NOTE 19 - IMPAIRMENT OF LONG-LIVED ASSETS
The Company has estimated the recoverable amount of its long-term assets based on value in use considering, among other factors, that there is no active market for the infrastructure linked to the concession. The value in use is determined based on the present value of the estimated future cash flow.
The premises used by the Management in determining discounted future cash flows for the purpose of recognizing the recoverable value of long-lived assets may be affected by several uncertain events, among which the following: estimate of power consumption levels, rate of economic activity growth in the country and the availability of water resources.
Although much of the revenue from cash-generating units is linked to contracts with readjustment clauses considering inflation protection, changes in the political and economic model may result in a higher country risk projection, leading to an increase in the discount rates used in tests.
The following main assumptions were considered:
|
· |
Growth compatible with historic data and growth perspectives of the Brazilian economy; |
|
· |
Specific discount rate (after taxes) for the tested segments: 6.12% for non-renewable generation, 5.88% for renewable generation (except nuclear) and 5.88% for transmission (6.33% for generation, 6.02% for transmission in 2016) obtained using the methodology generally applied by the market, taking into consideration the weighted average cost of capital; |
|
· |
Revenues projected in accordance with the contracts, with no provision for renewal of the concession/authorization; |
|
· |
Expenses segregated per cash generating unit, projected based on the Business and Management Master Plan (PDNG) for 5 years and consistent with the plan for the remaining years; |
|
· |
The Company treated each of its projects (concessions) as independent cash-generating units. |
Angra 3 Nuclear Power Station
In the second semester of 2017, the Company changed the expectation for its conclusion of the Angra 3 venture, with a new planned date of starting into operation on January 1, 2025. In December 2016, this projection was for December 2022. In the same period, the total budget for the venture was updated based on June of 2017, so as to reflect the impact of the sharp fluctuations in inflation and exchange rate indices, in addition to the rescheduling of activities due to the new work schedule.
The methodology applied in the impairment test of the venture considers costs already realized by the date of these Financial Statements as recoverable assets, compared to a discounted cash flow extended until the end of the economic life of the Power Plant, which is 40 years, starting from the new date of entry into operation, January 2025, considering the economic lifespan to be the term of a license compatible with the Angra Power Plant in a similar project.
The discount rate was calculated by the WACC (Weighted Average Cost of Capital) method, considering traditional parameters usually used on the market.
Taking this new scenario into consideration, the Company revised the premises for the Angra 3 venture and made a new recoverability test for this project in December of 2017.
The main premises used in the recoverability test for this project are described below:
|
· |
Organic growth compatible with historic data and contractual tariff adjustments for inflation; |
|
· |
Given the peculiar financing characteristics, the discount rate was calculated considering the specific capital structure of the project, which resulted in a discount rate for December 2017 of 5.39% (December 2016 of 5.47%). In addition to the traditional parameters, these calculations considered the beta calculated by ANEEL, leveraging the capital structure of the project. The choice of the beta used by ANEEL was because no public electricity generation company in Brazil has nuclear energy generation assets, contrary to the sample of companies used by ANEEL to calculate the beta, which considers American companies with at least two nuclear energy generation plants. |
|
· |
The contractual tariff for the Angra 3 venture is R$ 148.65/MWh. For the impairment test, for the base date of December 30, 2017, the tariff used was adjusted by the contractually established indices, resulting in a value of R$ 244.51/MWh. |
|
· |
The basis used at the time when the contract was approved to calculate that tariff was unbalanced in relation to the service cost of the power plant, and was also not compatible with the average used in thermal power plant auctions at the time, and, therefore, is at a different and lower level than its segment, and does not provide an economic and financial balance to the project; |
|
· |
The Angra 2 and Angra 3 power plants originate from similar projects, and for this reason the parameter of costs for Angra 2 was used for Angra 3. It so happens that there will be a gain in costs/productivity when Angra 3 goes into operation, since not all cost generating activities will have to be duplicated, since common areas will be serving both power plants. |
The synergy established for this project, considering internal studies, pointed to a level of around 25.4%, a percentage that was used to estimate the operating cost for personnel, materials, outsourcing and other services of the Angra 3 power plant, in the impairment test.
Despite the changes to the project’s schedule, the Company has been assuring the preservation and integrity of the work already done and will take measures to implement the actions on a performance level aiming to recover the possible impacts on the schedule of works for the Angra 3 Power Plant.
