05/27/2022 | Press release | Distributed by Public on 05/27/2022 10:17
| | |
Per ADS
|
| |
Per Common Share
|
| |
Total(1)
|
| |||||||||
Public offering price(2)
|
| | | U.S.$ | | | | | R$ | | | | | U.S.$ | | | | ||
Underwriting discounts, fees and commissions paid by us
|
| | | U.S.$ | | | | | R$ | | | | | U.S.$ | | | | ||
Underwriting discounts, fees and commissions paid by the selling shareholder(3)
|
| | | | - | | | | | R$ | | | | | U.S.$ | | | | |
Proceeds to us, before expenses(4)(5)
|
| | | U.S.$ | | | | | R$ | | | | | U.S.$ | | | | ||
Proceeds to the selling shareholder, before expenses(3)(4)(5)
|
| | | | - | | | | | R$ | | | | | U.S.$ | | | |
|
BTG Pactual
|
| |
BofA Securities
|
| |
Goldman Sachs & Co. LLC
|
|
|
Itaú BBA
|
| | | | |
XP Investments
|
|
|
Bradesco Securities
|
| |
Citigroup Global Markets
|
| |
Credit Suisse
|
| |
J.P. Morgan Securities LLC
|
| |
Morgan Stanley &
Co. LLC |
| |
SAFRA
|
|
|
ABOUT THIS PROSPECTUS SUPPLEMENT
|
| | | | S-1 | | |
|
FORWARD-LOOKING STATEMENTS
|
| | | | S-3 | | |
|
PRESENTATION OF FINANCIAL INFORMATION
|
| | | | S-6 | | |
|
SUMMARY
|
| | | | S-10 | | |
|
SUMMARY OF THE OFFERING
|
| | | | S-27 | | |
|
INDUSTRY
|
| | | | S-34 | | |
|
RISK FACTORS
|
| | | | S-41 | | |
|
USE OF PROCEEDS
|
| | | | S-46 | | |
|
CAPITALIZATION
|
| | | | S-47 | | |
|
DESCRIPTION OF COMMON SHARES AND AMERICAN DEPOSITARY SHARES
|
| | | | S-49 | | |
|
STOCK TRADING MARKETS
|
| | | | S-50 | | |
|
THE GLOBAL OFFERING
|
| | | | S-51 | | |
|
SELLING SHAREHOLDER
|
| | | | S-53 | | |
|
UNDERWRITING
|
| | | | S-54 | | |
|
TAXATION
|
| | | | S-70 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | S-80 | | |
|
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
|
| | | | S-81 | | |
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
FORWARD-LOOKING STATEMENTS
|
| | | | 2 | | |
| ELETROBRAS | | | | | 6 | | |
|
USE OF PROCEEDS
|
| | | | 7 | | |
|
AMERICAN DEPOSITARY SHARES
|
| | | | 18 | | |
|
SELLING SHAREHOLDER
|
| | | | 29 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 30 | | |
| EXPERTS | | | | | 32 | | |
|
VALIDITY OF SECURITIES
|
| | | | 33 | | |
|
SERVICE OF PROCESS AND ENFORCEMENT OF JUDGMENTS IN BRAZIL
|
| | | | 34 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 37 | | |
|
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
|
| | | | 38 | | |
| | |
For the three-month period
ended March 31, |
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | |
(R$ thousands)
|
| |||||||||||||||||||||||||||
Net operating revenue
|
| | |
|
9,181,318
|
| | | |
|
8,208,426
|
| | | |
|
37,616,241
|
| | | |
|
29,080,513
|
| | | |
|
29,042,129
|
| |
Operating costs and expenses
|
| | | | (6,747,739) | | | | | | (5,238,225) | | | | | | (27,643,846) | | | | | | (22,143,258) | | | | | | (20,441,343) | | |
Operating income before financial result
|
| | | | 2,433,579 | | | | | | 2,970,201 | | | | | | 9,972,395 | | | | | | 6,937,255 | | | | | | 8,600,786 | | |
Financial result
|
| | |
|
478,188
|
| | | |
|
(583,771)
|
| | | |
|
(2,056,339)
|
| | | |
|
(1,671,646)
|
| | | |
|
(2,448,786)
|
| |
Profit before results of equity, investments, taxes and social contributions
