Financial Result

CTEEP recorded financial income of R$ 304.3 million at the close of 2013, up 83.8% from 2012, when it came to R$ 165.6 million. In turn, financial expenses dropped by 25.0% to R$ 232.1 million in the same period.

As a result, the Company recorded net financial income of R$ 72.2 million, vs. a net financial loss of R$ 143.9 million in 2012. This positive result was due to monetary variance income, as well as interest income totaling R$ 143.2 million, in connection with the adjustment for inflation as measured by the Broad Consumer Price Index (IPCA) + 5.59% from accounts receivable due to a reversal of the assets related to concession contract 059/2001 after May 2000 (in accordance with Interministerial Administrative Rule 580), coupled with falls in interest and charges on loans and exchange variance expenses.