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 – 2016 – CPFL Energia S.A. Version: 1
Registration data
1. General information
2
2. Address
3
3. Securities
4
4. Auditor information
5
5. Share register
6
6. Investor relations officer
7
7. Shareholders’ department
8
1
Registration Form – 2016 – CPFL Energia S.A. Version: 1
1. General information
Company name: |
CPFL ENERGIA S. A. |
Date of adoption of company name: |
08/06/2002 |
Type: |
publicly-held Corporation |
Previous company name: |
Draft II Participações S. A |
Date of incorporation: |
03/20/1998 |
CNPJ (Corporate Taxpayer ID): |
02.429.144/0001-93 |
CVM code: |
1866-0 |
CVM registration date: |
05/18/2000 |
CVM registration status: |
Active |
Status starting date: |
05/18/2000 |
Country: |
Brazil |
Country in which the securities |
|
Are held in custody: |
Brazil |
Other countries in which the securities can be traded | |
Country |
Date of admission |
United States |
09/29/2004 |
| |
Sector of activity: |
Holding company (Electric Energy) |
Description of activity: |
Holding company |
Issuer s category: |
Category A |
Date of registration in the current category: |
01/01/2010 |
Issuer s status: |
Operating |
Status starting date: |
05/18/2000 |
Type of ownership control: |
Private Holding |
Date of last change in ownership control: |
11/30/2009 |
Date of last change of fiscal year: |
|
Month/day of the end of fiscal year: |
12/31 |
Issuer´s web address: |
www. cpfl. com. br |
Newspaper or media where issuer discloses its information:
Newspaper or media |
FU |
Diário Oficial do Estado de São Paulo |
SP |
Valor Econômico |
SP |
www.cpfl.com.br/ri |
SP |
www.portalneo1.net |
SP |
www.valor.com.br/valor-ri |
SP |
2
Registration Form – 2016 – CPFL Energia S.A. Version: 1
2. Address
Mail Address: Rodovia Engenheiro Miguel Noel Nascentes Burnier, 1755, Km 2,5, Parque São Quirino, Campinas, SP, Brazil, zip code 13088-140
Telephone (019) 3756-6083, Fax (019) 3756-6089, E-mail: ri@cpfl.com.br
Registered Office Address: Rua Gomes de Carvalho, 1510, 14º– Cj 2 Vila Olímpia, São Paulo, SP, Brazil, zip code: 04547-005
Telephone: (019) 3756-6083, Fax: (019) 3756-6089, E-mail: ri@cpfl.com.br
3
Registration Form – 2016 – CPFL Energia S.A. Version: 1
3. Securities
Share trading
Trading mkt Stock exchange
Managing entity BM&FBOVESPA
Start date 09/29/2004
End date
Trading segment New Market
Start date 9/29/2004
End date
Debenture trading
Trading mkt Organized market
Managing entity CETIP
Start date 05/18/2000
End date
Trading segment Traditional
Start date 05/19/2000
End date
4
Registration Form – 2016 – CPFL Energia S.A. Version: 1
4. Auditor information
Does the issuer have an auditor? Yes
CVM code: 385-9
Type of auditor: Brazilian firm
Independent auditor: Deloitte Touche Tomatsu Auditores Independentes
CNPJ (Corporate Taxpayer ID): 49.928.567/0001-11
Period of service: 03/12/2012
Partner in charge Marcelo Magalhães Fernandes
Period of service 03/12/2012
CPF (Individual Taxpayer ID) 110.931.498-17
5
Registration Form – 2016 – CPFL Energia S.A. Version: 1
5. Share register
Does the company have a service provider: Yes
Corporate name: Banco do Brasil
CNPJ: 00.000.000/0001-91
Period of service: 01/01/2011
Address:
Rua Lélio Gama, 105 – 38º floor, Gecin, Centro, Rio de Janeiro, RJ, Brazil, zip code: 20031-080, Telephone (021) 38083551, Fax: (021) 38086088, e-mail: aescriturais@bb.com.br
6
Registration Form – 2016 – CPFL Energia S.A. Version: 1
6. Investor relations officer
Name: Gustavo Estrella
Investor Relations Officer
CPF/CNPJ: 037.234.097-09
Address:
Rodovia Engenheiro Miguel Noel Nascentes Burnier, 1755, Km 2,5, Parque São Quirino, Campinas, SP, Brazil, zip code 13088-140
Telephone (019) 3756-6083, Fax (019) 3756-6089, email: gustavoestrella@cpfl.com.br.
Date when the officer assumed the position: 02/27/2013
Date when the officer left the position:
7
Registration Form – 2016 – CPFL Energia S.A. Version: 1
7. Shareholders’ department
Contact | Leandro José Cappa de Oliveira |
Date when the officer assumed the position: | 10/06/2014 |
Date when the officer left the position: |
Address:
Rodovia Engenheiro Miguel Noel Nascentes Burnier, 1755, Km 2,5, Parque São Quirino, Campinas, SP, Brazil, zip code 13088-140
Telephone (019) 3756-6083, email: leandrocappa@cpfl.com.br
8
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Table of Contents | |
Company Data |
|
Capital Composition |
1 |
Cash dividend |
2 |
Individual financial statements |
|
Statement of Financial Position - Assets |
3 |
Statement of Financial Position - Liabilities and Equity |
4 |
Statement of Income |
5 |
Statement of Comprehensive Income |
6 |
Statement of Cash Flows Indirect Method |
7 |
Statement of Changes in Equity |
|
01/01/2016 to 06/30/2016 |
7 |
01/01/2015 to 06/30/2015 |
8 |
Statements of Value Added |
9 |
Consolidated Interim Financial Statements |
|
Statement of Financial Position - Assets |
12 |
Statement of Financial Position - Liabilities and Equity |
13 |
Statement of Income |
14 |
Statement of Comprehensive Income |
15 |
Statement of Cash Flows - Indirect Method |
16 |
Statement of Changes in Equity |
|
01/01/2016 to 06/30/2016 |
15 |
01/01/2015 to 06/30/2015 |
16 |
Statements of Value Added |
17 |
Comments on performance |
28 |
Notes to Interim financial statements |
37 |
Other relevant information |
98 |
Reports |
|
Independent Auditor s Report - Unqualified |
101 |
9
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Number of Shares (In units) |
Closing Date 06/30/2016 |
Paid-in capital |
|
Common |
1,017,914,746 |
Preferred |
0 |
Total |
1,017,914,746 |
Treasury Stock |
0 |
Common |
0 |
Preferred |
0 |
Total |
0 |
10
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Company Data
Event |
Approval |
Description |
Beginning of payment |
Type of share |
Class of share |
Amount per share (Reais/share) |
Board of Directors’ Meeting |
03/16/2016 |
Dividend |
07/01/2016 |
ON (Common shares) |
|
0.20687 |
11
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
(in thousands of Brazilian reais – R$) |
|
| |
Code |
Description |
Current Year 06/30/2016 |
Previous Year 12/31/2015 |
1 |
