SAO PAULO, May 8, 2015 /PRNewswire/ -- The 1Q15 proved to be challenging for the electricity sector. Inflows below the historical average, high thermal dispatch and shrinkage projection for consumption are factors that result in reduced thermal dispatch and high exposure of the Company to a physical guarantee reduction in the Energy Reallocation Mechanism (ERM) in 1Q15. However, the reduction of average spot price in the period softened the negative impacts of the current scenario, leading the Company to a positive result in the 1Q15.
In the operational level, we highlight the Company is the first in its sector in the Americas to obtain certification of its asset management program in ISO 55001, reflecting its best practices.
Focusing on the discipline in execution and efficiency in the utilization of resources, AES Tiete reduced its manageable costs in 16% compared to 1Q14.
The 1Q15 EBITDA was R$ 392 million and its net income was R$ 200.3 million.
The Company maintained its strategy to contract the available energy and its current portfolio reached total of 74% for 2017, 47% for 2018, 24% for 2019 and 11% for 2020.
The hydro power plants modernization program received investments of R$ 30.3 million in 1Q15, aiming at AES Tiete's continuous improvements of operational conditions and greater efficiency of the plants.
The Company shall pay its shareholders R$ 122.4 million as intermediate dividend, corresponding to 61% of the net income assessed in 1Q15. Such distribution in amount lower than the total net income assessed in the quarter is due to the absorption of the 2014 accrued loss and constitution of legal reserve.
Conference Call and Webcast
Date: Monday, May 11th, 2015
Hour: 11h00 (BR) / 10h00 (EST)
Connection:
BR: (+55 11) 3193-1001 or (+55 11) 2820-4001
USA/Other Countries: (+1) 786-924-6977 or (+1) 888 700-0802
Conference Code: Tiete
Replay: (+55 11) 3193-1012 ou (+55 11) 2820-4012
Code: Portuguese: 2493893# English: 2840368#
Available: 05/11/15 to 05/17/15
Slide presentation will be available for viewing and downloading on the website: http://ri.aestiete.com.br.
The conference call audio will be broadcasted live over the internet on the same website, remaining available after the event.
Contact RI
INVESTORS RELATIONS
Address: Av. Dr. Marcos Penteado de Ulhoa Rodrigues, 939, Bairro Sitio Tambore, Torre II
Condominio Castelo Branco Office Park - CEP 06460-040 - Barueri – SP
Phone: +55 (11) 2195-7048 E-mail: [email protected] Website: ri.aestiete.com.br
SOURCE AES Tietê
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