Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
São Paulo, March 01, 2010 CPFL Energia S.A. (BM&FBOVESPA: CPFE3 and NYSE: CPL), announces its 4Q09 results. The financial and operational information herein, unless otherwise indicated, is presented on a consolidated basis and is in accordance with the applicable legislation. Comparisons are relative to 4Q08, unless otherwise stated.
CPFL ENERGIA ANNOUNCES 4Q09 NET INCOME OF R$ 425 MILLION
Indicators (R$ Million) |
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | ||||||
Sales within the Concession Area - GWh | 12,652 | 12,484 | 1.3% | 48,568 | 49,033 | -0.9% | ||||||
Captive Market | 9,871 | 9,661 | 2.2% | 37,821 | 37,323 | 1.3% | ||||||
TUSD | 2,781 | 2,823 | -1.5% | 10,747 | 11,710 | -8.2% | ||||||
Sales in the Free Market - GWh | 2,717 | 2,335 | 16.4% | 10,243 | 8,904 | 15.0% | ||||||
Gross Operating Revenue | 4,095 | 3,730 | 9.8% | 15,693 | 14,372 | 9.2% | ||||||
Net Operating Revenue | 2,840 | 2,517 | 12.8% | 10,566 | 9,682 | 9.1% | ||||||
EBITDA | 746 | 700 | 6.7% | 2,765 | 2,808 | -1.5% | ||||||
EBITDA Margin | 26.3% | 27.8% | -5.4% | 26.2% | 29.0% | -2.8% | ||||||
Net Income | 425 | 340 | 25.1% | 1,286 | 1,276 | 0.8% | ||||||
Net Income per Share - R$ | 0.89 | 0.71 | 25.1% | 2.68 | 2.66 | 0.8% | ||||||
Investments | 465 | 373 | 24.6% | 1,327 | 1,178 | 12.7% | ||||||
Note: EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization and pension fund contributions. |
4Q09 HIGHLIGHTS
Increases of 2.2% in energy sales to the captive market, of 1.3% in sales within the concession area and of 16.4% in sales in the free market;
Gross operating revenue of R$ 4.1 billion in 4Q09 and of R$ 15.7 billion in 2009,
representing increases of 9.8% and 9.2%, respectively;
Release of the Annual Tariff Increases for CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa (effective as of February 3, 2010);
CPFL
Energias shares were maintained in the following indexes:
ISE (the BM&FBOVESPAs Corporate Sustainability Index) - for the 5th consecutive year;
IBOVESPA (BM&FBOVESPA) and MSCI (Morgan Stanley Capital International) since 2007.
Conference Call with Simultaneous Translation into English | Investor Relations | ||
(Bilingual Q&A) | Department | ||
| Tuesday, March 02, 2010 11:00 am (Brasília), 9:00 am (EST) | ||
55-19-3756-6083 | |||
Portuguese: 55-11-4688-6361 (Brazil) | ri@cpfl.com.br | ||
www.cpfl.com.br/ir | |||
English: 1-888-700-0802 (USA) and 1-786-924-6977 (Other Countries) | |||
| Webcast: www.cpfl.com.br/ir |
4Q09 Results | March 01, 2010 |
|
INDEX
1) ENERGY SALES | 3 | |
1.1) Sales within the Distributors Concession Area | 3 | |
1.1.1) Sales to the Captive Market | 3 | |
1.1.2) Sales by Class Concession Area | 4 | |
1.1.3) TUSD by Distributor | 4 | |
1.2) Sales to the Free Market | 4 | |
2) ECONOMIC-FINANCIAL PERFORMANCE | 5 | |
2.1) Operating Revenue | 5 | |
2.2) Cost of Electric Power | 5 | |
2.3) Operacting Costs and Expenses | 6 | |
2.4) EBITDA | 6 | |
2.5) Financial Result | 7 | |
2.6) Net Income | 7 | |
3) DEBT | 8 | |
3.1) Financial Debt (Including Hedge) | 8 | |
3.2) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund) | 9 | |
3.3) Adjusted Net Debt | 10 | |
4) INVESTMENTS | 11 | |
5) CASH FLOW | 12 | |
6) DIVIDENDS | 13 | |
7) STOCK MARKET | 14 | |
7.1) Share Performance | 14 | |
7.2) Average Daily Volume | 14 | |
7.3) Ratings | 15 | |
8) CORPORATE GOVERNANCE | 15 | |
9) SHAREHOLDERS STRUCTURE | 16 | |
10) PERFORMANCE OF THE BUSINESS SEGMENTS | 17 | |
10.1) Distribution Segment | 17 | |
10.1.1) Economic-Financial Performance | 17 | |
10.1.2) Tariff Adjustment | 20 | |
10.2) Commercialization and Services Segment | 21 | |
10.3) Generation Segment | 22 | |
10.3.1) Economic-Financial Performance | 22 | |
10.3.2) Status of Generation Projects | 23 | |
11) ATTACHMENTS | 25 | |
11.1) Statement of Assets CPFL Energia | 25 | |
11.2) Statement of Liabilities CPFL Energia | 26 | |
11.3) Income Statement CPFL Energia | 27 | |
11.4) Income Statement Consolidated Generation Segment | 28 | |
11.5) Income Statement Consolidated Distribution Segment | 29 | |
11.6) Economic-Financial Performance Distributors | 30 | |
11.7) Sales to the Captive Market by Distributor (in GWh) | 32 |
Page 2 of 32
1) ENERGY SALES
1.1) Sales within the Distributors Concession Area
In 4Q08, sales within the concession area, achieved by the distribution segment, totaled 12,652 GWh, an increase of 1.3% .
Sales within the Concession Area - GWh | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Captive Market | 9,871 | 9,661 | 2.2% | 37,821 | 37,323 | 1.3% | ||||||
TUSD | 2,781 | 2,823 | -1.5% | 10,747 | 11,710 | -8.2% | ||||||
Total | 12,652 | 12,484 | 1.3% | 48,568 | 49,033 | -0.9% | ||||||
Sales to the captive market increased 2.2% to 9,871 GWh.
The energy volume in GWh consumed by free customers in the distributors operational areas, billed through the Distribution System Usage Tariff (TUSD), fell by 1.5% to 2,781 GWh, better than the results reported in preceding quarters (-14.7% in 1Q09, -12.1% in 2Q09 and -4.6% in 3Q09).
São Paulo State Treasury Department Ruling CAT 97 of 05/27/09
Worthy of note is that the quarter was negatively affected by a change in the invoicing dates of certain free customers of CPFL Paulista and CPFL Piratininga, resulting in a reduction in the number of days metered, in compliance with São Paulo State Treasury Department ruling CAT 97 of 05/27/09, which altered the rules for ICMS tax payments for these companies. This alteration, however, does not result in any change at the Operating Revenue level due to the classification as not invoiced. Including the volume of energy delivered for the days not invoiced, the volume of energy delivered (TUSD) would have increased 6.7% in 4T09 and the percentage increase in sales within the concession area would have been higher (3.2%) .
1.1.1) Sales to the Captive Market
Captive Market - GWh | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 3,165 | 2,996 | 5.7% | 12,346 | 11,649 | 6.0% | ||||||
Industrial | 3,032 | 3,051 | -0.6% | 11,334 | 11,931 | -5.0% | ||||||
Commercial | 1,925 | 1,815 | 6.1% | 7,215 | 6,853 | 5.3% | ||||||
Others | 1,749 | 1,800 | -2.8% | 6,926 | 6,890 | 0.5% | ||||||
Total | 9,871 | 9,661 | 2.2% | 37,821 | 37,323 | 1.3% | ||||||
Note: The captive market sales by distributor tables are attached to this report in item 11.7. |
In the captive market, emphasis is given to the growth of the residential and commercial classes, which jointly accounted for 51.6% of total consumption by the distributors captive consumers:
Residential and commercial classes: up by 5.7% and 6.1%, respectively. Higher temperatures than in 4T08 and the accumulated effects of economic growth (rising income levels, greater access to credit and higher sales of appliances and other consumer durables) over recent years resulted in sustained high consumption on the part of these classes in 4T09.
Industrial class: down by 0.6%, due to the international financial crisis and its impacts over the industrial activity, chiefly concerning exports and production of capital goods (investments). However, the percentage reduction in 4Q09 was less than reported in 1Q09 (-7.9%), 2Q09 (-7.0%) and 3Q09 (-4.8%) .
Page 3 of 32
1.1.2) Sales by Class Concession Area
1.1.3) TUSD by Distributor
TUSD by Distributor (GWh) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
CPFL Paulista | 1,343 | 1,375 | -2.3% | 5,290 | 5,743 | -7.9% | ||||||
CPFL Piratininga | 1,161 | 1,199 | -3.2% | 4,465 | 4,924 | -9.3% | ||||||
RGE | 233 | 207 | 12.3% | 830 | 884 | -6.2% | ||||||
CPFL Santa Cruz | 5 | 6 | -10.9% | 22 | 21 | 6.7% | ||||||
CPFL Jaguari | 21 | 19 | 14.1% | 76 | 68 | 12.2% | ||||||
CPFL Mococa | - | - | 0.0% | - | - | 0.0% | ||||||
CPFL Leste Paulista | - | - | 0.0% | - | - | 0.0% | ||||||
CPFL Sul Paulista | 17 | 17 | 0.9% | 64 | 69 | -7.7% | ||||||
Total | 2,781 | 2,823 | -1.5% | 10,747 | 11,710 | -8.2% | ||||||
1.2) Sales to the Free Market
Free Market - GWh | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Total | 2,717 | 2,335 | 16.4% | 10,243 | 8,904 | 15.0% | ||||||
Sales to the free market moved up by 16.4% to 2,717 GWh, mainly due to the increase in sales through bilateral contracts, excluding related parties.