|
| | | | 2,911,767 | | | | | | 2,386,430 | | | | | | 7,916,056 | | | | | | 5,265,609 | | | | | | 6,152,000 | | |
Results of equity method investments
|
| | | | 552,441 | | | | | | 430,075 | | | | | | 1,867,546 | | | | | | 1,670,903 | | | | | | 1,041,071 | | |
Other operating income and expenses
|
| | | | 121,033 | | | | | | - | | | | | | 1,210,754 | | | | | | 16,134 | | | | | | 24,715 | | |
Profit before taxes and social contributions
|
| | | | 3,585,241 | | | | | | 2,816,505 | | | | | | 10,994,356 | | | | | | 6,952,646 | | | | | | 7,217,786 | | |
Current income tax and social
contribution |
| | | | (788,564) | | | | | | (972,207) | | | | | | (1,457,752) | | | | | | (2,418,461) | | | | | | (2,664,975) | | |
Deferred income tax and social
contribution |
| | | | (80,302) | | | | | | (235,159) | | | | | | (3,822,971) | | | | | | 1,853,128 | | | | | | 3,295,634 | | |
Total income taxes and social contributions
|
| | | | (868,866) | | | | | | (1,207,366) | | | | | | (5,280,723) | | | | | | (565,333) | | | | | | 630,659 | | |
Net income for the year (period) of continuing
operations |
| | | | 2,716,375 | | | | | | 1,609,139 | | | | | | 5,713,633 | | | | | | 6,387,313 | | | | | | 7,848,445 | | |
Net income for the year of discontinued operations
|
| | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 3,284,975 | | |
Net income for the year (period)
|
| | | | 2,716,375 | | | | | | 1,609,139 | | | | | | 5,713,633 | | | | | | 6,387,313 | | | | | | 11,133,420 | | |
| | |
As of March 31,
|
| |
As of December 31,
|
| ||||||||||||||||||
ASSETS
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||
Current | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 149,244 | | | | | | 192,659 | | | | | | 286,607 | | | | | | 335,307 | | |
Restricted cash
|
| | | | 3,262,722 | | | | | | 2,544,594 | | | | | | 3,573,362 | | | | | | 3,227,536 | | |
Marketable securities
|
| | | | 15,305,244 | | | | | | 15,640,776 | | | | | | 13,670,058 | | | | | | 10,426,370 | | |
Accounts receivable, net
|
| | | | 5,252,773 | | | | | | 5,094,976 | | | | | | 5,971,657 | | | | | | 5,281,333 | | |
Contractual transmission assets
|
| | | | 7,473,599 | | | | | | 7,356,356 | | | | | | 10,364,908 | | | | | | 7,812,756 | | |
Financing and loans receivable
|
| | | | 1,423,219 | | | | | | 1,251,766 | | | | | | 4,748,661 | | | | | | 3,473,393 | | |
Dividends receivable
|
| | | | 554,961 | | | | | | 443,142 | | | | | | 675,510 | | | | | | 299,899 | | |
Recoverable taxes
|
| | | | 410,866 | | | | | | 755,906 | | | | | | 833,960 | | | | | | 1,474,662 | | |
Income tax and social contribution
|
| | | | 1,841,844 | | | | | | 1,487,777 | | | | | | 1,292,750 | | | | | | 2,382,899 | | |
Reimbursement rights and obligations
|
| | | | 804,335 | | | | | | 768,848 | | | | | | 4,684 | | | | | | 48,458 | | |
Inventory
|
| | | | 648,727 | | | | | | 627,573 | | | | | | 509,991 | | | | | | 471,824 | | |
Nuclear fuel inventory
|
| | | | 515,244 | | | | | | 487,895 | | | | | | 428,340 | | | | | | 538,827 | | |
Financial instruments and risk management
|
| | | | 655,066 | | | | | | 690,333 | | | | | | 317,443 | | | | | | 140,543 | | |
