SAO PAULO, Brazil, November 5 /PRNewswire/ --
- EBITDA from Distribution grows 16% and manageable expenses before depreciation and amortization record a fall of 14.1% against 3Q07
- Net debt decreases 21.1% (1.4 times EBITDA) compared to June of 2008
EDP - ENERGIAS DO BRASIL S.A. (Energias do Brasil or Group) (Bovespa: ENBR3), a holding company in the electric utilities sector trading on Bovespa's Novo Mercado, today announces its results for the third quarter and the first nine months of 2008 (3Q08 and 9M08). The information is presented on a consolidated basis in accordance with Brazilian Corporate Law and is based on reviewed financial information. The operating information was not reviewed by the independent auditors. Due to the conclusion of the assets swap involving: (i) by EDP Energias do Brasil, the total corporate stake held in Enersul; (ii) by Rede Energia, the corporate stakes in the companies Rede Lajeado Energia and Investco; and (iii) by Rede Power do Brasil, the respective corporate stakes in Rede Lajeado and Tocantins Energia, the financials for Enersul are shown up to August 2008 and, for comparative purposes, some data will be shown on a pro forma basis. This information does not substitute the Financial Statements audited and filed with the Brazilian Securities and Exchange Commission - CVM. Amounts are expressed in thousands of Reais, except when otherwise stated.
-- The asset swap transaction between EDP Energias do Brasil and Grupo Rede was concluded in September, enabling Energias do Brasil to take over the control and management of Investco (owner of the Lajeado Hydroelectric Power Plant) and Lajeado Energia (formerly Rede Lajeado) and consolidate 100% of both assets.
-- Energy volume sold by the generation business in 3Q08 was 1,582 GWh, 10.7% up on 3Q07.
-- Distributed energy volume in 3Q08 was 6,273 GWh, 1.3% more than the volume registered in 3Q07, already excluding Enersul's contribution for the month of September.
-- Net consolidated operating revenue was R$ 1,226.5 million in 3Q08, 5.2% more than 3Q07 (already excluding Enersul for September), due to growth in energy volumes sold and the increase in average prices practiced for generation and commercialization.
-- Consolidated manageable expenditures, excluding depreciation/amortization, posted a decline of 14.1% against 3Q07, the highlight being a reduction in the Provisions and Third Party Services accounts.
-- 3Q08 EBITDA reached R$ 350.6 million, an increase of 10.6% against 3Q07. The growth of 16.0% in EBITDA from the distribution business, reaching R$ 225.2 million, is particularly worthy of mention.
-- Energias do Brasil's capital expenditure totaled R$ 146.3 million in 3Q08, 15.8% down on the same period in 2007. The decline was mainly due to the conclusion of the asset swap transaction, and reflected in the non-consolidation of Enersul's capex for September.
Please be advised that the complete version of this earnings release is available in the Investor Relations section of our website: http://www.energiasdobrasil.com.br
Conference Call and Webcast (in English) - www.energiasdobrasil.com.br Date: November 5, 2008 (Wednesday) Time: 12 p.m. (New York time) 5 p.m. (London time) 3 p.m. (Brazil Time) Connection numbers: Participants in the USA: +1-800-700-0802 Participants from other countries: +1-786-924-6977 Participants in Brazil: +55-11-4688-6301 Access code: Energias do Brasil
If you cannot participate, a replay of the conference call will be available from November 5, 2008 to November 11, 2008. You can access the replay by dialing +55-11-4688-6312 (access code: 314).
Mayte Albuquerque, Cleverson Murakawa, or Rogerio Pacheco, all of Energias do Brasil, +55-11-2185-5907, email@example.com