The analysis devised by the Company found a negative Net Present Value (NPV) for the Angra 3 project of R$ 11,289,195. That result determined a total negative impact in the 2017 P&L of R$ 989,562, composed of an additional loss by impairment in the fixed asset of Angra 3 of R$ 950,960 and a net complement to the onerous contract provision of R$ 38,602 (see Note 33).
The accumulated value for the recoverable amount provision for the Angra 3 Power Plant, as of December 31 of 2017, corresponds to R$ 9,900,353 (R$ 8,949,383 as of December 31 of 2016), being equivalent to the total of working assets of the project.
The Company continues to monitor estimates and risks associated with the determination of the recoverable value from this project, and as new negotiations, studies or information are produced, requiring changes to the business plan for the project, they will be updated to reflect such changes.
Santa Cruz Thermal Power Station
As of December 31, 2017, the Company recorded an impairment of R$ 693,560 in the Santa Cruz TPP due to the costs associated with the investments required to complete the combined cycle as part of its project.
061-2001 Transmission Contract
As of December 31, 2017, the Company recorded a reversal of impairment in the amount of R$ 961,144 in the transmission contract 061-2001, mainly as a result of the reduction in personnel expenses observed with the realization of the extraordinary retirement plan.
As of December 31, 2017, the accumulated value of the provision deducted from the recoverable amount for all of the Company’s projects corresponds to R$ 16,681,419 (R$ 16,146,801 as of December 31, 2016).
A. Cash Generating Units (CGUs) that present a provision for impairment
The analysis performed by the Company on December 31, 2017 determined the need to create/ (reverse) a provision for losses in the following projects during 2017:
Generation
|
Cash-Generating Unit |
|
12/31/2016 |
|
Additions |
|
Reversals |
|
12/31/2017 |
|
|
UTN Angra 3 |
|
8,949,393 |
|
950,960 |
|
— |
|
9,900,353 |
|
|
UHE Samuel |
|
435,860 |
|
— |
|
(127,014 |
) |
308,846 |
|
|
UHE Batalha |
|
407,703 |
|
— |
|
(22,434 |
) |
385,269 |
|
|
Candiota Fase B |
|
356,065 |
|
10,233 |
|
— |
|
366,298 |
|
|
Candiota - Phase C |
|
— |
|
362,631 |
|
— |
|
362,631 |
|
|
Casa Nova I |
|
324,869 |
|
21,456 |
|
— |
|
346,325 |
|
|
Complexo Eólico Pindaí |
|
— |
|
123,891 |
|
— |
|
123,891 |
|
|
Complexo Eólico Pindaí II |
|
— |
|
54,531 |
|
— |
|
54,531 |
|
|
Complexo Eólico Pindaí III |
|
— |
|
25,854 |
|
|
|
25,854 |
|
|
UHE Santa Cruz |
|
— |
|
693,560 |
|
— |
|
693,560 |
|
|
UHE Simplício |
|
342,328 |
|
— |
|
(62,813 |
) |
279,515 |
|
|
UTE Camaçari |
|
303,911 |
|
— |
|
(23,342 |
) |
280,569 |
