,771
|
3,771
|
3,771
|
Total
|
5,509
|
6,318
|
7,513
|
7,513
|
7,513
|
7,513
|
7,513
|
The amounts above include TFSEE charges (Electric Energy Services Inspection Fee) and
resources for R&D and Energy Efficiency, and do not include PIS and Cofins. Furthermore, the data refer to the tariff cycle and not
the calendar year.
The values approved in the reprofiling were updated by the IPCA.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
35
|
|
Marketletter 3Q21
|
|
|
1.4. Investment
|
Table 22: INVESTMENTS BY SEGMENT - R$ million
Investment
(Corporate + Partnerships)
|
Realized 1Q21
|
Realized 2Q21
|
Realized 3Q21
|
Budget 3Q21
|
% 3Q21
|
Realized 9M21
|
Budget 9M21
|
% 9M21
|
Generation
|
314
|
529
|
572
|
1.218
|
47%
|
1.415
|
2.882
|
49%
|
Corporate Expansion
|
145
|
329
|
431
|
851
|
51%
|
904
|
1.919
|
47%
|
Maintenance
|
130
|
152
|
139
|
287
|
48%
|
421
|
722
|
58%
|
SPEs - Contributions
|
39
|
17
|
2
|
79
|
3%
|
58
|
237
|
25%
|
SPEs - Acquisitions
|
0
|
31
|
0
|
1
|
0%
|
31
|
4
|
829%
|
Transmission
|
142
|
360
|
378
|
525
|
72%
|
881
|
1.729
|
51%
|
Corporate Expansion
|
16
|
38
|
34
|
11
|
316%
|
87
|
91
|
96%
|
Reinforcements and Improvements
|
96
|
213
|
300
|
413
|
72%
|
608
|
1.077
|
56%
|
Maintenance
|
30
|
27
|
44
|
99
|
45%
|
101
|
222
|
46%
|
SPEs
|
1
|
83
|
0
|
1
|
0%
|
84
|
340
|
25%
|
Others*
|
65
|
91
|
75
|
118
|
63%
|
231
|
521
|
44%
|
Total
|
522
|
981
|
1,024
|
1,861
|
55%
|
2,527
|
5,132
|
49%
|
Others: Research, Infrastructure, Environmental Quality
* For more details on the investments, by subsidiary or
by project, see annex 3 to this Report to Investors, to be released in November 2021.
IN 3Q21, R$
1,024 MILLION WERE INVESTED OF THE R$ 1,861 MILLION BUDGET FOR THE QUARTER.
In generation, the total investment was R$572 million, R$431
million of which related to the expansion of corporate projects, with emphasis on: Angra 3 R$375 million, Angra 1 and 2 R$70 million.
In generation SPEs, the realization was only R$ 2 million at Brasil Ventos. In generation maintenance, R$139 million were realized, with
an emphasis on R$21 million at Furnas and R$26 million at Chesf.
In transmission, the total investment was R$ 378 million, of
which R$ 34 million in expansion and exclusive of Chesf referring to ( LT São Luiz II/São Luiz III; / - LT Paraíso-Açu
C3; / - LT Pau Ferro /Santa Rita C1; /- TL Mossoro/Açu C2; /- TL Banabuiu/Russas 230K C2). In reinforcements and improvements,
R$300 million was invested, with emphasis on: Chesf R$178 million, CGT R$49 million, Furnas R$38 million and R$36 million for Eletronorte.
There was no performance in transmission SPE in 3Q21
As for non-realization of investments, there was a frustration
of R$ 837 million, of which -R$ 647 million in generation, with emphasis on the non-realization of -R$ 333 million in Angra 3 due to delay
in the bidding process for resumption of works and release of AFAC, frustration of -R$ 86 million in maintenance of Angra 1 and 2 due
to the impacts of the pandemic. In SPE, there was a frustration of R$ 26 million in Teles Pires due to the postponement of contributions
and -R$ 34 million in Brasil Ventos due to planned contributions to subsidiaries and not made.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
36
|
|
Marketletter 3Q21
|
In transmission, investments were not made in the amount of
R$ 147 million, highlighting: -R$ 20 million due to delays in environmental licensing, -R$ 17 million due to impacts from COVID-19 and
-R$ 12 million due to problems with tenders . The budget for transmission SPES was only R$1 million.
1.5. COMMERCIALIZATION
1.5.1. ENERGY SOLD IN 3Q21
– GENERATORS - TWH
In terms of the evolution of the energy market, Eletrobras Companies,
in 3Q21, sold 46.3 TWh of energy, against 52.1 TWh traded in the same period of the previous year, which represents a decrease of 11%.
These volumes include the energy sold from the plants under the quota regime, renewed by Law 12.783 / 2013, as well as by the plants under
the exploration regime (ACL and ACR).
Sales: includes projects under Law 13,182 / 15
Average ACR Prices in the chart do not include Itaipu and O&M.
Include Eletronuclear.
