MARKETLETTER R
1Q2021
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INTRODUTION.............................................................................................................................. | 3 |
ANALYSIS OF THE CONSOLIDATES RESULT............................................................................... | 8 |
ANALYSIS OF THE PARENT COMPANY'S RESULT................................................... | 30 |
GENERAL INFORMATION........................................................................................................... | 40 |
ANNEX: 1.SUBSIDIARIES FINANCIAL INFORMATIONS - EXCEL
- UBSIDIARIES FINANCIAL ANALYSIS
- OPERATION INFORMATION - AVAILABLE IN THE IR'S WEBSITE
The Investors Report - Appendices I, II | Contact RI: |
and III can be found at excel on our | ombudsman-ri@eletrobras.com | |
website:www.eletrobras.com.br/ri |
Conference Call in Portuguese | Conference Call in English |
May 13, 2021 14:30 (GMT)
01:30 a.m. (USA Eastern time) 06:30 p.m. (United Kingdom time) Telefone: (11) 3137-8037
May 13, 2021 02:30 p.m (Brasília)
01:30 a.m. (USA Eastern time) 06:30 p.m. (United Kingdom time) Phones: (11) 3137-8037
(+1) 786 837 9597 (USA)
(+44) 20 3318 3776 (London)
Get to know the Eletrobras IR Ombudsman, an exclusive platform for receiving and forwarding suggestions, complaints, compliments and requests from protesters regarding the securities market on our Investor Relations website.
PREPARATION OF REPORTS: | |
Superintendent of Investor Relations | Capital Market Department |
Paula Prado Rodrigues Couto | Bruna Reis Arantes |
Alexandre Santos Silva | |
Fernando D'Angelo Machado | |
Luiz Gustavo Braga Parente | |
Maria Isabel Brum de A. Souza | |
Mariana Lera de Almeida Cardoso |
EBR & EBR.B
LISTED
NYSE
MARKETLETTER 1Q21
INTRODUCTION
Rio de Janeiro, May 12, 2021
Eletrobras (Centrais Elétricas Brasileiras S.A.)
[B3: ELET3 and ELET6 - NYSE: EBR and EBR-B - LATIBEX: XELTO and XELTB]
Eletrobras, the largest company in the electric energy sector in Latin America, active in the generation, transmission and commercialization segment, parent of 6 operational subsidiaries, a holding company - Eletropar - a research center - Cepel and with a 50% stake in the Itaipu Binacional's Capital Stock and direct and indirect participation in 83 Special Purpose Companies, on this date, announces its results for the period.
1st QUARTER OF 2021
Eletrobras presented, in the first quarter of 2021 (1Q21), a net profit of R$ 1,609 million, 31% higher than the profit of R$ 1,228 million of profit obtained in the first quarter of 2020 (1Q20). The 1Q21 profit was positively impacted by results in transmission, as a result of the Periodic Tariff Review with effect from July 2020, and negatively by the provisions for contingencies of R$ 932 million, highlighting R$ 436 million related to legal contingencies that discuss the monetary restatement of the compulsory loan, especially as a result of judicial ratifications of calculations that differ from the Company's understanding of the treatment of the incidence of 6% pa interest, which is based on Special Appeal 1,003,955 / RS, which has repetitive feature effect.
Net Operating Revenue went from R$ 7,604 million in 1Q20 to R$ 8,208 million in 1Q21, an increase of 8%, influenced by the effect on the transmission revenue of the aforementioned tariff review. Ebtida IFRS, in the amount of R$ 3,463 million in 1Q20, grows to an amount of R$ 3,858 million in 1Q21, impacted by the effects on the aforementioned revenues and provisions. Recurring Net Operating Revenue grew by 8.0%, from R$ 7,595 million in 1Q20 to R$ 8,200 million in 1Q21. Recurrent Ebtida increased 30%, from R$ 3,811 million in 1Q20 to R$ 4,938 million in 1Q21.
Considering the Circular Letter CVM/SNC/SEP 04/2020, issued on December 1, 2020, Eletrobras made retrospective adjustments in the measurement of its: (i) transmission assets - Existing Basic System Network (RBSE), up to then classified as financial assets, starting to treat them as contract assets under CPC 47 / IFRS 15 - Revenue from Contracts with Customers; and (ii) changes in the remuneration rate of its other transmission assets, considering the new criteria established in the guidance issued by CVM. Retrospective adjustments (1Q20) were made to maintain the comparative basis. More information in note 4.4 of the 1Q21 Financial Statements.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
MARKETLETTER 1Q21
OTHER 1Q21 HIGHLIGHTS
Cash of R$ 14.7 billion, Net Debt of R$ 20.6 billion and Recurring LTM EBITDA of R$ 15.1 billion, resulting 1.4x Net Debt/Recurring EBITDA LTM indicator.Dívida Líquida/Ebitda.