|
|
UHE Serra da Mesa |
|
199,184 |
|
— |
|
(199,184 |
) |
— |
|
|
Eólica Hermenegildo III |
|
145,319 |
|
— |
|
(68,696 |
) |
76,623 |
|
|
Eólica Hermenegildo II |
|
143,029 |
|
— |
|
(45,449 |
) |
97,580 |
|
|
UHE Passo São João |
|
130,292 |
|
— |
|
(57,679 |
) |
72,613 |
|
|
Eólica Hermenegildo I |
|
129,769 |
|
— |
|
(37,020 |
) |
92,749 |
|
|
Livramento |
|
— |
|
129,869 |
|
— |
|
129,869 |
|
|
UTE Coaracy Nunes |
|
77,551 |
|
— |
|
— |
|
77,551 |
|
|
PCH João Borges |
|
52,530 |
|
— |
|
(5,437 |
) |
47,093 |
|
|
UHE São Domingos |
|
44,252 |
|
— |
|
(44,252 |
) |
— |
|
|
PCH Rio Chapéu |
|
41,755 |
|
— |
|
(4,691 |
) |
37,064 |
|
|
Eólica Chuí IX |
|
37,028 |
|
— |
|
(9,869 |
) |
27,159 |
|
|
UTE Santana |
|
27,840 |
|
— |
|
— |
|
27,840 |
|
|
UTE Mauá III |
|
— |
|
2,255 |
|
— |
|
2,255 |
|
|
Other |
|
52,138 |
|
— |
|
(44,231 |
) |
7,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
12,200,816 |
|
2,375,240 |
|
(752,111 |
) |
13,823,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-Generating Unit |
|
12/31/2015 |
|
Additions |
|
Reversals |
|
12/31/2016 |
|
|
UTN Angra 3 |
|
5,922,141 |
|
3,027,252 |
|
— |
|
8,949,393 |
|
|
UHE Samuel |
|
417,632 |
|
18,228 |
|
— |
|
435,860 |
|
|
UHE Batalha |
|
559,345 |
|
— |
|
(151,642 |
) |
407,703 |
|
|
Candiota Fase B |
|
119,939 |
|
236,126 |
|
— |
|
356,065 |
|
|
Casa Nova I |
|
163,496 |
|
161,373 |
|
— |
|
324,869 |
|
|
UHE Simplício |
|
380,220 |
|
— |
|
(37,892 |
) |
342,328 |
|
|
UTE Camaçari |
|
343,765 |
|
— |
|
(39,854 |
) |
303,911 |
|
|
UHE Serra da Mesa |
|
— |
|
199,184 |
|
— |
|
199,184 |
|
|
Eólica Hermenegildo III |
|
75,598 |
|
69,721 |
|
— |
|
145,319 |
|
|
Eólica Hermenegildo II |
|
65,815 |
|
77,214 |
|
— |
|
143,029 |
|
|
UHE Passo São João |
|
118,132 |
|
12,160 |
|
— |
|
130,292 |
|
|
Eólica Hermenegildo I |
|
56,301 |
|
73,468 |
|
— |
|
129,769 |
|
|
UTE Coaracy Nunes |
|
77,551 |
|
— |
|
— |
|
77,551 |
|
|
PCH João Borges |
|
44,038 |
|
8,492 |
|
— |
|
52,530 |
|
|
UHE São Domingos |
|
44,703 |
|
— |
|
(451 |
) |
44,252 |
|
|
PCH Rio Chapéu |
|
37,279 |
|
4,476 |
|
— |
|
41,755 |
|
|
Eólica Chuí IX |
|
22,631 |
|
14,397 |
|
— |
|
37,028 |
|
|
UTE Santana |
|
27,840 |
|
— |
|
— |
|
27,840 |
|
|
UTE Mauá III |
|
102,191 |
|
— |
|
(102,191 |
) |
— |
|
|
Other |
|
81,717 |
|
— |
|
(29,579 |
) |
52,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
8,660,334 |
|
3,902,091 |
|
(361,609 |
) |
12,200,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-generating Unit |
|
12/31/2014 |
|
Additions |
|
Reversals |
|
12/31/2015 |
|
|
UTN Angra 3 |
|
960,544 |
|
4,961,597 |
|
— |
|
5,922,141 |
|
|
Candiota II Fase B |
|
35,412 |
|
84,527 |
|
— |
|
119,939 |
|
|
Eólica Coxilha Seca |
|
— |
|
81,142 |
|
— |
|
