Eletrobras delayed the publication of the financial statement for the fourth quarter of 2021, as well as the consolidated for the year. According to financial market analysts, the state-owned company would have until March 26 to comply with the calendar for presenting the results without compromising the privatization process.
According to the original schedule, the state-owned company would publish the balance on Tuesday (14). However, the presentation of the accounts was postponed to March 18. The videoconference on the results, in turn, was transferred from March 15th to 22nd.
In a note to the market, Eletrobras informed that it had not been possible to complete the review of the accounts and that the date of publication of the financial statement had to be changed.
Those who follow the bureaucratic procedures for the sale of the company’s shares, however, say that the delay was caused by the employees’ strike, which paralyzed several units of the group for about 20 days, between January and February, and by a divergence between auditors. in relation to the accounting of the debt of the Santo Antônio plant with BNDES.
It was even considered republishing the balance sheet of Santo Antônio, which is linked to Furnas. As this would further extend the release date of the group’s consolidated balance sheet, an addendum to the mill’s balance sheet was chosen for the first quarter of this year.
The largest energy company in Latin America, owner or partner of the most important hydroelectric plants in Brazil, Eletrobras is responsible for a third of Brazil’s energy generation and almost 44% of the transmission system and is running out of time to make privatization viable.
The process needs to be concluded in the first half of the year, before the electoral campaign enters the decisive phase and alienates investors. The sale was modeled to occur through stock market capitalization. Shares and share receipts (ADRs) will be issued, respectively in Brazil and the United States, to reduce the government’s share from 72% to 45%. The expectation is that the operation can raise R$ 25 billion, one of the highest figures for this type of operation by a Brazilian company.
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