1.5.2. ENERGETIC BALANCE
|
TABLE 23: ENERGETIC BALANCE
|
Energetic Balance (MWmed)
|
2021
|
2022
|
2023
|
2024
|
2025
|
Energy Ballast
|
9,288
|
9,313
|
9,277
|
9,257
|
8,563
|
|
Own resources
|
8,119
|
8,183
|
8,183
|
8,183
|
7.707
|
|
Energy Purchase
|
1,168
|
1,130
|
1,094
|
1,074
|
855
|
Sales
|
7,190
|
6,344
|
5,843
|
4,711
|
3,123
|
|
ACL - Bilateral Contracts + MCP realized
|
5,101
|
4,188
|
3,691
|
2,559
|
1.377
|
|
ACR - Except quotas
|
2,090
|
2,156
|
2,152
|
2,152
|
1.746
|
|
Average Selling Price R$/MWh
|
228.96
|
224.83
|
218.12
|
227.88
|
228.91
|
|
Average Purchase Price R$/MWh
|
283.32
|
247.60
|
254.38
|
256.79
|
247.58
|
|
Average Selling Price R$/MWh (1)
|
186.18
|
184.03
|
171.50
|
169.63
|
178.85
|
|
Average Purchase Price R$/MWh (1)
|
263.85
|
228.16
|
235.24
|
235.99
|
235.99
|
Balance (Ballast - Sales)
|
2,097
|
2,969
|
3,434
|
4,546
|
5,440
|
Uncontracted Energy *
|
23%
|
32%
|
37%
|
49%
|
64%
|
* The uncontracted portion includes energy reserved for the company's
hedge, strategically defined according to the GSF estimate for the period.
Contracts entered into until 09/30/2021.
The consequences of Law 14.182/2021, the decotization process of
plants under the Physical Guarantee Quotas regime and the creation of the new state-owned company are not being considered in the balance
sheet.
* A parcela descontratada inclui energia
reservada para hedge da companhia, definido estrategicamente conforme estimativa de GSF para o período.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
37
|
|
Marketletter 3Q21
|
The installments of Physical Guarantee Quotas and Nuclear Energy Quotas are not included in
the balance.
|
1)
|
The extension of the concession period for the Mascarenhas de Moraes and Tucuruí HPPs was considered, as established in ANEEL
Ratifying Resolution No. 2.932, of September 14, 2021.
|
|
2)
|
The prices of the Amazonas GT contracts (incorporated by Eletronorte), including the PIEs contracts, arising from the Amazonas Distribuidora
unbundling process, are not considered in the energy purchase and sale prices, it is worth noting that, in this case, the energy purchase
and sale operations do not reflect economic impact ("pass-through").
|
Physical Guarantee and Nuclear Energy Quotas (MWmed)
|
2021
|
2022
|
2023
|
2024
|
2025
|
Physical Guarantee Quotas for Hydroelectric Power Plants (3)
|
7,464
|
7,464
|
7,451
|
7,451
|
7,451
|
Nuclear Energy Quotas
|
1,573
|
1,573
|
1,573
|
1,573
|
1,573
|
|
3)
|
The concession under provisional administration of the Jaguari HPP was considered, remaining until 2022. It only considers existing
CCGF, different from previous publications, which considered the end of the contracts of UHE Mascarenhas de Moraes, in Jan/2024, and of
UHE Tucuruí, in Aug/2024, and from these dates, these plants were considered under the Quota regime of Physical Guarantee.
|
With the consequences of Law 14.182/2021 and the decotization process of the plants under the Physical Guarantee Quotas regime, the following scenario is presented considering its implementation:
|
Scenario Law 14.182/2021 (MWmed)
|
2021
|
2022
|
2023
|
2024
|
2025
|
Physical Guarantee Quotas for Hydroelectric Power Plants (3) (4)
|
7,464
|
7,464
|
5,961
|
4,470
|
2,980
|
Decotization (5)
|
0
|
0
|
1,332
|
2,663
|
3,995
|
New Grants (6)
|
0
|
0
|
5,728
|
5,728
|
5,728
|
|
4)
|
Decotization taking place gradually over a period of 5 years from 2023.
|
|
5)
|
Upon decotization, the plants currently under the quota regime will have a new concession under the Independent Energy Producer -
PIE regime, occurring gradually over a period of 5 years from 2023. The Physical Guarantee values were defined in Ordinance GM/MME No.
544/21.
|
|
6)
|
New concession grants are considered as of 2023 for the Sobradinho, Itumbiara,
Tucuruí, Curuá-Una and Mascarenhas de Moraes plants, whose Physical Guarantee values were defined in Ordinance GM/MME No.
544/21. Regardless of what is observed in item (1).
|
Table 23.1 : ERRATA Energectic Balance releaased on 2Q21
The sales price values presented in the 2Q21 balance
sheet (with and without Am-GT) were considering nuclear energy quotas, which we had not been considering recurrently.
Energetic Balance (MWmed)
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
|
|
|
Energy Ballast
|
9,114
|
9,135
|
9,113
|
7,510
|
4,730
|
|
|
|
Own resources
|
8,075
|
8,136
|
8,136
|
6,476
|
3.875
|
|
|
|
Energy Purchase
|
1,039
|
999
|
977
|
1,034
|
855
|
|
|
Sales
|
7,244
|
5,972
|
5,597
|
4,563
|
2,989
|
|
|
|
ACL - Bilateral Contracts + MCP realized
|
5,157
|
3,816
|
3,446
|
2,412
|
1,243
|
|
|
ACR - Except quotas
|
2,087
|
2,156
|
2,152
|
2,152
|
1,746
|
|
|
Average Selling Price R$/MWh
|
224.49
|
233.50
|
227.72
|
238.98
|
228.39
|
|
|
Average Purchase Price R$/MWh
|
254.79
|
247.25
|
244.71
|
234.44
|
223.83
|
|
|
Average Selling Price R$/MWh (1)
|
183.66
|
191.51
|
180.87
|
181.71
|
174.89
|
|
|
Average Purchase Price R$/MWh (1)
|
228.69
|
227.93
|
224.16
|
211.89
|
211.89
|
|
|
Balance (Ballast - Sales)
|
1,870
|
3,163
|
3,516
|
2,946
|
1,742
|
|
|
Uncontracted Energy *
|
21%
|
35%
|
39%
|
39%
|
37%
|
|
|
* The uncontracted portion includes energy reserved for the company's hedge, strategically defined according to the GSF estimate for the period.