81,142 |
|
|
UHE Samuel |
|
340,888 |
|
76,744 |
|
— |
|
417,632 |
|
|
Eólica Hermenegildo III |
|
— |
|
75,598 |
|
— |
|
75,598 |
|
|
Eólica Hermenegildo II |
|
— |
|
65,815 |
|
— |
|
65,815 |
|
|
UHE Simplício |
|
440,276 |
|
— |
|
(60,056 |
) |
380,220 |
|
|
Eólica Hermenegildo I |
|
— |
|
56,301 |
|
— |
|
56,301 |
|
|
UTE Mauá |
|
— |
|
102,191 |
|
— |
|
102,191 |
|
|
UTE Aparecida |
|
— |
|
50,508 |
|
— |
|
50,508 |
|
|
UTE Camaçari |
|
365,709 |
|
— |
|
(21,944 |
) |
343,765 |
|
|
UTE Batalha |
|
553,622 |
|
5,723 |
|
— |
|
559,345 |
|
|
UHE Passo São João |
|
151,311 |
|
— |
|
(33,179 |
) |
118,132 |
|
|
Casa Nova |
|
111,515 |
|
51,981 |
|
— |
|
163,496 |
|
|
Others |
|
230,853 |
|
— |
|
(26,742 |
) |
204,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
3,190,130 |
|
5,612,127 |
|
(141,921 |
) |
8,660,336 |
|
|
|
|
|
|
|
|
|
|
|
|
Transmission
|
Cash Generating Unit |
|
12/31/2016 |
|
Additions |
|
Reversions |
|
Classification - |
|
12/31/2017 |
|
|
CC 061-2001 |
|
2,077,006 |
|
— |
|
(961,144 |
) |
— |
|
1,115,862 |
|
|
CT 006-2010 - LT Mascarenha/ Linhares (ES) |
|
— |
|
25,638 |
|
— |
|
— |
|
25,638 |
|
|
LT Jauru Porto Velho |
|
311,545 |
|
— |
|
(58,788 |
) |
— |
|
252,757 |
|
|
CC 018-2012 Mossoró Ceará Mirim |
|
100,497 |
|
— |
|
— |
|
— |
|
100,497 |
|
|
CC 005-2012 Jardim NSra Socorro |
|
89,830 |
|
— |
|
— |
|
— |
|
89,830 |
|
|
CC 006-2009 Suape II e III |
|
88,101 |
|
— |
|
— |
|
— |
|
88,101 |
|
|
CC 014-2008 Eunápolis TFreitas |
|
81,995 |
|
4,776 |
|
— |
|
— |
|
86,771 |
|
|
CC 020-2010 Igaporâ BJLapa |
|
69,268 |
|
— |
|
— |
|
— |
|
69,268 |
|
|
LT Ribeiro Gonçalves - Balsas |
|
65,000 |
|
— |
|
(65,000 |
) |
— |
|
— |
|
|
CC 017-2009 Natal III Sta Rita |
|
59,517 |
|
— |
|
— |
|
— |
|
59,517 |
|
|
LT Funil-Itapebi |
|
53,541 |
|
— |
|
— |
|
— |
|
53,541 |
|
|
LT Camaçari IV - Sapeaçu |
|
50,106 |
|
2,758 |
|
— |
|
— |
|
52,864 |
|
|
LT Pólo |
|
— |
|
9,044 |
|
— |
|
— |
|
9,044 |
|
|
Tucuruí/Miramar |
|
16,069 |
|
2,591 |
|
— |
|
— |
|
18,660 |
|
|
CC 010-2011 Paraíso Lagoa Nova |
|
44,800 |
|
— |
|
— |
|
— |
|
44,800 |
|
|
SE Coletora Porto Velho |
|
43,973 |
|
— |
|
(40,787 |
) |
— |
|
3,186 |
|
|
LT Recife II - Suape II |
|
43,153 |
|
1,972 |
|
— |
|
— |
|
45,125 |
|
|
CC 010-2007 Ibicoara Brumado |
|
40,611 |
|
— |
|
— |
|
— |
|
40,611 |
|
|
CC 017-2012 Mirueira Jaboatão |
|
31,184 |
|
— |
|
— |
|
— |
|
31,184 |
|
|
CC 018-2009 Eunáp TFreitas C2 |
|
30,232 |
|
— |
|
— |
|
— |
|
30,232 |
|
|
SE Caxias / Ijuí / N. Petrópolis / Lajeado |
|
27,553 |
|
— |
|
(27,553 |
) |
— |
|
— |
|
|
CC 019-2012 Igaporã Pindaí |
|
21,506 |
|
— |
|
— |
|
— |
|
21,506 |
|
|
LT Presidente Médice - Santa Cruz |
|
20,611 |
|
— |
|
(2,067 |
) |
— |
|
18,544 |
|
|