Total assets |
8,316,075 |
8,948,469 |
1.01 |
Current assets |
1,164,073 |
1,795,763 |
1.01.01 |
Cash and cash equivalents |
872,166 |
424,192 |
1.01.06 |
Recoverable taxes |
76,233 |
72,885 |
1.01.06.01 |
Current recoverable taxes |
76,233 |
72,885 |
1.01.08 |
Other current assets |
215,674 |
1,298,686 |
1.01.08.03 |
Others |
215,674 |
1,298,686 |
1.01.08.03.01 |
Other credits |
1,256 |
943 |
1.01.08.03.02 |
Dividends and interest on shareholders’ equity |
214,418 |
1,227,590 |
1.01.08.03.03 |
Derivatives |
- |
70,153 |
1.02 |
Noncurrent assets |
7,152,002 |
7,152,706 |
1.02.01 |
Noncurrent assets |
299,827 |
211,432 |
1.02.01.06 |
Deferred taxes |
168,369 |
140,389 |
1.02.01.06.02 |
Deferred taxes credits |
168,369 |
140,389 |
1.02.01.08 |
Related parties credits |
100,146 |
2,814 |
1.02.01.08.02 |
Subsidiaries credits |
100,146 |
2,814 |
1.02.01.09 |
Other noncurrent assets |
31,312 |
68,229 |
1.02.01.09.03 |
Escrow deposits |
723 |
630 |
1.02.01.09.05 |
Other credits |
14,569 |
14,919 |
1.02.01.09.07 |
Advance for future capital increase |
16,020 |
52,680 |
1.02.02 |
Investments |
6,850,886 |
6,940,036 |
1.02.02.01 |
Permanent equity interests |
6,850,886 |
6,940,036 |
1.02.02.01.02 |
Investments in subsidiaries |
6,850,886 |
6,940,036 |
1.02.03 |
Property, plant and equipment |
1,265 |
1,215 |
1.02.04 |
Intangible assets |
24 |
23 |
1.02.04.01 |
Intangible assets |
24 |
23 |
1.02.04.01.02 |
Other Intangibles |
24 |
23 |
12
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
Statement of Financial Position – Liabilities and Equity
(in thousands of Brazilian reais – R$) |
|||
Code |
Description |
Current Year 06/30/2016 |
Previous Yearr 12/31/2015 |
2 |
Total liabilities |
8,316,075 |
8,948,469 |
2.01 |
Current liabilities |
454,616 |
1,206,708 |
2.01.02 |
Trade payables |
674 |
1,157 |
2.01.02.01 |
National Trade payables |
674 |
1,157 |
2.01.03 |
Tax Obligations |
13,772 |
747 |
2.01.03.01 |
Federal Tax Obligations |
13,772 |
747 |
2.01.03.01.01 |
Income tax and Social Contribution |
11,066 |
- |
2.01.03.01.02 |
PIS (Tax on Revenue) |
289 |
63 |
2.01.03.01.03 |
COFINS (Tax on Revenue) |
1,472 |
391 |
2.01.03.01.04 |
Others Federal |
945 |
293 |
2.01.04 |
Loans and financing |
166,787 |
973,252 |
2.01.04.01 |
Loans and financing |
166,787 |
973,252 |
2.01.04.01.01 |
Brazilian currency |
- |
330,164 |
2.01.04.01.02 |
Foreign Currency |
166,787 |
643,088 |
2.01.05 |
Other Current liabilities |
273,383 |
231,552 |
2.01.05.02 |
Others |
273,383 |
231,552 |
2.01.05.02.01 |
Dividends and interest on capital payable |
210,710 |
212,531 |
2.01.05.02.04 |
Derivatives |
43,303 |
981 |
2.01.05.02.05 |
Other payable |
19,370 |
18,040 |
2.02 |
Noncurrent liabilities |
58,711 |
67,565 |
2.02.02 |
Other Noncurrent liabilities |
57,851 |
65,930 |
2.02.02.02 |
Others |
57,851 |
65,930 |
2.02.02.02.04 |
Other payable |
29,619 |
31,961 |
2.02.02.02.05 |
Provision for equity interest losses |
28,232 |
33,969 |
2.02.04 |
Provisions |
860 |
1,635 |
2.02.04.01 |
Civil, Labor, Social and Tax Provisions |
860 |
1,635 |
2.02.04.01.02 |
Labor and tax provisions |
353 |
1,209 |
2.02.04.01.04 |
Civil provisions |
507 |
426 |
2.03 |
Shareholders’ equity |
7,802,748 |
7,674,196 |
2.03.01 |
Capital |
5,741,284 |
5,348,312 |
2.03.02 |
Capital reserves |
468,082 |
468,082 |
2.03.04 |
Profit reserves |
1,388,864 |
1,672,481 |
2.03.04.01 |
Legal reserves |
694,058 |
694,058 |
2.03.04.02 |
Statutory reserves |
694,806 |
978,423 |
2.03.05 |
Retained earnings |
436,476 |
- |
2.03.08 |
Other comprehensive income |
- 231,958 |
185,321 |
2.03.08.01 |
Accumulated comprehensive income |
- 231,958 |
185,321 |
13
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|
|
| ||
Code |
Description |
Current Year - Second Quarter |
YTD Current Year |
Previous Year - Second Quarter |
YTD Previous Year |
04/01/2016 to 06/30/2016 |
01/01/2016 to 06/30/2016 |
04/01/2015 to 06/30/2015 |
01/01/2015 to 06/30/2015 | ||
3.01 |
Net Operating revenues |
- |
1,713 |
1,156 |
1,156 |
3.03 |
Gross Operating income |
- |
1,713 |
1,156 |
1,156 |
3.04 |
Gross Operating income (expense) |
252,078 |
525,869 |
141,346 |
324,658 |
3.04.02 |
General and administrative |
(12,898) |
(20,942) |
(7,297) |
(15,261) |
3.04.06 |
Equity income |
264,976 |
546,811 |
148,643 |
339,919 |
3.05 |
Income before financial income and taxes |
252,078 |
527,582 |
142,502 |
325,814 |
3.06 |
Financial income / expense |
15,200 |
4,760 |
(7,897) |
(21,945) |
3.06.01 |
Financial income |
27,225 |
36,386 |
7,196 |
25,576 |
3.06.02 |
Financial expense |
(12,025) |
(31,626) |
(15,093) |
(47,521) |
3.07 |
Income before taxes |
267,278 |
532,342 |
134,605 |
303,869 |
3.08 |
Income tax and social contribution |
(7,467) |
(1,182) |
(10,425) |
(10,719) |
3.08.01 |
Current |
(7,220) |
(29,162) |
(7,587) |
(7,657) |
3.08.02 |
Deferred |
(247) |
27,980 |
(2,838) |
(3,062) |
3.09 |
Net income/(loss) from continuing operations |
259,811 |
531,160 |
124,180 |
293,150 |
3.11 |
Net income/(loss) |
259,811 |
531,160 |
124,180 |
293,150 |
3.99.01.01 |
ON |
0.26 |
0.52 |
0.12 |
0.29 |
3.99.02.01 |
ON |
0.26 |
0.52 |
0.12 |
0.29 |
14
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|
|
|
| |
|
|
|
|
|
|
Code |
Description |
Current Year Second Quarter |
YTD Current Year |
Previous Year Second Quarter |
YTD Previous Year |
04/01/2016 to 06/30/2016 |
01/01/2016 to 06/30/2016 |
04/01/2015 to 06/30/2015 |
01/01/2015 to 06/30/2015 | ||
4.01 |
Net income/(loss) |
259,811 |
531,160 |
124,180 |
293,150 |
4.02 |
Other comprehensive income |
(403,036) |
(404,363) |
- |
- |
4.02.01 |
Comprehensive income for the period of subsidiaries |
(403,036) |
(404,363) |
- |
- |
4.03 |
Comprehensive income |
(143,225) |
126,797 |
124,180 |
293,150 |
15
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current year 01/01/2016 to 06/30/2016 |
Previous Year 01/01/2015 to 06/30/2015 |
6.01 |
Net cash from operating activities |
1,239,878 |
575,000 |
6.01.01 |
Cash generated (used) from operations |
8,992 |
9,829 |
6.01.01.01 |
Net income, including income tax and social contribution |
532,342 |
303,869 |
6.01.01.02 |
Depreciation and amortization |