Page 4 of 32
2) ECONOMIC-FINANCIAL PERFORMANCE
Consolidated Income Statement - CPFL ENERGIA (R$ Thousands) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 4,095,078 | 3,730,037 | 9.8% | 15,693,148 | 14,371,913 | 9.2% | ||||||
Net Operating Revenues | 2,839,635 | 2,517,482 | 12.8% | 10,565,982 | 9,681,866 | 9.1% | ||||||
Cost of Electric Power | (1,735,191) | (1,490,474) | 16.4% | (6,531,022) | (5,667,518) | 15.2% | ||||||
Operating Costs & Expenses | (497,130) | (444,102) | 11.9% | (1,833,641) | (1,678,328) | 9.3% | ||||||
EBIT | 607,314 | 582,906 | 4.2% | 2,201,319 | 2,336,020 | -5.8% | ||||||
EBITDA | 746,307 | 699,569 | 6.7% | 2,765,429 | 2,807,765 | -1.5% | ||||||
Financial Income (Expense) | (87,329) | (126,027) | -30.7% | (316,795) | (414,321) | -23.5% | ||||||
Income Before Taxes | 519,985 | 456,879 | 13.8% | 1,884,524 | 1,921,699 | -1.9% | ||||||
NET INCOME | 425,125 | 339,884 | 25.1% | 1,286,470 | 1,275,692 | 0.8% | ||||||
EPS - R$ | 0.89 | 0.71 | 25.1% | 2.68 | 2.66 | 0.8% | ||||||
2.1) Operating Revenue
Gross operating revenue in 4Q09 rose by 9.8% (R$ 365 million) to R$ 4,095 million, while net operating revenue increased by 12.8% (R$ 322 million) to R$ 2,840 million.
The increase in operating revenue was due to:
The distributors tariff adjustments:
CPFL Piratininga (+16.54%), effective as of October 23, 2008;
CPFL Santa Cruz (+24.09%), CPFL Leste Paulista (+12.94%), CPFL Jaguari (+11.36%), CPFL Sul Paulista (+11.64%) and CPFL Mococa (+11.18%), effective as of February 3, 2009;
CPFL Paulista (+21.22%), effective as of April 8, 2009;
RGE (+18.95%), effective as of April 19, 2009.
The 2.2% increase in energy sales to the captive market;
The 4.3% increase (R$ 12 million) in electric power supply revenue, mainly due to the 27.3% increase in energy sales volume, due to the performance of the commercialization segment.
The increase in operating revenue was partially offset by:
Reduction of 29.1% (R$ 84 million) in TUSD revenue chiefly due to the non-recurring effect regarding the transfer of amounts related to the CUSDg (R$ 110 million). This operation affected operating revenue and financial revenue, offsetting the cost of electric power and financial expense, generating a positive impact of R$ 11 million in the 4Q08 result.
In 2009, gross operating revenue was R$ 15,693 million, representing growth of 9.2% (R$ 1.321 million). Net operating revenue reached R$ 10,566 million, equivalent to growth of 9.1% (R$ 884 million).
2.2) Cost of Electric Power
The cost of electric power, comprising the purchase of electric power for resale and charges for the use of the distribution and transmission systems, increased by 16.4% (R$ 245 million) to R$ 1,735 million in 4Q09:
The cost of electric power purchased for resale in 4Q09 rose by 20.4% (R$ 241 million) to R$ 1,426 million. The main factors behind this variation were:
Page 5 of 32
(i) The Regulatory Assets and Liabilities item, which recorded a R$ 210 million increase in expenses, from a revenue of R$ 22 million in 4Q08 to an expense of R$ 189 million in 4Q09;
(ii) A 2.2% (R$ 29 million) increase in the cost of energy purchased in the regulated and free markets.
Charges for the use of the distribution and transmission systems moved up by 1.1% (R$ 3 million) to R$ 309 million in 4Q09, mainly as a result of the following factors:
(i) The Regulatory Assets and Liabilities item, which recorded a R$ 89 million increase in expenses, from a revenue of R$ 32 million in 4Q08 to an expense of R$ 57 million in 4Q09;
(ii) The increase in basic network usage charges (R$ 38 million);
(iii) The reduction in PIS and COFINS credits on charges (R$ 2 million);
(iv) An upturn in charges for the use of the distribution system (R$ 1 million).
Partially offsetting:
(i) Transfer of the non-recurring amounts related to the CUSDg (R$ 98 million). This operation affected operating revenue and financial revenue, offsetting the cost of electric power and the financial expense, generating a positive impact of R$ 11 million in the 4Q08 result;
(ii) The reduction in system service usage charges (R$ 29 million).
2.3) Operacting Costs and Expenses
Operating costs and expenses moved up by 11.9% (R$ 53 million) in 4Q09, reaching R$ 497 million, due to:
The Private Pension Fund item, which recorded a R$ 22 million increase in expenses, from revenue of R$ 21 million in 4Q08 to an expense of R$ 1 million in 4Q09, due to the expected estimated impact of CVM Deliberation 371/00 on actuarial assets and liabilities, as defined in the Actuarial Report;
The PMSO item, which reached R$ 352 million in 4Q09, an increase of 8.3% (R$ 27 million), due to, among other factors, the non-recurring increase related to the liability complement of Free Energy ANEEL Resolution 387/2009 (R$ 17 million) and the additional of operating costs/expenses of 14 de Julho Hydroelectric Facility (R$ 1 million);
Excluding these effects, 4Q09 PMSO would have totaled R$ 334 million, an upturn of 2.7% (R$ 9 million), due to, among other factors, the other operating costs/expenses, which recorded an upturn of 11.7% (R$ 8 million), mainly because of CPFL Paulistas provisions for doubtful debts, which generated an increase in the subsidiarys expenses (R$ 10 million).
The Depreciation and Amortization item, which reached R$ 98 million in 4Q09, an increase of 5.9% (R$ 5 million), due to, among other factors, the upturn related to the operational start-up of the 14 de Julho Hydroelectric Facility (R$ 2 million).
2.4) EBITDA
Based on the factors described, CPFL Energias 4Q09 EBITDA rose by 6.7% (R$ 47 million) to R$ 746 million.
In 2009, EBITDA was R$ 2,765 million, a reduction of 1.5% (R$ 42 million).
Page 6 of 32
2.5) Financial Result
The 4Q09 financial result was a net expense of R$ 87 million, 30.7% (R$ 39 million) lower than the R$ 126 million recorded in 4Q08, thanks to:
Financial Revenues: decrease of 26.4% (R$ 36 million), from R$ 138 million in 4Q08 to R$ 101 million in 4Q09, due to the following factors:
Reduction in Monetary and Foreign Exchange Updates (R$ 32 million), mainly due to (i) a foreign exchange devaluation, mainly in CPFL Paulista, in the amount of R$ 17 million, and (ii) the non-recurring effect related to the CUSDg
(R$ 18 million);
Reduction in CVA and Parcel A Remuneration (R$ 10 million), due to the decrease in balances and in SELIC interest rate.
Partially offsetting:
Increase of R$ 6 million regarding the adhesion to the REFIS IV amnesty of PIS and COFINS contingence interest.
Financial Expenses: decrease of 28.6% (R$ 75 million), from R$ 264 million in 4Q08 to R$ 188 million in 4Q09, primarily caused by the following factors:
Reduction in Debt Charges (R$ 31 million), mainly due to the decrease in CDI interbank rate;
Reduction in Monetary and Foreign Exchange Updates (R$ 50 million), mainly due to (i) Enercans debts with the IDB and the BNDES (R$ 26 million), indexed to the dollar and a currency basket, respectively, which moved down by 2.1% in
4Q09, versus a 22.1% increase in 4Q08, and (ii) the non-recurring effect related to the CUSDg (R$ 18 million).
2.6) Net Income
Net income in 4Q09 totaled R$ 425 million, an increase of 25.1% (R$ 85 million), while earnings per share came to R$ 0.89.
In 2009, net income was R$ 1.286 million, an increase of 0.8% (R$ 11 million), while earnings per share came to R$ 2.68.
Page 7 of 32
3) DEBT
3.1) Financial Debt (Including Hedge)
CPFL Energias financial debt (including hedge) increased by 12.7% to R$ 7,657 million in 4Q09.
The main contributing factors to this variation were:
CPFL Geração and Generation Projects: funding (BNDES and
other financial institutions), net of amortizations, totaling R$ 698 million.
The main contributing factors to the variation in the balance of financial debt were:
+ Debentures issuance by CPFL Geração (R$ 425 million) and EPASA (R$ 230 milhões), for debt rollover and investments funding;
+ Funding of BNDES financing for Foz do Chapecó (R$ 201 million) and CPFL Bioenergia (R$ 45 million);
+ Funding of working capital by CPFL Geração (R$ 99 million);
-
Amortization of the principal of CPFL Geração and BAESAs debentures (R$ 84 million);
-
Amortization of Furnas loan for CPFL Geração (R$ 93 million);
-
Amortizations, net of funding, of BNDES financing for CPFL Geração, BAESA, CERAN and ENERCAN (R$ 93 million);
-
Amortization of working capital by CERAN (R$ 29 million).
CPFL Energia and Groups Distributors: funding (BNDES and other financial institutions), net of amortizations, totaling R$ 140 million.
The main contributing factors to the variation in the balance of financial debt were:
+ Debentures issuance by RGE (R$ 185 million), CPFL Paulista (R$ 175 million), CPFL Brasil (R$ 165 million), CPFL Leste Paulista (R$ 24 million), CPFL Sul Paulista (R$ 16 million) and CPFL Jaguari (R$ 10 million), for debt
rollover and investments funding;
+ Funding, net of amortizations, of BNDES financing for Groups Distributors, totaling R$ 115 million;
+ Funding of working capital by CPFL Piratininga (R$ 50 million);
-
Amortization of the principal of CPFL Paulista (R$ 288 million) and RGEs debentures (R$ 205 million);
-
Amortizations, net of funding, carried out in compliance with Brazilian Central Bank Resolution 2770 by CPFL Piratininga and RGE, totaling R$ 92 million.
Page 8 of 32
Interest provision in the period, corresponding to incurred interest, net of interest paid, in the amount of R$ 73 million.