CC 015-2012 Camaçari IV Pirajá |
|
18,060 |
|
— |
|
— |
|
— |
|
18,060 |
|
|
LT Campos Novos - Nova Santa Rita |
|
16,847 |
|
350 |
|
— |
|
— |
|
17,197 |
|
|
Other |
|
269,033 |
|
194,185 |
|
— |
|
(162,791 |
) |
300,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,670,038 |
|
241,314 |
|
(1,155,339 |
) |
(162,791 |
) |
2,593,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generating Unit |
|
12/31/2015 |
|
Additions |
|
Reversions |
|
12/31/2016 |
|
|
CC 061-2001 |
|
174,389 |
|
1,902,617 |
|
— |
|
2,077,006 |
|
|
LT Jauru Porto Velho |
|
126,025 |
|
185,520 |
|
— |
|
311,545 |
|
|
CC 018-2012 Mossoró Ceará Mirim |
|
100,497 |
|
— |
|
— |
|
100,497 |
|
|
CC 005-2012 Jardim NSra Socorro |
|
89,830 |
|
— |
|
— |
|
89,830 |
|
|
CC 006-2009 Suape II e III |
|
88,101 |
|
— |
|
— |
|
88,101 |
|
|
CC 014-2008 Eunápolis TFreitas |
|
64,773 |
|
17,222 |
|
— |
|
81,995 |
|
|
CC 020-2010 Igaporâ BJLapa |
|
69,268 |
|
— |
|
— |
|
69,268 |
|
|
LT Ribeiro Gonçalves - Balsas |
|
35,574 |
|
29,426 |
|
— |
|
65,000 |
|
|
CC 017-2009 Natal III Sta Rita |
|
59,517 |
|
— |
|
— |
|
59,517 |
|
|
LT Funil-Itapebi |
|
54,597 |
|
— |
|
(1,056 |
) |
53,541 |
|
|
LT Camaçari IV - Sapeaçu |
|
39,552 |
|
10,554 |
|
— |
|
50,106 |
|
|
CC 010-2011 Paraíso Lagoa Nova |
|
44,800 |
|
— |
|
— |
|
44,800 |
|
|
SE Coletora Porto Velho |
|
34,123 |
|
9,850 |
|
— |
|
43,973 |
|
|
LT Recife II - Suape II |
|
28,325 |
|
14,828 |
|
— |
|
43,153 |
|
|
CC 010-2007 Ibicoara Brumado |
|
40,611 |
|
— |
|
— |
|
40,611 |
|
|
CC 017-2012 Mirueira Jaboatão |
|
31,184 |
|
— |
|
— |
|
31,184 |
|
|
CC 018-2009 Eunáp TFreitas C2 |
|
30,232 |
|
— |
|
— |
|
30,232 |
|
|
SE Caxias / Ijuí / N. Petrópolis / Lajeado |
|
32,259 |
|
— |
|
(4,706 |
) |
27,553 |
|
|
CC 019-2012 Igaporã Pindaí |
|
21,506 |
|
— |
|
— |
|
21,506 |
|
|
LT Presidente Médice - Santa Cruz |
|
27,339 |
|
— |
|
(6,728 |
) |
20,611 |
|
|
CC 015-2012 Camaçari IV Pirajá |
|
18,060 |
|
— |
|
— |
|
18,060 |
|
|
LT Campos Novos - Nova Santa Rita |
|
30,822 |
|
— |
|
(13,975 |
) |
16,847 |
|
|
Other |
|
65,098 |
|
220,004 |
|
— |
|
285,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,306,482 |
|
2,390,021 |
|
(26,465 |
) |
3,670,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-generating Unit |
|
12/31/2014 |
|
Additions |
|
Reversals |
|
12/31/2015 |
|
|
CC 061-2001 |
|
— |
|
174,389 |
|
— |
|
174,389 |
|
|
Correction/Inversion Station |
|
43,909 |
|
— |
|
(43,909 |
) |
— |
|
|
CC 005-2012 Jardim NSra Socorro |
|
46,788 |
|
43,042 |
|
— |
|
89,830 |
|
|
CC 018-2012 Mossoró Ceará Mirim |
|
61,681 |
|
38,816 |
|
— |
|
100,497 |
|
|
CC 019-2012 Igaporã Pindaí |
|
59,678 |
|
— |
|
(38,172 |
) |
21,506 |
|
|
LT Ribeiro Gonçalves - Balsas |
|
73,317 |
|
— |
|
(37,743 |
) |