102 |
80 |
6.01.01.03 |
Provision for tax, civil and labor risks |
38 |
468 |
6.01.01.04 |
Interest on debts, inflation adjusment and exchange rate changes |
23,321 |
45,331 |
6.01.01.05 |
Share of profit (loss) of investees |
(546,811) |
(339,919) |
6.01.02 |
Variation on assets and liabilities |
1,230,886 |
565,171 |
6.01.02.01 |
Dividend and interest on shareholders’ equity received |
1,289,907 |
607,349 |
6.01.02.02 |
Recoverable taxes |
(122) |
(5,144) |
6.01.02.03 |
Escrow deposits |
(72) |
(32) |
6.01.02.04 |
Other operating assets |
301 |
131 |
6.01.02.05 |
Trade payables |
(482) |
(212) |
6.01.02.06 |
Other taxes and social contributions |
1,959 |
5,742 |
6.01.02.07 |
Tax, civil and labor risks paid |
(839) |
(95) |
6.01.02.08 |
Other operating liabilities |
(1,013) |
(4,082) |
6.01.02.09 |
Interest on debts (paid) |
(40,657) |
(36,858) |
6.01.02.10 |
Income tax and social contribution paid |
(18,096) |
(1,628) |
6.02 |
Net cash in investing activities |
(108,818) |
(15,841) |
6.02.01 |
Acquisition of property, plant and equipment |
(219) |
(268) |
6.02.02 |
Securities |
(199) |
- |
6.02.06 |
Purchases of intangible assets |
- |
(7) |
6.02.07 |
Advance for future capital increase |
(16,020) |
(80) |
6.02.08 |
Intragroup loans |
(92,380) |
(15,486) |
6.03 |
Net cash in financing activities |
(683,085) |
(795,729) |
6.03.01 |
Payments of Loans, financing and debentures |
(726,148) |
(1,290,000) |
6.03.02 |
Derivative instruments paid |
43,128 |
- |
6.03.03 |
Loans, financing and debentures obtained |
- |
494,383 |
6.03.04 |
Payments of dividend and interest on shareholders’ equity |
(65) |
(112) |
6.05 |
Increase (decrease) in cash and cash equivalents |
447,975 |
(236,570) |
6.05.01 |
Cash and cash equivalents at beginning of period |
424,192 |
799,775 |
6.05.02 |
Cash and cash equivalents at end of period |
872,167 |
563,205 |
16
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|||||||
Code |
Description |
Capital |
Capital Reserves, |
Profit Reserves |
Retained earnings |
Other comprehensive income |
Shareholders’ Equity Total |
5.01 |
Opening balance |
5,348,312 |
468,082 |
1,672,481 |
- |
185,320 |
7,674,195 |
5.03 |
Adjusted balance |
5,348,312 |
468,082 |
1,672,481 |
- |
185,320 |
7,674,195 |
5.04 |
Capital transactions with shareholders |
392,972 |
- |
(392,972) |
1,756 |
- |
1,756 |
5.04.01 |
Capital increase |
392,972 |
- |
(392,972) |
- |
- |
- |
5.04.11 |
Prescribed dividend |
- |
- |
- |
1,756 |
- |
1,756 |
5.05 |
Total comprehensive income |
- |
- |
- |
531,160 |
(404,363) |
126,797 |
5.05.01 |
Net income for the period |
- |
- |
- |
531,160 |
- |
531,160 |
5.05.02 |
Other comprehensive income |
- |
- |
- |
- |
(404,363) |
(404,363) |
5.06 |
Internal changes in Shareholders' equity |
- |
- |
109,356 |
(96,440) |
(12,916) |
- |
5.06.05 |
Equity on comprehensive income of subsidiaries |
- |
- |
- |
12,916 |
(12,916) |
- |
5.06.06 |
Changes in statutory reserve in the period |
- |
- |
109,356 |
(109,356) |
- |
- |
5.07 |
Ending Balances |
5,741,284 |
468,082 |
1,388,865 |
436,476 |
(231,959) |
7,802,748 |
17
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|||||||
Code |
Description |
Capital |
Capital Reserves, options and treasury shares |
Profit Reserves |
Retained earnings |
Other comprehensive income |
Shareholders’ Equity Total |
5.01 |
Opening Balances |
4,793,424 |
468,082 |
1,536,136 |
- |
145,893 |
6,943,535 |
5.03 |
Adjusted balance |
4,793,424 |
468,082 |
1,536,136 |
- |
145,893 |
6,943,535 |
5.04 |
Capital transactions with shareholders |
554,888 |
- |
(554,888) |
3,134 |
- |
3,134 |
5.04.01 |
Capital increase |
554,888 |
- |
(554,888) |
- |
- |
- |
5.04.11 |
Prescribed dividend |
- |
- |
- |
3,134 |
- |
3,134 |
5.05 |
Total Comprehensive Income |
- |
- |
- |
293,150 |
- |
293,150 |
5.05.01 |
Net income for the period |
- |
- |
- |
293,150 |
- |
293,150 |
5.06 |
Internal changes in Shareholders' equity |
- |
- |
88,447 |
(75,260) |
(13,187) |
- |
5.06.04 |
Equity on comprehensive income of subsidiaries |
- |
- |
- |
13,187 |
(13,187) |
- |
5.06.06 |
Changes in statutory reserve in the year |
- |
- |
88,447 |
(88,447) |
- |
- |
5.07 |
Ending Balances |
5,348,312 |
468,082 |
1,069,695 |
221,024 |
132,706 |
7,239,819 |
18
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Individual Financial Statements
(in thousands of Brazilian reais – R$) |
|
| ||
|
|
|
| |
Code |
Description |
Current Year 01/01/2016 to 06/30/2016 |
Previous Year 01/01/2015 to 06/30/2015 | |
7.01 |
Revenues |
2,106 |
1,548 | |
7.01.01 |
Sales of goods, products and services |
1,887 |
1,274 | |
7.01.03 |
Revenues related to construction of own assets |
219 |
274 | |
7.02 |
Inputs |
(5,061) |
(5,193) | |
7.02.02 |
Material-Energy-Outsourced services-Other |
(4,163) |
(4,306) | |
7.02.04 |
Other |
(898) |
(887) | |
7.03 |
Gross added value |
(2,955) |
(3,645) | |
7.04 |
Retentions |
(102) |
(80) | |
7.04.01 |
Depreciation and amortization |
(102) |
(80) | |
7.05 |
Net added value generated |
(3,057) |
(3,725) | |
7.06 |
Added value received in transfer |
586,200 |
371,262 | |
7.06.01 |
Equity in subsidiaries |
546,811 |
339,919 | |
7.06.02 |
Financial income |
39,389 |
31,343 | |
7.07 |
Added Value to be Distributed |
583,143 |
367,537 | |
7.08 |
Distribution of Added Value |
583,143 |
367,537 | |
7.08.01 |
Personnel |
13,644 |
8,583 | |
7.08.01.01 |
Direct Remuneration |
5,527 |
4,537 | |
7.08.01.02 |
Benefits |
7,421 |
3,518 | |
7.08.01.03 |
Government severance indemnity fund for employees-F.G.T.S. |
696 |
528 | |
7.08.02 |
Taxes, Fees and Contributions |
7,126 |
21,500 | |
7.08.02.01 |
Federal |
7,107 |
21,489 | |
7.08.02.02 |
State |
19 |
11 | |
7.08.03 |
Remuneration on third parties’ capital |
31,213 |
44,304 | |
7.08.03.01 |
Interest |
31,188 |
44,233 | |
7.08.03.02 |
Rental |
25 |
71 | |
7.08.04 |
Remuneration on own capital |
531,160 |
293,150 | |
7.08.04.03 |
Retained profit / loss for the period |
531,160 |
293,150 |
19
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Year 06/30/2016 |
Previous Year 12/31/2015 |
1 |
Total assets |
37,950,234 |
40,532,471 |
1.01 |
Current assets |
11,302,583 |
