SAO PAULO, Feb. 26, 2013 /PRNewswire/ -- AES Tiete S.A. (BM&FBovespa: GETI3 and GETI4; OTC: AESAY and AESYY) announced today its 2012 results.
In 2012, AES Tiete's net revenues totaled R$ 2,112.4 million, up 12% from 2011. This performance was mainly due to the price adjustment in the energy sold through the bilateral contract with AES Eletropaulo, effected in July 2012, coupled with the major volume of energy sold both through CCEE and other bilateral contracts.
Due to the less favorable hydrological conditions experienced since September 2012, CCEE has set out a further monthly reallocation of physical guarantee engaging all ERM participants (including AES Tiete), causing those plants to raise their exposure on the spot market. As a result from the larger volume of purchased energy and the hike in average prices practiced on the spot market, the Company incurred in higher costs in 4Q12, leading to an EBITDA of R$ 292.1 million, with a 59.1% margin. In 2012, the Company recorded EBITDA of R$ 1,542.4 million, up 5.2% from 2011, and net income of R$ 901.3 million, up 6.7% from 2011.
AES Tiete has proposed distributing the whole of the 2012 distributable income ( R$ 976.5 million), corresponding to 108.4% of the year's net income. This will be submitted for approval at the Ordinary and Extraordinary Shareholders' Meeting expected to be held on April 4, 2013. It is worth mentioning that the dividends related to 9M12, in the amount of R$ 768.6 million, have already been paid in advance in 2012.For 2013, the Company keeps focusing on both the excellence of its operational activities and in energy generation availability, with investments of R$ 213.2 million. Funds will to be primarily allocated to modernization projects and preventive maintenance in the plants of Agua Vermelha, Ibitinga, Nova Avanhandava and Caconde. AES TIETE INVITES TO: Teleconference / Webcast PRESENTATION: Mr. Britaldo Soares – Chief Executive OfficerMr. Rinaldo Pecchio – CFO and Investor Relations Officer DATE: Wednesday, February 27, 2013 TIME: 3:00 P.M. (BR) / 1:00 P.M. (EST) CONNECTION:
- Brazil: (+55 11) 4688-6361
- USA: (+1) 888 700-0802
- Other countries: (+1) 786 924-6977