35,574 |
|
|
Linha Verde Transmissora de Energia S/A |
|
100,494 |
|
— |
|
(35,788 |
) |
64,706 |
|
|
SE Coletora Porto Velho |
|
— |
|
34,123 |
|
— |
|
34,123 |
|
|
CC 010-2011 Paraíso Lagoa Nova |
|
12,246 |
|
32,554 |
|
— |
|
44,800 |
|
|
CC 020-2010 Igaporâ BJLapa |
|
37,669 |
|
31,599 |
|
— |
|
69,268 |
|
|
CC 018-2009 Eunáp TFreitas C2 |
|
7,784 |
|
22,448 |
|
— |
|
30,232 |
|
|
CC 015-2012 Camaçari IV Pirajá |
|
— |
|
18,060 |
|
— |
|
18,060 |
|
|
CC 006-2009 Suape II and III |
|
105,933 |
|
— |
|
(17,832 |
) |
88,101 |
|
|
CC 017-2012 Mirueira Jaboatão |
|
20,290 |
|
10,894 |
|
— |
|
31,184 |
|
|
CC 014-2008 Eunápolis TFreitas |
|
53,962 |
|
10,811 |
|
— |
|
64,773 |
|
|
CC 017-2009 Natal III Sta Rita |
|
48,837 |
|
10,680 |
|
— |
|
59,517 |
|
|
LT Campos Novos - Nova Santa Rita |
|
22,089 |
|
8,733 |
|
— |
|
30,822 |
|
|
SE Miranda II |
|
— |
|
7,079 |
|
— |
|
7,079 |
|
|
Other |
|
275,043 |
|
66,978 |
|
— |
|
342,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
969,720 |
|
510,206 |
|
(173,444 |
) |
1,306,482 |
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
|
Concession |
|
12/31/2016 |
|
Additions |
|
Reversals |
|
Classification - |
|
12/31/2017 |
|
|
Amazonas D |
|
63,610 |
|
— |
|
(63,610 |
) |
— |
|
— |
|
|
Cepisa |
|
90,885 |
|
— |
|
(61,755 |
) |
(29,130 |
) |
— |
|
|
Ceron |
|
35,247 |
|
— |
|
(10,731 |
) |
(24,516 |
) |
— |
|
|
Ceal |
|
32,446 |
|
— |
|
(32,446 |
) |
— |
|
— |
|
|
Boa Vista |
|
14,868 |
|
— |
|
(5,437 |
) |
(9,431 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
237,056 |
|
|
|
(173,979 |
) |
(63,077 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concession |
|
12/31/2015 |
|
Additions |
|
Reversals |
|
12/31/2016 |
|
|
Amazonas D |
|
— |
|
63,610 |
|
— |
|
63,610 |
|
|
Cepisa |
|
290,247 |
|
— |
|
(199,362 |
) |
90,885 |
|
|
Eletroacre |
|
90,808 |
|
— |
|
(90,808 |
) |
— |
|
|
Ceron |
|
59,885 |
|
— |
|
(24,638 |
) |
35,247 |
|
|
Ceal |
|
— |
|
32,446 |
|
— |
|
32,446 |
|
|
Boa Vista |
|
17,281 |
|
— |
|
(2,413 |
) |
14,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
458,221 |
|
96,056 |
|
(317,221 |
) |
237,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Concession |
|
12/31/2014 |
|
Additions |
|
Reversals |
|
12/31/2015 |
|
|
Amazonas D |
|
119,041 |
|
— |
|
(119,041 |
) |
— |
|
|
Cepisa |
|
232,442 |
|
57,805 |
|
— |
|
290,247 |
|
|
Eletroacre |
|
60,026 |
|
30,782 |
|
— |
|
90,808 |
|
|
Ceron |
|
84,503 |
|
|
|
(24,618 |
) |
59,885 |
|
|
Boa Vista |
|
— |
|
77,400 |
|
— |
|
77,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
496,012 |
|
165,987 |
|
(143,659 |
) |
518,340 |
|
|
|
|
|
|
|
|
|
|
|
|
Administration
|
Intangible - Administration |
|
12/31/2016 |
|
Additions |
|
Reversals |
|
12/31/2017 |
|
|
