FINANCIAL
RESULT
TABLE
11: FINANCIAL INCOME AND EXPENSES
Financial Result
|
2Q20
|
2Q19
|
%
|
Financial
Income
|
1,355
|
3,503
|
-61%
|
Interest, commission and fee income
|
256
|
295
|
-13%
|
Income from financial investments
|
268
|
184
|
46%
|
Additional moratorium on electricity
|
61
|
101
|
-40%
|
Active monetary updates
|
0
|
303
|
-100%
|
Exchange rate variations
|
744
|
201
|
270%
|
Fair value adjustment
|
0
|
1,944
|
-100%
|
Derivative gains
|
0
|
0
|
-
|
Other Financial Income
|
26
|
474
|
-94%
|
Financial
expenses
|
-2,686
|
-3,077
|
-13%
|
Debt charges
|
-624
|
-1,109
|
-44%
|
Leasing charges
|
-92
|
-87
|
6%
|
Charges on shareholder resources
|
-97
|
-125
|
-22%
|
Passive monetary updates
|
147
|
-275
|
-153%
|
Passive exchange variations
|
-941
|
-204
|
363%
|
Fair value adjustment
|
-1,028
|
-223
|
362%
|
Derivative losses
|
11
|
-7
|
-262%
|
Other financial expenses
|
-61
|
-1,048
|
-94%
|
Financial
Result
|
-1,331
|
425
|
-413%
|
Non-recurring adjustments
|
|
|
|
(-) Revenue from loans owed by privatized distributors3
|
-105
|
-47
|
124%
|
(-) RBSE Retroactive recognition effect
|
854
|
0
|
-
|
(-) Monetary adjustment (Selic) of the provision for compulsory loans
|
53
|
123
|
-57%
|
Recurring
Financial Result
|
-529
|
502
|
-205%
|
3
Considering that the privatization of the distributors was completed in April 2019, and these operations are no longer part of
Eletrobras core business, the company treated the material effects of financial income, expenses, PL reversals and prospective
loan loss provisions as non-recurring. 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 loan losses of distributors, as well as debts related
to energy supply.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
16
|
Financial Result:
In 2Q20, the financial
result decreased, from a positive result of R$ 425 million in 2Q19 to a negative result of R$ 1,331 million in 2Q20. The main variations
were in the accounts of:
|
·
|
Adjustment to fair value of RBSE revenue in the positive net amount of R $ 1,722 million in 2Q19,
having presented a financial expense of R $ 1,028 million in 2Q20. The variation of R $ 2,750 million is due to the difference
in the discount rate between the measurement at amortized cost (operating result) and the fair value mark in which it considers
the taxes and charges on this component, in addition to the current discount rate being a similar rate the regulatory Wacc; (ii)
Change in the regulatory wacc that went from 6.64% to 6.96%. In 2019, there was a NTN-B variation from 4.6% in December 2018 to
3.09% in June 2019, generating a gain in 2Q19. It is considered a non-recurring effect of the recalculation of RBSE and the entry
of R $ 854 million in this account, due to the impact of the tariff review.
|
|
·
|
Exchange Variation: the net result of the active and passive exchange variation accounts went from
a negative result of R$ 3 million in 2Q19 to a negative result of R$ 197 million in 2Q20, due to exchange rate fluctuation in the
period, influenced by the effects of Covid 19 pandemic. Eletrobras has a consolidated foreign exchange exposure of approximately
R$ US$ 721.60 million in 2Q20;
|
|
·
|
Revenue from financial investments: the increase in revenue results mainly from the increase in
the balance of financial investments in non-market investment funds. The increase is due, in particular, to the capital increase
that occurred in Dec/19, in the amount of R$ 3.6 billion and to the funding that occurred in Feb/20.
|
|
·
|
Interest, commission and fee income was reduced due to the debt settlement by Ceal, Acre and Cepisa
with an impact of R$ 93 million.
|
|
·
|
Debt charges: reduction of 43% in expenses due to the reduction of indebtedness and reduction of
reference rates and indexes.
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
17
|
I.2
EBITDA CONSOLIDATED
TABLE
12: EBITDA DETAIL
EBITDA
|
1H20
|
1H19
|
(%)
|
2Q20
|
2Q19
|
(%)
|
Net Profit (Loss) for the Year
|
4,904
|
6,908
|
-29%
|
4,597
|
5,561
|
-17%
|
Net Tax Losses from Discontinued Operation
|
0
|
5,037
|
-100%
|
0
|
5,260
|
-100%
|
Result of the Exercise
|
4,904
|
1,871
|
162%
|
4,597
|
301
|
1426%
|
+ Provision for Income Tax and Social Contribution
|
1,914
|
1,632
|
17%
|
1,396
|
1,016
|
37%
|
+ Financial Result
|
2,840
|
-89
|
-3278%
|
1,331
|
-425
|
-413%
|
+ Amortization and Depreciation
|
932
|
873
|
7%
|
463
|
445
|
4%
|
=
EBITDA
|
10,589
|
4,287
|
147%
|
7,787
|
1,336
|
483%
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
|
|
|
|
RBSE retroactive
|
-5,522
|
0
|
|
-5,522
|
0
|
|
Other Income and Expenses
|
-25
|
-166
|
-85%
|
0
|
17
|
-100%
|
Retroactive: Procel / Gains from the sale of SPEs
|
0
|
-127
|
-100%
|
0
|
-35
|
-100%
|
PDC
|
-4
|
167
|
-102%
|
-4
|
-3
|
39%
|
FGTS and INSS at Eletronorte - April launch
|
0
|
0
|
-
|
-22
|
0
|
-
|
Furnas Outsourced
|
25
|
0
|
-
|
0
|
0
|
-
|
Research / SAP / ERP implementation consultancies
|
0
|
107
|
-100%
|
0
|
93
|
-100%
|
Inepar + Camargo Correa + CIEN + / Intercompany Adjustment
|
146
|
60
|
143%
|
16
|
107
|
-85%
|
Contingencies
|
-78
|
622
|
-113%
|
-60
|
329
|
-118%
|
PCLD Credit loss estimate (CPC 48)
|
107
|
162
|
-34%
|
-39
|
119
|
-133%
|
Onerous Contracts
|
0
|
-342
|
-100%
|
0
|
-248
|
-100%
|
Provision / (reversal) for investment losses
|
120
|
-62
|
-293%
|
4
|
-27
|
-116%
|
Adjustment portion RAP
|
224
|
0
|
-
|
224
|
0
|
-
|
Impairment of long-term assets
|
-20
|
0
|
-
|
-20
|
0
|
-
|
Expiry of the concession
|
0
|
387
|
-100%
|
0
|
387
|
-100%
|
ANEEL provision - CCC
|
-9
|
986
|
-101%
|
-16
|
921
|
-102%
|
Inflexibility Usina Candiota III
|
65
|
0
|
-
|
65
|
0
|
-
|
=
EBITDA RECURRENT4
|
5,619
|
6,080
|
-8%
|
2,413
|
2,996
|
-19%
|
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 debentures covenants issued in 2019. The Ebitda of Adjusted 2Q19 considers
this adjustment of RBSE revenue to compare recurring EBITDA in 2Q20, for comparative purposes, and also the mandatory effects of
IFRS 9 and 15 as explained in 4 of our financial statements. In addition, considering the privatization of the distributors was
completed in April 2019, and these operations are no longer part of its core business, the company treated the relevant effects
of financial income, expenses, PL reversals and allowances for loan losses as non-recurring. prospective (CPC 48) of loans contracted
with them before or as a result of the privatization process, although revenues and eventual provisions arising from contracted
loans may continue to affect the company's accounting result until its complete exhaustion. However, they were treated as recurring
outstanding allowance for loan losses of distributors as well as debts related to energy supply.. These recurring adjustments related
to the distributors, adjusted the recurring EBITDA in 2Q20 by R$ 146 million.
