ECONOMIC RESULTS
> 103-2, 103-3 >
For Chesf, the year 2017 was marked by the resumption of the Company’s financial balance, which ended the year with a stable cash flow and debts paid. This achievement, coupled with projects delivered and structured, transparent management, attracted new investors, and regained the confidence of the financial market.
This balance is translated into numbers. Compared with 2016, an atypical year due to ANEEL approval - regarding the transmission assets of the facilities, called Basic Network of the Existing System (RBSE - Rede Básica do Sistema Existente) - which positively impacted the cash position, the results of the Company in 2017 demonstrate the financial maturity achieved.
The approval contributed to BRL 13.5 billions in revenue in 2016, reduced to BRL 5.7 billions in 2017. Nevertheless, the Company shows significant performance in financial indicators, even with lower percentages than in previous years.
EBITDA, a financial performance indicator that reflects the potential for generating resources through the company’s operating activities, reached BRL 589.9 million, 29% lower than 2016.
The economic value generated is another indicator demonstrating Chesf’s positive performance. BRL 3.9 billions of economic value was created, 57% less than the previous year, which recorded BRL 9.9 billions, due to the approval.
> 201-1 >
And, lastly, the Company recorded BRL 1.0 billion in profit, compared with BRL 4.0 billions in 2016, a 74% reduction.
| > VALUE ADDED STATEMENT > > 201-1 > | > 2017 > | > 2016 > | > 2015 > |
|---|---|---|---|
| 1-Revenue | 5.732.458,00 | 13.303.731,00 | 4.633.001,00 |
| 1.1) Sales of goods, products, and services | 5.754.161,0 | 13.414.442,00 | 4.717.816,00 |
| 1.2) Other income | - | - | - |
| 1.3)Revenue related to the construction of company assets | - | - | - |
| 1.4) Allowance for doubtful accounts - Reversal/(Constitution) |
-21.703,00 | -110.711,00 | -84.815,00 |
| 2- Inputs Acquired from Third Parties (includes taxes - ICMS, IPI, PIS, and COFINS) | 1.892.705,00 | -4.923.603,00 | 3.446.809,00 |
| 2.1) Costs of products, goods, and services sold | 1.566.553,00 | -1.605.884,00 | -2.196.676,00 |
| 2.2)Materials, energy, third party services, and other | -243.195,00 | -257.814,00 | -244.261,00 |
| 2.3) Loss/Recovery of assets | 609.982,00 | -2.543.623,00 | -509.803,00 |
| 2.4) Other | 692.939,00 | -516.282,00 | -496.069,00 |
| 3- Gross Value Added (1-2) | 3.839.753,00 | 8.380.128,00 | 1.186.192,00 |
| 4- Depreciation, Amortization, and Depletion | -96.083,00 | -101.753,00 | -106.565,00 |
| 5- Net Value Added Produced by the Entity (3-4) | 3.743.670,00 | 8.278.375,00 | 1.079.627,00 |
| 6- Value Added Received in Transfer | 168.956,00 | 739.631,00 | 232.643,00 |
| 6.1) Equity accounting results | -27.167,00 | 456.751,00 | -16.566,00 |
| 6.2) Financial income | 195.764,00 | 282.487,00 | 319.456,00 |
| 6.3) Other | 359,00 | 426.702,00 | -70.247,00 |
| 7- Total Value Added for Distribution(5+6) | 3.912.626,00 | 9.018.006,00 | 1.312.270,00 |
| 8- Value Added Distribution | 1.231.374,00 | 9.018.006,00 | 1.312.270,00 |
| 8.1) Personnel | 1.231.374,00 | 867.732,00 | 776.999,00 |
| 8.1.1) Direct remuneration | 986.375,00 | 644.040,00 | 583.639,00 |
| 8.1.2) Benefits | 204.208,00 | 183.794,00 | 156.599,00 |
| 8.1.3) F.G.T.S. | 40.791,00 | 39.898,00 | 36.761,00 |
| 8.2) Taxes, fees, and contributions | 1.165.046,00 | 3.881.802,00 | 808.809,00 |
| 8.2.1) Federal | 1.012.665,00 | 3.752.368,00 | 648.750,00 |