12,508,652 |
1.01.01 |
Cash and cash equivalents |
5,464,783 |
5,682,802 |
1.01.02 |
Financial Investments |
22,183 |
23,633 |
1.01.02.02 |
Financial Investments at amortized cost |
22,183 |
23,633 |
1.01.02.02.01 |
Held to maturity |
22,183 |
23,633 |
1.01.03 |
Accounts receivable |
3,444,243 |
3,174,918 |
1.01.03.01 |
Consumers |
3,444,243 |
3,174,918 |
1.01.06 |
Recoverable taxes |
517,302 |
475,211 |
1.01.06.01 |
Current Recoverable taxes |
517,302 |
475,211 |
1.01.08 |
Other current assets |
1,854,072 |
3,152,088 |
1.01.08.03 |
Other |
1,854,072 |
3,152,088 |
1.01.08.03.01 |
Other credits |
625,097 |
959,554 |
1.01.08.03.02 |
Derivatives |
560,057 |
627,493 |
1.01.08.03.04 |
Dividends and interest on shareholders’ equity |
13,424 |
91,392 |
1.01.08.03.05 |
Financial asset of concession |
9,846 |
9,630 |
1.01.08.03.06 |
Sector financial asset |
645,648 |
1,464,019 |
1.02 |
Noncurrent assets |
26,647,651 |
28,023,819 |
1.02.01 |
Noncurrent assets |
6,789,276 |
8,392,634 |
1.02.01.03 |
Accounts receivable |
131,118 |
128,946 |
1.02.01.03.01 |
Consumers |
131,118 |
128,946 |
1.02.01.06 |
Deferred taxes |
495,045 |
334,886 |
1.02.01.06.02 |
Deferred taxes credits |
495,045 |
334,886 |
1.02.01.08 |
Related parties |
44,532 |
84,265 |
1.02.01.08.01 |
Related parties credits |
44,532 |
84,265 |
1.02.01.09 |
Other noncurrent assets |
6,118,581 |
7,844,537 |
1.02.01.09.03 |
Derivatives |
686,282 |
1,651,260 |
1.02.01.09.04 |
Escrow deposits |
495,527 |
1,227,527 |
1.02.01.09.05 |
Recoverable taxes |
160,071 |
167,159 |
1.02.01.09.07 |
Financial asset of concession |
4,002,959 |
3,597,474 |
1.02.01.09.09 |
Investments at cost |
116,654 |
116,654 |
1.02.01.09.10 |
Other credits |
657,088 |
594,518 |
1.02.01.09.11 |
Sector financial asset |
- |
489,945 |
1.02.02 |
Investments |
1,384,239 |
1,247,631 |
1.02.02.01 |
Permanent equity interests |
1,384,239 |
1,247,631 |
1.02.02.01.04 |
Other permanent equity interests |
1,384,239 |
1,247,631 |
1.02.03 |
Property, plant and equipment |
9,453,342 |
9,173,217 |
1.02.03.01 |
PP&E - in service |
8,643,295 |
8,499,051 |
1.02.03.03 |
PP&E - in progress |
810,047 |
674,166 |
1.02.04 |
Intangible assets |
9,020,794 |
9,210,337 |
1.02.04.01 |
Intangible assets |
9,020,794 |
9,210,337 |
20
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Year 06/30/2016 |
Previous Year 12/31/2015 |
2 |
Total liabilities |
37,950,234 |
40,532,471 |
2.01 |
Current liabilities |
7,342,643 |
9,524,873 |
2.01.01 |
Social and Labor Obligations |
123,203 |
79,924 |
2.01.01.02 |
Labor Obligations |
123,203 |
79,924 |
2.01.01.02.01 |
Estimated Labor Obligation |
123,203 |
79,924 |
2.01.02 |
Trade payables |
1,688,003 |
3,161,210 |
2.01.02.01 |
National Trade payables |
1,688,003 |
3,161,210 |
2.01.03 |
Tax Obligations |
746,067 |
653,342 |
2.01.03.01 |
Federal Tax Obligations |
367,537 |
265,126 |
2.01.03.01.01 |
Income tax and Social Contribution |
214,102 |
43,249 |
2.01.03.01.02 |
PIS (Tax on Revenue) |
22,414 |
33,199 |
2.01.03.01.03 |
COFINS (Tax on Revenue) |
104,179 |
159,317 |
2.01.03.01.04 |
Others Federal |
26,842 |
29,361 |
2.01.03.02 |
State Tax Obligations |
374,693 |
384,151 |
2.01.03.02.01 |
ICMS (Tax on Revenue) |
374,693 |
384,151 |
2.01.03.03 |
Municipal Tax Obligations |
3,837 |
4,065 |
2.01.03.03.01 |
Others Municipal |
3,837 |
4,065 |
2.01.04 |
Loans and financing |
3,287,016 |
3,640,314 |
2.01.04.01 |
Loans and financing |
2,270,776 |
2,949,922 |
2.01.04.01.01 |
Brazilian currency |
920,326 |
1,287,278 |
2.01.04.01.02 |
Foreign Currency |
1,350,450 |
1,662,644 |
2.01.04.02 |
Debentures |
1,016,240 |
690,392 |
2.01.04.02.01 |
Debentures |
787,842 |
458,165 |
2.01.04.02.02 |
Interest on debentures |
228,398 |
232,227 |
2.01.05 |
Other liabilities |
1,498,354 |
1,990,083 |
2.01.05.02 |
Others |
1,498,354 |
1,990,083 |
2.01.05.02.01 |
Dividends and interest on capital payable |
222,937 |
221,855 |
2.01.05.02.04 |
Derivatives |
48,536 |
981 |
2.01.05.02.05 |
Sector financial liability |
42,510 |
- |
2.01.05.02.06 |
Public utility |
9,941 |
9,457 |
2.01.05.02.07 |
Other payable |
850,851 |
904,971 |
2.01.05.02.08 |
Regulatory charges |
319,311 |
852,017 |
2.01.05.02.09 |
Post-employment benefit obligation |
4,268 |
802 |
2.02 |
Noncurrent liabilities |
20,423,625 |
20,877,460 |
2.02.01 |
Loans and financing |
16,748,008 |
18,092,904 |
2.02.01.01 |
Loans and financing |
11,102,484 |
11,712,865 |
2.02.01.01.01 |
Brazilian currency |
6,455,890 |
6,438,701 |
2.02.01.01.02 |
Foreign Currency |
4,646,594 |
5,274,164 |
2.02.01.02 |
Debentures |
5,645,524 |
6,380,039 |
2.02.01.02.01 |
Debentures |
5,622,996 |
6,363,553 |
2.02.01.02.02 |
Interest on debentures |
22,528 |
16,486 |
2.02.02 |
Other payable |
1,694,577 |
782,427 |
2.02.02.02 |
Other |
1,694,577 |
782,427 |
2.02.02.02.03 |
Trade payables |
633 |
633 |
2.02.02.02.04 |
Post-employment benefit obligation |
861,304 |
474,318 |
2.02.02.02.05 |
Derivatives |
83,031 |
33,205 |
2.02.02.02.06 |
Sector financial liability |
473,099 |
- |
2.02.02.02.07 |
Public utility |
86,152 |
83,124 |
2.02.02.02.08 |
Other payable |
190,358 |
191,147 |
2.02.03 |
Deferred taxes |
1,363,006 |
1,432,594 |
2.02.03.01 |
Deferred Income tax and Social Contribution |
1,363,006 |
1,432,594 |
2.02.04 |
Provisions |
618,034 |
569,535 |
2.02.04.01 |
Civil, Labor, Social and Tax Provisions |
618,034 |
569,535 |
2.02.04.01.01 |
Tax Provisions |
245,909 |
184,362 |
2.02.04.01.02 |
Labor and pension provisions |
146,571 |
171,990 |
2.02.04.01.04 |
Civil provisions |
199,243 |
194,530 |
2.02.04.01.05 |
Others |
26,311 |
18,653 |
2.03 |
Shareholders´ equity - consolidated |
10,183,966 |
10,130,138 |
2.03.01 |
Capital |
5,741,284 |
5,348,312 |
2.03.02 |
Capital reserves |
468,082 |
468,082 |
2.03.04 |
Profit reserves |
1,388,864 |
1,672,481 |
2.03.04.01 |
Legal reserves |
694,058 |
694,058 |
2.03.04.02 |
Statutory reserve |
694,806 |
978,423 |
2.03.05 |
Retained earnings |
436,476 |
- |
2.03.08 |
Other comprehensive income |
(231,958) |
185,321 |
2.03.09 |
Shareholders Non-controlling interest |
2,381,218 |
2,455,942 |
21
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|||||