Livramento |
|
— |
|
215,340 |
|
— |
|
215,340 |
|
|
Other |
|
— |
|
48,913 |
|
— |
|
48,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
— |
|
264,253 |
|
— |
|
264,253 |
|
|
|
|
|
|
|
|
|
|
|
|
The total impairment summary are shown below:
|
|
|
12/31/2017 |
|
||||||||
|
|
|
Generation |
|
Transmission |
|
Distribution |
|
Administration |
|
Total |
|
|
Fixed Assets |
|
13,804,579 |
|
— |
|
— |
|
— |
|
13,804,579 |
|
|
Intangible |
|
19,366 |
|
— |
|
— |
|
264,253 |
|
283,619 |
|
|
Financial Asset |
|
— |
|
2,593,222 |
|
— |
|
— |
|
2,593,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
13,823,945 |
|
2,593,222 |
|
— |
|
264,253 |
|
16,681,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016 |
|
||||||
|
|
|
Generation |
|
Transmission |
|
Distribution |
|
Total |
|
|
Fixed Assets |
|
12,141,003 |
|
— |
|
— |
|
12,141,003 |
|
|
Intangible |
|
59,813 |
|
— |
|
237,056 |
|
296,869 |
|
|
Financial Asset |
|
— |
|
3,670,038 |
|
— |
|
3,670,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
12,200,816 |
|
3,670,038 |
|
237,056 |
|
16,107,910 |
|
|
|
|
|
|
|
|
|
|
|
|
B. Cash Generating Units (CGUs) that do not present a provision for impairment
CGUs that have not suffered impairment have a recoverable value higher than the book value of the asset portfolio. The following table shows the percentage in which the recoverable value (“RV”) exceeds the book value (“BV”) of fixed assets, calculated as follows: (recoverable value/book value - 1). In addition, the Company performed a sensitivity analysis by increasing the 5% and 10% discount rate shown below to assess an “impairment risk” for each CGU. The CGUs that presented risk of impairment were: Milagres Curemas CC 008-2005, Ribeiro Gonçalves - Balsas TL, São Luiz II and São Luiz III TL, S. DOMINGOS Hydroelectric Power Station, CT 11/2010 and 02/2011.
|
UGC |
|
Discount |
|
Provision for |
|
VR/VC- 1 |
|
VR/VC- 1 |
|
VR/VC-1 |
|
Hypothetical |
|
|
HPP Balbina |
|
6.12 |
% |
— |
|
94.20 |
% |
91.90 |
% |
89.60 |
% |
— |
|
|
TPP Aparecida Complexo |
|
6.12 |
% |
— |
|
47.10 |
% |
46.40 |
% |
45.70 |
% |
— |
|
|
TPP Maua 3 |
|
6.62 |
% |
— |
|
249.50 |
% |
239.60 |
% |
230.10 |
% |
— |
|
|
Generation Boa Esperança |
|
6.65 |
% |
— |
|
443.50 |
% |
443.50 |
% |
443.40 |
% |
— |
|
|
Generation - Complexo PA + Moxotó |
|
5.88 |
% |
— |
|
569.50 |
% |
550.80 |
% |
533.00 |
% |
— |
|
|
Generation - Curemas |
|
6.12 |
% |
— |
|
79.50 |
% |
77.30 |
% |
75.00 |
% |
— |
|
|
Generation - Funil |
|
5.88 |
% |
— |
|
2496.50 |
% |
2426.50 |
% |
2359.50 |
% |
— |
|
|
Generation - Pedra |
|
5.88 |
% |
— |
|
297.40 |
% |
286.50 |
% |
276.20 |
% |
— |
|
|
Generation - Sobradinho |
|
5.88 |
% |
— |
|
766.00 |
% |
749.90 |
% |
734.10 |
% |
— |
|
|