| 8.2.2) State | 146.596,00 | 124.610,00 | 150.208,00 |
| 8.2.3) Municipalities | 5.785,00 | 4.824,0 | 9.851,0 |
| 8.3) Remuneration of third-party capital | 472.157,00 | 283.089,00 | 202.454,00 |
| 8.3.1) Interest | 445.671,00 | 267.557,00 | 182.800,00 |
| 8.3.2) Rent | 15.215,00 | 15.532,00 | 19.654,00 |
| 8.3.3) Other | 11.271,00 | - | - |
| 8.4) Remuneration of own capital | 1.044.049,00 | 3.985.383,00 | -475.992,00 |
| 8.4.1) Interest on capital | - | - | - |
| 8.4.2) Dividends | 30.600,00 | - | - |
| 8.4.3) Retained profit/Loss in the period | 1.013.567,00 | 3.985.275,00 | -475.864,00 |
| 8.4.4) Non-controlling interest in retained profits (for consolidation only) | -118,00 | 108,00 | -128,00 |
More detailed financial information may be found at chesf.gov.br >chesf.gov.br > Demonstrações Financeiras
INVESTMENT THROUGH A SPECIFIC PURPOSE ENTITY (SPE)
“In 2017, Chesf invested BRL 522.5 million in projects of Special Purpose Entities (SPEs), through Paid-in Capital and Advances for Future Capital Increase. The reduction of 41.7%, compared to the investments from the previous year, is due to the start-up of most of the SPEs. From 2013 to 2017, the Compound Annual Growth Rate (CAGR) was – 18.5%.”
Chesf’s investments in Generation through SPE total 16,570.81 MW, corresponding to 3,074.54 MW equivalent, totaling BRL 522.5 million. Of this amount, BRL 434.3 million were invested in the Specific Purpose Entities (SPE) ESBR, Norte Energia, and Sinop (Hydroelectric Projects), and BRL 87.9 million in SPEs Baraúnas I, Morro Branco I, and Mussambê (Wind Energy Projects).
| > SPES > | > LOCATION > | > MW > | > INT. > | > MW EQUIV. > |
> START OF OPERATION > |
|
|---|---|---|---|---|---|---|
| Hydro Electric Generation | ||||||
| Energética Águas da Pedra S.A. | Aripuanã/MT | 261,00 | 24,50% | 63,95 | ago-11 | |
| ESBR Participações S.A. | Porto Velho/RO | 3.750,00 | 20,00% | 750,00 | nov-16 | |
| Norte Energia S.A. (*) | Altamira/PA | 11.233,10 | 15,00% | 1.684,97 | dez-15 | |
| Companhia Energética SINOP S.A. | Sinop/MT | 408,00 | 24,50% | 99,96 | dez-18 | |
| Wind Generation | ||||||
| Complexo Eólico Sento Sé I | Sento Sé/BA | 90,00 | 49,00% | 44,10 | mar-13 | |
| Complexo Eólico Sento Sé II | Sento Sé/BA | 98,70 | 49,00% | 48,36 | set-15 | |
| Complexo Eólico Sento Sé III | Sento Sé/BA | 58,75 | 1,60% | 0,94 | mar-16 | |
| Complexo Eólico Vamcruz | Serra do Mel/RN | 93,00 | 49,00% | 45,57 | dez-15 | |
| Complexo Eólico Sento Sé I | Marcolândia, Caldeirão Grande e Simões/PI |
205,10 | 49,00% | 100,50 | jul-15 | |
| Complexo Eólico Chapada do Piauí II |
Marcolândia, Caldeirão Grande e Simões/PI |
172,40 | 49,00% | 84,48 | jan-16 | |
| Complexo Eólico Pindaí I | Pindaí/BA | 68,00 | 99,95% | 67,97 | mai-18 | |
| Complexo Eólico Pindaí II | Pindaí/BA | 26,00 | 99,97% | 25,99 | abr-18 | |
| Complexo Eólico Pindaí III | Pindaí/BA | 16,00 | 83,01% | 13,28 | abr-18 | |
| Complexo Eólico Serra das Vacas | Saloá/PE | 90,76 | 49,00% | 44,47 | nov-15 | |
| Chesf Total Power and Equivalent in SPEs | 16.570,81 | 3.074,54 | ||||
| Total Capacity of hydroelectric projects in partnership | 15.652,1 MW | |||||
| Total Capacity of wind farms in partnership | 918,71 MW | |||||
The Company has interest in transmission projects through SPEs, totaling 5,165 km of transmission lines, corresponding to 1,526.9 km equivalent to its interest in SPEs. In 2017, no transmission projects entered into operation through Chesf’s partnerships.
