Results
Income Statement
Income Statement (R$ thousand) 2018 1T19 2T19 3T19 4T19 2019 1T20 2T20 3T20 4T20 2020 1T21 2T21
Gross revenue 1,927,319 422,161 435,104 476,148 497,086 1,830,499 540,862 544,905 536,256 581,775 2,203,798 634,200 596,414
Free Market - Bilateral Contracts 1,341,014 277,098 293,520 346,009 356,779 1,273,406 394,841 418,960 407,850 423,695 1,644,257 459,377 401,419
Trading - - - - - - 12,252 27,269 28,191 43,351 112,152 58,304 80,300
Regulated Market - Energy Auctions 463,076 120,885 115,453 119,047 126,203 481,588 126,777 120,562 121,596 129,510 498,445 130,377 124,448
Short-term energy 120,648 23,547 25,483 10,438 12,767 72,235 15,882 6,129 16,134 17,151 55,296 11,828 9,372
Derivative financial instruments - - - - - - (9,637) (28,611) (41,310) (36,737) (116,295) (26,391) (19,830)
Other revenue 2,581 631 648 654 1,337 3,270 747 596 3,795 4,805 9,943 705 705
Deductions from operating revenues (293,209) (66,543) (66,727) (61,682) (64,251) (259,203) (80,322) (59,373) (65,729) (81,126) (286,550) (77,315) (71,251)
Quota for the reversal of global reserves - RGR (54,714) (12,308) (12,309) (843) (844) (26,304) (843) (844) (223) (669) (2,579) (446) (446)
Research and development - R&D (16,319) (3,551) (3,678) (4,164) (4,238) (15,631) (3,933) (4,011) (2,349) (4,805) (15,098) (4,184) (3,522)
Taxes on services - ISS (132) (34) (35) (32) (19) (120) (23) (21) (21) (19) (84) (21) (35)
COFINS on operating revenues (140,460) (30,612) (31,791) (35,583) (37,046) (135,032) (49,986) (34,115) (43,495) (46,974) (174,570) (50,206) (46,834)
PIS on operating revenues (30,493) (6,646) (6,901) (7,726) (8,043) (29,316) (10,852) (7,407) (9,443) (10,198) (37,900) (10,900) (10,168)
Financial compensation for use of water resources (48,063) (12,608) (11,229) (12,119) (12,845) (48,801) (13,456) (11,765) (9,294) (16,874) (51,389) (10,228) (8,916)
Inspection fee of electricity services - TFSE (3,028) (784) (784) (1,215) (1,216) (3,999) (1,229) (1,210) (904) (1,587) (4,930) (1,330) (1,330)
Net operating revenue 1,634,110 355,618 368,377 414,466 432,835 1,571,296 460,540 485,532 470,527 500,649 1,917,248 556,885 525,163
Cost of energy service (1,232,279) (349,882) (211,747) (258,322) (272,064) (1,092,015) (226,335) (281,056) (312,967) (369,284) (1,189,642) (365,112) (343,278)
Gross operating profit 401,831 5,736 156,630 156,144 160,771 479,281 234,205 204,476 157,560 131,365 727,606 191,773 181,885
Operating expenses 257,322 (108,846) (56,506) (29,028) 198,461 4,081 (25,408) 93,448 (24,056) 41,136 85,120 155,855 (49,602)
Result before financial result 659,153 (103,110) 100,124 127,116 359,232 483,362 208,797 297,924 133,504 172,501 812,726 347,628 132,283
Financial income 75,704 33,102 20,986 9,085 11,265 74,438 10,513 7,941 6,550 4,738 29,742 5,725 5,971
Financial expenses (450,571) (85,444) (123,220) (138,940) (70,901) (418,505) (119,723) (102,267) (188,223) (175,457) (585,670) (173,588) (163,547)
Exchange variation 680 2,260 (6,068) 319 (2,809) - 0 - 0 - 0 - 0 - 0 - - 0
Financial result (374,867) (51,662) (99,974) (135,923) (59,317) (346,876) (109,210) (94,326) (181,673) (170,719) (555,928) (167,863) (157,576)
Income (loss) before tax and social contribution 284,286 (154,772) 150 (8,807) 299,915 136,486 99,587 203,598 (48,169) 1,782 256,798 179,765 (25,293)
Net IR/CSLL 10,147 (3,471) (4,152) 951 1,033,200 1,026,528 (45,774) (65,800) (10,356) 1,593,894 1,471,964 (63,967) 7,164
Net income (loss) 294,433 (158,243) (4,002) (7,856) 1,333,115 1,163,014 53,813 137,798 (58,525) 1,595,676 1,728,762 115,798 (18,129)
Note: As from 2Q19, the monetary restatement expenses on provision for litigation were reclassified from "Other Operating Expenses" to "Financial Expenses". Comparative periods changed to reflect reclassification.