4
The adjustments realized to the recurring Ebitda refer to non-recurring events or events that are expected to be dealt with under
the PDNG 2019-2023. However, there are risks and uncertainties related to the Company's business, such as, but not limited to,
general economic, regulatory, political and commercial conditions in Brazil and abroad, changes in interest rates, inflation and
the value of the Real, changes in volumes and pattern of use of electricity by the consumer, competitive conditions, payments related
to our receivables, changes in the levels of rain and water in the reservoirs used to operate our hydroelectric plants, our financing
and capital investment plans, existing and future government regulations , and other risks described in our annual report and other
documents filed with the Securities and Exchange Commission and the Securities and Exchange Commission of the United States of
America, which may change these estimates and expectations of Management. Thus, the future results of the Companies' operations
and initiatives may differ from current expectations and the investor should not rely exclusively on the information contained
herein.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
18
|
TABLE
13: 2Q19 EBITDA CONCILIATION:
EBITDA
|
2Q19
Resubmitted
|
2Q19
Reported
|
Net Profit (Loss) for the Year
|
5,561
|
5,561
|
Net Loss of Taxes from Discontinued Operation
|
5,260
|
5,260
|
Result of the Exercise
|
301
|
301
|
+ Provision for Income Tax and Social Contribution
|
1,016
|
1,016
|
+ Financial Result
|
-425
|
-412
|
+ Amortization and Depreciation
|
445
|
445
|
=
EBITDA
|
1,336
|
1,350
|
ADJUSTMENTS NON-RECURRING EVENTS
|
|
|
|
|
|
Other Income and Expenses
|
17
|
0
|
Retroactive: Procel / Disposal Gains SPEs
|
-35
|
-64
|
(-) PDC
|
-3
|
-3
|
(-) FGTS and INSS at Eletronorte - April launch
|
0
|
172
|
(-) Investigation / Consulting implementation SAP / ERP
|
93
|
118
|
(-) Inepar + Camargo Correa + CIEN + / Intercompany Adjustment
|
107
|
60
|
Contingencies
|
329
|
329
|
PCLD Prospective estimate of credit loss (CPC 48)
|
119
|
119
|
Onerous Contracts
|
-248
|
-248
|
Provision / (reversal) for investment losses
|
-27
|
-27
|
Expiry of the concession
|
387
|
387
|
ANEEL provision - CCC
|
921
|
921
|
=
RECURRING EBITDA
|
2,996
|
3,113
|
RECURRING
CASH GENERATION WITH REGULATORY RAP ADJUSTMENT TRANSMISSION
|
|
|
|
2Q20
|
2Q19
|
1. Recurring EBITDA
|
2,413
|
2,996
|
|
|
|
2. (-) Total Corporate Income from Transmission
|
1,997
|
2,515
|
O&M revenue
|
837
|
1,213
|
Construction Revenue
|
139
|
124
|
Finance - Return on Investment - RBSE
|
844
|
970
|
Contractual Transmission Revenue
|
177
|
209
|
|
|
|
3. (+) Total Revenue of Allowed Annual Revenue
|
2,761
|
3,296
|
Revenue of RAP and indemnities
|
1,924
|
2,083
|
O&M Revenue
|
837
|
1,213
|
|
|
|
4 = 1 - 2 + 3: Approximate Cash Generation
|
3,177
|
3,777
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
19
|
I.3 CONSOLIDATED
RESULT BY SEGMENT OF CONTINUED OPERATIONS:
TablE
14: FINANCIAL STATEMENT BY SEGMENT - R$ THOUSAND
06/30/2020
|
FinacialStatement
by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
83
|
9,025
|
9,492
|
-547
|
18,053
|
Operating Costs and Expenses
|
-1,035
|
-6,415
|
-2,046
|
547
|
-8,949
|
Operating Income Before Financial Result
|
-952
|
2,610
|
7,447
|
0
|
9,104
|
Financial Result
|
-306
|
-595
|
-1,938
|
0
|
-2,840
|
Result of Equity Interests
|
528
|
0
|
0
|
0
|
528
|
Other income and expenses
|
25
|
0
|
0
|
0
|
25
|
Income tax and social contribution
|
-5
|
-1,150
|
-759
|
0
|
-1,914
|
Net
income (loss) for the period
|
-710
|
865
|
4,749
|
0
|
4,904
|
06/30/2019
|
FinacialStatement
by Segment
|
Administration
|
Generation
|
Transmission
|
Eliminations
|
Total
|
Net Operating Revenue
|
68
|
9,270
|
4,212
|
-484
|
13,066
|
Operating Costs and Expenses
|
-2,128
|
-5,950
|
-2,486
|
484
|
-10,080
|
Operating Income Before Financial Result
|
-2,060
|
3,320
|
1,725
|
0
|
2,986
|
Financial Result
|
-518
|
-806
|
1,413
|
0
|
89
|
Result of Equity Interests
|
262
|
0
|
0
|
0
|
262
|
Other income and expenses
|
166
|
0
|
0
|
0
|
166
|
Income tax and social contribution
|
-26
|
-834
|
-772
|
0
|
-1,632
|
Net
income (loss) for the period
|
-2,175
|
1,680
|
2,366
|
0
|
1,871
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
20
|
I.3.1.
INDEBTEDNESS AND RECEIVABLES
TABLE
15: GROSS DEBT AND NET DEBT
|
06/30/2020
|
Gross
Debt - R$ million
|
50,555
|
(-) Transfer RGR to CCEE1
|
1,063
|
Recurring
Gross Debt
|
49,492
|
(-) (Cash and cash equivalents + marketable securities)
|
14,724
|
(-) Financing Receivable
|
14,033
|
(+) RGR to receive RGR transfer to CCEE
|
1,063
|
(-) Net balance of Itaipu Financial Assets2
|
2,198
|
Net
debt
|
19,599
|
1 See
Notes 9.1 and 19 (third party debts, Eletrobras being a mere manager).
2 See
Explanatory Note 15b of the Financial Statements.
TABLE
16: FINANCING PORTFOLIO PAYABLE
|
Parent Company
|
|
Consolidated
|
06.30.2020
|
|
06.30.2019
|
|
06.30.2020
|
|
06.30.2019
|
Balance in R$ million
|
%
|
|
Balance in R$ million
|
%
|
|
Balance in R$ million
|
%
|
|
Balance in R$ million
|
%
|
Foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
10,808
|
41%
|
|
7,572
|
27%
|
|
11,185
|
26%
|
|
7,572
|
18%
|
USD with Libor
|
390
|
1%
|
|
434
|
2%
|
|
866
|
2%
|
|
799
|
2%
|
EURO
|
310
|
1%
|
|
235
|
1%
|
|
310
|
1%
|
|
235
|
1%
|
Subtotal
|
11,509
|
43%
|
|
8,241
|
29%
|
|
12,361
|
28%
|
|
8,606
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic currency
|
|
|
|
|
|
|
|
|
|
|
|
CDI
|
3,123
|
12%
|
|
4,033
|
14%
|
|
8,092
|
18%
|
|
8,698
|
21%
|
IPCA
|
-
|
0%
|
|
-
|
0%
|
|
74
|
0%
|
|
73
|
0%
|
TJLP
|
-
|
0%
|
|
-
|
0%
|
|
5,959
|
14%
|
|
6,233
|
15%
|
SELIC
|
7,870
|
0%
|
|
11,687
|
0%
|
|
7,886
|
18%
|
|
8,595
|
20%
|
Others
|
679
|
0%
|
|
714
|
0%
|
|
1,998
|
5%
|
|
2,465
|
6%
|
Subtotal
|
11,671
|
44%
|
|
16,434
|
58%
|
|
24,009
|
55%
|
|
26,065
|
62%
|
|
|
|
|
|
|
|
|
|
|
|
|
Not indexed
|
3,422
|
13%
|
|
3,599
|
13%
|
|
7,461
|
17%
|
|
7,269
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
26,602
|
100%
|
|
28,274
|
100%
|
|
43,831
|
100%
|
|
41,940
|
100%
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
21
|
TABLE
17: DEBT MATURITY SCHEDULE, EXCLUDING RGR DUE TO THIRD PARTIES (FOR WHICH ELETROBRAS IS A MERGE MANAGER) AND INCLUDING HOLDING
AND SUBSIDIARIES 'DEBENTURES:
Consolidated
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
After 2025
|
Total (R$ million)
|
Amortization with Debentures and RGR
|
4,845
|
10,287
|
6,221
|
4,179
|
5,462
|
4,148
|
15,413
|
50,555
|
(-)
RGR CCEE
|
217
|
146
|
32
|
19
|
5
|
3
|
642
|
1,063
|
Consolidated Annual Amortization (With debentures)
|
4,628
|
10,140
|
6,189
|
4,161
|
5,458
|
4,145
|
14,771
|
49,492
|
Parent Company
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
After 2025
|
Total (R$ million)
|
Amortization with Debentures and RGR
|
3,492
|
7,228
|
4,154
|
2,340
|
4,158
|
3,180
|
7,086
|
31,639
|
(-)
RGR CCEE
|
217
|
146
|
32
|
19
|
5
|
3
|
642
|
1,063
|
Consolidated Annual Amortization (With debentures)
|
3,275
|
7,082
|
4,122
|
2,322
|
4,153
|
3,178
|
6,444
|
30,576
|
TabLE
18: Ratings
Agency
|
National Classification / Perspective
|
Last Report
|
Moody’s BCA
|
“B1”: / Positive
|
09/18/2019
|
Moody’s Senior Unsecured Debt
|
“Ba3”: / Positive
|
09/18/2019
|
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
|
07/22/2020
|
S&P Issuer Credit Rating
|
BB-/Estable
|
07/22/2020
|
*CreditWatch
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
22
|
FINANCING AND LOANS GRANTED (RECEIVABLE)
The financing and loans granted
are realized with the Company's own resources and external resources raised through international development agencies, financial
institutions and resulting from the launch of securities in the national and international financial market.
All financing and loans granted
are supported by formal contracts signed with the borrowers. The revenue of these amounts, for the most part, are foreseen in monthly
installments, amortizable over an average term of 10 years, with the average interest rate, weighted by the balance of the portfolio,
of 6.27% per year.
The parent company has a loan
with Itaipu with an exchange adjustment clause that represents 42% of the total consolidated portfolio (41% on December 31, 2019).