Others
|
| | | | 2,073,314 | | | | | | 2,014,705 | | | | | | 1,855,175 | | | | | | 2,016,330 | | |
| | | |
|
40,371,158
|
| | | |
|
39,357,306
|
| | | |
|
44,533,106
|
| | | |
|
37,930,137
|
| |
Assets held for sale
|
| | | | 1,033,184 | | | | | | 387,690 | | | | | | 289,331 | | | | | | 3,543,519 | | |
| | | |
|
41,404,342
|
| | | |
|
39,744,996
|
| | | |
|
44,822,437
|
| | | |
|
41,473,656
|
| |
| | |
As of March 31,
|
| |
As of December 31,
|
| ||||||||||||||||||
ASSETS
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||
Non Current | | | | | | | | | | | | | | | | | | | | | | | | | |
Reimbursement rights and obligations
|
| | | | 5,568,776 | | | | | | 5,627,386 | | | | | | 5,583,447 | | | | | | 5,415,547 | | |
Financing and loans receivable
|
| | | | 3,772,059 | | | | | | 4,591,761 | | | | | | 6,176,238 | | | | | | 10,803,423 | | |
Accounts receivable, net
|
| | | | 495,433 | | | | | | 993,080 | | | | | | 1,061,899 | | | | | | 285,351 | | |
Marketable securities
|
| | | | 1,211,376 | | | | | | 1,093,476 | | | | | | 692,536 | | | | | | 407,071 | | |
Nuclear fuel inventory
|
| | | | 1,360,494 | | | | | | 1,490,820 | | | | | | 1,264,780 | | | | | | 840,550 | | |
Recoverable taxes
|
| | | | 458,146 | | | | | | 449,258 | | | | | | 430,045 | | | | | | 420,370 | | |
Income tax and social contribution
|
| | | | 1,419,829 | | | | | | 1,500,987 | | | | | | 2,068,894 | | | | | | 647,903 | | |
Guarantees and restricted deposits
|
| | | | 8,838,574 | | | | | | 8,247,485 | | | | | | 6,752,865 | | | | | | 6,891,416 | | |
Contractual transmission assets
|
| | | | 52,934,098 | | | | | | 52,158,612 | | | | | | 41,023,616 | | | | | | 41,696,467 | | |
Financial asset - Concessions and Itaipu
|
| | | | 2,572,814 | | | | | | 2,601,027 | | | | | | 3,199,751 | | | | | | 3,983,519 | | |
Financial instruments and risk management
|
| | | | 608,923 | | | | | | 653,022 | | | | | | 310,100 | | | | | | 151,315 | | |
Advances for future capital increase
|
| | | | - | | | | | | - | | | | | | 1,541 | | | | | | 181,257 | | |
Decommissioning fund
|
| | | | 2,101,589 | | | | | | 2,055,713 | | | | | | 1,753,827 | | | | | | 1,222,393 | | |
Others
|
| | | | 1,124,225 | | | | | | 1,087,508 | | | | | | 1,286,546 | | | | | | 1,054,755 | | |
| | | |
|
82,466,336
|
| | | |
|
82,550,135
|
| | | |
|
71,606,085
|
| | | |
|
74,001,337
|
| |
INVESTIMENTS
|
| | | | 27,180,361 | | | | | | 27,647,781 | | | | | | 29,089,522 | | | | | | 29,013,254 | | |
Accounted for-by the equity method
|
| | | | 25,257,445 | | | | | | 25,769,172 | | | | | | 26,996,243 | | | | | | 26,956,264 | | |
Maintained at fair value
|
| | | | 1,922,916 | | | | | | 1,878,609 | | | | | | 2,093,279 | | | | | | 2,056,990 | | |
FIXED ASSETS, NET
|
| | | | 33,199,861 | | | | | | 33,367,981 | | | | | | 32,662,912 | | | | | | 33,315,874 | | |
INTANGIBLE ASSETS, NET
|
| | | | 4,801,212 | | | | | | 4,992,176 | | | | | | 785,493 | | | | | | 818,362 | | |
| | | |
|
147,647,770
|
| | | |
|
148,558,073
|
| | | |
|
134,144,012
|
| | | |
|
137,148,827
|
| |
TOTAL ASSETS
|
| | | | 189,052,112 | | | | | | 188,303,069 | | | | | | 178,966,449 | | | | | | 178,622,483 | | |