Cash Flow
Managerial Cash Flow
Cash Flow - R$ thousand 2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21
Adjusted EBITDA 502,660 41,597 218,592 234,618 257,032 751,839 336,171 287,276 235,952 154,705 1,014,104 282,392 221,717
Cash IR/CSLL - 0 - 0 - 0 - 0 - 0 - 0 (10,662) (21,246) (23,603) (17,035) (72,546) (26,718) (9,438)
Working capital (10,547) (3,888) (27,553) 8,042 116,013 92,614 (93,547) 50,440 (49,939) (26,654) (119,700) (50,720) 69,818
CAPEX (16,089) (583) (3,046) (915) (4,544) (9,088) (2,344) (5,809) (1,940) (5,535) (15,628) (1,012) (2,419)
Operating cash flow 476,024 37,126 187,993 241,745 368,501 835,365 229,618 310,661 160,470 105,481 806,230 203,942 279,678
Net debt service 1,675 (2,588) (44,870) (23,412) (69,085) (139,955) (3) (47,455) (10,137) (5,497) (63,092) (31,934) (6,042)
Operating cash flow after debt service 477,699 34,538 143,123 218,333 299,416 695,410 229,615 263,206 150,333 99,984 743,138 172,008 273,636
Payment of litigation (144,826) (22,819) (57,561) (96,746) (52,105) (229,231) (20,780) (19,356) (12,359) (62,736) (115,231) (11,934) (16,895)
Judicial release 18,644 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Funding - 0 1,777,982 - 0 - 0 - 0 1,777,982 - 0 - 0 1,450,167 - 0 1,450,167 - 0 - 0
Amortization (225,594) (40,163) (84,413) (46,428) (46,732) (217,736) (11) (11) (1,500,011) - 0 (1,500,033) - 0 - 0
Pagamento da outorga - 0 - 0 (1,398,703) - 0 - 0 (1,398,703) - 0 - 0 - 0 - 0 - 0 - 0 - 0
Dividends (25,573) - 0 (297,164) - 0 - 0 (297,164) (85) (409,473) (86) (196,457) (606,101) - 0 (583,990)
Share buyback - ADR Program - - - - - - 0 - - - - - 0 (3,332) - 0
Free cash flow 100,350 1,749,538 (1,694,718) 75,159 200,579 330,558 208,739 (165,634) 88,044 (159,209) (28,060) 156,742 (327,249)
Initial cash balance 310,536 410,886 2,160,424 465,706 540,865 410,886 741,444 950,183 784,549 872,593 741,444 713,384 870,126
Final cash balance 410,886 2,160,424 465,706 540,865 741,444 741,444 950,183 784,549 872,593 713,384 713,384 870,126 542,877
Notes: 2019 numbers were reclassified to be comparable to 2020 ("Judicial Blocking" was reclassified to "Working Capital" and "Debt Services" now excludes financial revenue, which are also consider in the "Working Capital" line. "Liability Payment" represents the sum of litigation and judicial settlements. 1Q21: "IR/CSLL" considers R$16 million of deduction at source IR due to the interest on equity distribution.
Balance Sheet
Consolidated Balance Sheet
Balance Sheet - R$ thousand 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21
Current 854,999 1,071,788 782,557 855,064 1,071,788 1,325,619 1,160,785 1,242,959 1,118,857 1,294,499 934,521
Cash and cash equivalents 410,886 741,444 465,706 540,865 741,444 950,183 784,549 872,593 713,384 870,126 542,877
Derivative Financial Instruments - 0 18,718 - 0 1,344 18,718 - 0 - 0 - 0 - 0 - - 0
Receivables 240,802 198,930 180,946 182,662 198,930 237,155 236,967 237,493 272,817 284,147 239,618
Taxes and contributions for offset 79,203 8,357 36,038 24,312 8,357 18,032 20,393 24,369 61,190 71,304 78,206
Contracts of future energy - 0 - 0 - 0 - 0 - 0 22,230 18,686 11,085 - 0 1,513 - 0
Prepaid expenses 15,580 11,186 15,021 17,738 11,186 5,486 3,955 3,134 1,957 961 4,153
Other credits 108,528 93,153 84,846 88,143 93,153 92,533 96,235 94,285 69,509 66,448 69,667
Non-current 9,471,501 11,857,966 10,897,515 10,794,376 11,857,966 11,800,971 11,635,777 11,518,960 13,433,007 13,246,752 13,151,648
Derivative Financial Instruments - 0 21,225 - 0 2,563 21,225 - 0 - 0 - 0 - 0 - - 0
Contracts of future energy - 0 - 0 - 0 - 0 - 0 2,610 3,555 2,751 - 0 - 0 - 0
Pledges and restricted deposits 536,254 343,979 556,114 545,462 343,979 332,187 292,940 268,739 260,496 218,870 217,483
Deferred IR/CSLL 579,226 1,877,412 571,603 571,603 1,877,412 1,947,308 1,915,075 1,920,530 3,954,680 3,908,905 3,908,192
Warehouse 4,302 7,611 4,713 5,060 7,611 8,584 6,170 6,041 6,023 5,959 5,918