The other financings and loans provide for updating based on indices that represent the level of domestic prices in Brazil and
reach 58% of the balance of the consolidated portfolio (59% on December 31, 2019).
The parent company has a loan
with Amazonas Distribuidora de Energia in the amount of R$ 4 billion, which substantially represents non-capitalized receivables
in the process of disposal of corporate control. These contracts were renegotiated with a grace period of up to 3 years for amortization
of the principal and, during this grace period, only interest is received. Additionally, the renegotiation considered the term
that ends in January 2021, for the presentation of real guarantees that must be previously assessed and approved by Eletrobras'
Management.
In addition to the aforementioned
financing, Eletrobras, until April 30, 2017, was responsible for the management of the Global Reversion Reserve (RGR), a sectorial
fund, having been responsible for granting financing, with the use of these resources, for the implementation of several sectoral
programs. As of May 2017, with the enactment of Law 13.360/2016, CCEE took over this activity. However, there are still financing
carried out before this date, due by third parties, managed by Eletrobras.
According to Decree 9.022/2017,
which regulates the aforementioned law, Eletrobras is not the guarantor of these operations taken by third parties, however, it
is responsible for the contractual management of financing contracts with RGR resources signed until November 17, 2016, which must
be transferred to the RGR, within up to five days, counted from the date of the effective payment by the debtor agent. These receivables
to be paid by third parties do not belong to Eletrobras and will be transferred to CCEE after revenue (“Transfer RGR”).
On June 26, 2020, the Board of
Directors approved the conversion of AFAC contracts into new shares of Eletronuclear in the total amount of R$ 850,000 (more details
in Note 12) and the capitalization of financing contracts in which Eletrobras is a creditor in the amount of R$ 1,035,778.
RGR
TRANSFER
Considering the transfer of the
management of RGR resources to CCEE in accordance with Law 13.360 / 2016 and in line with Decree No. 9.022 / 2017, as of June 2019,
the Company revised the way of presenting the amounts raised and transferred to third parties , with resources from RGR, in order
to more adequately present the resources under Eletrobras 'responsibility for those loans and financing that do not constitute
Eletrobras' debt and should be paid off by third parties with RGR, with Eletrobras being responsible only for the contractual management
of these loans. Accordingly, the amounts of June 30, 2020 referring to receivables from loans and financing granted with funds
from RGR to third parties were segregated from other receivables from Eletrobras and have equivalent liabilities (see note 18).
The following table shows “Transfer RGR”.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
23
|
TABLE
19: RECEIVABLE
R$ Thousand
|
Tx. Average
|
|
CONSOLIDATED
|
|
06/30/2020
|
|
12/31/2019
|
|
06/30/2020
|
|
12/31/2019
|
Itaipu
|
7.00
|
|
7.04
|
|
6,211,469
|
|
5,843,724
|
CEAL
|
5.78
|
|
7.28
|
|
1,517,619
|
|
1,564,724
|
Eletropaulo
|
2.78
|
|
6.96
|
|
993,151
|
|
1,314,107
|
Amazonas D
|
5.75
|
|
7.38
|
|
4,000,296
|
|
3,949,748
|
CEPISA
|
3.86
|
|
5.42
|
|
655,768
|
|
746,427
|
Boa Vista
|
4.07
|
|
5.49
|
|
154,215
|
|
160,309
|
CELPA
|
5.97
|
|
5.96
|
|
6,213
|
|
6,236
|
Equatorial Maranhão D
|
0.21
|
|
0.25
|
|
84,873
|
|
92,986
|
RGR Transfer
|
5.00
|
|
5.00
|
|
1,062,955
|
|
1,101,161
|
Others
|
-
|
|
-
|
|
138,646
|
|
130,037
|
(-) PECLD
|
-
|
|
-
|
|
(792,538)
|
|
(632,643)
|
Total
|
|
|
|
|
14,032,667
|
|
14,276,816
|
R$ Million
Projection Receivables*
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
after 2025
|
TOTAL
|
Parent Company without RGR
|
2,654
|
6,249
|
3,130
|
2,661
|
1,977
|
1,380
|
2,130
|
20,183
|
Consolidated without RGR
|
1,973
|
5,074
|
2,129
|
1,688
|
1,225
|
731
|
677
|
13,495
|
* Does not include: receipts
from Itaipu's financial assets of R$ 2.1 billion, receivables from RGR owed by companies of the System and not belonging to Eletrobras,
PCLD of R$ 556 million and charges from third parties.
Tabela
20: Créditos da CCC cedidos pelas Distribuidoras Privatizadas
In
the privatization process of the distributors, CCC credits were assigned, which are still being analyzed and inspected by Aneel.
These credits are activated in the Company's Financial Statements, of 06/30/2020, in two accounts, namely Right of Reimbursement
and Financing receivable, according to Notes 8 and 11 of 2Q20, and detailed below:
NOTE EXPLANATORY
11 - RIGHT TO REIMBURSEMENT
Registered
Net Assets
R$ Thousand
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
NT Aneel + Claims under analysis Aneel + "inefficiency
|
1,984,196
|
2,723,991
|
254,796
|
170,306
|
5,133,289
|
Current Rights
|
|
220,795
|
57,972
|
26,031
|
304,798
|
Total
(a)
|
1,984,196
|
2,944,786
|
312,676
|
196,337
|
5,438,087
|
* The balance of R$ 1,984 million
from Amazonas consists of a return obligation to CCC in the order of R$ 452 million referring to the final inspection result of
the first and second period carried out by Aneel, and a credit receivable from the National Treasury of economic and energy inefficiency
of R$ 2.4 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 to other distributors.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
24
|
EXPLANATORY NOTE
8 - LOAN AND FINANCING
R$ thousand
R$ mil
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Conversion into Loans (1)
|
442,366
|
|
|
|
442,366
|
(1)
The R$ 442 million credit in the table above was also a CCC credit, granted by Amazonas to Eletrobras, however, as it is current,
and not part of the inspection period mentioned above, and already paid by CCC to Amazonas Distribuidora., then it was converted
into debt of the distributor with Eletrobras.
Total Credits
Granted (Note 8 + Note 11)
R$ thousand
R$ thousand
|
Amazonas
|
Ceron
|
Eletroacre
|
Boa Vista
|
Total
|
Credit
assigned Net (1)
|
2,426,562
|
2,944,786
|
312,767
|
196,337
|
5,880,453
|
(1) Credits restated
up to 03/31/20, by IPCA, based on the credit generating event, with the exception of the portion of economic-energy inefficiency
(R$ 2.46 billion) assigned 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, on March 10, 2020, (i) the right to receive credits from the Ceron
Fuel Consumption Account, in the amount of R $ 1,904,005,165 , 07 (at 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 Eletrobras on the occasion of the 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 $ 191,610,318.04 (at July 2019 prices), referring to the inspection of the benefits due in the period from July 30, 2009 to
June 30, 2016, credits also assigned to Eletrobras on the occasion of the privatization of said distributor.
Aneel's Board of Directors also
approved, on March 10, 2020, the obligation to return R $ 2,061,360,021.40 (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 decided, 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 R $ 1,591,670,950.13 (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 $ 1.9 billion, refers 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 R $ 1,357,794,977.30 to be paid by the National Treasury. Eletrobras
updated these values by the Selic until 06/30/2020.
Aneel has not yet completed the
inspection processes for CCC reimbursements for the first and second periods of Boa Vista Energia, also assigned to Eletrobras
and recorded in the Financial Statements, as well as the second inspection period for Ceron and Eletroacre. Only after the completion
of all the aforementioned inspection processes, and the approval of the results, will the total net value of the credits be included
in the annual budget of the CDE sectoral fund for payment to Eletrobras.
During the 2Q20, the only change
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 the 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' claim on the
withdrawal of the return of amounts received by the distributor regarding the initial tanking, which according to Order No. 2,793
/ 2015, the amount must be returned in the last month of operation of the Monte Cristo and Novo Paraíso TPPs, the day before
the connection to the SIN. As the State of Roraima has not yet been connected, 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 to be a probable acceptance by Aneel, there was no change in the recorded amount of credits assumed by Boa Vista
in this quarter, only monetary restatement of credits by IPCA and Selic (credits of “ inefficiency"). Thus, due to the
information contained in NT 49/2020 by Aneel, Eletobras would have credits
receivable from CCC assigned by Boa Vista, in the amount of R $ 103,883,187.32 (at Feb / 20), referring to the first period of
inspection by that distributor.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
25
|
Accordingly, all the movement
in 2Q20 of CCC/CDE credits assigned to Eletrobras and recorded under the Right to Reimbursement was due to the monetary adjustment
of the credits by IPCA and SELIC, with no new impacts.