Financial Debt - 4Q09 (R$ Thousands) | ||||||||||||||
Charges | Principal | Total | ||||||||||||
Short Term | Long Term | Short Term | Long Term | Short Term | Long Term | Total | ||||||||
Local Currency | ||||||||||||||
BNDES - Repowering | 86 | - | 7,321 | 13,538 | 7,407 | 13,538 | 20,945 | |||||||
BNDES - Investment | 507 | 9,661 | 344,048 | 2,262,436 | 344,555 | 2,272,097 | 2,616,652 | |||||||
BNDES - Income Assets | 49 | - | 661 | 5,628 | 710 | 5,628 | 6,338 | |||||||
Furnas Centrais Elétricas S.A. | 379 | - | 46,028 | - | 46,407 | - | 46,407 | |||||||
Financial Institutions | 10,325 | - | 181,922 | 164,054 | 192,247 | 164,054 | 356,301 | |||||||
Others | 554 | - | 22,181 | 30,693 | 22,735 | 30,693 | 53,428 | |||||||
Subtotal | 11,900 | 9,661 | 602,161 | 2,476,349 | 614,061 | 2,486,010 | 3,100,071 | |||||||
Foreign Currency | ||||||||||||||
IDB | 260 | - | 3,652 | 51,379 | 3,912 | 51,379 | 55,291 | |||||||
Financial Institutions | 14,383 | 52,766 | 91,410 | 987,508 | 105,793 | 1,040,274 | 1,146,067 | |||||||
Subtotal | 14,643 | 52,766 | 95,062 | 1,038,887 | 109,705 | 1,091,653 | 1,201,358 | |||||||
Debentures | ||||||||||||||
CPFL Energia | 12,788 | - | - | 450,000 | 12,788 | 450,000 | 462,788 | |||||||
CPFL Paulista | 12,903 | - | 64,303 | 749,601 | 77,206 | 749,601 | 826,807 | |||||||
CPFL Piratininga | 19,879 | - | 200,000 | 300,000 | 219,879 | 300,000 | 519,879 | |||||||
RGE | 21,263 | - | - | 590,004 | 21,263 | 590,004 | 611,267 | |||||||
CPFL Leste Paulista | 1,153 | - | - | 23,894 | 1,153 | 23,894 | 25,047 | |||||||
CPFL Sul Paulista | 762 | - | - | 15,936 | 762 | 15,936 | 16,698 | |||||||
CPFL Jaguari | 480 | - | - | 9,948 | 480 | 9,948 | 10,428 | |||||||
CPFL Brasil | 7,862 | - | - | 164,221 | 7,862 | 164,221 | 172,083 | |||||||
CPFL Geração | 20,039 | - | - | 423,295 | 20,039 | 423,295 | 443,334 | |||||||
EPASA | 3,504 | - | 228,473 | - | 231,977 | - | 231,977 | |||||||
BAESA | 651 | - | 6,249 | 24,270 | 6,900 | 24,270 | 31,170 | |||||||
Subtotal | 101,284 | - | 499,025 | 2,751,169 | 600,309 | 2,751,169 | 3,351,478 | |||||||
Financial Debt | 127,827 | 62,427 | 1,196,248 | 6,266,405 | 1,324,075 | 6,328,832 | 7,652,907 | |||||||
Hedge | - | - | - | - | 6,217 | (2,187) | 4,030 | |||||||
Financial Debt Including Hedge | - | - | - | - | 1,330,292 | 6,326,645 | 7,656,937 | |||||||
Percentage on total (%) | - | - | - | - | 17.4% | 82.6% | 100% | |||||||
With regard to financial debt, it is worth noting that R$ 6,327 million (82.6% of the total) is considered long term, and R$ 1,330 million (17.4% of the total) is considered short term.
3.2) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund)
Total debt, comprising financial debt, hedge (asset/liability) and debt with the private pension fund, amounted to R$ 8,127 million in 4Q09, growth of 10.6% . The average cost of debt fell from 13.4% p.a. in 4Q08 to 9.4% p.a. in 4Q09, due to the downturn in the IGP-M inflation rate (from 9.8% to -1.7%), in the CDI interbank rate (from 12.4% to 9.9%), and in the TJLP long term rate (from 6.2% to 6.1%) (accrued rates in the last 12 months).
Page 9 of 32
As a result of the funding operations and amortizations, there was an increase in the CDI-pegged portion (from 55.9%, in 4Q08, to 60.7%, in 4Q09) and the TJLP-indexed portion (from 29.8%, in 4Q08, to 31.5%, in 4Q09), and a decrease in the portion tied to the IGP-M/IGP-DI (from 12.3%, in 4Q08, to 6.6%, in 4Q09).
The foreign-currency and IGP-M/IGP-DI debt would have come to 15.9% and 7.2% of the total, respectively, if banking hedge operations had been excluded. However, as we consider contracted swap operations, which convert the indexation of debt in dollars and yen to the CDI, the effective foreign-currency debt is 1.2% and all of this possesses a natural hedge (revenue with foreign exchange component).
3.3) Adjusted Net Debt
R$ Thousands | 4Q09 | 4Q08 | Var. | |||
Total Debt | (8,126,787) | (7,345,603) | 10.6% | |||
(+) Regulatory Asset/(Liability) | (166,698) | 542,997 | -130.7% | |||
(+) Available Funds | 1,473,175 | 737,847 | 99.7% | |||
(+) Judicial Deposit (1) | 450,319 | 414,690 | 8.6% | |||
(=) Adjusted Net Debt | (6,369,991) | (5,650,069) | 12.7% | |||
Note: (1) Related to the income tax of CPFL Paulista. |
In 4Q09, adjusted net debt after the exclusion of the regulatory assets/(liabilities) and cash equivalents, totaled R$ 6,370 million, an upturn of 12.7% (R$ 720 million).
The Company closed 4Q09 with a Net Debt / EBITDA ratio of 2.30x. Excluding the balance of the debt of Foz do Chapecó Energia (Foz do Chapecó Hydroelectric Facility), CPFL Bioenergia (Baldin Thermoelectric Facility) and EPASA (Termonordeste and Termoparaíba Thermoelectric Facilities), which have not started generating net income to the group, the Net Debt / EBITDA would have been 1.91x.
Page 10 of 32
4) INVESTMENTS
In 4Q09, R$ 465 million was invested in business maintenance and expansion, of which R$ 226 million in distribution, R$ 236 million in generation and R$ 3 million in commercialization and value added services (SVA). As result, CPFL Energias investments totaled R$ 1,327 million in 2009.
Listed below are some of the main investments made by CPFL Energia in each segment:
(i) Distribution: strengthening and expanding the electricity system to keep pace with market growth, both in terms of energy sales and numbers of customers. Other allocations included electricity system maintenance and improvements, operational infrastructure, the upgrading of management and operational support systems, customer help services and research and development programs, among others;
(ii) Generation: chiefly focused on the Foz do Chapecó Hydroelectric Facility, Baldin Thermoelectric Facility and EPASA (Termonordeste and Termoparaíba Thermoelectric Facilities), all ongoing construction projects.
Page 11 of 32
5) CASH FLOW
Consolidated Cash Flow (R$ Thousands) | ||||
4Q09 | 2009 | |||
Beginning Balance | 679,728 | 737,847 | ||
Net Income Including Social Contribution and Income Tax | 514,123 | 1,870,776 | ||
Depreciation and Amortization | 144,469 | 575,123 | ||
Interest on Debts and Monetary and Foreign Exchange Restatements | 139,757 | 562,158 | ||
Consumers, Concessionaries and Licensees | 37,017 | (59,737) | ||
Taxes to Compensate | 49,387 | 8,881 | ||
Deferred Tariff Costs Variations | 36,382 | 420,038 | ||
Income Tax and Social Contribution Paid | (116,877) | (521,538) | ||
Deferred Tariff Gains Variations | 191,835 | 215,503 | ||
Interest on Debts Paid | (101,699) | (521,358) | ||
Others | (39,925) | (127,706) | ||
340,346 | 551,364 | |||
Total Operating Activities | 854,469 | 2,422,140 | ||
Investment Activities | ||||
Acquisition of Property, Plant and Equipment, and Intangibles | (464,716) | (1,327,012) | ||
Others | (4,115) | 78,755 | ||
Total Investment Activities | (468,831) | (1,248,257) | ||
Financing Activities | ||||
Loans and Debentures | 502,082 | 2,550,742 | ||
Principal Amortization of Loans and Debentures | (100,316) | (1,810,932) | ||
Dividends Paid | 6,043 | (1,178,365) | ||
Others | - | - | ||
Total Financing Activities | 407,809 | (438,555) | ||
Cash Flow Generation | 793,447 | 735,328 | ||
Ending Balance - 12/31/2009 | 1,473,175 | 1,473,175 | ||
The cash flow balance closed 4Q09 at R$ 1,473 million, 116.7% (R$ 793 million) up on the opening figure. We highlight the following factors that contributed to this variation in the cash balance:
Cash increase:
(i) Cash from
operating activities in the amount of R$ 854 million;
(ii) Funds from loans and debentures, which exceeded amortizations by R$ 402 million.
Cash decrease:
(i) Investments (sum of Acquisition of Property, Plant and
Equipment and Intangibles accounts), in the amount of R$ 465 million (detailed in item 4, Investments).
Page 12 of 32
6) DIVIDENDS
The Board of Directors proposed the payment of R$ 1,227 million in dividends to holders of common shares traded on the BM&FBovespa Bolsa de Valores, Mercadorias e Futuros S.A. (BM&FBOVESPA). This proposed amount corresponds to annual net income after the constitution of the legal reserve (5%) and corresponds to R$ 2.556073389 per share.
Excluding R$ 572 million, related to the 1H09 (paid in September 2008), the balance due is R$ 655 million, equivalent to R$ 1.364872065 per share.
CPFL Energia's Dividend Yield | ||||||||||
2H07 | 1H08 | 2H08 | 1H09 | 2H09 | ||||||
Dividend Yield - last 12 months (1) | 9.7% | 7.6% | 7.3% | 7.6% | 7.9% | |||||
Note: (1) Based on the average share price in the period. |
The 2H09 dividend yield, calculated on the average share price in the period (R$ 32.72 per share) is 7.9% (last 12 months).
The declared amounts are in line with the Companys dividend policy, which states that shareholders will receive at least 50% of adjusted half-yearly net income as dividends and/or interest on equity (IOE).
Page 13 of 32
7) STOCK MARKET
7.1) Share Performance
CPFL Energia, which has a current free float of 30.5%, is listed on both the BM&FBOVESPA and the NYSE. In the last 24 months, the shares appreciated 22.2% on the BM&FBOVESPA and 27.1% on the NYSE, closing 2009 priced at R$ 35.31 per share and US$ 61.78 per ADR, respectively.