|
|
|
The installments of Physical Guarantee Quotas and Nuclear Energy Quotas are not included in the balance.
|
|
|
Physical Guarantee Quotas for Hydroelectric Power Plants (3)
|
7,464
|
7,464
|
7,464
|
9,123
|
11,773
|
|
|
Nuclear Energy Quotas
|
1,573
|
1,573
|
1,573
|
1,573
|
1,573
|
|
|
|
|
|
|
|
|
|
|
|
Contracts entered into until 06/30/2021. It considers the end of the contracts of 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 Quotas regime.
|
|
|
|
|
|
|
|
|
|
|
|
|
In the Average Sales Prices, projects under the Physical Guarantee Quotas and Nuclear Energy Quotas regime are not being considered.
|
|
|
(1) The prices of Amazonas GT contracts, including the PIEs contracts, arising from the Amazonas Distribuidora unbundling process, are not considered in the average prices indicated with the number (1). and energy sales do not reflect an economic impact for Amazonas GT.
|
|
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
38
|
|
Marketletter 3Q21
|
II.
Result Analysis of
Parent Company
In 3Q21, Eletrobras Holding posted net income of R$924 million,
a reduction of 66% compared to the net income of R$2,751 million in 3Q20. The result for 3Q21 was decisively influenced by: (i) Equity
Interest, of R$ 10,756 million, mainly influenced by the results of the controlled companies as a result of the GSF agreement pursuant
to Law 14,052/20 which extended the deadline for granting of several hydroelectric plants and the effect of the RBSE reprofiling; (ii)
registration of Other Revenues in R$ 772 million, which refer, first, to the recognition of R$ 622 million due to the increase of 14 months
(May 2016 to June 2017) in the period covered by Law No. 14.182/2021 , which regulates the CCC reimbursement credit related to economic
and energy "inefficiency" that Eletrobras may compensate for the added value to be paid in the case of decotization of hydroelectric
plants and the granting of new 30-year concessions, within the scope of the privatization of Eletrobras and, second, the reimbursement
of R$ 150 million from the AIC (fixed assets in progress) to be paid by the privatized distributors to Eletrobras. This was partially
offset by: (iii) negative effect on provisions for legal contingencies, with emphasis provisions related to compulsory loan lawsuits in
the amount of R$9,059 million; and (iv) constitution, in 3Q21, of R$ 340 million in ANEEL CCC Provision due to the adjustment of current
credits granted to Parent Company by the privatized distribution ocmpanies. In addition to the (iv) negative impact of the Financial Result
in the amount of R$927 million in 3Q21, mainly due to the negative effect of the exchange rate fluctuation in the period (R$503 million)
and the negative result of net monetary restatements (R$473 million ).
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
39
|
|
Marketletter 3Q21
|
|
EVOLUTION OF RESULT - R$ 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 3Q21, the Equity Interest result positively impacted the
Company's result by R$10,756 million, mainly due to the Equity Income from investments in subsidiaries, while the result in 3Q20 was R$4,178
million (the amount in 3Q20 was restated due to the remeasurement of transmission assets – see Note 4.4 to the Financial Statements).
Highlight for the improvement in the results of Chesf (+R$3,323 million), Eletronorte (+R$2,816 million), Furnas (+R$557 million) and
partially offset by the lower result of CGT Eletrosul (-R$217 million).
2.2 Operating
Provisions of Parent Company
In 3Q21, Operating Provisions had a negative impact on the Parent
Company's results by R$9,552 million, compared to a provision of R$921 million in 3Q20. This variation is mainly explained by: (i) negative
effect on provisions for legal contingencies, with emphasis on the compulsory loan lawsuits in the amount of R$9,059 million, compared
to a provision of R$379 million in 3Q20; and (ii) constitution, in 3Q21, of R$340 million in ANEEL CCC Provision due to the adjustment
of current credits granted to the Holding by the privatized distributors, as mentioned in the consolidated analysis.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
40
|
|
Marketletter 3Q21
|
|
Table 24: Operating Provisions (R$ million)
|
Operating Provisions
|
|
3Q21
|
3Q20 (Restated)
|
Guarantees
|
- 5
|
- 3
|
Contingencies
|
9,139
|
412
|
PCLD - Financing and Loans
|
10
|
99
|
Overdraft liabilities in subsidiaries
|
-
|
-
|
Investment Losses
|
15
|
18
|
Provision for Implantation of Shares - Compulsory Loan
|
47
|
353
|
ANEEL Provision - CCC
|
340
|
27
|
Others
|
5
|
15
|
TOTAL
|
9,552
|
921
|
2.3 Parent
Company Financial Result
In 3Q21, the Financial Result negatively impacted the Parent
Company's result by R$927 million, as well as in 3Q20, with a negative result of R$311 million. The result was mainly influenced by: (i)
exchange rate fluctuations in the period, given the devaluation of the dollar against the real and the situation of exchange rate exposure.