TABLE 21: RECEIVABLE
RBSE TRANSMISSION
On June 30, 2020,
the National Electric Energy Agency - ANEEL approved the tariff review of transmission concessions extended under the terms of
Law 12,783/2013. Consequently, it approved the new Permitted Annual Revenue (“RAP”) of these concessions for the 2020-2021
tariff cycle, which brought the following summarized changes, with an impact in relation to the cash flow projection of RBSE receivables:
• Retrospective
change to the wacc for the years 2018 and 2019;
• Change in the
asset base, incorporating the write-offs occurred in the 2013-2018 cycle and the readjustment of the new replacement value of the
assets associated with RBSE;
• Incorporation
of the payment of the controversial installment "Ke" that had been under judgment since 2017;
• 3-year redistribution
of the differences between the amount effectively received between 2018 and 2019 and the portions now revised via the adjustment
portion updated by IPCA.
The flow of estimated
future revenue of RBSE, considering the Company's premises, are as follows:
RBSE: FINANCIAL
FLOW
|
|
|
|
|
|
|
|
|
|
R$ milion
|
FURNAS
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
2,259
|
4,517
|
4,517
|
3,955
|
3,393
|
2,223
|
1,052
|
1,052
|
526
|
23,495
|
Economic portion
|
813
|
1,626
|
1,626
|
1,339
|
1,052
|
1,052
|
1,052
|
1,052
|
526
|
10,139
|
Financial Portion
|
1,170
|
2,341
|
2,341
|
2,341
|
2,341
|
1,170
|
0
|
0
|
0
|
11,703
|
Adjustment Portion
|
275
|
551
|
551
|
275
|
0
|
0
|
0
|
0
|
0
|
1,653
|
RBSE TOTAL FURNAS
|
23,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CGT ELETROSUL
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
303
|
605
|
605
|
491
|
377
|
218
|
59
|
59
|
30
|
2,746
|
Economic portion
|
83
|
165
|
165
|
112
|
59
|
59
|
59
|
59
|
30
|
790
|
Financial Portion
|
159
|
318
|
318
|
318
|
318
|
159
|
0
|
0
|
0
|
1,588
|
Adjustment Portion
|
61
|
123
|
123
|
61
|
0
|
0
|
0
|
0
|
0
|
368
|
RBSE TOTAL ELETROSUL
|
2,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHESF
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
1,459
|
2,919
|
2,919
|
2,187
|
1,456
|
728
|
0
|
0
|
0
|
11,668
|
Economic portion
|
495
|
989
|
989
|
495
|
0
|
0
|
0
|
0
|
0
|
2,968
|
Financial Portion
|
728
|
1,456
|
1,456
|
1,456
|
1,456
|
728
|
0
|
0
|
0
|
7,280
|
Adjustment Portion
|
237
|
473
|
473
|
237
|
0
|
0
|
0
|
0
|
0
|
1,419
|
RBSE TOTAL CHESF
|
11,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELETRONORTE
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
699
|
1,397
|
1,397
|
1,148
|
899
|
560
|
221
|
221
|
110
|
6,652
|
Economic portion
|
257
|
514
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
771
|
Financial Portion
|
339
|
679
|
514
|
367
|
221
|
221
|
221
|
221
|
110
|
2,892
|
Adjustment Portion
|
102
|
204
|
679
|
679
|
679
|
339
|
0
|
0
|
0
|
2,682
|
RBSE TOTAL ELETRONORTE
|
6,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
TOTAL
|
RBSE TOTAL
|
4,719
|
9,438
|
9,438
|
7,782
|
6,125
|
3,728
|
1,332
|
1,332
|
666
|
44,561
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
26
|
Economic portion
|
1,647
|
3,295
|
3,295
|
2,313
|
1,332
|
1,332
|
1,332
|
1,332
|
666
|
16,543
|
Financial Portion
|
2,396
|
4,793
|
4,793
|
4,793
|
4,793
|
2,396
|
0
|
0
|
0
|
23,965
|
Adjustment Portion
|
675
|
1,351
|
1,351
|
675
|
0
|
0
|
0
|
0
|
0
|
4,052
|
RBSE TOTAL
|
44,561
|
|
|
|
|
|
|
|
|
|
1H20 RBSE
REVENUE
|
|
|
|
R$ thousand
|
R$ million
|
Furnas
|
Chesf
|
Eletronorte
|
Eletrosul
|
Total
|
1Q20
|
840.134
|
503.123
|
260.440
|
90.619
|
1.694.316
|
2Q20
|
784.289
|
506.602
|
260.439
|
90.620
|
1.641.950
|
Total
|
1.624.423
|
1.009.725
|
520.879
|
181.239
|
3.336.266
|
I.4.
INVESTIMENT
TABLE
22: INVESTMENTS BY SEGMENT
R$ Million
Investiment (Corporate + Partnerships)
|
Invested 1Q20
|
Invested 2Q20
|
Budged PDNG 2Q20
|
% Realized
2Q20
|
Budged PDNG 1H20
|
Invested 1H20
|
Budged
PDNG 2020
|
% Realized
2020
|
|
|
|
|
|
|
|
|
|
Corporate Generation
|
89
|
155
|
582
|
27%
|
1,083
|
245
|
2,193
|
11%
|
Implantation
|
45
|
94
|
409
|
23%
|
749
|
139
|
1,371
|
10%
|
Angra 3
|
31
|
27
|
263
|
10%
|
526
|
59
|
1,052
|
6%
|
Santa Cruz
|
9
|
58
|
128
|
45%
|
186
|
67
|
230
|
29%
|
Casa Nova
|
4
|
4
|
15
|
28%
|
31
|
8
|
41
|
19%
|
Outros
|
1
|
5
|
3
|
152%
|
6
|
6
|
48
|
12%
|
Maintenance
|
45
|
61
|
173
|
35%
|
334
|
106
|
822
|
13%
|
Eletronorte
|
1
|
2
|
3
|
82%
|
3
|
4
|
27
|
13%
|
Chesf
|
8
|
14
|
29
|
47%
|
60
|
21
|
150
|
14%
|
Furnas
|
8
|
7
|
9
|
78%
|
16
|
15
|
104
|
14%
|
Eletronuclear
|
20
|
33
|
115
|
29%
|
230
|
54
|
459
|
12%
|
CGT Eletrosul
|
7
|
3
|
12
|
25%
|
20
|
11
|
63
|
17%
|
Amazonas GT
|
0
|
2
|
5
|
31%
|
6
|
2
|
20
|
10%
|
Corporate Transmission
|
148
|
169
|
412
|
41%
|
766
|
317
|
1,876
|
17%
|
Enlargement
|
31
|
48
|
87
|
55%
|
193
|
79
|
301
|
26%
|
Eletronorte
|
-
|
-
|
1
|
0%
|
1
|
-
|
1
|
0%
|
Chesf
|
11
|
23
|
53
|
43%
|
124
|
34
|
157
|
22%
|
Furnas
|
0
|
1
|
-
|
|
-
|
1
|
6
|
20%
|
CGT Eletrosul
|
19
|
24
|
34
|
70%
|
68
|
43
|
137
|
32%
|
Reinforcements and Improvements
|
58
|
55
|
225
|
25%
|
404
|
113
|
918
|
12%
|
Eletronorte
|
1
|
12
|
34
|
36%
|
48
|
13
|
123
|
11%
|
Chesf
|
26
|
21
|
114
|
18%
|
225
|
47
|
419
|
11%
|
Furnas
|
26
|
19
|
68
|
28%
|
116
|
45
|
337
|
13%
|
CGT Eletrosul
|
4
|
3
|
9
|
35%
|
15
|
7
|
39
|
19%
|
Maintenance
|
60
|
65
|
100
|
66%
|
169
|
125
|
657
|
19%
|
Eletronorte
|
3
|
13
|
22
|
61%
|
47
|
16
|
68
|
23%
|
Chesf
|
42
|
36
|
53
|
67%
|
82
|
78
|
255
|
30%
|
Furnas
|
15
|
16
|
23
|
72%
|
37
|
32
|
328
|
10%
|
CGT Eletrosul
|
0
|
0
|
2
|
11%
|
3
|
0
|
6
|
4%
|
Infrastructure and Others *
|
37
|
36
|
62
|
59%
|
155
|
74
|
408
|
18%
|
SPES
|
53
|
20
|
304
|
7%
|
512
|
73
|
809
|
9%
|
Generation
|
28
|
20
|
293
|
7%
|
446
|
48
|
676
|
7%
|
Transmission
|
25
|
-
|
11
|
0%
|
67
|
25
|
133
|
19%
|
Total
|
328
|
380
|
1,360
|
28%
|
2,516
|
709
|
5,286
|
13%
|
* Chesf - Itaparica Infrastructure Action - Maintenance Generation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Others:
Research, Infrastructure, Environmental Quality
(2) For more
details on investments, by subsidiary or project, see annex 3 to this Investor Information.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
27
|
In 2Q20, R$ 380 million was invested
out of the R$ 1,360 million budgeted for the quarter.
Total investments in generation
were R$ 175 million, of which R$ 155 million were related to corporate ventures. The main highlights of investments were: Angra
3 at R$ 58.5 million in 1H20, R$ 27.3 million in 2Q20, Angra 1 and 2 at R$ 53.8 million in 1H20, R$ 33.5 million in 2Q20 , UTE
Santa Cruz R$ 67.1 million in 1H20 of which R$ 57.7 million in 2Q20 and in SPE Brasil Ventos with R$ 22.0 million in 1H20, without
occurrence in 2Q20 and SPE Teles Pires Participações R$ 20, 0 million in 2Q20.
