The president of Eletrobras, Rodrigo Limp, said today (17) that, in a positive scenario, the conclusion of the company’s privatization operation could take place by mid-August.
“This is the most favorable scenario,” Limp said in an online press conference on the first quarter results, stating that this is the best market window, coinciding with the holidays in the Northern Hemisphere and before the election period in Brazil, which represents, in its view, more benefits for the company and for the Union.
He stated that he awaits the decision of the Federal Audit Court (TCU), at a meeting scheduled for tomorrow (18), in order to proceed with the company’s capitalization process. After court approval, it will still be necessary to complete the preparation of all prospectus documentation and perform an independent audit assessment.
The Chief Financial and Investor Relations Officer, Elvira Presta, stated that it would be hasty to talk about dates for the road show (presentation of a company and its products to investors). “We will only be able to set the agenda [do road show] after approval by the TCU”, added Elvira.
san antonio
Limp admitted that the legal dispute lost to creditors by Usina Santo Antonio, in which Eletrobras participates through its subsidiary Furnas, could have repercussions on privatization. He acknowledged that, in this case, Eletrobras will have to evaluate a possible negotiation with Santo Antonio’s creditors.
“There are still no conclusions about the impact on the company’s leverage [valor da dívida na estrutura do capital do negócio]”, he indicated.
Located on the Madeira River, in Porto Velho (RO), the Santo Antonio plant has a minimum installed capacity of 3,568.3 megawatts (MW). According to Limp, the plant’s debt amounts to R$ 18 billion.
If Eletrobras takes control of the company, the debt will be added to that of the holding company in the electricity sector.
For Limp, however, Eletrobras’ indebtedness level today “is comfortable”.
The company’s recurring net debt stood at R$20.554 billion at the end of March 2022, showing stability compared to the same quarter in 2021. Limp highlighted that this is the result of financial discipline that began in 2016.