Code |
Description |
Current Year - Second Quarter |
YTD Current Year |
Previous Year - Second Quarter |
YTD Previous Year |
04/01/2016 to 06/30/2016 |
01/01/2016 to 06/30/2016 |
04/01/2015 to 06/30/2015 |
01/01/2015 to 06/30/2015 | ||
3.01 |
Net Operating revenues |
4,416,082 |
8,665,472 |
5,162,549 |
10,452,617 |
3.02 |
Cost of electric energy services |
(3,475,976) |
(6,745,768) |
(4,365,436) |
(8,642,051) |
3.02.01 |
Cost of electric energy |
(2,664,546) |
(5,192,567) |
(3,611,688) |
(7,209,539) |
3.02.02 |
Operating cost |
(536,398) |
(1,060,632) |
(468,623) |
(916,725) |
3.02.03 |
Services rendered to third parties |
(275,032) |
(492,569) |
(285,125) |
(515,787) |
3.03 |
Gross Operating income |
940,106 |
1,919,704 |
797,113 |
1,810,566 |
3.04 |
Gross Operating income (expense) |
(350,626) |
(690,948) |
(429,287) |
(784,761) |
3.04.01 |
Sales expenses |
(136,739) |
(264,096) |
(129,177) |
(235,396) |
3.04.02 |
General and administrative |
(210,219) |
(415,128) |
(256,570) |
(434,710) |
3.04.05 |
Others |
(72,306) |
(143,842) |
(107,797) |
(196,036) |
3.04.06 |
Equity income |
68,638 |
132,118 |
64,257 |
81,381 |
3.05 |
Income before financial income and taxes |
589,480 |
1,228,756 |
367,826 |
1,025,805 |
3.06 |
Financial income / expense |
(199,315) |
(430,963) |
(186,758) |
(553,487) |
3.06.01 |
Financial income |
401,522 |
806,370 |
329,493 |
616,567 |
3.06.02 |
Financial expense |
(600,837) |
(1,237,333) |
(516,251) |
(1,170,054) |
3.07 |
Income before taxes |
390,165 |
797,793 |
181,068 |
472,318 |
3.08 |
Income tax and social contribution |
(150,030) |
(325,212) |
(90,828) |
(239,768) |
3.08.01 |
Current |
(266,721) |
(551,798) |
(84,338) |
(198,655) |
3.08.02 |
Deferred |
116,691 |
226,586 |
(6,490) |
(41,113) |
3.09 |
Net income from continuing operations |
240,135 |
472,581 |
90,240 |
232,550 |
3.11 |
Net income |
240,135 |
472,581 |
90,240 |
232,550 |
3.11.01 |
Net income attributable to controlling shareholders |
259,811 |
531,159 |
124,180 |
293,150 |
3.11.02 |
Net income attributable to noncontrolling shareholders |
(19,676) |
(58,578) |
(33,940) |
(60,600) |
22
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|
| |||
Code |
Description |
Current Year - Second Quarter |
YTD Current Year |
Previous Year - Second Quarter |
YTD Previous Year |
04/01/2016 to 06/30/2016 |
01/01/2016 to 06/30/2016 |
04/01/2015 to 06/30/2015 |
01/01/2015 to 06/30/2015 | ||
4.01 |
Consolidated profit for the period |
240,135 |
472,581 |
90,240 |
232,550 |
4.02 |
Other comprehensive income |
(403,036) |
(404,363) |
- |
- |
4.02.01 |
Actuarial gains (losses), net of tax effects |
(403,036) |
(404,363) |
- |
- |
4.03 |
Consolidated comprehensive income |
(162,901) |
68,218 |
90,240 |
232,550 |
4.03.01 |
Comprehensive income attributable to controlling shareholders |
(143,225) |
126,797 |
124,180 |
293,150 |
4.03.02 |
Comprehensive income attributable to non controlling shareholders |
(19,676) |
(58,579) |
(33,940) |
(60,600) |
23
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
YTD Current Year 01/01/2016 to 06/30/2016 |
YTD previous year 01/01/2015 to 06/30/2015 |
6.01 |
Net cash from operating activities |
1,611,666 |
169,115 |
6.01.01 |
Cash generated from operations |
2,406,604 |
2,194,376 |
6.01.01.01 |
Net income, including income tax and social contribution |
797,793 |
472,318 |
6.01.01.02 |
Depreciation and amortization |
620,002 |
638,300 |
6.01.01.03 |
Reserve for tax, civil, labor and environmental risks |
139,095 |
139,524 |
6.01.01.04 |
Allowance for doubtful accounts |
95,865 |
62,466 |
6.01.01.05 |
Interest and monetary and exchange restatement |
848,205 |
902,089 |
6.01.01.06 |
Private pension plan |
27,825 |
32,689 |
6.01.01.07 |
Equity income |
(132,118) |
(81,381) |
6.01.01.08 |
Loss (gain) on disposal of noncurrent assets |
19,982 |
27,466 |
6.01.01.09 |
Deferred taxes - PIS and COFINS |
(9,715) |
3,368 |
6.01.01.10 |
Other |
(330) |
(2,463) |
6.01.02 |
Variation on assets and liabilities |
(794,938) |
(2,025,261) |
6.01.02.01 |
Consumers, Concessionaires and Licensees |
(366,295) |
(1,205,959) |
6.01.02.02 |
Dividend and interest on shareholders’ equity received |
75,161 |
16,517 |
6.01.02.03 |
Recoverable Taxes |
(26,185) |
27,943 |
6.01.02.04 |
Escrow deposits |
749,422 |
17,200 |
6.01.02.05 |
Sector financial asset |
1,588,088 |
(663,333) |
6.01.02.06 |
Receivables - amounts from the Energy Development Account - CDE |
229,359 |
(182,563) |
6.01.02.07 |
Concession financial asset (transmission) |
(11,754) |
(27,707) |
6.01.02.08 |
Other operating assets |
45,543 |
(5,661) |
6.01.02.09 |
Trade payables |
(1,473,207) |
(107,234) |
6.01.02.10 |
Other taxes and social contributions |
(94,018) |
175,330 |
6.01.02.11 |
Other liabilities with post-employment benefit obligation |
(41,737) |
(67,463) |
6.01.02.12 |
Regulatory charges |
(532,706) |
894,282 |
6.01.02.13 |
Tax, civil and labor risks paid |
(120,162) |
(78,382) |
6.01.02.14 |
Sector financial liability |
276,163 |
(22,434) |
6.01.02.15 |
Resources provided by the CDE - payable |
(29,505) |
52,247 |
6.01.02.16 |
Other operating liabilities |
101,863 |
104,889 |
6.01.02.17 |
Interest paid on debts and debentures |
(801,508) |
(764,585) |
6.01.02.18 |
Income tax and social contribution paid |
(363,460) |
(188,348) |
6.02 |
Net cash in investing activities |
(963,569) |
(793,363) |
6.02.01 |
Purchases of property, plant and equipment |
(517,272) |
(287,750) |
6.02.02 |
Securities, pledges and restricted deposits |
(59,631) |
(99,378) |
6.02.04 |
Purchases of intangible assets |
(432,454) |
(425,060) |
6.02.05 |
Sale of noncurrent assets |
789 |
8,268 |
6.02.08 |
Loans to subsidiaries and associates |
44,999 |
103 |
6.02.11 |
Sale of interest in investees |
- |
10,454 |
6.03 |
Net cash in financing activities |
(866,116) |
(29,477) |
6.03.01 |
Borrowings and debentures obtained |
1,364,314 |
3,518,023 |
6.03.02 |
Borrowings and debentures paid |
(2,199,250) |
(3,515,017) |
6.03.03 |
Payments of dividend and interest on shareholders’ equity |
(14,989) |
(425) |
6.03.05 |
Business combination payment |
(16,191) |
(32,058) |
6.05 |