In transmission, total investments
were R$ 169 million in corporate ventures, with no investments in SPES in this quarter. The main highlights of investments were:
Chesf in amount of R$ 159.0 million in 1H20 of which R$ 79.3 million in 2Q20, Furnas R$ 78.0 million in 1H20, of which R$ 33.3
million in 2Q20, CGT Eletrosul R$ 50.9 in 1H20, of which R$ 27.6 million in 2Q20 and Eletronorte R$ 29.0 in 1H20 of which R$ 25.4
million in 2Q20.
In 2Q20 there was investment
frustration of R$ 980 million. In generation, the non-realization of corporate investments was (R$ 427 million) with emphasis on:
(R$ 236 million) Angra 3 (R$ 81 million) of maintenance Angra 1 and 2 and (R$ 70 million) of Santa Cruz.
In transmission, non-investments
were (R$ 243 million). About 17% of frustrations are related to COVID-19, 33% delay in bidding due to higher prices for equipment
(exchange variation and market uncertainties) and suppliers and 17% commissioning works.
In SPES the total frustration
was (R$ 284 million) with emphasis on ESBR Jirau (R$ 42.2 million) and investments avoided due to COVID-19.
I.5.
COMMERCIALIZATION
I.5.1.
ENERGY SOLD IN 2Q20 – GENERATORS – TWh
In terms of the evolution
of the energy market, Eletrobras Companies, in 2Q20, sold 46.7 TWh of energy, against 35 TWh traded in the same period of the previous
year, which represents an increase of 4.3%. 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.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
28
|
I.5.2.
ENERGETIC BALANCE
Table
23: Energetic Balance
Energetic Balance (MWmed)
|
2020
|
2021
|
2022
|
2023
|
2024
|
|
|
Ballast
|
9,469
|
9,292
|
9,292
|
9,204
|
7,428
|
|
|
Own resources
|
8,314
|
8,314
|
8,314
|
8,314
|
6.647
|
|
|
Energy Purchase
|
1,155
|
978
|
978
|
890
|
781
|
|
Sales
|
7,478
|
5,596
|
5,013
|
4,786
|
4,527
|
|
|
ACL - Bilateral Contracts + MCP performed
|
5,304
|
3,489
|
2,906
|
2,685
|
2.427
|
|
ACR - Except quotas
|
2,174
|
2,107
|
2,107
|
2,101
|
2.101
|
|
Average Selling Price R$ /MWh
|
212,00
|
216,59
|
220,44
|
222,45
|
224,06
|
|
Average Purchase Price R $ / MWh
|
219,36
|
227,28
|
227,28
|
232,54
|
233,95
|
|
Balance (Ballast - Sales)
|
1,991
|
3,697
|
4,280
|
4,419
|
2,901
|
|
Uncontracted Energy *
|
21%
|
40%
|
46%
|
48%
|
39%
|
|
* The uncontracted portion includes energy reserved for the company's hedge, strategically defined according to the GSF estimate for the period.
|
|
Physical Guarantee Quotas and Nuclear Energy Quotas are not included.
|
|
Physical Guarantee Quotas for Hydroelectric Plants
|
7,451
|
7,451
|
7,451
|
7,451
|
9,118
|
|
Nuclear Energy Quotas
|
1,573
|
1,573
|
1,573
|
1,573
|
1,573
|
|
|
|
|
|
|
|
|
|
Contracts concluded until 06/30/2020. 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 projects
under the Physical Guarantee and Nuclear Energy Quotas regime.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
29
|
|
II |
|
Parent Company Result Analysis
|
In 2Q20, Eletrobras
Holding posted net income of R$ 4,574 million, a reduction of 18% compared to net income of R$ 5,565 million in 2Q19.
This 2Q20 result was
decisively influenced by: (i) Income from Equity Holdings, of R$ 4,842 million, influenced mainly by the result of subsidiaries,
(ii) positive financial result in the amount of (R$ 67 million), mainly influenced by liability manegement measures, such as rolling
over bonds and settling debts with higher costs with less onerous funding resources, (iii) reversal of the ANEEL Provision - CCC,
in the amount of R$ 16 million in 2Q20 against a provision of R$ 921 million in 2Q19, partially offset by, (iv) Provisions for
legal contingencies, in the amount of R$ 125 million, mainly due to the compulsory loan lawsuits in the amount of R$ 176 million.
The chart below shows a comparison of Eletrobras holding's results between 2Q19 and 2Q20.
EVOLUTION OF RESULT - R$ MILLION
Note: The analysis of the results of each subsidiary
can be found in the attachment.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
30
|
|
II.1
|
SHAREHOLDERS 'EQUITY
|
In 2Q20, the result
of Equity Holdings had a positive impact on the Company's result by R$ 4,842 million, mainly due to the equity in results of investments
in subsidiaries, in 2Q19 the result was R$ 1,766 million. This variation was mainly impacted by the effects of the periodic tariff
review of the extended transmission concessions on RBSE.
|
II.2
|
PARENT COMPANY OPERATING PROVISIONS
|
In 2Q20, Operating
Provisions had a negative impact on the Parent Company's result by R$ 114 million, compared to the R$ 961 million provision in
2Q19. This variation is mainly explained by the positive effect of the ANEEL Provision - CCC of R$ 16 million, while in 2Q19 it
presented a negative effect of R$ 921 million, partially offset by provisions for legal contingencies, in the amount of R$ 125
million, related to compulsory loan lawsuits.
TABLE
24: OPERATING PROVISIONS (R$ MILLION)
Operating Provisions
|
Parent Company
|
|
|
2Q20
|
2Q19 (Reclassified)
|
Guarantees
|
|
|
5
|
58
|
Contingencies
|
|
|
-125
|
29
|
PCLD - Consumers and Resellers
|
|
|
0
|
0
|
PCLD - Financing and Loans
|
|
|
14
|
-53
|
Overdraft liabilities in subsidiaries
|
|
|
0
|
-95
|
Onerous Contracts
|
|
|
0
|
0
|
RAP Adjustment Losses
|
|
|
-17
|
27
|
Investment Losses
|
|
|
0
|
0
|
Provision for losses on investments classified as held for sale
|
|
|
0
|
0
|
Impairment
|
|
|
0
|
0
|
ANEEL Provision - CCC
|
|
|
16
|
-921
|
TFRH
|
|
|
0
|
0
|
GAG Improvement
|
|
|
0
|
0
|
Others
|
|
|
-8
|
-6
|
|
|
|
-114
|
-961
|
Table
25: CHANGE PROVISION FOR LIABILITIES UNDERCOVERED
MUTATION PROVISION FOR DISCOVERED LIABILITIES - PARENT COMPANY
|
Balance on 12/31/2019
|
Other Comprehensive Results
|
Equity
|
Reduction
|
Balance on 06/30/2020
|
Amazonas GT
|
119
|
-
|
-141
|
22
|
-
|
TOTAL PROVISION FOR DISCOVERED LIABILITIES
|
119
|
-
|
-141
|
22
|
-
|
* The shares of subsidiary
Amazonas GT were 100% transferred to subsidiary Eletronorte.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
31
|
|
II.3
|
FINANCIAL RESULT OF PARENT COMPANY
|
In 2Q20, the Financial
Result positively impacted the Parent Company's result by R$ 67 million compared to the negative result of R$ 398 million in 2Q19,
mainly influenced by liability manegement measures, such as the rollover of bonds and the settlement of debts with costs. higher
with less costly funding resources. Debt charges went from a negative result of R$ 539 million in 2Q19 to a negative result of
R$ 326 million in 2Q20. The result of the net foreign exchange variation went from a negative result of R$ 16 million in 2Q19 to
a negative result of R$ 71 million in 2Q20. Interest, commission and fee income increased from R$ 481 million in 2Q19 to R$ 372
million in 2Q20. This drop was partially offset by Revenue from financial investments, which went from R$ 88 million in 2Q19 to
R$ 187 million in 2Q20.
TABLE
26: FINANCIAL RESULT (R$ MILLION)
FINANCIAL RESULT
|
|
|
2Q20
|
2Q19
|
Financial income
|
|
|
|
|
Interest, commission and fee income
|
|
|
372
|
481
|
Income from financial investments
|
|
|
187
|
88
|
Additional moratorium on electricity
|
|
|
1
|
0
|
Monetary updates
|
|
|
76
|
123
|
Exchange variations
|
|
|
-71
|
-16
|
Other financial income
|
|
|
16
|
431
|
|
|
|
|
|
Financial expenses
|
|
|
|
|
Debt charges
|
|
|
-326
|
-539
|
Leasing charges
|
|
|
-1
|
-2
|
Charges on shareholder resources
|
|
|
-1
|
-60
|
Other financial expenses
|
|
|
-185
|
-905
|
|
|
|
67
|
-398
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
32
|
III.
General Information
Position on 06/30/2020. Currently,
our staff has 133 SPEs, as TDG was incorporated on 12/05/2020.