| | |
As of March 31,
|
| |
As of December 31,
|
| ||||||||||||||||||
LIABILITIES AND EQUITY
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||
Current | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, financing and debentures
|
| | | | 8,184,832 | | | | | | 8,234,753 | | | | | | 11,410,751 | | | | | | 7,715,160 | | |
Compulsory loan
|
| | | | 1,238,366 | | | | | | 1,216,335 | | | | | | 1,047,109 | | | | | | 15,156 | | |
Suppliers
|
| | | | 3,200,908 | | | | | | 4,031,532 | | | | | | 3,904,051 | | | | | | 3,095,469 | | |
Advances
|
| | | | 1,483,193 | | | | | | 1,460,455 | | | | | | 1,134,845 | | | | | | 683,602 | | |
Taxes payable
|
| | | | 578,154 | | | | | | 804,485 | | | | | | 1,194,042 | | | | | | 1,575,658 | | |
Income tax and social contribution
|
| | | | 222,753 | | | | | | 19,624 | | | | | | 319,435 | | | | | | 2,532,732 | | |
Provision for onerous contracts
|
| | | | 10,517 | | | | | | 10,517 | | | | | | 40,196 | | | | | | 3,913 | | |
Shareholders' compensation
|
| | | | 1,435,014 | | | | | | 1,406,891 | | | | | | 1,547,158 | | | | | | 2,575,216 | | |
Financial liabilities - Concessions and Itaipu
|
| | | | 1,064,344 | | | | | | 578,626 | | | | | | 647,214 | | | | | | 703,114 | | |
Payroll
|
| | | | 1,489,237 | | | | | | 1,602,947 | | | | | | 1,454,148 | | | | | | 1,331,257 | | |
Reimbursement obligations
|
| | | | 1,199,689 | | | | | | 859,003 | | | | | | 1,618,508 | | | | | | 1,796,753 | | |
Post-employment benefit
|
| | | | 231,637 | | | | | | 233,304 | | | | | | 192,209 | | | | | | 161,773 | | |
Provisions and contingent liabilities
|
| | | | 2,225,978 | | | | | | 2,267,649 | | | | | | 1,722,562 | | | | | | 1,031,488 | | |
Regulatory fees
|
| | | | 905,885 | | | | | | 542,913 | | | | | | 586,845 | | | | | | 627,611 | | |
Leases
|
| | | | 208,604 | | | | | | 209,774 | | | | | | 217,321 | | | | | | 219,484 | | |
Financial instruments and risk management
|
| | | | - | | | | | | - | | | | | | - | | | | | | 683 | | |
| | |
As of March 31,
|
| |
As of December 31,
|
| ||||||||||||||||||
LIABILITIES AND EQUITY
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||
Others
|
| | | | 317,686 | | | | | | 236,183 | | | | | | 353,580 | | | | | | 579,394 | | |
| | | | | 23,996,797 | | | | | | 23,714,991 | | | | | | 27,389,974 | | | | | | 24,648,463 | | |
Liabilities associated with assets held for sale
|
| | | | 169,383 | | | | | | 168,381 | | | | | | - | | | | | | 1,692,708 | | |
| | | | | 24,166,180 | | | | | | 23,883,372 | | | | | | 27,389,974 | | | | | | 26,341,171 | | |
Non-current | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans, financing, and Debentures
|
| | | | 33,453,966 | | | | | | 35,780,892 | | | | | | 35,591,282 | | | | | | 40,184,481 | | |
Suppliers
|
| | | | 16,555 | | | | | | 16,555 | | | | | | 16,556 | | | | | | 18,143 | | |
Advances
|
| | | | 165,406 | | | | | | 186,348 | | | | | | 290,870 | | | | | | 369,262 | | |
Compulsory loan
|
| | | | - | | | | | | - | | | | | | - | | | | | | 470,600 | | |
Asset decommissioning obligation
|
| | | | 3,328,015 | | | | | | 3,268,301 | | | | | | 3,040,011 | | | | | | 3,129,379 | | |