Increase (decrease) in cash and cash equivalents |
(218,019) |
(653,725) |
6.05.01 |
Cash and cash equivalents at beginning of period |
5,682,802 |
4,357,455 |
6.05.02 |
Cash and cash equivalents at end of period |
5,464,783 |
3,703,730 |
24
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Code |
Description |
Capital |
Capital Reserves, options and treasury shares |
Profit Reserves |
Retained earnings |
Other comprehensive income |
Shareholders’ Equity Total |
Noncontrolling Shareholders’ Equity |
Consolidated Shareholders’ Equity |
5.01 |
Opening balance |
5,348,312 |
468,082 |
1,672,481 |
- |
185,320 |
7,674,195 |
2,455,943 |
10,130,138 |
5.03 |
Adjusted opening balances |
5,348,312 |
468,082 |
1,672,481 |
- |
185,320 |
7,674,195 |
2,455,943 |
10,130,138 |
5.04 |
Capital transactions within shareholders |
392,972 |
- |
(392,972) |
1,756 |
- |
1,756 |
(16,114) |
(14,358) |
5.04.01 |
Capital increase |
392,972 |
- |
(392,972) |
- |
- |
- |
- |
- |
5.04.09 |
Dividend proposal approved |
- |
- |
- |
- |
- |
- |
(16,114) |
(16,114) |
5.04.10 |
Prescribed dividend |
- |
- |
- |
1,756 |
- |
1,756 |
- |
1,756 |
5.05 |
Total comprehensive income |
- |
- |
- |
531,160 |
(404,364) |
126,796 |
(58,578) |
68,218 |
5.05.01 |
Net income for the period |
- |
- |
- |
531,160 |
- |
531,160 |
(58,578) |
472,581 |
5.05.02 |
Other comprehensive income |
- |
- |
- |
- |
(404,364) |
(404,364) |
- |
(404,363) |
5.06 |
Internal changes of shareholders equity |
- |
- |
109,356 |
(96,440) |
(12,916) |
- |
(32) |
(32) |
5.06.04 |
Changes in statutory reserve in the period |
- |
- |
- |
- |
- |
- |
(32) |
(32) |
5.06.06 |
Realization of deemed cost of property, plant and equipment |
- |
- |
- |
19,570 |
(19,570) |
- |
- |
- |
5.06.07 |
Tax on realization of deemed cost |
- |
- |
- |
(6,654) |
6,654 |
- |
- |
- |
5.06.08 |
Changes in statutory reserve in the period |
- |
- |
109,356 |
(109,356) |
- |
- |
- |
- |
5.07 |
Ending balance |
5,741,284 |
468,082 |
1,388,865 |
436,476 |
(231,960) |
7,802,747 |
2,381,219 |
10,183,966 |
25
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Financial Statements
(in thousands of Brazilian reais – R$) |
|||||||||
Code |
Description |
Capital |
Capital |
Profit Reserves |
Retained earnings |
Other comprehensive income |
|
Noncontrolling Shareholders’ Equity |
Consolidated Shareholders’ Equity |
Shareholders´ equity | |||||||||
5.01 |
Opening balance |
4,793,424 |
468,082 |
1,536,136 |
- |
145,893 |
6,943,535 |
2,453,794 |
9,397,329 |
5.03 |
Adjusted opening balance |
4,793,424 |
468,082 |
1,536,136 |
- |
145,893 |
6,943,535 |
2,453,794 |
9,397,329 |
5.04 |
Capital transactions within shareholders |
554,888 |
- |
- 554,888 |
3,134 |
- |
3,134 |
2,070 |
5,204 |
5.04.01 |
Capital increase |
554,888 |
- |
- 554,888 |
- |
- |
- |
- |
- |
5.04.09 |
Dividend proposal approved |
- |
- |
- |
- |
- |
- |
2,070 |
2,070 |
5.04.10 |
Prescribed dividend |
- |
- |
- |
3,134 |
- |
3,134 |
- |
3,134 |
5.05 |
Total comprehensive income |
- |
- |
- |
293,150 |
- |
293,150 |
- 60,600 |
232,550 |
5.05.01 |
Net income |
- |
- |
- |
293,150 |
- |
293,150 |
- 60,600 |
232,550 |
5.06 |
Internal changes of shareholders equity |
- |
- |
88,447 |
- 75,260 |
- 13,187 |
- |
- 7 |
- 7 |
5.06.04 |
Other changes in non-controlling shareholders |
- |
- |
- |
- |
- |
- |
- 7 |
- 7 |
5.06.06 |
Realization of deemed cost of property, plant and equipment |
- |
- |
- |
19,980 |
- 19,980 |
- |
- |
- |
5.06.07 |
Tax on realization of deemed cost |
- |
- |
- |
- 6,793 |
6,793 |
- |
- |
- |
5.06.08 |
Changes in statutory reserve in the period |
- |
- |
88,447 |
- 88,447 |
- |
- |
- |
- |
5.07 |
Ending balance |
5,348,312 |
468,082 |
1,069,695 |
221,024 |
132,706 |
7,239,819 |
2,395,257 |
9,635,076 |
26
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated Interim Financial Statements
(in thousands of Brazilian reais – R$) |
|
| |
|
|
|
|
Code |
Description |
Current Year 01/01/2016 to 06/30/2016 |
Previous Year 01/01/2015 to 06/30/2015 |
7.01 |
Revenues |
15,115,473 |
16,920,299 |
7.01.01 |
Sales of goods, products and services |
14,168,173 |
16,173,168 |
7.01.02 |
Other revenue |
491,850 |
515,720 |
7.01.02.01 |
Revenue from construction of infrastructure distribution |
491,850 |
515,720 |
7.01.03 |
Revenues related to the construction of own assets |
551,315 |
293,875 |
7.01.04 |
Allowance for doubtful accounts |
(95,865) |
(62,464) |
7.02 |
Inputs |
(7,394,280) |
(9,393,739) |
7.02.01 |
Cost of sales |
(5,767,084) |
(7,981,950) |
7.02.02 |
Material-Energy-Outsourced services-Other |
(1,350,063) |
(1,108,044) |
7.02.04 |
Other |
(277,133) |
(303,745) |
7.03 |
Gross added value |
7,721,193 |
7,526,560 |
7.04 |
Retentions |
(621,316) |
(639,067) |
7.04.01 |
Depreciation and amortization |
(497,409) |
(470,375) |
7.04.02 |
Other |
(123,907) |
(168,692) |
7.04.02.01 |
Intangible concession asset - amortization |
(123,907) |
(168,692) |
7.05 |
Net added value generated |
7,099,877 |
6,887,493 |
7.06 |
Added value received in transfer |
969,569 |
706,255 |
7.06.01 |
Equity in subsidiaries |
132,118 |
81,381 |
7.06.02 |
Financial income |
837,451 |
624,874 |
7.07 |
Added Value to be Distributed |
8,069,446 |
7,593,748 |
7.08 |
Distribution of Added Value |
8,069,446 |
7,593,748 |
7.08.01 |
Personnel |
488,074 |
447,113 |
7.08.01.01 |
Direct Remuneration |
302,238 |
276,893 |
7.08.01.02 |
Benefits |
159,835 |
147,992 |
7.08.01.03 |
Government severance indemnity fund for employees- F.G.T.S. |
26,001 |
22,228 |
7.08.02 |
Taxes, Fees and Contributions |
5,795,525 |
5,723,017 |
7.08.02.01 |
Federal |
3,269,069 |
3,479,544 |
7.08.02.02 |
State |
2,518,112 |
2,236,606 |
7.08.02.03 |
Municipal |
8,344 |
6,867 |
7.08.03 |
Remuneration on third parties’ capital |
1,313,266 |
1,191,068 |
7.08.03.01 |
Interest |
1,283,562 |
1,164,734 |
7.08.03.02 |
Rental |
29,704 |
26,334 |
7.08.04 |
Remuneration on own capital |
472,581 |
232,550 |
7.08.04.03 |
Retained Earnings / Loss for the Period |
472,581 |
232,550 |
27
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The comments on performance are expressed in thousands of Brazilian reais, unless otherwise indicated.