The number of SPEs is taking
into account the direct and indirect participation in SPE, and disregarding the SPEs that participate in more than one Eletrobras
Company, differently from the quantities considered in the tables of each company. In this total, 02 SPEs abroad are included.
Of the 134 national and international SPEs, 39 are in the process of divesting by the competitive procedure of sale 01/2019.
SHARE
CAPITAL
STRUCTURAL
OF CAPITAL STOCK
Eletrobras'
capital stock, on June 30, 2020, totaled R$ 39,057 billion, represented by 1,568,930,910 shares, of which 1,288,842,596 are common
shares and 280,088,314 are preferred shares.
TABLE
27: CAPITAL STRUCTURE
Shareholders
|
Common
|
Pref. Classe “A”
|
Pref. Classe “B”
|
Total
|
Quantity
|
%
|
Quantity
|
%
|
Quantity
|
%
|
Quantity
|
%
|
Government
|
667,888,884
|
52%
|
0
|
0%
|
494
|
0%
|
667,889,378
|
43%
|
BNDESpar
|
141,757,951
|
11%
|
0
|
0%
|
18,691,102
|
7%
|
160,449,053
|
10%
|
BNDES
|
74,545,264
|
6%
|
0
|
0%
|
18,262,671
|
7%
|
92,807,935
|
6%
|
FND
|
45,621,589
|
4%
|
0
|
0%
|
0
|
0%
|
45,621,589
|
3%
|
FGHAB
|
1,000,000
|
0,1%
|
0
|
0,0%
|
0
|
0%
|
1,000,000
|
0,1%
|
Free Float
|
358,028,908
|
28%
|
146,920
|
100%
|
242,987,127
|
87%
|
601,162,955
|
38%
|
Total
|
1,288,842,596
|
100%
|
146,920
|
100%
|
279,941,394
|
100%
|
1,568,930,910
|
100%
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
33
|
ASSET
BEHAVIOR ANALYSIS
TABLE
28: B3, ELET3 e ELET6
Price and Volume
|
(R$)
ELET3 (ON Shares)
|
(R$)
ELET6 (PN Shares)
|
(pts.)
IBOV (Índex)
|
(pts.)
IEE ((Índex)
|
Closing Price on 06/30/2019
|
29.76
|
30.85
|
95056
|
70160
|
Maximum in the quarter
|
30.59
|
31.78
|
97645
|
70490
|
Average in the quarter
|
25.21
|
27.44
|
84659
|
63553
|
Minimum in the quarter
|
19.82
|
22.25
|
69538
|
55415
|
|
|
|
|
|
Variation in 2Q20
|
29.9%
|
23.9%
|
30.2%
|
21.7%
|
Change in the last 12 months
|
-12.0%
|
-10.4%
|
-5.9%
|
9.9%
|
Average Daily Traded Volume 2Q20 (R$ million)
|
154.0
|
95.5
|
-
|
-
|
|
|
|
|
|
Net Income per Share in the Quarter (R$)
|
2.92
|
2.92
|
-
|
-
|
Book Value per Share (R$)
|
48.32
|
48.32
|
-
|
-
|
Price / Profit (P/E) (1)
|
10.63
|
11.06
|
-
|
-
|
Price / Shareholders' Equity(2)
|
0.64
|
0.67
|
-
|
-
|
(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 06/30/2019 = 100 and ex-dividend values.
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
34
|
ADR
PROGRAMS
TABLE
29: NYSE, EBRN AND EBRB
Price and Volume
|
(US$) NYSE
EBRN
|
(US$) NYSE EBRB
|
Closing Price on 06/30/2019
|
5.39
|
5.09
|
Maximum in the quarter
|
6.22
|
5.83
|
Average in the quarter
|
4.72
|
4.60
|
Minimum in the quarter
|
3.40
|
3.36
|
|
|
|
Variation in 2Q20
|
21.4%
|
13.9%
|
Change in the last 12 months
|
-38.1%
|
-36.5%
|
Average Daily Trading Volume 2Q20 (US$ million)
|
3,996
|
322
|
EVOLUTION
OF SHARES TRADED IN ADR
Source:AE Broadcast
Index number 06/30/2019 = 100
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
35
|
Latibex
– MADRID MARKET
TabLE
30: LATIBEX, XELTO AND XELTB
Price and Volume
|
(€) LATIBEX
XELTO
|
(€) LATIBEX XELTB
|
Closing Price on 06/30/2019
|
5.00
|
5.10
|
Maximum in the quarter
|
5.50
|
5.40
|
Average in the quarter
|
4.43
|
4.70
|
Minimum in the quarter
|
3.26
|
3.74
|
|
|
|
Variation in 2Q20
|
21.4%
|
19.2%
|
Change in the last 12 months
|
-34.2%
|
-39.3%
|
Average Daily Traded Volume 2Q20 (thousands of Euros)
|
9.1
|
4.3
|
EVOLUTION
OF FOREIGN CURRENCIES
Index number: 06/30/2019
= 100.
Source:Banco Central
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
36
|
Nº
OF EMPLOYEES
parent
company
TABLE
31: EMPLOYEES FOR WORKING TIME
Working time in the company (years)
|
|
|
1Q20
|
2Q20
|
Up until 5
|
|
|
29
|
26
|
6 to 10
|
|
|
238
|
229
|
11 to 15
|
|
|
210
|
222
|
16 to 20
|
|
|
138
|
138
|
21 to 25
|
|
|
13
|
13
|
more than 25
|
|
|
62
|
63
|
Total
|
|
|
690
|
691
|
TABLE
32: EMPLOYEES BY FEDERATION STATE
Estado da Federação
|
|
|
1T20
|
2Q20
|
Rio de Janeiro
|
|
|
674
|
675
|
São Paulo
|
|
|
1
|
1
|
Brasília
|
|
|
15
|
15
|
Total
|
|
|
690
|
691
|
CONTRACTED
/ OUTSOURCED LABOR
TABLE
33: CONTRACTED / OUTSOURCED LABOR
ROTATION
INDEX (Holding)
TABLE
34: ROTATING INDEX HOLDING WITH PDC
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
37
|
BALANCE
SHEET (r$ thousand)
Asset
|
Parent Company
|
Consolidated
|
06.30.20
|
12.31.19
|
06.30.20
|
12.31.19
|
CURRENT
|
|
|
|
|
Cash and cash equivalents
|
9,540
|
18,202
|
368,373
|
335,307
|
Restricted cash
|
2,820,608
|
3,227,536
|
2,820,608
|
3,227,536
|
Marketable securities
|
8,826,219
|
6,787,137
|
14,356,024
|
10,426,370
|
Customers
|
277,713
|
468,429
|
5,212,269
|
5,281,333
|
Financial assets - Concessions and Itaipu
|
0
|
0
|
8,140,823
|
5,927,964
|
Loans and financing
|
6,293,585
|
5,120,734
|
4,772,313
|
3,473,393
|
Asset contractual transmission
|
0
|
0
|
1,039,517
|
1,116,009
|
Equity Pay
|
2,980,344
|
3,592,503
|
229,625
|
299,899
|
Taxes to recover
|
356,913
|
807,150
|
812,063
|
1,474,662
|
Income tax and social contribution
|
1,064,699
|
309,033
|
2,908,739
|
2,382,899
|
Reimbursement rights
|
0
|
0
|
71,895
|
48,458
|
Warehouse
|
328
|
272
|
481,477
|
471,824
|
Nuclear fuel stock
|
0
|
0
|
553,097
|
538,827
|
Derivative financial instruments
|
0
|
138
|
84,514
|
140,543
|
Hydrological risk
|
0
|
0
|
3,132
|
13,590
|
Other
|
2,331,351
|
1,444,837
|
2,575,414
|
2,016,330
|
|
24,961,300
|
21,775,971
|
44,429,883
|
37,174,944
|
|
|
|
|
|
Asset held for sale
|
1,137,157
|
1,546,250
|
3,089,149
|
3,543,519
|
|
26,098,457
|
23,322,221
|
47,519,032
|
40,718,463
|
|
|
|
|
|
NON CURRENT
|
|
|
|
|
LONG-TERM
|
|
|
|
|
Reimbursement rights
|
5,438,086
|
5,382,834
|
5,470,799
|
5,415,547
|
Loans and financing
|
15,307,902
|
18,282,460
|
9,260,354
|
10,803,423
|
Customers
|
0
|
0
|
242,522
|
285,351
|
Marketable securities
|
382,806
|
374,601
|
383,151
|
407,071
|
Nuclear fuel stock
|
0
|
0
|
881,714
|
840,550
|
Taxes to recover
|
0
|
0
|
460,945
|
420,370
|
Current Income Tax and Social Contribution
|
0
|
0
|
322,742
|
463,451
|
Deferred income and social contribution taxes
|
4,097,975
|
4,168,575
|
6,889,921
|
6,891,416
|
Escrow deposits
|
0
|
0
|
13,907,692
|
13,744,276
|
Fuel Consumption Account - CCC
|
2,054,596
|
1,905,607
|
32,321,167
|
31,633,512
|
Financial assets - Concessions and Itaipu
|
0
|
0
|
100,992
|
151,315
|
Derivative financial instruments
|
1,057,536
|
774,468
|
1,541
|
181,257
|
Advances for future capital increase
|
0
|
0
|
163,494
|
179,879
|
Hydrological risk
|
1,675,609
|
1,222,393
|
1,675,609
|
1,222,393
|
Other
|
1,256,253
|
1,350,913
|