Assets available for reversal 1,949,430 1,719,390 1,949,430 1,949,430 1,719,390 1,719,390 1,719,390 1,719,390 1,739,161 1,739,161 1,739,161
Investments - 0 - 0 - 0 1,000 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Intangible 36,800 1,575,300 1,603,567 1,588,087 1,575,300 1,560,881 1,548,484 1,535,257 1,509,895 1,495,452 1,482,468
Immobilized 6,356,617 6,305,943 6,202,984 6,122,386 6,305,943 6,222,653 6,143,150 6,059,584 5,956,429 5,872,427 5,792,444
Right of use over lease agreements - 0 7,106 - 0 7,424 7,106 7,358 7,013 6,668 6,323 5,978 5,982
Prepaid expenses 7,511 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other credits 1,361 - 0 9,104 1,361 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Fixed assets 10,326,500 12,929,754 11,680,072 11,649,440 12,929,754 13,126,590 12,796,562 12,761,919 14,551,864 14,541,251 14,086,169
Liabilities current 884,398 956,858 472,280 392,722 956,858 1,077,777 743,808 733,938 1,050,593 1,286,447 692,926
Loans, financing and debentures 175,417 44,604 134,508 41,771 44,604 41,849 67,484 69,021 103,080 105,192 110,609
Suppliers 214,556 3,002 91,380 83,476 3,002 25,446 1,889 4,459 18,220 5,398 20,019
Lease 25,211 1,584 - 0 1,584 1,584 1,700 1,700 1,700 1,700 1,700 1,791
Derivative Financial Instruments - 0 - 0 - 0 911 - 0 107,488 129,693 147,330 95,084 127,584 48,869
Future energy contracts - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 17,336 - 0 26,199
Estimated liabilities and payroll - 0 21,497 15,341 19,195 21,497 14,564 17,373 20,539 23,387 13,060 15,821
Taxes and social contributions 19,061 23,535 16,127 29,289 23,535 49,165 98,404 68,565 40,721 32,881 44,736
Regulatory charges 141,742 115,673 111,032 112,061 115,673 115,303 115,420 114,512 76,507 75,534 74,184
Dividends and interest on capital 298,750 606,176 1,586 1,586 606,176 606,091 196,618 196,532 581,919 834,541 250,444
Use of public asset tax (UBP) - 0 29,275 7,319 18,297 29,275 40,254 45,811 46,003 41,307 40,336 40,940
Social and environmental obligations - 0 23,474 - 0 - 0 23,474 27,382 31,369 35,343 28,426 28,411 32,321
Other obligations 9,661 88,038 94,987 84,552 88,038 48,535 38,047 29,934 22,906 21,810 26,993
Non-current 2,340,036 4,827,991 4,263,605 4,316,021 4,827,991 5,002,659 4,876,007 4,899,158 6,295,058 6,204,326 6,311,753
Loans, financing and debentures 1,080 1,781,123 1,779,561 1,783,483 1,781,123 1,785,056 1,782,696 1,758,277 1,800,854 1,840,578 1,874,094
Lease - 0 5,624 - 0 6,029 5,624 5,729 5,419 5,105 4,788 4,468 4,516
Regulatory charges 35,852 12,014 35,852 15,899 12,014 12,014 12,014 12,014 1,240 1,240 1,240
Use of public asset tax - 0 158,355 176,148 167,240 158,355 149,493 140,935 131,783 114,057 105,567 97,197
Derivative Financial Instruments - 0 - 0 - 0 292 - 0 92,075 83,767 55,185 9,141 - 0 - 0
Future energy contracts - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 4,108 3,697 9,681
Provision for litigation 2,156,162 1,814,375 2,120,009 2,197,258 1,814,375 1,889,659 1,782,843 1,859,083 1,748,257 1,606,027 1,643,730
Social and environmental obligations 72,915 164,536 72,915 72,915 164,536 160,474 156,391 152,314 152,749 148,503 144,062
Employees pension - 0 836,995 - 0 - 0 836,995 851,872 866,326 880,997 2,412,379 2,451,341 2,492,036
Other obligations 74,027 54,969 79,120 72,905 54,969 56,287 45,616 44,400 47,485 42,905 45,197
Total Liabilities 3,224,434 5,784,849 4,735,885 4,708,743 5,784,849 6,080,436 5,619,815 5,633,096 7,345,651 7,490,773 7,004,679
Shareholders' Equity 7,102,066 7,144,905 6,944,187 6,940,697 7,144,905 7,046,154 7,176,747 7,128,823 7,206,213 7,050,478 7,081,490
Capital stock 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433 5,975,433
Capital reserves 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098 1,929,098
Profit reserves 554,588 1,084,883 554,588 554,588 1,084,883 1,084,883 1,084,883 1,084,883 2,187,137 1,934,515 1,934,622
Equity valuation adjustments - 976,752 - 948,623 - 964,994 - 958,478 - 948,623 - 938,897 - 928,708 - 917,819 - 919,658 - 2,893,847 - 2,837,415
