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____.
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 |
Summary | |
Registration data | |
General information | 1 |
Address | 2 |
Marketable securities | 3 |
Auditor | 4 |
Share registrer | 5 |
Investor Relations Officer or equivalent | 6 |
Shareholders’ Department | 7 |
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 | |
1 - General information | ||
Company Name: | CPFL ENERGIA S.A. | |
Initial Company name: |
08/06/2002 |
|
Type of participant: | Publicly quoted corporation | |
Previous | ||
company name: | Draft II Participações S.A | |
Date of Incorporation: |
03/20/1998 |
|
CNPJ (Federal Tax ID): | 02.429.144/0001-93 | |
CVM CODE: | 1866-0 | |
Registration | ||
Date CVM: | 05/18/2000 | |
State of CVM | ||
Registration: | Active | |
Starting date | ||
of situation: | 05/18/2000 | |
Country: | Brasil | |
Country in which the | ||
marketable securities | ||
are held in custody: | Brasil | |
Foreign countries in | ||
which the marketable | ||
securities are accepted | ||
for trading | ||
Country | Date of admission | |
United States | 09/29/2004 | |
Sector of activity: | Holding ( Electric Energy) | |
Description of activity: |
Holdings |
|
Issuer’s Category: | Category A | |
Registration Date | ||
on actual category: | 01/01/2010 | |
Issuer’s Situation: | Operational | |
Starting date | ||
of situation: | 05/18/2000 | |
Type of share control: |
Private Holding |
|
Date of last change of | ||
share control: | 11/30/2009 |
2
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 | |
Date of last change of company year: | ||
Day/Month of | ||
year end: | 12/31 | |
Web address: | www.cpfl.com.br | |
Newspapers in which | ||
issuer discloses its information: | Name of paper Jornal in which issuer discloses its information | FU |
Valor Econômico | SP |
3
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 |
2 - ADDRESS
4
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 |
3 - MARKETABLE SECURITIES
Shares | Trading | Listing | ||||
Trading mkt | Managing body | Start date | End | Segment | Start date | End |
Bolsa | BM&FBOVESPA |
09/29/2004 |
Novo Mercado 9/29/2004 | |||
Debentures |
Trading |
Listing | ||||
Trading mkt | Managing body | Start date | End | Segment | Start date | End |
Organized Market | CETIP | 05/18/2000 | Traditional | 05/19/2000 |
5
Registration Form – 2012 – CPFL ENERGIA S.A. | Version: 2 |
4 - AUDITOR INFORMATION
Is there an auditor? Yes
CVM CODE: 385-9
Type of Auditor: Brazilian
INDEPENDENT ACCOUNTANT: Deloitte Touche Tomatsu Auditores Independentes
CNPJ: 49.928.567/0001-11
Service Provision Period: 03/12/2012
PARTNER IN CHARGE Service Provision Period CPF (INDIVIDUAL TAX ID)
Marcelo Magalhães Fernandes 03/12/2012 110.931.498-17
CVM CODE: 418-9
Type of Auditor: Brazilian
INDEPENDENT ACCOUNTANT: KPMG Auditores Independentes
CNPJ: 57.755.217/0011-09
Service Provision Period: 04/01/2007 to 03/11/2012
PARTNER IN CHARGE Service Provision Period CPF (INDIVIDUAL TAX ID)
Jarib Brisola Duarte Fogaça 04/01/2007 to 03/11/2012 012.163.378-02
6
Registration Form – 2012 – CPFL ENERGIA S.A. Version: 2
5 – SHARE REGISTRAR
Do you have service provider: Yes
Corporate Name: Banco do Brasil
CNPJ: 00.000.000/0001-91
Service Provision Period: 01/01/2011
Address: Rua Lélio Gama, 105 – 38º floor, Gecin, Centro, Rio de Janeiro, RJ, Brasil, ZIP CODE: 20031-080, Telephone (021) 38083551, FAX: (021) 38086088, e-mail: aescriturais@bb.com.br
7
Registration Form – 2012 – CPFL ENERGIA S.A. Version: 2
6 – INVESTOR RELATIONS OFFICER
NAME: Lorival Nogueira Luz Junior
Director of Investor Relations
CPF/CNPJ: 678.741.266-53
Address: Rodovia Engenheiro Miguel Nopel Nascentes Burnier, 1755, Km 2,5, Parque São Quirino, Campinas, SP, Brasil, CEP 13088-140, Telefone (019) 3756-6083, Fax (019) 3756-6089, e-mail: lorival.luz@cpfl.com.br.
Start date of activity: 03/21/2011
End date of activity:
8
Registration Form – 2012 – CPFL ENERGIA S.A. Version: 2
7 – SHAREHOLDERS’ DEPARTMENT
Contact Eduardo Atsushi Takeiti
Start date of activity: 12/13/2011
End date of activity:
Address: Rodovia Engenheiro Miguel Nopel Nascentes Burnier, 1755, Km 2,5, Parque São Quirino, Campinas, SP, Brasil, CEP 13088-140, Telefone (019) 3756-6083, Fax (019) 3756-6089, e-mail: eduardot@cpfl.com.br
9
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Table of Contents
Table of Contents | |
Identification of Company | |
Capital Stock |
1 |
Cash dividend |
1 |
Parent Company Financial Statements | |
Balance Sheet Assets |
2 |
Balance Sheet Liabilities |
3 |
Income Statement |
4 |
Cash Flow Statements |
5 |
Statement of Changes in Shareholders´ Equity | |
01/01/2012 to 03/31/2012 |
6 |
01/01/2011 to 03/31/2011 |
6 |
Statements of Added Value |
7 |
Consolidated Financial Statements | |
Balance Sheet Assets |
8 |
Balance Sheet Liabilities |
9 |
Income Statement |
10 |
Statement of comprehensive income |
11 |
Cash Flow Statements |
12 |
Statement of Changes in Shareholders Equity | |
01/01/2012 to 03/31/2012 |
13 |
01/01/2011 to 03/31/2011 |
13 |
Statements of Added Value |
14 |
Comments on Performance | 15 |
Notes to Financial Statements | 30 |
Other relevant information | 81 |
Reports | |
Social Report |
85 |
Independent Auditors’ Report Unqualified |
86 |
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Identification of Company / Capital Stock
Number of Shares (in units) |
Closing date 03/31/2012 |
Paid in Capital | |
Common |
962,274,260 |
Preferred |
0 |
Total |
962,274,260 |
Treasury Stock | |
Common |
0 |
Preferred |
0 |
Total |
0 |
Identification of Company/ Cash dividend
Event |
Approval |
Type |
Beginning of Payment |
Type of Share |
Class of share |
Amount per Share (Reais/share) |
AGM |
04/12/2012 |
Dividend |
04/27/12 |
ON (Common shares) |
|
0.78821 |
1
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY INTERIM FINANCIAL STATEMENTS - BALANCE SHEET - ASSETS |
| ||
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Quarter 03/31/2012 |
Previous Year 12/31/2011 |
1 |
Total assets |
8,006,674 |
7,607,793 |
1.01 |
Current assets |
732,637 |
764,388 |
1.01.01 |
Cash and cash equivalents |
525,756 |
549,189 |
1.01.02 |
Financial Investments |
37,201 |
45,668 |
1.01.02.02 |
Financial Investments at amortized cost |
37,201 |
45,668 |
1.01.02.02.01 |
Held for trade |
37,201 |
45,668 |
1.01.06 |
Recoverable taxes |
41,232 |
40,783 |
1.01.06.01 |
Current Recoverable taxes |
41,232 |
40,783 |
1.01.08 |
Other current assets |
128,448 |
128,748 |
1.01.08.03 |
Others |
128,448 |
128,748 |
1.01.08.03.01 |
Other Credits |
2,209 |
2,833 |
1.01.08.03.02 |
Dividends and interest on shareholders’ equity |
125,913 |
125,913 |
1.01.08.03.03 |
Derivative |
326 |
2 |
1.02 |
Noncurrent assets |
7,274,037 |
6,843,405 |
1.02.01 |
Noncurrent assets |
226,833 |
228,060 |
1.02.01.02 |
Financial Investments at amortized cost |
0 |
2,854 |
1.02.01.02.01 |
Held to maturity |
0 |
2,854 |
1.02.01.06 |
Deferred taxes |
193,704 |
193,874 |
1.02.01.06.02 |
Deferred taxes credits |
193,704 |
193,874 |
1.02.01.08 |
Related parties |
4,241 |
2,610 |
1.02.01.08.02 |
Subsidiaries |
4,241 |
2,610 |
1.02.01.09 |
Other noncurrent assets |
28,888 |
28,722 |
1.02.01.09.03 |
Escrow deposits |
11,987 |
11,744 |
1.02.01.09.05 |
Derivatives |
4 |
0 |
1.02.01.09.06 |
Other credits |
16,897 |
16,978 |
1.02.02 |
Investments |
7,046,793 |
6,614,915 |
1.02.02.01 |
Permanent equity interests |
7,046,793 |
6,614,915 |
1.02.02.01.02 |
Investments in subsidiares |
7,046,793 |
6,614,915 |
1.02.03 |
Property, plant and equipment |
304 |
312 |
1.02.04 |
Intangible assets |
107 |
118 |
2
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY INTERIM FINANCIAL STATEMENTS - BALANCE SHEET - LIABILITIES AND SHAREHOLDERS´ EQUITY | |||
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Quarter 03/31/2012 |
Previous Year 12/31/2011 |
2 |
Total liabilities |
8,006,674 |
7,607,793 |
2.01 |
Current liabilities |
188,118 |
200,258 |
2.01.01 |
Social and Labor Obligations |
13 |
7 |
2.01.01.02 |
Labor Obligations |
13 |
7 |
2.01.01.02.01 |
Estimated Labor Obligation |
13 |
7 |
2.01.02 |
Suppliers |
2,138 |
1,618 |
2.01.02.01 |
National Suppliers |
2,138 |
1,618 |
2.01.03 |
Tax Obligations |
629 |
197 |
2.01.03.01 |
Federal Tax Obligations |
629 |
197 |
2.01.03.01.02 |
Others |
629 |
197 |
2.01.04 |
Loans and financing |
153,276 |
166,403 |
2.01.04.02 |
Debentures |
153,276 |
166,403 |
2.01.04.02.01 |
Interest on debentures |
3,276 |
16,403 |
2.01.04.02.02 |
Debentures |
150,000 |
150,000 |
2.01.05 |
Other Current liabilities |
32,062 |
32,033 |
2.01.05.02 |
Others |
32,062 |
32,033 |
2.01.05.02.01 |
Dividends and interest on shareholders´ equity |
15,306 |
15,575 |
2.01.05.02.05 |
Other payable |
16,756 |
16,458 |
2.02 |
Noncurrent liabilities |
340,214 |
340,378 |
2.02.01 |
Loans and financing |
300,000 |
300,000 |
2.02.01.02 |
Debentures |
300,000 |
300,000 |
2.02.02 |
Other Noncurrent liabilities |
28,260 |
28,665 |
2.02.02.02 |
Others |
28,260 |
28,665 |
2.02.02.02.03 |
Derivatives |
0 |
24 |
2.02.02.02.04 |
Other payable |
28,260 |
28,641 |
2.02.04 |
Provisons |
11,954 |
11,713 |
2.02.04.01 |
Civil, Labor, Social and Tax Provisions |
11,954 |
11,713 |
2.02.04.01.01 |
Tax Provisions |
11,954 |
11,713 |
2.03 |
Shareholders’ equity |
7,478,342 |
7,067,157 |
2.03.01 |
Capital |
4,793,424 |
4,793,424 |
2.03.02 |
Capital reserves |
229,955 |
229,955 |
2.03.04 |
Profit reserves |
1,253,655 |
1,253,655 |
2.03.04.01 |
Legal reserves |
495,185 |
495,185 |
2.03.04.08 |
Additional Proposed dividend |
758,470 |
758,470 |
2.03.05 |
Retained earnings |
417,522 |
0 |
2.03.06 |
Other Comprehensive Income |
783,786 |
790,123 |
2.03.06.01 |
Other Comprehensive Income |
783,786 |
790,123 |
3
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY FINANCIAL STATEMENTS - INCOME STATEMENT | |||
(in thousands of Brazilian reais – R$) | |||
|
|
|
|
Code |
Description |
YTD current year |
YTD previous year |
3.01 |
Net revenues |
1 |
1 |
3.03 |
Operating income |
1 |
1 |
3.04 |
Operating income (expense) |
406,534 |
463,600 |
3.04.02 |
General and administrative |
-6,065 |
-6,198 |
3.04.05 |
Other |
-34,113 |
-36,297 |
3.04.06 |
Equity income |
446,712 |
506,095 |
3.05 |
Income before financial income and taxes |
406,535 |
463,601 |
3.06 |
Financial income / expense |
4,540 |
-3,863 |
3.06.01 |
Financial income |
16,414 |
9,256 |
3.06.02 |
Financial expense |
-11,874 |
-13,119 |
3.07 |
Income before taxes |
411,075 |
459,738 |
3.08 |
Income tax and social contribution |
-170 |
42 |
3.08.01 |
Current |
-170 |
42 |
3.09 |
Net income from continuing operations |
410,905 |
459,780 |
3.11 |
Net income |
410,905 |
459,780 |
3.99.01.01 |
ON |
0.43 |
0.48 |
4
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENTS OF CASH FLOW – INDIRECT METHOD | |||
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
YTD current year |
YTD previous year |
6.01 |
Net cash from operating activities |
-14,950 |
-25,011 |
6.01.01 |
Cash generated from operations |
8,852 |
-736 |
6.01.01.01 |
Net income, including income tax and social contribution |
411,075 |
459,738 |
6.01.01.02 |
Depreciation and amortization |
34,133 |
36,342 |
6.01.01.03 |
Debt Charges and Upgrade Monetary and Foreign Exchange |
10,356 |
9,279 |
6.01.01.04 |
Interest and monetary and exchange restatement |
-446,712 |
-506,095 |
6.01.02 |
Variation on assets and liabilities |
-23,802 |
-24,275 |
6.01.02.02 |
Recoverable taxes |
-285 |
-150 |
6.01.02.03 |
Escrow deposits |
-2 |
-13 |
6.01.02.04 |
Other operating assets |
705 |
1,727 |
6.01.02.05 |
Suppliers |
520 |
389 |
6.01.02.06 |
Other taxes and social contributions |
433 |
-56 |
6.01.02.07 |
Interest on debts (paid) |
-24,956 |
-24,451 |
6.01.02.08 |
Income tax and social contribution paid |
-140 |
0 |
6.01.02.09 |
Other operating liabilities |
-77 |
-1,721 |
6.02 |
Net cash in investing activities |
-8,182 |
-4,914 |
6.02.02 |
Securities |
12,364 |
11,013 |
6.02.04 |
Mutual Operations with Subsidiaries and Affiliates |
-1,546 |
-15,927 |
6.02.05 |
Increase in Invested Capital |
-19,000 |
0 |
6.03 |
Net cash in financing activities |
-301 |
-29 |
6.03.01 |
Payments of Loans, financing and debentures , net of derivatives |
-32 |
-7 |
6.03.02 |
Dividend and interest on shareholders’ equity paid |
-269 |
-22 |
6.05 |
Increase (decrease) in cash and cash equivalents |
-23,433 |
-29,954 |
6.05.01 |
Cash and cash equivalents at beginning of period |
549,189 |
110,958 |
6.05.02 |
Cash and cash equivalents at end of period |
525,756 |
81,004 |
5
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM JANUARY 01, 2012 TO MARCH 31, 2012 | |||||||
|
|
|
|
|
|
|
|
Code |
Description |
Capital |
Capital Reserves, options and treasury shares |
Profit Reserves |
Retained earnings |
Other comprehensive income |
Shareholders’ Equity Total |
5.01 |
Opening balance |
4,793,424 |
229,955 |
1,253,655 |
0 |
790,123 |
7,067,157 |
5.03 |
Adjusted balance |
4,793,424 |
229,955 |
1,253,655 |
0 |
790,123 |
7,067,157 |
5.04 |
Capital transactions within shareholders |
0 |
|
0 |
0 |
0 |
0 |
5.04.06 |
Dividend |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.08 |
Additional dividend aproved |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.09 |
Business Combination - CPFL Renováveis |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.10 |
Prescribed dividends |
0 |
0 |
0 |
0 |
0 |
0 |
5.05 |
Other comprehensive income |
0 |
0 |
0 |
417,522 |
- 6,337 |
411,185 |
5.05.01 |
Net income / Loss for the period |
0 |
0 |
0 |
410,905 |
- |
410,905 |
5.05.02 |
Other comprehensive income |
0 |
0 |
0 |
6,617 |
- 6,337 |
280 |
5.05.02.03 |
Equity valuation adjustments on comprehensive income of subsidiaries |
0 |
0 |
0 |
6,617 |
- 6,337 |
280 |
5.06 |
Internal changes in Shareholders´ equity |
0 |
0 |
0 |
0 |
0 |
0 |
5.06.01 |
Legal reserve |
0 |
0 |
0 |
0 |
0 |
0 |
5.06.04 |
Dividend proposed |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Final balance |
4,793,424 |
229,955 |
1,253,655 |
417,522 |
783,786 |
7,478,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM JANUARY 01, 2011 TO MARCH 31, 2011 | |||||||
|
|
|
|
|
|
|
|
Code |
Description |
Capital |
Capital Reserves, options and treasury shares |
Profit Reserves |
Retained earnings |
Other comprehensive income |
Shareholders’ Equity Total |
5.01 |
Opening balance |
4,793,424 |
16 |
904,705 |
0 |
795,562 |
6,493,707 |
5.03 |
Adjusted balance |
4,793,424 |
16 |
904,705 |
0 |
795,562 |
6,493,707 |
5.04 |
Capital transactions within shareholders |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.01 |
Capital increase |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.06 |
Dividend |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.08 |
Additional dividend aproved |
0 |
0 |
0 |
0 |
0 |
0 |
5.04.09 |
Prescribed dividends |
0 |
0 |
0 |
0 |
0 |
0 |
5.05 |
Other comprehensive income |
0 |
0 |
0 |
466,310 |
10,027 |
476,337 |
5.05.01 |
Net income / Loss for the period |
0 |
0 |
0 |
459,780 |
- |
459,780 |
5.05.02 |
Other comprehensive income |
0 |
0 |
0 |
6,530 |
10,027 |
16,557 |
5.05.02.02 |
Taxes on Financial Instruments Adjustment |
0 |
0 |
0 |
12 |
25,075 |
25,087 |
5.05.02.03 |
Equity valuation adjustments on comprehensive income of subsidiaries |
0 |
0 |
0 |
6,518 |
- 15,048 |
- 8,530 |
5.06 |
Internal changes in Shareholders´ equity |
0 |
0 |
0 |
0 |
0 |
0 |
5.06.01 |
Legal reserve |
0 |
0 |
0 |
0 |
0 |
0 |
5.06.02 |
Realization of Comprehensive income |
|
|
|
0 |
|
|
5.06.03 |
Taxes on the Realization of Comprehensive income |
|
|
|
0 |
|
|
5.06.04 |
Dividend proposed |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Final balance |
4,793,424 |
16 |
904,705 |
466,310 |
805,589 |
6,970,044 |
6
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENTS OF ADDED VALUE | |||
(in thousands of Brazilian reais – R$) |
| ||
|
|
|
|
Code |
Description |
YTD current year |
YTD previous year |
7.01 |
Revenues |
1 |
1 |
7.01.01 |
Sales of goods, products and services |
1 |
1 |
7.01.03 |
Revenues related to the construction of own assets |
0 |
0 |
7.02 |
Inputs |
-3,620 |
-4,957 |
7.02.02 |
Material-Energy-Outsourced services-Other |
-1,966 |
-3,572 |
7.02.04 |
Other |
-1,654 |
-1,385 |
7.03 |
Gross added value |
-3,619 |
-4,956 |
7.04 |
Retentions |
-34,133 |
-36,342 |
7.04.01 |
Depreciation and amortization |
-20 |
-45 |
7.04.02 |
Other |
-34,113 |
-36,297 |
7.04.02.01 |
Intangible concession asset - amortization |
-34,113 |
-36,297 |
7.05 |
Net added value generated |
-37,752 |
-41,298 |
7.06 |
Added value received in transfer |
463,125 |
515,351 |
7.06.01 |
Equity in subsidiaries |
446,712 |
506,095 |
7.06.02 |
Financial income |
16,413 |
9,256 |
7.07 |
Added Value to be Distributed |
425,373 |
474,053 |
7.08 |
Distribution of Added Value |
425,373 |
474,053 |
7.08.01 |
Personnel |
1,937 |
865 |
7.08.01.01 |
Direct Remuneration |
1,212 |
854 |
7.08.01.02 |
Benefits |
580 |
-76 |
7.08.01.03 |
Government severance indemnity fund for employees-F.G.T.S. |
145 |
87 |
7.08.02 |
Taxes, Fees and Contributions |
630 |
274 |
7.08.02.01 |
Federal |
630 |
270 |
7.08.02.02 |
State |
0 |
4 |
7.08.02.03 |
Municipal |
0 |
0 |
7.08.03 |
Remuneration on third parties’ capital |
11,901 |
13,134 |
7.08.03.01 |
Interest |
11,872 |
13,118 |
7.08.03.02 |
Rental |
29 |
16 |
7.08.04 |
Remuneration on own capital |
410,905 |
459,780 |
7.08.04.02 |
Dividend |
0 |
0 |
7.08.04.03 |
Profit / loss for the period |
410,905 |
459,780 |
7
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED INTERIM FINANCIAL STATEMENTS - BALANCE SHEET - ASSETS |
| ||
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Quarter 03/31/2012 |
Previous Year 12/31/2011 |
1 |
Total assets |
27,999,753 |
27,413,057 |
1.01 |
Current assets |
5,529,380 |
5,363,055 |
1.01.01 |
Cash and cash equivalents |
2,707,338 |
2,699,837 |
1.01.02 |
Financial Investments |
44,523 |
47,521 |
1.01.02.02 |
Financial Investments at amortized cost |
44,523 |
47,521 |
1.01.02.02.01 |
Held for trade |
44,523 |
47,521 |
1.01.03 |
Accounts receivable |
1,983,765 |
1,874,280 |
1.01.03.01 |
Consumers |
1,983,765 |
1,874,280 |
1.01.04 |
Materials and suppliers |
41,731 |
44,872 |
1.01.06 |
Recoverable taxes |
260,900 |
277,463 |
1.01.06.01 |
Current Recoverable taxes |
260,900 |
277,463 |
1.01.08 |
Other current assets |
491,123 |
419,082 |
1.01.08.03 |
Other |
491,123 |
419,082 |
1.01.08.03.01 |
Other credits |
482,772 |
409,938 |
1.01.08.03.02 |
Derivatives |
1,288 |
3,733 |
1.01.08.03.03 |
Leases |
6,233 |
4,581 |
1.01.08.03.04 |
Dividends and interest on shareholders’ equity |
830 |
830 |
1.02 |
Noncurrent assets |
22,470,373 |
22,050,002 |
1.02.01 |
Noncurrent assets |
5,361,810 |
4,830,487 |
1.02.01.02 |
Financial Investments at amortized cost |
117,354 |
109,964 |
1.02.01.02.01 |
Held to maturity |
117,354 |
109,964 |
1.02.01.03 |
Accounts receivable |
177,684 |
182,300 |
1.02.01.03.01 |
Consumers |
177,684 |
182,300 |
1.02.01.06 |
Deferred taxes |
1,171,826 |
1,176,535 |
1.02.01.06.02 |
Deferred taxes credits |
1,171,826 |
1,176,535 |
1.02.01.09 |
Other noncurrent assets |
3,894,946 |
3,361,688 |
1.02.01.09.03 |
Derivatives |
238,967 |
215,642 |
1.02.01.09.04 |
Escrow deposits |
1,160,519 |
1,128,616 |
1.02.01.09.05 |
Recoverable taxes |
220,837 |
216,715 |
1.02.01.09.06 |
Leases |
25,240 |
24,521 |
1.02.01.09.07 |
Financial asset of concession |
1,835,986 |
1,376,664 |
1.02.01.09.08 |
Private pension fund |
3,416 |
3,416 |
1.02.01.09.09 |
Investments in subsidiares |
116,654 |
116,654 |
1.02.01.09.10 |
Other credits |
293,327 |
279,460 |
1.02.03 |
Property, plant and equipment |
8,497,946 |
8,292,076 |
1.02.03.01 |
Fixed assets - in service |
7,348,457 |
7,226,461 |
1.02.03.03 |
Fixed assets - in progress |
1,149,489 |
1,065,615 |
1.02.04 |
Intangible assets |
8,610,617 |
8,927,439 |
1.02.04.01 |
Intangible assets |
8,610,617 |
8,927,439 |
|
|
|
|
8
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED INTERIM FINANCIAL STATEMENTS - BALANCE SHEET -LIABILITIES |
| ||
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Quarter 03/31/2012 |
Previous Year 12/31/2011 |
2 |
Total liabilities |
27,999,753 |
27,413,057 |
2.01 |
Current liabilities |
4,703,766 |
4,499,437 |
2.01.01 |
Social and Labor Obligations |
76,228 |
70,771 |
2.01.01.02 |
Labor Obligations |
76,228 |
70,771 |
2.01.01.02.01 |
Estimated Labor Obligation |
76,228 |
70,771 |
2.01.02 |
Suppliers |
1,291,471 |
1,240,143 |
2.01.02.01 |
National Suppliers |
1,291,471 |
1,240,143 |
2.01.03 |
Tax Obligations |
519,544 |
483,028 |
2.01.03.01 |
Federal Tax Obligations |
223,668 |
182,510 |
2.01.03.01.01 |
Income tax and Social Contribution |
116,379 |
90,120 |
2.01.03.01.02 |
PIS (Tax on Revenue) |
13,608 |
12,446 |
2.01.03.01.03 |
COFINS (Tax on Revenue) |
64,704 |
59,429 |
2.01.03.01.04 |
Others |
28,977 |
20,515 |
2.01.03.02 |
State Tax Obligations |
295,876 |
300,518 |
2.01.04 |
Loans and financing |
1,940,757 |
1,653,053 |
2.01.04.01 |
Loans and financing |
1,222,997 |
1,038,316 |
2.01.04.01.01 |
Brazilian currency |
1,211,702 |
1,016,068 |
2.01.04.01.02 |
Foreign Currency |
11,295 |
22,248 |
2.01.04.02 |
Debentures |
717,760 |
614,737 |
2.01.04.02.01 |
Debentures |
535,495 |
531,185 |
2.01.04.02.02 |
Interest on debentures |
182,265 |
83,552 |
2.01.05 |
Other liabilities |
875,766 |
1,052,442 |
2.01.05.02 |
Others |
875,766 |
1,052,442 |
2.01.05.02.01 |
Dividends and interest on shareholders equity |
24,255 |
24,525 |
2.01.05.02.05 |
Private pension fund |
39,695 |
40,695 |
2.01.05.02.06 |
Regulatory charges |
150,373 |
145,146 |
2.01.05.02.07 |
Public Utilities |
28,764 |
28,738 |
2.01.05.02.08 |
Other payable |
632,679 |
813,338 |
2.02 |
Noncurrent liabilities |
14,319,726 |
14,361,110 |
2.02.01 |
Loans and financing |
11,921,391 |
11,954,734 |
2.02.01.01 |
Loans and financing |
7,217,109 |
7,406,082 |
2.02.01.01.01 |
Brazilian currency |
5,499,352 |
5,677,756 |
2.02.01.01.02 |
Foreign Currency |
1,717,757 |
1,728,326 |
2.02.01.02 |
Debentures |
4,704,282 |
4,548,652 |
2.02.02 |
Other payable |
1,018,692 |
1,030,154 |
2.02.02.02 |
Other |
1,018,692 |
1,030,154 |
2.02.02.02.03 |
Derivatives |
0 |
24 |
2.02.02.02.04 |
Private pension fund |
397,959 |
414,629 |
2.02.02.02.05 |
Taxes and Contributions |
0 |
165 |
2.02.02.02.06 |
Public Utilities |
442,301 |
440,926 |
2.02.02.02.07 |
Other payable |
178,432 |
174,410 |
2.02.03 |
Deferred taxes |
1,034,596 |
1,038,101 |
2.02.03.01 |
Deferred Income tax and Social Contribution |
1,034,596 |
1,038,101 |
2.02.04 |
Provisions |
345,047 |
338,121 |
2.02.04.01 |
Provisions |
345,047 |
338,121 |
2.02.04.01.01 |
Tax Provisions |
253,853 |
248,760 |
2.02.04.01.02 |
Labor and tax provisions |
46,855 |
43,850 |
2.02.04.01.04 |
Civil provisions |
27,277 |
28,484 |
2.02.04.01.05 |
Others |
17,062 |
17,027 |
2.03 |
Shareholders equity - consolidated |
8,976,261 |
8,552,510 |
2.03.01 |
Capital |
4,793,424 |
4,793,424 |
2.03.02 |
Capital reserves |
229,955 |
229,956 |
2.03.04 |
Profit reserves |
1,253,655 |
1,253,655 |
2.03.04.01 |
Legal reserves |
495,185 |
495,185 |
2.03.04.08 |
Additional Proposed dividend |
758,470 |
758,470 |
2.03.05 |
Retained earnings |
417,522 |
0 |
2.03.06 |
Other comprehensive income |
783,786 |
790,123 |
2.03.06.01 |
Other comprehensive income |
783,786 |
790,123 |
2.03.09 |
Noncontrolling interest |
1,497,919 |
1,485,352 |
9
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED FINANCIAL STATEMENTS - INCOME STATEMENT | |||
(in thousands of Brazilian reais – R$) | |||
Code |
Description |
YTD current year |
YTD previous year |
3.01 |
Net revenues |
3,420,988 |
3,022,784 |
3.02 |
Cost of electric energy services |
-2,245,530 |
-1,886,241 |
3.02.01 |
Cost of electric energy |
-1,665,729 |
-1,418,661 |
3.02.02 |
Operating cost |
-309,767 |
-253,813 |
3.02.03 |
Services rendered to third parties |
-270,034 |
-213,767 |
3.03 |
Operating income |
1,175,458 |
1,136,543 |
3.04 |
Operating income (expense) |
-307,705 |
-282,387 |
3.04.01 |
Sales expenses |
-93,054 |
-73,071 |
3.04.02 |
General and administrative |
-141,378 |
-154,805 |
3.04.05 |
Others |
-73,273 |
-54,511 |
3.05 |
Income before financial income and taxes |
867,753 |
854,156 |
3.06 |
Financial income / expense |
-214,548 |
-131,106 |
3.06.01 |
Financial income |
143,501 |
125,914 |
3.06.02 |
Financial expense |
-358,049 |
-257,020 |
3.07 |
Income before taxes |
653,205 |
723,050 |
3.08 |
Income tax and social contribution |
-230,007 |
-257,175 |
3.08.01 |
Current |
-236,626 |
-205,082 |
3.08.02 |
Deferred |
6,619 |
-52,093 |
3.09 |
Net income from continuing operations |
423,198 |
465,875 |
3.11 |
Net income |
423,198 |
465,875 |
3.11.01 |
Net income attributable to controlling shareholders |
410,905 |
459,780 |
3.11.02 |
Net income attributable to noncontrolling shareholders |
12,293 |
6,095 |
10
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED FINANCIAL STATEMENTS - STATEMENT OF COMPREHENSIVE INCOME | |||
(in thousands of Brazilian reais – R$) | |||
Code |
Description |
YTD current year |
YTD previous year |
4.01 |
Net income |
423,198 |
465,875 |
4.02 |
Other comprehensive income |
335 |
16,557 |
4.02.01 |
Gain on Financial instruments - Financial asset of concession |
825 |
25,087 |
4.02.02 |
Tax on Financial instruments - Financial asset of concession |
-490 |
-8,530 |
4.03 |
Consolidated comprehensive income for the period |
423,533 |
482,432 |
4.03.01 |
Attributable to controlling shareholders |
411,240 |
476,337 |
4.03.02 |
Attributable to noncontrolling shareholders |
12,293 |
6,095 |
11
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED FINANCIAL STATEMENTS - STATEMENTS OF CASH FLOW – INDIRECT METHOD |
|||
(in thousands of Brazilian reais – R$) |
|||
Code |
Description |
YTD current year |
YTD previous year |
6.01 |
Net cash from operating activities |
673,152 |
718,754 |
6.01.01 |
Cash generated from operations |
1,166,642 |
1,092,680 |
6.01.01.01 |
Net income, including income tax and social contribution |
653,205 |
723,050 |
6.01.01.02 |
Depreciation and amortization |
218,340 |
188,171 |
6.01.01.03 |
Reserve for contingencies |
9,091 |
7,544 |
6.01.01.04 |
Interest and monetary and exchange restatement |
294,598 |
182,653 |
6.01.01.05 |
Gain on pension plan |
-2,536 |
-21,579 |
6.01.01.07 |
Deferred taxes - PIS and COFINS |
-2,465 |
12,841 |
6.01.01.08 |
Other |
-3,591 |
0 |
6.01.02 |
Variation on assets and liabilities |
-493,490 |
-373,926 |
6.01.02.01 |
Consumers, Concessionaires and Licensees |
-104,869 |
-37,103 |
6.01.02.02 |
Recoverable Taxes |
14,036 |
-12,130 |
6.01.02.03 |
Leases |
-4,920 |
-1,063 |
6.01.02.04 |
Escrow deposits |
-14,442 |
-32,564 |
6.01.02.05 |
Other operating assets |
-72,860 |
-112,492 |
6.01.02.06 |
Suppliers |
51,039 |
53,235 |
6.01.02.07 |
Taxes and social contributions paid |
-201,226 |
-207,974 |
6.01.02.08 |
Other taxes and social contributions |
32,554 |
75,410 |
6.01.02.09 |
Employee Pension Plans |
-15,134 |
-20,874 |
6.01.02.10 |
Interest paid on debt |
-158,153 |
-138,993 |
6.01.02.11 |
Regulator charges |
5,227 |
5,171 |
6.01.02.12 |
Contingencies |
-4,351 |
0 |
6.01.02.13 |
Other operating liabilities |
-20,391 |
55,451 |
6.02 |
Net cash in investing activities |
-737,406 |
-397,070 |
6.02.01 |
Acquisition of property, plant and equipment |
-282,352 |
-191,357 |
6.02.02 |
Marketable Securities, Deposits and Escrow Deposits |
-14,396 |
13,464 |
6.02.03 |
Leases |
2,549 |
1,747 |
6.02.04 |
Acquisition of intangible assets |
-272,692 |
-220,924 |
6.02.05 |
Sale of Non-Current Assets |
5,760 |
0 |
6.02.06 |
Sale of noncurrent assets |
-176,256 |
0 |
6.02.07 |
Other |
-19 |
0 |
6.03 |
Net cash in financing activities |
71,755 |
82,620 |
6.03.01 |
Loans, financing and debentures obtained |
295,104 |
380,832 |
6.03.02 |
Payments of Loans, financing and debentures , net of derivatives |
-223,080 |
-298,190 |
6.03.03 |
Dividend and interest on shareholders’ equity paid |
-269 |
-22 |
6.05 |
Increase (decrease) in cash and cash equivalents |
7,501 |
404,304 |
6.05.01 |
Cash and cash equivalents at beginning of period |
2,699,837 |
1,562,897 |
6.05.02 |
Cash and cash equivalents at end of period |
2,707,338 |
1,967,201 |
12
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM JANUARY 01, 2012 TO MARCH 31, 2012 | |||||||||
Code |
Description |
Capital |
Capital reserves |
Profit reserves |
Accumulated profit or loss |
Other comprehensive income |
Shareholders' equity |
Noncontrolling interest |
Consolidated Shareholders' equity |
5.01 |
Opening balance |
4,793,424 |
229,955 |
1,253,655 |
0 |
790,123 |
7,067,157 |
1,485,352 |
8,552,509 |
5.03 |
Adjusted opening balance |
4,793,424 |
229,955 |
1,253,655 |
0 |
790,123 |
7,067,157 |
1,485,352 |
8,552,509 |
5.05 |
Total comprehensive income |
0 |
0 |
0 |
411,017 |
168 |
411,185 |
12,293 |
423,478 |
5.05.01 |
Net income |
0 |
0 |
0 |
410,905 |
0 |
410,905 |
12,293 |
423,198 |
5.05.02 |
Other comprehensive income |
0 |
0 |
0 |
112 |
168 |
280 |
0 |
280 |
5.05.02.01 |
Adjustment on financial instruments |
0 |
0 |
0 |
112 |
658 |
770 |
0 |
770 |
5.05.02.02 |
Tax on Adjustment on financial instruments |
0 |
0 |
0 |
0 |
-490 |
-490 |
0 |
-490 |
5.06 |
Internal changes of shareholders equity |
0 |
0 |
0 |
6,505 |
-6,505 |
0 |
274 |
274 |
5.06.01 |
Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.06.02 |
Realization of Comprehensive income |
0 |
0 |
0 |
9,856 |
-9,856 |
0 |
0 |
0 |
5.06.03 |
Taxes on the Realization of Comprehensive income |
0 |
0 |
0 |
-3,351 |
3,351 |
0 |
0 |
0 |
5.06.04 |
Other Changes to Non-Controlling Shareholders |
0 |
0 |
0 |
0 |
0 |
0 |
274 |
274 |
5.07 |
Final balance |
4,793,424 |
229,955 |
1,253,655 |
417,522 |
783,786 |
7,478,342 |
1,497,919 |
8,976,261 |
PARENT COMPANY FINANCIAL STATEMENTS - STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM JANUARY 01, 2011 TO MARCH 31, 2011 | |||||||||
Code |
Description |
Capital |
Capital reserves |
Profit reserves |
Accumulated profit or loss |
Other comprehensive income |
Shareholders' equity |
Noncontrolling interest |
Consolidated Shareholders' equity |
5.01 |
Opening balance |
4,793,424 |
16 |
904,705 |
0 |
795,563 |
6,493,708 |
255,948 |
6,749,656 |
5.03 |
Adjusted opening balance |
4,793,424 |
16 |
904,705 |
0 |
795,563 |
6,493,708 |
255,948 |
6,749,656 |
5.05 |
Total comprehensive income |
0 |
0 |
0 |
459,793 |
16,545 |
476,338 |
6,095 |
482,433 |
5.05.01 |
Net income |
0 |
0 |
0 |
459,780 |
0 |
459,780 |
6,095 |
465,875 |
5.05.02 |
Other comprehensive income |
0 |
0 |
0 |
13 |
16,545 |
16,558 |
0 |
16,558 |
5.05.02.01 |
Adjustment on financial instruments |
0 |
0 |
0 |
0 |
25,075 |
25,088 |
0 |
25,088 |
5.05.02.02 |
Tax on Adjustment on financial instruments |
0 |
0 |
0 |
0 |
-8,530 |
-8,530 |
0 |
-8,530 |
5.06 |
Internal changes of shareholders equity |
0 |
0 |
0 |
6,516 |
-6,516 |
0 |
-150 |
-150 |
5.06.02 |
Realization of Comprehensive Income |
0 |
0 |
0 |
9,875 |
-9,875 |
0 |
0 |
0 |
5.06.03 |
Taxes on the Realization of Comprehensive Income |
0 |
0 |
0 |
-3,359 |
3,359 |
0 |
0 |
0 |
5.06.04 |
Other Changes to Non-Controlling Shareholders |
0 |
0 |
0 |
0 |
0 |
0 |
-150 |
-150 |
5.07 |
Final balance |
4,793,424 |
16 |
904,705 |
466,309 |
805,592 |
6,970,046 |
261,893 |
7,231,939 |
13
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CONSOLIDATED FINANCIAL STATEMENTS - STATEMENTS OF ADDED VALUE | |||
(in thousands of Brazilian reais – R$) |
|||
Code |
Description |
YTD current year |
YTD previous year |
7.01 |
Revenues |
5,092,483 |
4,606,080 |
7.01.01 |
Sales of goods, products and services |
4,772,806 |
4,296,162 |
7.01.02 |
Other revenue |
269,310 |
213,602 |
7.01.02.01 |
Revenue from construction of infrastructure distribution |
269,310 |
213,602 |
7.01.03 |
Revenues related to the construction of own assets |
71,588 |
112,683 |
7.01.04 |
Allowance for doubtful accounts |
-21,221 |
-16,367 |
7.02 |
Inputs |
-2,400,955 |
-2,097,537 |
7.02.01 |
Cost of sales |
-1,846,959 |
-1,587,464 |
7.02.02 |
Material-Energy-Outsourced services-Other |
-469,578 |
-434,893 |
7.02.04 |
Other |
-84,418 |
-75,180 |
7.03 |
Gross added value |
2,691,528 |
2,508,543 |
7.04 |
Retentions |
-245,193 |
-197,737 |
7.04.01 |
Depreciation and amortization |
-179,693 |
-151,723 |
7.04.02 |
Other |
-65,500 |
-46,014 |
7.04.02.01 |
Intangible concession asset - amortization |
-65,500 |
-46,014 |
7.05 |
Net added value generated |
2,446,335 |
2,310,806 |
7.06 |
Added value received in transfer |
143,501 |
126,121 |
7.06.02 |
Financial income |
143,501 |
126,121 |
7.07 |
Added Value to be Distributed |
2,589,836 |
2,436,927 |
7.08 |
Distribution of Added Value |
2,589,836 |
2,436,927 |
7.08.01 |
Personnel |
148,529 |
122,191 |
7.08.01.01 |
Direct Remuneration |
99,192 |
101,725 |
7.08.01.02 |
Benefits |
40,264 |
12,419 |
7.08.01.03 |
Government severance indemnity fund for employees- F.G.T.S. |
9,073 |
8,047 |
7.08.02 |
Taxes, Fees and Contributions |
1,650,858 |
1,573,158 |
7.08.02.01 |
Federal |
865,329 |
839,084 |
7.08.02.02 |
State |
779,276 |
728,476 |
7.08.02.03 |
Municipal |
6,253 |
5,598 |
7.08.03 |
Remuneration on third parties’ capital |
367,251 |
275,703 |
7.08.03.01 |
Interest |
358,525 |
269,451 |
7.08.03.02 |
Rental |
8,258 |
6,252 |
7.08.03.03 |
Other |
468 |
0 |
7.08.04 |
Remuneration on own capital |
423,198 |
465,875 |
7.08.04.03 |
Profit / loss for the period |
423,198 |
465,875 |
14
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Table of Contents
COMMENTS ON PERFORMANCE |
The comments on performance are expressed in thousands of Brazilian reais, unless otherwise indicated.
