Privatized Eletrobrás reports a loss of R$ 479 million in the fourth quarter.
The company's net profit fell by 36%.
247 - Privatized by Jair Bolsonaro's pro-privatization government, Eletrobrás reported a loss of R$ 479 million in the fourth quarter of 2022, reversing a profit of R$ 610 million from the same period in 2021, when it was still under state control.
R$2,5 billion was provisioned for losses related to Amazonas Energia, R$1,2 billion for expenses related to the new layoff plan, and R$900 million for privatization obligations.
In 2022, the electricity company reported a net profit of R$ 3,638 billion, 36% lower than the net profit of R$ 5,714 billion obtained in 2021.
"The 2022 result was negatively impacted by the accounting of expenses foreseen for the Voluntary Dismissal Plan (PDV), carried out in December 2022, in the amount of R$ 1,260 billion (participation of 2.494 employees, with a 13-month payback period) and also by the increase of R$ 4,475 billion in provisions for doubtful accounts, which went from R$ 1,027 billion in 2021 to R$ 5,022 billion in 2022, with emphasis on the provision of R$ 3,348 billion made by the Holding company related to receivables from Amazonas Energia," the company explains.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled R$ 4,401 billion in Q4 22, a 10% decrease compared to Q4 21.
EBITDA IFRS totaled R$ 1,420 billion between October and December, a 30% decrease compared to the same period a year earlier, mainly due to the aforementioned provision for doubtful accounts, reduced transmission revenue, and an increase in PMSO (+R$ 1,627 billion), especially due to non-recurring expenses from the voluntary dismissal program.
The adjusted EBITDA margin reached 16% between October and December, down 3,7 percentage points compared to the margin recorded in Q4 21. (With InfoMoney).