SAO PAULO, Brazil, Nov. 13 /PRNewswire-FirstCall/ -- Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. (Bovespa: ELPL3, ELPL5 and ELPL6; OTC: EPUMY and ELPSY), the largest electric energy distribution Company in Latin America, today announced its results of the 3rd quarter, 2008.
Comments by Alexandre Innecco - Chief Financial Officer and Investor Relations Director
The consumption of captive customers in Eletropaulo's concession area rose by 5.9% and came to 8,635.3 GWh, which contributed to generating net revenues of R$ 1,960.9 million, 11.6% higher than the 3Q07 revenues.
ANEEL granted Eletropaulo a positive 8.01% tariff adjustment on July 4, 2008. The full impact after its approval has not yet been felt owing to the Company's billing cycle. Moreover, the average 3Q08 tariffs have also been affected by the change in PIS/COFINS pass-through to consumers.
Consequently, the R$ 493.4 million adjusted EBITDA and the R$ 148.3 million Net Income were 12.1% and 24.9%, respectively, lower than those of 3Q07, as a result of the effect of the tariff adjustment and the PIS/COFINS pass-through, as well as the R$ 72.1 million rise in other operating expenses.
AES Eletropaulo considerably improved its debt profile in 2006 and 2007. It has recently amended the contract for the Adjustment of Mathematical Reserves with CESP Foundation to extend the term of the contract from 2022 to 2028 and, therefore, the Company's average debt maturity increased to 7.7 years. In view of renegotiations and the current situation, no further financing will be needed until 2010.
The improving debt profile, coupled with sizable cash generation, explains the 14.8% drop in net debt in comparison with the close of 3Q07, in spite of the R$ 359.5 million payment of dividends related to the first half of 2008.
ELETROPAULO Conference Call / Webcast PRESENTATION: Britaldo Soares - Chief Executive Officer
Alexandre Innecco - Chief Financial Officer and Investor Relations Director
DATE: Friday, November 14, 2008 TIME: 2 p.m. (Brazil)/11:00 a.m. (EST) CONNECTION NUMBER: * Brazil: (+55 11) 4688-6301 * US: (1-800) 860-2442 * Other countries: (1 412) 858-4600 SIMULTANEOUS TRANSLATION INTO ENGLISH WILL BE PROVIDED. ACCESS CODE: AES Eletropaulo REPLAY: (+55 11) 4688-6312 CODE: 581 AVAILABLE from November 14, 2008 to November 20, 2008
The teleconference audio with slide presentation will also be webcast, followed by a slide presentation - Access through: http://www.eletropaulo.com.br/ri
The presentations will be made only in Portuguese.
CONTACT: EDUARDO CAVENDISH
PHONE: 55 11 2195 2428
FAX: 55 11 2195 2503
E-MAIL:
