ENEVA Ends 3Q14 with Results Supporting Company's Restructuring Plan
OREANDA-NEWS. ENEVA, the largest private thermal energy generator in Brazil, ended the 3Q14 with results supporting the company's restructuring plan, initiated in the beginning of this year.
The Company's Financial Statements released today, report a net operating revenue of BRL 353.8 million in 3Q14, which represents an increase of 11.5% compared to the 3Q13. Considering the first nine months of 2014, the company's net operating revenues reached BRL 1.429 billion, a 57.4% increase compared to the same period of 2013. These numbers are the result of the finalization of ENEVA's construction phase, now reflecting a fully operational company, with 2.4 GW of installed capacity.
The company's EBITDA is one of the highlights of the 3rd quarter, reaching BRL 116.8 million, compared to BRL 11 million in the same period last year. Year to date, consolidated EBITDA reached more than BRL 300 million. ENEVA also reported a net income of BRL 29.1 million for the 3rd quarter, compared with a loss of BRL 178 million in the same period last year.
Non-recurring elements strongly influenced these results. First, the company's agreements with the regulator to recalculate the amounts paid for unavailability of Itaqui and Pecem I and second, the judicial decision to change the methodology of calculation of unavailability for ParnaЁЄba I, ParnaЁЄba III and PecЁ¦m II.
Furthermore, with the sale of 50% of PecЁ¦m II to E.ON, and the conclusion of the Capital Increase announced in May 2014, ENEVA received approximately BRL 460 million of cash. The figures from ENEVA in 3Q14 also reflect the reduction in personnel expenses at the holding company and subsidiaries, as well as the improved operating performance of Itaqui, which achieved 95% availability in the period, the best since the start of its commercial operation.
"ENEVA has solid assets and, in this quarter, we can highlight progress on relevant regulatory matters, including the agreement with Aneel on ParnaЁЄba II. This allows management to remain focused on the financial stabilization plan," stated Fabio Bicudo, ENEVA's CEO. Over the past few months, ENEVA has been negotiating with its major creditors and other stakeholders, alternatives to balance its capital structure.
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