7.2) Average Daily Volume
The daily trading volume in 2009 averaged R$ 27.3 million, of which R$ 15.7 million on the BM&FBOVESPA and R$ 11.6 million on the NYSE. The number of trades on the BM&FBOVESPA increased from a daily average of 918, in 2008, to 1,366, in 2009.
Page 14 of 32
7.3) Ratings
The following table shows the evolution of CPFL Energias corporate ratings:
Ratings of CPFL Energia - National Scale | ||||||||||||
Agency | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||
Standard & Poor's | Rating | brAA+ | brAA+ | brAA- | brA+ | brA | ||||||
Outlook | Stable | Stable | Stable | Positive | Positive | |||||||
Fitch Ratings | Rating | AA (bra) | AA (bra) | AA (bra) | A+ (bra) | A- (bra) | ||||||
Outlook | Positive | Positive | Stable | Stable | Stable | |||||||
Note: Close-of-period positions. |
8) CORPORATE GOVERNANCE
CPFL Energias corporate governance model is based on four principles transparency, equity, accountability and corporate responsibility and is adopted by all the companies in the CPFL group.
CPFL Energia is listed on the Novo Mercado of the BM&FBOVESPA and its Level III ADRs are traded on the NYSE, being submitted to arbitration at the BM&FBOVESPAs Market Arbitration Chamber. The company's capital stock is composed of common shares only, and ensures tag-along rights equivalent to 100% of the amount paid to the controlling shareholders in the case of disposal of control.
The Companys Board of Directors has as its objetive to define the overall business guidelines and elect the Board of Executive Officers, among other responsibilities determined by the law and the Bylaws. Its working rules are defined in the Internal Rules. The Board is composed of one independent member and six members designated by the controlling shareholders, with a one-year term of office, reelection being admitted. It normally meets once a month but may be convened whenever necessary, electing, among its members, the Chairman and the Vice-Chairman. No member may serve on the Companys Board of Executive Officers.
The Board of Directors constituted three committees and defined its competence in a sole Internal Rules: the Human Resources Committee, Related Parties Committee and Management Processes Committee. Whenever necessary, ad hoc commissions are installed to advise the Board on such specific issues as: corporate governance, strategies, budgets, energy purchases, new operations and financial policies.
CPFL Energia maintains a permanent Fiscal Council comprising five members who also carry out the attributes of the Audit Committee, in accordance with the rules of the Securities and Exchange Commission (SEC). The Fiscal Councils working rules are defined in the Internal Rules and in the Fiscal Council Guide.
The Board of Executive Officers comprises seven officers, with a two-year term of office, being admitted the reelection. It represents the Company and manages its business in accordance with the policy defined by the Board of Directors. The Chief Executive Officer is responsible for nominating the other statutory officers.
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9) SHAREHOLDERS STRUCTURE
CPFL Energia is a holding company, whose results depend directly on those of its subsidiaries.
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10) PERFORMANCE OF THE BUSINESS SEGMENTS
10.1) Distribution Segment
10.1.1) Economic-Financial Performance
Consolidated Income Statement - Distribution (R$ Thousands) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 3,673,176 | 3,314,745 | 10.8% | 14,002,403 | 12,820,039 | 9.2% | ||||||
Net Operating Revenues | 2,454,848 | 2,163,781 | 13.5% | 9,062,347 | 8,365,259 | 8.3% | ||||||
Cost of Electric Power | (1,663,288) | (1,441,790) | 15.4% | (6,274,568) | (5,463,063) | 14.9% | ||||||
Operating Costs & Expenses | (377,956) | (329,369) | 14.8% | (1,374,683) | (1,237,113) | 11.1% | ||||||
EBIT | 413,604 | 392,622 | 5.3% | 1,413,096 | 1,665,083 | -15.1% | ||||||
EBITDA | 496,015 | 452,603 | 9.6% | 1,744,678 | 1,911,096 | -8.7% | ||||||
Financial Income (Expense) | (100,749) | (112,276) | -10.3% | (260,170) | (272,125) | -4.4% | ||||||
Income Before Taxes | 312,855 | 280,346 | 11.6% | 1,152,926 | 1,392,958 | -17.2% | ||||||
NET INCOME | 272,476 | 248,974 | 9.4% | 892,511 | 1,045,490 | -14.6% | ||||||
Note: The distributors financial performance tables are attached to this report in item 11.6. |
Operating Revenue
Gross operating revenue in 4Q09 rose by 10.8% (R$ 358 million) to R$ 3,673 million, while net operating revenue increased by 13.5% (R$ 291 million) to R$ 2,455 million.
The increase in operating revenue was due to:
The distributors tariff adjustment:
CPFL Piratininga (+16.54%), effective as of October 23, 2008;
CPFL Santa Cruz (+24.09%), CPFL Leste Paulista (+12.94%), CPFL Jaguari (+11.36%), CPFL Sul Paulista (+11.64%) and CPFL Mococa (+11.18%), effective as of February 3, 2009;
CPFL Paulista (+21.22%), effective as of April 8, 2009;
RGE (+18.95%), effective as of April 19, 2009.
The 2.2% increase in energy sales to the captive market.
The increase in operating revenue was partially offset by:
Reduction of 27.4% (R$ 80 million) in TUSD revenue chiefly due to the non-recurring effect regarding the transfer of amounts related to the CUSDg (R$ 110 million). This operation affected operating revenue and financial revenue, offsetting the cost of electric power and financial expense, generating a positive impact of R$ 11 million in the 4Q08 result.
In 2009, gross operating revenue was R$ 14,002 million, representing growth of 9.2% (R$ 1,182 million). Net operating revenue reached R$ 9,062 million, equivalent to growth of 8.3% (R$ 697 million).
Cost of Electric Power
The cost of electric power, comprising the purchase of electric power for resale and charges for the use of the distribution and transmission systems, increased by 15.4% (R$ 221 million) to R$ 1,663 million in 4Q09:
The cost of electric power purchased for resale in 4Q09 rose by 19.2% (R$ 219 million) to R$ 1,362 million. The main factors behind this variation were:
Page 17 of 32
(i) The Regulatory Assets and Liabilities item, which recorded a R$ 207 million increase in expenses, from a revenue of R$ 18 million in 4Q08 to an expense of R$ 189 million in 4Q09;
(ii) A 0.8% (R$ 11 million) increase in the cost of energy purchased in the regulated market.
Charges for the use of the distribution and transmission systems moved up by 0.8% (R$ 2 million) to R$ 301 million in 4Q09, mainly as a result of the following factors:
(i) The Regulatory Assets and Liabilities item, which recorded a R$ 89 million increase in expenses, from a revenue of R$ 32 million in 4Q08 to an expense of R$ 57 million in 4Q09;
(ii) The increase in basic network usage charges (R$ 38 million);
(iii) The reduction in PIS and COFINS credits on charges (R$ 2 million).
Partially offsetting:
(i) Transfer of the non-recurring amounts related to the CUSDg (R$ 98 million). This operation affected operating revenue and financial revenue, offsetting the cost of electric power and the financial expense, generating a positive impact of R$ 11 million in the 4Q08 result;
(ii) The reduction in system service usage charges (R$ 29 million).
Operating Costs and Expenses
Operating costs and expenses moved up by 14.8% (R$ 49 million) in 4Q09, reaching R$ 378 million, due to:
The Private Pension Fund item, which recorded a R$ 21 million increase in expenses, from revenue of R$ 21 million in 4Q08 to an expense of R$ 1 million in 4Q09, due to the expected estimated impact of CVM Deliberation 371/00 on actuarial assets and liabilities, as defined in the Actuarial Report;
The PMSO item, which reached R$ 296 million in 4Q09, an increase of 9.7% (R$ 26 million), due to, among other factors, the non-recurring increase related to the liability complement of Free Energy ANEEL Resolution 387/2009 (R$ 17 million);
Excluding this effect, 4Q09 PMSO would have totaled R$ 278 million, an upturn of 3.3% (R$ 9 million), due to, among other factors, other operating costs/expenses, which recorded an upturn of 15.5% (R$ 8 million), mainly because of CPFL Paulistas provisions for doubtful debts, which generated an increase in the subsidiarys expenses (R$ 10 million).
The Depreciation and Amortization item, which reached R$ 76 million in 4Q09, an increase of 2.1% (R$ 2 million).
EBITDA
Based on the factors described, 4Q09 EBITDA rose by 9.6% (R$ 43 million) to R$ 496 million. In 2009, EBITDA was R$ 1,745 million, a reduction of 8.7% (R$ 166 million).
Financial Result
The 4Q09 financial result was a net expense of R$ 101 million, 10.3% (R$ 12 million) lower than the R$ 112 million recorded in 4Q08, thanks to:
Financial Revenues: decrease of 34.4% (R$ 40 million), from R$ 117 million in 4Q08 to R$ 77 million in 4Q09, due to the following factors:
Page 18 of 32
Reduction in Monetary and Foreign Exchange Updates (R$ 33 million), mainly due to (i) a foreign exchange devaluation, mainly in CPFL Paulista, in the amount of R$ 17 million, and (ii) the non-recurring effect related to the CUSDg (R$ 18 million);
Reduction in CVA and Parcel A Remuneration (R$ 10 million), due to the decrease in balances and in SELIC interest rate.
Partially offsetting:
Increase in the item Surcharges and Default Fines (R$ 6 million).
Financial Expenses: decrease of 31.9% (R$ 53 million), from R$ 167 million in 4Q08 to R$ 114 million in 4Q09, due to the following factors:
Reduction in Debt Charges (R$ 36 million), mainly due to the decrease in CDI interbank rate;
Reduction in Monetary and Foreign Exchange Update (R$ 21 million), mainly due to the non-recurring effect related to the CUSDg (R$ 18 million).
Net Income
Net income in 4Q09 totaled R$ 272 million, an increase of 9.4% (R$ 24 million).
In 2009, net income was R$ 893 million, a reduction of 14.6% (R$ 153 million).