Analysis of Results
CPFL Energia (Parent Company)
Net income for this quarter was R$ 410,905 or 10.6% (R$ 48,875) lower than in the same quarter of the previous year, mainly due to results of equity in subsidiaries, as shown below:
|
|
1st quarter 2012 |
|
1st quarter 2011 |
CPFL Paulista |
|
163,595 |
|
175,528 |
CPFL Piratininga |
|
63,545 |
|
116,880 |
RGE |
|
82,107 |
|
54,826 |
CPFL Santa Cruz |
|
8,245 |
|
6,366 |
CPFL Leste Paulista |
|
2,021 |
|
2,881 |
CPFL Jaguari |
|
2,489 |
|
3,264 |
CPFL Sul Paulista |
|
2,903 |
|
3,965 |
CPFL Mococa |
|
1,309 |
|
1,293 |
CPFL Geração |
|
77,646 |
|
78,488 |
CPFL Brasil |
|
30,559 |
|
56,132 |
CPFL Atende |
|
461 |
|
596 |
CPFL Planalto |
|
4,560 |
|
3,279 |
CPFL Serviços |
|
4,246 |
|
341 |
CPFL Jaguariuna |
|
(33) |
|
(57) |
CPFL Jaguari Geração |
|
2,048 |
|
2,205 |
Nect |
|
1,411 |
|
109 |
CPFL Total |
|
(401) |
|
- |
Total |
|
446,711 |
|
506,096 |
15
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
COMMENTS ON CONSOLIDATED PERFORMANCE
|
Consolidated | ||||
|
1st quarter | ||||
|
2012 |
|
2011 |
|
% |
OPERATING REVENUES |
5,042,116 |
|
4,509,764 |
|
11.8% |
Electricity sales to final consumers |
3,931,744 |
|
3,603,676 |
|
9.1% |
Electricity sales to wholesaler´s |
418,611 |
|
276,357 |
|
51.5% |
Revenue from construction of concession infrastructure |
269,310 |
|
213,602 |
|
26.1% |
Other operating revenues |
422,450 |
|
416,129 |
|
1.5% |
Deductions from operating revenues |
(1,621,128) |
|
(1,486,980) |
|
9.0% |
NET OPERATING REVENUE |
3,420,988 |
|
3,022,784 |
|
13.2% |
OPERATING REVENUES |
5,042,116 |
|
4,509,764 |
|
11.8% |
Electricity sales to final consumers |
3,931,744 |
|
3,603,676 |
|
9.1% |
Electricity sales to wholesaler´s |
418,611 |
|
276,357 |
|
51.5% |
Revenue from construction of concession infrastructure |
269,310 |
|
213,602 |
|
26.1% |
Other operating revenues |
422,450 |
|
416,129 |
|
1.5% |
DEDUCTIONS FROM OPERATING REVENUES |
(1,621,128) |
|
(1,486,980) |
|
9.0% |
COST OF ELECTRIC ENERGY SERVICES |
(1,665,729) |
|
(1,418,661) |
|
17.4% |
Electricity purchased for resale |
(1,318,496) |
|
(1,114,736) |
|
18.3% |
Electricity network usage charges |
(347,233) |
|
(303,926) |
|
14.2% |
OPERATING COST/EXPENSE |
(887,507) |
|
(749,966) |
|
18.3% |
Personnel |
(158,908) |
|
(152,040) |
|
4.5% |
Employee pension plans |
2,536 |
|
22,351 |
|
-88.7% |
Materials |
(25,478) |
|
(18,035) |
|
41.3% |
Outside Services |
(132,011) |
|
(121,063) |
|
9.0% |
Depreciation and Amortization |
(152,840) |
|
(142,158) |
|
7.5% |
Merged Goodwill Amortization |
(65,500) |
|
(46,013) |
|
42.4% |
Costs related to infrastructure construction |
(269,310) |
|
(213,602) |
|
26.1% |
Other |
(85,996) |
|
(79,407) |
|
8.3% |
INCOME FROM ELECTRIC ENERGY SERVICE |
867,753 |
|
854,156 |
|
1.6% |
FINANCIAL INCOME (EXPENSE) |
(214,548) |
|
(131,106) |
|
63.6% |
Income |
143,501 |
|
125,914 |
|
14.0% |
Expense |
(358,049) |
|
(257,020) |
|
39.3% |
INCOME BEFORE TAXES |
653,205 |
|
723,050 |
|
-9.7% |
Social Contribution |
(62,020) |
|
(68,792) |
|
-9.8% |
Income Tax |
(167,987) |
|
(188,383) |
|
-10.8% |
NET INCOME |
423,198 |
|
465,875 |
|
-9.2% |
|
|
|
|
|
|
Net income attributable to the shareholders of the company |
410,905 |
|
459,781 |
|
-10.6% |
Net income attributable to the non controlling interests |
12,292 |
|
6,095 |
|
101.7% |
|
|
|
|
|
|
EBITDA |
1,083,556 |
|
1,019,976 |
|
6.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the Period and Adjusted EBITDA Reconciliation (*) |
|
|
|
|
|
NET INCOME FOR THE PERIOD |
423,198 |
|
465,875 |
|
|
Employee Pension Plans |
(2,536) |
|
(22,351) |
|
|
Depreciation and Amortization |
218,340 |
|
188,171 |
|
|
Financial Income (Expense) |
214,548 |
|
131,106 |
|
|
Social Contribution |
62,020 |
|
68,792 |
|
|
Income Tax |
167,987 |
|
188,383 |
|
|
Adjusted EBITDA |
1,083,556 |
|
1,019,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Information not reviewed by the independent auditors |
|
|
|
|
|
17
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Gross Operating Revenue
The Gross Operating Revenue in the 1st quarter of 2011 was R$ 5,042,116, or 11.8% (R$532,352) higher than in the same period of the previous year.
The main factors in this change were:
· An increase of 9.1% (R$ 328,069) in the billed and unbilled supply of electric energy, due to the increase of 6.6% in the average tariffs charged, mainly as a result of the tariff increases and an increase of 2.3% in the amount of energy sold;
· An increase of 51.5% (R$ 142,254) in the energy supplied, caused mainly because of the consolidation of CPFL Renováveis (R$96,029). Except of CPFL Renováveis effects, there was an increase of 17.8% in the average selling price charged, partially offset by a decrease of 0.9% in the amount of energy sold.
· An increase of 26.1% (R$ 55,708) in the Revenue of construction of concession infrastratucture.
Ø Quantity of Energy Sold
There was an increase of 2.3% in the quantity of energy billed to final consumers in the 1st quarter of 2012.
The residential, commercial and industrial categories, which account for 85.2% of the energy billed to end users in the quarter, recorded growth of 4.9% and 5.0% and a drop of 2.5%, respectively, compared with the same quarter of the previous year. The residential and commercial categories benefit from the accumulated effect of the overall salary increase and access to credit in recent years, which resulted in increased purchases of household electrical appliances and a dynamic retail trade. The amount sold to the industrial category decreased as a result of the migration of a number of customers to the free market, and it was also influenced by the drop in industrial production.
There was an increase of 3.4% in the energy sold and transported within the concession area, which affects both the supply billed and collection of the TUSD, compared to the same period of the previous year.
Ø Tariffs
In the 1st quarter of 2012, the energy tariffs increased by an average of 6.8%, mainly due to the following tariff adjustments for each distributors subsidiaries:
Deductions from Operating Revenue
Deductions from Operating Revenue in the 1st quarter of 2012 amounted R$ 1,621,128, an increase of 9.0% (R$ 134,147) in relation to the same quarter of 2011, largely due to the increase of 7.2% (R$ 80,365) in ICMS, Pis and Cofins as a result of the increase of the energy supplied and an increase of 11.6% (R$ 35,390) in CCC and CDE charges.
18
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Cost of Electric Energy
The cost of electric energy in the quarter totaled R$ 1,665,729, an increase of 17.4% (R$ 247,067) in relation to the same period of the previous year.
Ø Electricity purchased for Resale
The electricity purchased for resale was R$ 1,318,496, an increase of 18.3% (R$ 203,760), explained by the increase of 10.1% in the amount of energy purchased and 7.5% due to the tariff adjustment. This occurs basically because of increase in the current electric energy purchased due to increase in PLD and charge variation and contract sazonalization.
Ø Electricity Network Usage Charge
An increase of 14.2% (R$ 43,307) in electricity network usage charge, mainly due to the Basic Network Charges (R$ 46,768) due to transmission company´s readjustments, Reserve Energy Charges (R$8,246), offset by a decrease of (R$ 18,112) in System Service Charges.
*Find further details about regulatory assets and liabilities impacts at the end of these Comments on Consolidated Perfomance.
Operating Costs and Expense
No considering the cost of construction of the concession infrastructure, Operating Costs and Expense in the quarter amounted to R$ 629,961, up 17.5% (R$ 93,597) on the previous quarter. This was mainly due to:
· | An increase of 4.5% (R$ 6,868) in Personnel, mainly because of consolidation of CPFL Renováveis (R$9,460), which is partially the Collective Agreement, offset by early retirement program occurred in 2011. | |
· | A decrease of Pension Plan gain of 88.7% (R$19,815) due to actuarial reports for 2012; | |
· | An increase of 41.3% (R$ 7,443) in Material, basically due to the expense of car maintenance (R$3,868) and acquisition of fuel for Epasa generation activities (R$1,804); | |
· | Increase of 9.0% (R$10,948) for Outsourced Services, mainly due to: (i) consolidation of CPFL Renováveis (R$14,289); (ii) consultancy expenses (R$3,133); (iii) equipment maintenance (R$5,507), offset by a reduction of (i) trips, transportation and official publications (R$5,268); (ii) call center expenses (R$1,166); (iii) reduction of mailing and charges energy bills (R$2,400) and (iv) reduction of ONS (National Operator of System) tax (R$5,438); | |
· | An increase of 7.5% (R$ 10,681) in Depreciation and Amortization, mainly due to the consolidation of CPFL Renováveis (R$19,249), offset by the net reduction of depreciation in the distribution and generation companies due to ANEEL changes in the depreciation rates (R$9,187). | |
· | Increase of 8.3% (R$6,607) in Other Expense, mainly due to increase in allowance of doubtful accounts (R$4,854), increase of collection fees (R$3,386), increase of leasing expenses (R$2,448) and reduction of Fee for the Use of Water Resources of Foz do Chapecó, Baesa, Enercan and Ceran (R$6,635). |
19
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
· Increase of amortization of intangible asset of concession of 42.4% (R$19.487), due to the amortization of the intangible asset from CPFL Renováveis Business Combination occurred in 2011.
Financial Income (Expense)
The net Financial Income (Expense) in the quarter was an expense of R$ 214,548, compared with R$ 131,106 in the same period of 2011, an increase of 63.6% (R$ 83,442) in the expense.
Ø Increase of R$ 17,588 (14.0%) in financial income, mainly due to:
An increase in earnings on short-term financial investments (R$ 11,556) as a result of the higher amounts invested in the 1st quarter of 2012 and the consolidation of CPFL Renováveis (R$10,037).
Ø Increase of R$ 101,029 (39.3%) in financial expense, mainly due to:
· Consolidation of CPFL Renováveis (R$35,379);
· An increase of R$ 49,095 in interest debt charges and monetary and exchange restatement as a result of higher indebtedness in the quarter offset by the reduction of CDI rates.
· Increase of R$10,576 in the Public Utilities, mainly because of the start-up of Foz do Chapecó (R$7,215).
Social Contribution and Income Tax
Taxes of R$ 230,007 on income in the 1st quarter of 2012 were 10.6% (R$27,168) lower than in the same quarter of 2011, mainly as a result of the decrease in income before taxes (9.7%).
Net income and Adjusted EBITDA
As a result of the above factors, the net income for the quarter was R$ 423,198, or 9.2% (R$42,677) lower than in the same period of 2011.
The adjusted EBITDA (net income for the quarter, before the private pension plan, depreciation, amortization, financial income (expense), social contribution and income taxes) for the 1st quarter of 2012 was R$ 1,083,556, or 6.2% (R$ 63,581) higher that the adjusted EBITDA for the same period of 2011.
Regulatory assets and liabilities
The regulatory assets and liabilities, which are no longer registered, in accordance with the pronouncements issued by the Accounting Pronouncements Committee (CPC) and the international practices (IFRS), represented a negative impact in our Adjusted EBITDA in R$21 million in the 1st quarter 2012 (R$123 million in the same quarter of 2011) and R$16 million in the adjusted net income in the 1st quarter 2012 (R$85 million in the same quarter of 2011). . The amounts related to the deferral of the regulatory assets and liabilities will be passed through the tariffs in the next tariff readjustment, through the financial components. The amounts related to the amortization are reflected in the tariffs of each period.
It is important to note that, as directed by Aneel, values include preliminary amounts of the liability related to the provisory tariff procedures for the 3rd cycle of tariff review of CPFL Piratininga (corresponding to a reduction of R$ 48 million in the EBITDA and R$32 million in net income). The application of this methodology should have occurred on October 23, 2011.
20
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARIES/ASSOCIATES
Subsidiary: Companhia Paulista de Força e Luz - CPFL
The subsidiary Companhia Paulista de Força e Luz - CPFL is a publicly quoted corporation, and its individual comments on performance is provided in its Interim Financial Statements - ITR, at March 31, 2012, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary: CPFL Geração de Energia S.A.
The subsidiary CPFL Geração de Energia S/A is a publicly quoted corporation, and its individual and consolidated comments on performance are provided in its Interim Financial Statements – ITR, at March, 31, 2012, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary: Companhia Piratininga de Força e Luz
The subsidiary Companhia Piratininga de Força e Luz is a publicly quoted corporation, and its individual comments on performance is provided in its Interim Financial Statements - ITR, at March, 31, 2012, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary: Rio Grande Energia S.A.
The subsidiary Rio Grande Energia S/A is a publicly quoted corporation, and its individual and consolidated comments on performance are provided in its Interim Financial Statements – ITR, at March, 31, 2012, filed with the CVM – Comissão de Valores Mobiliários.
21
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Subsidiary: CPFL COMERCIALIZAÇÃO BRASIL S.A.
|
Consolidated | ||||
|
1st quarter | ||||
|
2012 |
|
2011 |
|
Variation |
NET OPERATING REVENUE |
372,931 |
|
357,339 |
|
4.4% |
|
|
|
|
|
|
Cost of electric energy |
(286,063) |
|
(252,918) |
|
13.1% |
|
|
|
|
|
|
Operating expenses |
(14,505) |
|
(19,631) |
|
-26.1% |
Personnel |
(4,518) |
|
(5,710) |
|
-20.9% |
Material |
(392) |
|
(562) |
|
-30.2% |
Outside Services |
(6,473) |
|
(9,592) |
|
-32.5% |
Depreciation and amortization |
(883) |
|
(1,048) |
|
-15.7% |
Other |
(2,238) |
|
(2,719) |
|
-17.7% |
|
|
|
|
|
|
INCOME FROM ELECTRIC ENERGY SERVICE |
72,363 |
|
84,790 |
|
-14.7% |
|
|
|
|
|
|
FINANCIAL INCOME (EXPENSE) |
(30,192) |
|
(1,345) |
|
2145.0% |
Income |
8,017 |
|
5,219 |
|
53.6% |
Expense |
(38,209) |
|
(6,564) |
|
482.1% |
|
|
|
|
|
|
Equity in subsidiaries |
3,028 |
|
- |
|
0.0% |
|
|
|
|
|
|
INCOME BEFORE TAXES |
45,200 |
|
83,445 |
|
-45.8% |
|
|
|
|
|
|
Social contribution |
(3,901) |
|
(7,293) |
|
-46.5% |
Income tax |
(10,740) |
|
(20,020) |
|
-46.4% |
|
|
|
|
|
|
NET INCOME |
30,559 |
|
56,132 |
|
-45.6% |
|
|
|
|
|
|
EBITDA |
73,247 |
|
85,838 |
|
-14.7% |
|
|
|
|
|
|
Net Operation Revenue
Net Operating Revenue for this quarter was R$ 372,931, an increase of R$ 15,592 (4.4%) in relation to the same quarter of 2011. This increase is basically explained by an increase of average tariffs of 7.6%.
Net Income and Adjusted EBITDA
Net income of R$ 30,559 was recorded in this quarter, a decrease of R$ 25,573 (45.6%), compared with the same quarter of 2011.
The adjusted EBITDA (net income before Financial Income (Expense), income tax and social contribution, depreciation and amortization) for this quarter was R$ 73,247, 14.7% lower than the R$ 85,838 recorded in the same quarter of 2011 (information not reviewed by the Independent Auditors).
22
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
| |||||||
CPFL ENERGIA S.A. | |||||||
Balance Sheets as of March 31, 2012 and December 31, 2011 | |||||||
(in thousands of Brazilian Reais) | |||||||
|
|
|
|
|
|
|
|
|
Parent company |
|
Consolidated | ||||
ASSETS |
March 31, 2012 |
December 31, 2011 |
March 31, 2012 |
December 31, 2011 | |||
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents (note 5) |
525,756 |
|
549,189 |
|
2,707,338 |
|
2,699,837 |
Consumers, Concessionaires and Licensees (note 6) |
- |
|
- |
|
1,983,765 |
|
1,874,280 |
Dividends and Interest on Shareholders´ Equity |
125,913 |
|
125,913 |
|
830 |
|
830 |
Financial Investments (note 7) |
37,201 |
|
45,668 |
|
44,523 |
|
47,521 |
Recoverable Taxes (note 8) |
41,232 |
|
40,783 |
|
260,900 |
|
277,463 |
Derivatives (note 32) |
326 |
|
2 |
|
1,288 |
|
3,733 |
Materials and Supplies |
- |
|
- |
|
41,731 |
|
44,872 |
Leases |
- |
|
- |
|
6,233 |
|
4,581 |
Other credits (note 11) |
2,209 |
|
2,833 |
|
482,772 |
|
409,938 |
TOTAL CURRENT ASSETS |
732,637 |
|
764,388 |
|
5,529,380 |
|
5,363,054 |
|
|
|
|
|
|
|
|
NONCURRENT ASSETS |
|
|
|
|
|
|
|
Consumers, Concessionaires and Licensees (note 6) |
- |
|
- |
|
177,684 |
|
182,300 |
Due from Related Parties |
4,241 |
|
2,610 |
|
- |
|
- |
Escrow Deposits (note 21) |
11,987 |
|
11,744 |
|
1,160,519 |
|
1,128,616 |
Financial Investments (note 7) |
- |
|
2,854 |
|
117,354 |
|
109,965 |
Recoverable Taxes (note 8) |
- |
|
- |
|
220,837 |
|
216,715 |
Derivatives (note 32) |
4 |
|
- |
|
238,967 |
|
215,642 |
Deferred Taxes Credits (note 9) |
193,704 |
|
193,874 |
|
1,171,826 |
|
1,176,535 |
Leases |
- |
|
- |
|
25,241 |
|
24,521 |
Financial asset of concession (note 10) |
- |
|
- |
|
1,835,986 |
|
1,376,664 |
Private pension fund (note 19) |
- |
|
- |
|
3,416 |
|
3,416 |
Investment at cost |
- |
|
- |
|
116,654 |
|
116,654 |
Other credits (note 11) |
16,897 |
|
16,978 |
|
293,327 |
|
279,460 |
Investments (note 12) |
7,046,793 |
|
6,614,915 |
|
- |
|
- |
Property, Plant and Equipment (note 13) |
304 |
|
312 |
|
8,497,946 |
|
8,292,076 |
Intangible assets (note 14) |
107 |
|
118 |
|
8,610,617 |
|
8,927,439 |
TOTAL NONCURRENT ASSETS |
7,274,038 |
|
6,843,405 |
|
22,470,373 |
|
22,050,003 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
8,006,674 |
|
7,607,793 |
|
27,999,753 |
|
27,413,057 |
The accompanying notes are an integral part of these financial statements
23
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
| |||||||
CPFL Energia S.A. | |||||||
(in thousands of Brazilian Reais) | |||||||
|
|
|
|
|
|
|
|
|
Parent company |
|
Consolidated | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
March 31, 2012 |
December 31, 2012 |
March 31, 2012 |
December 31, 2012 | |||
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Suppliers (note 15) |
2,138 |
|
1,618 |
|
1,291,471 |
|
1,240,143 |
Accrued Interest on Debts (note 16) |
- |
|
- |
|
193,367 |
|
141,902 |
Accrued Interest on Debentures (note 17) |
3,276 |
|
16,403 |
|
182,265 |
|
83,552 |
Loans and Financing (note 16) |
- |
|
- |
|
1,029,630 |
|
896,414 |
Debentures (note 17) |
150,000 |
|
150,000 |
|
535,495 |
|
531,185 |
Private pension fund (note 18) |
- |
|
- |
|
39,695 |
|
40,695 |
Regulatory charges (note 29) |
- |
|
- |
|
150,373 |
|
145,146 |
Taxes and Social Contributions Payable (note 20) |
629 |
|
196 |
|
519,544 |
|
483,028 |
Dividends and Interest on Equity |
15,306 |
|
15,575 |
|
24,255 |
|
24,524 |
Accrued liabilities related to personnel |
13 |
|
7 |
|
76,231 |
|
70,771 |
Public Utilities (note 22) |
- |
|
- |
|
28,764 |
|
28,738 |
Other accounts payable (note 24) |
16,756 |
|
16,457 |
|
632,679 |
|
813,338 |
TOTAL CURRENT LIABILITIES |
188,119 |
|
200,258 |
|
4,703,767 |
|
4,499,437 |
|
|
|
|
|
|
|
|
NONCURRENT LIABILITIES |
|
|
|
|
|
|
|
Accrued Interest on Debts (note 16) |
- |
|
- |
|
- |
|
23,627 |
Loans and Financing (note 16) |
- |
|
- |
|
7,217,109 |
|
7,382,455 |
Debentures (note 17) |
300,000 |
|
300,000 |
|
4,704,282 |
|
4,548,651 |
Private pension fund (note 18) |
- |
|
- |
|
397,959 |
|
414,629 |
Taxes and Social Contributions Payable (note 20) |
- |
|
- |
|
- |
|
165 |
Deferred taxes debits (note 9) |
- |
|
- |
|
1,034,596 |
|
1,038,101 |
Reserve for contingencies (note 21) |
11,954 |
|
11,713 |
|
345,047 |
|
338,121 |
Derivatives (note 32) |
- |
|
24 |
|
- |
|
24 |
Public Utilities (note 22) |
- |
|
- |
|
442,301 |
|
440,926 |
Other accounts payable (note 22) |
28,260 |
|
28,641 |
|
178,432 |
|
174,411 |
TOTAL NONCURRENT LIABILITIES |
340,214 |
|
340,378 |
|
14,319,726 |
|
14,361,111 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY (note 24) |
|
|
|
|
|
|
|
Capital |
4,793,424 |
|
4,793,424 |
|
4,793,424 |
|
4,793,424 |
Capital Reserves |
229,955 |
|
229,955 |
|
229,955 |
|
229,955 |
Profit Reserves |
495,185 |
|
495,185 |
|
495,185 |
|
495,185 |
Additional dividend proposed |
758,470 |
|
758,470 |
|
758,470 |
|
758,470 |
Other Comprehensive Income |
783,786 |
|
790,123 |
|
783,786 |
|
790,123 |
Retained earnings |
417,522 |
|
- |
|
417,522 |
|
- |
|
7,478,342 |
|
7,067,157 |
|
7,478,342 |
|
7,067,157 |
Net equity attributable to noncontrolling shareholders |
- |
|
- |
|
1,497,919 |
|
1,485,352 |
TOTAL SHAREHOLDERS' EQUITY |
7,478,342 |
|
7,067,157 |
|
8,976,261 |
|
8,552,510 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
8,006,674 |
|
7,607,793 |
|
27,999,753 |
|
27,413,057 |
The accompanying notes are an integral part of these financial statements
24
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
| |||||||
CPFL Energia S.A. | |||||||
|
|
| |||||
|
Parent company |
|
Consolidated | ||||
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
NET OPERATING REVENUE (note 26) |
1 |
|
1 |
|
3,420,988 |
|
3,022,784 |
COST OF ELECTRIC ENERGY SERVICES |
|
|
|
|
|
|
|
Cost of electric energy (note 27) |
- |
|
- |
|
(1,665,729) |
|
(1,418,661) |
Operating cost (note 28) |
- |
|
- |
|
(309,767) |
|
(253,813) |
Services rendered to third parties (note 28) |
- |
|
- |
|
(270,034) |
|
(213,767) |
|
|
|
|
|
|
|
|
GROSS OPERATING INCOME |
1 |
|
1 |
|
1,175,458 |
|
1,136,543 |
Operating expenses (note 28) |
|
|
|
|
|
|
|
Sales expenses |
- |
|
- |
|
(93,054) |
|
(73,071) |
General and administrative expenses |
(6,065) |
|
(6,198) |
|
(141,378) |
|
(154,805) |
Other Operating Expense |
(34,113) |
|
(36,297) |
|
(73,273) |
|
(54,510) |
|
|
|
|
|
|
|
|
INCOME FROM ELECTRIC ENERGY SERVICE |
(40,177) |
|
(42,495) |
|
867,753 |
|
854,156 |
|
|
|
|
|
|
|
|
Equity in subsidiaries |
446,712 |
|
506,095 |
|
- |
|
- |
FINANCIAL INCOME (EXPENSE) (note 29) |
|
|
|
|
|
|
|
Income |
16,414 |
|
9,256 |
|
143,501 |
|
125,914 |
Expense |
(11,873) |
|
(13,119) |
|
(358,049) |
|
(257,020) |
|
4,540 |
|
(3,863) |
|
(214,548) |
|
(131,106) |
INCOME BEFORE TAXES |
411,075 |
|
459,738 |
|
653,205 |
|
723,050 |
Social contribution (note 9) |
(61) |
|
- |
|
(62,020) |
|
(68,792) |
Income tax (note 9) |
(109) |
|
42 |
|
(167,987) |
|
(188,383) |
|
(170) |
|
42 |
|
(230,007) |
|
(257,175) |
|
|
|
|
|
|
|
|
NET INCOME |
410,905 |
|
459,780 |
|
423,198 |
|
465,875 |
|
|
|
|
|
|
|
|
Net income attributable to controlling shareholders |
|
|
|
|
410,905 |
|
459,780 |
Net income attributable to noncontrolling shareholders |
|
|
|
|
12,293 |
|
6,095 |
Net income per share - basic and diluted |
0.43 |
|
0.48 |
|
- |
|
- |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements
25
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CPFL Energia S.A. Statement of comprehensive income for the quarters ended at March 31, 2012 and 2011 (in thousands of Brazilian Reais) | |||||
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
Net income |
|
423,198 |
|
465,875 |
|
Other comprehensive income |
|
|
|
|
|
- Gain in financial instruments |
|
825 |
|
25,087 |
|
- Tax on financial instruments |
|
(490) |
|
(8,530) |
|
Comprehensive income for the year |
|
423,533 |
|
482,432 |
|
Comprehensive income attributtable to controlling shareholders |
|
411,240 |
|
476,337 |
|
Comprehensive income attributable to non controlling shareholders |
|
12,293 |
|
6,096 |
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements
26
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
| |||||||||||||||||||
Statement of changes in shareholders' equity for the period ended on March 31, 2012 and 2011 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income |
|
|
|
|
|
Total | ||||
|
Capital |
|
Capital |
|
Legal |
|
|
|
Deemed |
|
Financial |
|
Retained |
|
Total |
|
Noncontrolling |
Shareholders' | |
|
|
|
Reserve |
|
reserve |
|
Dividends |
|
cost |
|
instruments |
earnings |
|
|
|
shareholders' |
equity | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2011 |
4,793,424 |
|
229,955 |
|
495,185 |
|
758,470 |
|
563,005 |
|
227,118 |
|
- |
|
7,067,157 |
|
1,485,352 |
|
8,552,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
410,905 |
|
410,905 |
|
12,293 |
|
423,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
- Gain in financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
825 |
|
- |
|
825 |
|
- |
|
825 |
- Tax on financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
(490) |
|
- |
|
(490) |
|
- |
|
(490) |
- Realization of financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
(167) |
|
112 |
|
(55) |
|
- |
(55) | |
- Realization of deemed cost of fixed assets |
- |
|
- |
|
- |
|
- |
|
(9,856) |
|
- |
|
9,856 |
|
- |
|
- |
|
- |
- Tax on deemed cost realization |
- |
|
- |
|
- |
|
- |
|
3,351 |
|
- |
|
(3,351) |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in noncontrolling shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
274 |
|
274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2012 |
4,793,424 |
|
229,955 |
|
495,185 |
|
758,470 |
|
556,500 |
|
227,286 |
|
417,522 |
|
7,478,342 |
|
1,497,919 |
|
8,976,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of changes in shareholders' equity for the period ended on March 31, 2011 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income |
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
Capital |
|
Capital |
|
Legal |
|
|
|
Deemed |
|
Financial |
|
Retained |
|
Total |
|
Noncontrolling |
Shareholders' | |
|
|
|
Reserve |
|
reserve |
|
Dividends |
|
cost |
|
instruments |
|
earnings |
|
|
|
shareholders' |
|
equity |
Balance as of December 31, 2010 |
4,793,424 |
|
16 |
|
418,665 |
|
486,040 |
|
609,732 |
|
185,830 |
|
- |
|
6,493,707 |
|
255,948 |
|
6,749,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
459,780 |
|
459,780 |
|
6,095 |
|
465,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
- Gain in financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
25,087 |
|
- |
|
25,087 |
|
- |
|
25,087 |
- Tax on financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
(8,530) |
|
- |
|
(8,530) |
|
- |
|
(8,530) |
- Realization of financial instruments |
- |
|
- |
|
- |
|
- |
|
- |
|
(12) |
|
12 |
|
- |
|
- |
|
- |
- Realization of deemed cost of fixed assets |
- |
|
- |
|
- |
|
- |
|
(9,875) |
|
- |
|
9,875 |
|
- |
|
- |
|
- |
- Tax on deemed cost realization |
- |
|
- |
|
- |
|
- |
|
3,357 |
|
- |
|
(3,357) |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in noncontrolling shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(150) |
|
(150) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2011 |
4,793,424 |
|
16 |
|
418,665 |
|
486,040 |
|
603,214 |
|
202,375 |
|
466,310 |
|
6,970,044 |
|
261,893 |
|
7,231,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements
27
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
|
|
|
|
|
|
| ||||||||
CPFL Energia S.A. Statement of Cash Flow For the periods ended on March 31, 2012 and 2011 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
Parent Company |
Consolidated | |||||
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
|
|
|
|
|
|
|
|
OPERATING CASH FLOW |
|
|
|
|
|
|
|
|
Income for the period, before income tax and social contribution |
411,075 |
|
459,738 |
|
653,205 |
|
723,050 | |
ADJUSTMENT TO RECONCILE INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
|
| ||||
Depreciation and amortization |
|
34,133 |
|
36,342 |
|
218,340 |
|
188,171 |
Reserve for contingencies |
|
- |
|
- |
|
9,091 |
|
7,544 |
Interest and monetary restatement |
|
10,356 |
|
9,279 |
|
294,598 |
|
182,653 |
Pension plan costs |
|
- |
|
- |
|
(2,536) |
|
(21,579) |
Equity in subsidiaries |
|
(446,712) |
|
(506,095) |
|
- |
|
- |
Deferred taxes (PIS and COFINS) |
|
- |
|
- |
|
(2,465) |
|
12,841 |
Other |
|
- |
|
- |
|
(3,591) |
|
- |
|
|
|
|
|
|
|
|
|
REDUCTION (INCREASE) IN OPERATING ASSETS |
|
|
|
|
|
|
|
|
Consumers, concessionaires and licensees |
|
- |
|
- |
|
(104,869) |
|
(37,103) |
Recoverable taxes |
|
(285) |
|
(150) |
|
14,036 |
|
(12,130) |
Lease |
|
- |
|
- |
|
(4,920) |
|
(1,063) |
Escrow deposits |
|
(2) |
|
(13) |
|
(14,442) |
|
(32,564) |
Other operating assets |
|
705 |
|
1,727 |
|
(72,860) |
|
(112,492) |
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN OPERATING LIABILITIES |
|
|
|
|
|
|
|
|
Suppliers |
|
520 |
|
389 |
|
51,039 |
|
53,235 |
Taxes and social contributions paid |
|
(140) |
|
- |
|
(201,226) |
|
(207,974) |
Other taxes and social contributions |
|
433 |
|
(56) |
|
32,554 |
|
75,410 |
Other liabilities with employee pension plans |
|
- |
|
- |
|
(15,134) |
|
(20,874) |
Interest on debts - paid |
|
(24,956) |
|
(24,451) |
|
(158,153) |
|
(138,993) |
Regulatory charges |
|
- |
|
- |
|
5,227 |
|
5,171 |
Contingencies |
|
- |
|
- |
|
(4,351) |
|
- |
Other operating liabilities |
|
(77) |
|
(1,721) |
|
(20,391) |
|
55,451 |
CASH FLOWS PROVIDED (USED) BY OPERATIONS |
|
(14,950) |
|
(25,011) |
|
673,152 |
|
718,754 |
|
|
|
|
|
|
|
|
|
INVESTMENT ACTIVITIES |
|
|
|
|
|
|
|
|
Acquisition of subsidiaries net of cash acquired |
|
- |
|
- |
|
(176,256) |
|
- |
Capital increase in investments |
|
(19,000) |
|
- |
|
- |
|
- |
Increase in property, plant and equipment |
|
- |
|
- |
|
(282,352) |
|
(191,357) |
Financial investments |
|
12,364 |
|
11,013 |
|
(14,396) |
|
13,464 |
Lease |
|
- |
|
- |
|
2,549 |
|
1,747 |
Additions to intangible assets |
|
- |
|
- |
|
(272,692) |
|
(220,924) |
Sale of noncurrent assets |
|
- |
|
- |
|
5,760 |
|
- |
Intercompany loans with subsidiaries and associated companies |
(1,546) |
|
(15,927) |
|
- |
|
- | |
Other |
|
- |
|
- |
|
(19) |
|
- |
|
|
|
|
|
|
|
|
|
GENERATION (UTILIZATION) OF CASH IN INVESTMENTS |
|
(8,182) |
|
(4,914) |
|
(737,406) |
|
(397,070) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Loans, financing and debentures obtained |
|
- |
|
- |
|
295,104 |
|
380,832 |
Payments of Loans, financing and debentures, net of derivatives |
(32) |
|
(7) |
|
(223,080) |
|
(298,190) | |
Dividend and interest on shareholders´ equity paid |
|
(269) |
|
(22) |
|
(269) |
|
(22) |
|
|
|
|
|
|
|
|
|
(UTILIZATION) GENERATION OF CASH IN FINANCING |
|
(301) |
|
(29) |
|
71,755 |
|
82,620 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(23,433) |
|
(29,954) |
|
7,501 |
|
404,304 | |
OPENING BALANCE OF CASH AND CASH EQUIVALENTS |
|
549,189 |
|
110,958 |
|
2,699,837 |
|
1,562,897 |
|
|
|
|
|
|
|
|
|
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS |
|
525,756 |
|
81,004 |
|
2,707,338 |
|
1,967,201 |
The accompanying notes are an integral part of these financial statements
28
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
| |||||||
CPFL Energia S.A. Added Value Statements for the periods ended on March 31, 2012 and 2011
(in thousands of Brazilian Reais) | |||||||
|
|
|
|
|
|
|
|
|
Parent company |
Consolidated | |||||
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
1. Revenues |
1 |
|
1 |
|
5,092,483 |
|
4,606,080 |
1.1 Operating revenues |
1 |
|
1 |
|
4,772,806 |
|
4,296,162 |
1.2 Revenues related to the construction of own assets |
- |
|
- |
|
71,588 |
|
112,683 |
1.3 Revenue from infrastructure construction |
- |
|
- |
|
269,310 |
|
213,602 |
1.4 Allowance of doubtful accounts |
- |
|
- |
|
(21,221) |
|
(16,367) |
|
|
|
|
|
|
|
|
2. (-) Inputs |
(3,621) |
|
(4,957) |
|
(2,400,955) |
|
(2,097,537) |
2.1 Electricity Purchased for Resale |
- |
|
- |
|
(1,846,959) |
|
(1,587,464) |
2.2 Material |
(1) |
|
(17) |
|
(202,022) |
|
(184,798) |
2.3 Outsourced Services |
(1,965) |
|
(3,555) |
|
(267,556) |
|
(250,095) |
2.4 Other |
(1,655) |
|
(1,385) |
|
(84,418) |
|
(75,180) |
|
|
|
|
|
|
|
|
3. Gross added value (1 + 2) |
(3,620) |
|
(4,956) |
|
2,691,528 |
|
2,508,543 |
|
|
|
|
|
|
|
|
4. Retentions |
(34,133) |
|
(36,342) |
|
(245,193) |
|
(197,737) |
4.1 Depreciation and amortization |
(20) |
|
(45) |
|
(179,693) |
|
(151,723) |
4.2 Amortization of intangible assets |
(34,113) |
|
(36,297) |
|
(65,500) |
|
(46,013) |
|
|
|
|
|
|
|
|
5. Net added value generated (3 + 4) |
(37,752) |
|
(41,298) |
|
2,446,335 |
|
2,310,806 |
|
|
|
|
|
|
|
|
6. Added value received in transfer |
463,125 |
|
515,351 |
|
143,501 |
|
126,121 |
6.1 Financial Income |
16,414 |
|
9,256 |
|
143,501 |
|
126,121 |
6.2 Equity in Subsidiaries |
446,712 |
|
506,095 |
|
- |
|
- |
|
|
|
|
|
|
|
|
7. Added value to be distributed (5 + 6) |
425,373 |
|
474,053 |
|
2,589,836 |
|
2,436,927 |
|
|
|
|
|
|
|
|
8. Distribution of added value |
425,373 |
|
474,053 |
|
2,589,836 |
|
2,436,927 |
8.1 Personnel and Charges |
1,936 |
|
865 |
|
148,529 |
|
122,191 |
8.1.1 Direct Remuneration |
1,212 |
|
854 |
|
99,192 |
|
101,725 |
8.1.2 Benefits |
580 |
|
(76) |
|
40,264 |
|
12,419 |
8.1.3 Government severance indemnity fund for employees - F.G.T.S. |
144 |
|
87 |
|
9,073 |
|
8,047 |
8.2 Taxes, Fees and Contributions |
630 |
|
274 |
|
1,650,858 |
|
1,573,158 |
8.2.1 Federal |
630 |
|
270 |
|
865,329 |
|
839,085 |
8.2.2 State |
- |
|
4 |
|
779,276 |
|
728,476 |
8.2.3 Municipal |
- |
|
- |
|
6,253 |
|
5,598 |
8.3 Interest and Rentals |
11,901 |
|
13,134 |
|
367,251 |
|
275,703 |
8.3.1 Interest |
11,872 |
|
13,118 |
|
358,525 |
|
269,451 |
8.3.2 Rental |
29 |
|
16 |
|
8,258 |
|
6,252 |
8.3.2 Other |
- |
|
- |
|
468 |
|
- |
8.4 Interest on capital |
410,905 |
|
459,780 |
|
423,198 |
|
465,875 |
8.4.2 Retained Earnings |
410,905 |
|
459,780 |
|
423,198 |
|
465,875 |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements
29
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
CPFL ENERGIA S.A.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE QUARTERS ENDED AT MARCH 31, 2012 AND MARCH 31, 2011
(Amounts stated in thousands of Brazilian reais, except where otherwise indicated)
( 1 ) OPERATIONS
CPFL Energia S.A. (“CPFL Energia” or “Company”) is a publicly quoted corporation incorporated for the principal purpose of acting as a holding company, participating in the capital of other companies primarily dedicated to electric energy distribution, generation and sales activities in Brazil.
