Eletrobras reported that consolidated profit in 2021 reached R$ 5.7 billion. The result was net income of R$ 610 million in the fourth quarter, which, according to the company, was positively influenced by its operating performance. The company is responsible for 28% of Brazil’s electricity generation, with an installed capacity of 50,515 megawatts. In the transmission segment, the company holds about 40% of the country’s lines.
The state-owned company’s profit was below the 2020 result both in the fourth quarter and in the annual amount, which was 11% lower than the previous year. In 2020, the profit had been R$ 1.2 billion in the last three months and R$ 6.3 billion if considering the 12 months. Despite this, there was an improvement in gross revenue, which totaled R$ 44.4 billion.
According to Eletrobras, the annual result for 2021 was influenced by operational provisions and by resolutions from the National Electric Energy Agency (Aneel), which promoted the renegotiation of the hydrological risk and confirmed the extension of the terms of grants of several hydroelectric plants of the company.
In addition, there was an impact from the result of the reprofiling of the financial component of the Basic Network of Existing Systems (RBSE), in the amount of R$ 4.8 billion.
In the results of the last quarter, the company says that the generation segment stood out and there was also a 9% reduction in the cost of personnel, material, services and others, compared to the same period in 2020.
Net Operating Revenue increased from R$9 billion in the fourth quarter of 2020 to R$11.5 billion in the same months of 2021, with a growth of 27%. According to Eletrobras, there was a better performance in bilateral contracts and higher settlement revenue at the Electric Energy Commercialization Chamber (CCEE), with emphasis on the sale of energy imported from Uruguay.
Earnings before interest, taxes, depreciation and amortization, called IFRS EBITDA, reached R$2.402 million in the fourth quarter of 2021. In 2020, the amount was negative by R$299 million in the same period.