Other comprehensive income - 380,301 - 895,886 - 375,935 - 371,569 - 895,886 - 1,048,450 - 1,055,655 - 1,045,054 - 1,965,797 108,611 83,084
Lucros (prejuízos) acumulados - 0 - 0 - 174,003 - 188,375 - 0 44,087 171,696 102,282 - 0 - 3,332 - 3,332
Total Liabilities and Shareholders 'Equity 10,326,500 12,929,754 11,680,072 11,649,440 12,929,754 13,126,590 12,796,562 12,761,919 14,551,864 14,541,251 14,086,169
Costs and Expenses
Operational Costs & Expenses
Nature - R$ thousand 2018 1T19 2T19 3T19 4T19 2019 1T20 2T20 3T20 4T20 2020 1T21 2T21
Purchased energy (751,603) (222,998) (76,100) (119,914) (122,099) (541,111) (82,336) (137,133) (168,418) (214,942) (602,829) (219,719) (197,214)
Regulatory charges (114,509) (28,238) (29,119) (34,345) (34,904) (126,606) (33,931) (35,427) (39,461) (40,039) (148,858) (39,049) (39,468)
Personnel (140,894) (39,008) (22,143) (25,097) (20,096) (106,344) (19,895) (15,423) (18,502) (14,459) (68,279) (19,945) (16,615)
VDP - voluntary dismissal program - 0 (102,504) (2,287) (5,955) (336) (111,082) - 0 - 0 (5,961) (9,037) (14,998) - 0 - 0
Administrators (2,238) (366) (438) (364) (5,732) (6,900) (1,240) (1,230) (1,251) (5,044) (8,765) (2,134) (1,670)
Social security entity (10,330) (3,372) (3,380) (3,364) (3,372) (13,488) 122 122 122 123 489 438 (1,314)
Material (4,628) (1,204) (966) (1,531) (870) (4,571) (517) (495) (227) (437) (1,676) (538) (303)
Third-party services (59,246) (12,898) (12,619) (9,216) (11,700) (46,433) (6,186) (7,401) (6,314) (14,639) (34,540) (7,760) (8,571)
Insurance - 0 (409) (384) (894) (1,863) (3,550) (2,250) (1,919) (723) (1,074) (5,966) (1,036) (1,046)
Depreciation/amortization (316,345) (78,510) (92,530) (96,289) (112,236) (379,565) (100,395) (99,876) (95,376) (101,682) (397,329) (97,855) (97,371)
Rents (4,640) (714) (747) (98) (28) (1,587) (663) (418) (283) (463) (1,827) (253) (338)
MP- MS Agreement Implementation (52,000) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Provision for social and environmental commitments 29,353 - 0 - 0 - 0 14,835 14,835 - 0 - 0 - 0 (4,206) (4,206) - 0 - 0
Reversal of quota difference RGR 2018 and 2017 - 0 - 0 - 0 23,152 23,152 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Provision of ad exitum fees (9,505) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Provision for reduction of warehouse 3,370 4,796 2,654 339 264 8,053 54 - 0 12 - 0 66 - 0 - 0
Provision (reversion) for litigation 410,186 36,307 (23,855) (5,259) 324,759 331,952 (26,979) 134,167 22,052 137,404 266,644 202,872 7,937
Expenses with judicial deposits - 0 - 0 - 0 - 0 - 0 - 0 - 0 (23,643) (23,163) (16,478) (63,284) (39,781) - 0
Reversal of impairment 62,652 - 0 - 0 - 0 120,405 120,405 - 0 - 0 - 0 7,589 7,589 - 0 - 0
Adjustment for Jupiá and Ilha Solteira - 0 - 0 - 0 - 0 (230,040) (230,040) - 0 - 0 - 0 - 0 - 0 - 0 - 0
Provision of PIS/COFINS for update of judicial deposits 9,873 (81) (132) 91 6,170 6,048 (15) 315 164 63 527 (268) (51)
Mark-to-market future energy contracts - 0 - 0 - 0 - 0 - 0 - 0 24,840 (2,599) (8,405) (35,280) (21,444) 19,260 (33,696)
Other (expenses) or income (24,453) (9,529) (6,207) (8,606) 3,240 (21,102) (2,352) 3,352 8,711 (15,547) (5,836) (768) 630
Taxes and contributions - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (1,245) (659)
Maintenance and conservation - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (1,476) (3,131)
Total (974,957) (458,728) (268,253) (287,350) (73,603) (1,087,934) (251,743) (187,608) (337,023) (328,148) (1,104,522) (209,257) (392,880)
Indebtedness
Indebtedness
Indebtedness (R$ thousand) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21
Gross Debt 1,817,931 1,791,704 1,769,541 1,825,562 1,825,562 1,852,144 1,900,420
Cash and Cash Equivalents 950,183 784,549 872,593 713,384 713,384 870,126 542,877
Derivatives 199,563 213,460 202,515 104,225 104,225 127,584 48,869
Net Debt 1,067,311 1,220,615 1,099,463 1,216,403 1,216,403 1,109,602 1,406,412
