Eletrobras recorded net income of R$ 1.4 billion in the second quarter, a decrease of 45% compared to the same period of the previous year, mainly due to the effects of the negative exchange variation of R$ 625 million due to the company’s debt exposure in dollars.
On Friday night (12), the company said that the quarterly result was also impacted by the provision for losses on investments in the amount of R$ 890 million, mainly due to the capital contribution made by the subsidiary Furnas to Santo Antônio Energy.
There was also an impact from the provision for doubtful accounts (PCLD), which totaled R$ 694 million, influenced by the delinquency of the distributor Amazonas Energia, especially with regard to the financial debt with the holding company.
Cash generation measured by adjusted Ebitda grew by 6% to R$4.861 billion in the second quarter.
The result for the period already considers the accounting effects of the segregation of Eletronuclear, which ceased to be a company controlled by Eletrobras after privatization, in June of this year.
The balance sheet also includes the sale of the equity interest held in Itaipu Binacional and the signing of new generation concession contracts resulting from privatization.
Net operating revenue increased 19% to R$8.856 billion, as a result of the better performance in bilateral contracts and the annual readjustment of transmission revenues, whose asset base was expanded in the 21/22 cycle by the reprofiling of the Rede Básica Existing System (RBSE) that consists of indemnities for concessions renewed in advance in 2012, pursuant to Provisional Measure 579.
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