| > PROJECT > | > LOCATION > | > MW > | > INT. > | > MW EQUIV. > |
> START OF OPERATION > |
|
|---|---|---|---|---|---|---|
| Sistema de Transmissão Nordeste S.A. – STN |
LT 500 KV Teresina II – Sobral III – Fortaleza II, SE Teresina II, SE Sobral III, SE Fortaleza II. |
CE/PI | 546,0 | 49,0% | 267,5 | jan-06 |
| Integração Transmissora de Energia S.A. – INTESA |
LT 500 kV Colinas – Miracema, LT 500 kV Miracema – Gurupi; LT 500 kV Gurupi – Peixe II, LT 500 kV Peixe II – Serra da Mesa II, SE Peixe II, SE Serra da Mesa II. |
TO/GO | 695,0 | 12,0% | 83,4 | mai-08 |
| Manaus Transmissora de Energia S.A. |
LT 500 KV Oriximaná – Itacoatiara; LT 500 kV Itacoatiara – Cariri; SE Itacoatiara 500/138 kV, SE Cariri 500/230 kV. |
PA/AM | 559,0 | 19,5% | 109,0 | mar-13 |
| Interligação Elétrica do Madeira S.A. |
LT 600kV Porto Velho – Araraquara II; Estação Retificadora – 500/600 kV – 3150 MW; Estação Inversora – 600/500kV – 2950 MW. |
RO/MT/ MS/SP |
2.375,0 | 24,5% | 581,9 | ago-13 |
| Transmissora Delmiro Gouveia S.A. – TDG |
LT 230 kV São Luís II - São Luís III; SE Aquiraz II e SE Pecém II (em operação). |
MA/CE | 39,0 | 49,0% | 19,1 | out-13 (LT 230 kV São Luís II - São Luís III - Previsão jul/17) |
| Interligação Elétrica Garanhuns S.A. – IEG |
LT 500 KV Luis Gonzaga – Garanhuns, LT 500 KV Garanhuns – Campina Grande III, LT 500 KV Garanhuns – Pau Ferro, LT 230 KV Garanhuns – Angelim I, SE Garanhuns, SE Pau Ferro. |
PE/PB | 666,0 | 49,0% | 326,3 | nov-15 |
| Extremoz Transmissora do Nordeste S.A. – ETN |
LT 500kV Ceará Mirim – João Câmara II, LT 500kV Ceará Mirim – Campina Grande III, LT 230kV Ceará Mirim – Extremoz II, LT 230kV Campina Grande III – Campina Grande II, Secc. LT 230kV J. Camara II – Extremoz – Ceará Mirim Secc. LT 230kV C. Grande II - Extremoz II, SE João Câmara II, SE Campina Grande III, SE Ceará Mirim. | PB/RN | 285,0 | 49,0% | 139,7 | out-14 |
| Total Transmission Lines in operation – SPE | 5.126,0 | 1.507,8 | ||||
| Total Transmission Lines under construction – SPE | 39,0 | 19,1 | ||||
| GRAND TOTAL | 5.165,0 | 1526,9 | ||||