The result of net exchange variation went from a negative amount of R$107 million in 3Q20 to a negative result of R$503 million in 3Q21;
and (ii) the increase in net monetary restatements, which went from a negative amount of R$243 million in 3Q20 to a negative amount of
R$473 million in 3Q21, mainly due to the financial expense and monetary restatement considering the effect of the application of the IPCA
(in replacement of SELIC) on CCC credits and obligations in the amount of R$ 446 million, due to what was established in CNPE Resolution
15/2021.
|
Table 26: Financial Result (R$ million)
|
FINANCIAL RESULT
|
|
|
3Q21
|
3Q20
|
Financial income
|
|
|
|
|
Interest, commission and fee income
|
|
|
227
|
332
|
Income from financial investments
|
|
|
118
|
89
|
Additional moratorium on electricity
|
|
|
11
|
0
|
Monetary updates
|
|
|
- 473
|
- 243
|
Exchange variations
|
|
|
- 503
|
- 107
|
Interest income on dividends
|
|
|
209
|
137
|
Other financial income
|
|
|
32
|
28
|
|
|
|
|
|
Financial expenses
|
|
|
|
|
Debt charges
|
|
|
- 392
|
- 283
|
Leasing charges
|
|
|
-1
|
-1
|
Charges on shareholder resources
|
|
|
-1
|
0
|
Other financial expenses
|
|
|
-155
|
-262
|
|
|
|
- 927
|
- 311
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
41
|
|
Marketletter 3Q21
|
III.
General Information
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
42
|
|
Marketletter 3Q21
|
SHARE CAPITAL
Eletrobras' capital stock, on September 30, 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
|
Eletrobras’s Social Capital
|
|
|
|
|
|
Shareholding position on 09/30/2021
|
% Capital
|
|
|
|
|
|
|
Shareholders
|
Quantity
|
Value(R$)
|
%
|
Total
|
|
|
|
|
|
Common
|
1,288,842,596
|
32,084,698,524.23
|
100.00%
|
82.15%
|
Government
|
667,888,884
|
16,626,555,917.17
|
51.82%
|
42.57%
|
BNDESPAR
|
141,757,951
|
3,528,950,032.66
|
11.00%
|
9.04%
|
BNDES
|
74,545,264
|
1,855,744,316.08
|
5.78%
|
4.75%
|
Citibank
|
46,264,144
|
1,151,708,608.43
|
3.59%
|
2.95%
|
Iberclear - Latibex
|
333,835
|
8,310,553.49
|
0.03%
|
0.02%
|
FIA Dinâmica e Banclass
|
65,536,875
|
1,631,487,726.37
|
5.08%
|
4.18%
|
FND
|
45,621,589
|
1,135,712,719.15
|
3.54%
|
2.91%
|
FGHAB
|
1,000,000
|
24,894,194.70
|
0.08%
|
0.06%
|
Banco do Nordeste
|
1,420,900
|
35,372,161.25
|
0.11%
|
0.09%
|
Others
|
244,473,154
|
6,085,962,294.93
|
18.97%
|
15.58%
|
|
|
|
|
|
PREF. A
|
146,920
|
3,657,455.09
|
100.00%
|
0.01%
|
Victor Adler
|
52,200
|
1,299,476.96
|
35.53%
|
0.00%
|
Shareholders to be identified
|
42,451
|
1,056,783.46
|
28.89%
|
0.00%
|
Others
|
52,269
|
1,301,194.66
|
35.58%
|
0.00%
|
|
|
|
|
|
PREF. B
|
279,941,394
|
6,968,915,567.21
|
100.00%
|
17.84%
|
Citibank
|
5,052,187
|
125,770,126.85
|
1.80%
|
0.32%
|
Iberclear - Latibex
|
134,253
|
3,342,120.32
|
0.05%
|
0.01%
|
BNDESPAR
|
18,691,102
|
465,299,932.37
|
6.68%
|
1.19%
|
BNDES
|
18,262,671
|
454,634,487.64
|
6.52%
|
1.16%
|
3G Radar Backgrounds
|
28,538,776
|
710,449,846.28
|
10.19%
|
1.82%
|
Shareholders to be identified
|
2,023,774
|
50,380,223.99
|
0.72%
|
0.13%
|
Government
|
494
|
12,297.73
|
0.00%
|
0.00%
|
Others
|
207,238,137
|
5,159,026,532.02
|
74.03%
|
13.21%
|
Total
|
1,568,930,910
|
39,057,271,546.52
|
-
|
100.00%
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
43
|
|
Marketletter 3Q21
|
|
Table 28: B3, ELET3 and ELET6
|
Price and Volume
|
(R$)
ELET3
(Common)
|
(R$)
ELET6
(Preferred)
|
(pts.)
IBOV
(index)
|
(pts.)
IEE
(index)
|
Closing Price on 09/30/2021
|
38.51
|
38.72
|
110,979
|
78,296
|
Maximum in the quarter
|
44.20
|
43.61
|
128,407
|
81,892
|
Average in the quarter
|
39.92
|
40.01
|
120,076
|
79,698
|
Minimum in the quarter
|
34.29
|
34.95
|
108,844
|
76,567
|
|
|
|
|
|
Variation in 3Q21
|
-10.8%
|
-10.5%
|
-12.5%
|
-2.7%
|
Change in the last 12 months
|
36.6%
|
34.2%
|
17.3%
|
14.2%
|
Average Daily Traded Volume 3Q21 (R$ million)
|
160.2
|
79.6
|
-
|
-
|
|
|
|
|
|
Book Value per Share (R$)
|
48.52
|
48.52
|
-
|
-
|
Price / Profit (P/E) (1)
|
65.40
|
65.76
|
-
|
-
|
Price / Shareholders' Equity (P/B) (2)
|
0.79
|
0.80
|
-
|
-
|
|
(1)
|
Closing price of preferred and common shares at the end of the period / Net income per share. For the
calculation, the accumulated net profit of the last 12 months was considered;
|
|
(2)
|
Closing price of preferred and common shares at the end of the period / Book Value per share at the end
of the period.