Provisions and contingent liabilities
|
| | | | 31,611,131 | | | | | | 31,142,222 | | | | | | 24,108,078 | | | | | | 24,214,938 | | |
Post-employment benefit
|
| | | | 5,866,687 | | | | | | 5,851,502 | | | | | | 6,824,632 | | | | | | 4,826,088 | | |
Provision for short-term liabilities
|
| | | | 731,266 | | | | | | 708,516 | | | | | | 4,191 | | | | | | - | | |
Provision for onerous contracts
|
| | | | 428,164 | | | | | | 428,164 | | | | | | 414,705 | | | | | | 361,934 | | |
Reimbursement obligations
|
| | | | - | | | | | | - | | | | | | 22,259 | | | | | | - | | |
Leases
|
| | | | 648,800 | | | | | | 693,710 | | | | | | 835,873 | | | | | | 987,705 | | |
Concessions payable - Use of Public Property
|
| | | | 83,179 | | | | | | 81,655 | | | | | | 65,954 | | | | | | 68,555 | | |
Advances for future capital increase
|
| | | | 17,235 | | | | | | 77,336 | | | | | | 74,060 | | | | | | 50,246 | | |
Financial instruments and risk management
|
| | | | - | | | | | | - | | | | | | 10,014 | | | | | | 5,000 | | |
Regulatory fees
|
| | | | 420,285 | | | | | | 649,341 | | | | | | 744,442 | | | | | | 730,303 | | |
Taxes payable
|
| | | | 248,236 | | | | | | 260,612 | | | | | | 182,179 | | | | | | 239,959 | | |
Income tax and delayed social contribution
|
| | | | 7,183,249 | | | | | | 7,244,737 | | | | | | 3,705,055 | | | | | | 4,193,607 | | |
Others
|
| | | | 1,563,043 | | | | | | 1,613,042 | | | | | | 1,895,020 | | | | | | 1,271,847 | | |
| | | | | 85,765,217 | | | | | | 88,002,933 | | | | | | 77,825,181 | | | | | | 81,122,047 | | |
EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock
|
| | | | 39,057,271 | | | | | | 39,057,271 | | | | | | 39,057,271 | | | | | | 31,305,331 | | |
Advances for future capital increase
|
| | | | - | | | | | | - | | | | | | - | | | | | | 7,751,940 | | |
Capital reserves
|
| | | | 13,867,170 | | | | | | 13,867,170 | | | | | | 13,867,170 | | | | | | 13,867,170 | | |
Profit reserves
|
| | | | 30,890,165 | | | | | | 30,890,165 | | | | | | 28,908,054 | | | | | | 23,887,181 | | |
Retained earnings
|
| | | | 2,914,564 | | | | | | - | | | | | | - | | | | | | 201,752 | | |
Other cumulative comprehensive results
|
| | | | (7,913,071) | | | | | | (7,693,402) | | | | | | (8,354,188) | | | | | | (6,311,330) | | |
Equity interest of controlling shareholders
|
| | | | 78,816,099 | | | | | | 76,121,204 | | | | | | 73,478,307 | | | | | | 70,702,044 | | |
Equity interest of non-controlling shareholders
|
| | | | 304,616 | | | | | | 295,560 | | | | | | 272,987 | | | | | | 457,221 | | |
TOTAL SHAREHOLDERS' EQUITY
|
| | | | 79,120,715 | | | | | | 76,416,764 | | | | | | 73,751,294 | | | | | | 71,159,265 | | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
| | | | 189,052,112 | | | | | | 188,303,069 | | | | | | 178,966,449 | | | | | | 178,622,483 | | |
Three-Month Period Ended March 31, 2022
|
| ||||||||||||
| | |
Energy Generated
|
| |
Participation
|
| ||||||
| | |
(MWh)
|
| |
%
|
| ||||||
Power plant type | | | | | | | | | | | | | |
Hydroelectric(1) | | | | | 46,702,527.87 | | | | | | 89.0% | | |
Thermoelectric
|