Generation - Xingó |
|
5.88 |
% |
— |
|
3253.80 |
% |
3160.80 |
% |
3071.70 |
% |
— |
|
|
HPP Itaparica |
|
5.88 |
% |
— |
|
1221.60 |
% |
1185.00 |
% |
1149.90 |
% |
— |
|
|
CC 007-2005 Milagres Tauá |
|
5.88 |
% |
— |
|
23.10 |
% |
21.10 |
% |
19.10 |
% |
— |
|
|
CC 008-2005 Milagres Curemas |
|
5.88 |
% |
— |
|
3.30 |
% |
1.60 |
% |
-0.10 |
% |
56 |
|
|
CC 013-2010 Aparica III |
|
5.88 |
% |
— |
|
8.70 |
% |
6.30 |
% |
4.00 |
% |
— |
|
|
HPP Curuá-Una |
|
6.12 |
% |
— |
|
4.40 |
% |
2.80 |
% |
1.20 |
% |
— |
|
|
HPP Tucuruí |
|
6.12 |
% |
— |
|
314.90 |
% |
308.80 |
% |
302.80 |
% |
— |
|
|
Contract No. 058 - Basic Network |
|
5.88 |
% |
— |
|
23.80 |
% |
22.10 |
% |
20.40 |
% |
— |
|
|
Rectifying/Inverting Station |
|
5.88 |
% |
— |
|
6.40 |
% |
4.20 |
% |
2.00 |
% |
— |
|
|
LT - Jorge Teixeira - C1 and C2 |
|
5.88 |
% |
— |
|
71.20 |
% |
67.10 |
% |
63.10 |
% |
— |
|
|
LT - Porto Velho - Abuna - Rio Branco |
|
5.88 |
% |
— |
|
17.50 |
% |
14.70 |
% |
12.00 |
% |
— |
|
|
LT - Ribeiro Gonçalves - Balsas |
|
5.88 |
% |
— |
|
4.80 |
% |
2.20 |
% |
-0.20 |
% |
254 |
|
|
LT - São Luiz II and São Luiz III |
|
5.88 |
% |
— |
|
0.30 |
% |
-2.00 |
% |
-4.30 |
% |
2,338 |
|
|
SE Miranda |
|
5.88 |
% |
— |
|
6.20 |
% |
3.80 |
% |
1.50 |
% |
— |
|
|
Angra 1 and 2 |
|
5.88 |
% |
— |
|
171.60 |
% |
166.20 |
% |
161.00 |
% |
— |
|
|
WPP CERRO CHATO I* |
|
6.12 |
% |
— |
|
32.10 |
% |
28.70 |
% |
25.40 |
% |
— |
|
|
WPP CERRO CHATO II* |
|
6.12 |
% |
— |
|
35.90 |
% |
32.30 |
% |
28.90 |
% |
— |
|
|
WPP CERRO CHATO III* |
|
6.12 |
% |
— |
|
35.30 |
% |
31.70 |
% |
28.30 |
% |
— |
|
|
HPP GOV. JAYME C. JÚNIOR |
|
6.12 |
% |
— |
|
30.70 |
% |
27.20 |
% |
23.90 |
% |
— |
|
|
HPP S. DOMINGOS |
|
6.12 |
% |
— |
|
0.90 |
% |
-1.40 |
% |
-3.70 |
% |
15,092 |
|
|
CT 04/2004 |
|
5.88 |
% |
— |
|
37.80 |
% |
35.30 |
% |
33.00 |
% |
— |
|
|
CT 05/2009 |
|
5.88 |
% |
— |
|
9.50 |
% |
6.70 |
% |
4.00 |
% |
— |
|
|
CT 10/2005 |
|
5.88 |
% |
— |
|
39.10 |
% |
36.20 |
% |
33.40 |
% |
— |
|
|
CT 11/2010 and 02/2011 |
|
5.88 |
% |
— |
|
2.90 |
% |
0.10 |
% |
-2.50 |
% |
3,530 |
|
|
CT 57/01 - New |
|
5.88 |
% |
— |
|
38.20 |
% |
33.30 |
% |
28.60 |
% |
— |
|
|
CT 57/01 - Renewed |
|
5.88 |
% |
— |
|
37.10 |
% |
34.80 |
% |
32.60 |
% |
— |
|
|
BRA-URU INTERCONNECTION |
|
5.88 |
% |
— |
|
51.00 |
% |
48.80 |
% |
46.60 |
% |
— |
|
|
HPP ITUMBIARA |
|
6.12 |
% |
— |
|
2550.40 |
% |
2533.20 |
% |
2516.20 |
% |
— |
|
|
HPP MANSO |
|
6.12 |
% |
— |
|
105.50 |
% |
99.20 |
% |
93.20 |
% |
— |
|
|
HPP MASCAR. DE MORAES |
|
6.12 |
% |
— |
|
912.90 |
% |
897.40 |
% |
882.20 |
% |
— |
|
|
HPP SERRA DA MESA |
|
6.12 |
% |
— |
|
124.40 |
% |
115.10 |
% |
106.20 |
% |
— |
|
*Risk of impairment calculated by the discounted cash flow.