|
|
Evolution of Shares Traded at B3
|
Source: AE Broadcast
Index number 09/30/2020 = 100 and ex-dividend
values.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
44
|
|
Marketletter 3Q21
|
ADR Programs
|
TABLE 29: NYSE, EBRN AND EBRB
|
Price and Volume
|
(US$) NYSE
EBRN
|
(US$) NYSE EBRB
|
Closing Price on 09/30/2021
|
7.10
|
7.22
|
Maximum in the quarter
|
8.68
|
9.16
|
Average in the quarter
|
7.67
|
7.70
|
Minimum in the quarter
|
6.55
|
6.65
|
|
|
|
Variation in 3Q21
|
-17.9%
|
-17.4%
|
Change in the last 12 months
|
38.1%
|
42.4%
|
Average Daily Trading Volume 3Q21 (US$ thousand)
|
5,864
|
56
|
|
Evolution of Shares Traded in ADR
|
Source: AE Broadcast
Index number 09/30/2020 = 100 and ex-dividend
values.
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
45
|
|
Marketletter 3Q21
|
Latibex - MADRID MARKET
|
Tabela 30: LATIBEX, XELTO E XELTB
|
Price and Volume
|
(€) LATIBEX
XELTO
|
(€) LATIBEX XELTB
|
Closing Price on 09/30/2021
|
6.15
|
6.10
|
Maximum in the quarter
|
7.15
|
7.55
|
Average in the quarter
|
6.33
|
6.88
|
Minimum in the quarter
|
5.60
|
5.60
|
|
|
|
Variation in 3Q21
|
-20.6%
|
-19.2%
|
Change in the last 12 months
|
32.5%
|
18.4%
|
Average Daily Traded Volume 3Q21 (thousands of Euros)
|
13.9
|
0.6
|
|
Evolution of Foreign Currencies
|
Index number 09/30/2020 = 100.
Source: Banco Central
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
46
|
|
Marketletter 3Q21
|
Nº of Employees
PARENT
COMPANY
|
TABLE 31: EMPLOYEES FOR WORKING TIME
|
Working time in the company (years)
|
3Q21
|
Up until 5
|
21
|
6 to 10
|
56
|
11 to15
|
365
|
16 to 20
|
149
|
21 to 25
|
19
|
More than 25
|
59
|
Total
|
669
|
|
TABLE 32: EMPLOYEES BY FEDERATION STATE
|
Federation State
|
3Q21
|
Rio de Janeiro
|
652
|
São Paulo
|
1
|
Brasília
|
15
|
Expatriate
|
1
|
Total
|
669
|
TURNOVER
INDEX (Holding)
|
TABLE 33: TURNOVER HOLDING
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
47
|
|
Marketletter 3Q21
|
Balance Sheet
|
(R$ thousand)
|
Ativo
|
Parent Company
|
Consolidated
|
09.30.21
|
12.31.20
|
09.30.21
|
12.31.20
|
CURRENT
|
|
|
|
|
Cash and cash equivalents
|
1,705,126
|
21,630
|
1,881,127
|
286,607
|
Restricted cash
|
3,893,807
|
3,412,292
|
3,893,807
|
3,573,362
|
Marketable securities
|
8,460,398
|
7,740,051
|
18,551,266
|
14,039,358
|
Customers
|
345,257
|
481,109
|
4,401,187
|
5,971,657
|
Asset contractual transmission
|
0
|
0
|
7,097,383
|
10,364,908
|
Loans and financing
|
3,550,100
|
5,937,323
|
2,429,175
|
4,748,661
|
Remuneration of equity interests
|
1,046,917
|
4,720,491
|
270,292
|
675,510
|
Taxes to recover
|
347,824
|
519,200
|
475,653
|
833,960
|
Income tax and social contribution
|
816,736
|
829,569
|
1,615,861
|
1,292,750
|
Reimbursement rights
|
0
|
0
|
3,267
|
4,684
|
Warehouse
|
281
|
305
|
587,676
|
509,991
|
Nuclear fuel stock
|
0
|
0
|
428,340
|
428,340
|
Derivative financial instruments
|
0
|
0
|
673,264
|
317,443
|
Hydrological risk
|
0
|
0
|
0
|
0
|
Others
|
2,436,134
|
1,683,297
|
2,511,564
|
1,855,175
|
|
22,602,580
|
25,345,267
|
44,819,862
|
44,902,406
|
|
|
|
|
|
Asset held for sale
|
289,331
|
289,331
|
389,210
|
289,331
|
|
22,891,911
|
25,634,598
|
45,209,072
|
45,191,737
|
NON CURRENT
|
|
|
|
|
LONG-TERM REALIZABLE
|
|
|
|
|
Reimbursement rights
|
5,611,205
|
5,583,447
|
5,729,850
|
5,583,447
|
Loans and financing
|
8,990,249
|
11,197,073
|
5,242,903
|
6,176,238
|
Customers
|
0
|
0
|
1,459,622
|
1,061,899
|
Marketable Securities
|
338,780
|
322,884
|
339,144
|
323,236
|
Nuclear fuel stock
|
0
|
0
|
1,381,643
|
1,264,780
|
Taxes to recover
|
3,365
|
2,781
|
485,075
|
430,045
|
Current Income Tax and Social Contribution
|
0
|
0
|
1,513,141
|
2,068,894
|
Escrow deposits
|
6,402,167
|
4,676,895
|
8,452,197
|
6,752,865
|
Transmission contractual asset
|
0
|
0
|
49,902,960
|
41,023,616
|
Financial assets - Concessions and Itaipu
|
1,021,388
|
1,103,034
|
3,152,989
|
3,199,751
|
Derivative financial instruments
|
0
|
0
|
628,828
|
310,100
|
Advances for future capital increase