| | | | 1,534,057.84 | | | | | | 2.9% | | |
Nuclear
|
| | | | 3,848,850.55 | | | | | | 7.3% | | |
Wind
|
| | | | 388,359.89 | | | | | | 0.7% | | |
Total
|
| | | | 52,473,796.15 | | | | | | | | |
Financial Highlights (R$ million)
|
| |
2021
|
| |
2020
|
| |
Variation(%)
|
| |
2019
|
| |
Variation(%)
|
| |||||||||||||||
Net Generation Revenue
|
| | | | 21,964 | | | | | | 18,708 | | | | | | 17.4% | | | | | | 19,834 | | | | | | (5.7)% | | |
Net Transmission Revenue
|
| | | | 15,732 | | | | | | 10,439 | | | | | | 50.7% | | | | | | 10,073 | | | | | | 3.6% | | |
Net Operating Revenue
|
| | | | 37,616 | | | | | | 29,081 | | | | | | 29.4% | | | | | | 29,714 | | | | | | (2.1)% | | |
EBITDA(1) | | | | | 15,132 | | | | | | 10,487 | | | | | | 44.3% | | | | | | 11,474 | | | | | | (8.6)% | | |
EBITDA Margin
|
| | | | 40.2% | | | | | | 36.1% | | | | | | - | | | | | | 38.6% | | | | | | - | | |
Net Income
|
| | | | 5,714 | | | | | | 6,387 | | | | | | (10.5)% | | | | | | 11,133 | | | | | | (42.6)% | | |
Net Margin
|
| | | | 15.2% | | | | | | 22.0% | | | | | | - | | | | | | 37.5% | | | | | | - | | |
Investments Made
|
| | | | 4,678 | | | | | | 3,122 | | | | | | 49.8% | | | | | | 3,328 | | | | | | (6.2)% | | |
Financial Highlights (R$ million)
|
| |
Three-Month Period
Ended March 31, 2022 |
| |
Three-Month Period
Ended March 31, 2021 |
| |
Variation(%)
|
| |||||||||
Net Generation Revenue
|
| | | | 5,441 | | | | | | 4,921 | | | | | | 10.6% | | |
Net Transmission Revenue
|
| | | | 3,825 | | | | | | 3,466 | | | | | | 10.4% | | |
Net Operating Revenue
|
| | | | 9,181 | | | | | | 8,208 | | | | | | 11.9% | | |
EBITDA(1) | | | | | 3,752 | | | | | | 3,858 | | | | | | (2.70)% | | |
EBITDA Margin
|
| | | | 40.9% | | | | | | 47.0% | | | | | | - | | |
Net Income
|
| | | | 2,716 | | | | | | 1,609 | | | | | | 68.8% | | |
Net Margin
|
| | | | 29.6% | | | | | | 19.6% | | | | | | - | | |
Investments Made
|
| | | | 523 | | | | | | 519 | | | | | | 0.8% | | |
|
Commencement of marketing of the global offering
|
| |
May 27, 2022
|
|
|
Announcement of offer price
|
| |
June 9, 2022
|
|
|
Allocation of common shares and ADSs
|
| |
June 10, 2022
|
|
|
Settlement and delivery of common shares and ADSs
|
| |
June 14, 2022
|
|
| | |
As of March 31, 2022
|
| |
As of March 31, 2022
adjusted for recent events(4) |
| |
Adjusted after Offering(4)(5)
|
| |
Adjusted after the
Offering(4)(6) |
| ||||||||||||||||||||||||||||||||||||
| | |
Adjusted
|
| |
Actual
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
(US$ million)(1)
|
| |
(R$ million)
|
| |
(US$ million)(1)
|
| |
(R$ million)
|
| |
(US$ million)(1)
|
| |
(R$ million)
|
| |
(US$ million)(1)
|
| |
(R$ million)
|
| ||||||||||||||||||||||||
Short-Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Loans, financings and debentures
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Foreign financing
|
| | | | 56 | | | | | | 264 | | | | | | 56 | | | | | | 264 | | | | | | 56 | | | | | | 264 | | | | | | 56 | | | | | | 264 | | |
Local financial institutions
|
| | | | 1,672 | | | | | | 7,921 | | | | | | 1,672 | | | | | | 7,921 | | | | | | 1,672 | | | | | | 7,921 | | | | | | 1,672 | | | | | | 7,921 | | |
