SAO PAULO, March 24, 2011 /PRNewswire/ -- AES Tiete S.A. (BM&FBovespa: GETI3 and GETI4; OTC: AESAY and AESYY) announced today its results for 2010.
The Company's consolidated financial statements for FY 2010 and 2009 were prepared in accordance with the accounting principles adopted in Brazil, in line with International Financial Reporting Standards (IFRS).
In 2010, AES Tiete posted net revenues of R$ 1,754.3 million, an increase of 5.1% year-over-year, mainly due to the 5.17% price adjustment in the bilateral contract with AES Eletropaulo, on July 4, 2010, and to the increase in the volume of energy sold through other bilateral contracts.
EBITDA amounted to R$ 1,320.5 million in 2010, an increase of 5.5% versus 2009, and net income increased by 4.4% year-over-year to R$ 737.3 million.
The effect of the adoption of the IFRS on 2010 dividend base was positive by R$ 47.1 million if compared to the dividends base in accordance to the accounting standards adopted earlier. Following the practice of dividends distribution that has been adopted by the Company since 2006, AES Tiete management proposes the full distribution of the adjusted distributable net income (R$ 862,2) of 2010, corresponding to 117% of net income for the year. Management will approve 2010 distribution during the Annual General Meeting scheduled for April 29, 2011. During 2010, AES Tiete anticipated R$ 627.6 million as dividends related to first nine months of the year.
AES TIETE INVITES:
Conference Call / Webcast
Britaldo Soares – Chief Executive Officer
Rinaldo Pecchio – Chief Financial Officer and Investor Relations Officer
DATE: Friday, March 25, 2011
TIME: 11:00 a.m. (BR) / 10:00 a.m. (EDT)
- Brazil: (+55 11) 4688-6361
- USA: (+1) 888 700-0802
- Other countries: (+1) 786 924-6977
Simultaneous translation into English
ACCESS CODE: AES Tiete
REPLAY: (+55 11) 4688-6312
AVAILABILITY: March 25 to March 31, 2011
The presentation slides will be available for viewing and downloading from 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.
SOURCE AES Tiete S.A.