Analysis of Results
|
|
|
|
|
CPFL Energia (Parent Company)
The increase in net income in the quarter was R$ 135,631, compared with the same quarter of 2015 (R$ 259,811 in 2016 and R$ 124,180in 2015), primarily due to an increase in the equity income.
28
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||||||
2nd Quarter |
1st Semester | ||||||||||
2016 |
2015 |
% |
2016 |
2015 |
% | ||||||
Operating revenues |
7,161,756 |
9,053,011 |
-20.9% |
14,660,022 |
16,688,888 |
-12.2% | |||||
Electricity sales to final consumers (*) |
5,844,986 |
5,945,120 |
-1.7% |
12,308,064 |
11,211,844 |
9.8% | |||||
Electricity sales to wholesaler´s |
639,961 |
1,062,761 |
-39.8% |
1,388,217 |
1,919,223 |
-27.7% | |||||
Revenue from construction of concession infrastructure |
274,716 |
284,912 |
-3.6% |
491,850 |
515,720 |
-4.6% | |||||
Other operating revenues (*) |
864,071 |
864,647 |
-0.1% |
1,666,123 |
1,457,947 |
14.3% | |||||
Sector financial asset and liability |
(461,979) |
895,571 |
-151.6% |
(1,194,232) |
1,584,155 |
-175.4% | |||||
Deductions from operating revenues |
(2,745,673) |
(3,890,462) |
-29.4% |
(5,994,551) |
(6,236,271) |
-3.9% | |||||
Net operating revenue |
4,416,082 |
5,162,549 |
-14.5% |
8,665,472 |
10,452,617 |
-17.1% | |||||
Cost of eletric energy |
(2,664,546) |
(3,611,688) |
-26.2% |
(5,192,567) |
(7,209,539) |
-28.0% | |||||
Electricity purchased for resale |
(2,313,621) |
(3,311,561) |
-30.1% |
(4,479,553) |
(6,515,492) |
-31.2% | |||||
Electricity network usage charges |
(350,926) |
(300,127) |
16.9% |
(713,014) |
(694,047) |
2.7% | |||||
Operating cost/expense |
(1,230,694) |
(1,247,292) |
-1.3% |
(2,376,267) |
(2,298,654) |
3.4% | |||||
Personnel |
(267,200) |
(236,425) |
13.0% |
(512,167) |
(461,458) |
11.0% | |||||
Employee pension plans |
(13,913) |
(16,344) |
-14.9% |
(27,825) |
(32,689) |
-14.9% | |||||
Materials |
(39,271) |
(34,946) |
12.4% |
(79,056) |
(67,126) |
17.8% | |||||
Outside services |
(157,568) |
(134,154) |
17.5% |
(306,789) |
(270,019) |
13.6% | |||||
Depreciation and amortization |
(250,014) |
(240,375) |
4.0% |
(496,095) |
(469,607) |
5.6% | |||||
Intangible of concession amortization |
(62,020) |
(83,992) |
-26.2% |
(123,907) |
(168,693) |
-26.5% | |||||
Costs related to infrastructure construction |
(274,491) |
(284,540) |
-3.5% |
(491,527) |
(514,718) |
-4.5% | |||||
Other |
(166,217) |
(216,515) |
-23.2% |
(338,902) |
(314,342) |
7.8% | |||||
Income from electric energy service |
520,842 |
303,569 |
71.6% |
1,096,638 |
944,423 |
16.1% | |||||
Financial income (expense) |
(199,315) |
(186,758) |
6.7% |
(430,963) |
(553,487) |
-22.1% | |||||
Income |
401,522 |
329,493 |
21.9% |
806,370 |
616,567 |
30.8% | |||||
Expense |
(600,837) |
(516,251) |
16.4% |
(1,237,333) |
(1,170,054) |
5.8% | |||||
Interest in subsidiaries, associates and joint ventures |
68,638 |
64,257 |
6.8% |
132,118 |
81,381 |
62.3% | |||||
Income before taxes |
390,164 |
181,068 |
115.5% |
797,793 |
472,318 |
68.9% | |||||
Social Contribution |
(42,502) |
(23,172) |
83.4% |
(89,668) |
(64,635) |
38.7% | |||||
Income Tax |
(107,528) |
(67,656) |
58.9% |
(235,544) |
(175,133) |
34.5% | |||||
Net income |
240,135 |
90,240 |
166.1% |
472,581 |
232,550 |
103.2% | |||||
Net income attributable to the shareholders of the company |
259,814 |
124,180 |
109.2% |
531,160 |
293,150 |
81.2% | |||||
Net income/(loss) attributable to the non controlling interests |
19,674 |
(33,940) |
-158.0% |
(58,578) |
(60,600) |
-3.3% | |||||
EBITDA |
901,659 |
692,477 |
30.2% |
1,849,047 |
1,664,673 |
11.1% | |||||
(*) The reclassification of revenue from network usage charge - TUSD was not taken into acount in presentation of the comments on consolidated perfomance. | |||||||||||
Net income for the period and EBITDA reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net income |
240,135 |
90,240 |
472,581 |
232,550 |
|
| |||||
Depreciation and amortization |
312,034 |
324,367 |
620,002 |
638,301 |
|
| |||||
Amortization of value-added of assets |
145 |
284 |
290 |
568 |
|
| |||||
Financial income (expense) |
199,315 |
186,758 |
430,963 |
553,487 |
|
| |||||
Social contribution |
42,502 |
23,172 |
89,668 |
64,635 |
|
| |||||
Income tax |
107,528 |
67,656 |
235,544 |
175,133 |
|
| |||||
EBITDA |
901,659 |
692,477 |
1,849,047 |
1,664,673 |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
29
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Gross Operating Revenue
The Gross Operating Revenue in the 2nd quarter of 2016 was R$ 7,161,756, drop of 20.9% (R$ 1,891,256) compared with the same quarter of the previous year.