Total short-term debt
|
| | | | 1,728 | | | | | | 8,185 | | | | | | 1,728 | | | | | | 8,185 | | | | | | 1,728 | | | | | | 8,185 | | | | | | 1,728 | | | | | | 8,185 | | |
Long-Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Loans, financings and debentures
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Foreign financing
|
| | | | 1,410 | | | | | | 6,678 | | | | | | 1,410 | | | | | | 6,678 | | | | | | 1,410 | | | | | | 6,678 | | | | | | 1,410 | | | | | | 6,678 | | |
Local financial institutions
|
| | | | 5,651 | | | | | | 26,776 | | | | | | 5,651 | | | | | | 26,776 | | | | | | 5,651 | | | | | | 26,776 | | | | | | 5,651 | | | | | | 26,776 | | |
Total long-term debt
|
| | | | 7,061 | | | | | | 33,454 | | | | | | 7,061 | | | | | | 33,454 | | | | | | 7,061 | | | | | | 33,454 | | | | | | 7,061 | | | | | | 33,454 | | |
Total shareholders equity(3)
|
| | | | 16,636 | | | | | | 78,816 | | | | | | 16,732 | | | | | | 79,274 | | | | | | 22,541 | | | | | | 106,793 | | | | | | 23,510 | | | | | | 111,388 | | |
Advances for future capital increases
|
| | | | 4 | | | | | | 17 | | | | | | 4 | | | | | | 17 | | | | | | 4 | | | | | | 17 | | | | | | 4 | | | | | | 17 | | |
Total capitalization(2)
|
| | | | 25,429 | | | | | | 120,472 | | | | | | 25,525 | | | | | | 120,930 | | | | | | 31,334 | | | | | | 148,449 | | | | | | 32,303 | | | | | | 153,044 | | |
| São Paulo Stock Exchange (B3) | | |
Common Shares (ELET3)
|
|
| New York Stock Exchange (NYSE) | | |
ADSs (EBR)
|
|
|
Mercado de Valores Latinoamericanos en Euros (Madrid)
|
| |
Common Shares (XELTO)
|
|
| | |
Before the global offering
|
| | | | |
After the global offering
|
| ||||||||||||
| | |
Number of
Common Shares(1) |
| |
Percentage
of Outstanding Common Shares(1) |
| |
Number of
Common Shares Being Offered |
| |
Number of
Common Shares |
| |
Percentage
of Outstanding Common Shares |
| ||||||
BNDES Participações S.A. - BNDESPAR
|
| | | | 141,757,951 | | | | | | 11.00% | | | | | | | | | | | |
International Underwriters
|
| |
Number of
ADSs |
| |||
Banco BTG Pactual S.A. - Cayman Branch
|
| | | | | | |
BofA Securities, Inc.
|
| | | | | | |
Goldman Sachs & Co. LLC
|
| | | | | | |
Itau BBA USA Securities, Inc.
|
| | | | | | |
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.
|
| | | | | | |
Bradesco Securities, Inc.
|
| | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | |
Credit Suisse Securities (USA) LLC
|
| | | | | | |
J.P. Morgan Securities LLC
|
| | | | | | |
Morgan Stanley & Co. LLC, Inc.
|
| | | | | | |
Total
|
| | | | | |
Brazilian Underwriters
|
| |
Number of
Common Shares |
|
Banco BTG Pactual S.A.
|
| | | |
Bank of America Merrill Lynch Banco Múltiplo S.A.
|
| | | |
Goldman Sachs do Brasil Banco Múltiplo S.A.
|
| | | |
Banco Itaú BBA S.A.
|
| | | |
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.
|
| | | |
Banco Bradesco BBI S.A.
|
| | | |
Caixa Econômica Federal
|
| | | |
Citigroup Global Markets Brasil CCTVM S.A.
|
| | | |
Banco de Investimentos Credit Suisse (Brasil) S.A.
|
| | | |
Banco J.P. Morgan S.A
|
| | | |
Banco Morgan Stanley S.A.
|
| | | |
Banco Safra S.A.