EBITDA LTM 1,196,865 1,401,920 1,407,395 1,210,055 1,210,055 1,346,346 1,178,200
EBITDA LTM Adjusted 1,046,413 1,115,097 1,116,430 1,014,104 1,014,104 960,325 894,766
Leverage EBITDA 0.9x 0.9x 0.8x 1.0x 1.0x 0.8x 1.2x
Leverage EBITDA Adjusted 1.0x 1.1x 1.0x 1.2x 1.2x 1.2x 1.6x
Note: Gross Debt considers commercial lease
Gross Debt by indexer (%)
CDI 100% 100% 17% 17% 17% 17% 16%
IPCA 0% 0% 83% 83% 83% 83% 84%
Total 100% 100% 100% 100% 100% 100% 100%
Average term (years) 4.2 4.0 8.0 7.8 7.8 7.5 7.3
2Q21 Portfolio Charges Term Principal - R$ million
11ª Emissão de Debêntures - 1ª série CDI + 1,64% per year 12/19/22 75
11ª Emissão de Debêntures - 2ª série CDI + 1,64% per year 12/19/23 75
11ª Emissão de Debêntures - 3ª série CDI + 1,64% per year 12/19/24 75
11ª Emissão de Debêntures - 4ª série CDI + 1,64% per year 12/19/25 75
12ª Emissão de Debêntures - 1ª série IPCA + 4,30% per year 8/15/28 539
12ª Emissão de Debêntures - 2ª série IPCA + 4,30% per year 8/15/29 539
12ª Emissão de Debêntures - 3ª série IPCA + 4,30% per year 8/15/30 539
Total - - 1,917
Operation
Operational Data
General data Reservoir area (km2) Concession Extension of dam (km) Generating units Start-up of operations Location Other info
Porto Primavera 2,040 14-Apr-49 10.2 14 1999 Rosana (SP)
Paraibuna 177 9-Sep-21 2.4 2 1978 Paraibuna (SP) Extensão de concessão concedida em mar/2021
Jaguari 56 31-Dec-20 1.0 2 1972 São José dos Campos (SP) Usina entregue em 31/12/2020
Capacity / PG / Availability 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Capacity (MW)
Porto Primavera 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540 1,540
Paraibuna 87 87 87 87 87 87 87 87 87 87 87 87 87 87
Jaguari 28 28 28 28 28 28 28 28 28 28 28 28 - -
Physical Guarantee (MWavg)
Porto Primavera 942 942 887 887 887 887 887 887 887 887 887 887 887 887
Paraibuna 48 48 48 48 48 48 48 48 48 48 48 48 48 48
Jaguari 13 13 13 13 13 13 13 13 13 13 13 13 - -
Avalability Index (%) 93.7% 93.8% 93.7% 93.7% 93.8% 93.9% 94.0% 93.9% 94.1% 94.5% 95.0% 95.7% 95.8% 95.9%
Generation (MWavg) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Porto Primavera 1,129 938 925 1,068 1,065 920 942 1,020 1,093 923 958 965 867 726
Paraibuna 23 38 63 31 11 26 57 50 11 34 61 46 3 42
Jaguari 3 9 9 2 1 3 14 4 1 9 21 5 0 0
Total 1,155 985 997 1,101 1,077 949 1,013 1,074 1,105 966 1,040 1,016 870 768
Energy Balance
Balanço Energético
Energy balance (MW average) Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
Generation Scaling Factor (GSF) 0.86 1.05 1.24 1.04 0.96 0.76 0.69 0.63 0.66 0.64 0.63 0.80 0.81 0.67 0.87 1.11 1.19 1.11 0.69 0.53 0.51 0.50 0.54 0.57 0.93 0.73
Physical Guarantee 998 895 746 729 751 865 956 1,027 1,061 1,035 964 903 911 1,121 906 764 633 626 858 984 1,048 1,064 1,046 995 829 906
Adj. Physical Guarantee 887 950 932 812 783 725 715 703 746 715 675 778 785 798 809 865 791 748 674 620 631 624 655 656 803 723
Deficit/ Surplus 111 -55 -186 -83 -32 140 241 324 315 320 289 125 126 323 97 -101 -158 -122 184 364 417 440 391 339 26 184
Energy Sold 1,090 1,096 1,102 1,097 1,151 1,171 1,177 1,018 1,045 1,068 1,067 1,137 1,102 1,200 1,152 1,208 1,091 1,037 1,008 1,051 1,058 1,090 1,101 1,049 1,066 1,092
Deficit/ Surplus 203 146 170 285 368 446 462 315 299 353 392 359 317 402 343 343 300 289 334 431 427 466 446 393 263 370
Energy purchased 209 153 170 285 368 447 462 353 358 352 389 318 317 408 345 327 292 288 310 418 429 481 418 367 367 371
Total resource 1,096 1,103 1,102 1,097 1,151 1,172 1,177 1,056 1,104 1,067 1,064 1,096 1,102 1,206 1,154 1,192 1,083 1,036 984 1,038 1,060 1,105 1,073 1,023 1,170 1,094
Balance (long or short) 6 7 0 -0 0 1 0 38 59 -1 -3 -42 -0 6 2 -16 -8 -1 -24 -13 2 15 -28 -26 104 1
744 696 13-Jan-02 720 744 720 744 744 720 744 720 744 744 672 744 720 744 720 744 744 720 744 720 744
Physical Guaranty Seasonality (MWavg) Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
