|By PR Newswire||
|February 25, 2014 07:35 PM EST||
BARUERI, Brazil, Feb. 25, 2014 /PRNewswire/ -- For AES Tiete, the year of 2013 was marked by the consolidation of the Company's commercialization strategy. During the course of the year, new contracts of own energy worth 475MWavg were settled for delivery in 2016. In 2014, the Company plans on making progress towards performing its energy commercialization strategy, and up to February, has managed to capture new contracts worth 230MWavg to deliver in 2016.
Regarding operational performance, in 2013 we began to reap the benefits from the enhancement in our physical-asset management policy. During the year, there was a reduction of 46% in the unscheduled lack of availability in AES Tiete's plants when compared to the previous year, which reflects the good practices and confidence in the maintenance of the Company's assets.
Investments in the modernization of our plants totaled R$ 206 million in 2013. For the period between 2014 to 2018, the Company plans on investing over R$ 600 million, seeking the continuous improvement of its operational conditions, guaranteeing availability in its generated park.
Despite the negative outcome from the downgrading of assured energy levels in early 2013, AES Tiete managed the costs exposed to the spot market and closed the year purchasing 264GW of energy, a volume 60% lower than the guidance disclosed in the beginning of the year of 663GW, due to the commercialization strategy during the second half of 2013. As a result, EBITDA for the FY of 2013 came to R$ 1,525.5 million, nearly flat in comparison with the result reported in the FY of 2012 (R$ 1,542.4 million).
AES Tiete proposes the distribution of all of the distributable income (R$ 952.7 million) for the FY of 2013, corresponding to 108.1% of the quarter's net income. The dividend yield for the year stood at 12.4% for common shares, and 12.6% for preferred shares.
AES TIETE INVITES:
Call / Webcast
Mr. Britaldo Soares – Chief Executive Officer
Mr. Gustavo Pimenta - CFO and Investor Relations Office
DATE: Wednesday, February 26th, 2014
TIME: 11:00 a.m. (BR) / 9:00 a.m. (EDT)
- Brazil: (+55 11) 4688-6341
- USA: (+1) 888 700-0802
- Other countries: (+1) 786 924-6977
SIMULTANEOUS INTERPRETATION INTO ENGLISH WILL BE PROVIDED
CONFERENCE CODE: AES Tiete
REPLAY: (+55 11) 4688-6312
CODE FOR PORTUGUESE: 2530233#
CODE FOR ENGLISH: 9078027#
AVAILABILITY: 02/26/2014 through 03/04/2014
The presentation slides will be available for viewing and downloading on the website www.aestiete.com.br/ri.
The conference audio will also be streamed live online, on the same website, where it will be available after the event.
+55 11 2195-7048
SOURCE AES Tiete