|
| | | |
Total | | | | |
| | |
Per ADS
|
| |||
Public offering price
|
| | | U.S.$ | | | |
Underwriting discounts, fees and commissions paid by us
|
| | | U.S.$ | | | |
Proceeds to us, before expenses
|
| | | U.S.$ | | | |
| | |
Per Common Share
|
| |||||||||
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Public offering price
|
| | | R$ | | | | | R$ | | | ||
Underwriting discounts, fees and commissions paid by us
|
| | | R$ | | | | | R$ | | | ||
Underwriting discounts, fees and commissions paid by the selling
shareholder |
| | | R$ | | | | | R$ | | | ||
Proceeds to us, before expenses
|
| | | R$ | | | | | R$ | | | ||
Proceeds to the selling shareholder, before expenses
|
| | | R$ | | | | | R$ | | | |
| | |
Amount(1)
|
|
| | |
(U.S.$)
|
|
SEC registration fee
|
| | | |
Listing fees
|
| | | |
Brazilian offering fee
|
| | | |
Printing and engraving fees
|
| | | |
Legal fees and expenses
|
| | | |
Accountant fees and expenses
|
| | | |
Miscellaneous expenses
|
| | | |
Total
|
| | |
|
Banco BTG Pactual S.A. - Cayman Branch Harbour Place, 5th Floor 103 South Church Street PO Box 1353GT Grand Cayman, Cayman Islands |
| |
BofA Securities, Inc. One Bryant Park New York, New York 10036 United States of America |
|
|
Goldman Sachs & Co. LLC 200 West Street, New York, New York 10282 United States of America |
| |
Itau BBA USA Securities, Inc. 540 Madison Avenue, 24th Floor New York, New York 10022 United States of America |
|
|
XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Avenida Presidente Juscelino Kubitschek, 1,909 25th to 30th Floors 04543-010 São Paulo, São Paulo Brazil |
| |
Bradesco Securities, Inc. 450 Park Avenue, 32nd Floor New York, New York 10022 United States of America |
|
|
Citigroup Global Markets Inc. 388 Greenwich Street New York, New York 10013 United States of America |
| |
Credit Suisse Securities (USA) LLC 11 Madison Avenue, 24th Floor New York, New York 10010 United States of America |
|
|
J.P. Morgan Securities LLC 383 Madison Avenue New York, New York 10179 United States of America |
| |
Morgan Stanley & Co. LLC 1585 Broadway New York, New York 10036 United States of America |
|
| International Placement Agents (to the extent a different entity than the international underwriter) | | |||
|
BTG Pactual US Capital, LLC 601 Lexington Avenue, 57th floor New York, New York 10022 United States of America |
| |
XP Investments US, LLC 55W 46th Street New York, New York 10036 United States of America |
|
|
Safra Securities LLC 546 Fifth Avenue New York, New York 10036 United States of America |
| | | |
|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
FORWARD-LOOKING STATEMENTS
|
| | | | 2 | | |
|
ELETROBRAS
|
| | | | 6 | | |
|
USE OF PROCEEDS
|
| | | | 7 | | |
|
DESCRIPTION OF SHARE CAPITAL
|
| | | | 8 | | |
|
DESCRIPTION OF AMERICAN DEPOSITARY SHARES
|
| | | | 18 | | |
|
SELLING SHAREHOLDERS
|
| | | | 29 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 30 | | |
|
EXPERTS
|
| | | | 32 | | |
|
VALIDITY OF SECURITIES
|
| | | | 33 | | |
|
SERVICE OF PROCESS AND ENFORCEMENT OF JUDGMENTS IN BRAZIL
|
| | | | 34 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 37 | | |
|
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
|
| | | | 38 | | |
|
Service
|
| |
Fees
|
|
|
•
Issuance of ADSs (e.g., an issuance of ADS upon a deposit of common shares, upon a change in the ADS(s)-to-common shares ratio, or for any other reason), excluding ADS issuances as a result of distributions of common shares
|
| | Up to U.S. $5.00 per 100 ADS issued | |
|
•
Cancellation of ADSs (e.g., a cancellation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-common shares ratio, or for any other reason)
|
| | Up to U.S. $5.00 per 100 ADS cancelled | |
|
•
Distribution of cash dividends or other cash distributions (e.g., sale of rights and other entitlements)
|
| | Up to U.S. $5.00 per 100 ADS held | |
|
•
Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional ADSs
|
| | Up to U.S. $5.00 per 100 ADS held | |
|
•
Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares)
|
| | Up to U.S. $5.00 per 100 ADS held | |
|
•
ADS Services
|
| | Up to U.S. $5.00 per 100 ADS held on the applicable record date(s) established by the depositary bank | |