The Company’s headquarter is located at Rua Gomes de Carvalho, 1510 - 14º floor - Room 142 - Vila Olímpia - São Paulo - SP - Brasil.
The Company has direct and indirect interests in the following operational subsidiaries (information on the concession area, number of consumers, energy production capacity and associated data are not reviewed by the independent auditors):
Energy distribution |
|
Company Type |
|
Equity Interest |
|
Location (State) |
|
Number of municipalities |
Approximate number of consumers (in thousands) |
Concession term |
End of the concession | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Companhia Paulista de Força e Luz ("CPFL Paulista") |
|
Publicly-quoted corporation |
Direct 100% |
|
Interior of S. Paulo |
|
234 |
|
3,800 |
|
30 years |
|
November 2027 | |
Companhia Piratininga de Força e Luz ("CPFL Piratininga") |
|
Publicly-quoted corporation |
Direct 100% |
|
Interior of S. Paulo |
|
27 |
|
1,495 |
|
30 years |
|
October 2028 | |
Rio Grande Energia S.A. ("RGE") |
|
Publicly-quoted corporation |
Direct 100% |
|
Interior of Rio Grande do Sul |
|
253 |
|
1,325 |
|
30 years |
|
November 2027 | |
Companhia Luz e Força Santa Cruz ("CPFL Santa Cruz") |
|
Private corporation |
|
Direct 100% |
|
Interior of São Paulo and Paraná |
27 |
|
187 |
|
20 years |
|
July 2015 | |
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") |
|
Private corporation |
|
Direct 100% |
|
Interior of S. Paulo |
|
7 |
|
52 |
|
16 years |
|
July 2015 |
Companhia Jaguari de Energia ("CPFL Jaguari") |
|
Private corporation |
|
Direct 100% |
|
Interior of S. Paulo |
|
2 |
|
34 |
|
16 years |
|
July 2015 |
Companhia Sul Paulista de Energia ("CPFL Sul Paulista") |
|
Private corporation |
|
Direct 100% |
|
Interior of S. Paulo |
|
5 |
|
76 |
|
16 years |
|
July 2015 |
Companhia Luz e Força de Mococa ("CPFL Mococa") |
|
Private corporation |
|
Direct 100% |
|
Interior of São Paulo and Minas Gerais |
4 |
|
42 |
|
16 years |
|
July 2015 | |
|
|
|
|
|
|
|
|
|
|
Installed power | ||
Energy generation |
|
Company Type |
Equity Interest |
Location (State) |
Number of plants / type of energy |
Total |
|
CPFL participation | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração de Energia S.A. ("CPFL Geração") |
Publicly-quoted corporation |
Direct 100% |
|
São Paulo, Goiás and Minas Gerais |
1 Hydroelectric, 2 SHPs(*) and 1 Thermal |
695 MW |
|
695 MW | ||||
Foz do Chapecó Energia S.A. ("Foz do Chapecó") |
Private corporation |
Indirect 51%
|
|
Santa Catarina and Rio Grande do Sul |
1 Hydroelectric |
855 MW |
|
436 MW | ||||
Campos Novos Energia S.A. ("ENERCAN") |
Private corporation |
Indirect 48,72%
|
Santa Catarina |
|
1 Hydroelectric |
880 MW |
|
429 MW | ||||
CERAN - Companhia Energética Rio das Antas ("CERAN") |
Private corporation |
Indirect 65% |
|
Rio Grande do Sul |
3 Hydroelectric |
360 MW |
|
234 MW | ||||
BAESA - Energética Barra Grande S.A. ("BAESA") |
Publicly-quoted corporation |
Indirect 25,01% |
Santa Catarina and Rio Grande do Sul |
1 Hydroelectric |
690 MW |
|
173 MW | |||||
Centrais Elétricas da Paraíba S.A. ("EPASA") |
Private corporation |
Indirect 52,75%
|
Paraíba |
|
2 Thermals |
|
342 MW |
|
180 MW | |||
Paulista Lajeado Energia S.A. ("Paulista Lajeado") |
Private corporation |
Indirect 59,93%**
|
São Paulo |
|
1 Hydroelectric |
903 MW |
|
63 MW | ||||
CPFL Energias Renováveis S.A. ("CPFL Renováveis") |
Publicly-quoted corporation |
Indireta 63% |
|
(***) |
|
(***) |
|
(***) |
|
(***) |
30
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Commercialization of Energy and Services |
Company Type |
Core activity |
Equity Interest |
CPFL Comercialização Brasil S.A. ("CPFL Brasil") |
Private corporation |
Energy commercialization, consultancy and advisory services to agents in the energy sector |
Direct 100% |
Clion Assessoria e Comercialização de Energia Elétrica Ltda. ("CPFL Meridional") |
Limited company |
Commercialization and provision of energy services |
Indirect 100% |
CPFL Comercialização Cone Sul S.A. ("CPFL Cone Sul") |
Private corporation |
Energy commercialization |
Indirect 100% |
CPFL Planalto Ltda. ("CPFL Planalto") |
Limited company |
Energy commercialization |
Direct 100% |
CPFL Serviços, Equipamentos, Industria e Comércio S.A. ("CPFL Serviços") |
Private corporation |
Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision |
Direct 100% |
Nect Serviços Administrativos Ltda. (Nect) |
Limited company |
Provision of administrative services |
Direct 100% |
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") |
Limited company |
Provision of telephone answering services |
Direct 100% |
CPFL Total Serviços Administrativos Ltda. ("CPFL Total") |
Limited company |
Billing and collection services |
Direct and indirect 100% |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
Company Type |
Core activity |
Equity Interest |
CPFL Jaguariuna Ltda. ("CPFL Jaguariuna") |
Limited company |
Venture capital company |
Direct 100% |
Companhia Jaguari de Geração de Energia Ltda. ("Jaguari Geração") |
Limited company |
Venture capital company |
Direct 100% |
Chapecoense Geração S.A. ("Chapecoense") |
Private corporation |
Venture capital company |
Indirect 51% |
CPFL Bio Itapaci S.A ("Itapaci") |
Private corporation |
Energy generation studies and projects |
Indirect 100% |
Sul Geradora Participações S.A. ("Sul Geradora") |
Private corporation |
Venture capital company |
Indirect 99.95% |
(*) SHP – Small Hydropower Plant
(**) Paulista Lajeado has a 7% participation in the installed power of Investco S.A.
(***) CPFL Renováveis has operations in São Paulo, Minas Gerais, Mato Grosso, Santa Catarina, Ceará, Rio Grande do Norte, Paraná and Rio Grande do Sul states and its main activities are: (i) holding investments in renewable generation sources; (ii) identification, development, and exploitation of generation potential sources; and (iii) commercialization of electric energy. At March 31, 2012, CPFL Renováveis had a portfolio of 1,536.9 MW installed capacity, as follows:
· Hydropower generation: 34 SHP’s operational (306.7 MW) and 1 SHP under construction (20 MW);
· Wind power generation: 4 projects operational (210 MW) and 25 projects under construction (670.2 MW);
· Biomass power generation: 3 plants operations (135 MW) and 4 under construction (195 MW).
( 2 ) PRESENTATION OF THE INTERIM FINANCIAL STATEMENTS
2.1 Basis of preparation
The individual (Parent Company) interim financial statements were prepared in accordance with the accounting practices adopted in Brazil, following the guidelines issued by the Brazilian Committee on Accounting Pronouncements (Comitê de Pronunciamentos Contábeis - CPC) and are presented in accordance with CPC21 Demonstração Intermediária and diverge from of the Separate Financial Statements which, under IFRSs must account for investments in subsidiaries, associates and joint ventures at cost or fair value.
31
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
The consolidated interim financial statements were prepared in accordance with the Accounting Practices Adopted in Brazil and with the International Financial Reporting Standards – IFRS, issued by the International Accounting Standard Board – IASB and are being presented in accordance with CPC 21 and IAS 34 requirements.
The Company also follows the guidelines of the Accounting Manual of the Brazilian Electricity Sector and the standards laid down by the National Electric Energy Agency (Agência Nacional de Energia Elétrica – ANEEL), when these are not in conflict with the accounting practices adopted in Brazil and/or IFRS.
The accounting practices adopted in preparing these Interim Financial Statements are consistent with those adopted in December 31, 2011, and should be read together with those statements.
2.2 Basis of measurement
The interim financial statements have been prepared on the historic cost basis except for the following material items recorded in the balance sheets: i) derivative financial instruments measured at fair value, ii) financial instruments measured at fair value through profit or loss, iii) available-for-sale financial assets measured at fair value, iv) property, plant and equipment adjusted to reflect the “deemed cost” on the transition date, and v) actuarial assets, recognition of which is limited to the present value of the economic benefits available in the form of reimbursements or future reductions in contributions to the plan.
2.3 Use of estimates and judgments
Preparation of the interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
By definition, the results of accounting estimates are rarely the same as the actual results. Accordingly, Company Management revise the estimates and assumptions on an ongoing basis. Adjustments derived from revisions of accounting estimates are recognized in the period in which the estimates are revised and applied prospectively.
Information related to assumptions and estimates that are subject to a greater degree of uncertainty and involve the risk of resulting in a material adjustment if these assumptions and estimates suffer significant changes in future periods are included in the following notes:
· Note 6 – Allowance for doubtful accounts;
· Note 9 – Deferred tax credits and debits;
· Note 10 – Financial asset of concession;
· Note 14 – Intangible assets;
· Note 18 – Private Pension Fund;
· Note 21 – Reserve for contingencies and scrow deposits, and
· Note 32 – Financial instruments.
32
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
2.4 Functional currency and presentation currency
The individual and consolidated interim financial statements are presented in thousands of Brazilian reais, which is the Company's functional currency. Certain figures have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not tally due to rounding.
2.5 Basis of consolidation
(i) Business combinations
In the case of acquisitions made after January 1, 2009, the Company measures goodwill as the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. If the excess is negative, a gain arising from the purchase agreement is recognized immediately in profit or loss for the period.
(ii) Subsidiaries and jointly-owned entities
The financial statements of subsidiaries and jointly-controlled entities (joint ventures) are included in the consolidated financial statements from the date that total or joint control commences until the date that control ceases.
A jointly controlled operation is a venture directly or indirectly controlled together with other investors, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions.
The accounting policies of subsidiaries, jointly controlled entities are aligned with the Company's accounting policies for consolidation purposes.
The individual interim financial statements of the parent of subsidiaries and jointly controlled entities and associates is accounted by the equity method of accounting.
The consolidated financial statements include the balances and transactions of the Company and its subsidiaries. The balances and transactions of assets, liabilities, income and expenses have been fully consolidated for subsidiaries and proportionately consolidated for the jointly-controlled entities.
Intra-group balances and transactions, and any income and expenses derived from these transactions, are eliminated in the consolidated financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
Observing the conditions described above, the amount related to non-controlling interests is shown in shareholders' equity and after the statement of income for each period presented.
(iii) Acquisition of non-controlling interest
Accounted for as transactions between equity holders and therefore no goodwill is recognized as a result of such transactions.
2.6 Segment information
An operating segment is a component of the Company (i) that engages in operating activities from which it may earn revenues and incur expenses, (ii) whose operating results are regularly reviewed by decision makes about to allocated resources and assess the segments´ performance, and (iii) for which discrete financial information is available.
33
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Company Management bases strategic decisions on reports, segmenting the business into (i) electric energy distribution activities (“Distribution”); (ii) electric energy generation activities (“Generation”); (iii) electric energy generation from renewable sources (“Renewables”); (iv) energy commercialization (“Commercialization”); (v) service activities; and (vi) other activities not listed in the previous items.
From August 1, 2011, a new operating segment was created, as a result of the association with ERSA Energias Renováveis S.A. (“ERSA”) and the acquisition of Jantus SL (“Jantus”) shares, as discussed on the note 12, to segregate the activities related to renewable energy.
Presentation of the operating segments includes items directly attributable to them, such as allocations required, including intangible assets.
2.7 Information on corporate interests
The interests directly or indirectly held by the Company in the subsidiaries and jointly-controlled entities are described in Note 1. Except for the (i) jointly-controlled entities ENERCAN, BAESA, Foz do Chapecó and EPASA, which are consolidated proportionately, and (ii) the investment in Investco recorded at cost by the subsidiary Paulista Lajeado, the other units are fully consolidated.
As of March 31, 2012 and as of December 31, 2011, the non-controlling interests stated in the consolidated statements refers to the third-party interests in the subsidiaries CERAN, Paulista Lajeado and CPFL Renováveis. As of March 31, 2011, non-controlling interests stated in the consolidated financial statements refers to the third-party interests in the subsidiaries CERAN and Paulista Lajeado.
2.8 Value added statements:
The Company prepared individual and consolidated value added statements (“DVA”) in conformity with technical pronouncement CPC 09 - Value Added Statement, and these are presented as an integral part of the interim financial statements.
( 3 ) SUMMARY OF THE SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements of the Company and of its subsidiaries are prepared based on the same accounting policies set out on notes 3.1 to 3.14 presented in our consolidated financial statements as of December 31, 2011.
( 4 ) DETERMINATION OF FAIR VALUES
A number of the Company´s accounting policies and disclosures requires the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the specific notes of the purposed to that asset or liability.
- Property, plant and equipment and intangible assets
The fair value of property, plant and equipment and intangible assets recognized as a result of a business combination is based on market values. The market value of property is the estimated amount for which a property could be exchanged on the date of valuation between knowledgeable and willing parties under normal market conditions. The fair value of items of property, plant and equipment is based on the market approach and cost approaches using quoted market prices for similar items when available and replacement cost when appropriate.
34
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
- Financial instruments
Financial instruments measured at fair values were recognized based on quoted prices in an active market, or, if such prices were not available, assessed using pricing models, applied individually for each transaction, taking into consideration the future payment flows, based on the conditions contracted, discounted to present value at market interest rate curves, based on information obtained from the BM&FBovespa S.A. and ANDIMA websites, when available.
Financial assets classified as available-for-sale refer to the right to indemnification, to be paid by the Federal Government regarding the assets of the distribution concessionaires when the concession contract is over. The methodology adopted for marking these assets to market is based on the tariff review process for distributors. This review, conducted every four or five years according to each concessionaire, consists of revaluation of the distribution infrastructure at market price. This valuation basis is used for pricing the tariff, which is increased annually up to the next tariff review, based on the parameter of the main inflation indices.
Although the methodology and criteria for valuation of the indemnification to the Shareholders´Company when the concession contract is over have not yet been defined by the Federal Government, the Company management believes that it will be based at least on the tariff pricing model. Accordingly, at the time of the tariff review, each concessionaire adjusts the position of the financial asset base for compensation at the amounts ratified by the regulatory authority and uses the General Market Price Index - IGP-M as best estimate for adjusting the original base to the fair value at subsequent dates, in conformity with the Tariff Review process.
( 5 ) CASH AND CASH EQUIVALENTS
|
Parent company |
|
Consolidated | ||||
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2012 |
|
December 31, 2011 |
Bank deposits |
546 |
|
723 |
|
92,053 |
|
147,126 |
Short-term financial investments |
525,210 |
|
548,466 |
|
2,615,286 |
|
2,552,710 |
Total |
525,756 |
|
549,189 |
|
2,707,338 |
|
2,699,837 |
Short-term financial investments are short-term transactions with institutions operating in the Brazilian financial market, with daily liquidity, low credit risk and average interest of 100% of the Interbank deposit rate (CDI).
( 6 ) CONSUMERS, CONCESSIONÁIRES AND LICENSEES
In the consolidated financial statements, the balance derives mainly from the supply of electric energy. The following table shows the breakdown at March 31, 2012 and December 31, 2011:
35
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated | ||||||||
|
Amounts |
|
Past due |
|
|
|
Total |
|
|
|
coming due |
|
until 90 days |
|
> 90 days |
|
March 31, 2012 |
|
December 31, 2011 |
Current |
|
|
|
|
|
|
|
|
|
Consumer classes |
|
|
|
|
|
|
|
|
|
Residential |
349,423 |
|
227,831 |
|
36,626 |
|
613,880 |
|
573,936 |
Industrial |
126,747 |
|
53,410 |
|
36,642 |
|
216,799 |
|
227,474 |
Commercial |
135,283 |
|
47,639 |
|
16,893 |
|
199,815 |
|
195,270 |
Rural |
33,277 |
|
7,041 |
|
1,711 |
|
42,029 |
|
43,612 |
Public administration |
31,482 |
|
4,519 |
|
635 |
|
36,636 |
|
34,601 |
Public lighting |
26,809 |
|
2,314 |
|
12,396 |
|
41,519 |
|
42,270 |
Public utilities |
37,456 |
|
6,685 |
|
1,041 |
|
45,182 |
|
41,560 |
Billed |
740,477 |
|
349,439 |
|
105,944 |
|
1,195,860 |
|
1,158,723 |
Unbilled |
505,367 |
|
- |
|
- |
|
505,367 |
|
427,661 |
Financing of Consumers' Debts |
81,262 |
|
13,032 |
|
41,679 |
|
135,973 |
|
136,882 |
Free energy |
3,741 |
|
- |
|
- |
|
3,741 |
|
3,674 |
CCEE transactions |
12,285 |
|
- |
|
- |
|
12,285 |
|
17,961 |
Concessionaires and Licensees |
196,519 |
|
- |
|
- |
|
196,519 |
|
207,204 |
Allowance for doubtful accounts |
- |
|
- |
|
(90,864) |
|
(90,864) |
|
(85,318) |
Other |
24,890 |
|
- |
|
- |
|
24,885 |
|
7,493 |
Total |
1,564,540 |
|
362,471 |
|
56,759 |
|
1,983,765 |
|
1,874,280 |
|
|
|
|
|
|
|
|
|
|
Non current |
|
|
|
|
|
|
|
|
|
Financing of Consumers' Debts |
136,382 |
|
- |
|
- |
|
136,382 |
|
140,999 |
CCEE transactions |
41,301 |
|
- |
|
- |
|
41,301 |
|
41,301 |
Total |
177,684 |
|
- |
|
- |
|
177,684 |
|
182,300 |
Allowance for doubtful accounts
Changes in the allowance for doubtful accounts are shown below:
|
Consolidated |
As of December 31, 2011 |
(85,318) |
Valuation allowance recognized |
(26,623) |
Recovery of revenue |
5,402 |
Write-off of accounts receivable and valuarion allowance |
15,675 |
As of March 31, 2012 |
(90,864) |
( 7 ) FINANCIAL INVESTMENTS
In 2005, through a Private Credit Agreement, the Company acquired the credit arising from the Purchase and Sale of Electric Energy Agreement between Companhia Energética de São Paulo (“CESP”) (seller) and CPFL Brasil (purchaser), referring to the supply of energy for a period of 8 years. The amounts handed over by the Company to CESP would be settled by CPFL Brasil using the funds derived from the acquisition of energy produced by that company.
At March 31, 2012, the current assets balance of the parent company is R$ 37,201 (R$ 45,668 at December 31, 2011), and noncurrent was R$ 2,854 at December 31, 2011. The operation is subject to interest of 17.5% p.a., plus the annual variation of the IGP-M, and is amortized in monthly installments of amounts corresponding to the purchase of energy.
In the consolidated, balance refers mainly to financial investments required by financing contracts of indirect subsidiaries CPFL Renováveis, BAESA and ENERCAN, and may be hold to the complete financing liquidation.
36
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
( 8 ) RECOVERABLE TAXES
|
Parent company |
|
Consolidated | ||||
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2012 |
|
December 31, 2011 |
Current |
|
|
|
|
|
|
|
Prepayments of social contribution - CSLL |
441 |
|
441 |
|
11,102 |
|
7,347 |
Prepayments of income tax - IRPJ |
140 |
|
- |
|
4,649 |
|
1,349 |
IRRF on interest on equity |
30,891 |
|
30,891 |
|
31,345 |
|
31,345 |
Income tax and social contribution to be offset |
1,894 |
|
1,894 |
|
22,485 |
|
16,810 |
Withholding tax - IRRF |
7,796 |
|
7,487 |
|
73,160 |
|
120,390 |
ICMS to be offset |
- |
|
- |
|
72,382 |
|
69,329 |
Social Integration Program - PIS |
- |
|
- |
|
8,384 |
|
5,793 |
Contribution for Social Security financing- COFINS |
42 |
|
42 |
|
34,061 |
|
22,103 |
National Social Security Institute - INSS |
1 |
|
1 |
|
2,584 |
|
2,123 |
Other |
26 |
|
26 |
|
749 |
|
874 |
Total |
41,232 |
|
40,783 |
|
260,900 |
|
277,463 |
|
|
|
|
|
|
|
|
Noncurrent |
|
|
|
|
|
|
|
Social contribution to be offset - CSLL |
- |
|
- |
|
37,065 |
|
36,277 |
Income tax to be offset - IRPJ |
- |
|
- |
|
1,019 |
|
1,001 |
ICMS to be offset |
- |
|
- |
|
115,464 |
|
112,423 |
Social Integration Program - PIS |
- |
|
- |
|
11,221 |
|
3,299 |
Contribution for Social Security financing- COFINS |
- |
|
- |
|
54,439 |
|
62,302 |
National Social Security Institute - INSS |
- |
|
- |
|
1,339 |
|
1,339 |
Other |
- |
|
- |
|
290 |
|
74 |
Total |
- |
|
- |
|
220,837 |
|
216,715 |
( 9 ) DEFERRED TAXES
9.1- Breakdown of tax credits and debits:
|
Parent company |
|
Consolidated | ||||
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2012 |
|
December 31, 2011 |
Social contribution credit/(debit) |
|
|
|
|
|
|
|
Tax losses carryforwards |
48,352 |
|
48,352 |
|
52,468 |
|
56,436 |
Tax benefit of merged goodwill |
- |
|
- |
|
171,100 |
|
169,062 |
Temporarily differences |
1,562 |
|
1,684 |
|
(212,173) |
|
(212,305) |
Subtotal |
49,914 |
|
50,035 |
|
11,395 |
|
13,194 |
|
|
|
|
|
|
|
|
Income tax credit / (debit) |
|
|
|
|
|
|
|
Tax losses carryforwards |
143,174 |
|
143,281 |
|
154,590 |
|
165,736 |
Tax benefit of merged goodwill |
- |
|
- |
|
565,766 |
|
565,106 |
Temporarily differences |
617 |
|
557 |
|
(590,714) |
|
(599,330) |
Subtotal |
143,791 |
|
143,839 |
|
129,642 |
|
131,512 |
|
|
|
|
|
|
|
|
PIS and COFINS (debit) |
|
|
|
|
|
|
|
Temporary non-deductible differences |
- |
|
- |
|
(3,806) |
|
(6,272) |
|
|
|
|
|
|
|
|
Total |
193,704 |
|
193,874 |
|
137,231 |
|
138,434 |
|
|
|
|
|
|
|
|
Total tax credit |
193,704 |
|
193,874 |
|
1,171,826 |
|
1,176,535 |
Total tax debit |
- |
|
- |
|
(1,034,596) |
|
(1,038,101) |
|
|
|
|
|
|
|
|
9.2 - Tax benefit of merged goodwill:
Refers to the tax credit calculated on the merged goodwill on acquisition of subsidiaries, as shown below, which were merged and are recorded in accordance with CVM Instructions nº 319/99 and nº 349/01 and ICPC 09 – Individual, Separate and Consolidated Financial Statements and Application of the Equity Method. The benefit is realized in proportion to tax amortization of the merged goodwill that gave rise to it, in accordance with the projected net income of the subsidiaries during the remaining term of the concession, as shown in Note 14.
37
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated | ||||||
|
March 31, 2012 |
|
December 31, 2011 | ||||
|
Social contribution |
Income tax |
|
Social contribution |
Income tax | ||
CPFL Paulista |
83,595 |
|
232,207 |
|
85,709 |
|
238,079 |
CPFL Piratininga |
18,968 |
|
65,091 |
|
19,404 |
|
66,584 |
RGE |
36,852 |
|
152,192 |
|
37,714 |
|
155,750 |
CPFL Santa Cruz |
3,323 |
|
10,448 |
|
3,545 |
|
11,148 |
CPFL Leste Paulista |
1,891 |
|
5,753 |
|
2,024 |
|
6,155 |
CPFL Sul Paulista |
2,746 |
|
8,565 |
|
2,944 |
|
9,183 |
CPFL Jaguari |
1,633 |
|
4,955 |
|
1,745 |
|
5,289 |
CPFL Mococa |
1,043 |
|
3,237 |
|
1,121 |
|
3,483 |
CPFL Geração |
- |
|
27,528 |
|
- |
|
28,167 |
CPFL Serviços |
276 |
|
749 |
|
306 |
|
847 |
CPFL Renováveis |
20,773 |
|
55,041 |
|
14,552 |
|
40,421 |
Total |
171,100 |
|
565,766 |
|
169,062 |
|
565,106 |
9.3 - Accumulated balances on temporary differences:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||||||||||
|
March 31, 2012 |
|
December 31, 2011 | ||||||||
|
Social contribution |
|
Income tax |
|
PIS/COFINS |
|
Social contribution |
|
Income tax |
|
PIS/COFINS |
Temporary differences: |
|
|
|
|
|
|
|
|
|
|
|
Reserve for contingencies |
20,382 |
|
57,407 |
|
- |
|
19,246 |
|
54,009 |
|
- |
Revision tariff - basic pay |
6,934 |
|
19,262 |
|
7,854 |
|
2,628 |
|
7,301 |
|
2,977 |
Private pension fund |
2,010 |
|
6,580 |
|
- |
|
2,218 |
|
7,159 |
|
- |
Allowance for doubtful accounts |
8,021 |
|
22,318 |
|
- |
|
7,656 |
|
21,306 |
|
- |
Free energy provision |
4,517 |
|
12,549 |
|
- |
|
4,365 |
|
12,128 |
|
- |
Research and Development and Energy Efficiency Programs |
13,138 |
|
36,498 |
|
- |
|
12,642 |
|
35,118 |
|
- |
Reserves related to personnel |
3,210 |
|
8,905 |
|
- |
|
2,842 |
|
7,886 |
|
- |
Depreciation rate difference |
8,033 |
|
22,313 |
|
- |
|
8,315 |
|
23,096 |
|
- |
Losses on investments |
804 |
|
2,235 |
|
- |
|
804 |
|
2,235 |
|
- |
Financial instruments (IFRS / CPC) |
288 |
|
799 |
|
- |
|
376 |
|
1,045 |
|
- |
Recognition of the concession - adjustment of intangible assets (IFRS / CPC) |
(2,192) |
|
(6,088) |
|
- |
|
(2,248) |
|
(6,244) |
|
- |
Reversal of regulatory assets and liabilities (IFRS / CPC) |
(12,368) |
|
(34,356) |
|
(14,347) |
|
(9,789) |
|
(27,191) |
|
(11,086) |
Actuarial losses on the transition of accounting practices (IFRS/CPC) |
26,133 |
|
72,883 |
|
- |
|
26,162 |
|
72,964 |
|
- |
Other adjustments changes in practices |
19,597 |
|
54,437 |
|
- |
|
18,595 |
|
51,652 |
|
- |
Business Combination CPFL Renováveis (note 12) |
(203,742) |
|
(563,257) |
|
818 |
|
(198,379) |
|
(560,279) |
|
- |
Accelerated depreciation |
(1,212) |
|
(3,366) |
|
- |
|
(807) |
|
(2,243) |
|
- |
Other |
4,925 |
|
7,014 |
|
1,870 |
|
3,595 |
|
7,749 |
|
1,838 |
Temporarily differences - comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
Recognition of the concession - financial adjustment (IFRS / CPC) |
(31,131) |
|
(85,959) |
|
- |
|
(30,938) |
|
(85,938) |
|
- |
Property, plant and equipment - deemed cost adjustments (IFRS/CPC) |
(79,520) |
|
(220,889) |
|
- |
|
(79,590) |
|
(221,082) |
|
- |
Total |
(212,173) |
|
(590,714) |
|
(3,806) |
|
(212,305) |
|
(599,330) |
|
(6,272) |
|
|
|
|
|
|
|
|
|
|
|
|
9.4 - Reconciliation of the amounts of income tax and social contribution reported in the quarters ended March 31, 2012 and 2011:
38
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Parent company | ||||||
|
Social contribution |
Income tax | |||||
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
Income before taxes |
411,075 |
|
411,075 |
|
459,738 |
|
459,738 |
Adjustments to reflect effective rate: |
|
|
|
|
|
|
|
Equity in subsidiaries |
(446,712) |
|
(446,712) |
|
(506,095) |
|
(506,095) |
Amortization of intangible asset acquired |
26,972 |
|
34,113 |
|
28,641 |
|
36,297 |
Other permanent additions, net |
- |
|
- |
|
17 |
|
36 |
Calculation base |
(8,665) |
|
(1,524) |
|
(17,700) |
|
(10,024) |
Statutory rate |
9% |
|
25% |
|
9% |
|
25% |
Tax debit result |
780 |
|
381 |
|
1,593 |
|
2,506 |
Tax credit not recorded |
(841) |
|
(490) |
|
(1,593) |
|
(2,464) |
Total |
(61) |
|
(109) |
|
- |
|
42 |
|
|
|
|
|
|
|
|
Current |
- |
|
- |
|
- |
|
- |
Deferred |
(61) |
|
(109) |
|
- |
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||||||
|
Social contribution |
Income tax | |||||
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
Income before taxes |
653,205 |
|
653,205 |
|
723,050 |
|
723,050 |
Adjustments to reflect effective rate: |
|
|
|
|
|
|
|
Amortization of intangible asset acquired |
48,721 |
|
56,186 |
|
28,641 |
|
36,601 |
Realization CMC |
2,011 |
|
- |
|
2,592 |
|
- |
Tax incentives - PIIT |
(1,355) |
|
(1,355) |
|
- |
|
- |
Effect of presumed profit system |
(37,882) |
|
(46,826) |
|
(6,771) |
|
(7,837) |
Other permanent additions, net |
17,877 |
|
11,600 |
|
(922) |
|
(8,147) |
Calculation base |
682,578 |
|
672,810 |
|
746,590 |
|
743,666 |
Statutory rate |
9% |
|
25% |
|
9% |
|
25% |
Tax debit result |
(61,432) |
|
(168,202) |
|
(67,193) |
|
(185,917) |
Tax credit not recorded |
(588) |
|
216 |
|
(1,599) |
|
(2,466) |
Total |
(62,020) |
|
(167,987) |
|
(68,792) |
|
(188,383) |
|
|
|
|
|
|
|
|
Current |
(64,046) |
|
(172,580) |
|
(54,300) |
|
(150,782) |
Deferred |
2,026 |
|
4,593 |
|
(14,492) |
|
(37,601) |
( 10 ) FINANCIAL ASSET OF CONCESSION
|
Consolidated |
As of December 31, 2011 |
1,376,664 |
Additions |
59,341 |
Effect of change in depreciation rates |
399,527 |
Change in the fair value |
825 |
Disposal |
(371) |
As of March 31, 2012 |
1,835,986 |
The balance refers to the fair value of the financial asset in relation to the right established in the energy distributors’ concession agreements to receive payment on reversal of the assets to granting authorities at the end of the concession.