|
2,259,232
|
1,223,108
|
0
|
1,541
|
Decommissioning Fund
|
1,958,863
|
1,753,827
|
1,958,863
|
1,753,827
|
Others
|
918,965
|
1,153,411
|
1,258,823
|
1,286,546
|
|
27,504,214
|
27,016,460
|
81,506,038
|
71,236,785
|
INVESTMENT
|
92,006,003
|
77,538,694
|
28,493,143
|
29,089,522
|
Fixed assets net
|
238,298
|
244,673
|
32,971,786
|
32,662,912
|
INTANGIBLE
|
56,930
|
42,974
|
5,075,042
|
785,493
|
TOTAL NON-CURRENT ASSETS
|
119,805,445
|
104,842,801
|
148,046,009
|
133,774,712
|
TOTAL ASSETS
|
142,697,356
|
130,477,399
|
193,255,081
|
178,966,449
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
48
|
|
Marketletter 3Q21
|
|
(R$ thousand)
|
Liabilities and Equity
|
Parent Company
|
Consolidated
|
09.30.21
|
31.12.20
|
09.30.21
|
31.12.20
|
CURRENT
|
|
|
|
|
Loans and financing and Debentures
|
9,009,755
|
7,984,194
|
11,875,718
|
11,410,751
|
Compulsory loan
|
80,354
|
57,201
|
80,354
|
57,201
|
Suppliers
|
618,886
|
705,908
|
3,511,594
|
3,904,051
|
Advances from customers
|
1,047,382
|
1,060,770
|
1,136,891
|
1,134,845
|
Taxes payable
|
229,012
|
335,432
|
889,144
|
1,194,042
|
Income tax and social contribution
|
0
|
0
|
47,468
|
319,435
|
Onerous contracts
|
0
|
0
|
0
|
40,196
|
Remuneration to shareholders
|
40,429
|
1,530,718
|
44,701
|
1,547,158
|
Financial liabilities - Concessions and Itaipu
|
2,134,388
|
647,214
|
2,134,388
|
647,214
|
Estimated liabilities
|
182,921
|
167,344
|
1,573,622
|
1,454,148
|
Reimbursement Obligations
|
1,493,047
|
1,373,656
|
1,766,802
|
1,618,508
|
Post-employment benefits
|
0
|
0
|
218,395
|
192,209
|
Provisions for contingencies
|
2,167,235
|
1,332,779
|
2,167,235
|
1,722,562
|
Regulatory charges
|
0
|
0
|
551,309
|
586,845
|
Lease
|
7,671
|
7,595
|
213,311
|
217,321
|
Others
|
126,328
|
111,998
|
389,166
|
353,580
|
|
17,137,408
|
15,314,809
|
26,600,098
|
26,400,066
|
NON-CURRENT
|
|
|
|
|
Loans and financing and Debentures
|
19,639,808
|
20,014,081
|
36,276,082
|
35,591,282
|
Suppliers
|
0
|
0
|
16,555
|
16,556
|
Advances from customers
|
0
|
0
|
208,204
|
290,870
|
Compulsory loan
|
1,109,335
|
989,908
|
1,109,335
|
989,908
|
Obligation for asset retirement
|
0
|
0
|
3,209,663
|
3,040,011
|
Provisions for contingencies
|
24,413,167
|
16,526,961
|
31,479,756
|
24,108,078
|
Post-employment benefits
|
1,120,996
|
1,131,997
|
6,970,556
|
6,824,632
|
Provision for unsecured liabilities
|
0
|
0
|
3,848
|
4,191
|
Onerous contracts
|
0
|
0
|
478,099
|
414,705
|
Reimbursement Obligations
|
0
|
0
|
92,359
|
22,259
|
Lease
|
42,532
|
48,333
|
733,378
|
835,873
|
Concessions payable - Use of public goods
|
0
|
0
|
73,531
|
65,954
|
Advances for future capital increase
|
75,929
|
74,060
|
75,929
|
74,060
|
Derivative financial instruments
|
0
|
0
|
0
|
10,014
|
Sector Charges
|
0
|
0
|
642,938
|
744,442
|
Taxes payable
|
0
|
0
|
299,712
|
182,179
|
Income tax and social contribution
|
600,540
|
650,523
|
6,762,310
|
3,705,055
|
Others
|
2,429,131
|
2,248,420
|
1,789,591
|
1,895,020
|
TOTAL NON-CURRENT LIABILITIES
|
49,431,438
|
41,684,283
|
90,221,846
|
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
|
-8,424,696
|
-8,354,188
|
-8,424,696
|
-8,354,188
|
Non controlling shareholdins
|
0
|
0
|
304,627
|
272,987
|
Accumulated profits
|
5,012,600
|
0
|
5,012,600
|
0
|
TOTAL SHAREHOLDERS' EQUITY
|
76,128,510
|
73,478,307
|
76,433,137
|
73,751,294
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
142,697,356
|
130,477,399
|
193,255,081
|
178,966,449
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
49
|
|
Marketletter 3Q21
|
Income Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
09.30.21
|
09.30.20
|
09.30.21
|
09.30.20
|
NET OPERATING REVENUE
|
472,345
|
-15,113
|
26,124,306
|
19,566,810
|
Operating costs
|
|
|
|
|
Personnel, Material and Services
|
0
|
0
|
-2,635,804
|
-2,439,544
|
Energy purchased for resale
|
-418,856
|
-4,577
|
1,353,914
|
-1,570,469
|
Charges upon use of electric network
|
0
|
0
|
-1,800,388
|
-1,349,987
|
Fuel for electricity production
