Business News
Eletropaulo Will Distribute R$ 359.5 Million in Intermediate Dividends Based on the Results From 1H08
2008-08-13 21:54:00
SAO PAULO, Brazil, Aug. 13 /EMWNews/ -- 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 2nd quarter, 2008. Comments by Alexandre Innecco - Chief Financial Officer and Investor Relations Director The consumption by captive clients in Eletropaulo's concession area rose 2.0% to 8,351.3 GWh, contributing to the generation of net revenues of R$ 1,844.6 million, 1.6% greater than the revenues for 2Q07. The adjusted EBITDA was R$ 520.9 million and net income totaled R$ 197.0 million, 34.2% and 42.0% less than in 2Q07, respectively, as a result of the negative Extraordinary Tariff Reset of -8.43% applied to the tariffs since July 2007, and the increase of 18.2% in operating expenses during 2Q08, strongly impacted by the increases of 31.9% in non-manageable expenses (purchases of energy and transmission). Based on the Company's stable financial performance and the improvement in the macroeconomic and operational environment, on June 16, 2008 Standard & Poor's raised the rating on the national scale for Eletropaulo from A to A+. As subsequent event, (i) ANEEL granted to Eletropaulo a positive Tariff Readjustment of 8.01% effective July 4, 2008, and (ii) Eletropaulo amended the contract for the Adjustment of Mathematical Reserves with CESP Foundation for the extension of the contract due in 2022 until 2028, lengthening the average term of the debt of the company from 6.4 to 7.8 years. On August 13, 2008, the Board of Directors approved the distribution of intermediate dividends based on the accumulated profits during the first semester of 2008, in the amount of R$ 359.5 million, corresponding to 103.5% of net profits for the period. The dividends will be paid on August 28, 2008.
ELETROPAULO INVITES: Conference Call / Webcast PRESENTATION: Britaldo Soares - Chief Executive Officer Alexandre Innecco - Chief Financial Officer and Investor Relations Director DATE: Friday, August 15, 2008 TIME: 2:30 p.m. (BR)/1:30 p.m. (EDT) CONNECTION NUMBER: -- Brazil: (+55 11) 4688-6301 -- USA: (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: 190 AVAILABILE from: August 15, 2008 to August 21, 2008 The teleconference audio with a slide presentation will also be webcast, followed by a slide presentation - Access through: http://www.eletropaulo.com.br/ri
Apimec Meetings Rio de Janeiro Date: Monday, August 18, 2008 Time: 8:30 a.m. (Brasilia time) - Breakfast Location: Hotel Sofitel - Sala RJ II. Avenida Atlantica, 4240 - Copacabana - RJ RSVP: (55 21) 2509-9596 Sao Paulo Date: Monday, August 18, 2008 Time: 4:30 p.m. (Brasilia time) - Presentation - followed with cocktails Location: Hotel Unique - Sala Sumatra/ Bora Bora. Avenida Brigadeiro Luis Antonio, 4700 RSVP: [email protected] Tel.: (55 11) 3107-1571 Minas Gerais Date: Tuesday, August 19, 2008 Time: 12 p.m. (Brasilia time) - Lunch Location: Hotel Mercure - Sala Kepler. Avenida do Contorno, 7315 - Lourdes - Belo Horizonte RSVP: [email protected] Tel.: (55 31) 3213-0693 The presentations will be made only in Portuguese.
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