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10.1.2) Tariff Adjustment
Dates of Tariff Adjustments | ||
Distribution Company | Date | |
CPFL Piratininga | October 23th | |
CPFL Santa Cruz | February 3rd | |
CPFL Leste Paulista | February 3rd | |
CPFL Jaguari | February 3rd | |
CPFL Sul Paulista | February 3rd | |
CPFL Mococa | February 3rd | |
CPFL Paulista | April 8th | |
RGE | April 19th | |
10.1.2.1) CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa
On February 3, 2009, ANEEL published in the Diário Oficial da União the 2010 Annual Tariff Adjustment indexes for Companhia Luz e Força Santa Cruz (CPFL Santa Cruz), Companhia Leste Paulista de Energia (CPFL Leste Paulista), Companhia Jaguari de Energia (CPFL Jaguari), Companhia Sul Paulista de Energia (CPFL Sul Paulista) and Companhia Luz e Força de Mococa (CPFL Mococa), effective as of the same date.
The adjustments are presented per distributor in the following table:
Annual Tariff Adjustment Index (IRT) | CPFL Santa Cruz | CPFL Leste Paulista | CPFL Jaguari | CPFL Sul Paulista | CPFL Mococa | |||||
Term >>>>>> | 02/03/2010 | 02/03/2010 | 02/03/2010 | 02/03/2010 | 02/03/2010 | |||||
Economic IRT | 1.90% | -6.32% | 5.81% | 4.30% | 4.15% | |||||
Financial Components | 8.19% | -6.89% | -0.65% | 1.36% | -0.17% | |||||
Total IRT | 10.09% | -13.21% | 5.16% | 5.66% | 3.98% |
Page 20 of 32
10.2) Commercialization and Services Segment
Consolidated Income Statement - Commercialization and Services (R$ Thousands) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 522,053 | 589,952 | -11.5% | 2,026,264 | 2,089,908 | -3.0% | ||||||
Net Operating Revenues | 469,931 | 508,922 | -7.7% | 1,784,241 | 1,787,160 | -0.2% | ||||||
EBITDA | 71,520 | 91,484 | -21.8% | 296,423 | 304,065 | -2.5% | ||||||
NET INCOME | 53,731 | 63,585 | -15.5% | 208,556 | 216,617 | -3.7% | ||||||
Operating Revenue
In 4Q09, gross operating revenue reached R$ 522 million, representing a decrease of 11.5% (R$ 68 million), while net operating revenue moved down by 7.7% (R$ 39 million) to R$ 470 million.
In 2009, gross operating revenue reached R$ 2,026 million, representing a decrease of 3.0% (R$ 64 million), while net operating revenue moved down by 0.2% (R$ 3 million) to R$ 1,784 million.
EBITDA
In 4Q09, EBITDA totaled R$ 72 million, a decrease of 21.8% (R$ 20 million). In 2009, EBITDA was R$ 296 million, down 2.5% (R$ 8 million).
Net Income
In 4Q09, net income amounted to R$ 54 million, down by 15.5% (R$ 10 million). In 2009, net income was R$ 209 million, a decrease of 3.7% (R$ 8 million).
Page 21 of 32
10.3) Generation Segment
10.3.1) Economic-Financial Performance
Consolidated Income Statement - Generation (R$ Thousands) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 251,837 | 232,353 | 8.4% | 981,128 | 879,349 | 11.6% | ||||||
Net Operating Revenues | 234,951 | 216,875 | 8.3% | 916,149 | 821,671 | 11.5% | ||||||
Cost of Electric Power | (11,421) | (21,183) | -46.1% | (48,126) | (81,588) | -41.0% | ||||||
Operating Costs & Expenses | (56,027) | (50,954) | 10.0% | (203,371) | (187,644) | 8.4% | ||||||
EBIT | 167,503 | 144,738 | 15.7% | 664,652 | 552,439 | 20.3% | ||||||
EBITDA | 187,732 | 163,976 | 14.5% | 749,180 | 628,147 | 19.3% | ||||||
Financial Income (Expense) | (80,925) | (103,193) | -21.6% | (239,406) | (305,371) | -21.6% | ||||||
Income Before Taxes | 86,578 | 41,545 | 108.4% | 425,246 | 247,068 | 72.1% | ||||||
NET INCOME | 91,085 | 63,428 | 43.6% | 348,315 | 235,684 | 47.8% | ||||||
Operating Revenue
In 4Q09, gross operating revenue grew by 8.4% (R$ 19 million) to R$ 252 million, while net operating revenue climbed by 8.3% (R$ 18 million) to R$ 235 million, chiefly due to the following factors:
Supplies by Furnas resulting from the 9.5% tariffs adjustment in the Serra da Mesa Hydroelectric Facility in January 2009 (R$ 8 million);
The Short Term Power Energy item, which recorded a R$ 6 million increase in revenues, from an expense of R$ 2 million in 4Q08 to a revenue of R$ 4 million in 4Q09;
Additional revenue from CERAN (R$ 4 million) as a result of the operational start-up of the 14 de Julho Hydroelectric Facility in December 2008 and an 8.46% tariff readjustment;
Additional revenue from ENERCAN (R$ 4 million) as a result of an 11.6% tariff readjustment. In 2009, gross operating revenue was R$ 981 million, representing growth of 11.6% (R$ 102 million). Net operating revenue was R$ 916 million, equivalent to growth of 11.5% (R$ 94 million).
Cost of Electric Power
The cost of electric power in 4Q09 decreased 46.1% (R$ 10 million) to R$ 11 million, chiefly due to the acquisition, in 4Q08, by the 14 de Julho Hydroelectric Facility, regarding the delay in power generation and an assumed commitment to deliver power already contracted.
Operating Costs and Expenses
Operating costs and expenses moved up by 10.0% (R$ 5 million) to R$ 56 million in 4Q09, mainly due to the following factors:
The 15.8% (R$ 3 million) increase in depreciation and amortization to R$ 20 million, essentially due to the operational start-up of the 14 de Julho Hydroelectric Facility;
The 5.4% (R$ 2 million) increase in PMSO to R$ 32 million, chiefly due to increases of 11.5% (R$ 1 million) in outsourced services expenses and 6.7% (R$ 1 milllion) in personnel expenses;
EBITDA
Based on the factors described, 4Q09 EBITDA totaled R$ 188 million, up by 14.5% (R$ 24 million). In 2009, EBITDA was R$ 749 million, an increase of 19.3% (R$ 121 million).
Page 22 of 32
Financial Result
The 4Q09 financial result was a net expense of R$ 81 million, 21.6% (R$ 22 million) down on the R$ 103 million recorded in 4Q08, thanks to:
Financial Revenues: a reduction of 30.6% (R$ 3 million), from R$ 11 million in 4Q08 to R$ 8 million in 4Q09, mainly due to the reduction in Revenue from Financial Investments, as a result of the reduction in the CDI interbank rate;
Financial Expenses: a reduction of 31.1% (R$ 25 million), from R$ 79 million in 4Q08 to R$ 54 million in 4Q09, mainly due to the Monetary and Foreign Exchange Updates item, which recorded a R$ 31 million decrease in expenses, from an expense of R$ 22 million in 4Q08 to a revenue of R$ 9 million in 4Q09, basically as a result of Enercans debts with the IDB and the BNDES, indexed to the dollar and a currency basket, respectively, which moved down by 2.1% in 4Q09, versus a 22.1% increase in 4Q08 (R$ 26 million).
Net Income
Net income in 4Q09 rose by 43.6% (R$ 28 million) to R$ 91 million. In 2009, net income was R$ 348 million, an increase of 47.8% (R$ 113 million).
10.3.2) Status of Generation Projects
Foz do Chapecó Hydroelectric Facility (Foz do Chapecó Energia)
Construction of the Foz do Chapecó Hydroelectric Facility is on schedule (85% of works completed). Commercial start-up is scheduled for 3Q10. CPFL Geração has a 51% share in the project, equivalent to an installed capacity and assured power of 436.1 MW and 220.3 average-MW, respectively.
Baldin Thermoelectric Facility (CPFL Bioenergia)
The Baldin Thermoelectric Facility is under construction (90% of works completed). Commercial start-up is scheduled for March 2010. The installed capacity is of 45 MW, with 24 average-MW of energy exported to CPFL Brasil, during the harvest season.
Termonordeste and Termoparaíba Thermoelectric Facilities (EPASA)
Termonordeste and Termoparaíba Thermoelectric Facilities are under construction (20% of works completed). Start-up is scheduled for 3Q10. CPFL Geração has a 51% share in the project, equivalent to an installed capacity of 174.2 MW.
Bio Formosa Thermoelectric Facility (CPFL Bio Formosa)
The beginning of construction of the Bio Formosa Thermoelectric Facility is scheduled for March 2010. Commercial start-up is scheduled for July 2011. The installed capacity is of 40 MW, with 25 average-MW of energy exported to CPFL Brasil, during the harvest season.
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Santa Clara Wind Farm
The beginning of construction of Santa Clara Wind Farm is scheduled for August 2010. Start-up is scheduled for July 2012. CPFL Geração has a 100% share in the project, equivalent to an installed capacity and assured power of 188 MW and 76 average-MW, respectively.