|
0
|
0
|
-1,830,066
|
-1,524,080
|
Construction
|
0
|
0
|
-769,016
|
-576,480
|
Depreciation
|
0
|
0
|
-1,224,303
|
-1,233,154
|
Amortization
|
0
|
0
|
-56,183
|
-44,919
|
Operating Provisions /Reversals net
|
0
|
0
|
-9,472
|
-367,304
|
Others Costs
|
0
|
0
|
-213,004
|
-76,640
|
GROSS RESULT
|
53,489
|
-19,690
|
18,939,984
|
10,384,233
|
Operating expenses
|
|
|
|
|
Personnel, Supllies and Services
|
-400,505
|
-415,045
|
-2,563,827
|
-2,398,040
|
Depreciation
|
-8,995
|
-9,703
|
-105,691
|
-97,662
|
Amortization
|
-8
|
-8
|
-22,176
|
-23,674
|
Donations and contributions
|
-65,830
|
-75,769
|
-115,176
|
-137,790
|
Operating Provisions /Reversals net
|
-10,864,969
|
-1,111,520
|
-11,359,302
|
-2,640,507
|
Others
|
-288,703
|
-144,672
|
-788,997
|
-790,777
|
|
-11,629,010
|
-1,756,717
|
-14,955,169
|
-6,088,450
|
Regulatory remeasurements - Transmission Contracts
|
0
|
0
|
4,858,744
|
4,228,337
|
OPERATING INCOME BEFORE FINANCIAL RESULT
|
-11,575,521
|
-1,776,407
|
8,843,559
|
8,524,120
|
Resultado Financeiro
|
|
|
|
|
Financial result
|
|
|
|
|
Financial income
|
697,197
|
1,115,374
|
488,565
|
720,892
|
Income from interest, commissions and fees
|
206,419
|
753,582
|
396,286
|
962,700
|
Income from financial investments
|
22,887
|
1,385
|
205,745
|
211,112
|
Moratorium on electricity
|
988,977
|
363,216
|
1,340,085
|
543,676
|
Active monetary updates
|
1,352,771
|
5,158,498
|
1,288,240
|
4,912,083
|
Active exchange rate variations
|
209,321
|
137,404
|
16,761
|
5,992
|
Gains on derivatives
|
0
|
0
|
684,564
|
56,396
|
Other financial income
|
128,193
|
138,521
|
353,709
|
214,268
|
Financial expenses
|
|
|
|
|
Debt charges
|
-1,045,776
|
-1,338,305
|
-1,896,829
|
-2,249,797
|
Leasing charges
|
-3,709
|
-4,238
|
-339,591
|
-276,974
|
Charges on shareholders' funds
|
-1,869
|
-23,467
|
-27,348
|
-78,012
|
Passive monetary updates
|
-1,089,568
|
-483,789
|
-1,282,171
|
-544,319
|
Passive exchange variations
|
-1,568,699
|
-5,502,398
|
-1,558,126
|
-5,932,490
|
Derivative losses
|
0
|
0
|
0
|
0
|
Other financial expenses
|
-486,621
|
-936,638
|
-791,656
|
-642,283
|
|
-590,477
|
-620,855
|
-1,121,766
|
-2,096,756
|
INCOME BEFORE EQUITY
|
-12,165,998
|
-2,397,262
|
7,721,793
|
6,427,364
|
RESULTS OF EQUITY
|
16,438,024
|
6,856,931
|
1,706,178
|
875,494
|
OUTRAS RECEITAS E DESPESAS
|
771,758
|
0
|
771,758
|
25,042
|
OTHER REVENUE AND EXPENDITURE
|
5,043,784
|
4,459,669
|
10,199,729
|
7,327,900
|
Current Income Tax and Social Contribution
|
0
|
0
|
-1,427,201
|
-2,171,772
|
Deferred Income Tax and Social Contribution
|
0
|
0
|
-3,668,904
|
-645,120
|
NET INCOME FOR THE PERIOD
|
5,043,784
|
4,459,669
|
5,103,624
|
4,511,008
|
|
|
|
|
|
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
50
|
|
Marketletter 3Q21
|
Cash Flow Statement
|
(R$ thousand)
|
|
Parent Company
|
Consolidated
|
|
09.30.21
|
09.30.20
|
09.30.21
|
09.30.20
|
Operating Activities
|
|
|
|
|
Income before income tax and social contribution
|
5.043.784
|
4.459.669
|
10.199.729
|
7.327.900
|
Adjustments to reconcile income to cash provided by operations::
|
|
|
|
|
Depreciation and amortization
|
9.003
|
9.711
|
1.408.353
|
1.399.409
|
Net foreign exchange rate variations
|
316.519
|
464.473
|
211.972
|
1.021.050
|
Financial charges
|
144.836
|
113.232
|
1.758.442
|
1.877.899
|
Equivalence equity results
|
-16.438.024
|
-6.856.931
|
-1.706.178
|
-875.494
|
Other Income and Expenses
|
-771.758
|
0
|
-771.758
|
-25.042
|
Contract revenue - Transmission
|
0
|
0
|
-7.008.578
|
-3.739.843
|
Construction Revenue
|
0
|
0
|
-1.103.056
|
-437.739
|
Regulatory remeasurements - Transmission Contracts
|
0
|
0
|
-4.858.744
|
-4.228.337
|
Operating provisions (reversals)
|
10.864.969
|
1.111.520
|
11.368.774
|
3.007.811
|
Participation of non-controlling shareholders
|
0
|
0
|
-90.643
|
-61.300
|
GSF reimbursement
|
0
|
0
|
-4.265.889
|
0
|
Financial instruments - derivatives
|
0
|
0
|
-684.564
|
-56.396
|
Others
|
-167.777
|
458.297
|
703.487
|