1,464,380
|
1,024,607
|
|
31,270,763
|
33,461,851
|
73,547,023
|
73,664,418
|
INVESTMENTS
|
77,721,892
|
75,637,776
|
29,649,350
|
29,112,919
|
Fixed assets net
|
249,422
|
255,947
|
32,754,780
|
33,315,874
|
INTANGIBLE
|
19,513
|
19,518
|
630,301
|
655,041
|
TOTAL
NON-CURRENT ASSETS
|
109,261,590
|
109,375,092
|
136,581,454
|
136,748,252
|
TOTAL
ASSETS
|
135,360,047
|
132,697,313
|
184,100,486
|
177,466,715
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
38
|
(r$
THOUSAND)
Liabilities and Equity
|
Parent Company
|
Consolidated
|
06.30.20
|
12.31.19
|
06.30.20
|
12.31.19
|
CURRENT
|
|
|
|
|
Loans and financing
|
5,515,146
|
5,759,164
|
8,729,647
|
7,636,633
|
Debentures
|
24,242
|
33,159
|
81,710
|
78,527
|
Compulsory loan
|
14,727
|
15,156
|
14,727
|
15,156
|
Suppliers
|
766,136
|
494,133
|
2,867,793
|
3,095,469
|
Advances from customers
|
633,919
|
614,171
|
633,919
|
683,602
|
Taxes payable
|
202,569
|
201,516
|
1,659,352
|
1,575,658
|
Income tax and social contribution
|
0
|
0
|
2,098,004
|
2,532,732
|
Onerous contracts
|
0
|
0
|
3,913
|
3,913
|
Remuneration to shareholders
|
2,599,386
|
2,559,429
|
2,606,013
|
2,575,216
|
Financial liabilities - Concessions and Itaipu
|
645,061
|
703,114
|
0
|
0
|
Estimated liabilities
|
168,320
|
147,106
|
1,471,616
|
1,331,257
|
Reimbursement Obligations
|
1,997,778
|
1,796,753
|
1,997,778
|
1,796,753
|
Post-employment benefits
|
8,969
|
14,875
|
176,734
|
161,773
|
Provisions for contingencies
|
1,012,658
|
1,014,585
|
1,013,957
|
1,031,488
|
Regulatory charges
|
0
|
0
|
567,836
|
627,611
|
Lease
|
7,739
|
7,574
|
229,739
|
219,484
|
Accounts payable with subsidiaries
|
0
|
0
|
0
|
0
|
Derivative financial instruments
|
800
|
683
|
800
|
683
|
Others
|
89,629
|
89,553
|
654,488
|
579,394
|
|
13,687,079
|
13,450,971
|
24,808,026
|
23,945,349
|
|
|
|
|
|
Liabilities associated with assets held for sale
|
0
|
0
|
1,650,380
|
1,692,708
|
|
13,687,079
|
13,450,971
|
26,458,406
|
25,638,057
|
|
|
|
|
|
NON-CURRENT
|
|
|
|
|
Loans and financing
|
21,086,995
|
22,515,109
|
35,101,283
|
34,303,730
|
Suppliers
|
0
|
0
|
17,240
|
18,143
|
Debentures
|
5,012,535
|
5,011,069
|
6,642,079
|
5,880,751
|
Advances from customers
|
0
|
0
|
331,134
|
369,262
|
Compulsory loan
|
470,271
|
470,600
|
470,271
|
470,600
|
Obligation for asset retirement
|
0
|
0
|
3,196,871
|
3,129,379
|
Provisions for contingencies
|
15,506,182
|
16,924,171
|
22,686,734
|
24,214,938
|
Post-employment benefits
|
822,512
|
822,512
|
4,338,592
|
4,353,406
|
Provision for unsecured liabilities
|
0
|
119,223
|
3,228
|
0
|
Onerous contracts
|
0
|
0
|
361,934
|
361,934
|
Lease
|
52,032
|
55,928
|
864,846
|
987,705
|
Grants payable - Use of public goods
|
0
|
0
|
68,330
|
68,555
|
Advances for future capital increase
|
73,337
|
50,246
|
73,337
|
50,246
|
Derivative financial instruments
|
0
|
0
|
4,422
|
5,000
|
Regulatory charges
|
0
|
0
|
852,923
|
730,303
|
Taxes payable
|
0
|
0
|
232,439
|
239,959
|
Income tax and social contribution
|
598,774
|
628,904
|
4,479,717
|
3,978,754
|
Others
|
2,242,063
|
1,741,779
|
1,611,318
|
1,271,847
|
TOTAL
NON-CURRENT LIABILITIES
|
45,864,701
|
48,339,541
|
81,336,698
|
80,434,512
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share capital
|
39,057,271
|
31,305,331
|
39,057,271
|
31,305,331
|
Capital reserves
|
13,867,170
|
13,867,170
|
13,867,170
|
13,867,170
|
Profit reserves
|
23,887,181
|
23,887,181
|
23,887,181
|
23,887,181
|
Advances for future capital increase
|
0
|
7,751,940
|
0
|
7,751,940
|
Other comprehensive income accumulated
|
-5,876,887
|
-5,904,821
|
-5,876,887
|
-5,904,821
|
Non controlling shareholdins
|
0
|
0
|
497,115
|
487,345
|
Share capital
|
4,873,532
|
0
|
4,873,532
|
0
|
TOTAL
SHAREHOLDERS' EQUITY
|
75,808,267
|
70,906,801
|
76,305,382
|
71,394,146
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
135,360,047
|
132,697,313
|
184,100,486
|
177,466,715
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
39
|
INCOME
STATEMENT (r$ thousand)
|
Parent Company
|
Consolidated
|
|
06.30.20
|
06.30.19
|
06.30.20
|
06.30.19
|
NET
OPERATING REVENUE
|
-22,401
|
237,567
|
18,053,226
|
13,066,233
|
Operating costs
|
|
|
|
|
Energy purchased for resale
|
-4,558
|
-51,483
|
-1,006,544
|
-900,890
|
Charges upon use of electric network
|
0
|
0
|
-840,309
|
-785,328
|
Construction
|
0
|
0
|
-347,420
|
-267,060
|
Fuel for electricity production
|
0
|
0
|
-995,928
|
-910,907
|
NET
OPERATING REVENUE
|
-26,959
|
186,084
|
14,863,025
|
10,202,048
|
Operating expenses
|
|
|
|
|
Personnel, Supllies and Services
|
-287,617
|
-370,248
|
-3,207,223
|
-3,685,860
|
Depreciation
|
-6,524
|
-6,723
|
-888,209
|
-821,277
|
Amortization
|
-5
|
0
|
-43,649
|
-51,453
|
Donations and contributions
|
-49,329
|
-58,329
|
-79,721
|
-102,880
|
Operating Provisions /Reversals net
|
-190,057
|
-1,311,774
|
-1,005,909
|
-2,029,036
|
Investigation Findings
|
0
|
0
|
0
|
0
|
Others
|
-99,940
|
-88,919
|
-533,838
|
-525,655
|
|
-633,472
|
-1,835,993
|
-5,758,549
|
-7,216,161
|
OPERATING
INCOME BEFORE FINANCIAL RESULT
|
-660,431
|
-1,649,909
|
9,104,476
|
2,985,887
|
Financial result
|
|
|
|
|
Financial income
|
|
|
|
|
Income from interest, commissions and fees
|
783,194
|
1,070,127
|
482,691
|
540,877
|
Income from financial investments
|
665,066
|
146,071
|
826,007
|
309,563
|
Moratorium on electricity
|
1,385
|
126
|
115,671
|
161,790
|
Restatement Assets
|
280,012
|
576,265
|
376,134
|
563,739
|
Current foreign currency exchange rate variations
|
4,258,703
|
1,003,276
|
4,046,811
|
1,087,152
|
Payment of indemnities - Law 12,783 / 13
|
0
|
0
|
33
|
2,183,631
|
Regulatory asset update
|
0
|
0
|
0
|
0
|
Gains on derivatives
|
0
|
0
|
0
|
0
|
Other financial income
|
110,554
|
478,801
|
145,039
|
598,111
|
Financial expenses
|
|
|
|
|
Debt charges
|
-1,055,138
|
-1,028,505
|
-1,663,203
|
-1,802,452
|
Lease charges
|
-2,868
|
-3,195
|
-185,819
|
-171,937
|
Charges on shareholders' funds
|
-23,091
|
-119,076
|
-143,651
|
-217,799
|
Noncurrent Restatement
|
-157,900
|
-280,237
|
-179,318
|
-412,513
|
Noncurrent foreign currency exchange rate variations
|
-4,495,124
|
-991,370
|
-4,846,293
|
-1,027,077
|
Regulatory liability update
|
0
|
0
|
-1,365,606
|
-388,537
|
Losses on derivatives
|
0
|
0
|
-107,451
|
-25,059
|
Other financial expenses
|
-674,476
|
-1,016,430
|
-340,946
|
-1,310,117
|
|
-309,683
|
-164,147
|
-2,839,901
|
89,372
|
INCOME
BEFORE EQUITY
|
-970,114
|
-1,814,056
|
6,264,575
|
3,075,259
|
RESULTS OF EQUITY
|
5,844,629
|
3,755,390
|
528,110
|
262,000
|
