Eletrobras has a net loss of R$ 88 thousand in the 3rd quarter

The recently privatized Eletrobras recorded a net loss of BRL 88,000 in the third quarter of 2022, 100% lower than the net income of BRL 965 million obtained in the third quarter of 2021, according to a report published this Wednesday (9).

According to the company, the result for the third quarter of this year was negatively impacted by factors such as the deflation of the IPCA (-0.37%) and the IGPM (-1.43%) on transmission revenue; amortization of new generation assets and financial expenses of obligations with the CDE (Energy Development Account) and special projects; allowance for doubtful accounts in relation to Amazonas Energia and contingencies, with emphasis on Chesf (Companhia Hidro Elétrica do São Francisco), one of Eletrobras’ subsidiaries.

The balance sheet shows that Eletrobras showed strong liquidity in the third quarter, with availability of R$ 16.8 billion and investments of R$ 990 million.

Ebitda (earnings before interest, taxes, depreciation and amortization) recorded was R$ 2.4 billion, while net revenue exceeded R$ 8 billion. The company’s revenue increased by R$1 billion, with emphasis on the consolidation of Santo Antônio Energia, and the energy generated increased by 2.5%.

“Eletrobras is experiencing a special moment, in which initiatives are already underway, guided by the creation of value and risk mitigation”, said the company’s president, Wilson Ferreira Junior. “I highlight as extremely important next steps the conclusion of the voluntary redundancy plan (PDV); the review of the strategic plan; the migration to the new market; the definition of the energy commercialization strategy; the restructuring of the holding and subsidiaries; as well as the reduction of liabilities”.

At the end of October, the company announced a voluntary redundancy plan for employees who have retired or who will be retiring by April 30, 2023. There are 2,312 workers in this condition both at the holding company and its subsidiaries.

The company estimates that the plan will cost R$ 1 billion, with the payment of rights and incentives, such as the payment of nine salaries and expenses equivalent to three years of health plan and one year of food allowance.

The value would be recovered in just over 11 months, said Eletrobras in a note, which since June has been a company without a defined controller: in the privatization process, the government issued new shares to private investors, reducing its share to 29%.