Physical Guarantee Allocation 998 895 746 729 751 865 956 1027 1061 1035 964 903 911 1,121 906 764 633 626 858 984 1,048 1,064 1,046 995 829 906
Quarterly Analysis - Volume (MWavg) 1Q20 879.3 2Q20 781.3 3Q20 1014.2 4Q20 967.4 1Q21 931.1 2Q21 704.8 3Q21 1031.7 4Q21 956.3
Quarterly Analysis - Allocation (%) 24% 21% 28% 27% 26% 19% 28% 26%
GSF (%) - CCEE Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
GSF 86% 105% 124% 104% 96% 76% 69% 63% 66% 64% 63% 80% 81% 67% 87% 111% 119% 111% 69% 53% 51% 50% 54% 57% 93% 73%
Quarterly Analysis - GSF 1Q20 103.2% 2Q20 91.1% 3Q20 65.9% 4Q20 68.6% 1Q21 85.5% 2Q21 96.4% 3Q21 51.3% 4Q21 66.3%
Adjusted Physical Guarantee (MWavg) Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
Physical Guarantee after GSF (MWavg) 887 950 932 812 783 725 715 703 746 715 675 778 785 798 809 865 791 748 674 620 631 624 655 656 803 723
Quarterly Analysis - Volume (MWavg) 1Q20 922.4 2Q20 773.4 3Q20 721.1 4Q20 723.2 1Q21 824.5 2Q21 737.8 3Q21 625.0 4Q21 705.2
Quarterly Analysis - Allocation (%) 29% 25% 23% 23% 28% 26% 22% 24%
Contracts (MWavg) Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
Energy Sold 1090 1096 1102 1097 1151 1171 1177 1018 1045 1068 1067 1137 1,102 1,200 1,152 1,208 1,091 1,037 1,008 1,051 1,058 1,090 1,101 1,049 1,066 1,092
Quarterly Analysis - Volume (MWavg) 1Q20 1096.0 2Q20 1139.8 3Q20 1080.4 4Q20 1090.9 1Q21 1187.8 2Q21 1045.2 3Q21 1066.1 4Q21 1072.3
Quarterly Analysis - Allocation (%) 25% 26% 25% 25% 27% 24% 24% 25%
Energy Purchase Jan-20 feb/20 Mar-20 apr/20 may/20 Jun-20 Jul-20 aug/20 sep/20 oct/20 Nov-20 dec/20 2020 Jan-21 feb/21 Mar-21 apr/21 may/21 Jun-21 Jul-21 aug/21 sep/21 oct/21 Nov-21 dec/21 2021
Energy Purchase (MWm) 209 153 170 285 368 447 462 353 358 352 389 318 317 408 345 327 292 288 310 418 429 481 418 367 367 371
Price (R$/MWh) 235 211 213 166 151 166 185 213 210 226 269 224 204 215 202 205 180 190 207 260 277 301 270 243 243 239
Quarterly Analysis - Volume (MWavg) 1Q20 178 2Q20 367 3Q20 392 4Q20 353 1Q21 361 2Q21 297 3Q21 442 4Q21 384
Quarterly Analysis - Price (R$/MWh) 222 161 201 241 208 193 281 253
Energy Purchase Cost (R$ thousand) 86,073 128,795 173,748 187,513 161,980 125,042 273,813 214,801
Notes: 2020 - balance published at 4Q20 earnings 2021 - balance published at 2Q21 earnings GSF weighted by Company's allocation since in 2020 and 2021, we followed the MRE Energy Puchase Cost considers only the data presented in the energy balance, considering the average price for the period and do not reflect the official data reported in the explanatory notes of the Company's Financial Statement
Energy Portfolio
2Q21 Energy Portfolio
Energy Available for Sales (MWavg) 2021 2022 2023 2024 2025
Gross Physical Guarantee 935 911 887 887 887
Net Physical Guarantee (internal loss of 2.5%) 907 884 860 860 860
Note: Physical Guarantee composition - 2021 (Porto Primavera + Paraibuna), 2022 (Porto Primavera + Paraibuna until june), 2023 onwards (Porto Primavera)
Energy Sold (MWavg) 2021 2022 2023 2024 2025
Regulated Market 230 230 230 230 230
Free Market 827 651 482 302 240
Total 1,057 881 712 532 470
Contracting Level 117% 100% 83% 62% 55%
Average Price (R$/MWh) 2021 2022 2023 2024 2025
Regulated Market 255 255 255 255 255
Free Market 227 241 207 178 182
Portfolio 233 244 222 211 217
Indexes (% Total of Free Market) 2021 2022 2023 2024 2025
IPCA 56% 72% 63% 47% 34%
US Dolars 44% 28% 37% 53% 66%
Total 100% 100% 100% 100% 100%
Client Portfolio (% Total of Free Market) 2021 2022 2023 2024 2025
Commoditties - Industrial and Minera 24% 3% - 0.1% 0.2%
Cyclical consumption 5% 6% - - -
Utilities 46% 58% 84% 52% 62%
Hospital Equipments 25% 32% - 0.3% -
Banks - 1% 12% 32% 28%
Oil and gas - - 2% 3% -
Material, Machines and Equipments - - 1% 5% 6%
Automotive - - - 1% 1%
Non-cyclical consumption - - 1% 2% 2%
Agribusiness and food commoditties - - - 4% 1%
Total 100% 100% 100% 100% 100%
Contingent Liability
Contingent Liability
Classification (R$ million) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 1H21