OTHER REVENUE AND EXPENDITURE
|
0
|
0
|
25,042
|
166,294
|
OPERATING
INCOME BEFORE TAXES
|
4,874,515
|
1,941,334
|
6,817,727
|
3,503,553
|
Current Income tax and social contribution
|
0
|
-16,093
|
-1,209,470
|
-1,673,769
|
Deferred Income Tax and Social Contribution
|
0
|
0
|
-704,068
|
41,364
|
NET
INCOME FROM CONTINUING OPERATIONS
|
4,874,515
|
1,925,241
|
4,904,189
|
1,871,148
|
SHARE ATTRIBUTED TO CONTROLLING
|
4,874,515
|
1,925,241
|
4,874,515
|
1,925,241
|
SHARE ATTRIBUTED TO NON-CONTROLLING
|
0
|
0
|
29,674
|
-54,093
|
DISCONTINUED OPERATION
|
|
|
|
|
NET LOSS OF OPERATING TAXES DISCONTINUED
|
0
|
5,037,140
|
0
|
5,037,140
|
NET
INCOME OF THE FINANCIAL YEAR
|
4,874,515
|
6,962,381
|
4,904,189
|
6,908,288
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
40
|
cash
flow statement (r$ thousand)
|
Parent
|
Consolidated
|
|
06.30.20
|
06.30.19
|
06.30.20
|
06.30.19
|
Operating Activities
|
|
|
|
|
Income
before income tax and social contribution
|
4,874,515
|
1,941,334
|
6,817,727
|
3,503,553
|
Adjustments to reconcile income to cash provided by operations:
|
0
|
0
|
0
|
0
|
Depreciation and amortization
|
6,528
|
6,723
|
931,857
|
872,730
|
Net foreign exchange rate variations
|
114,309
|
-307,934
|
602,666
|
-124,373
|
Financial charges
|
297,903
|
80,649
|
1,509,982
|
1,539,700
|
Financial asset revenue
|
0
|
0
|
-377,118
|
-404,702
|
Construction Revenue
|
0
|
0
|
-302,356
|
-249,218
|
Equivalence equity results
|
-5,844,629
|
-3,755,390
|
-528,110
|
-262,000
|
Result on disposal of equity interests
|
0
|
0
|
-25,042
|
-183,222
|
RBSE Revenue
|
0
|
0
|
-6,016,565
|
-3,604,272
|
Provision (reversa operationsl)
|
190,057
|
1,317,682
|
1,005,909
|
2,034,944
|
Non-controlling interest
|
0
|
0
|
-44,982
|
81,957
|
Financial instruments - derivatives
|
0
|
0
|
107,451
|
25,059
|
Others
|
435,991
|
-226,852
|
-604,763
|
-369,183
|
|
-4,799,840
|
-2,885,122
|
-3,741,070
|
-642,580
|
(Increases) / decreases in operating assets
|
|
|
|
|
Customers
|
0
|
20,440
|
-78,823
|
-999,623
|
Marketable securities
|
-2,039,082
|
-2,765,164
|
-3,897,529
|
-3,437,349
|
Reimbursement rights
|
-55,252
|
442,985
|
-78,689
|
-1,745,889
|
Warehouse
|
-56
|
-124
|
-9,653
|
-5,038
|
Nuclear fuel stock
|
0
|
0
|
-55,434
|
78,691
|
Financial assets - Itaipu
|
-207,042
|
28,433
|
-207,042
|
28,433
|
Assets held for sale
|
391,581
|
3,490,843
|
436,858
|
11,618,261
|
Hydrological risk
|
0
|
0
|
26,843
|
47,157
|
Credits with subsidiaries - CCD
|
0
|
2,406,622
|
0
|
0
|
Others
|
-586,547
|
-1,380,736
|
54,280
|
-1,942,236
|
|
-2,496,398
|
2,243,298
|
-3,809,188
|
3,642,406
|
Increase / (decrease) in operating liabilities
|
|
|
|
|
Suppliers
|
237,708
|
97,989
|
-262,874
|
-453,159
|
Advances
|
0
|
0
|
-107,559
|
-36,081
|
Lease
|
2,868
|
67,246
|
161,960
|
217,101
|
Estimated liabilities
|
21,214
|
-34,738
|
99,217
|
-84,043
|
indemnification obligations
|
0
|
0
|
0
|
1
|
Sectorial charges
|
0
|
0
|
62,845
|
5,871
|
Liabilities associated with assets held for sale
|
0
|
-1,832,382
|
-42,328
|
-8,579,161
|
Accounts payable with subsidiaries
|
0
|
-2,866,810
|
0
|
0
|
Other
|
409,774
|
248,814
|
536,518
|
871,063
|
|
671,564
|
-4,319,881
|
447,778
|
-8,058,408
|
|
|
|
|
|
Payment of financial charges
|
-268,153
|
-688,097
|
-1,070,533
|
-1,663,674
|
Revenue of RAP and indemnities
|
0
|
0
|
3,916,023
|
3,589,228
|
Revenue of financial charges
|
709,837
|
986,671
|
445,527
|
672,329
|
Payment of income tax and social contribution
|
-91,570
|
-205,568
|
-1,664,013
|
-1,470,973
|
Revenue of remuneration for investments in equity interests
|
1,273,019
|
1,813,145
|
306,934
|
314,831
|
Supplementary pension payment
|
-5,906
|
-14,786
|
-134,929
|
-85,741
|
Payment of legal contingencies
|
-1,542,793
|
-501,460
|
-1,573,991
|
-546,385
|
Bonds and related deposits
|
-141,080
|
-233,393
|
-212,429
|
-9,745
|
Net
cash provided by (used in) operating activities of continuing operations
|
-1,816,806
|
-1,863,858
|
-272,164
|
-755,158
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
41
|
Net
cash provided by (used in) operating activities of discontinued operations
|
0
|
0
|
0
|
-379,997
|
Net
cash provided by (used in) operating activities
|
-1,816,806
|
-1,863,858
|
-272,164
|
-1,135,155
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Loans and financing
|
5,193,319
|
5,000,000
|
7,122,573
|
5,755,633
|
Payment of loans and financing - Main
|
-6,986,073
|
-2,125,022
|
-8,009,835
|
-3,574,750
|
Payment of shareholders remuneration
|
0
|
-476
|
-74,225
|
-10,368
|
Advanced receivalbe for future capital increase
|
0
|
0
|
0
|
0
|
Payment of finance leases
|
-6,599
|
0
|
-274,564
|
0
|
Others
|
0
|
0
|
-23,374
|
2,512
|
Net
cash provided by (used in) financing activities from continuing operations
|
-1,799,353
|
2,874,502
|
-1,259,426
|
2,173,027
|
Net
cash provided by (used in) financing activities of discontinued operations
|
0
|
0
|
0
|
414,724
|
Net
cash provided by (used in) financing activities
|
-1,799,353
|
2,874,502
|
-1,259,426
|
2,587,751
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Lending and financing
|
0
|
-619,724
|
0
|
-44,658
|
loans and financing receivables
|
3,871,325
|
3,739,200
|
2,153,452
|
3,256,667
|
Acquisition of fixed assets
|
0
|
-153
|
-480,563
|
-434,931
|
Acquisition of intangible assets
|
0
|
-53
|
-24,871
|
-14,223
|
Acquisition / capital investment in equity
|
0
|
-6,860
|
-45,212
|
-348,130
|
Advance concession for future capital increase
|
-281,339
|
-197,644
|
-6,001
|
-60,282
|
Investment sale in shareholdings
|
17,512
|
0
|
19,812
|
16,000
|
Net cash flow in the acquisition of investees
|
0
|
0
|
0
|
0
|
Others
|
0
|
0
|
-51,961
|
-2,907
|
Net
cash provided by (used in) investing activities from continuing operations
|
3,607,498
|
2,914,766
|
1,564,656
|
2,367,536
|
Net
cash provided by (used in) investment activities of discontinued operations
|
0
|
0
|
0
|
6,337
|
Net
cash provided by (used in) investing activities
|
3,607,498
|
2,914,766
|
1,564,656
|
2,373,873
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents
|
-8,662
|
3,925,410
|
33,066
|
3,826,469
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the financial year
|
18,202
|
47,400
|
335,307
|
583,352
|
Cash and cash equivalents at the end of the financial year
|
9,540
|
3,972,810
|
368,373
|
4,368,757
|
Increase (decrease) in cash and cash equivalents
|
0
|
0
|
0
|
41,064
|
|
-8,662
|
3,925,410
|
33,066
|
3,826,469
|
|
|
|
|
|
MARKETLETTER 2Q2020
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed
|
42
|