Eletrobras had a net income of R$610 million in the fourth quarter of 2021, a 52% drop compared to the same period in 2020. Net operating revenue reached R$11.4 billion in the period, 27% higher than the same period in 2020 .
In the recurring criterion, which includes revenue from Procel, revenue increased by 22% and totaled R$ 11.2 billion on the same basis of comparison.
According to the state-owned company, the result was positively impacted by the operating performance, especially in the generation segment. Another highlight was the reduction in the cost of Personnel, Material, Outsourced Services and Other Expenses (PMSO) by 9%.
On the other hand, operating provisions weighed negatively, with emphasis on the Provision for Doubtful Accounts (PCLD) of R$ 1 billion referring to the risk of receivables, by the holding company and Eletronorte, against the distributor Amazonas Energia, provision related to Santo Antônio Energia’s unsecured liability of R$706 million (in addition to the loss of R$697 million in equity interests for the same Special Purpose Entity).
Earnings before interest, taxes, depreciation and amortization (Ebitda) in the fourth quarter of 2021 totaled R$2.4 billion, an advance over the negative result of R$299 million in the same period of the previous year. Recurring EBITDA, which excludes costs and provisions for assets and plans, rose 4% in the fourth quarter to R$4.775 billion.
Ebitda margin reached 21% in the period, up 23.09 percentage points year on year, while adjusted Ebitda margin dropped 22.33 percentage points to 28% on the same basis of comparison.
Revenue from consolidated generation, on the other hand, totaled R$7.9 billion in the period, an increase compared to the R$6.2 billion recorded in the last quarter of 2020. In the recurring criterion, the number grew 20.3% and reached R$7 .6 billion in the fourth quarter of 2021. As for revenue from consolidated generation, the result was R$ 5 billion in the interval, up 22% compared to the same period of the previous year. Likewise, revenue from recurring generation reached R$ 5 billion.
At the end of the quarter, Eletrobras’ recurring net debt was R$20.1 billion, 1% lower than in the same period of the previous year. Leverage, measured by the ratio of net debt to recurring Ebitda, reached 1 time in the quarter, down 68% year-on-year.
Year to date
In 2021, Eletrobras recorded a profit of R$ 5.7 billion, a reduction of 11% in relation to the profit presented in the year 2020, which was R$ 6.387 billion. Ebitda in 2021 totaled BRL 15.1 billion, up 56% over the BRL 10.4 billion reported in 2020.
According to the company, despite the 26% improvement in gross revenue, which went from R$35 billion in 2020 to R$44 billion in 2021, the 2021 result was negatively influenced by operating provisions, which had net increase of R$ 7.519 billion, with emphasis on the increase of R$ 10.8 billion related to compulsory loans.
On the other hand, the numbers were positively affected by the Renegotiation of the Hydrological Risk, in the amount of R$ 4.2 billion, resulting from Aneel Resolution No. of Eletrobras and the accounting of the result of the reprofiling of the financial component of the Basic Network of the Existing System (RBSE), in the amount of R$ 4.8 billion.
Source: CNN Brasil
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