Probable 1,890 1,783 1,859 1,748 1,748 1,606 1,644 1,644
Possible 2,534 2,630 2,626 2,913 2,913 2,946 2,880 2,880
Remote 7,284 6,537 6,841 5,549 5,549 5,814 6,048 6,048
Total 11,708 10,950 11,326 10,211 10,211 10,367 10,572 10,572
Provision 1,890 1,783 1,859 1,748 1,748 1,606 1,644 1,644
Quarter Variations (R$ million) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 1H21
Movements, judgments and settlements (155) (1,006) (123) (1,598) (2,882) (255) (246) (501)
Monetary correction 457 249 499 483 1,688 411 452 862
Total 303 (757) 376 (1,115) (1,194) 156 205 361
Nature (R$ million) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 1H21
Civil - General 1,937 1,783 1,937 1,811 1,811 2,122 2,196 2,196
Civil - Fisherman 3,864 2,887 3,090 3,284 3,284 2,875 3,036 3,036
Civil - Tile Companies 4,300 4,576 4,773 3,400 3,400 3,545 3,679 3,679
Environmental 814 828 736 939 939 1,053 941 941
Labor 339 281 182 172 172 192 182 182
Tax 453 597 607 604 604 580 537 537
Total 11,708 10,950 11,326 10,211 10,211 10,367 10,572 10,572
Nature (%) 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 1H21
Civil - General 16.5% 16.3% 17.1% 17.7% 17.7% 20.5% 20.8% 20.8%
Civil - Fisherman 33.0% 26.4% 27.3% 32.2% 32.2% 27.7% 28.7% 28.7%
Civil - Tile Companies 36.7% 41.8% 42.1% 33.3% 33.3% 34.2% 34.8% 34.8%
Environmental 7.0% 7.6% 6.5% 9.2% 9.2% 10.2% 8.9% 8.9%
Labor 2.9% 2.6% 1.6% 1.7% 1.7% 1.8% 1.7% 1.7%
Tax 3.9% 5.4% 5.4% 5.9% 5.9% 5.6% 5.1% 5.1%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Note: do not consider proforma presented in the earnings release
Dividends
Shareholder Remuneration History
Fiscal Year Earnings Event-Date Notice Amount (R$) ON - CESP3 (R$/share) PNA - CESP5 (R$/share) PNB - CESP6 (R$/share) Payment Date Record Date ex-Date Net Income (R$ thousand) Payout Dividend Yield Prescrption
2020 Interest on Capital OEGM 03/29/2021 12/16/2020 and 02/19/2020 150,000,563.58 0.426485490 1.824545190 0.426485490 4/15/21 12/21/20 12/22/20 1,728,762 49% CESP3 = 9,3% CESP5 = 7,3% CESP6 = 9,0% 4/15/24
Dividends 02/19/2020 450,000,000.00 1.394549340 0.496008108 1.394549340 4/15/21 4/1/21 4/5/21 4/15/24
250,164,714.84 0.775260084 0.275741615 0.775260084 9/15/21 9/15/24
TOTAL 850,165,278.42 2.596294914 2.596294913 2.596294914
2019 Dividends OEGM 03/30/2020 02/17/2020 409,375,136.25 1.250000000 1.2500000000 1.2500000000 4/22/20 4/2/20 4/3/20 1,163,014 52% CESP3 = 5,7% CESP5 = 5,8% CESP6 = 5,8% 4/22/23
196,504,808.80 0.600014000 0.6000140000 0.6000140000 10/22/20 4/22/23
TOTAL 605,879,945.05 1.850014000 1.8500140000 1.8500140000
2018 Dividends OEGM 04/29/2019 04/29/2019 297,300,487.20 0.8866341297 1.8245451888 0.8866341297 5/15/19 4/29/19 4/30/19 294,433 101% CESP3 = 4,2% CESP5 = 9,1% CESP6 = 4,1% 5/15/22
TOTAL 297,300,487.20 0.8866341297 1.8245451888 0.8866341297
2017 Dividends OEGM 04/24/2018 04/24/2018 and 06/12/2018 25,680,351.43 0.0380511893 1.8245449200 0.0380511893 6/28/18 4/30/18 5/2/18 - 168,528 - CESP3 = 0,3% CESP5 = 9,1% CESP6 = 0,3% Prescrito
TOTAL 25,680,351.43 0.0380511893 1.8245449200 0.0380511893
2016 Interest on Capital Board Meeting 11/08/2016 11/11/2016 and 11/24/2016 140,000,000.00 0.3951845200 1.8245449400 0.3951845200 12/2/16 11/22/16 11/23/16 350,874 84% CESP3 = 7,0% CESP5 = 9,5% CESP6 = 6,5% Prescrito
Dividends OEGM 04/26/2017 04/26/2017 and 06/21/2017 154,834,334.88 0.4837007724 - 0 0.4837007724 6/30/17 5/2/17 5/3/17 Prescrito
TOTAL 294,834,334.88 0.8788852924 1.8245449400 0.8788852924
2015 Dividends OEGM 04/26/2016 04/26/2016 and 06/22/2016 41,325,874.50 0.0867002332 1.824544942 0.0867002332 6/30/16 4/29/16 5/2/16 - 61,357 - CESP3 = 0,9% CESP5 = 0,6% CESP6 = 20,2% Prescrito
TOTAL 41,325,874.50 0.0867002332 1.8245449420 0.0867002332
2014 Interest on Capital Board Meeting 08/12/2014 08/15/2014 and 09/24/2014 193,000,000.00 0.5599190695 1.8245449418 0.5599190695 9/30/14 8/18/14 8/19/14 560,139 317% CESP3 = 24,2% CESP5 = 21,5% CESP6 = 20,2% Prescrito