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11) ATTACHMENTS
11.1) Statement of Assets CPFL Energia
(R$ thousands)
Consolidated | ||||
ASSETS | 12/31/2009 | 09/30/2009 | ||
CURRENT ASSETS | ||||
Cash and Banks | 1,473,175 | 679,728 | ||
Consumers, Concessionaries and Licensees | 1,840,107 | 1,885,926 | ||
Financial Investments | 39,253 | 41,208 | ||
Recoverable Taxes | 190,983 | 234,800 | ||
Allowance for Doubtful Accounts | (81,974) | (80,309) | ||
Prepaid Expenses | 124,086 | 135,390 | ||
Deferred Taxes | 162,779 | 169,928 | ||
Materials and Supplies | 17,360 | 17,225 | ||
Deferred Tariff Cost Variations | 332,813 | 381,234 | ||
Derivative Contracts | 795 | 1,023 | ||
Other Credits | 145,055 | 130,037 | ||
TOTAL CURRENT ASSETS | 4,244,432 | 3,596,190 | ||
NON-CURRENT ASSETS | ||||
Long-Term Liabilities | ||||
Consumers, Concessionaries and Licensees | 226,314 | 215,847 | ||
Judicial Deposits | 654,506 | 645,887 | ||
Financial Investments | 79,836 | 88,880 | ||
Recoverable Taxes | 110,014 | 103,092 | ||
Prepaid Expenses | 64,201 | 77,598 | ||
Deferred Taxes | 1,117,736 | 1,065,083 | ||
Deferred Tariff Cost Variations | 42,813 | 30,774 | ||
Derivative Contracts | 7,881 | 62,772 | ||
Other Credits | 160,760 | 151,891 | ||
2,464,061 | 2,441,824 | |||
Investments | 104,801 | 104,763 | ||
Property, Plant and Equipment | 7,487,216 | 7,180,168 | ||
Intangible | 2,554,400 | 2,542,532 | ||
Deferred Charges | 15,081 | 16,067 | ||
TOTAL NON-CURRENT ASSETS | 12,625,559 | 12,285,354 | ||
TOTAL ASSETS | 16,869,991 | 15,881,544 |
Page 25 of 32
11.2) Statement of Liabilities CPFL Energia
(R$ thousands)
Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | 12/31/2009 | 09/30/2009 | ||
LIABILITIES | ||||
CURRENT LIABILITIES | ||||
Suppliers | 1,021,348 | 954,594 | ||
Accrued Interest on Debts | 26,543 | 23,620 | ||
Accrued Interest on Debentures | 101,284 | 80,204 | ||
Loans and Financing | 697,223 | 534,961 | ||
Debentures | 499,025 | 270,551 | ||
Deferred Taxes | 2,258 | 5,509 | ||
Employee Pension Plans | 44,484 | 52,212 | ||
Regulatory Charges | 62,999 | 93,493 | ||
Taxes and Social Contributions | 489,976 | 424,530 | ||
Dividends and Interest on Equity | 684,185 | 20,634 | ||
Accrued Liabilities | 50,620 | 64,182 | ||
Deferred Tariff Gains Variations | 313,463 | 149,148 | ||
Derivative Contracts | 7,012 | 3,747 | ||
Other Accounts Payable | 584,614 | 535,779 | ||
TOTAL CURRENT LIABILITIES | 4,585,034 | 3,213,164 | ||
NON-CURRENT LIABILITIES | ||||
Suppliers | 42,655 | 53,319 | ||
Accrued Interest on Debts | 62,427 | 54,844 | ||
Loans and Financing | 3,515,236 | 3,532,728 | ||
Debentures | 2,751,169 | 2,751,147 | ||
Taxes and Social Contributions | 4,376 | 3,249 | ||
Deferred Taxes | 425,366 | 447,838 | ||
Employee Pension Plans | 1,639 | 2,191 | ||
Reserve for Contingencies | 38,181 | 111,487 | ||
Deferred Tariff Gains Variations | 108,691 | 81,170 | ||
Derivative Contracts | 5,694 | 996 | ||
Other Accounts Payable | 161,540 | 230,964 | ||
TOTAL NON-CURRENT LIABILITIES | 7,116,974 | 7,269,933 | ||
NON-CONTROLLING SHAREHOLDERS' INTEREST | 85,041 | 85,612 | ||
SHAREHOLDERS' EQUITY | ||||
Capital | 4,741,175 | 4,741,175 | ||
Capital Reserves | 16 | 16 | ||
Profit Reserves | 341,751 | 277,428 | ||
Retained Earnings | - | 294,216 | ||
TOTAL SHAREHOLDERS' EQUITY | 5,082,942 | 5,312,835 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 16,869,991 | 15,881,544 |
Page 26 of 32
11.3) Income Statement CPFL Energia
(R$ thousands)
Consolidated | ||||||||||||
4Q09 | 4Q08 | Variation | 2009 | 2008 | Variation | |||||||
OPERATING REVENUES | ||||||||||||
Eletricity Sales to Final Consumers | 1,985,867 | 1,649,422 | 20.40% | 7,433,979 | 6,691,722 | 11.09% | ||||||
Eletricity Sales to Distributors | 297,196 | 285,064 | 4.26% | 1,199,081 | 948,339 | 26.44% | ||||||
Other Operating Revenues | 1,812,015 | 1,795,551 | 0.92% | 7,060,088 | 6,731,852 | 4.88% | ||||||
4,095,078 | 3,730,037 | 9.79% | 15,693,148 | 14,371,913 | 9.19% | |||||||
DEDUCTIONS FROM OPERATING REVENUES | (1,255,443) | (1,212,555) | 3.54% | (5,127,166) | (4,690,047) | 9.32% | ||||||
NET OPERATING REVENUES | 2,839,635 | 2,517,482 | 12.80% | 10,565,982 | 9,681,866 | 9.13% | ||||||
COST OF ELETRIC ENERGY SERVICES | ||||||||||||
Eletricity Purchased for Resale | (1,426,137) | (1,184,648) | 20.38% | (5,359,571) | (4,763,730) | 12.51% | ||||||
Eletricity Network Usage Charges | (309,054) | (305,826) | 1.06% | (1,171,451) | (903,788) | 29.62% | ||||||
(1,735,191) | (1,490,474) | 16.42% | (6,531,022) | (5,667,518) | 15.24% | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||||
Personnel | (134,760) | (132,732) | 1.53% | (535,648) | (509,427) | 5.15% | ||||||
Material | (20,858) | (19,185) | 8.72% | (69,778) | (64,173) | 8.73% | ||||||
Outsourced Services | (101,322) | (103,460) | -2.07% | (375,203) | (361,880) | 3.68% | ||||||
Other Operating Costs/Expenses | (94,880) | (69,547) | 36.43% | (274,290) | (261,334) | 4.96% | ||||||
Employee Pension Plans | (920) | 21,035 | -104.37% | (3,678) | 84,151 | -104.37% | ||||||
Depreciation and Amortization | (97,664) | (92,204) | 5.92% | (388,144) | (373,636) | 3.88% | ||||||
Amortization of Concession's Intangible | (46,726) | (48,009) | -2.67% | (186,900) | (192,029) | -2.67% | ||||||
(497,130) | (444,102) | 11.94% | (1,833,641) | (1,678,328) | 9.25% | |||||||
EBITDA | 746,307 | 699,569 | 6.68% | 2,765,429 | 2,807,765 | -1.51% | ||||||
EBIT | 607,314 | 582,906 | 4.19% | 2,201,319 | 2,336,020 | -5.77% | ||||||
FINANCIAL INCOME (EXPENSE) | ||||||||||||
Financial Income | 101,260 | 137,562 | -26.39% | 376,996 | 462,534 | -18.49% | ||||||
Financial Expenses | (188,134) | (263,589) | -28.63% | (692,927) | (876,855) | -20.98% | ||||||
Interest on Equity | (455) | - | - | (864) | - | - | ||||||
(87,329) | (126,027) | -30.71% | (316,795) | (414,321) | -23.54% | |||||||
INCOME BEFORE TAXES ON INCOME | 519,985 | 456,879 | 13.81% | 1,884,524 | 1,921,699 | -1.93% | ||||||
Social Contribution | (22,815) | (31,737) | -28.11% | (155,459) | (168,957) | -7.99% | ||||||
Income Tax | (66,183) | (82,743) | -20.01% | (428,847) | (467,281) | -8.23% | ||||||
INCOME BEFORE EXTRAORDINARY ITEM AND NON- | ||||||||||||
CONTROLLING SHAREHOLDERS' INTEREST | 430,987 | 342,399 | 25.87% | 1,300,218 | 1,285,461 | 1.15% | ||||||
Non-Controlling Shareholders' Interest | (6,317) | (2,515) | 151.17% | (14,612) | (9,769) | 49.58% | ||||||
Reversal of Interest on Equity | 455 | - | - | 864 | - | - | ||||||
NET INCOME | 425,125 | 339,884 | 25.08% | 1,286,470 | 1,275,692 | 0.84% | ||||||
EARNINGS PER SHARE (R$) | 0.89 | 0.71 | 25.08% | 2.68 | 2.66 | 0.84% |
Page 27 of 32
11.4) Income Statement Consolidated Generation Segment
(Pro-forma, R$ thousands)
Consolidated | ||||||||||||
4Q09 | 4Q08 | Variation | 2009 | 2008 | Variation | |||||||
OPERATING REVENUES | ||||||||||||
Eletricity Sales to Final Consumers | - | 895 | -100.00% | 57 | 3,724 | -98.47% | ||||||
Eletricity Sales to Distributors | 248,778 | 231,114 | 7.64% | 968,617 | 852,420 | 13.63% | ||||||
Other Operating Revenues | 3,059 | 344 | 789.24% | 12,454 | 23,205 | -46.33% | ||||||
251,837 | 232,353 | 8.39% | 981,128 | 879,349 | 11.57% | |||||||
DEDUCTIONS FROM OPERATING REVENUES | (16,886) | (15,478) | 9.10% | (64,979) | (57,678) | 12.66% | ||||||
NET OPERATING REVENUES | 234,951 | 216,875 | 8.33% | 916,149 | 821,671 | 11.50% | ||||||
COST OF ELETRIC ENERGY SERVICES | ||||||||||||
Eletricity Purchased for Resale | (1,786) | (12,527) | -85.74% | (11,226) | (49,682) | -77.40% | ||||||
Eletricity Network Usage Charges | (9,635) | (8,656) | 11.31% | (36,900) | (31,906) | 15.65% | ||||||