39
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
As mentioned in Note 13, ANEEL reviewed the depreciation rates for the electricity sector assets in the first quarter of 2012. The new rates came into effect on January 1, 2012 and on average, increased the useful life of the electric energy distribution assets.
Management believes that this fact changed the contractual conditions of concession related to reimbursement of investments performed in the infrastructure linked to the services rendered.
Therefore, based on the new useful lives specified by the regulatory body, the Company recalculated the financial asset at January 1, 2012, which corresponds to the amount subject to indemnification at the end of the concession, which will be recovered directly from granting authorities and as a result, the amount of R$ 399,527 was recognized as an increment to the asset, set against the intangible concession asset to adequate the portion which will be recovered through services rendered (sale of energy).
Under the current tariff model, interest on the asset is recognized in profit or loss on billing the consumers and realized on receipt of the electric energy bills. The difference in relation to the adjustment to fair value is recognized against the revaluation reserve in equity (Other Comprehensive Income).
( 11 ) OTHER CREDITS
|
Consolidated | ||||||
|
Current |
|
Noncurrent | ||||
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2012 |
|
December 31, 2011 |
Receivables - consortia |
27 |
|
27 |
|
- |
|
- |
Advances - Fundação CESP |
17,970 |
|
15,518 |
|
- |
|
- |
Advances to suppliers |
36,729 |
|
37,951 |
|
- |
|
- |
Pledges, funds and tied deposits |
399 |
|
1,548 |
|
128,492 |
|
115,517 |
Fund tied to foreign currency loans |
- |
|
- |
|
29,101 |
|
29,774 |
Orders in progress |
164,611 |
|
156,524 |
|
- |
|
- |
Reimbursement RGR |
4,271 |
|
4,590 |
|
1,909 |
|
1,909 |
Advance to energy purchase agreements |
50,743 |
|
44,399 |
|
61,431 |
|
58,620 |
Collection agreements |
42,972 |
|
57,377 |
|
- |
|
- |
Prepaid expenses |
34,091 |
|
5,695 |
|
15,030 |
|
1,355 |
Other |
130,958 |
|
86,309 |
|
57,365 |
|
72,287 |
Total |
482,772 |
|
409,938 |
|
293,327 |
|
279,461 |
( 12 ) INVESTMENTS
|
Parent company | ||
|
March 31, 2012 |
|
December 31, 2011 |
Equity interests in subsidiaries, accountes for using the equity method of accounting |
|
| |
Shareholders´ equity of the subsidiary |
5,823,721 |
|
5,357,729 |
Net adjusted to fair value, upon business combination |
1,217,018 |
|
1,251,131 |
Goodwill |
6,054 |
|
6,054 |
Total |
7,046,793 |
|
6,614,915 |
|
|
|
|
12.1 - Permanent Equity Interests – equity method:
The main information on the investments in direct permanent equity interests is as follows:
40
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
|
March 31, 2012 |
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2012 |
|
March 31, 2011 | ||||||
Investment |
|
Number of shares (thousand) |
Total assets |
|
Capital |
|
Shareholders' Equity |
Profit or loss for the year |
Shareholders´ Equity Interest |
|
Interest in Subsidiaries | |||||||
CPFL Paulista |
|
144,378 |
|
5,949,752 |
|
144,378 |
|
1,061,730 |
|
163,595 |
|
1,061,730 |
|
897,984 |
|
163,595 |
|
175,528 |
CPFL Piratininga |
|
53,031,259 |
|
2,452,161 |
|
83,896 |
|
452,655 |
|
63,545 |
|
452,655 |
|
388,980 |
|
63,545 |
|
116,880 |
CPFL Santa Cruz |
|
371,772 |
|
286,390 |
|
55,363 |
|
124,922 |
|
8,245 |
|
124,922 |
|
116,634 |
|
8,245 |
|
6,366 |
CPFL Leste Paulista |
|
895,733 |
|
152,061 |
|
21,546 |
|
70,630 |
|
2,023 |
|
70,630 |
|
68,587 |
|
2,023 |
|
2,881 |
CPFL Sul Paulista |
|
463,482 |
|
142,561 |
|
21,468 |
|
67,217 |
|
2,903 |
|
67,217 |
|
64,465 |
|
2,903 |
|
3,965 |
CPFL Jaguari |
|
212,126 |
|
99,336 |
|
14,156 |
|
45,922 |
|
2,487 |
|
45,922 |
|
43,430 |
|
2,487 |
|
3,264 |
CPFL Mococa |
|
121,761 |
|
79,179 |
|
14,566 |
|
38,922 |
|
1,309 |
|
38,922 |
|
37,634 |
|
1,309 |
|
1,293 |
RGE |
|
807,168 |
|
2,873,511 |
|
884,328 |
|
1,349,479 |
|
82,107 |
|
1,349,479 |
|
1,267,268 |
|
82,107 |
|
54,826 |
CPFL Geração |
|
205,487,716 |
|
4,665,397 |
|
1,039,618 |
|
2,561,396 |
|
77,646 |
|
2,561,396 |
|
2,483,750 |
|
77,646 |
|
78,488 |
CPFL Jaguari Geração(*) |
|
40,108 |
|
50,001 |
|
40,108 |
|
49,957 |
|
2,048 |
|
49,957 |
|
47,909 |
|
2,048 |
|
2,205 |
CPFL Brasil |
|
11,998 |
|
1,665,920 |
|
11,999 |
|
117,226 |
|
30,559 |
|
(73,074) |
|
(112,633) |
|
30,559 |
|
56,132 |
CPFL Planalto(*) |
|
630 |
|
15,426 |
|
630 |
|
12,785 |
|
4,560 |
|
12,785 |
|
8,225 |
|
4,560 |
|
3,279 |
CPFL Serviços |
|
1,482,334 |
|
44,676 |
|
19,966 |
|
29,577 |
|
4,246 |
|
29,577 |
|
25,330 |
|
4,246 |
|
341 |
CPFL Atende (*) |
|
13,991 |
|
18,826 |
|
13,991 |
|
14,790 |
|
461 |
|
14,790 |
|
14,329 |
|
461 |
|
596 |
Nect(*) |
|
2,058 |
|
10,659 |
|
2,059 |
|
5,270 |
|
1,411 |
|
5,270 |
|
3,859 |
|
1,411 |
|
109 |
CPFL Total(*) |
|
19,005 |
|
10,000 |
|
10,019 |
|
9,606 |
|
(401) |
|
9,599 |
|
- |
|
(401) |
|
- |
CPFL Jaguariuna(*) |
|
189,620 |
|
2,516 |
|
2,926 |
|
1,945 |
|
(33) |
|
1,945 |
|
1,977 |
|
(33) |
|
(57) |
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
5,823,721 |
|
5,357,729 |
|
446,712 |
|
506,095 |
(*) Number of quotes
The amounts related to the subsidiaries CPFL Geração and CPFL Brasil were adjusted for equity purposes, due to the effects of CPFL Renováveis business combination (note 12).
Changes on investments in subsidiaries are as follows:
Investment |
|
Investment as of December 31, 2011 |
Capital increase /payment of capital |
Equity in subsidiary (profit or loss) |
Equity in subsidiary (Other comprehensive income) |
Investment as of March 31, 2012 | ||||
CPFL Paulista |
|
897,984 |
|
- |
|
163,595 |
|
150 |
|
1,061,730 |
CPFL Piratininga |
|
388,980 |
|
- |
|
63,545 |
|
130 |
|
452,655 |
CPFL Santa Cruz |
|
116,634 |
|
- |
|
8,245 |
|
43 |
|
124,922 |
CPFL Leste Paulista |
|
68,587 |
|
- |
|
2,023 |
|
20 |
|
70,630 |
CPFL Sul Paulista |
|
64,465 |
|
- |
|
2,903 |
|
(151) |
|
67,217 |
CPFL Jaguari |
|
43,430 |
|
- |
|
2,487 |
|
5 |
|
45,922 |
CPFL Mococa |
|
37,634 |
|
- |
|
1,309 |
|
(21) |
|
38,922 |
RGE |
|
1,267,268 |
|
- |
|
82,107 |
|
104 |
|
1,349,479 |
CPFL Geração |
|
2,483,750 |
|
- |
|
77,646 |
|
- |
|
2,561,396 |
CPFL Jaguari Geração |
|
47,909 |
|
- |
|
2,048 |
|
- |
|
49,957 |
CPFL Brasil |
|
(112,633) |
|
9,000 |
|
30,559 |
|
- |
|
(73,074) |
CPFL Planalto |
|
8,225 |
|
- |
|
4,560 |
|
- |
|
12,785 |
CPFL Serviços |
|
25,330 |
|
- |
|
4,246 |
|
- |
|
29,577 |
CPFL Atende |
|
14,329 |
|
- |
|
461 |
|
- |
|
14,790 |
Nect |
|
3,859 |
|
- |
|
1,411 |
|
- |
|
5,270 |
CPFL Total |
|
- |
|
10,000 |
|
(401) |
|
- |
|
9,599 |
CPFL Jaguariuna |
|
1,977 |
|
- |
|
(33) |
|
- |
|
1,945 |
|
|
5,357,729 |
|
19,000 |
|
446,712 |
|
280 |
|
5,823,721 |
|
|
|
|
|
|
|
|
|
|
|
12.2 – Net adjustment to fair value, upon Business Combination and goodwill
Net adjustment to fair value, upon Business Combination refers mainly to the right to the concession, acquired through business combinations. The goodwill relates mainly to the acquisition of investments, based on projections of future income.
The amounts have been presented in intangible assets in the consolidated financial statements (note 14).
41
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
12.3 – Business combinations – 2011
12.3.1 – CPFL Renováveis corporate restructuring
In April 2011, with the objective of consolidating experience in the renewable energy sector and increasing synergies, the Company signed an agreement with the shareholders of ERSA Energia Renováveis S.A (“ERSA”) to merge renewable energy assets and projects held in its subsidiaries (in the case of CPFL, assets of the subsidiaries CPFL Geração and CPFL Brasil). After a series of planned restructurings, fully detailed in Financial Statements as of December 31, 2011, CPFL Geração and CPFL Brasil have joined the shareholders of ERSA as majority shareholders, resulting in the creation of CPFL Energias Renováveis S.A.
For purposes of the consolidated financial statements, as a result of this business combination, finalized in various stages during the second half year of 2011, the balances of the intangible assets and capital reserve of the business combination were R$ 2,302,122 and R$ 229,940, respectively, at December 31, 2011. This business combination in 2011 included the acquisition of Jantus SL and Santa Luzia Energética S.A. by the subsidiary CPFL Renováveis.
With regard to the recognition of this acquisition in the books of the subsidiaries CPFL Geração and CPFL Brasil, as these subsidiaries do not have control of CPFL Renováveis, but rather have significant influence and account for CPFL Renováveis as associates. Therefore, the following treatment was applied for individual purposes in the financial statements of the CPFL Geração and CPFL Brasil: (i) a gain of R$ 412,359 was recorded in profit and loss for CPFL Geração and (ii) a gain of R$ 7,881 and goodwill of R$ 190,300 was recognized for CPFL Brasil. Since, in the consolidated statements, this transaction refers to a transaction between partners, these effects were adjusted in CPFL Energia, for consolidation purposes, and recorded in equity.
In relation to CPFL Renováveis, the business combination is still at the measurement period.
12.4 – Business combinations - 2012
Atlântica I Parque Eólico S.A., Atlântica II Parque Eólico S.A., Atlântica IV Parque Eólico S.A. e Atlântica V Parque Eólico S.A. (“Atlântica Complex”)
In January 2012, the indirect subsidiary CPFL Renováveis signed a share purchase agreement with Cobra Instalaciones Y Servicios S.A., with the objective of acquiring 100% of the shares in Atlântica I Parque Eólico S.A., Atlântica II Parque Eólico S.A., Atlântica IV Parque Eólico S.A. and Atlântica V Parque Eólico S.A.. These companies hold authorizations to generate electric energy from wind power under the Independent Producer System, for a period of 35 years, by installation of their respective wind power plants, with joint installed power of 120 MW (physical information not reviewed by the indenpendent auditors).
ANEEL has approved transfer of the control of the Atlântica Complex to CPFL Renováveis, as published on March 26, 2012. The amount of R$ 24 million was paid to the sellers in March 2012.
Bons Ventos Geradora de Energia S.A.
In accordance with the notice to the market dated February 24, 2012, the subsidiary CPFL Renováveis acquired 100% of the shares of BVP S.A, parent company of Bons Ventos Geradora de Energia S.A. (“Bons Ventos”). The purchase price was R$ 1,062 million, which includes: (i) R$ 600 million to be paid to the sellers (consideration transferred); and (ii) assumption of a net debt of R$ 462 million.
42
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Bons Ventos has an authorization granted by ANEEL to exploit the Taíba Albatroz, Bons Ventos, Enacel and Canoa Quebrada wind power plants, with installed capacity of 157,5 MW. These wind power plants are located in the State of Ceará and are in full commercial operation. All the energy has been contracted to Eletrobrás for twenty years, under the PROINFA Program (Programa de Incentivo às Fontes Alternativas de Energia Elétrica) (physical information not reviewed by the independent auditors).
The shares purchase agreement is conditional on the prior agreement of ANEEL, banks and other competent regulatory bodies. This business combination is not recognized at March 31, 2012, as it is not yet totally finalized.
a) Additional information on the acquisition of the subsidiaries Atlântica Complex and BVP (estimated).
|
Atlântica Complex |
Bons Ventos | |
|
March 23,2012 |
March 31,2012 | |
|
|
(Estimated) | |
Cash and cash equivalents transferred as consideration by the acquirers: |
|
| |
Cash transferred or to be transferred to shareholders |
24,000 |
|
616,945 |
Total transfered consideration (paid) |
24,000 |
|
616,945 |
b) Assets acquired and liabilities recognized on the acquisition date
In relation to the acquisition of the Atlântica Complex, all the consideration transferred (paid) was allocated to assets acquired and liabilities assumed at their fair values, including the intangible assets associated with the authorized exploration rights, and will be amortized over the remaining terms of the authorizations linked to exploration of the ventures purchased. Consequently, as the whole amount paid was allocated to identified assets and liabilities, no residual amount was allocated to goodwill for this transaction.
The subsidiary CPFL Renováveis believes that the same allocation criteria as mentioned in the previous paragraph will be used for the acquisition of BVP. Consequently, the whole amount to be paid will be allocated to identifiable assets and liabilities and it is not anticipated that residual amounts will be allocated as goodwill in this prospective transaction. Allocation of the amount paid will based on the economic and financial report to be prepared by specialists contracted and analyses conducted by the subsidiary’s Management.
The Management of CPFL Renováveis does not expect the amount allocated as the right to exploit these acquisitions to be deductible for tax purposes on the acquisition date, and has therefore recorded deferred income tax and social contribution in relation to the difference between the amounts allocated and the tax bases of these assets.
43
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Allocation of the amount paid was based on the economic and financial report issued by specialists contracted by Management, and analyses made by management itself.
The initial accounting for the acquisition of the Atlântica Complex was determined provisionally at March 31, 2012. The necessary market evaluations and other calculations had not been finalized by the date on which the interim statements were completed, and consequently, it was only determined provisionally based on Management`s best estimate of the probable amounts.
|
|
Atlântica Complex |
Bons Ventos | |
|
|
March 23,2012 |
|
March 31,2012 |
|
|
|
(Estimated) | |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
186 |
|
41,104 |
Receivables |
|
- |
|
16,265 |
Other Current Assets |
|
157 |
|
7,090 |
|
|
|
| |
Noncurrent assets: |
|
|
|
|
Tied financial investments |
|
- |
|
10,333 |
Deferred taxes |
|
- |
|
43,001 |
Fixed Assets |
|
6,243 |
|
615,835 |
Intangible assets |
|
- |
|
24,570 |
|
|
|
| |
Liabilities: |
|
|
|
|
Suppliers |
|
54 |
|
3,056 |
Loans and debentures |
|
- |
|
51,881 |
Other liabilities |
|
4 |
|
26,110 |
|
|
|
| |
Noncurrent liabilities: |
|
|
|
|
Loans and debentures |
|
- |
|
554,778 |
Other noncurrent liabilities |
|
- |
|
20,102 |
Acquired net assets |
|
6,528 |
|
102,271 |
c) Determination of intangible assets (exploration rights)
|
Atlântica Complex |
Bons Ventos | |
|
March 23,2012 |
March 31,2012 | |
|
|
(Estimated) | |
|
|
|
|
Consideration to be transferred (paid) |
24,000 |
|
616,945 |
Less: Fair value of identifiable acquired net assets |
(6,528) |
|
(195,720) |
Amount allocated as a right of exploitation |
17,472 |
|
421,225 |
Taxes effects |
9,001 |
|
216,995 |
Amount allocated to right of exploitation after taxes effects |
26,473 |
|
638,220 |
The difference between the considerations transferred (paid) and the fair value of the net identifiable assets acquired was allocated as exploration rights as it is linked to the regulated activity and based onan economic and financial report prepared by specialists contracted by Management. These amounts, adjusted for tax effects, will be amortized over the remaining term of the authorizations to exploit the ventures, over an estimated average term of 23 years for the Atlântica Complex and 21 years for Bons Ventos.
44
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
d) Net cash outflow on acquisition of the subsidiaries
|
Atlântica Complex |
Bons Ventos | |
|
March 23,2012 |
March 31,2012 | |
|
|
(Estimated) | |
|
|
|
|
Cash consideration |
24,000 |
|
616,945 |
Less: acquired cash and cash equivalents |
(186) |
|
(41,104) |
Net cash at December 31, 2011 |
23,814 |
|
575,841 |
e) Impact of the acquisitions of the Atlântica Complex on the profit and loss of CPFL Renováveis at March 31, 2012
The Atlântica Complex is still under construction and the acquisition of BVP, regarded as probable, had not been concluded by March 31, 2012. There is therefore no effect of the operations of the Complexo Eólico Atlântica and BVP to be recognized in the consolidated interim financial statements for the quarter ended March 31, 2012.
Usina Ester
In March 2012, the subsidiary CPFL Renováveis acquired 100% of the biomass power generation and water vapor assets of SPE Lacenas Participações Ltda., controlled by Usina Açucareira Ester (“Usina Ester”), which has authorization from ANEEL to exploit biomass power energy generation, and installed capacity of 40.0 MW. Around 7 MW average of co-generation energy from Usina Ester was already commercialized in the 2007 alternative sources auction (LFA), for a period of 15 years and at an average selling price of R$ 177 per MWh (as at January 2012). The rest of the energy will be sold on the free market (physical information not reviewed by the independent auditors).
The total acquisition price was R$ 112 million, comprising, at the date of signing the contract, R$ 51 million to be paid to the sellers (consideration transferred) and assumption of a net debt of R$ 61 million.
The shares purchase agreement is conditional on the prior agreement of ANEEL and other competent regulatory bodies. Since the price negotiation is still being finalized, the Company is not disclosing all the additional information required by CPC 15 (R1) in the interim statements at March 31, 2012, as this information is not yet available at the date of these statements.
( 13 ) PROPERTY, PLANT AND EQUIPMENT
45
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated | ||||||||||||||
|
Land |
|
Reservoirs, dams and water mains |
Buildings, construction and improvements |
Machinery and equipment |
Vehicles |
|
Furniture and fittings |
In progress |
|
Total | ||||
As of December 31, 2011 |
246,853 |
|
1,577,892 |
|
2,316,149 |
|
3,066,274 |
|
3,509 |
|
15,781 |
|
1,065,615 |
|
8,292,076 |
Cost |
250,757 |
|
1,926,694 |
|
2,757,021 |
|
4,006,965 |
|
8,799 |
|
21,657 |
|
1,065,615 |
|
10,037,508 |
Accumulated depreciation |
(3,903) |
|
(348,802) |
|
(440,873) |
|
(940,692) |
|
(5,290) |
|
(5,873) |
|
- |
|
(1,745,432) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
- |
|
116 |
|
1,367 |
|
4,661 |
|
147 |
|
48 |
|
283,952 |
|
290,292 |
Disposals |
(1) |
|
(2,480) |
|
(5,003) |
|
(4,054) |
|
(397) |
|
(321) |
|
(71) |
|
(12,326) |
Transfers |
(18,541) |
|
404,163 |
|
(551,881) |
|
369,631 |
|
(16) |
|
3 |
|
(203,358) |
|
- |
Transfers - other assets |
- |
|
204,235 |
|
(367,958) |
|
163,390 |
|
- |
|
333 |
|
- |
|
- |
Depreciation |
(6,751) |
|
(15,400) |
|
(17,792) |
|
(37,499) |
|
(130) |
|
(207) |
|
(2,892) |
|
(80,671) |
Disposal of depreciation |
- |
|
1,029 |
|
156 |
|
826 |
|
304 |
|
17 |
|
- |
|
2,333 |
Reclassification of depreciation |
- |
|
(63,078) |
|
104,536 |
|
(41,302) |
|
- |
|
(155) |
|
- |
|
(0) |
Corporate restructuring - acquired in Business Combination |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
6,243 |
|
6,243 |
As of March 31, 2012 |
221,560 |
|
2,106,477 |
|
1,479,574 |
|
3,521,925 |
|
3,418 |
|
15,503 |
|
1,149,489 |
|
8,497,946 |
Cost |
232,215 |
|
2,547,754 |
|
1,806,560 |
|
4,550,903 |
|
8,528 |
|
21,760 |
|
1,149,489 |
|
10,317,209 |
Accumulated depreciation |
(10,655) |
|
(441,277) |
|
(326,986) |
|
(1,028,979) |
|
(5,110) |
|
(6,257) |
|
- |
|
(1,819,264) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average depreciation rate |
|
|
2.83% |
|
2.59% |
|
2.93% |
|
14.29% |
|
12.79% |
|
- |
|
|
On February 4, 2012, with Resolution no 474, ANEEL established new annual depreciation rates for the operational assets granted in the electricity sector. The new rates substitute those of the Electricity Sector Equity Control Manual – MCPSE, approved by Resolution no 367 of June 2, 2009, and came into effect on January 1, 2012.
This resulted in a reduction in the useful life of the generation assets, and in conformity with CPC 23, the Company changed the depreciation of property, plant and equipment prospectively as from that date, resulting in an increment in depreciation expense of R$ 2,542.
In conformity with CPC 20, the interest on the loans taken out by the subsidiaries to finance the construction is capitalized during the construction phase. For further details of construction assets and fund raising costs, see note 29.
As a result of reconciliation of the assets base for implementation of the Equity Control Manual, determined by ANEEL Resolution nº 367/2009, certain assets were reclassified, as shown under transfers and reclassification of depreciation.
( 14 ) INTANGIBLE ASSETS
|
|
Consolidated | ||||||||||||
|
|
|
|
Concession right |
|
|
|
| ||||||
|
|
Goodwill |
|
Acquired in business combinations |
Distribution infrastructure - operational |
Distribution infrastructure - in progress |
Public utilities |
|
Other intangible assets |
TOTAL | ||||
Intangible asset at December 31, 2011 |
|
6,115 |
|
4,120,388 |
|
3,584,408 |
|
730,807 |
|
382,570 |
|
103,150 |
|
8,927,438 |
Cost |
|
6,152 |
|
6,016,242 |
|
8,975,287 |
|
730,807 |
|
407,286 |
|
174,390 |
|
16,310,164 |
Amortization Accumulated |
|
(37) |
|
(1,895,854) |
|
(5,390,879) |
|
- |
|
(24,716) |
|
(71,239) |
|
(7,382,726) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
|
- |
|
26,473 |
|
- |
|
269,629 |
|
- |
|
6,455 |
|
302,557 |
Amortization |
|
- |
|
(65,501) |
|
(88,981) |
|
- |
|
(3,854) |
|
(3,369) |
|
(161,705) |
Transfer - intangible assets |
|
- |
|
2,081 |
|
151,546 |
|
(151,546) |
|
- |
|
(2,081) |
|
0 |
Transfer - financial asset |
|
- |
|
- |
|
(399,527) |
|
(59,341) |
|
- |
|
- |
|
(458,868) |
Transfer - other assets |
|
- |
|
- |
|
1,194 |
|
- |
|
- |
|
- |
|
1,194 |
Intangible asset at March 31, 2012 |
|
6,115 |
|
4,083,441 |
|
3,248,640 |
|
789,549 |
|
378,716 |
|
104,156 |
|
8,610,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
6,152 |
|
6,044,795 |
|
8,759,259 |
|
789,549 |
|
407,286 |
|
177,954 |
|
16,184,995 |
Amortization Accumulated |
|
(37) |
|
(1,961,354) |
|
(5,510,619) |
|
- |
|
(28,570) |
|
(73,799) |
|
(7,574,378) |
At March 31, 2012, from the total intangible assets acquired through business combinations, R$ 26,473 relate to CPFL Renováveis, due to acquisition of indirect subsidiary Atlântica Complex (note 12).
As mentioned in Note 10, as a result of ANEEL’s review of the useful life of electric energy distribution assets, the distributors’ intangible concession asset amortization changed effective date from January 1, 2012 on. Additionally to the effects described in note 10, related to transfer from intangible assets to financial asset, the useful life of these assets increased, on average. Consequently, and in conformity with CPC 23, the Company changed the amortization of the intangible asset prospectively as from that date, resulting in a decrease of R$ 14,328 in amortization expense in the quarter.
46
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
In conformity with CPC 20, the interest on the loans taken out by the subsidiaries is capitalized to qualifying intangible assets. For further details of construction assets and fund raising costs, see note 29.
14.1 Intangible asset acquired in business combinations
The following table shows the breakdown of the intangible asset of the right to exploit the concession acquired in business combinations:
|
Consolidated | ||||||||||
|
March 31, 2012 |
|
December 31, 2011 |
|
Annual amortization rate | ||||||
|
Historic cost |
|
Accumulated amortization |
Net value |
|
Net value |
|
2012 |
|
2011 | |
Intangible asset - acquired in business combinations |
|
|
|
|
|
|
|
|
|
|
|
Intangible asset acquired, not merged |
|
|
|
|
|
|
|
|
|
|
|
Parent Company |
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
304,861 |
|
(124,728) |
|
180,133 |
|
184,743 |
|
6.05% |
|
6.33% |
CPFL Piratininga |
39,065 |
|
(15,345) |
|
23,720 |
|
24,264 |
|
5.58% |
|
5.99% |
RGE |
3,150 |
|
(859) |
|
2,291 |
|
2,345 |
|
6.90% |
|
6.81% |
CPFL Geração |
54,555 |
|
(21,612) |
|
32,943 |
|
33,659 |
|
5.28% |
|
5.63% |
CPFL Santa Cruz |
9 |
|
(4) |
|
6 |
|
6 |
|
16.25% |
|
21.17% |
CPFL Leste Paulista |
3,333 |
|
(1,256) |
|
2,077 |
|
2,212 |
|
16.16% |
|
20.30% |
CPFL Sul Paulista |
7,288 |
|
(2,641) |
|
4,647 |
|
4,973 |
|
17.90% |
|
18.98% |
CPFL Jaguari |
5,213 |
|
(2,080) |
|
3,133 |
|
3,320 |
|
14.40% |
|
22.68% |
CPFL Mococa |
9,110 |
|
(3,495) |
|
5,614 |
|
6,031 |
|
18.29% |
|
19.87% |
CPFL Jaguari Geração |
7,896 |
|
(1,270) |
|
6,626 |
|
6,777 |
|
7.64% |
|
8.17% |
|
434,480 |
|
(173,290) |
|
261,189 |
|
268,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
ENERCAN |
10,233 |
|
(3,183) |
|
7,050 |
|
7,210 |
|
6.27% |
|
6.90% |
Barra Grande |
3,081 |
|
(1,239) |
|
1,842 |
|
1,884 |
|
5.49% |
|
5.98% |
Chapecoense |
7,376 |
|
(416) |
|
6,960 |
|
7,075 |
|
6.06% |
|
4.08% |
EPASA |
499 |
|
(25) |
|
474 |
|
479 |
|
4.76% |
|
3.85% |
CPFL Renováveis |
2,347,132 |
|
(40,521) |
|
2,306,611 |
|
2,299,807 |
|
3.42% |
|
3.82% |
Others |
14,478 |
|
(12,132) |
|
2,346 |
|
2,527 |
|
4.99% |
|
4.99% |
|
2,382,798 |
|
(57,516) |
|
2,325,282 |
|
2,318,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal |
2,817,278 |
|
(230,806) |
|
2,586,472 |
|
2,587,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset acquired and merged – Deductible |
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
RGE |
1,120,266 |
|
(763,223) |
|
357,043 |
|
361,908 |
|
1.74% |
|
1.68% |
CPFL Geração |
426,450 |
|
(242,351) |
|
184,098 |
|
188,367 |
|
4.00% |
|
4.25% |
Subtotal |
1,546,716 |
|
(1,005,575) |
|
541,141 |
|
550,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset acquired and merged – Reassessed |
|
|
|
|
|
|
|
|
|
|
|
Parent company |
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
1,074,026 |
|
(492,036) |
|
581,991 |
|
596,709 |
|
5.48% |
|
5.75% |
CPFL Piratininga |
115,762 |
|
(45,473) |
|
70,289 |
|
71,903 |
|
5.58% |
|
5.99% |
RGE |
310,128 |
|
(92,398) |
|
217,730 |
|
222,894 |
|
6.03% |
|
6.58% |
CPFL Santa Cruz |
61,685 |
|
(38,537) |
|
23,148 |
|
24,698 |
|
10.05% |
|
13.10% |
CPFL Leste Paulista |
27,034 |
|
(13,685) |
|
13,349 |
|
14,289 |
|
13.91% |
|
15.59% |
CPFL Sul Paulista |
38,168 |
|
(18,996) |
|
19,172 |
|
20,557 |
|
14.52% |
|
15.16% |
CPFL Mococa |
15,124 |
|
(7,836) |
|
7,288 |
|
7,838 |
|
14.56% |
|
15.34% |
CPFL Jaguari |
23,600 |
|
(12,039) |
|
11,561 |
|
12,354 |
|
13.44% |
|
16.72% |
CPFL Jaguari Geração |
15,275 |
|
(3,973) |
|
11,302 |
|
11,559 |
|
6.73% |
|
7.20% |
Subtotal |
1,680,801 |
|
(724,973) |
|
955,828 |
|
982,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
6,044,795 |
|
(1,961,354) |
|
4,083,441 |
|
4,120,388 |
|
|
|
|
The amortization rates for intangible assets acquired through business combination are based on the projected income curves of the concessionaires for the rest of the concession term, and these projections are reviewed annually.
