Neoenergia, holding company of electric power distributors Coelba, Celpe and Cosern, of hydroelectric power plants, thermal power stations and wind farms generators, and supply undertaking NC Energia, reported net income of R$360.3 million in the first quarter of 2011, presenting a variation of -18,7% on accumulated net income in the first quarter of 2010.
EBITDA/LAJIDA (Earnings before interest, taxes, depreciation and amortization) reported in the first quarter of 2011 was R$642.5 million, which represented a reduction of 14.51% over the same period last year.
The company's results are presented according to the new accounting standard IFRS established by the International Accounting Standards Board - IASB and embodied in Instruction CVM No. 457, July 13, 2007, which determines the applicability of this new accounting practice from the year ended 2010
Gross operating revenues for the first quarter of 2011 was R$ 3.18 billion, which represented an increase of 6.54% over the same period in 2010. The net operational revenues in the same period was R$ 2.18 billion, which represented an increase of 7.12% related to the net revenue of 2010. The increase of the revenue was caused by the increase of the market of the three distributors, which reported an increase of 4.37% related to the last year, increasing the Group¿s consolidated supply of power for 9,475 GWh.
The customer base of the companies increased 4.85% over the same period of 2010, from 8.7 million to 9.2 million customers, which corresponded to an increase of 426,453 new customers. Part of this increase in the market growth corresponded to the links of the rural electrification program Luz para Todos. Since the program¿s launch in 2003, the three distributors have performed 612,286 new connections to customers in rural areas of Bahia, Pernambuco and Rio Grande do Norte.
Total investments of the Group in the first quarter of 2011 totaled R$ 338 million. Most of the resources, R$ 326 million, was destined to the distribution business, with the execution of new connections, extension of nets and building and modernization of substations. Another R$ 11 million were invested in generation and transmission areas. The reduction of investment in the generation and transmission areas is caused by the end of the works of the hydroelectric power plants that were under construction. Investment in generation is expected to increase in coming quarters with the start of building of hydroelectric power plants Teles Pires, Belo Monte and Baixo Iguaçu, which depend on approval from environmental agencies and wind farms that had the power sold at auction in 2010.
Acting with social responsibility in its concession markets, Neoenergia distributors gave continuity to its energy conservation programs targeted to low-income communities, providing donations and subsidized sale of 145,602 refrigerators, of which 127,403 in 2010, and the donation of 1,417,392 compacted fluorescent lamps, of which 1,327,633 in 2010. The actions resulted in a reduction of demand in 57.5 MW and saved energy of 182.2 GWh.
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