Negative impact of the net exchange variation of R$ 601 million.
Non-recurring expenses of approximately R$ 64 million with layoffs of 241 employees at Subsidiary Eletronorte in 1Q21.
TABLE 01: MAIN INDICATORS (R$ MILLION)
Energy Sold - Generation GWh (1) Gross Revenue
Recurring Gross Revenue (2)
Net operating revenue
Recurring Net Operating Revenue (2)
EBITDA
Recurring EBITDA (3)
Ebitda Margin
Recurring Ebitda Margin
Gross debt without third party RGR Recurring Net Debt
Recurring Net Debt / Recurring LTM EBITDA Net Profit
Investments
Employees
1Q21 | 1Q20 | % |
51.4 | 53.5 | -3.9% |
9,821 | 9,121 | 8% |
9,820 | 9,112 | 8% |
8,208 | 7,604 | 8% |
8,200 | 7,595 | 8% |
3,858 | 3,463 | 11% |
4,938 | 3,810 | 30% |
47% | 46% | 146% |
60% | 50% | 1005% |
46,608 | 49,481 | -6% |
20,565 | 21,047 | -2% |
1,4 | 1,6 | -24% |
1,609 | 1,228 | 31% |
519 | 329 | 58% |
12,218 | 12,650 | -3% |
- Does not consider the energy allocated to quotas, from the plants renewed by Law 12,783 / 2013 (2) Does not consider Revenue from Generation Construction and Reversal of Revenue energy interconnection between Brazil and Uruguay; (3) Excludes item(2) and Adjustments Deductions fromCandiota Revenue; (4) Excludes item (3) and fuels not consumed due to the Candiota stop, expenses with Fuel and Generator for Amapá crisis, Generation Construction Costs, costs of the Extraordinary Retirement Plan (PAE) and the consensual Dismissal Plan ( PDC), Costs and expenses with layoffs at Eletronorte, Reversal of foundations contributions (CVM 600 adjustment), ELOSAUDE retroactive administration fee CGT Eletrosul, costs and expenses with Furnas tericeirados, Additional services in Candiota, Write-off of assets (Eletronorte x Energisa Acre) , Judicial agreements Inepar, Camargo Correa, CIEN; Recovery of expenses related to the Eletrosul tax lawsuit, Recovery of expenses at Eletrosul, Amazonas GT gains on the sale of assets and rights; provisions for contingency, onerous contracts, impairment, provision for losses on investments, provision for losses on investments clas sified as held for sale, provisions for adjustment to market value of preferred shares to be delivered related to reserve requirements, ANEEL CCC provision; Rap Adjustment Portion; Inflexibility Provision for Usina Candiota III, and PCLD Estimated prospective credit loss (CPC 48) due by privatized distributors, Provision for Expiry of the Concession; (5) Excludes item (4) plus monetary restatement for the compulsory loan contingency; retroactive monetary restatement of compulsory loan liabilities not yet converted and activation of non-recurring tax credit, Income from loans by the Distributors, Bonus Premium + FIDC Commission, financial expense with fine on the payment of withheld income tax, financial expense with Fine and Tax Notices Infringement.
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
MARKETLETTER 1Q21
1 ANALYSIS OF THE |
CONSOLIDATED RESULT (R$ MILLION) |
TABLE 02: CONSOLIDATEDRESULTS
Financial Statements | 1Q21 | 1Q20 |
Generation Revenue | 5,846 | 5,949 |
Transmission Revenue | 3,801 | 3,043 |
Others Revenue | 173 | 129 |
Gross Revenue | 9,821 | 9,121 |
Deductions from Revenue | -1,612 | -1,517 |
Net Operating Revenue | 8,208 | 7,604 |
Operational costs | -1,641 | -1,751 |
Personnel, Material, Services and Others | -2,034 | -2,144 |
Depreciation and amortization | -458 | -469 |
Operating Provisions | -1,105 | -392 |
2,970 | 2,847 | |
Effect of Periodic Tariff Review | 0 | 0 |
Shareholding | 430 | 122 |
Others Revenues and Expenses | 0 | 25 |
3,400 | 2,994 | |
Financial Result | -584 | -1,172 |
Income before tax | 2,817 | 1,822 |
Income tax and social contribution | -1,207 | -594 |
Net Income for the year | 1,609 | 1,228 |
Profit (Loss) Net of Taxes from Discontinued Operation | 0 | 0 |
NET INCOME FOR THE PERIOD | 1,609 | 1,228 |
MARKETLETTER 1Q2021
Disclaimer: This material contains calculations that may not produce an accurate sum or result due to rounding performed.
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Eletrobrás - Centrais Elétricas Brasileiras SA published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 01:39:02 UTC.