( 15 ) SUPPLIERS
47
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated | ||
|
March 31, 2012 |
|
December 31, 2011 |
Current |
|
|
|
System Service Charges |
28,966 |
|
33,794 |
Energy purchased |
765,849 |
|
730,790 |
Electricity Network Usage Charges |
171,605 |
|
150,013 |
Materials and Services |
244,642 |
|
247,085 |
Free Energy |
80,378 |
|
78,432 |
Other |
30 |
|
30 |
Total |
1,291,471 |
|
1,240,143 |
|
|
|
|
( 16 ) INTEREST ON DEBTS, LOANS AND FINANCING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||||||||||||||
|
|
March 31, 2012 |
|
December 31, 2011 | ||||||||||||
|
|
Interest - Current and Noncurrent |
Principal |
|
Total |
|
Interest - Current and Noncurrent |
Principal |
|
Total | ||||||
|
|
|
Current |
|
Noncurrent |
|
|
|
Current |
|
Noncurrent |
| ||||
Measured at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazilian currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNDES - Power increases |
|
30 |
|
3,690 |
|
3,880 |
|
7,600 |
|
34 |
|
3,690 |
|
4,802 |
|
8,526 |
BNDES/BNB - Investment |
|
21,613 |
|
554,367 |
|
4,069,504 |
|
4,645,484 |
|
25,032 |
|
542,153 |
|
4,071,103 |
|
4,638,287 |
BNDES - Property income |
|
56 |
|
2,557 |
|
7,217 |
|
9,830 |
|
49 |
|
2,039 |
|
5,042 |
|
7,130 |
BNDES - Working capital |
|
558 |
|
99,503 |
|
20,771 |
|
120,832 |
|
687 |
|
111,129 |
|
36,928 |
|
148,743 |
Financial Institutions |
|
162,231 |
|
354,599 |
|
1,370,749 |
|
1,887,580 |
|
119,804 |
|
221,142 |
|
1,507,927 |
|
1,848,874 |
Other |
|
620 |
|
11,876 |
|
27,231 |
|
39,728 |
|
782 |
|
13,154 |
|
28,327 |
|
42,263 |
Subtotal |
|
185,109 |
|
1,026,593 |
|
5,499,352 |
|
6,711,054 |
|
146,388 |
|
893,307 |
|
5,654,129 |
|
6,693,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institutions |
|
955 |
|
3,037 |
|
41,802 |
|
45,793 |
|
444 |
|
3,107 |
|
42,769 |
|
46,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total at Cost |
|
186,063 |
|
1,029,630 |
|
5,541,154 |
|
6,756,848 |
|
146,832 |
|
896,414 |
|
5,696,898 |
|
6,740,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Institutions |
|
7,303 |
|
- |
|
1,675,955 |
|
1,683,258 |
|
18,697 |
|
- |
|
1,685,557 |
|
1,704,254 |
Total at fair value |
|
7,303 |
|
- |
|
1,675,955 |
|
1,683,258 |
|
18,697 |
|
- |
|
1,685,557 |
|
1,704,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
193,367 |
|
1,029,630 |
|
7,217,109 |
|
8,440,106 |
|
165,530 |
|
896,414 |
|
7,382,455 |
|
8,444,398 |
48
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
| ||
Measured at amortized cost |
|
March 31, 2012 |
December 31, 2011 |
Annual interest |
|
Amortization |
|
Collateral | ||
Brazilian currency |
|
|
|
|
|
|
|
|
|
|
BNDES - Power increases |
|
|
|
|
|
|
|
| ||
CPFL Renováveis |
|
7,600 |
|
8,526 |
|
TJLP + 3.1% to 4.3% |
|
72 to 75 monthly installments from september 2007 to july 2008 |
CPFL Energia guarantee and Promissory Note | |
BNDES/BNB - Investment |
|
|
|
|
|
|
|
|
|
|
CPFL Paulista - FINEM III |
|
47,081 |
|
53,807 |
|
TJLP + 3.3% |
|
72 monthly installments from january 2008 |
CPFL Energia guarantee, receivables and Promissory Note | |
CPFL Paulista - FINEM IV |
|
176,394 |
|
192,429 |
|
TJLP + 3.28% to 3.4% |
|
60 monthly installments from january 2010 |
CPFL Energia guarantee and receivables | |
CPFL Paulista - FINEM V |
|
195,929 |
|
199,692 |
|
TJLP + 2.12% to 3.3% |
|
72 monthly installments from february 2012 |
CPFL Energia guarantee and receivables | |
CPFL Paulista - FINEM V |
|
72,760 |
|
64,873 |
|
Fixed rate 5.5% to 8.0% |
|
114 monthly installments from august 2011 |
CPFL Energia guarantee and receivables | |
CPFL Paulista - FINAME |
|
65,503 |
|
67,613 |
|
Fixed rate 4.5% |
|
96 monthly installments from january 2012 |
CPFL Energia guarantee | |
CPFL Piratininga - FINEM II |
27,968 |
|
31,963 |
|
TJLP + 3.3% |
|
72 monthly installments from january 2008 |
CPFL Energia guarantee, receivables and Promissory Note | ||
CPFL Piratininga - FINEM III |
73,524 |
|
80,207 |
|
TJLP + 3.28% to 3.4% |
|
60 monthly installments from january 2010 |
CPFL Energia guarantee and receivables | ||
CPFL Piratininga - FINEM IV |
105,494 |
|
109,734 |
|
TJLP + 2.12% to 3.3% |
|
72 monthly installments from february 2012 |
CPFL Energia guarantee and receivables | ||
CPFL Piratininga - FINEM IV |
35,539 |
|
35,611 |
|
Fixed rate 5.5% to 8.0% |
|
114 monthly installments from august 2011 |
CPFL Energia guarantee and receivables | ||
CPFL Piratininga - FINAME |
31,061 |
|
32,062 |
|
Fixed rate 4.5% |
|
96 monthly installments from january 2012 |
CPFL Energia guarantee | ||
RGE - FINEM III |
|
16,821 |
|
22,429 |
|
TJLP + 5.0% |
|
60 monthly installments from january 2008 to december 2012 |
Receivables / CPFL Energia guarantee | |
RGE - FINEM IV |
|
112,283 |
|
122,492 |
|
TJLP + 3.28 to 3.4% |
|
60 monthly installments from january 2010 to december 2014 |
Receivables / CPFL Energia guarantee | |
RGE - FINEM V |
|
118,577 |
|
109,962 |
|
TJLP + 2.12 to 3.3% |
|
72 monthly installments from february 2012 to december 2018 |
Receivables / CPFL Energia guarantee | |
RGE - FINEM V |
|
23,378 |
|
23,308 |
|
Fixed rate 5.5% |
|
96 monthly installments from february 2013 to december 2021 |
Receivables / CPFL Energia guarantee | |
RGE - FINAME |
|
15,586 |
|
16,089 |
|
Fixed rate 4.5% to 10% |
|
96 monthly installments from january 2012 to december 2021 |
CPFL Energia guarantee | |
RGE - FINAME II |
|
446 |
|
- |
|
Fixed rate 10,0% |
|
90 monthly installments from May 2012 |
Assets related to fiduciary | |
CPFL Santa Cruz |
|
7,388 |
|
8,007 |
|
TJLP + 2.0% to 2.90% |
|
54 monthly installments from december 2010 |
CPFL Energia guarantee and receivables | |
CPFL Mococa |
|
3,954 |
|
4,258 |
|
TJLP + 2.90% |
|
54 monthly installments from january 2011 |
CPFL Energia guarantee and receivables | |
CPFL Jaguari |
|
3,460 |
|
3,732 |
|
TJLP + 2.90% |
|
54 monthly installments from december 2010 |
CPFL Energia guarantee and receivables | |
CPFL Leste Paulista |
|
5,146 |
|
5,497 |
|
TJLP + 2.90% |
|
54 monthly installments from june 2011 |
|
CPFL Energia guarantee and receivables |
CPFL Sul Paulista |
|
5,572 |
|
5,952 |
|
TJLP + 2.90% |
|
54 monthly installments from june 2011 |
|
CPFL Energia guarantee and receivables |
BAESA |
|
100,725 |
|
104,649 |
|
TJLP + 3.125% to 4.125% |
144 monthly installments from september 2006 |
Pledge of shares, credit rights and revenue | ||
BAESA |
|
22,017 |
|
23,356 |
|
UMBND + 3.125% (1) |
|
144 monthly installments from november 2006 |
Pledge of shares, credit rights and revenue | |
ENERCAN |
|
232,478 |
|
240,780 |
|
TJLP + 4% |
|
144 monthly installments from april 2007 |
Letters of guarantee | |
ENERCAN |
|
14,779 |
|
15,685 |
|
UMBND + 4% |
|
144 monthly installments from april 2007 |
Letters of guarantee | |
CERAN |
|
495,861 |
|
508,179 |
|
TJLP + 3.69% to 5% |
|
168 monthly installments from december 2005 |
CPFL Energia guarantee | |
CERAN |
|
52,261 |
|
55,288 |
|
UMBND + 3.69% to 5% (1) |
168 monthly installments from february 2006 |
CPFL Energia guarantee | ||
Foz do Chapecó |
|
1,027,499 |
|
1,044,312 |
|
TJLP + 2.49% to 2.95% |
|
192 monthly installments from october 2011 |
Pledge of shares, credit and concession rights and revenue and CPFL Energia guarantee | |
CPFL Renovaveis - FINEM II |
37,967 |
|
38,818 |
|
TJLP + 1.95% |
|
144 monthly installments from june 2011 |
Mortgage, credit rights and CPFL Energia guarantee | ||
CPFL Renovaveis - FINAME II |
36,176 |
|
37,356 |
|
Fixed rate 4.5% |
|
102 monthly installments from june 2011 |
Mortgage, credit rights and CPFL Energia guarantee | ||
CPFL Renováveis - FINEM I |
408,727 |
|
416,677 |
|
TJLP + 1.95% |
|
168 monthly installments from october 2009 to July 2011 |
PCH Holding a joint debtor, Letters of guarantee | ||
CPFL Renováveis - FINEM III |
540,055 |
|
426,119 |
|
TJLP + 1.72% to 1.9% |
|
156 to 192 monthly installments from January 2012 to may 2013 |
Mortgage,equipment and CPFL Energia guarantee | ||
CPFL Renovaveis - FINEM IV |
4,939 |
|
5,374 |
|
TJLP 3.5% |
|
46 monthly installments from April 2011 |
CPFL Energia guarantee, pledge of receivables | ||
CPFL Renovaveis - FINEM V (Santa Luzia) |
133,150 |
|
136,002 |
|
TJLP + 2.8% to 3.4% |
|
143 monthly installments from december 2011 |
PCH Holding 2 and CPFL Renewable debtor solidarity. | ||
CPFL Renováveis - FINAME I |
177,962 |
|
179,188 |
|
TJLP + 5.5% |
|
102 to 108 monthly installments from January 2012 to August 2020 |
Mortgage, credit rights and CPFL Energia guarantee | ||
Epasa - FINEM |
|
103,182 |
|
102,782 |
|
TJLP + 1.82% |
|
152 monthly installments from January 2012 |
CPFL Energia guarantee | |
EPASA - BNB |
|
109,168 |
|
109,137 |
|
Fixed rate 10% |
|
132 monthly installments from january 2013 |
Bank guarantee | |
CPFL Brasil - FINEP |
|
4,674 |
|
4,868 |
|
Fixed rate 5% |
|
81 monthly installments from august 2011 |
Receivables | |
|
|
|
|
|
|
|
|
|
|
|
BNDES - Other |
|
|
|
|
|
|
|
|
|
|
CPFL Brasil - Purchase of assets |
6,155 |
|
3,624 |
|
TJLP + de 1.72% to 2.84% |
36 monthly installments from may 2009 |
|
Tied to the asset acquired | ||
CPFL Brasil - Purchase of assets |
3,674 |
|
3,508 |
|
Fixed rate 4.5% to 8.70% |
|
96 monthly installments from march 2012 |
CPFL Energia guarantee | ||
CPFL Piratininga - Working capital |
64,476 |
|
78,276 |
|
TJLP + 5.0% (2) |
|
24 monthly installments from february 2011 and october 2011
|
No guarantee | ||
CPFL Geração - FINEM - Working capital |
35,065 |
|
42,077 |
|
TJLP + 4.95% |
|
24 monthly installments from july 2011 |
|
CPFL Energia guarantee | |
CPFL Geração - FINAME - Working capital |
21,292 |
|
28,389 |
|
TJLP + 4.95% (2) |
|
23 monthly installments from february 2011 |
CPFL Energia guarantee | ||
|
|
|
|
|
|
|
|
|
|
|
Financial Institutions |
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Law 8727 |
|
24,103 |
|
26,589 |
|
IGP-M + 7.42% |
|
240 monthly installments from may 1994 |
Receivables | |
Banco do Brasil |
|
108,212 |
|
105,435 |
|
107% of CDI |
|
1 installment in April 2015 |
|
CPFL Energia guarantee |
Banco do Brasil - Working capital (*) |
229,935 |
|
224,124 |
|
98.50% of CDI |
|
4 annual installments from July 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
164,662 |
|
160,528 |
|
99.00% of CDI |
|
2 annual installments from march 2013. |
|
CPFL Energia guarantee | |
CPFL Piratininga |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
21,148 |
|
20,613 |
|
98.5% of CDI |
|
4 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
21,221 |
|
20,671 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
RGE |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
272,981 |
|
266,046 |
|
98.5% of CDI |
|
4 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
61,020 |
|
59,438 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Santa Cruz |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
19,001 |
|
18,551 |
|
98.5% of CDI |
|
2 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
7,337 |
|
7,113 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Sul Paulista |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
11,757 |
|
11,479 |
|
98.5% of CDI |
|
2 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
10,235 |
|
9,948 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Leste Paulista |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
19,535 |
|
19,073 |
|
98.5% of CDI |
|
2 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
19,108 |
|
18,576 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Mococa |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
9,857 |
|
9,623 |
|
98.5% of CDI |
|
2 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
3,214 |
|
3,114 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Jaguari |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil - Working capital (*) |
2,078 |
|
2,029 |
|
98.5% of CDI |
|
2 annual installments from july 2012 |
|
CPFL Energia guarantee | |
Banco do Brasil - Working capital (**) |
6,470 |
|
6,298 |
|
99.0% of CDI |
|
2 annual installments from march 2013 |
|
CPFL Energia guarantee | |
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
Banco do Brasil |
|
645,395 |
|
628,632 |
|
107.0% of CDI |
|
1 installment in april 2015 |
|
CPFL Energia guarantee |
Foz do Chapecó |
|
|
|
|
|
|
|
|
|
|
Banco Alfa |
|
4,022 |
|
3,911 |
|
111.45% of CDI |
|
1 installment in january 2012 |
|
No guarantee |
CPFL Renovaveis |
|
|
|
|
|
|
|
|
|
|
Banco Safra |
|
44,025 |
|
42,925 |
|
CDI+ 0.4% |
|
annual installment 2014 |
|
No guarantee |
Banco Safra |
|
32,844 |
|
32,022 |
|
CDI + 0.4% |
|
annual installment 2014 |
|
No guarantee |
BNB |
|
149,420 |
|
152,136 |
|
TJLP + 8.08% |
|
168 monthly installments from January 2009 |
Fiduciary alienation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
Eletrobrás |
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
8,716 |
|
9,046 |
|
RGR + 6.0% to 6.5% |
|
monthly installments up to december 2022 |
Receivables and promissory notes | |
CPFL Piratininga |
|
653 |
|
707 |
|
RGR + 6% |
|
monthly installments up to july 2016 |
|
Receivables and promissory notes |
RGE |
|
15,487 |
|
16,264 |
|
RGR + 6% |
|
monthly installments up to july 2016 |
|
Receivables and promissory notes |
CPFL Santa Cruz |
|
3,173 |
|
3,381 |
|
RGR + 6% |
|
monthly installments up to april 2018 |
|
Receivables and promissory notes |
CPFL Leste Paulista |
|
938 |
|
986 |
|
RGR + 6% |
|
monthly installments up to february 2022 |
Receivables and promissory notes | |
CPFL Sul Paulista |
|
1,535 |
|
1,629 |
|
RGR + 6% |
|
monthly installments up to july 2018 |
|
Receivables and promissory notes |
CPFL Jaguari |
|
88 |
|
93 |
|
RGR + 6% |
|
monthly installments up to may 2017 |
|
Receivables and promissory notes |
CPFL Mococa |
|
367 |
|
383 |
|
RGR + 6% |
|
monthly installments up to february 2022 |
Receivables and promissory notes | |
Other |
|
8,771 |
|
9,774 |
|
|
|
|
|
|
Subtotal Brazilian Currency - Cost |
6,711,054 |
|
6,693,824 |
|
|
|
|
|
| |
49
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Foreign Currency |
|
|
|
|
|
|
|
|
|
| ||
Financial institutions |
|
|
|
|
|
|
|
|
|
| ||
CPFL Paulista (5) |
|
|
|
|
|
|
|
|
|
| ||
Debt Conversion Bond |
|
1,097 |
|
1,119 |
|
US$ + Libor 6 months + 0.875% |
17 semiannual installments from April 2004 |
Revenue/Government SP guaranteed | ||||
C-Bond |
|
5,050 |
|
5,064 |
|
US$ + 8% |
|
21 semiannual installments from April 2004 |
Revenue/Government SP guaranteed | |||
Discount Bond |
|
16,093 |
|
16,403 |
|
US$ + Libor 6 months + 0.8125% |
1 installment in April 2024 |
|
Escrow deposits and revenue/ Gov.SP guarantee | |||
PAR-Bond |
|
23,553 |
|
23,734 |
|
US$ + 6% |
|
1 installment in April 2024 |
|
Escrow deposits and revenue/ Gov.SP guarantee | ||
Subtotal Foreign Currency - Cost |
45,793 |
|
46,320 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| ||
Total Measured at cost |
|
6,756,847 |
|
6,740,144 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
Foreign Currency |
|
|
|
|
|
|
|
|
|
| ||
Measured at fair value through profit and loss |
|
|
|
|
|
| ||||||
Financial Institutions |
|
|
|
|
|
|
|
|
|
| ||
CPFL Paulista |
|
|
|
|
|
|
|
|
|
| ||
BNP Paribas |
|
192,766 |
|
195,602 |
|
US$ + 2.78% (3) |
|
1 installment in june 2014 |
|
CPFL Energia guarantee and promissory notes | ||
J.P.Morgan |
|
93,903 |
|
95,259 |
|
US$ + 2.74% (3) |
|
1 installment in july 2014 |
|
CPFL Energia guarantee and promissory notes | ||
J.P.Morgan |
|
93,195 |
|
94,364 |
|
US$ + 2.55% (3) |
|
1 installment in august 2014 |
|
CPFL Energia guarantee and promissory notes | ||
Morgan Stanley |
|
94,043 |
|
95,086 |
|
US$ + Libor 6 months + 1.75% (3) |
1 installment in september 2016 |
|
CPFL Energia guarantee and promissory notes | |||
Bank of America |
|
193,792 |
|
196,645 |
|
US$ + 3.69 % (3) |
|
1 installment in july 2016 |
|
CPFL Energia guarantee and promissory notes | ||
Bank of America |
|
278,602 |
|
282,012 |
|
US$ + 2.33% (3) |
|
1 installment in july 2014 |
|
CPFL Energia guarantee and promissory notes | ||
Societe Generale |
|
41,548 |
|
42,106 |
|
US$ + 3.55% (3) |
|
1 installment in august 2016 |
|
CPFL Energia guarantee and promissory notes | ||
Citibank |
|
94,118 |
|
95,165 |
|
US$ + Libor 6 months + 1.77% (3) |
1 installment in september 2016 |
|
CPFL Energia guarantee and promissory notes | |||
HSBC |
|
44,336 |
|
44,782 |
|
US$ + Libor 6 months + 2.37%(3) |
1 installment in september 2014 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Piratininga |
|
|
|
|
|
|
|
|
|
| ||
BNP Paribas |
|
56,096 |
|
56,862 |
|
USD + 2.62% (3) |
|
1 installment in july 2014 |
|
CPFL Energia guarantee and promissory notes | ||
J.P.Morgan |
|
186,232 |
|
188,538 |
|
USD + 2.52% (3) |
|
1 installment in august 2014 |
|
CPFL Energia guarantee and promissory notes | ||
Societe Generale |
|
54,517 |
|
55,249 |
|
USD + 3.55% (3) |
|
1 installment in august 2016 |
|
CPFL Energia guarantee and promissory notes | ||
Citibank |
|
15,017 |
|
15,190 |
|
US$ + Libor 6 months + 1.69%(3) |
1 installment in august 2016 |
|
CPFL Energia guarantee and promissory notes | |||
Sumitomo |
|
94,364 |
|
94,845 |
|
US$ + Libor 6 months + 1.75%(3)(***) |
1 installment in august 2016 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Geração |
|
|
|
|
|
|
|
|
|
| ||
Citibank |
|
117,280 |
|
118,524 |
|
US$ + Libor 6 months + 1.69%(3) |
1 installment in august 2016 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Leste Paulista |
|
|
|
|
|
|
|
|
|
| ||
Citibank - Law 4131 |
|
8,821 |
|
8,972 |
|
US$ + Libor 6 months + 1.52%(3) |
1 installment in september 2014 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Sul Paulista |
|
|
|
|
|
|
|
|
|
| ||
Citibank - Law 4131 |
|
8,821 |
|
8,972 |
|
US$ + Libor 6 months + 1.52%(3) |
1 installment in september 2014 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Jaguari |
|
|
|
|
|
|
|
|
|
| ||
Citibank - Law 4131 |
|
8,089 |
|
8,233 |
|
US$ + Libor 6 months + 1.57%(3) |
1 installment in august 2014 |
|
CPFL Energia guarantee and promissory notes | |||
CPFL Mococa |
|
|
|
|
|
|
|
|
|
| ||
Citibank - Law 4131 |
|
7,718 |
|
7,849 |
|
US$ + Libor 6 months + 1.52%(3) |
1 installment in september 2014 |
|
CPFL Energia guarantee and promissory notes | |||
Total Foreign Currency - fair value |
1,683,258 |
|
1,704,254 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| ||
Total - Consolidated |
|
8,440,106 |
|
8,444,398 |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
The subsdiaries hold swaps converting the operating cost of currency variation to interest tax variation in reais, corresponding to : | ||||||||||||
(1) 143.9% of CDI |
|
(3) 95.50% up 106.85% of CDI |
|
|
|
| ||||||
(2) 106.3% of CDI |
|
|
|
|
|
|
|
|
|
| ||
(4)As certain assets are dollar indexed (Note 11), a partial swap of R$ 22,084 was contracted, converting the currency variation to 102.05% of the CDI. | ||||||||||||
(*) Efective rate: CPFL Paulista and CPFL Piratininga - 98.5% CDI + 2.88% RGE - 98.5% of CDI + 2.5% p.a. CPFL Santa Cruz, CPFL Sul Paulista, CPFL Leste Paulista, CPFL Mococa, CPFL Jaguari - 98.5% CDI + 2.28% | ||||||||||||
| ||||||||||||
(**) Efective rate: CPFL Paulista - 99.0% of CDI + 0.5% e CPFL Piratininga - 99.0% of CDI + 2.4% RGE - 99.0% of CDI + 2.38% p.a. CPFL Santa Cruz, CPFL Sul Paulista, CPFL Leste Paulista, CPFL Mococa, CPFL Jaguari - 99.0% CDI + 2.88% | ||||||||||||
| ||||||||||||
(***) Efective rate: |
|
|
|
|
|
|
|
|
|
| ||
CPFL Pitatininga - 98.65% of CDI + 0.10% |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||
In conformity with CPCs 38 and 39, the Company and its subsidiaries classified their debts, as segregated in the tables above, as (i) financial liabilities not measured at fair value (or measured at amortized cost), and (ii) financial liabilities measured at fair value through profit and loss.
The objective of classifying the financial liabilities as measured at fair value is to offset the effects of recognition of income and expense derived from marking hedge derivatives to market, tied to the debts, in order to obtain more relevant and consistent accounting information. At March 31, 2012, the total balance of the debt measured at fair value was R$ 1,683,258 (R$ 1,704,254 at December 31, 2011), and the corresponding amounts at the amortized cost are as follows:
50
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
March 31, 2012 | ||||||
|
|
Value at cost |
|
Measured at fair value recorded | ||||
Foreign currency |
|
Interest - current and noncurrent |
Noncurrent |
|
Total |
| ||
Measured at fair value |
|
|
|
| ||||
CPFL Paulista |
|
|
|
|
|
|
|
|
BNP Paribas |
|
1,261 |
|
187,680 |
|
188,941 |
|
192,766 |
J.P.Morgan |
|
572 |
|
91,670 |
|
92,242 |
|
93,903 |
J.P.Morgan |
|
383 |
|
91,670 |
|
92,053 |
|
93,195 |
Morgan Stanley |
|
76 |
|
91,670 |
|
91,746 |
|
94,043 |
Bank of America |
|
1,466 |
|
183,340 |
|
184,806 |
|
193,792 |
Bank of America |
|
1,388 |
|
275,010 |
|
276,398 |
|
278,602 |
Societe Generale |
|
231 |
|
39,647 |
|
39,878 |
|
41,548 |
Citibank |
|
64 |
|
91,670 |
|
91,734 |
|
94,118 |
HSBC |
|
29 |
|
44,002 |
|
44,031 |
|
44,336 |
|
|
5,470 |
|
1,096,359 |
|
1,101,829 |
|
1,126,303 |
CPFL Piratininga |
|
|
|
|
|
|
|
|
BNP Paribas |
|
244 |
|
55,002 |
|
55,246 |
|
56,096 |
J.P.Morgan |
|
757 |
|
183,340 |
|
184,097 |
|
186,232 |
Societe Generale |
|
303 |
|
52,023 |
|
52,326 |
|
54,517 |
Citibank |
|
33 |
|
14,667 |
|
14,700 |
|
15,017 |
Sumitomo |
|
197 |
|
91,316 |
|
91,513 |
|
94,363 |
|
|
1,534 |
|
396,347 |
|
397,881 |
|
406,225 |
CPFL Geração |
|
|
|
|
|
|
|
|
Citibank |
|
256 |
|
114,587 |
|
114,843 |
|
117,279 |
CPFL Sul Paulista |
|
|
|
|
|
|
|
|
Citibank |
|
9 |
|
8,737 |
|
8,745 |
|
8,821 |
CPFL Leste Paulista |
|
|
|
|
|
|
|
|
Citibank |
|
9 |
|
8,737 |
|
8,745 |
|
8,821 |
CPFL Mococa |
|
|
|
|
|
|
|
|
Citibank |
|
8 |
|
7,644 |
|
7,652 |
|
7,718 |
CPFL Jaguari |
|
|
|
|
|
|
|
|
Citibank |
|
17 |
|
7,994 |
|
8,011 |
|
8,089 |
|
|
|
|
|
|
|
|
|
|
|
7,302 |
|
1,640,405 |
|
1,647,707 |
|
1,683,257 |
The changes in the fair values of these debts are recognized in the financial income (expense) of the Company and its subsidiaries. The losses of R$ 35,550 (R$ 7,359 at December 31, 2011) obtained by marking the debts to market together with the effects of R$ 29,077 (loss of R$ 1,241 at December 31, 2011) of marking to market the derivative financial instruments contracted to protect against exchange rate variations (Note 32), resulting in a total loss of R$ 6,473 (R$ 8,600 at December 31, 2011).
Main fund-raising in the year:
Brazilian currency
BNDES – Investment:
51
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
FINEM V (CPFL Paulista) – The subsidiary received approval for financing of R$ 291,043 from the BNDES in 2010, part of a FINEM credit line, to be invested in implementation of the investment plan for the second half-year of 2010 and for 2011. R$ 11,889 was released in 2012, related to the final results of investments for 2011 and the remaining balance was cancelled.
FINEM V (RGE) – The subsidiary received approval for financing of R$ 167,861 from the BNDES in 2010, part of a FINEM credit line, to be invested in implementation of the investment plan for the second half-year of 2010 and for 2011. The subsidiary received the amount of R$ 12,839 in 2012 and the remaining balance was cancelled.
FINEM III / FINAME I (CPFL Renováveis) – In 2010, the subsidiaries CPFL Geração and CPFL Brasil obtained approval for financing from the BNDES of R$ 574,098 and R$ 398,547, respectively, which will be used for the indirect subsidiaries Santa Clara I to VI and Eurus VI and CPFL Bio Formosa, CPFL Bio Pedra, CPFL Bio Ipê and CPFL Bio Buriti. The amount of R$ 108,296 was released in 2012 and the outstanding amount of R$ 276,455 is scheduled for release by April 2013. As a result of the corporate restructuring in 2011, described in note 12, these debts have been recorded in the subsidiary CPFL Renováveis since August 1, 2011.
The maturities of the principal long-term balances of loans and financing are scheduled as follows:
Maturity |
|
Consolidated |
From April 1, 2013 |
|
688,853 |
2014 |
|
1,757,788 |
2015 |
|
1,212,784 |
2016 |
|
1,094,104 |
2017 |
|
412,778 |
After 2017 |
|
2,015,252 |
Marking Market |
|
35,549 |
Total |
|
7,217,109 |
RESTRICTIVE COVENANTS
The loan and financing agreements are subject to certain restrictive covenants, containing clauses that, among other conditions, require the subsidiaries to maintain certain financial ratios within predefined parameters. Details of these restrictive covenants are presented in the financial statements as of December 31, 2011.
The Management of the Company and its subsidiaries monitor these indices systematically and constantly to ensure that the contractual conditions are complied with. In the opinion of Management of the Company and its subsidiaries, all restrictive covenants and clauses are adequately complied with as of March 31, 2012.
52
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
( 17 ) DEBENTURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||||||||||||||
|
|
|
March 31, 2012 |
|
December 31, 2011 | ||||||||||||
|
|
|
Interest |
|
Current |
|
Noncurrent |
|
Total |
|
Interest |
|
Current |
|
Noncurrent |
|
Total |
Parent Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
3,276 |
|
150,000 |
|
300,000 |
|
453,276 |
|
16,403 |
|
150,000 |
|
300,000 |
|
466,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
14,909 |
|
213,333 |
|
213,333 |
|
441,575 |
|
3,846 |
|
213,333 |
|
213,333 |
|
430,513 |
5th Issue |
Single series |
|
18,346 |
|
- |
|
482,453 |
|
500,799 |
|
4,704 |
|
- |
|
482,363 |
|
487,067 |
|
|
|
33,254 |
|
213,333 |
|
695,786 |
|
942,374 |
|
8,551 |
|
213,333 |
|
695,696 |
|
917,580 |
CPFL Piratininga |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
14,352 |
|
- |
|
259,194 |
|
273,546 |
|
7,310 |
|
- |
|
259,129 |
|
266,439 |
5th Issue |
Single series |
|
6,065 |
|
- |
|
159,438 |
|
165,503 |
|
1,555 |
|
- |
|
159,405 |
|
160,960 |
|
|
|
20,417 |
|
- |
|
418,632 |
|
439,049 |
|
8,865 |
|
- |
|
418,534 |
|
427,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RGE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
1st Series |
|
2,367 |
|
33,333 |
|
33,333 |
|
69,033 |
|
609 |
|
33,333 |
|
33,333 |
|
67,275 |
|
2nd Series |
|
2,398 |
|
46,667 |
|
46,667 |
|
95,732 |
|
7,950 |
|
46,667 |
|
46,667 |
|
101,284 |
|
3rd Series |
|
431 |
|
13,333 |
|
13,333 |
|
27,097 |
|
1,848 |
|
13,333 |
|
13,333 |
|
28,514 |
|
4th Series |
|
2,105 |
|
16,667 |
|
16,667 |
|
35,439 |
|
1,226 |
|
16,667 |
|
16,667 |
|
34,560 |
|
5th Series |
|
2,105 |
|
16,667 |
|
16,667 |
|
35,439 |
|
1,226 |
|
16,667 |
|
16,667 |
|
34,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5th Issue |
Single series |
|
2,654 |
|
- |
|
69,716 |
|
72,370 |
|
680 |
|
- |
|
69,699 |
|
70,379 |
|
|
|
12,060 |
|
126,667 |
|
196,383 |
|
335,110 |
|
13,539 |
|
126,667 |
|
196,366 |
|
336,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Santa Cruz |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Issue |
Single series |
|
2,298 |
|
- |
|
64,706 |
|
67,004 |
|
454 |
|
- |
|
64,694 |
|
65,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Issue |
Single series |
|
50,484 |
|
- |
|
1,315,749 |
|
1,366,233 |
|
12,940 |
|
- |
|
1,315,580 |
|
1,328,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
14,573 |
|
- |
|
263,203 |
|
277,776 |
|
7,423 |
|
- |
|
263,137 |
|
270,560 |
4th Issue |
Single series |
|
26,007 |
|
- |
|
677,622 |
|
703,629 |
|
6,666 |
|
- |
|
677,527 |
|
684,193 |
|
|
|
40,580 |
|
- |
|
940,825 |
|
981,405 |
|
14,089 |
|
- |
|
940,664 |
|
954,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPASA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
5,690 |
|
9,779 |
|
58,202 |
|
73,671 |
|
3,670 |
|
5,480 |
|
62,364 |
|
71,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAESA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Series |
|
252 |
|
3,139 |
|
10,987 |
|
14,378 |
|
299 |
|
3,150 |
|
11,812 |
|
15,261 |
|
2nd Series |
|
207 |
|
2,595 |
|
9,083 |
|
11,885 |
|
245 |
|
2,584 |
|
9,691 |
|
12,520 |
|
|
|
459 |
|
5,734 |
|
20,070 |
|
26,263 |
|
544 |
|
5,734 |
|
21,503 |
|
27,781 |
Enercan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Series |
|
246 |
|
3,616 |
|
46,106 |
|
49,968 |
|
281 |
|
3,616 |
|
47,009 |
|
50,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Renováveis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Issue |
Single series |
|
13,501 |
|
26,367 |
|
486,613 |
|
526,481 |
|
4,214 |
|
26,355 |
|
486,241 |
|
516,810 |
2st Issue |
Single series |
|
- |
|
- |
|
161,210 |
|
161,210 |
|
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182,265 |
|
535,495 |
|
4,704,282 |
|
5,422,043 |
|
83,552 |
|
531,185 |
|
4,548,651 |
|
5,163,388 |
53
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
Issued |
|
Annual Remuneration |
|
Annual Effective rate |
|
Amortization Conditions |
|
Collateral |
Parent Company |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
45,000 |
|
CDI + 0.45% (1) |
|
CDI + 0.53% |
|
3 annual installments from September 2012 |
|
Unsecured |
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
64,000 |
|
104.4% of CDI |
|
104.4% CDI + 0.05% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
5th Issue |
Single series |
|
4,840 |
|
CDI + 1.30% |
|
CDI + 1.40% |
|
1 single installment in June 2016 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
| |
CPFL Piratininga |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
260 |
|
107.0% of CDI |
|
107.0% CDI + 0.67% |
|
April 1st, 2015 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5th Issue |
Single series |
|
1,600 |
|
CDI + 1.30% |
|
CDI + 1.41% |
|
June, 1, 2016 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
RGE |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
1st Series |
|
1 |
|
CDI + 0.60% (2) |
|
CDI + 0.71% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
2nd Series |
|
1 |
|
CDI + 0.60% (3) |
|
CDI + 0.71% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
3rd Series |
|
1 |
|
CDI + 0.60% (4) |
|
CDI + 0.71% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
4th Series |
|
1 |
|
CDI + 0.60% (5) |
|
CDI + 0.84% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
5th Series |
|
1 |
|
CDI + 0.60% (5) |
|
CDI + 0.84% |
|
3 annual installments from December 2011 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5th Issue |
Single series |
|
700 |
|
CDI + 1.30% |
|
CDI + 1.43% |
|
June, 1, 2016 |
|
Unsecured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Santa Cruz |
|
|
|
|
|
|
|
|
|
|
|
1st Issue |
Single series |
|
650 |
|
CDI + 1.40% |
|
CDI + 1.52% |
|
June 11, 2018 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Brasil |
|
|
|
|
|
|
|
|
|
|
|
2nd Issue |
Single series |
|
13,200 |
|
CDI + 1.40% |
|
CDI + 1.48% |
|
2 annual instalments from June 2017 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
264 |
|
107.0% of CDI |
|
107.0% of CDI + 0.67% |
|
1 installment in April 2015 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
4th Issue |
Single series |
|
6,800 |
|
100% of CDI + 1.40%p.a. |
|
CDI + 1.49% |
|
2 annual instalments from June 2017 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
EPASA |
|
|
|
|
|
|
|
|
|
|
|
3rd Issue |
Single series |
|
130 |
|
113.5% of CDI |
|
113.5% of CDI + 0.189% |
|
48 monthly installments from September 2012 |
|
CPFL Energia guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAESA |
1st Series |
|
9,000 |
|
CDI + 1.3% |
|
CDI + 0.43% |
|
Quarterly with settlement in August 2016 |
|
Letters of guarantee |
|
2nd Series |
|
8,100 |
|
CDI + 1.3% |
|
106% CDI + 0.12% |
|
Annual with settlement in August 2016 |
|
Letters of guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enercan |
1st Series |
|
110 |
|
100% of CDI + 1.25% p.a |
|
111.1% of CDI |
|
Quarterly with settlement in December 2025 |
|
No guarantees |
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Renováveis |
|
|
|
|
|
|
|
|
|
|
|
1st Issue |
Single series |
|
528,649,076 |
|
TJLP + 1.00% |
|
TJLP + 1.00% + 0.22% |
|
39 consecutive semi-annual installments from 2009 |
|
Fiduciary |
2st Issue |
Single series |
|
1,581 |
|
CDI + 1,60% |
|
CDI + 1.60% |
|
9 monthly installments from 2015 to 2023 and monthly interest from June 2015 |
|
guarantee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company and its subsidiaries hold swaps that convert the prefixed component of interest on the operation to interest rate variation in reais, corresponding to: |
|
|
|
| |||||||
(1) 104.4% of CDI |
|
|
(3) 104.85% of CDI |
|
|
|
(5) 104.87% of CDI |
|
|
|
|
(2) 105.07% of CDI |
|
|
(4) 104.9% of CDI |
|
|
|
|
|
|
|
|
The maturities of the long-term balance of debentures are scheduled as follows:
Maturity |
|
Consolidated |
From April 1, 2013 |
|
539,734 |
2014 |
|
206,931 |
2015 |
|
593,026 |
2016 |
|
768,615 |
2017 |
|
1,071,638 |
After 2017 |
|
1,524,338 |
Total |
|
4,704,282 |
54
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Amounts raised in the period
In January 2012, the indirect subsidiary PCH Holding 2 S.A., subsidiary of CPFL Renováveis, issued debentures not convertible into shares, of R$ 158,193 (R$ 156,010 net of issue costs), maturing in 2023, to finance the acquisition of PCH Santa Luzia. The interest will be paid monthly from June 2015 and the principal will be paid in nine consecutive annual installments, starting in June 2015.
RESTRICTIVE COVENANTS
The debentures issued in 2012 by the indirect subsidiary PCH Holding 2 S.A. are subject to restrictive covenants in relation to changes in the corporate structure of the company itself or of the subsidiary CPFL Renováveis. There are also restrictive covenants that require the following financial ratios to be maintained:
· Consolidated leverage ratio of 80% or less;
· Ratio of debt coverage ratio of 1.15 or more.
The other debentures are subject to certain restrictive covenants and include clauses that require the Company to maintain certain financial ratios within pre-established parameters. The details of these restrictive covenants are set forth in the December 31, 2011 financial statements.
The Management of the Company and its subsidiaries monitor these ratios systematically and constantly to ensure that the conditions are complied with.
In the opinion of the managements of the subsidiaries, these restrictive conditions and clauses are adequately complied with as of March 31, 2012.
( 18 ) EMPLOYEE PENSION PLANS
The subsidiaries sponsor supplementary retirement and pension plans for their employees. The main characteristics of these plans are as follows:
I – CPFL Paulista
The plan in force for the employees of the subsidiary CPFL Paulista, through Fundação CESP, was a Defined Plan (Proportional Paid-Up Supplementary Benefit Plan) until October 31, 1997, and after such date, a Mixed Benefit Plan for programmed retirement and a Benefit Plan for death and disability.
With the amendment of the Pension Plan in October 1997, the subsidiary recognized an obligation related to pay in respect of the plan deficit determined at the time by the external actuaries of Fundação CESP. This deficit would be settled in 240 monthly installments and 20 annual installments, maturing in October 2017, plus interest of 6% p.a. and restatement based on the IGP-DI (FGV). Under the addendum to the agreement with Fundação CESP dated January 17, 2008, the payment terms were changed to 238 monthly payments and 19 annual installments, in relation to the base date of December 31, 2007, with final maturity on October 31, 2027. The balance of the obligation as of March 31, 2012 is R$ 449,881 (R$ 452,756 as of December 31, 2010). The contract amount differs from the accounting records of the subsidiary, which are in conformity with CPC 33.
Additionally, managers may opt for a Free Benefit Generator Plan – PGBL (Defined Contribution), operated by either Banco do Brasil or Bradesco.
55
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
II – CPFL Piratininga
The plans currently in effect for the employees of the subsidiary CPFL Piratininga, through Fundação CESP, are a Defined Plan (Proportional Paid-Up Supplementary Benefit Plan) up to March 31, 1998, and after that date, a Benefit Plan and a variable contribution.