Dividends Board Meeting 04/27/2015 04/27/2015 and 05/21/2015 790,097,901.83 2.4418820800 1.1772562100 2.4418820800 5/19/15 4/29/15 4/30/15 Prescrito
04/27/2015 and 09/21/2015 790,097,901.83 2.4124929900 2.4124929900 2.4124929900 9/30/15 Prescrito
TOTAL 1,773,195,803.66 5.4142941395 5.4142941418 5.4142941395
2013 Interest on Capital Board Meeting 05/07/2013 05/09/2013 and 07/19/2013 111,000,000.00 0.3031458608 1.8245449417 0.3031458608 7/26/13 5/10/13 5/13/13 - 195,346 - CESP3 = 16,0% CESP5 = 14,4% CESP6 = 14,2% Prescrito
Board Meeting 08/13/2013 08/14/2013 and 10/23/2013 85,000,000.00 0.2657911635 - 0 0.2657911635 10/31/13 8/16/13 8/19/13 Prescrito
Dividends OEGM 04/25/2014 04/25/2014 and 06/24/2014 401,543,345.44 1.2556079174 - 0 1.2556079174 6/30/14 4/29/14 4/30/14 Prescrito
04/25/2014 and 11/19/2014 446,533,431.75 1.3634497321 1.3634497321 1.3634497321 11/28/14 Prescrito
TOTAL 1,044,076,777.19 3.1879946738 3.1879946738 3.1879946738
2012 Interest on Capital Board Meeting 05/08/2012 05/09/2012 and 07/13/2012 75,000,000.00 0.1884430173 1.824544941 0.1884430173 7/19/12 5/9/12 5/10/12 504,298 77% CESP3 = 7,0% CESP5 = 9,8% CESP6 = 6,0% Prescrito
Board Meeting 07/08/2012 08/08/2012 and 22/10/2012 40,000,000.00 0.1250781946 - 0 0.1250781946 10/26/12 8/8/12 8/9/12 Prescrito
Dividends OEGM 04/24/2013 04/24/2013 and 11/22/2013 271,171,487.08 0.8479410010 - 0 0.8479410010 11/29/13 4/26/13 4/29/13 Prescrito
TOTAL 386,171,487.08 1.1614622129 1.8245449414 1.1614622129
2011 Interest on Capital Board Meeting 05/05/2011 05/06/2011 and 07/12/2011 25,000,000.00 0.031891227 1.824544941 0.031891227 7/20/11 5/6/11 5/9/11 108,581 429% CESP3 = 5,2% CESP5 = 5,4% CESP6 = 4,3% Prescrito
Board Meeting 08/04/2011 08/08/2011 and 10/18/2011 50,000,000.00 0.156551790 - 0 0.156551790 10/21/11 8/8/11 8/9/11 Prescrito
Dividends OEGM 04/24/2012 04/25/2012 and 06/19/2012 and 09/19/2012 160,000,000.00 0.500965729 - 0 0.500965729 6/26/12 4/25/12 4/26/12 Prescrito
230,404,808.18 0.721405704 - 0 0.721405704 9/26/12 Prescrito
TOTAL 465,404,808.18 1.410814450 1.824544941 1.410814450
2010 Interest on Capital Board Meeting 05/11/2010 05/11/2010 and 06/30/2010 25,000,000.00 0.031891227 1.824544941 0.031891227 7/8/10 5/11/10 5/12/10 93,042 257% CESP3 = 3,2% CESP5 = 7,6% CESP6 = 2,6% Prescrito
Board Meeting 08/10/2010 08/12/2010 and 10/01/2010 25,000,000.00 0.078275895 - 0 0.078275895 10/8/10 8/12/10 8/13/10 Prescrito
Board Meeting 11/12/2010 11/16/2010 and 12/10/2010 25,000,000.00 0.078275895 - 0 0.078275895 12/21/10 11/16/10 11/17/10 Prescrito
Dividends OEGM 04/29/2011 05/02/2011 and 09/20/2011 164,440,036.61 0.514867643 - 0 0.514867643 9/23/11 5/2/11 4/3/11 Prescrito
TOTAL 239,440,036.61 0.703310660 1.824544941 0.703310660
2009 Interest on Capital Board Meeting 05/12/2009 05/14/2009 and 06/09/2009 30,000,000.00 0.047546406 1.824544941 0.047546406 6/16/09 5/14/09 5/15/09 762,713 19% CESP3 = 2,1% CESP5 = 6,7% CESP6 = 1,7% Prescrito
Board Meeting 08/11/2009 08/13/2009 and 10/02/2009 45,000,000.00 0.140896611 - 0 0.140896611 10/9/09 8/13/09 8/14/09 Prescrito
Board Meeting 11/10/2009 11/11/2009 and 12/28/2009 35,000,000.00 0.109586253 - 0 0.109586253 1/8/10 11/11/09 11/12/09 Prescrito
Dividends OEGM 04/30/2010 04/30/2010 and 06/22/2010 34,618,036.60 0.108390312 - 0 0.108390312 6/30/10 4/30/10 5/3/10 Prescrito
TOTAL 144,618,036.60 0.406419582 1.824544941 0.406419582
2008 Interest on Capital Board Meeting 05/09/2008 05/13/2008 20,500,000.00 0.0178015660 1.8245449410 0.0178015660 7/8/08 5/13/08 5/14/08 - 2,351,639 - CESP3 = 1,4% CESP5 = 14,9% CESP6 = 1,0% Prescrito
Board Meeting 08/08/2008 08/12/2008 and 09/02/2008 45,000,000.00 0.1374034590 0.1374034590 0.1374034590 9/5/08 8/12/08 8/13/08 Prescrito
TOTAL 65,500,000.00 0.1552050250 1.9619484000 0.1552050250

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CESP – Companhia Energética de São Paulo published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 08:18:09 UTC.