(11,421) | (21,183) | -46.08% | (48,126) | (81,588) | -41.01% | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||||
Personnel | (8,224) | (7,710) | 6.67% | (29,780) | (26,158) | 13.85% | ||||||
Material | (700) | (757) | -7.53% | (2,528) | (2,306) | 9.63% | ||||||
Outsourced Services | (8,798) | (7,891) | 11.49% | (30,973) | (28,115) | 10.17% | ||||||
Other Operating Costs/Expenses | (14,271) | (14,009) | 1.87% | (45,699) | (50,277) | -9.11% | ||||||
Employee Pension Plans | (73) | 445 | -116.40% | (291) | 1,786 | -116.29% | ||||||
Depreciation and Amortization | (19,683) | (16,998) | 15.80% | (76,988) | (66,439) | 15.88% | ||||||
Amortization of Concession's Intangible | (4,278) | (4,034) | 6.05% | (17,112) | (16,135) | 6.06% | ||||||
(56,027) | (50,954) | 9.96% | (203,371) | (187,644) | 8.38% | |||||||
EBITDA | 187,732 | 163,976 | 14.49% | 749,180 | 628,147 | 19.27% | ||||||
EBIT | 167,503 | 144,738 | 15.73% | 664,652 | 552,439 | 20.31% | ||||||
FINANCIAL INCOME (EXPENSE) | ||||||||||||
Financial Income | 7,776 | 11,199 | -30.57% | 24,659 | 25,945 | -4.96% | ||||||
Financial Expenses | (54,499) | (79,120) | -31.12% | (194,238) | (260,784) | -25.52% | ||||||
Interest on Equity | (34,202) | (35,272) | -3.03% | (69,827) | (70,532) | -1.00% | ||||||
(80,925) | (103,193) | -21.58% | (239,406) | (305,371) | -21.60% | |||||||
INCOME BEFORE TAXES ON INCOME | 86,578 | 41,545 | 108.40% | 425,246 | 247,068 | 72.12% | ||||||
Social Contribution | (7,127) | (3,261) | 118.55% | (36,762) | (20,334) | 80.79% | ||||||
Income Tax | (18,763) | (8,779) | 113.73% | (100,133) | (56,502) | 77.22% | ||||||
INCOME BEFORE EXTRAORDINARY ITEM AND NON- | ||||||||||||
CONTROLLING SHAREHOLDERS' INTEREST | 60,688 | 29,505 | 105.69% | 288,351 | 170,232 | 69.39% | ||||||
Non-Controlling Shareholders' Interest | (3,805) | (1,349) | 182.06% | (9,863) | (5,080) | 94.15% | ||||||
Reversal of Interest on Equity | 34,202 | 35,272 | -3.03% | 69,827 | 70,532 | -1.00% | ||||||
NET INCOME | 91,085 | 63,428 | 43.60% | 348,315 | 235,684 | 47.79% |
Page 28 of 32
11.5) Income Statement Consolidated Distribution Segment
(Pro-forma, R$ thousands)
Consolidated | ||||||||||||
4Q09 | 4Q08 | Variation | 2009 | 2008 | Variation | |||||||
OPERATING REVENUES | ||||||||||||
Eletricity Sales to Final Consumers | 1,853,296 | 1,498,046 | 23.71% | 6,894,349 | 6,052,813 | 13.90% | ||||||
Eletricity Sales to Distributors | 22,752 | 40,681 | -44.07% | 131,738 | 122,157 | 7.84% | ||||||
Other Operating Revenues | 1,797,128 | 1,776,018 | 1.19% | 6,976,316 | 6,645,069 | 4.98% | ||||||
3,673,176 | 3,314,745 | 10.81% | 14,002,403 | 12,820,039 | 9.22% | |||||||
DEDUCTIONS FROM OPERATING REVENUES | (1,218,328) | (1,150,964) | 5.85% | (4,940,056) | (4,454,780) | 10.89% | ||||||
NET OPERATING REVENUES | 2,454,848 | 2,163,781 | 13.45% | 9,062,347 | 8,365,259 | 8.33% | ||||||
COST OF ELETRIC ENERGY SERVICES | ||||||||||||
Eletricity Purchased for Resale | (1,362,017) | (1,142,981) | 19.16% | (5,132,580) | (4,585,081) | 11.94% | ||||||
Eletricity Network Usage Charges | (301,271) | (298,809) | 0.82% | (1,141,988) | (877,982) | 30.07% | ||||||
(1,663,288) | (1,441,790) | 15.36% | (6,274,568) | (5,463,063) | 14.85% | |||||||
OPERATING COSTS AND EXPENSES | ||||||||||||
Personnel | (115,426) | (115,212) | 0.19% | (460,352) | (447,779) | 2.81% | ||||||
Material | (17,044) | (15,737) | 8.31% | (56,512) | (54,162) | 4.34% | ||||||
Outsourced Services | (85,576) | (86,211) | -0.74% | (313,176) | (304,583) | 2.82% | ||||||
Other Operating Costs/Expenses | (77,499) | (52,228) | 48.39% | (213,061) | (184,576) | 15.43% | ||||||
Employee Pension Plans | (847) | 20,582 | -104.11% | (3,387) | 82,326 | -104.11% | ||||||
Depreciation and Amortization | (76,304) | (74,715) | 2.13% | (307,156) | (304,932) | 0.73% | ||||||
Amortization of Concession's Intangible | (5,260) | (5,848) | -10.05% | (21,039) | (23,407) | -10.12% | ||||||
(377,956) | (329,369) | 14.75% | (1,374,683) | (1,237,113) | 11.12% | |||||||
EBITDA | 496,015 | 452,603 | 9.59% | 1,744,678 | 1,911,096 | -8.71% | ||||||
EBIT | 413,604 | 392,622 | 5.34% | 1,413,096 | 1,665,083 | -15.13% | ||||||
FINANCIAL INCOME (EXPENSE) | ||||||||||||
Financial Income | 76,777 | 117,095 | -34.43% | 302,379 | 397,093 | -23.85% | ||||||
Financial Expenses | (113,662) | (166,949) | -31.92% | (431,767) | (543,716) | -20.59% | ||||||
Interest on Equity | (63,864) | (62,422) | 2.31% | (130,782) | (125,502) | 4.21% | ||||||
(100,749) | (112,276) | -10.27% | (260,170) | (272,125) | -4.39% | |||||||
INCOME BEFORE TAXES ON INCOME | 312,855 | 280,346 | 11.60% | 1,152,926 | 1,392,958 | -17.23% | ||||||
Social Contribution | (28,807) | (25,661) | 12.26% | (105,427) | (126,201) | -16.46% | ||||||
Income Tax | (75,436) | (68,133) | 10.72% | (285,770) | (346,769) | -17.59% | ||||||
INCOME BEFORE EXTRAORDINARY ITEM AND NON- | ||||||||||||
CONTROLLING SHAREHOLDERS' INTEREST | 208,612 | 186,552 | 11.83% | 761,729 | 919,988 | -17.20% | ||||||
Non-Controlling Shareholders' Interest | - | - | - | - | - | - | ||||||
Reversal of Interest on Equity | 63,864 | 62,422 | 2.31% | 130,782 | 125,502 | 4.21% | ||||||
NET INCOME | 272,476 | 248,974 | 9.44% | 892,511 | 1,045,490 | -14.63% |
Page 29 of 32
11.6) Economic-Financial Performance Distributors
(Pro-forma, R$ thousands)
Summary of Income Statement by Distribution Company (R$ Thousands) | ||||||||||||
CPFL PAULISTA | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 1,956,183 | 1,719,376 | 13.8% | 7,349,118 | 6,677,068 | 10.1% | ||||||
Net Operating Revenues | 1,311,900 | 1,130,886 | 16.0% | 4,780,971 | 4,333,505 | 10.3% | ||||||
Cost of Electric Power | (900,808) | (751,419) | 19.9% | (3,357,987) | (2,821,751) | 19.0% | ||||||
Operating Costs & Expenses | (202,541) | (153,807) | 31.7% | (709,955) | (585,078) | 21.3% | ||||||
EBIT | 208,551 | 225,660 | -7.6% | 713,029 | 926,676 | -23.1% | ||||||
EBITDA | 243,910 | 245,111 | -0.5% | 857,250 | 1,010,052 | -15.1% | ||||||
Financial Income (Expense) | (26,807) | (27,062) | -0.9% | (65,682) | (75,111) | -12.6% | ||||||
Income Before Taxes | 181,744 | 198,598 | -8.5% | 647,347 | 851,565 | -24.0% | ||||||
NET INCOME | 136,841 | 146,495 | -6.6% | 457,853 | 590,316 | -22.4% | ||||||
CPFL PIRATININGA | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 779,934 | 777,288 | 0.3% | 3,118,020 | 2,907,277 | 7.2% | ||||||
Net Operating Revenues | 522,859 | 514,870 | 1.6% | 1,953,252 | 1,915,289 | 2.0% | ||||||
Cost of Electric Power | (356,382) | (335,677) | 6.2% | (1,365,752) | (1,302,256) | 4.9% | ||||||
Operating Costs & Expenses | (76,467) | (67,822) | 12.7% | (289,830) | (251,579) | 15.2% | ||||||
EBIT | 90,010 | 111,371 | -19.2% | 297,670 | 361,454 | -17.6% | ||||||
EBITDA | 105,439 | 122,482 | -13.9% | 359,912 | 404,307 | -11.0% | ||||||
Financial Income (Expense) | (12,428) | (23,082) | -46.2% | (41,421) | (51,257) | -19.2% | ||||||
Income Before Taxes | 77,582 | 88,289 | -12.1% | 256,249 | 310,197 | -17.4% | ||||||
NET INCOME | 58,928 | 68,031 | -13.4% | 184,058 | 221,988 | -17.1% | ||||||
RGE | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 749,369 | 634,979 | 18.0% | 2,812,476 | 2,566,110 | 9.6% | ||||||
Net Operating Revenues | 492,429 | 400,220 | 23.0% | 1,841,044 | 1,666,571 | 10.5% | ||||||
Cost of Electric Power | (335,172) | (276,439) | 21.2% | (1,257,499) | (1,081,293) | 16.3% | ||||||
Operating Costs & Expenses | (80,249) | (84,348) | -4.9% | (293,083) | (303,500) | -3.4% | ||||||
EBIT | 77,008 | 39,433 | 95.3% | 290,462 | 281,778 | 3.1% | ||||||
EBITDA | 104,542 | 65,104 | 60.6% | 398,400 | 383,348 | 3.9% | ||||||