In September 1997, through a contractual instrument of adjustment of reserves to be amortized, Eletropaulo Metropolitana Eletricidade São Paulo S.A. (the predecessor of Bandeirante) recognized an obligation to pay in respect of the plan deficit determined at the time by the external actuaries of Fundação CESP, to be liquidated in 240 monthly installments and 20 annual installments, maturing in October 2017, plus interest of 6% p.a. and restatement based on the IGP-DI (FGV). Under the Contractual Amendment, signed with Fundação CESP on January 17, 2008, the payment terms were amended to 221 monthly payments and 18 annual installments, in relation to the base date of December 31, 2007, with final maturity on May 31, 2026. The balance of the liability as of March 31, 2012 is R$ 125,708 (R$ 126,669 as of December 31, 2011). The contract amount differs from the accounting entries made by the subsidiary, which are in conformity with CPC 33.
Additionally, managers may opt for a Free Benefit Generator Plan – PGBL (Defined Contribution), operated by either Banco do Brasil or Bradesco.
III – RGE
A defined benefit plan, with a benefit that equals to 100% of the adjusted average of the most recent salaries, less the presumed Social Security benefit, with a Segregated Net Asset managed by ELETROCEEE. Only the employees whose work contracts were transferred from CEEE to RGE are entitled to this benefit. A defined contribution pension plan was set up in January 2006 with Bradesco Vida e Previdência for employees hired from 1997.
IV – CPFL Santa Cruz
The benefits plan of the subsidiary CPFL Santa Cruz, administered by BB Previdência - Fundo de Pensão do Banco do Brasil, is a defined contribution plan.
V - CPFL Leste Paulista, CPFL Sul Paulista, CPFL Mococa e CPFL Jaguari
In November 2005, the companies joined the CMSPREV private pension plan, managed by IHPREV Pension Fund. The plan is a defined contribution plan.
VI – CPFL Geração
The employees of the subsidiary CPFL Geração belong to the same pension plan as CPFL Paulista.
With the modification of the Retirement Plan, at that point maintained by CPFL Paulista, in October 1997, a liability was recognized as payable by the subsidiary CPFL Geração, in relation to the plan deficit calculated by the external actuaries of Fundação CESP, to be amortized in 260 installments (240 monthly and 20 annual installments), until October 2017, plus interest of 6% p.a. and restatement at the IGP-DI rate (FGV). Under the Contractual Amendment, signed with Fundação CESP on January 17, 2008, the payment terms were amended to 238 monthly installments and 19 annual installments, as of December 31, 2007, with final maturity on October 31, 2027. The balance of the obligation at March 31, 2012 is R$ 8,915 (R$ 8,972 in 2011). The contract amount differs from the carrying amount recorded by the subsidiary, which is in conformity with CPC 33.
Managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco.
56
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
VII – Changes in the defined benefit plans
Changes occurred in the period related to the net actuarial liability according to CPC 33 as shown as follows:
|
March 31, 2012 | ||||||||||
|
CPFL Paulista |
|
CPFL Piratininga |
|
CPFL Geração |
|
Total liability |
|
RGE |
|
Total asset |
Actuarial liabilities /(assets) on December 31, 2011 |
352,422 |
|
77,982 |
|
7,899 |
|
438,303 |
|
(3,416) |
|
(3,416) |
Expense (income) recognized in income statement |
(2,494) |
|
(818) |
|
(360) |
|
(3,671) |
|
1,135 |
|
1,135 |
Sponsors' contributions transferred during the period |
(10,871) |
|
(3,336) |
|
(94) |
|
(14,301) |
|
(1,135) |
|
(1,135) |
Actuarial liabilities /(assets) at the end of the period |
339,058 |
|
73,828 |
|
7,445 |
|
420,331 |
|
(3,416) |
|
(3,416) |
Other contributions |
14,211 |
|
357 |
|
(41) |
|
14,527 |
|
- |
|
- |
Subtotal |
353,268 |
|
74,185 |
|
7,404 |
|
434,857 |
|
(3,416) |
|
(3,416) |
Other contributions RGE |
- |
|
- |
|
- |
|
2,796 |
|
|
|
|
Actuarial liabilities /(assets) on March 31, 2012 |
353,268 |
|
74,185 |
|
7,404 |
|
437,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
| |||||
Noncurrent |
|
39,695 |
|
|
|
| |||||
|
|
397,959 |
|
|
|
(3,416) | |||||
Incomes recognized as operating cost in the actuarial report are shown below:
|
1st quarter 2012 | ||||||
|
CPFL Paulista |
|
CPFL Piratininga |
CPFL Geração |
|
Consolidated | |
Service cost |
297 |
|
1,087 |
|
36 |
|
1,420 |
Interest on actuarial obligations |
87,502 |
|
22,203 |
|
1,916 |
|
111,621 |
Expected return on plan assets |
(90,293) |
|
(24,108) |
|
(2,245) |
|
(116,645) |
Amortization of unrecognized actuarial gains |
- |
|
- |
|
(67) |
|
(67) |
Total income |
(2,494) |
|
(818) |
|
(360) |
|
(3,671) |
|
|
|
|
|
|
|
|
|
1st quarter 2011 | ||||||
|
CPFL Paulista |
|
CPFL Piratininga |
CPFL Geração |
|
Consolidated | |
Service cost |
261 |
|
945 |
|
34 |
|
1,240 |
Interest on actuarial obligations |
76,183 |
|
19,482 |
|
1,668 |
|
97,333 |
Expected return on plan assets |
(92,336) |
|
(24,472) |
|
(2,176) |
|
(118,984) |
Amortization of unrecognized actuarial gains |
(1,183) |
|
(611) |
|
(147) |
|
(1,941) |
Total income |
(17,075) |
|
(4,656) |
|
(621) |
|
(22,352) |
Since the changes in the RGE plan indicate the need to recognize an asset, and the amount to be recognized is restricted to the present value of the economic rewards available at the time, recognition in 2012 refers to the contributions in the period. The final amount to be recognized will be determined on preparation of the actuarial report, after analysis of the possibility of recovery of the asset at the end of the year.
The principal assumptions considered in the actuarial calculations, based on the actuarial report prepared for December 31, 2011 and 2010 were:
57
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
| ||||
|
CPFL Paulista, CPFL Piratininga and CPFL Geração |
|
RGE | ||||
|
December 31, 2011 |
|
December 31, 2010 |
|
December 31, 2011 |
|
December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nominal discount rate for actuarial liabilities: |
10.35% p.a. |
|
10.24% p.a. |
|
10.35% p.a. |
|
10.24% p.a. |
Nominal Return Rate on Assets: |
(*) |
|
(**) |
|
10.24% p.a. |
|
11.28% p.a. |
Estimated Rate of nominal salary increase: |
6.69% p.a. |
|
6.08% p.a. |
|
6.69% p.a. |
|
6.08% p.a. |
Estimated Rate of nominal benefits increase: |
0.0% p.a. |
|
0.0% p.a. |
|
0.0% p.a. |
|
0.0% p.a. |
Estimated long-term inflation rate (basis for establishing |
|
|
|
|
|
|
|
nominal rates above) |
4.6% p.a. |
|
4.0% p.a. |
|
4.6% p.a. |
|
4.0% p.a. |
General biometric mortality table: |
AT-83 |
|
AT-83 |
|
AT-83 |
|
AT-83 |
Biometric table for the onset of disability: |
MERCER TABLE |
|
MERCER TABLE |
|
Light-Average |
|
Light-Average |
Expected turnover rate: |
0.30 / (Service time + 1) |
|
0.30 / (Service time + 1) |
|
0.30 / (Service time + 1) |
|
0.30 / (Service time + 1) |
Likelihood of reaching retirement age: |
100% when a beneficiary of the Plan first becomes eligible |
100% when a beneficiary of the Plan first becomes eligible |
100% when a beneficiary of the Plan first becomes eligible |
100% when a beneficiary of the Plan first becomes eligible | |||
(*) CPFL Paulista and CPFL Geração 11.51% p.a, and CPFL Piratininga 11.72% p.a. (**) CPFL Paulista and CPFL Geração 12.73% p.a. and CPFL Piratininga 12.71% p.a | |||||||
( 19 ) REGULATORY CHARGES
|
Consolidated | ||
|
March 31, 2012 |
|
December 31, 2011 |
Fee for the Use of Water Resources |
3,684 |
|
3,591 |
Global Reverse Fund - RGR |
28,181 |
|
28,060 |
ANEEL Inspection Fee |
2,765 |
|
2,495 |
Fuel Consumption Account - CCC |
65,121 |
|
65,121 |
Energy Development Account - CDE |
50,622 |
|
45,879 |
Total |
150,373 |
|
145,146 |
( 20 ) TAXES AND CONTRIBUTIONS PAYABLE
58
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated | ||
|
March 31, 2012 |
|
December 31, 2011 |
Current |
|
|
|
ICMS (State VAT) |
295,876 |
|
300,518 |
PIS (Tax on Revenue) |
13,608 |
|
12,446 |
COFINS (Tax on Revenue) |
64,704 |
|
59,429 |
IRPJ (Corporate Income Tax) |
87,697 |
|
71,531 |
CSLL (Social Contribution Tax) |
28,682 |
|
18,589 |
Other |
28,977 |
|
20,515 |
Total |
519,544 |
|
483,028 |
|
|
|
|
Noncurrent |
|
|
|
COFINS (Tax on Revenue) |
- |
|
165 |
Total |
- |
|
165 |
( 21 ) RESERVE FOR CONTINGENCIES AND ESCROW DEPOSITS
|
Consolidated | ||||||
|
March 31, 2012 |
|
December 31, 2011 | ||||
|
Reserve for contingencies |
Escrow Deposits |
|
Reserve for contingencies |
Escrow Deposits | ||
Labor |
|
|
|
|
|
|
|
Various |
46,855 |
|
202,333 |
|
43,850 |
|
191,221 |
|
|
|
|
|
|
|
|
Civil |
|
|
|
|
|
|
|
General Damages |
11,633 |
|
126,640 |
|
13,114 |
|
122,252 |
Tariff Increase |
8,624 |
|
5,282 |
|
8,948 |
|
4,419 |
Other |
7,020 |
|
827 |
|
6,423 |
|
448 |
|
27,277 |
|
132,750 |
|
28,485 |
|
127,119 |
Tax |
|
|
|
|
|
|
|
FINSOCIAL |
18,958 |
|
54,043 |
|
18,930 |
|
53,964 |
Income Tax |
84,922 |
|
673,128 |
|
82,061 |
|
660,222 |
Interest on Shareholders’ Equity - PIS and COFINS |
11,954 |
|
11,954 |
|
11,713 |
|
11,713 |
PIS and COFINS - Non-Cumulative Method |
92,434 |
|
- |
|
91,477 |
|
- |
Other |
45,586 |
|
69,341 |
|
44,580 |
|
68,370 |
|
253,853 |
|
808,466 |
|
248,761 |
|
794,268 |
Other |
|
|
|
|
|
|
|
Various |
17,062 |
|
16,970 |
|
17,027 |
|
16,008 |
|
|
|
|
|
|
|
|
Total |
345,047 |
|
1,160,519 |
|
338,121 |
|
1,128,616 |
The change in the balances related to reserves for contingencies and escrow deposits are shown below:
59
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011 |
Addition |
|
Reversal |
|
Payment |
|
Monetary Restatement |
March 31, 2012 | ||
Labor |
43,850 |
|
5,142 |
|
(334) |
|
(1,803) |
|
- |
|
46,855 |
Civil |
28,485 |
|
2,594 |
|
(1,254) |
|
(2,547) |
|
- |
|
27,277 |
Tax |
248,761 |
|
2,907 |
|
- |
|
- |
|
2,185 |
|
253,853 |
Other |
17,027 |
|
35 |
|
- |
|
- |
|
- |
|
17,062 |
Reserve for Contingencies |
338,121 |
|
10,678 |
|
(1,587) |
|
(4,351) |
|
2,185 |
|
345,047 |
Escrow Deposits |
1,128,616 |
|
20,381 |
|
(964) |
|
(2,699) |
|
15,186 |
|
1,160,519 |
The reserves for contingencies were based on appraisal of the risks of losing litigation to which the Company and its subsidiaries are parties, where a loss is probable in the opinion of the legal advisers and the management of the Company and its subsidiaries.
Details of the nature of the provisions for contingencies and judicial deposits are presented in the financial statements as of December 31, 2011.
Possible Losses - The Company and its subsidiaries are parties to other processes and risks in which management, supported by its legal advisers, believes that the chances of a successful outcome are possible, due to a solid defensive base in these cases. These questions do not yet indicate a trend in the decisions of the courts or any other decision in similar proceedings considered probable or remote, and therefore no provision has been established for these. As of March 31, 2012, the claims relating to possible losses were as follows: (i) R$ 342,516 for labor suits (R$ 340,833 as of December 31, 2011); (ii) R$ 556,252 for civil suits, mainly for suits for personal injuries, environmental damages and tariff increases (R$ 553,648 as of December 31, 2011); and (iii) R$ 962,382 in respect of tax suits, relating basically to Income Tax, ICMS, INSS, FINSOCIAL and PIS and COFINS (R$ 967,952 as of December 31, 2011).
Based on the opinion of their legal advisers, Management of the Company and of its subsidiaries consider that there are no significant contingent risks that are not covered by adequate provisions in the Financial Statements, or that might result in a significant impact on future earnings.
( 22 ) PUBLIC UTILITIES
60
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Consolidated | ||||||||
Companies |
|
March 31, 2012 |
December 31, 2011 |
Number of remaining installments |
Interest rates | |||
CERAN |
|
75,314 |
|
75,472 |
|
288 |
|
IGP-M + 9,6% p.a. |
ENERCAN |
|
10,807 |
|
10,782 |
|
278 |
|
IGP-M + 8% p.a. |
BAESA |
|
57,821 |
|
57,734 |
|
290 |
|
IGP-M + 8% p.a. |
Foz do Chapecó |
|
327,124 |
|
325,676 |
|
296 |
|
IGP-M / IPC-A + 5,3% p.a. |
TOTAL |
|
471,065 |
|
469,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
28,764 |
|
28,738 |
|
|
|
|
Noncurrent |
|
442,301 |
|
440,926 |
|
|
|
|
( 23 ) OTHER ACCOUNTS PAYABLE
|
Consolidated | ||||||
|
Current |
|
Noncurrent | ||||
|
March 31, 2012 |
|
December 31, 2011 |
March 31, 2012 |
December 31, 2011 | ||
Consumers and Concessionaires |
76,112 |
|
66,284 |
|
- |
|
- |
Energy Efficiency Program - PEE |
137,368 |
|
122,601 |
|
4,310 |
|
4,369 |
Research & Development - P&D |
144,655 |
|
139,247 |
|
23,027 |
|
22,370 |
National Scientific and Technological Development Fund - FNDCT |
3,526 |
|
4,014 |
|
- |
|
- |
Energy Research Company - EPE |
1,438 |
|
1,648 |
|
- |
|
- |
Fund for Reversal |
- |
|
- |
|
17,750 |
|
17,750 |
Advances |
49,865 |
|
74,292 |
|
4,657 |
|
2,812 |
Provision for environmental expenditure |
15,051 |
|
35,617 |
|
91,858 |
|
80,272 |
Payroll |
12,766 |
|
14,609 |
|
- |
|
- |
Profit sharing |
48,680 |
|
42,058 |
|
5,366 |
|
5,366 |
Collections agreement |
72,828 |
|
70,096 |
|
- |
|
- |
Guarantees |
- |
|
- |
|
26,225 |
|
26,605 |
Business Combination |
21,713 |
|
174,136 |
|
- |
|
- |
Other |
48,677 |
|
68,736 |
|
5,239 |
|
14,866 |
Total |
632,679 |
|
813,338 |
|
178,432 |
|
174,411 |
( 24 ) SHAREHOLDER’S EQUITY
The shareholders’ participations in the Company’s equity as of March 31, 2012 and 2011 are shown below:
61
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
Number of shares | ||||||
|
|
March 31, 2012 |
|
December 31, 2011 | ||||
Shareholders |
|
Common Shares |
|
Interest % |
|
Common Shares |
|
Interest % |
VBC Energia S.A. |
|
245,897,454 |
|
25.55 |
|
245,897,454 |
|
25.55 |
BB Carteira Livre I FIA |
|
298,467,458 |
|
31.02 |
|
298,467,458 |
|
31.02 |
Energia São Paulo FIP |
|
115,118,250 |
|
11.96 |
|
102,756,048 |
|
10.68 |
Bonaire Participações S.A. |
|
6,308,788 |
|
0.66 |
|
18,670,990 |
|
1.94 |
BNDES Participações S.A. |
|
81,053,460 |
|
8.42 |
|
81,053,460 |
|
8.42 |
Brumado Holdings S.A. |
|
34,502,100 |
|
3.59 |
|
34,502,100 |
|
3.59 |
Antares Holding Ltda. |
|
16,039,720 |
|
1.67 |
|
16,039,720 |
|
1.67 |
Board of Directors |
|
212 |
|
0.00 |
|
212 |
|
0.00 |
Executive officers |
|
50,400 |
|
0.01 |
|
49,980 |
|
0.01 |
Other |
|
164,836,418 |
|
17.13 |
|
164,836,838 |
|
17.13 |
Total |
|
962,274,260 |
|
100.00 |
|
962,274,260 |
|
100.00 |
Details of items included in shareholder´s equity are described in financial statements of December 31, 2011.
( 25 ) EARNINGS PER SHARE
Basic earnings per share
Calculation of the basic earnings per share at March 31, 2012 and 2011 was based on the net profit of R$ 410,905 attributable to controlling shareholders of CPFL Energia (R$ 459,781 at March 31, 2011) and the average weighted number of common shares outstanding during the presented periods as shown below:
|
|
1 st quarter 2012 |
|
1 st quarter 2011 |
|
|
|
|
|
Net income attributable to the Controlling Shareholders´ |
|
410,905 |
|
459,781 |
|
|
|
|
|
Weighted average number of common shares held by Shareholders |
|
962,274,260 |
|
962,274,260 |
|
|
|
|
|
Basic earnings per share |
|
0.43 |
|
0.48 |
In the second quarter 2011, the common shares in the Company were grouped, at a proportion of 10 (ten) to 1 (one), with simultaneous splitting of each grouped share, at a proportion of 1 (one) to 20 (twenty), allowing a period of 60 days for the shareholders to adjust their stock positions on the BM&FBovespa S.A.
The resulting shares were allocated and distributed to the holders of the shares on July 4, 2011 and the fractions of shares of the shareholders who opted not to adjust their positions were identified, separated and grouped by whole numbers, and sold by auction on the BM&FBovespa.
The share grouping and split did not involve changes to financial resources and, consequently, in accordance with CPC 41 Earnings Share, calculation of the average weighted number of shares presented for 2011 took into account the share grouping and split.
Diluted earnings per share
62
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
In 2012 and 2011, the Company held no notes convertible into shares which impact the earnings per share.
( 26 ) NET OPERATING REVENUE
|
|
|
|
|
|
|
|
|
|
|
| |
|
Consolidated | |||||||||||
|
Number of Consumers (*) |
|
In GWh (*) |
|
R$ thousand | |||||||
Revenue from Eletric Energy Operations |
|
2012 1st quarter |
|
2011 1st quarter |
|
2012 1st quarter |
|
2011 1st quarter |
|
2012 1st quarter |
|
2011 1st quarter |
Consumer class |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
6,144,992 |
|
5,909,733 |
|
3,631 |
|
3,460 |
|
1,633,567 |
|
1,472,401 | |
Industrial |
59,254 |
|
77,125 |
|
3,458 |
|
3,548 |
|
953,403 |
|
950,764 | |
Commercial |
498,625 |
|
502,000 |
|
2,233 |
|
2,126 |
|
846,477 |
|
773,120 | |
Rural |
243,614 |
|
239,079 |
|
489 |
|
452 |
|
114,703 |
|
101,503 | |
Public Administration |
47,227 |
|
45,693 |
|
288 |
|
281 |
|
104,203 |
|
98,190 | |
Public Lighting |
8,710 |
|
8,175 |
|
365 |
|
370 |
|
81,445 |
|
78,927 | |
Public Services |
7,484 |
|
7,258 |
|
464 |
|
445 |
|
130,658 |
|
118,932 | |
(-) Adjustment of excess and surplus revenue of reactive |
- |
|
- |
|
- |
|
- |
|
(6,486) |
|
- | |
Billed |
7,009,906 |
|
6,789,063 |
|
10,928 |
|
10,682 |
|
3,857,971 |
|
3,593,839 | |
Own comsuption |
|
|
|
|
9 |
|
8 |
|
- |
|
- | |
Unbilled (Net) |
|
|
|
|
- |
|
- |
|
73,774 |
|
9,840 | |
Emergency Charges - ECE/EAEE |
|
|
|
|
- |
|
- |
|
(0) |
|
(4) | |
Reclassification to Network Usage Charge - TUSD - Captive Consumers |
|
|
|
|
- |
|
- |
|
(1,860,029) |
|
(1,698,909) | |
Electricity sales to final consumers |
|
|
|
|
|
10,937 |
|
10,690 |
|
2,071,716 |
|
1,904,766 |
|
|
|
|
|
|
|
|
|
|
|
| |
Furnas Centrais Elétricas S.A. |
|
|
|
|
755 |
|
746 |
|
101,394 |
|
95,414 | |
Other Concessionaires and Licensees |
|
|
|
|
2,089 |
|
1,672 |
|
297,348 |
|
173,527 | |
Current Electric Energy |
|
|
|
|
368 |
|
536 |
|
19,870 |
|
7,416 | |
Electricity sales to wholesaler´s |
|
|
|
|
|
3,212 |
|
2,954 |
|
418,611 |
|
276,357 |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue due to Network Usage Charge - TUSD - Captive Consumers |
|
|
|
|
|
|
|
|
1,860,029 |
|
1,698,909 | |
Revenue due to Network Usage Charge - TUSD - Free Consumers |
|
|
|
|
|
|
|
|
344,530 |
|
338,133 | |
(-) Adjustment of revenue surplus and excess responsive |
|
|
|
|
|
|
|
|
(3,247) |
|
- | |
Revenue from construction of concession infrastructure |
|
|
|
|
|
|
|
|
269,310 |
|
213,602 | |
Other Revenue and Income |
|
|
|
|
|
|
|
|
81,167 |
|
77,997 | |
Other operating revenues |
|
|
|
|
|
|
|
|
|
2,551,789 |
|
2,328,641 |
Total gross revenues |
|
|
|
|
|
|
|
|
|
5,042,116 |
|
4,509,764 |
Deductions from operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
ICMS |
|
|
|
|
|
|
|
|
(776,887) |
|
(723,548) | |
PIS |
|
|
|
|
|
|
|
|
(75,219) |
|
(70,328) | |
COFINS |
|
|
|
|
|
|
|
|
(346,084) |
|
(323,949) | |
ISS |
|
|
|
|
|
|
|
|
(1,515) |
|
(1,100) | |
Global Reversal Reserve - RGR |
|
|
|
|
|
|
|
|
(26,671) |
|
(11,219) | |
Fuel Consumption Account - CCC |
|
|
|
|
|
|
|
|
(195,364) |
|
(174,863) | |
Energy Development Account - CDE |
|
|
|
|
|
|
|
|
(146,100) |
|
(131,211) | |
Research and Development and Energy Efficiency Programs |
|
|
|
|
|
|
|
|
(36,967) |
|
(34,500) | |
PROINFA |
|
|
|
|
|
|
|
|
(16,289) |
|
(16,267) | |
Emergency Charges - ECE/EAEE |
|
|
|
|
|
|
|
|
0 |
|
4 | |
IPI |
|
|
|
|
|
|
|
|
(33) |
|
- | |
|
|
|
|
|
|
|
|
|
(1,621,128) |
|
(1,486,980) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net revenue |
|
|
|
|
|
|
|
|
|
3,420,988 |
|
3,022,784 |
(*) Information not reviewed by the independent auditors.
In accordance with ANEEL Order nº 4.991, of December 29, 2011, relating to the basic procedures for preparation of the financial statements, the subsidiary CPFL Piratininga adjusted income from adjustment of excess and surplus revenue of reactive, reducing the accounts of “Electric energy supply” and “Tariff for the Use of the Distribution System – TUSD free consumers” against the item Special Obligations. The amount of R$ 9,733 recognized was calculated from October 23, 2011, the date scheduled for the subsidiary’s tariff review, to March 31, 2012.
On February 7, 2012, the Brazilian Association of Electric Energy Distributors (Associação Brasileira de Distribuidores de Energia Elétrica - ABRADEE) succeeded in suspending the effects of Resolution 463, whereby the request for advance final relief was granted and the order to account for income from excess demand and excess reactive as special obligations was suspended. The subsidiary is awaiting the final decision on the treatment of this income, and at March 31, 2012, these amounts are still accrued under Special Obligations, in accordance with CPC 25.
The details of the tariff adjustments for the distributors are as follows:
63
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
|
2012 |
|
|
|
2011 |
|
|
Company |
|
Month |
|
Total adjustment |
|
Effect perceived by consumers (*) |
Total adjustment |
|
Effect perceived by consumers (*) | |
CPFL Paulista |
|
April (***) |
|
3.71% |
|
2.89% |
|
7.38% |
|
7.23% |
CPFL Piratininga |
|
October |
|
(**) |
|
(**) |
|
10.11% (**) |
|
5.66% (**) |
RGE |
|
June |
|
(****) |
|
(****) |
|
17.21% |
|
6.74% |
CPFL Santa Cruz |
|
February |
|
(**) |
|
(**) |
|
23.61% |
|
15.38% |
CPFL Leste Paulista |
|
February |
|
(**) |
|
(**) |
|
7.76% |
|
16.44% |
CPFL Jaguari |
|
February |
|
(**) |
|
(**) |
|
5.47% |
|
6.62% |
CPFL Sul Paulista |
|
February |
|
(**) |
|
(**) |
|
8.02% |
|
7.11% |
CPFL Mococa |
|
February |
|
(**) |
|
(**) |
|
9.50% |
|
9.77% |
(*) Represents the average effect perceived by consumers, as a result of elimination from the tariff base of financial components added in the annual adjustment for the previous year.
(**) With Authorization Resolution nº 1.223, ANEEL decided on October 24, 2011 to maintain the current tariffs, approved in the 2010 tariff adjustment of the subsidiary CPFL Piratininga, until the introduction of the new methodology for the third tariff review cycle.
On January 31, 2012, with Authorization Resolutions 1,253, 1,254, 1,255, 1,256 and 1,258, ANEEL extended the effective term of the supply tariffs and TUSD of the subsidiaries CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa, respectively, until the final processing of the tariff review.
(***) As described in note 35, the tariff adjustment occurred in April 3, 2012.
(****) The related tariff adjustment has not occurred yet.
( 27 ) COST OF ELECTRIC ENERGY
|
Consolidated | |||||||
|
GWh (*) |
R$ thousand | ||||||
|
2012 |
|
2011 |
|
2012 |
|
2011 | |
Electricity Purchased for Resale |
|
1st quarter |
|
1st quarter |
|
1st quarter |
|
1st quarter |
Itaipu Binacional |
2,654 |
|
2,682 |
|
251,138 |
|
240,233 | |
Current Electric Energy |
3,449 |
|
1,282 |
|
159,626 |
|
37,983 | |
PROINFA |
255 |
|
220 |
|
57,357 |
|
42,502 | |
Energy purchased of bilateral contracts and through action in the regulated market |
7,124 |
|
8,064 |
|
981,875 |
|
911,615 | |
Credit of PIS and COFINS |
- |
|
- |
|
(131,501) |
|
(117,597) | |
Subtotal |
|
13,482 |
|
12,248 |
|
1,318,496 |
|
1,114,736 |
|
|
|
|
|
|
|
| |
Electricity Network Usage Charge |
|
|
|
|
|
|
|
|
Basic Network Charges |
|
|
|
|
286,273 |
|
239,506 | |
Transmission from Itaipu |
|
|
|
|
22,970 |
|
21,677 | |
Connection Charges |
|
|
|
|
19,072 |
|
16,611 | |
Charges of Use of the Distribution System |
|
|
|
|
12,013 |
|
9,398 | |
System Service Charges - ESS |
|
|
|
|
29,235 |
|
47,347 | |
Reserve Energy charges |
|
|
|
|
12,795 |
|
4,550 | |
Credit of PIS and COFINS |
|
|
|
|
(35,126) |
|
(35,161) | |
Subtotal |
|
|
|
|
|
347,233 |
|
303,926 |
|
|
|
|
|
|
|
| |
Total |
|
|
|
|
|
1,665,729 |
|
1,418,661 |
(*) information not reviewed by independent auditors.
64
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
( 28 ) OPERATING COSTS AND EXPENSES
|
Parent Company | |||||||||||
|
1st quarter | |||||||||||
|
General |
Other |
|
Total | ||||||||
|
2012 |
2011 |
2012 |
2011 |
2012 |
2011 | ||||||
Personnel |
2,396 |
|
1,177 |
|
- |
|
- |
|
2,396 |
|
1,177 | |
Materials |
1 |
|
17 |
|
- |
|
- |
|
1 |
|
17 | |
Outside Services |
1,965 |
|
3,555 |
|
- |
|
- |
|
1,965 |
|
3,555 | |
Depreciation and Amortization |
20 |
|
45 |
|
- |
|
- |
|
20 |
|
45 | |
Other: |
1,684 |
|
1,405 |
|
34,113 |
|
36,297 |
|
35,797 |
|
37,702 | |
Leases and Rentals |
29 |
|
16 |
|
- |
|
- |
|
29 |
|
16 | |
Publicity and Advertising |
968 |
|
717 |
|
- |
|
- |
|
968 |
|
717 | |
Legal, Judicial and Indemnities |
532 |
|
351 |
|
- |
|
- |
|
532 |
|
351 | |
Donations, Contributions and Subsidies |
143 |
|
139 |
|
- |
|
- |
|
143 |
|
139 | |
Intangible of concession amortization |
- |
|
- |
|
34,113 |
|
36,297 |
|
34,113 |
|
36,297 | |
Other |
13 |
|
182 |
|
- |
|
- |
|
13 |
|
182 | |
Total |
|
6,065 |
|
6,198 |
|
34,113 |
|
36,297 |
|
40,178 |
|
42,496 |
Consolidated | |||||||||||||||||||||||
1st quarter | |||||||||||||||||||||||
|
|
|
|
|
Services Rendered to Third Parties |
|
Operating Expenses |
|
Total | ||||||||||||||
|
Operating costs |
|
|
Sales |
|
General |
Other |
| |||||||||||||||
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Personnel |
97,438 |
|
87,705 |
|
0 |
|
0 |
|
23,037 |
|
20,833 |
|
38,434 |
|
43,502 |
|
- |
|
- |
|
158,908 |
|
152,040 |
Employee Pension Plans |
(2,536) |
|
(22,351) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(2,536) |
|
(22,351) |
Materials |
21,128 |
|
11,807 |
|
293 |
|
86 |
|
521 |
|
650 |
|
3,536 |
|
5,492 |
|
- |
|
- |
|
25,478 |
|
18,035 |
Outside Services |
44,484 |
|
41,726 |
|
433 |
|
79 |
|
26,522 |
|
25,589 |
|
60,571 |
|
53,670 |
|
- |
|
- |
|
132,011 |
|
121,063 |
Depreciation and Amortization |
132,927 |
|
123,827 |
|
- |
|
- |
|
8,109 |
|
672 |
|
11,803 |
|
17,659 |
|
- |
|
- |
|
152,840 |
|
142,158 |
Costs related to infrastructure construction |
- |
|
- |
|
269,310 |
|
213,602 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
269,310 |
|
213,602 |
Other: |
16,326 |
|
11,100 |
|
(3) |
|
- |
|
34,865 |
|
25,326 |
|
27,035 |
|
34,483 |
|
73,273 |
|
54,510 |
|
151,496 |
|
125,419 |
Collection charges |
- |
|
- |
|
- |
|
- |
|
11,845 |
|
8,459 |
|
- |
|
- |
|
- |
|
- |
|
11,845 |
|
8,459 |
Allowance for doubtful accounts |
- |
|
- |
|
- |
|
- |
|
21,221 |
|
16,367 |
|
- |
|
- |
|
- |
|
- |
|
21,221 |
|
16,367 |
Leases and Rentals |
5,855 |
|
149 |
|
- |
|
- |
|
35 |
|
61 |
|
2,470 |
|
5,702 |
|
- |
|
- |
|
8,360 |
|
5,912 |
Publicity and Advertising |
36 |
|
56 |
|
- |
|
- |
|
8 |
|
28 |
|
3,258 |
|
3,051 |
|
- |
|
- |
|
3,302 |
|
3,135 |
Legal, Judicial and Indemnities |
3 |
|
37 |
|
- |
|
- |
|
- |
|
- |
|
12,122 |
|
12,362 |
|
- |
|
- |
|
12,126 |
|
12,399 |
Donations, Contributions and Subsidies |
348 |
|
- |
|
- |
|
- |
|
1,343 |
|
- |
|
720 |
|
2,617 |
|
- |
|
- |
|
2,411 |
|
2,617 |
Inspection fee |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7,988 |
|
6,893 |
|
7,988 |
|
6,893 |
Intangible of concession amortization |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
65,500 |
|
46,013 |
|
65,500 |
|
46,013 |
Financial compensation for using water resources |
5,154 |
|
11,789 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
5,154 |
|
11,789 |
Other |
4,929 |
|
(931) |
|
(3) |
|
- |
|
413 |
|
410 |
|
8,464 |
|
10,750 |
|
(215) |
|
1,604 |
|
13,589 |
|
11,833 |
Total |
309,767 |
|
253,813 |
|
270,034 |
|
213,767 |
|
93,054 |
|
73,071 |
|
141,378 |
|
154,805 |
|
73,273 |
|
54,510 |
|
887,507 |
|
749,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( 29 ) FINANCIAL INCOME AND EXPENSES
65
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Parent Company |
|
Consolidated | |||||
|
2012 |
|
2011 |
|
2012 |
|
2011 | |
|
1st quarter |
|
1st quarter |
1st quarter |
|
1st quarter | ||
Financial Income |
|
|
|
|
|
|
|
|
Income from Financial Investments |
14,521 |
|
6,104 |
|
64,556 |
|
42,962 | |
Arrears of interest and fines |
10 |
|
- |
|
38,183 |
|
42,157 | |
Restatement of tax credits |
- |
|
- |
|
870 |
|
1,825 | |
Restatement of Escrow Deposits |
241 |
|
- |
|
15,186 |
|
12,823 | |
Monetary and Exchange Restatement |
- |
|
169 |
|
12,174 |
|
12,923 | |
Discount on purchase of ICMS credit |
- |
|
- |
|
3,081 |
|
3,663 | |
Interest on loan agreements |
109 |
|
700 |
|
- |
|
112 | |
Other |
1,532 |
|
2,282 |
|
9,451 |
|
9,448 | |
Total |
|
16,414 |
|
9,256 |
|
143,501 |
|
125,914 |
|
|
|
|
|
|
|
| |
Financial Expense |
|
|
|
|
|
|
|
|
Debt Charges |
(11,937) |
|
(12,736) |
|
(304,306) |
|
(226,439) | |
Monetary and Exchange Variations |
79 |
|
(378) |
|
(32,082) |
|
(19,166) | |
(-) Capitalized borrowing costs |
- |
|
- |
|
11,331 |
|
13,601 | |
Public utilities |
- |
|
- |
|
(10,576) |
|
(2,371) | |
Other |
(15) |
|
(5) |
|
(22,417) |
|
(22,644) | |
Total |
|
(11,873) |
|
(13,119) |
|
(358,049) |
|
(257,020) |
|
|
|
|
|
|
|
| |
Net financial income (expense) |
|
4,540 |
|
(3,863) |
|
(214,548) |
|
(131,106) |
Interest is capitalized at a rate of 7.5% p.a. in 2012 and 9.95 p.a. % in 2011for qualifying intangible assets and property, plant and equipment, in accordance with CPC 20.
( 30 ) SEGMENT INFORMATION
The Company’s operating segments are based on the internal financial information and management structure and are separated by business segment: electric energy distribution, conventional and renewable energy generation, commercialization and services rendered.
Since January 1, 2012, Company management has analyzed the services segment separately and the 2011 information is therefore presented for purposes of comparison.
Profit or loss, assets and liabilities per segment include items directly attributable to a segment, as well as those that can be allocated on a reasonable basis, if applicable. Note 1 shows the subsidiaries in accordance with their areas of operation and provides further information about each subsidiary and its business area.