-521.022
|
|
-6.042.232
|
-4.699.698
|
-5.038.382
|
-2.639.004
|
(Increases) / decreases in operating assets
|
|
|
|
|
Customers
|
1
|
1
|
1.036.896
|
-557.013
|
Marketable securities
|
-720.347
|
-18.698
|
-4.511.920
|
-1.407.663
|
Reimbursement rights
|
51.040
|
-95.311
|
-66.188
|
-18.340
|
Warehouse
|
24
|
-65
|
-77.685
|
-41.850
|
Nuclear fuel stock
|
0
|
0
|
-116.863
|
-170.433
|
Financial assets - Itaipu
|
1.568.820
|
514.997
|
1.568.820
|
514.997
|
Assets held for sale
|
0
|
294.249
|
-99.879
|
324.009
|
Hydrological risk
|
0
|
0
|
520.785
|
34.062
|
Credits with subsidiaries - CCD
|
0
|
0
|
0
|
0
|
Others
|
110.536
|
128.797
|
62.226
|
-306.729
|
|
1.010.074
|
823.970
|
-1.683.808
|
-1.628.960
|
Increase / (decrease) in operating liabilities
|
|
|
|
|
Suppliers
|
-254.687
|
-58.257
|
-560.123
|
-568.307
|
Advances
|
0
|
0
|
-67.232
|
-53.459
|
Lease
|
-5.725
|
4.237
|
274.473
|
253.179
|
Estimated liabilities
|
15.577
|
26.875
|
-16.027
|
122.333
|
Indemnification obligations
|
0
|
0
|
99.003
|
0
|
Sectorial charges
|
0
|
0
|
-137.040
|
69.231
|
Liabilities associated with assets held for sale
|
0
|
0
|
0
|
0
|
Accounts payable with subsidiaries
|
0
|
0
|
0
|
0
|
Others
|
-733.239
|
342.622
|
-715.465
|
131.494
|
|
-978.074
|
315.477
|
-1.122.411
|
-45.529
|
|
|
|
|
|
Payment of financial charges
|
-848.801
|
-631.163
|
-1.549.307
|
-1.798.451
|
Revenue of RAP and indemnities
|
0
|
0
|
7.510.113
|
6.519.416
|
Revenue of financial charges
|
643.814
|
840.415
|
424.945
|
523.603
|
Payment of income tax and social contribution
|
-155.989
|
-188.159
|
-1.920.400
|
-2.376.481
|
Revenue of remuneration for investments in equity interests
|
5.528.150
|
3.578.347
|
1.523.912
|
454.423
|
Supplementary pension payment
|
-11.002
|
-9.443
|
-241.683
|
-204.965
|
|
|
|
|
|
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
51
|
|
Marketletter 3Q21
|
Payment of legal contingencies
|
-1.886.445
|
-2.871.787
|
-4.148.606
|
-2.942.684
|
Bonds and related deposits
|
-1.574.390
|
-728.671
|
-1.512.755
|
-765.390
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
728.889
|
888.957
|
2.441.347
|
2.423.878
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
Loans and financing obtained and debentures obtained
|
2.700.000
|
5.193.319
|
4.736.770
|
8.191.275
|
Payment of loans and financing and debentures - principal
|
-2.860.468
|
-8.099.149
|
-4.270.102
|
-9.974.976
|
Payment of remuneration to shareholders
|
-2.922.438
|
-2.579.579
|
-2.840.202
|
-2.590.936
|
Revenue of advance for future capital increase
|
0
|
0
|
0
|
0
|
Payment of finance leases
|
0
|
-9.899
|
-380.978
|
-409.831
|
Others
|
0
|
0
|
266
|
-14.236
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
-3.082.906
|
-5.495.308
|
-2.754.246
|
-4.798.704
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Lending and financing
|
0
|
0
|
0
|
0
|
Loans and financing receivables
|
5.076.238
|
4.966.163
|
3.615.731
|
3.131.802
|
Acquisition of fixed assets
|
-2.621
|
0
|
-1.375.560
|
-842.815
|
Acquisition of intangible assets
|
-13.964
|
-14.190
|
-133.994
|
-50.331
|
Acquisition / capital investment in equity
|
-9
|
0
|
-117.921
|
-45.569
|
Advance concession for future capital increase
|
-1.022.319
|
-652.339
|
0
|
-6.000
|
Investment sale in shareholdings
|
188
|
309.287
|
188
|
311.587
|
Net cash flow in the acquisition of investees
|
0
|
0
|
0
|
0
|
Others
|
0
|
0
|
-81.025
|
-151.858
|
Net cash provided by (used in) investing activities from continuing operations
|
4.037.513
|
4.608.921
|
1.907.419
|
2.346.816
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
1.683.496
|
2.570
|
1.594.520
|
-28.010
|
|
|
|
|
|
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
|
1.705.126
|
20.772
|
1.881.127
|
307.297
|
|
1.683.496
|
2.570
|
1.594.520
|
-28.010
|
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
52
|
|
Marketletter 3Q21
|
IV.
NEW SUSTAINABILITY CHANNEL
MARKETLETTER 3Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding.
|
53
|