Financial Income (Expense) | (53,950) | (62,106) | -13.1% | (139,733) | (147,265) | -5.1% | ||||||
Income Before Taxes | 23,058 | (22,673) | -201.7% | 150,729 | 134,513 | 12.1% | ||||||
NET INCOME | 50,570 | 21,572 | 134.4% | 171,708 | 164,033 | 4.7% | ||||||
CPFL SANTA CRUZ | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 77,197 | 64,810 | 19.1% | 294,264 | 265,597 | 10.8% | ||||||
Net Operating Revenues | 52,407 | 35,096 | 49.3% | 200,221 | 180,587 | 10.9% | ||||||
Cost of Electric Power | (30,475) | (18,708) | 62.9% | (120,039) | (96,148) | 24.8% | ||||||
Operating Costs & Expenses | (9,697) | (10,254) | -5.4% | (36,508) | (44,528) | -18.0% | ||||||
EBIT | 12,235 | 6,134 | 99.5% | 43,674 | 39,911 | 9.4% | ||||||
EBITDA | 13,383 | 7,229 | 85.1% | 49,899 | 47,305 | 5.5% | ||||||
Financial Income (Expense) | (1,913) | (2,262) | -15.4% | (4,781) | (3,762) | 27.1% | ||||||
Income Before Taxes | 10,322 | 3,872 | 166.6% | 38,893 | 36,149 | 7.6% | ||||||
NET INCOME | 9,114 | 5,163 | 76.5% | 30,287 | 29,391 | 3.0% |
Page 30 of 32
Summary of Income Statement by Distribution Company (R$ Thousands) | ||||||||||||
CPFL LESTE PAULISTA | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 28,025 | 50,348 | -44.3% | 112,192 | 121,578 | -7.7% | ||||||
Net Operating Revenues | 19,688 | 39,989 | -50.8% | 78,953 | 88,628 | -10.9% | ||||||
Cost of Electric Power | (9,803) | (32,598) | -69.9% | (43,826) | (52,951) | -17.2% | ||||||
Operating Costs & Expenses | (2,581) | (4,319) | -40.2% | (13,824) | (17,738) | -22.1% | ||||||
EBIT | 7,304 | 3,072 | 137.8% | 21,303 | 17,939 | 18.8% | ||||||
EBITDA | 8,333 | 4,098 | 103.3% | 25,270 | 21,871 | 15.5% | ||||||
Financial Income (Expense) | (1,119) | 637 | -275.7% | (3,133) | 1,214 | -358.1% | ||||||
Income Before Taxes | 6,185 | 3,764 | 64.3% | 18,170 | 19,153 | -5.1% | ||||||
NET INCOME | 5,174 | 2,459 | 110.4% | 14,722 | 12,197 | 20.7% | ||||||
CPFL SUL PAULISTA | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 34,523 | 28,176 | 22.5% | 133,432 | 116,622 | 14.4% | ||||||
Net Operating Revenues | 23,900 | 18,368 | 30.1% | 90,434 | 76,557 | 18.1% | ||||||
Cost of Electric Power | (13,164) | (10,572) | 24.5% | (52,951) | (43,296) | 22.3% | ||||||
Operating Costs & Expenses | (3,842) | (4,554) | -15.6% | (16,744) | (17,538) | -4.5% | ||||||
EBIT | 6,894 | 3,242 | 112.6% | 20,739 | 15,717 | 32.0% | ||||||
EBITDA | 7,733 | 3,981 | 94.2% | 23,753 | 18,651 | 27.4% | ||||||
Financial Income (Expense) | (2,556) | 547 | -567.3% | (3,109) | 846 | -467.5% | ||||||
Income Before Taxes | 4,338 | 3,816 | 13.7% | 17,630 | 16,569 | 6.4% | ||||||
NET INCOME | 3,740 | 2,178 | 71.7% | 14,601 | 11,137 | 31.1% | ||||||
CPFL JAGUARI | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 31,127 | 27,200 | 14.4% | 120,116 | 111,500 | 7.7% | ||||||
Net Operating Revenues | 20,714 | 16,947 | 22.2% | 77,514 | 71,047 | 9.1% | ||||||
Cost of Electric Power | (11,804) | (11,565) | 2.1% | (53,483) | (47,710) | 12.1% | ||||||
Operating Costs & Expenses | (1,952) | (2,947) | -33.8% | (10,280) | (11,736) | -12.4% | ||||||
EBIT | 6,958 | 2,435 | 185.7% | 13,751 | 11,601 | 18.5% | ||||||
EBITDA | 7,594 | 3,173 | 139.3% | 16,149 | 13,967 | 15.6% | ||||||
Financial Income (Expense) | (1,636) | 743 | -320.2% | (2,358) | 1,933 | -222.0% | ||||||
Income Before Taxes | 5,322 | 3,320 | 60.3% | 11,393 | 13,534 | -15.8% | ||||||
NET INCOME | 4,442 | 2,171 | 104.6% | 9,451 | 8,931 | 5.8% | ||||||
CPFL MOCOCA | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Gross Operating Revenues | 18,933 | 15,143 | 25.0% | 72,642 | 64,747 | 12.2% | ||||||
Net Operating Revenues | 13,066 | 9,821 | 33.0% | 49,552 | 42,844 | 15.7% | ||||||
Cost of Electric Power | (7,288) | (6,337) | 15.0% | (29,388) | (23,788) | 23.5% | ||||||
Operating Costs & Expenses | (1,134) | (2,500) | -54.6% | (7,696) | (9,225) | -16.6% | ||||||
EBIT | 4,644 | 984 | 372.0% | 12,468 | 9,831 | 26.8% | ||||||
EBITDA | 5,081 | 1,375 | 269.5% | 14,046 | 11,386 | 23.4% | ||||||
Financial Income (Expense) | (340) | 314 | -208.3% | 47 | 1,280 | -96.3% | ||||||
Income Before Taxes | 4,304 | 1,309 | 228.8% | 12,515 | 11,111 | 12.6% | ||||||
NET INCOME | 3,667 | 854 | 329.4% | 9,831 | 7,330 | 34.1% |
Page 31 of 32
11.7) Sales to the Captive Market by Distributor (in GWh)
CPFL Paulista | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 1,790 | 1,711 | 4.6% | 6,923 | 6,558 | 5.6% | ||||||
Industrial | 1,468 | 1,471 | -0.2% | 5,469 | 5,661 | -3.4% | ||||||
Commercial | 1,122 | 1,061 | 5.7% | 4,151 | 3,943 | 5.3% | ||||||
Others | 892 | 922 | -3.3% | 3,434 | 3,382 | 1.5% | ||||||
Total | 5,271 | 5,165 | 2.1% | 19,977 | 19,544 | 2.2% | ||||||
CPFL Piratininga | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 772 | 715 | 7.8% | 3,026 | 2,840 | 6.6% | ||||||
Industrial | 765 | 790 | -3.2% | 2,885 | 3,026 | -4.7% | ||||||
Commercial | 452 | 429 | 5.5% | 1,708 | 1,644 | 3.9% | ||||||
Others | 232 | 228 | 1.8% | 921 | 889 | 3.6% | ||||||
Total | 2,220 | 2,162 | 2.7% | 8,539 | 8,398 | 1.7% | ||||||
RGE | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 455 | 426 | 6.9% | 1,808 | 1,686 | 7.2% | ||||||
Industrial | 619 | 620 | -0.1% | 2,294 | 2,558 | -10.3% | ||||||
Commercial | 277 | 255 | 8.7% | 1,080 | 1,006 | 7.4% | ||||||
Others | 484 | 474 | 2.0% | 2,000 | 1,949 | 2.6% | ||||||
Total | 1,835 | 1,775 | 3.4% | 7,182 | 7,198 | -0.2% | ||||||
CPFL Santa Cruz | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 71 | 68 | 4.2% | 279 | 267 | 4.5% | ||||||
Industrial | 41 | 37 | 11.8% | 157 | 148 | 5.8% | ||||||
Commercial | 36 | 34 | 4.1% | 135 | 129 | 5.3% | ||||||
Others | 75 | 80 | -6.4% | 291 | 294 | -1.1% | ||||||
Total | 222 | 218 | 1.6% | 862 | 838 | 2.9% | ||||||
CPFL Jaguari(1) | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 17 | 16 | 6.1% | 67 | 64 | 5.1% | ||||||
Industrial | 73 | 67 | 8.3% | 268 | 273 | -2.0% | ||||||
Commercial | 9 | 9 | 5.8% | 35 | 33 | 6.5% | ||||||
Others | 9 | 30 | -69.5% | 44 | 119 | -62.9% | ||||||
Total | 109 | 123 | -11.4% | 415 | 489 | -15.3% | ||||||
CPFL Mococa | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 15 | 14 | 0.1% | 58 | 57 | 2.8% | ||||||
Industrial | 15 | 14 | 6.8% | 58 | 56 | 2.8% | ||||||
Commercial | 7 | 6 | 5.1% | 25 | 24 | 4.3% | ||||||
Others | 13 | 15 | -8.8% | 53 | 57 | -7.5% | ||||||
Total | 50 | 50 | 0.0% | 194 | 194 | -0.1% | ||||||
CPFL Leste Paulista | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 19 | 19 | 0.8% | 77 | 75 | 2.4% | ||||||
Industrial | 18 | 18 | -2.2% | 68 | 66 | 2.2% | ||||||
Commercial | 9 | 9 | 4.9% | 34 | 32 | 4.9% | ||||||
Others | 23 | 28 | -18.0% | 98 | 111 | -12.4% | ||||||
Total | 69 | 74 | -6.6% | 277 | 286 | -3.1% | ||||||
CPFL Sul Paulista | ||||||||||||
4Q09 | 4Q08 | Var. | 2009 | 2008 | Var. | |||||||
Residential | 28 | 26 | 4.3% | 107 | 103 | 4.7% | ||||||
Industrial | 34 | 34 | -1.5% | 135 | 141 | -4.6% | ||||||
Commercial | 12 | 11 | 9.3% | 46 | 42 | 8.5% | ||||||
Others | 22 | 23 | -4.2% | 87 | 90 | -2.9% | ||||||
Total | 95 | 95 | 0.8% | 375 | 376 | -0.2% | ||||||
Note: (1) Reduction in Others of CPFL Jaguari, due to the exclusion of the Cemirim Cooperative from the distributors market (Cemirim is now supplied by CPFL Paulista). |
Page 32 of 32
CPFL ENERGIA S.A. |
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By: | /S/
JOSÉ ANTONIO DE ALMEIDA FILIPPO
|
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Name: Title: |
José Antonio de Almeida Filippo
Chief Financial Officer and Head of Investor Relations |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.