The segregated information by operating segment is shown below, in accordance with the criteria established by Company management:
66
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Distribution |
|
Generation |
|
Commercialization |
|
Services |
|
Other (*) |
|
Elimination |
|
Total |
1st quarter 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
2,867,864 |
|
264,491 |
|
280,821 |
|
7,811 |
|
1 |
|
- |
|
3,420,988 | |
(-) Intersegment revenues |
4,683 |
|
246,879 |
|
100,414 |
|
28,277 |
|
- |
|
(380,252) |
|
(0) | |
Income from electric energy service |
527,477 |
|
261,042 |
|
77,034 |
|
8,553 |
|
(6,354) |
|
- |
|
867,753 | |
Financial income |
92,084 |
|
26,614 |
|
8,235 |
|
264 |
|
16,304 |
|
- |
|
143,501 | |
Financial expense |
(155,255) |
|
(152,685) |
|
(38,209) |
|
(26) |
|
(11,873) |
|
- |
|
(358,049) | |
Income before taxes |
464,305 |
|
134,970 |
|
47,061 |
|
8,791 |
|
(1,922) |
|
- |
|
653,205 | |
Income tax and social contribution |
170,971 |
|
40,823 |
|
14,971 |
|
3,073 |
|
170 |
|
- |
|
230,007 | |
Net Income |
293,334 |
|
94,148 |
|
32,090 |
|
5,718 |
|
(2,092) |
|
- |
|
423,198 | |
Total Assets (**) |
13,186,212 |
|
13,362,380 |
|
543,767 |
|
76,280 |
|
831,114 |
|
- |
|
27,999,753 | |
Capital Expenditures and other intangible assets |
266,238 |
|
288,040 |
|
167 |
|
599 |
|
- |
|
|
|
555,044 | |
Depreciation and Amortization |
103,219 |
|
113,491 |
|
885 |
|
466 |
|
278 |
|
- |
|
218,340 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2011 (***) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
2,618,082 |
|
143,039 |
|
255,879 |
|
5,782 |
|
1 |
|
- |
|
3,022,784 | |
(-) Intersegment revenues |
3,277 |
|
215,954 |
|
109,171 |
|
9,754 |
|
- |
|
(338,157) |
|
- | |
Income from electric energy service |
549,722 |
|
220,380 |
|
88,402 |
|
2,182 |
|
(6,530) |
|
- |
|
854,156 | |
Financial income |
92,434 |
|
20,124 |
|
4,670 |
|
19 |
|
8,667 |
|
- |
|
125,914 | |
Financial expense |
(123,208) |
|
(114,387) |
|
(5,956) |
|
(938) |
|
(12,530) |
|
- |
|
(257,020) | |
Income before taxes |
518,947 |
|
126,117 |
|
87,116 |
|
1,262 |
|
(10,393) |
|
- |
|
723,050 | |
Income tax and social contribution |
189,038 |
|
40,370 |
|
27,593 |
|
216 |
|
(42) |
|
- |
|
257,175 | |
Net Income |
329,909 |
|
85,747 |
|
59,523 |
|
1,046 |
|
(10,350) |
|
- |
|
465,875 | |
Total Assets (**) |
11,651,205 |
|
13,129,529 |
|
455,029 |
|
54,343 |
|
2,122,951 |
|
- |
|
27,413,057 | |
Capital Expenditures and other intangible assets |
218,789 |
|
191,607 |
|
2,347 |
|
(462) |
|
- |
|
- |
|
412,281 | |
Depreciation and Amortization |
91,332 |
|
59,044 |
|
1,050 |
|
402 |
|
36,343 |
|
- |
|
188,171 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(*) Other - Refers basically to the CPFL Energia figures after eliminations of balances with related parties (**) The goodwill created in an acquisition and recorded in CPFL Energia was allocated to the respective segments (***) For the total assets, balances refer to December 31, 2011 | ||||||||||||||
Since August 1, 2011, as a result of the association with ERSA and acquisition of CPFL Renováveis, described in Note 12, Management has analyzed these operations separately, and a new operating segment was therefore created to segregate the activities related to renewable energies:
|
|
Distribution |
|
Generation |
|
Renewable |
|
Commercialization |
|
Services |
|
Other (*) |
|
Elimination |
|
Total |
1st quarter 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
2,867,864 |
|
172,686 |
|
91,805 |
|
280,821 |
|
7,811 |
|
1 |
|
- |
|
3,420,988 | |
(-) Intersegment revenues |
4,683 |
|
203,420 |
|
43,459 |
|
100,414 |
|
28,277 |
|
- |
|
(380,252) |
|
0 | |
Income from electric energy service |
527,477 |
|
229,018 |
|
32,024 |
|
77,034 |
|
8,553 |
|
(6,354) |
|
- |
|
867,753 | |
Financial income |
92,084 |
|
12,434 |
|
14,180 |
|
8,235 |
|
264 |
|
16,304 |
|
- |
|
143,501 | |
Financial expense |
(155,255) |
|
(115,876) |
|
(36,809) |
|
(38,209) |
|
(26) |
|
(11,873) |
|
- |
|
(358,049) | |
Income before taxes |
464,305 |
|
125,576 |
|
9,395 |
|
47,061 |
|
8,791 |
|
(1,922) |
|
- |
|
653,205 | |
Income tax and social contribution |
170,971 |
|
42,458 |
|
(1,635) |
|
14,971 |
|
3,073 |
|
170 |
|
- |
|
230,007 | |
Net Income |
293,334 |
|
83,118 |
|
11,030 |
|
32,090 |
|
5,718 |
|
(2,092) |
|
- |
|
423,198 | |
Total Assets (**) |
13,186,212 |
|
6,695,301 |
|
6,667,080 |
|
543,767 |
|
76,280 |
|
831,114 |
|
- |
|
27,999,753 | |
Capital Expenditures and other intangible assets |
266,238 |
|
4,977 |
|
283,063 |
|
167 |
|
599 |
|
- |
|
|
|
555,044 | |
Depreciation and Amortization |
103,219 |
|
65,963 |
|
47,529 |
|
885 |
|
466 |
|
278 |
|
- |
|
218,340 |
( 31 ) TRANSACTIONS WITH RELATED PARTIES
The Company’s main shareholders are as follows:
· VBC Energia S.A.
Controlled by the Camargo Corrêa group, with operations in a number of segments, such as construction, cement, footwear, textiles, aluminum and highway concessions, among others.
· Energia São Paulo Fundo de Investimento em Participações, controlled by the following pension funds: (a) Fundação CESP, (b) Fundação SISTEL de Seguridade Social, (c) Fundação Petrobras de Seguridade Social - PETROS, and (d) Fundação SABESP de Seguridade Social - SABESPREV.
· Bonaire Participações S.A.
Company controlled by Energia São Paulo Fundo de Investimento em Participações.
67
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
· Fundo BB Carteira Livre I - Fundo de Investimento em Ações
Fund controlled by PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil.
The direct and indirect participations in operating subsidiaries are described in Note 1.
Controlling shareholders, subsidiaries and associated companies, jointly controlled corporations and entities under common control and that in some way exercise significant influence over the Company are regarded as related parties.
Balances and transactions involving related parties are shown in tables 31.1 and 31.2.
31.1) Transactions between related parties involving controlling shareholders, entities under common control or with significant influence:
|
ASSETS |
|
LIABILITIES |
REVENUE |
|
EXPENSE | |
|
March 31, 2012 |
March 31, 2012 |
2012 1 st quarter |
2012 1 st quarter | |||
|
|
|
|
|
|
|
|
Bank deposits and short-term investments |
|
|
|
|
|
|
|
Banco do Brasil S.A. |
92,287 |
|
- |
|
1 |
|
138 |
|
|
|
|
|
|
|
|
Loans and Financing, Debentures and Derivatives contracts (*) |
|
|
|
|
|
| |
Banco do Brasil S.A. |
- |
|
1,524,575 |
|
- |
|
32,606 |
|
|
|
|
|
|
|
|
Other financial transactions |
|
|
|
|
|
|
|
Banco do Brasil S.A. |
- |
|
1,908 |
|
318 |
|
1,261 |
|
|
|
|
|
|
|
|
Energy sales in the free market |
|
|
|
|
|
|
|
Tavex Brasil S.A. |
1,172 |
|
- |
|
3,965 |
|
- |
InterCement Brasil S.A. |
1,025 |
|
- |
|
1,704 |
|
- |
Vale Energia S.A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy purchases in the free market |
|
|
|
|
|
|
|
NC Energia S.A. |
3,408 |
|
- |
|
5,005 |
|
- |
Vale Energia S.A. |
- |
|
- |
|
- |
|
2,748 |
Petrobras |
- |
|
4,842 |
|
- |
|
60,954 |
Vale do Rio Doce S.A |
130 |
|
- |
|
2,813 |
|
- |
|
|
|
|
|
|
|
|
Materials and Service Provision |
|
|
|
|
|
|
|
Brasil Telecom S.A. |
- |
|
75 |
|
- |
|
202 |
|
|
|
|
|
|
|
|
Other revenue |
|
|
|
|
|
|
|
Brasil Telecom S.A. |
2,009 |
|
- |
|
3,013 |
|
- |
|
|
|
|
|
|
|
|
Property, plant and equipment acquisition |
|
|
|
|
|
|
|
Intercement Brasil S.A |
64 |
|
- |
|
- |
|
- |
Concessionária Auto Raposo Tavares |
41 |
|
- |
|
- |
|
- |
(*) Amortized cost for loans and derivatives.
31.2) Transactions between related parties involving subsidiaries and jointly-owned subsidiaries:
68
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
ASSETS |
|
LIABILITIES |
|
REVENUE |
|
EXPENSE |
Companies |
|
March 31, 2012 |
|
March 31, 2012 |
|
2012 1 st quarter |
|
2012 1 st quarter |
|
|
|
|
|
|
|
|
|
Intercompany allocation of expense |
|
|
|
|
|
|
|
|
Companhia Paulista de Força e Luz |
|
- |
|
2,034 |
|
- |
|
- |
Companhia Piratininga de Força e Luz |
|
- |
|
501 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Leasing and rental |
|
|
|
|
|
|
|
|
Companhia Paulista de Força e Luz |
|
- |
|
- |
|
- |
|
1 |
|
|
|
|
|
|
|
|
|
Intercompany loans |
|
|
|
|
|
|
|
|
Companhia Leste Paulista de Energia |
|
4,241 |
|
- |
|
109 |
|
- |
|
|
|
|
|
|
|
|
|
Dividend / Interest on shareholders' equity |
|
|
|
|
|
|
|
|
Companhia Sul Paulista de Energia |
|
8,126 |
|
- |
|
- |
|
- |
Companhia Jaguari de Energia |
|
7,682 |
|
- |
|
- |
|
- |
Rio Grande Energia S/A |
|
106,457 |
|
- |
|
- |
|
- |
CPFL Serv.Equi.Ind.Com.S/A |
|
3,648 |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Supplies and services |
|
|
|
|
|
|
|
|
CPFL Comercialização Brasil S/A |
|
190 |
|
- |
|
- |
|
- |
Companhia Luz e Força Santa Cruz |
|
341 |
|
- |
|
- |
|
- |
Companhia Leste Paulista de Energia |
|
7 |
|
- |
|
- |
|
- |
Companhia Jaguari de Energia |
|
29 |
|
- |
|
- |
|
- |
Companhia Luz e Força de Mococa |
|
28 |
|
- |
|
- |
|
- |
Rio Grande Energia S/A |
|
532 |
|
- |
|
- |
|
- |
CPFL Geração Energia S/A |
|
17 |
|
- |
|
- |
|
- |
The main transactions are described below:
a) Bank deposits and short-term investments – refer mainly to bank deposits and short-term financial investments with the Banco do Brasil, as mentioned in Note 5.
b) Loans and Financing, Debentures and Derivatives – relate to funds raised from the Banco do Brasil in accordance with Notes 16 and 17, contracted under the normal market conditions at the time. The Company also guarantees certain loans raised by its subsidiaries, as mentioned in Notes 16 and 17.
c) Other Financial Transactions – the amounts in relation to Banco do Brasil are bank costs and collection expenses. The balance recorded in liabilities comprises basically the rights over the payroll processing of certain subsidiaries, negotiated with Banco do Brasil, which are appropriated as an income in the statement of operations over the term of the contract. The Company also has an Exclusive Investment Fund, managed, among others, by BB DTVM, which charges management fees under normal market conditions for such management.
d) Intangible assets, Property, plant and equipment, Materials and Service Provision – refers to the acquisition of equipment, cables and other materials for use in distribution and generation, and contracting of services such as construction and information technology consultancy. These operations were contracted under normal market conditions.
e) Energy sales to the free market – refers basically to energy sales to free consumers, through short or long-term contracts made under conditions regarded by the Company as being market conditions at the time of the negotiation, in accordance with internal policies established in advance by Company management.
f) Energy purchased – refers basically to energy purchased and sold by the trading companies and generators, in accordance with short or long-term agreements made under conditions regarded by the Company as being market conditions at the time of the negotiation, in accordance with policies established in advance by Company management.
69
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
g) Other revenue – refers basically to revenue from rental of use of the distribution system for telephony services.
h) Purchase and sale of energy in the regulated market - The subsidiaries that are public distribution service concessionaires charge tariffs for the use of the distribution system (TUSD) and sell energy to related parties in their respective concession areas (captive consumers). The amounts charged are established in accordance with prices regulated by the regulatory agency. These distributors also purchase energy from related parties, mainly involving long-term agreements, in conformity with the rules established by the sector (principally by auction); these prices are also regulated and approved by ANEEL.
Certain subsidiaries have supplementary retirement plan maintained with Fundação CESP and offered to the employees of the subsidiaries, as mentioned in Note 18.
To ensure that commercial transactions with related parties are conducted under normal market conditions, the Company set up a “Related Parties Committee”, comprising representatives of the controlling shareholders, responsible for analyzing the main transactions with related parties.
The total remuneration of key management personnel in 2012, in accordance with CVM Decision nº 560/2008, was R$ 6,201. This amount comprises R$ 6,036 in respect of short-term benefits and R$ 165 for post-employment benefits and refers to the amount recorded by the accrual method.
( 32 ) FINANCIAL INSTRUMENTS
The main financial instruments, classified in accordance with the group’s accounting practices, are:
Financial assets - Measured at amortized cost
|
|
Consolidated | ||
Loans and receivables |
|
March 31,2012 |
|
December 31,2011 |
Consumers, Concessionaires and Licensees (note 6) |
|
2,161,449 |
|
2,056,580 |
Leases |
|
31,473 |
|
29,102 |
Other (note 11) |
|
|
|
|
Receivables from BAESA's shareholders |
|
27 |
|
27 |
Pledges, Funds and Tied Deposits |
|
128,891 |
|
117,065 |
Fund Tied to Foreign Currency Loans |
|
29,101 |
|
29,774 |
Services Rendered to Third Parties |
|
11,603 |
|
10,962 |
Reimbursement RGR |
|
6,180 |
|
6,499 |
Collection Agreements |
|
42,972 |
|
41,297 |
|
|
2,411,695 |
|
2,291,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||
Held to maturity |
|
March 31,2012 |
|
December 31,2011 |
Financial investments (note 7) |
|
37,201 |
|
120,578 |
|
|
37,201 |
|
120,578 |
Financial assets - Measured at fair value
70
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
Consolidated | ||
Measured at fair value through profit or loss |
|
March 31,2012 |
|
December 31,2011 |
Cash and cash equivalent (note 5) |
|
2,707,338 |
|
2,699,837 |
Derivatives (note 32) |
|
240,255 |
|
219,375 |
Financial investments (note 7) |
|
124,676 |
|
36,908 |
|
|
3,072,270 |
|
2,956,119 |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated | ||
Available for sale |
|
March 31,2012 |
|
December 31,2011 |
Financial asset of concession (note 10) |
|
1,835,986 |
|
1,376,664 |
Financial liabilities - Measured at amortized cost
|
|
Consolidated | ||
|
|
March 31,2012 |
|
December 31,2011 |
Suppliers (note 15) |
|
(1,291,471) |
|
(1,240,143) |
Loans and financing - Principal and interest (note 16) |
|
(6,756,848) |
|
(6,740,144) |
Debentures - Principal and interest (note 17) |
|
(5,422,043) |
|
(5,163,388) |
Payables Dividends |
|
(24,255) |
|
(24,524) |
Regulatory Charges (note 19) |
|
(150,373) |
|
(145,146) |
Other (note 23) |
|
|
|
|
Consumers, Concessionaires and Licensees |
|
(76,112) |
|
(66,284) |
National Scientific and Technological Development Fund - FNDCT |
|
(3,526) |
|
(4,014) |
Energy Research Company - EPE |
|
(1,438) |
|
(1,648) |
Collection Agreements |
|
(72,828) |
|
(70,096) |
Reversal Fund |
|
(17,750) |
|
(17,750) |
Business combination |
|
(21,713) |
|
(174,136) |
|
|
(13,838,356) |
|
(13,647,274) |
Financial liabilities - Measured at fair value through profit or loss
|
|
Consolidated | ||
Measured at fair value through profit or loss |
|
March 31,2012 |
|
December 31,2011 |
Held for trade |
|
|
|
|
Derivatives |
|
- |
|
(24) |
|
|
|
|
|
Initial recognition (1) |
|
|
|
|
Loans and financing - certain debts (note 16) |
|
(1,683,258) |
|
(1,704,254) |
|
|
(1,683,258) |
|
(1,704,279) |
a) Valuation of Financial Instruments
The estimates of the market value of the financial instruments were based on pricing models, applied individually for each transaction, taking into consideration the future payment out flows, based on the conditions contracted, discounted to present value at market interest rates, based on information obtained from the BM&FBovespa S.A and ANDIMA websites (Note 4).
71
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Accordingly, the market value of a security corresponds to its maturity value (redemption value) marked to present value by the discount factor (relating to the maturity date of the security) obtained from the market interest graph, in Brazilian reais.
CPC 40 requires classification at three levels of hierarchy for measurement of the fair value of financial instruments, based on observable and unobservable information in relation to valuation of a financial instrument at the measurement date.
CPC 40 also defines observable information as market data obtained from independent sources and unobservable information that reflects market assumptions.
The three levels of fair value are:
· Level 1: quoted prices in an active market for identical instruments;
· Level 2: observable information other than quoted prices in an active market that are observable for the asset or liability, directly (i.e. as prices) or indirectly (i.e. derived from prices);
· Level 3: inputs for the instruments that are not based on observable market data (unobservable inputs).
The classification in accordance with the fair value hierarchy of the Company’s financial instruments, measured at fair value, is as follows:
|
Consolidated | |||||||||||
|
March 31, 2012 |
|
December 31, 2011 | |||||||||
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
Cash and cash equivalents (note 5) |
2,707,338 |
|
- |
|
- |
|
2,699,837 |
|
- |
|
- | |
Derivatives |
- |
|
240,255 |
|
- |
|
- |
|
219,350 |
|
- | |
Loans and financing (note 16) |
- |
|
(1,683,258) |
|
- |
|
- |
|
(1,704,254) |
|
- | |
Financial investments (note 7) |
124,676 |
|
- |
|
- |
|
36,908 |
|
- |
|
- | |
Financial asset of concession (note 10) |
- |
|
- |
|
1,835,986 |
|
- |
|
- |
|
1,376,664 | |
|
|
2,832,014 |
|
(1,443,003) |
|
1,835,986 |
|
2,736,745 |
|
(1,484,904) |
|
1,376,664 |
Since the distribution subsidiaries have classified their financial concession assets as available-for-sale, as mentioned in Note 3, the relevant factors for measurement at fair value are not publicly observable. The fair value hierarchy classification is therefore level 3. The changes between years and the respective gains (losses) in the equity valuation reserve are disclosed in Note 10.
The comparative information on marking to market the other financial instruments measured at amortized cost is described below:
· It is assumed that financial instruments such as accounts receivable from consumers, concessionaires and licensees and accounts payable to suppliers are already close to the respective market values.
· At March 31, 2012 and December 31, 2011, the market values of the financial instruments obtained by the methodology described in Note 4, are as follows:
72
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
Parent Company | |||||||
|
March 31, 2012 |
|
December 31,2011 | |||||
|
Book Value |
|
Fair Value |
|
Book Value |
|
Fair Value | |
Debentures (note 17) |
(453,276) |
|
(455,992) |
|
(466,403) |
|
(469,551) | |
Total |
|
(453,276) |
|
(455,992) |
|
(466,403) |
|
(469,551) |
|
|
|
|
|
|
|
| |
|
Consolidated | |||||||
|
March 31, 2012 |
|
December 31,2011 | |||||
|
Book Value |
|
Fair Value |
|
Book Value |
|
Fair Value | |
Loans and financing (note 16) |
(6,756,848) |
|
(6,732,669) |
|
(6,740,144) |
|
(6,554,672) | |
Debentures (note 17) |
(5,422,043) |
|
(5,618,648) |
|
(5,163,388) |
|
(5,350,263) | |
Total |
|
(12,178,890) |
|
(12,351,317) |
|
(11,903,532) |
|
(11,904,935) |
We consider that there are no relevant differences between the carrying value and the fair value of other financial assets and liabilities.
b) Derivatives
As previously mentioned, the Company and its subsidiaries use derivatives as a hedge against the risks of variations in exchange and interest rates, without any speculative purposes. The Company and its subsidiaries have exchange hedge compatible with the net exposure to exchange risks, including all the assets and liabilities tied to exchange variation.
The hedge instruments contracted by the Company and its subsidiaries are currency or interest rate swaps with no leverage component, margin call requirements or daily or periodical adjustments. As the terms of the majority of the derivatives contracted by the subsidiaries (Note 16) are fully aligned with the debt protected, and in order to obtain more relevant and consistent accounting information through the recognition of income and expenses, these debts were recognized, for accounting purposes, at fair value. Other debts with different terms from the derivatives contracted as a hedge continue to be recorded at cost. Furthermore, the Company and its subsidiaries do not use hedge accounting for derivative operations.
As of March 31, 2012, the Company and its subsidiaries had the following swap operations:
73
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
Market values (book values) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Company / strategy / counterparts |
|
Asset |
|
(Liability) |
|
Market values, net |
Values at cost, net |
Gain (Loss) on marking to market |
Currency / index |
|
Maturity range |
|
Notional |
|
Negotiation market | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives for protection of debts designated at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate hedge: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP Paribas |
|
29,204 |
|
- |
|
29,204 |
|
25,448 |
|
3,756 |
|
dollar |
|
Jun 2014 |
|
160,000 |
|
Over the counter |
J.P.Morgan |
|
14,182 |
|
- |
|
14,182 |
|
12,383 |
|
1,799 |
|
dollar |
|
Jul 2014 |
|
78,250 |
|
Over the counter |
J.P.Morgan |
|
15,664 |
|
|
|
15,664 |
|
14,279 |
|
1,385 |
|
dollar |
|
Aug 2014 |
|
76,700 |
|
Over the counter |
Morgan Stanley |
|
7,167 |
|
- |
|
7,167 |
|
5,998 |
|
1,170 |
|
dollar |
|
Sep 2016 |
|
85,475 |
|
Over the counter |
Bank of America |
|
40,372 |
|
- |
|
40,372 |
|
36,946 |
|
3,426 |
|
dollar |
|
Jul 2014 |
|
235,050 |
|
Over the counter |
Bank of America |
|
29,814 |
|
|
|
29,814 |
|
24,943 |
|
4,871 |
|
dollar |
|
Jul 2016 |
|
156,700 |
|
Over the counter |
Societe Generale |
|
7,012 |
|
- |
|
7,012 |
|
6,207 |
|
805 |
|
dollar |
|
Aug 2016 |
|
33,173 |
|
Over the counter |
Citibank |
|
7,090 |
|
- |
|
7,090 |
|
5,772 |
|
1,318 |
|
dollar |
|
Sep 2016 |
|
85,750 |
|
Over the counter |
HSBC |
|
3,586 |
|
- |
|
3,586 |
|
2,887 |
|
699 |
|
dollar |
|
Sep 2014 |
|
41,050 |
|
Over the counter |
Subtotal |
|
154,091 |
|
- |
|
154,093 |
|
134,863 |
|
19,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Piratinga |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BNP Paribas |
|
9,421 |
|
- |
|
9,421 |
|
8,568 |
|
853 |
|
dollar |
|
Jul 2014 |
|
45,990 |
|
Over the counter |
J.P.Morgan |
|
31,205 |
|
- |
|
31,205 |
|
28,550 |
|
2,655 |
|
dollar |
|
Aug 2014 |
|
153,400 |
|
Over the counter |
Bank of America |
|
14,225 |
|
- |
|
14,225 |
|
11,010 |
|
3,215 |
|
dollar |
|
Aug 2016 |
|
80,250 |
|
Over the counter |
Societe Generale |
|
9,200 |
|
- |
|
9,200 |
|
8,145 |
|
1,055 |
|
dollar |
|
Aug 2016 |
|
43,527 |
|
Over the counter |
Citibank |
|
1,894 |
|
- |
|
1,894 |
|
1,748 |
|
146 |
|
dollar |
|
Aug 2016 |
|
12,840 |
|
Over the counter |
Subtotal |
|
65,945 |
|
- |
|
65,945 |
|
58,021 |
|
7,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Sul Paulista |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
796 |
|
- |
|
796 |
|
715 |
|
81 |
|
dollar |
|
Sep 2014 |
|
8,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Leste Paulista |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
796 |
|
- |
|
796 |
|
715 |
|
81 |
|
dollar |
|
Sep 2014 |
|
8,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Mococa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
697 |
|
- |
|
697 |
|
626 |
|
71 |
|
dollar |
|
Sep 2014 |
|
7,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Jaguari |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
1,035 |
|
- |
|
1,035 |
|
952 |
|
83 |
|
dollar |
|
Aug 2014 |
|
7,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
15,588 |
|
- |
|
15,588 |
|
13,980 |
|
1,608 |
|
dollar |
|
Aug 2016 |
|
100,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal |
|
238,948 |
|
- |
|
238,950 |
|
209,873 |
|
29,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives for protection of debts not designated at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate hedge: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Paulista |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Itaú |
|
1 |
|
- |
|
1 |
|
6 |
|
(6) |
|
dollar |
|
Apr 2012 |
|
908 |
|
Over the counter |
Itaú |
|
8 |
|
- |
|
8 |
|
138 |
|
(130) |
|
dollar |
|
Oct 2012 |
|
19,783 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSBC |
|
676 |
|
- |
|
676 |
|
286 |
|
390 |
|
dollar |
|
From Jan 2012 to Dec 2012 |
|
56,143 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge interest rate variation (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Energia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank |
|
330 |
|
- |
|
330 |
|
16 |
|
314 |
|
CDI + spread |
|
Sep 2011 to Sep 2014 |
|
450,000 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RGE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Santander |
|
428 |
|
- |
|
428 |
|
76 |
|
352 |
|
CDI + spread |
|
Dec 2011 to Dec 2013 |
|
186,667 |
|
Over the counter |
Citibank |
|
135 |
|
- |
|
135 |
|
23 |
|
112 |
|
CDI + spread |
|
Dec 2011 to Dec 2013 |
|
66,667 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge interest rate variation (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Piratininga |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSBC |
|
(71) |
|
- |
|
(71) |
|
11 |
|
(82) |
|
TJLP |
|
Jan 2013 |
|
11,397 |
|
Over the counter |
Santander |
|
(77) |
|
- |
|
(77) |
|
6 |
|
(83) |
|
TJLP |
|
Jan 2013 |
|
11,401 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CPFL Geração |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSBC |
|
(124) |
|
- |
|
(124) |
|
10 |
|
(134) |
|
TJLP |
|
Dec 2012 |
|
28,257 |
|
Over the counter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal |
|
1,306 |
|
- |
|
1,305 |
|
572 |
|
734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
240,255 |
|
- |
|
240,255 |
|
210,445 |
|
29,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
1,288 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
238,967 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
240,255 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For further details of terms and information about debts and debentures, see Notes 16 and 17 (1) The interest rate hedge swaps have half-yearly validity, so the notional value reduces in accordance with amortization of the debt. (2) The interest rate hedge swaps have monthly validity, so the notional value reduces in accordance with amortization of the debt. | ||||||||||||||||||
74
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
As mentioned above, certain subsidiaries opted to mark to market debts for which they hold fully tied hedge instruments, resulting in a loss of R$ 35,550 as of March 31, 2012 (Note 16).
The Company and its subsidiaries have recorded gains and losses on their derivatives. However, as these derivatives are used as a hedge, these gains and losses minimized the impact of variations in exchange and interest rates on the protected indebtedness. For the quarters ended March 31, 2012 and 2011, the derivatives resulted in the following impacts on the consolidated result:
|
|
|
|
|
|
Gain (Loss) |
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Company |
|
Hedged risk / transaction |
|
Account |
|
1st quarter |
|
1st quarter |
CPFL Energia |
|
Interest rate variation |
|
Swap of interest rate |
|
(24) |
|
13 |
CPFL Energia |
|
Mark to Market |
|
Adjustment to fair value |
|
(296) |
|
196 |
CPFL Paulista |
|
Mark to Market |
|
Adjustment to fair value |
|
20,114 |
|
1,960 |
CPFL Paulista |
|
Exchange variation |
|
Swap of currency |
|
(41,820) |
|
(30,146) |
CPFL Piratininga |
|
Mark to Market |
|
Adjustment to fair value |
|
7,808 |
|
(33) |
CPFL Piratininga |
|
Interest rate variation |
|
Swap of interest rate |
|
84 |
|
(573) |
CPFL Piratininga |
|
Exchange variation |
|
Swap of interest rate |
|
(14,898) |
|
- |
CPFL Geração |
|
Exchange variation |
|
Swap of currency |
|
(4,623) |
|
(5,353) |
CPFL Geração |
|
Interest rate variation |
|
Swap of interest rate |
|
99 |
|
(94) |
CPFL Geração |
|
Mark to Market |
|
Adjustment to fair value |
|
(2,049) |
|
1,916 |
RGE |
|
Mark to Market |
|
Adjustment to fair value |
|
75 |
|
(151) |
RGE |
|
Interest rate variation |
|
Swap of interest rate |
|
79 |
|
75 |
CPFL Sul Paulista |
|
Mark to Market |
|
Adjustment to fair value |
|
81 |
|
- |
CPFL Sul Paulista |
|
Exchange variation |
|
Swap of interest rate |
|
715 |
|
- |
CPFL Leste Paulista |
|
Mark to Market |
|
Adjustment to fair value |
|
81 |
|
- |
CPFL Leste Paulista |
|
Exchange variation |
|
Swap of interest rate |
|
715 |
|
- |
CPFL Mococa |
|
Mark to Market |
|
Adjustment to fair value |
|
71 |
|
- |
CPFL Mococa |
|
Exchange variation |
|
Swap of interest rate |
|
626 |
|
- |
CPFL Jaguari |
|
Mark to Market |
|
Adjustment to fair value |
|
83 |
|
- |
CPFL Jaguari |
|
Exchange variation |
|
Swap of interest rate |
|
952 |
|
- |
|
|
|
|
|
|
(32,127) |
|
(32,190) |
|
|
|
|
|
|
|
|
|
c) Sensitivity Analysis
In compliance with CVM Instruction n° 475/08, the Company and its subsidiaries performed sensitivity analyses of the main risks to which their financial instruments (including derivatives) are exposed, mainly comprising variations in exchange and interest rates, as shown below:
Variation in exchange rates
If the level of exchange exposure at March 31, 2012 is maintained, the simulation of the consolidated effects by type of financial instrument for three different scenarios would be:
|
|
|
|
Consolidated | ||||||
Instruments |
|
Exposure R$ thuosand |
Risk |
|
Exchange depreciation of 7.5%* |
Exchange depreciation of 25%** |
Exchange depreciation of 50%** | |||
Financial asset instruments |
|
29,101 |
|
dollar apprec. |
|
2,190 |
|
7,275 |
|
14,550 |
Financial liability instruments |
|
(1,818,464) |
|
dollar apprec. |
|
(136,826) |
|
(454,616) |
|
(909,232) |
Derivatives - Plain Vanilla Swap |
|
1,763,686 |
|
dollar apprec. |
|
132,705 |
|
440,921 |
|
881,843 |
March 31, 2012 |
|
(25,677) |
|
|
|
(1,932) |
|
(6,419) |
|
(12,839) |
|
|
|
|
|
|
|
|
|
|
|
* In accordance with exchange graphs contained in information provided by the BM&F **In compliance with CVM Instruction 475/08, the percentage of exchange depreciation are related to exchange rate as of March 30, 2012 | ||||||||||
75
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Variation in interest rates
If (i) the scenario of exposure of the financial instruments indexed to variable interest rates at March 31, 2012 were to be maintained, and (ii) the respective accumulated annual indexes as of that date were to remain stable (CDI 11.35% p.a.; IGP-M 3.23% p.a.; TJLP 6.0% p.a.), the effects on the consolidated financial statements for the next company year would be a net financial expense R$ 842,170. In the event of fluctuations in the indexes in accordance with the three scenarios described, the effect on the net financial expense would as follows:
|
|
|
|
Consolidated | ||||||
Instruments |
|
Exposure R$ thuosand |
Risk |
|
Scenario I* |
|
Raising index by 25%** |
Raising index by 50%** | ||
Financial asset instruments |
|
3,290,848 |
|
CDI variation |
|
(83,588) |
|
93,378 |
|
186,756 |
Financial liability instruments |
|
(6,638,095) |
|
CDI variation |
|
168,608 |
|
(188,356) |
|
(376,712) |
Derivatives - Plain Vanilla Swap |
|
(1,567,421) |
|
CDI variation |
|
39,812 |
|
(44,476) |
|
(88,951) |
|
|
(4,914,668) |
|
|
|
124,833 |
|
(139,454) |
|
(278,907) |
|
|
|
|
|
|
|
|
|
|
|
Financial assets instruments |
|
78,597 |
|
IGP-M variation |
|
2,319 |
|
635 |
|
1,269 |
Financial liability instruments |
|
(24,103) |
|
IGP-M variation |
|
(711) |
|
(195) |
|
(389) |
|
|
54,494 |
|
|
|
1,608 |
|
440 |
|
880 |
|
|
|
|
|
|
|
|
|
|
|
Financial liability instruments |
|
(4,812,586) |
|
TJLP variation |
|
(38,019) |
|
(72,189) |
|
(144,378) |
Derivatives - Plain Vanilla Swap |
|
43,994 |
|
TJLP variation |
|
348 |
|
660 |
|
1,320 |
|
|
(4,768,591) |
|
|
|
(37,672) |
|
(71,529) |
|
(143,058) |
|
|
|
|
|
|
|
|
|
|
|
Total increase |
|
(9,628,765) |
|
|
|
88,768 |
|
(210,543) |
|
(421,085) |
|
|
|
|
|
|
|
|
|
|
|
* The CDI, IGP-M and TJLP indexes considered of 8.81%, 6.18% and 6.79%, respectively, were obtained from information available in the market. **In compliance with CVM Instruction 475/08, the percentage of raising index are related to information as of March 30, 2012 | ||||||||||
Financial concession asset
As mentioned in Note 3, the Company adopts the premise that the value of the financial concession asset is determined at fair value, based on the remuneration of the assets as established by ANEEL.
Since the Federal Government has not yet defined the methodology and criteria for valuation of the financial asset, the Company estimates that, under remote circumstances, indemnification for the undepreciated portion of the assets could be based on the historic cost and not at the amount based on the respective fair value.
Accordingly, if this remote scenario occur, it would involve derecognition of the portion of the financial concession asset (portion relating to the fair value recognized), recorded in revaluation reserve in equity (Other Comprehensive Income) in the amount of R$ 227,286 (net of tax effects).
( 33 ) RISK MANAGEMENT
Risk management structure:
The Board of Directors is responsible for allocating priorities in respect of the risks to be monitored by the Company, confirming the tolerance levels approved by the Executive Board and being aware of the corporate risk management model adopted by the Company. The Executive Board is responsible for developing and implementing action and risk monitoring plans. The Risk Management and Internal Controls Department and the Corporate Risk Management Committee were set up to assist it in this process. Since its creation, the Risk Management and Internal Controls Department has drawn up the Corporate Risk Management Policy, approved by the Executive Board and the Board of Directors, set up the Corporative Risk Management Committee, comprising directors appointed to represent each Management Unit, and the internal rules, and is implementing the Corporate Risk Management model for the Group with regard to Strategy (guidelines, risk map and treatment), Processes (planning, execution, monitoring and reports), Systems, Organization and Governance.
76
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
The risk management policies are established to identify, analyze and treats the risks faced by the Company and its subsidiaries, and includes reviewing the model adopted whenever necessary to reflect changes in market conditions and in the Group's activities, with a view to developing an environment of disciplined and constructive control.
The Group's Board of Directors is assisted in its supervisory role by the Internal Audit department. The Internal audit department conducts both the regular reviews and the ad hoc reviews of risk management controls and procedures, the results of which are reported to the Board of Directors and the Fiscal Council.
The main market risk factors affecting the businesses are as follows:
Exchange rate risk: This risk derives from the possibility of the subsidiaries incurring losses and cash constraints on account of fluctuations in currency exchange rates, increasing the balances of foreign currency denominated liabilities. The exposure in relation to raising funds in foreign currency is largely covered by contracting swap operations, which allow the Company and its subsidiaries to exchange the original risks of the operation for the cost of the variation in the CDI. The operations of the Company’s subsidiaries are also exposed to exchange variations on the purchase of electric energy from Itaipu. The compensation mechanism - CVA protects the companies against possible losses. However, the compensation only comes into effect through consumption and the consequent billing of energy after the next tariff adjustment in which such losses have been considered. The quantification of this risk is presented in Note 32(c).
Interest Rate Risk: This risk derives from the possibility of the Company and its subsidiaries incurring losses due to fluctuations in interest rates that increase financial expenses on loans, financing and debentures. The subsidiaries have tried to increase the proportion of pre-indexed loans or loans tied to indexes with lower rates and little fluctuation in the short and long term. The quantification of this risk is presented in Note 32(c).
Credit Risk: This risk arises from the possibility of the subsidiaries incurring losses resulting from difficulties in collecting amounts billed to customers. This risk is evaluated by the subsidiaries as low, as it is spread over the number of customers and in view of the collection policy and cancellation of supply to defaulting consumers.
Risk of Energy Shortages: The energy sold by the Company is primarily generated by hydropower plants. A prolonged period of low rainfall, together with an unforeseen increase in demand, could result in a reduction in the volume of water in the power plants’ reservoirs, compromising the recovery of their volume, and resulting in losses due to the increase in the cost of purchasing energy or a reduction in revenue due to the introduction of another rationing program, as in 2001. According to the Annual Energy Operation Plan – PEN of July 2011, drawn up by the Operador Nacional do Sistema Elétrico (National Electricity System Operator), the risk of any energy deficit is very low for 2012, and the likelihood of another energy rationing program is remote.
77
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Risk of Acceleration of Debts: The subsidiaries have loan agreements, financing and debentures with restrictive clauses (covenants) normally applicable to these kinds of arrangement, involving compliance with economic and financial ratios, cash generation, etc. These covenants are monitored appropriately and do not restrict the capacity to operate normally.
Regulatory risk: The electric energy supplied tariffs charged to captive consumers by the distribution subsidiaries are fixed by ANEEL, at intervals established in the Concession Agreements entered into with the Federal Government and in conformity with the periodic tariff review methodology established for the tariff cycle. Once the methodology has been ratified, ANEEL establishes tariffs to be charged by the distributor to the end consumers. In accordance with Law 8.987/1995, the fixed tariffs should insure the economic and financial balance of the concession contract at the time of the tariff review, which could result in lower results than expected by the electric energy distributors, albeit offset in subsequent periods by other adjustments.
Risk Management for Financial instruments: The Company and its subsidiaries maintain operating and financial policies and strategies to protect the liquidity, safety and profitability of their assets. They accordingly control and follow-up procedures are in place on the transactions and balances of financial instruments, for the purpose of monitoring the risks and current rates in relation to market conditions.
Risk management controls: In order to manage the risks inherent to the financial instruments and to monitor the procedures established by management, the Company and its subsidiaries use the MAPS software system to calculate the mark to market, stress testing and duration of the instruments, and assess the risks to which the Company and its subsidiaries are exposed. Historically, the financial instruments contracted by the Company and its subsidiaries supported by these tools have produced adequate risk mitigation results. It must be stressed that the Company and its subsidiaries routinely contract derivatives, always with the appropriate levels of approval, only in the event of exposure that management regards as a risk. The Company and its subsidiaries do not enter into transactions involving exotic or speculative derivatives. Furthermore, the Company and its subsidiaries meet the requirements of the Sarbanes-Oxley Law, and accordingly have internal control policies that aim for a strict control environment to minimize the exposure to risks.
( 34 ) REGULATORY ASSETS AND LIABILITIES
The Company has the following assets and liabilities for regulatory purposes, which are not recognized in the interim financial statements, as mentioned in Note 3.
78
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
|
|
Consolidated | ||||||
|
|
March 31, 2012 |
|
December 31, 2011 |
|
March 31, 2011 |
|
December 31, 2010 |
Assets |
|
|
|
|
|
|
|
|
Consumers, Concessionaires and Licensees |
|
|
|
|
|
|
|
|
Discounts TUSD (*) and Irrigation |
|
63,967 |
|
67,244 |
|
71,631 |
|
54,408 |
|
|
63,967 |
|
67,244 |
|
71,631 |
|
54,408 |
Deferred Costs Variations |
|
|
|
|
|
|
|
|
Parcel "A" |
|
- |
|
- |
|
- |
|
333 |
CVA (**) |
|
514,143 |
|
404,148 |
|
330,338 |
|
333,621 |
|
|
514,143 |
|
404,148 |
|
330,338 |
|
333,954 |
Prepaid Expenses |
|
|
|
|
|
|
|
|
Overcontracting |
|
22,716 |
|
27,364 |
|
8,898 |
|
23,860 |
Low income consumers' subsidy - Losses |
|
15,630 |
|
17,922 |
|
31,012 |
|
34,994 |
Neutrality of the sector charges |
|
406 |
|
224 |
|
381 |
|
- |
Tariff adjustment |
|
- |
|
- |
|
5,194 |
|
- |
Other financial components |
|
90,067 |
|
53,180 |
|
50,190 |
|
67,205 |
|
|
128,819 |
|
99,157 |
|
95,675 |
|
126,059 |
Liabilities |
|
|
|
|
|
|
|
|
Deferred Gains Variations |
|
|
|
|
|
|
|
|
Parcel "A" |
|
(1,234) |
|
(1,337) |
|
(1,478) |
|
(11,472) |
CVA (**) |
|
(561,097) |
|
(488,500) |
|
(402,013) |
|
(364,365) |
|
|
(562,331) |
|
(489,838) |
|
(403,491) |
|
(375,837) |
Other Accounts Payable |
|
|
|
|
|
|
|
|
Discounts TUSD and Irrigation (*) |
|
(48) |
|
(127) |
|
(2,063) |
|
(1,923) |
Overcontracting |
|
(71,060) |
|
(48,367) |
|
(127,195) |
|
(61,391) |
Low income consumers' subsidy - Gains |
|
(28,641) |
|
(17,010) |
|
(5,923) |
|
(6,280) |
Neutrality of the sector charges |
|
(97,299) |
|
(97,138) |
|
(111,800) |
|
(63,905) |
Tariff Review – Provisional Procedure |
|
(84,903) |
|
(32,181) |
|
- |
|
- |
Other financial components |
|
(9,903) |
|
(5,739) |
|
(13,817) |
|
(29,666) |
|
|
(291,855) |
|
(200,562) |
|
(260,798) |
|
(163,165) |
|
|
|
|
|
|
|
|
|
Total net |
|
(147,257) |
|
(119,851) |
|
(166,644) |
|
(24,581) |
|
|
|
|
|
|
|
|
|
(*) Network Usage Charge - TUSD (**) Deferred Tariff Costs and Gains Variations from Parcel "A" itens - ("CVA") | ||||||||
( 35 ) SUBSEQUENT EVENT
35.1 - Dividend
The general shareholders’ meeting held on April 12, 2012 approved the destination of the net income for 2011, through (i) constitution of capital reserve in the amount of R$ 76,520; (ii) declaration of R$ 747,709 related to June 30, 2011, and (iii) approval of R$ 758,470 related to additional dividend proposed
35.2 – Loans and financing
The amount of R$ 129 million was released in April to the subsidiary RGE, to boost working capital and refinance debts. The loan has annual interest of semi-annual Libor +1.45% over a 5-year period. The subsidiary contracted a swap converting the cost of the transaction from currency exchange variations to variations in the interest rate in reais, corresponding to 108% of the CDI.
35.3 – CPFL Paulista 2012 Tariff adjustment
79
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Through Resolution No. 1271 of April 3, 2012, the rates of the subsidiary CPFL Paulista were, on average, adjusted from April 8 in 3.71%. This is composed by 1.96% for the economic annual tariff adjustment, and 1.75% is related to the regulatory adjustment, corresponding to an average increase of 2.89% to captive consumers
35.4 – Initial Public offering CPFL Renováveis
On March 8, 2012, the Board of Directors of the subsidiary CPFL Renováveis approved the contracting of investment banks and other advisors to start studies and assessments with a view to the initial public offer of the shares of the subsidiary CPFL Renováveis.
80
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QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
OTHER RELEVANT INFORMATION
Shareholders of CPFL Energia S/A holding more than 5% of the shares of the same type and class, as of March 31, 2012:
Shareholders |
|
Common shares |
Interest - % | |
VBC Energia S.A. |
|
245,897,454 |
|
25.55 |
BB Carteira Livre I FIA |
|
298,467,458 |
|
31.02 |
Energia São Paulo FIP |
|
115,118,250 |
|
11.96 |
Bonaire Participações S.A. |
|
6,308,788 |
|
0.66 |
BNDES Participações S.A. |
|
81,053,460 |
|
8.42 |
Board of directors |
|
212 |
|
0.00 |
Executive officers |
|
50,400 |
|
0.01 |
Other shareholders |
|
215,378,238 |
|
22.38 |
Total |
|
962,274,260 |
|
100.00 |
Quantity and characteristic of securities held by the Controlling Shareholders, Executive Officers, Board of Directors, Fiscal Council and Free Float, as of March 31, 2012 and 2011:
|
|
March 31, 2012 |
|
March 31, 2011 | ||||
Shareholders |
|
Common shares |
Interest - % |
|
Common shares |
Interest - % | ||
Controlling shareholders |
|
666,629,811 |
|
69.28 |
|
333,314,879 |
|
69.28 |
Administrator |
|
|
|
|
|
|
|
|
Executive officers |
|
50,400 |
|
0.01 |
|
3,174 |
|
0.00 |
Board of directors |
|
212 |
|
0.00 |
|
112 |
|
0.00 |
Fiscal Council Members |
|
- |
|
- |
|
- |
|
- |
Other shareholders - free float |
|
295,593,837 |
|
30.72 |
|
147,818,965 |
|
30.72 |
Total |
|
962,274,260 |
|
100.00 |
|
481,137,130 |
|
100.00 |
Outstanding shares |
|
295,593,837 |
|
30.72 |
|
147,818,965 |
|
30.72 |
81
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Shareholders holding more than 5% of the shares of the same type and class, up to individual level, as of March 31, 2012:
2 - Entity: 1 CPFL ENERGIA S/A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
665,791,950 |
69.19% |
69.19% |
- |
0.00% |
0.00% |
665,791,950 |
69.19% |
1.1 VBC Energia S.A. |
245,897,454 |
25.55% |
25.55% |
|
0.00% |
0.00% |
245,897,454 |
25.55% |
1.2 Fundo Mútuo de Investimentos em Ações - BB Carteira Livre I |
298,467,458 |
31.02% |
31.02% |
|
0.00% |
0.00% |
298,467,458 |
31.02% |
1.3 Bonaire Participações S.A. |
6,308,788 |
0.66% |
0.66% |
|
0.00% |
0.00% |
6,308,788 |
0.66% |
1.4 Energia São Paulo FIP |
115,118,250 |
11.96% |
11.96% |
|
0.00% |
0.00% |
115,118,250 |
11.96% |
Noncontrolling shareholders |
296,482,310 |
30.81% |
30.81% |
- |
0.00% |
0.00% |
296,482,310 |
30.81% |
1.5 BNDES Participações S.A. |
81,053,460 |
8.42% |
8.42% |
|
0.00% |
0.00% |
81,053,460 |
8.42% |
1.6 Board of Directors |
212 |
0.00% |
0.00% |
|
0.00% |
0.00% |
212 |
0.00% |
1.7 Executive officers |
46,818 |
0.00% |
0.00% |
|
0.00% |
0.00% |
46,818 |
0.00% |
1.8 Other shareholders |
215,381,820 |
22.38% |
22.38% |
|
0.00% |
0.00% |
215,381,820 |
22.38% |
Total |
962,274,260 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
962,274,260 |
100.00% |
3 - Entity: 1.1 VBC ENERGIA S/A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
5,354,225 |
100.00% |
90.37% |
141,060 |
100.00% |
2.57% |
5,495,285 |
92.95% |
1.1.1 Átila Holdings S/A |
2,405,393 |
44.93% |
43.77% |
70,530 |
50.00% |
1.28% |
2,475,923 |
45.06% |
1.1.2 Camargo Corrêa Energia S.A. |
1,504,095 |
28.09% |
27.37% |
47,018 |
33.33% |
0.86% |
1,551,113 |
28.23% |
1.1.3 Camargo Corrêa S.A. |
1,056,630 |
19.73% |
19.23% |
23,512 |
16.67% |
0.43% |
1,080,142 |
19.66% |
1.1.4 Camargo Corrêa Investimento em Infra-Estrutura S.A. |
388,107 |
7.25% |
7.06% |
- |
0.00% |
0.00% |
388,107 |
7.06% |
Noncontrolling shareholders |
5 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
5 |
0.00% |
1.1.4 Other shareholders |
5 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
5 |
0.00% |
Total |
5,354,230 |
100.00% |
97.43% |
141,060 |
100.00% |
2.57% |
5,495,290 |
100.00% |
4 - Entity: 1.1.1 Átila Holdings S/A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
821,452,787 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
821,452,787 |
100.00% |
1.1.1.1 Construções e Comércio Camargo Corrêa S.A. |
380,575,180 |
46.33% |
46.33% |
|
0.00% |
0.00% |
380,575,180 |
46.33% |
1.1.1.2 Camargo Corrêa S.A |
440,877,607 |
53.67% |
53.67% |
|
0.00% |
0.00% |
440,877,607 |
53.67% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
- |
0.00% |
Total |
821,452,787 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
821,452,787 |
100.00% |
5 - Entity: 1.1.2 Camargo Corrêa Energia S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
2,357,982 |
100.00% |
77.41% |
688,220 |
100.00% |
22.59% |
3,046,202 |
100.00% |
1.1.2.1 Camargo Corrêa Investimento em Infra-Estrutura S.A. |
2,357,982 |
100.00% |
77.41% |
688,220 |
100.00% |
22.59% |
3,046,202 |
100.00% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
7 |
0.00% |
0.00% |
7 |
0.00% |
1.1.2.2 Other shareholders |
- |
0.00% |
0.00% |
7 |
0.00% |
0.00% |
7 |
0.00% |
Total |
2,357,982 |
100.00% |
77.41% |
688,227 |
100.00% |
22.59% |
3,046,209 |
100.00% |
6 - Entity: 1.1.3 Camargo Corrêa S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
48,941 |
99.99% |
34.45% |
93,099 |
100.00% |
65.54% |
142,040 |
100.00% |
1.1.3.1 Participações Morro Vermelho S.A. |
48,941 |
99.99% |
34.45% |
93,099 |
100.00% |
65.54% |
142,040 |
100.00% |
Noncontrolling shareholders |
5 |
0.01% |
0.00% |
1 |
0.00% |
0.00% |
6 |
0.00% |
1.1.3.2 Other shareholders |
5 |
0.01% |
0.00% |
1 |
0.00% |
0.00% |
6 |
0.00% |
Total |
48,946 |
100.00% |
34.46% |
93,100 |
100.00% |
65.54% |
142,046 |
100.00% |
7 - Entity: 1.1.1.1 Construções e Comércio Camargo Corrêa S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
363,933 |
100.00% |
80.57% |
87,772 |
99.99% |
19.43% |
451,705 |
99.99% |
1.1.1.1.1 Camargo Corrêa Construções e Participações S.A. |
363,933 |
100.00% |
80.57% |
87,772 |
99.99% |
19.43% |
451,705 |
99.99% |
Noncontrolling shareholders |
5 |
0.00% |
38.46% |
8 |
0.01% |
0.00% |
13 |
0.01% |
1.1.1.1.2 Other shareholders |
5 |
0.00% |
38.46% |
8 |
0.01% |
0.00% |
13 |
0.01% |
Total |
363,938 |
100.00% |
80.57% |
87,780 |
100.00% |
19.43% |
451,718 |
100.00% |
8 - Entity: 1.1.1.1.1 Camargo Corrêa Construções e Participações S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
2,749,756,288 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
2,749,756,288 |
100.00% |
1.1.1.1.1.1 Camargo Corrêa S.A. |
2,749,756,288 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
2,749,756,288 |
100.00% |
Noncontrolling shareholders |
6 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.00% |
1.1.1.1.1.2 Other shareholders |
6 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.00% |
Total |
2,749,756,294 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
2,749,756,294 |
100.00% |
82
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
9 - Entity: 1.1.2.1 Camargo Corrêa Investimento em Infra-Estrutura S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
861,502,274 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
861,502,274 |
100.00% |
1.1.2.1.1 Camargo Corrêa S.A. |
861,502,274 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
861,502,274 |
100.00% |
Noncontrolling shareholders |
7 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
7 |
0.00% |
1.1.2.1.2 Other shareholders |
7 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
7 |
0.00% |
Total |
861,502,281 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
861,502,281 |
100.00% |
10 - Entity: 1.1.3.1 Participações Morro Vermelho S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
2,249,994 |
100.00% |
33.33% |
4,500,000 |
100.00% |
66.67% |
6,749,994 |
99.99% |
1.1.3.1.1 RCABON Empreendimentos e Participações S.A |
749,998 |
33.33% |
11.11% |
- |
0.00% |
0.00% |
749,998 |
11.11% |
1.1.3.1.2 RCNON Empreendimentos e Participações S.A |
749,998 |
33.33% |
11.11% |
- |
0.00% |
0.00% |
749,998 |
11.11% |
1.1.3.1.3 RCPODON Empreendimentos e Participações S.A |
749,998 |
33.33% |
11.11% |
- |
0.00% |
0.00% |
749,998 |
11.11% |
1.1.3.1.4 RCABPN Empreendimentos e Participações S.A |
- |
0.00% |
0.00% |
1,498,080 |
33.29% |
22.19% |
1,498,080 |
22.19% |
1.1.3.1.5 RCNPN Empreendimentos e Participações S.A |
- |
0.00% |
0.00% |
1,498,080 |
33.29% |
22.19% |
1,498,080 |
22.19% |
1.1.3.1.6 RCPODPN Empreendimentos e Participações S.A |
- |
0.00% |
0.00% |
1,498,080 |
33.29% |
22.19% |
1,498,080 |
22.19% |
1.1.3.1.7 RRRPN Empreendimentos e Participações S.A |
- |
0.00% |
0.00% |
5,760 |
0.13% |
0.09% |
5,760 |
0.09% |
Noncontrolling shareholders |
6 |
0.01% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.01% |
1.1.3.1.8 Other shareholders |
6 |
0.01% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.01% |
Total |
2,250,000 |
100.00% |
33.33% |
4,500,000 |
100.00% |
66.67% |
6,750,000 |
100.00% |
11 - Entity: 1.1.3.1.1 RCABON Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
749,850 |
100.00% |
99.98% |
40 |
26.67% |
0.01% |
749,890 |
99.99% |
1.1.3.1.1.1 Rosana Camargo de Arruda Botelho |
749,850 |
100.00% |
99.98% |
40 |
26.67% |
0.01% |
749,890 |
99.99% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
110 |
73.33% |
0.01% |
110 |
0.01% |
1.1.3.1.1.2 Other shareholders |
|
0.00% |
0.00% |
110 |
73.33% |
0.01% |
110 |
0.01% |
Total |
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.02% |
750,000 |
100.00% |
12 - Entity: 1.1.3.1.2 RCNON Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
749,850 |
100.00% |
99.98% |
40 |
26.67% |
0.01% |
749,890 |
99.99% |
1.1.3.1.2.1 Renata de Camargo Nascimento |
749,850 |
100.00% |
99.98% |
40 |
26.67% |
0.01% |
749,890 |
99.99% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
110 |
73.33% |
0.01% |
110 |
0.01% |
1.1.3.1.2.2 Other shareholders |
|
0.00% |
0.00% |
110 |
73.33% |
0.01% |
110 |
0.01% |
Total |
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.01% |
750,000 |
100.00% |
13 - Entity: 1.1.3.1.3 RCPODON Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
749,850 |
100.00% |
99.98% |
- |
0.00% |
0.00% |
749,850 |
99.98% |
1.1.3.1.3.1 Regina de Camargo Pires Oliveira Dias |
749,850 |
100.00% |
99.98% |
|
0.00% |
0.00% |
749,850 |
99.98% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
150 |
100.00% |
0.02% |
150 |
0.02% |
1.1.3.1.3.2 Other shareholders |
|
0.00% |
0.00% |
150 |
100.00% |
0.02% |
150 |
0.02% |
Total |
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.02% |
750,000 |
100.00% |
14 - Entity: 1.1.3.1.4 RCABPN Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
1,499,890 |
99.99% |
99.99% |
- |
0.00% |
0.00% |
1,499,890 |
99.99% |
1.1.3.1.4.1 Rosana Camargo de Arruda Botelho |
1,499,890 |
99.99% |
99.99% |
|
0.00% |
0.00% |
1,499,890 |
99.99% |
Noncontrolling shareholders |
110 |
0.01% |
0.01% |
- |
0.00% |
0.00% |
110 |
0.01% |
1.1.3.1.4.2 Other shareholders |
110 |
0.01% |
0.01% |
|
0.00% |
0.00% |
110 |
0.01% |
Total |
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
15 - Entity: 1.1.3.1.5 RCNPN Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
1,499,890 |
99.99% |
99.99% |
- |
0.00% |
0.00% |
1,499,890 |
99.99% |
1.1.3.1.5.1 Renata de Camargo Nascimento |
1,499,890 |
99.99% |
99.99% |
|
0.00% |
0.00% |
1,499,890 |
99.99% |
Noncontrolling shareholders |
110 |
0.01% |
0.01% |
- |
0.00% |
0.00% |
110 |
0.01% |
1.1.3.1.5.2 Other shareholders |
110 |
0.01% |
0.01% |
|
0.00% |
0.00% |
110 |
0.01% |
Total |
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
83
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
16 - Entity: 1.1.3.1.6 RCPODPN Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
1,499,850 |
99.99% |
99.99% |
- |
0.00% |
0.00% |
1,499,850 |
99.99% |
1.1.3.1.6.1 Regina de Camargo Pires Oliveira Dias |
1,499,850 |
99.99% |
99.99% |
|
0.00% |
0.00% |
1,499,850 |
99.99% |
Noncontrolling shareholders |
150 |
0.01% |
0.01% |
- |
0.00% |
0.00% |
150 |
0.01% |
1.1.3.1.6.2 Other shareholders |
150 |
0.01% |
0.01% |
|
0.00% |
0.00% |
150 |
0.01% |
Total |
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
17 - Entity: 1.1.3.1.7 RRRPN Empreendimentos e Participações S.A |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
5,940 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
5,940 |
100.00% |
1.1.3.1.7.1 Rosana Camargo de Arruda Botelho |
1,980 |
33.33% |
33.33% |
|
0.00% |
0.00% |
1,980 |
33.33% |
1.1.3.1.7.2 Renata de Camargo Nascimento |
1,980 |
33.33% |
33.33% |
|
0.00% |
0.00% |
1,980 |
33.33% |
1.1.3.1.7.3 Regina de Camargo Pires Oliveira Dias |
1,980 |
33.34% |
33.34% |
|
0.00% |
0.00% |
1,980 |
33.34% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
- |
0.00% |
Total |
5,940 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
5,940 |
100.00% |
18 - Entity: 1.2 Fundo Mútuo de Investimentos em Ações - BB Carteira Livre I |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
130,163,541 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
130,163,541 |
100.00% |
1.2.1 Caixa de Previdência dos Funcionários do Banco do Brasil - PREVI |
130,163,541 |
100.00% |
100.00% |
|
0.00% |
0.00% |
130,163,541 |
100.00% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
|
0.00% |
Total |
130,163,541 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
130,163,541 |
100.00% |
19 - Entity: 1.3 Bonaire Participações S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
66,728,872 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
66,728,872 |
100.00% |
1.3.1 Energia São Paulo Fundo de Investimento em Participações |
66,728,872 |
100.00% |
100.00% |
|
0.00% |
0.00% |
66,728,872 |
100.00% |
Noncontrolling shareholders |
6 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.00% |
1.3.2 Other shareholders |
6 |
0.00% |
0.00% |
- |
0.00% |
0.00% |
6 |
0.00% |
Total |
66,728,878 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
66,728,878 |
100.00% |
20 - Entity: 1.3.1 Energia São Paulo Fundo de Investimento em Participações |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
796,479,768 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
796,479,768 |
100.00% |
1.3.1.1 Fundos de Investimento em Cotas de Fundo de Investimento em Participações 114 |
353,528,507 |
44.39% |
44.39% |
|
0.00% |
0.00% |
353,528,507 |
44.39% |
1.3.1.2 Fundação Petrobras de Seguridade Social - Petros |
181,405,069 |
22.78% |
22.78% |
|
0.00% |
0.00% |
181,405,069 |
22.78% |
1.3.1.3 Fundação Sabesp de Seguridade Social - Sabesprev |
4,823,881 |
0.61% |
0.61% |
|
0.00% |
0.00% |
4,823,881 |
0.61% |
1.3.1.4 Fundação Sistel de Seguridade Social |
256,722,311 |
32.23% |
32.23% |
|
0.00% |
0.00% |
256,722,311 |
32.23% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
- |
0.00% |
Total |
796,479,768 |
100% |
100% |
- |
- |
- |
796,479,768 |
100% |
21 - Entity: 1.3.1.1 Fundos de Investimento em Cotas de Fundo de Investimento em Participações 114 |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
353,528,507 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
353,528,507 |
100.00% |
1.3.1.1.1 Fundação CESP |
353,528,507 |
100.00% |
|
|
0.00% |
0.00% |
353,528,507 |
100.00% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
- |
0.00% |
Total |
353,528,507 |
100% |
100% |
|
0% |
0% |
353,528,507 |
100% |
22 - Entity: 1.5 BNDES Participações S.A. |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
Controlling shareholders |
1 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
100.00% |
1.4.1 Banco Nacional de Desenv. Econômico e Social ( 1 ) |
1 |
100.00% |
100.00% |
|
0.00% |
0.00% |
1 |
100.00% |
Noncontrolling shareholders |
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
|
0.00% |
0.00% |
|
0.00% |
0.00% |
- |
0.00% |
Total |
1 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
100.00% |
|
|
|
|
|
|
|
|
|
( 1 ) State agency - Federal Government Number of shares is expressed in units | ||||||||
Commitment to arbitrage
The Company is committed to arbitration in the Market Arbitration Chamber, in accordance with the Arbitration Clause in Article 44 of the Company’s By-Laws.
84
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
Quartely Social Report 2012 /2011 (*) |
||||||
Company: CPFL ENERGIA S.A. |
||||||
1 - Basis for Calculation |
1st quarter of 2012 Value (R$ 000) |
1st quarter of 2011 Value (R$ 000) | ||||
Net Revenues (NR) |
3,420,988 |
3,022,784 | ||||
Operating Result (OR) |
653,205 |
723,050 | ||||
Gross Payroll (GP) |
141,617 |
131,931 | ||||
2 - Internal Social Indicators |
Value (000) |
% of GP |
% of NR |
Value (000) |
% of GP |
% of NR |
Food |
11,804 |
8.34% |
0.35% |
11,978 |
9.08% |
0.40% |
Mandatory payroll taxes |
40,149 |
28.35% |
1.17% |
31,064 |
23.55% |
1.03% |
Private pension plan |
7,675 |
5.42% |
0.22% |
7,177 |
5.44% |
0.24% |
Health |
6,873 |
4.85% |
0.20% |
4,753 |
3.60% |
0.16% |
Occupational safety and health |
366 |
0.26% |
0.01% |
0 |
0.00% |
0.00% |
Education |
491 |
0.35% |
0.01% |
424 |
0.32% |
0.01% |
Culture |
0 |
0.00% |
0.00% |
0 |
0.00% |
0.00% |
Trainning and professional development |
2,218 |
1.57% |
0.06% |
1,740 |
1.32% |
0.06% |
Day-care / allowance |
225 |
0.16% |
0.01% |
217 |
0.16% |
0.01% |
Profit / income sharing |
11,604 |
8.19% |
0.34% |
7,112 |
5.39% |
0.24% |
Others |
1,599 |
1.13% |
0.05% |
1,151 |
0.87% |
0.04% |
Total - internal social indicators |
83,004 |
58.61% |
2.43% |
65,616 |
49.74% |
2.17% |
3 - External Social Indicators |
Value (000) |
% of OR |
% of NR |
Value (000) |
% of OR |
% of NR |
Education |
115 |
0.02% |
0.00% |
65 |
0.01% |
0.00% |
Culture |
1,721 |
0.26% |
0.05% |
2,045 |
0.28% |
0.07% |
Health and sanitation |
4 |
0.00% |
0.00% |
0 |
0.00% |
0.00% |
Sport |
7 |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
War on hunger and malnutrition |
5 |
0.00% |
0.00% |
0 |
0.00% |
0.00% |
Others |
773 |
0.12% |
0.02% |
367 |
0.05% |
0.01% |
Total contributions to society |
2,625 |
0.40% |
0.08% |
2,479 |
0.34% |
0.08% |
Taxes (excluding payroll taxes) |
1,624,096 |
248.63% |
47.47% |
1,550,172 |
214.39% |
51.28% |
Total - external social indicators |
1,626,721 |
249.04% |
47.55% |
1,552,651 |
214.74% |
51.36% |
4 - Environmental Indicators |
Value (000) |
% of OR |
% of NR |
Value (000) |
% of OR |
% of NR |
Investments relalated to company production / operation |
8,724 |
1.34% |
0.26% |
8,630 |
1.19% |
0.29% |
Investments in external programs and/or projects |
9,165 |
1.40% |
0.27% |
6,984 |
0.97% |
0.23% |
Total environmental investments |
17,889 |
2.74% |
0.52% |
15,614 |
2.16% |
0.52% |
Regarding the establishment of "annual targets" to minimize residues, the consumption in production / operation and increase efficiency in the use of natural resources, the company: |
( ) do not have targets ( ) fulfill from 51 to 75% |
( ) do not have targets ( ) fulfill from 51 to 75% | ||||
5 - Staff Indicators |
1st quarter of 2012 Value (R$ 000) |
1st quarter of 2011 Value (R$ 000) | ||||
Nº of employees at the end of period |
8,100 |
8,018 | ||||
Nº of employees hired during the period |
544 |
399 | ||||
Nº of outsourced employees |
ND |
ND | ||||
Nº of interns |
203 |
271 | ||||
Nº of employees above 45 years age |
1,892 |
2,102 | ||||
Nº of women working at the company |
1,942 |
1,893 | ||||
% of management position occupied by women |
11.24% |
11.41% | ||||
Nº of Afro-Brazilian employees working at the company |
1,006 |
961 | ||||
% of management position occupied by Afro-Brazilian employees |
2.38% |
2.81% | ||||
Nº of employees with disabilities |
270 |
282 | ||||
6 - Relevant information regarding the exercise of corporate citizenship |
1st quarter of 2012 Value (R$ 000) |
1st quarter of 2011 Value (R$ 000) | ||||
Ratio of the highest to the lowest compensation at company |
21.05 |
74.24 | ||||
Total number of work-related accidents |
8 |
3 | ||||
Social and environmental projects developed by the company were decided upon by: |
( ) direção |
( X ) direção e gerências |
( ) todos(as) empregados(as) |
( ) direção |
( X ) direção e gerências |
( ) todos(as) empregados(as) |
Health and safety standards at the workplace were decided upon by: |
( ) direção e gerências |
( ) todos(as) empregados(as) |
( X ) todos(as) + Cipa |
( ) direção e gerências |
( ) todos(as) empregados(as) |
( X ) todos(as) + Cipa |
Regarding the liberty to join a union, the right to a collective negotiation and the internal representation of the employees, the company: |
( ) não se envolve |
( ) segue as normas da OIT |
( X ) incentiva e segue a OIT |
( ) não se envolve |
( ) segue as normas da OIT |
( X ) incentiva e segue a OIT |
The private pension plan contemplates: |
( ) direção |
( ) direção e gerências |
( X ) todos(as) empregados(as) |
( ) direção |
( ) direção e gerências |
( X ) todos(as) empregados(as) |
The profit / income sharing contemplates: |
( ) direção |
( ) direção e gerências |
( X ) todos(as) empregados(as) |
( ) direção |
( ) direção e gerências |
( X ) todos(as) empregados(as) |
In the selection of suppliers, the same ethical standards and social / environmental responsibilities adopted by the company: |
( ) não são considerados |
( X ) são sugeridos |
( ) são exigidos |
( ) não são considerados |
( X ) são sugeridos |
( ) são exigidos |
Regarding the participation of employees in voluntary work programs, the company: |
( ) não se envolve |
( ) apóia |
( X ) organiza e incentiva |
( ) não se envolve |
( ) apóia |
( X ) organiza e incentiva |
Total number of customer complaints and criticisms: |
na empresa |
no Procon |
na Justiça |
na empresa (**) |
no Procon |
na Justiça |
|
294,447 |
384 |
1,235 |
312,583 |
472 |
1,068 |
% of complaints and criticisms attended to or resolved: |
na empresa |
no Procon |
na Justiça |
na empresa |
no Procon |
na Justiça |
|
100% |
100% |
5.19% |
100% |
100% |
9.34% |
Total value-added to distribute (R$ 000): |
1Q12 Value |
2,589,836 |
|
1Q11 Value |
2,436,927 |
|
Value-Added Distribution (VAD): |
64% government 6% employees |
65% government 5% employees | ||||
7 - Other information |
|
|
|
|
|
|
Consolidated information |
||||||
In the financial items were utilized the percentage of stock paticipation. For the other information, as number of employees and legal lawsuits, the informations were available in full numbers. | ||||||
Responsible: Antônio Carlos Bassalo, phone: 55-19-3756-8018, bassalo@cpfl.com.br |
|
|
|
| ||
(*) Information not reviewed by the independent auditors |
||||||
(**) Indicator adjusted due to standardization of criteria used for in the process of this information of the distribution subsidiaries. |
85
(Free Translation of the original in Portuguese)
QUARTERLY INFORMATION – ITR – Date: March 31, 2012 - CPFL Energia S. A
REPORT ON SPECIAL REVIEW-UNQUALIFIED |
(Convenience Translation into English from
CPFL Energia S.A.
Individual and Consolidated Interim Financial Deloitte Touche Tohmatsu Auditores Independentes |
86
|
Deloitte Touche Tohmatsu Av. Dr. José Bonifácio Coutinho Campinas - SP - 13091-611 Brasil
Fax:+ 55 (19) 3707-3001 |
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
To the Board of Directors and Shareholders of
CPFL Energia S.A.
São Paulo - SP
Introduction
We have reviewed the accompanying individual and consolidated interim financial information of CPFL Energia S.A. (“CPFL Energia” or “Company”), included in the Interim Financial Information Form (“ITR”), for the quarter ended March 31, 2012, which comprises the balance sheet and related statements of income, comprehensive income, changes in shareholders' equity and cash flows for the quarter then ended, including the explanatory notes.
Management is responsible for the preparation of these individual interim financial information in accordance with technical pronouncement CPC 21 - Demonstração Intermediária (Interim Financial Reporting) and the consolidated interim financial information in accordance with technical pronouncement CPC 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (“CVM”) applicable to the preparation of the Interim Financial Information (“ITR”). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and international standards on review
of interim financial information statement (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the individual interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Interim Financial Information Form referred to above is not prepared, in all material respects, in accordance with technical pronouncement CPC 21 applicable to the preparation of Interim Financial Information (“ITR”) and presented in accordance with the standards issued by the Brazilian Exchange and Securities Commission (“CVM”).
“Deloitte” refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its
network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about
for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its Member Firms.
© Deloitte Touche Tohmatsu. All rights reserved.
87
Deloitte Touche Tohmatsu
Conclusion on the consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Interim Financial Information Form referred to above is not prepared, in all material respects, in accordance with technical pronouncement CPC 21 and IAS 34 applicable to the preparation of Interim Financial Information (“ITR”) and presented in accordance with the standards issued by the Brazilian Securities Commission (“CVM”).
Emphasis of matter
As set forth in note 2.1, the individual interim financial information was prepared in accordance with the accounting practices adopted in Brazil and presented in accordance with technical pronouncement CPC 21 applicable to the preparation of Interim Financial Information (“ITR”). In the case of CPFL Energia, these accounting practices differ from the IFRSs, applicable to separate financial statements, only with respect to the measurement of investments in subsidiaries, associates and joint ventures by the equity method of accounting, which, for purposes of IFRS, would be measured at cost or fair value. Our review report was not qualified due to this matter.
Other matters
Statements of Value Added
We have also reviewed the individual and consolidated interim Statements of Value Added (“DVA”) for the quarter ended March 31, 2012, prepared under Management's responsibility, the presentation of which is required by the standards issued by the Brazilian Securities Commission (“CVM”) applicable to the preparation of Interim Financial Information (“ITR”), and is considered as supplemental information for IFRS that does not require the presentation of DVA. These statements were subjected to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in connection with the individual and consolidated interim financial statements taken as a whole.
Audit and review of prior-year and prior-quarter amounts, respectively
The respective individual and consolidated amounts for the year ended December 31, 2011 and the interim financial information for the quarter ended March 31, 2011, presented for comparative purposes, were audited and reviewed by other independent auditors, who issued their reports containing emphases of matters paragraph similar to the emphasis paragraph referred to above as of February 24, 2012 and May 4, 2011, respectively.
Other
The accompanying financial information has been translated into English for the convenience of readers outside Brazil.
Campinas, May 2, 2012
DELOITTE TOUCHE TOHMATSU |
Marcelo Magalhães Fernandes |
Auditores Independentes |
Engagement Partner |
|
|
The pages related to the Interim Financial Information (“ITR”) reviewed by us are marked for identification purpose only.
© 2012 Deloitte Touche Tohmatsu. All rights reserved.
88
CPFL ENERGIA S.A. | ||
|
By: |
/S/ LORIVAL NOGUEIRA LUZ JUNIOR
|
Name: Title: |
Lorival Nogueira Luz Junior 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.