The main factors in this change were:
· Decrease of 1.7% (R$ 100,134) in the supply of electric energy, due to a decrease of 6.6% (R$ 415,544) in the average tariffs charged mainly as a result of the reduction in billing for tariff flags, which were largely "red" in the second quarter of 2015. This effect was partially offset by (i) annual tariff adjustments, (ii) extraordinary tariff adjustment, and (iii) increase of 5.3% in the volume of energy sold (R$ 315,410);
· Decrease of 39.8% (R$ 422,799) in the energy supplied, caused mainly by:
o Decrease of 106.4% (R$ 443,216) in sales of current electric energy in the Electric Energy Commercialization Chamber (“CCEE”), due to the drop in the volume of energy traded in the spot market e and re-accounting for CCEE transactions in prior.
o Increase of 1.2% (R$ 6,100) in sales to other concessionaires and licensees, mainly due to an increase of 11.4% (R$ 59,530) in the volume sold partially offset by a drop of 9.1% (R$ 53,430) in the average price.
o Increase of 11.7% (R$ 14,317) for Furnas due the price increase.
· Decrease of 151.6% (R$ 1,357,550) in sector financial assets and liabilities, mainly due to recognition of a sector financial liability in the 2nd quarter of 2016, as a result of the reduction in energy costs, CDE, Itaipu on lending and Overcontracting and an increase in amortization expense for the approved assets and liabilities.
Quantity of Energy Sold
In the 2nd quarter of 2016, 0.4% more energy was billed to captive consumers, including other licensees, than in the same quarter of the previous year.
The residential category, representing 39.5% of the total market supplied by the distributors, reported an increase of 4.2% in the 2nd quarter of 2016 in relation to the same period of the previous year. Besides the accumulated reduction of 4.2% in income levels in 12 months (May 2016), together with the possible effects of the decrease in consumption by customers due to the tariff increases from the 2nd quarter of 2015, the positive result is due to the natural growth of around 2.0% and the temperature in the quarter, which was more extreme than in the same period of the previous year.
The commercial category, which accounts for 21.5% of the total market supplied by the distributors, reported an increase of 0.4% in the 2nd quarter of 2016 in relation to the same period of the previous year. The result includes reclassification of the common areas of residential condominiums as commercial category, pursuant to Resolution 414/2010. Excluding the commercial category's performance, the effect would be a drop of 0.2%. In spite of the low basis, resulting from the possible effects of the decrease in consumption by customers due to the tariff increases perceived by customers from the second quarter of 2015, the performance of the main indexes, such as income levels and retail sales, with accumulated 12-month decreases of 4.2% and 6.1%, respectively, and consumer confidence, the result indicates a potential stabilization of the consumption level.
The industrial category, which accounts for 18.1% of the total market supplied by the distributors, reported a drop of 9.8% in the 2nd quarter of 2016 in relation to the same period of the previous year, as a direct consequence of the poor results of industrial activity in Brazil, which fell by 9.5%, year-to-date (May 2016). In spite of the decline in industrial production, CPFL Brasil's sales to customers in this category increased 13.7%, compared with the same period of the previous year. This performance reflects the marketing company's strategy of boosting energy sales to free and special consumers at a time when price conditions favor the migration of customers to the free market.
The other consumption categories (rural, public authorities, public lighting, utilities and licensees) accounted for 20.9% of the total market supplied by the distributors. These categories reported an increase of 3.5% in the 2nd quarter of 2016, compared with the same period of the previous year. The result is due to the increase in consumption by the following categories: (i) rural, due to low rainfall in the period, resulting in more irrigation in the rural area, and (ii) Licensees, mainly serving residential consumers, and (iii) public authorities.
30
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The amount of energy sold and transported in the concession area dropped by 2.0% in comparison with the same period of the previous year, with impacts on both the supply billed (captive market) and collection of TUSD (free market). The variation per category is an increase of 4.2% in the residential, 1.0% in the commercial, drop of 9.3% in the industrial and an increase 3.7% in the other consumption categories.
Tariffs
In the 2nd quarter of 2016 the supply tariffs increased by an average of 6.6%. This was largely due to the effect of the distributors' annual tariff adjustment and periodic tariff review, as follows:
Periodic tariff review ("RTP") and | ||||||||||
2016 |
2015 | |||||||||
Distributor |
Month |
RTA / RTP |
Average effect perceived by consumers (a) |
RTA / RTP |
Average effect perceived by consumers (a) | |||||
CPFL Paulista |
April (b) |
9.89% |
7.55% |
41.45% |
4.67% (c) | |||||
CPFL Piratininga |
October |
(b) |
(b) |
56.29% |
21.11% (c) | |||||
RGE |
June |
-1.48% |
-7.51% |
33.48% |
-3.76% (c) | |||||
CPFL Santa Cruz |
March |
22.51% |
7.15% |
34.68% |
27.96% | |||||
CPFL Leste Paulista |
March |
21.04% |
13.32% |
20.80% |
24.89% | |||||
CPFL Jaguari |
March |
29.46% |
13.25% |
38.46% |
45.70% | |||||
CPFL Sul Paulista |
March |
24.35% |
12.82% |
24.88% |
28.38% | |||||
CPFL Mococa |
March |
16.57% |
9.02% |
23.34% |
29.28% |
a. 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 (Information not reviewed by the independent auditors).
b. The related annual tariff increases for 2016 have not yet been made
c. Perception of consumers in comparison to the extraordinary tariff review of March 2015
Deductions from Operating Revenue
Deductions from Operating Revenue in the 2nd quarter of 2016 amounted to R$ 2,745,673, decrease of 29.4% (R$ 1,144,789) on the same quarter of 2015, largely due to:
· Reduction of 21.0% (R$ 165,103) in PIS and COFINS, largely due to the decrease in the calculation base for these taxes (energy provision, energy supply, sector assets and liabilities and other income);
· Decrease of 1.6% (R$ 19,236) in ICMS, largely as a result of the decrease in the supply billed;
· Decrease of 50.8% (R$ 960,943) in sector charges, mainly caused by a decrease in the (i) accounting of the effects of the tariff flag and others (R$ 657,868) and (ii) Energy Development Account - CDE (R$ 305,302).
Cost of Electric Energy
The cost of electric energy in the quarter totaled R$ 2,664,546, drop puff 26.2% (R$ 947,142) on the same period of the previous year, mainly due to:
· Decrease of 30.1% (R$ 997,940) in electric energy purchased for resale, due to:
o drop of 32.7% (R$ 876,232) in the average price due to the reduction in the settlement price (“PLD”);
o decrease in the effect of the difference between the energy generated and the physical guarantee (GSF - Generation Scaling Factor), valued at the settlement price “PLD” of Ceran, CPFL Renováveis and Jaguari Geração (R$ 67,206);
31
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
o decrease of 24.3% (R$ 161,640) in energy purchased from Itaipu, mainly due to a drop in the tariff; partially offset by
o increase of 3.3% (R$ 85,471) in energy purchased; and
o increase of R$ 21,667 in cost due to the decrease in gains from the strategy of seasonality of the physical guarantee.
· Increase of 16.9% (R$ 50,799) in transmission and distribution network usage charges, mainly due to an increase of R$ 70,829 in Reserve Energy Charges, partially offset by a decrease of R$ 18,376 in Basic network charges.
Costs and Expenses
Not considering the costs related to infrastructure construction, operating costs and expenses in the quarter amounted to R$ 956,203, down 0.7% (R$ 6,551) on the same period of the previous year. This was mainly due to:
· Personnel: increase of 13% (R$ 30,773), mainly due to the effects of the collective agreement and increase in the workforce;
· Material: increase of 12.4% (R$ 4,325) mainly as a result of replacement of line and grid maintenance materials;
· Third party services: increase of 17.5% (R$ 23,414), mainly for (i) maintenance of the electrical system, machinery and equipment (R$ 11,500), (ii) readout/invoice delivery (R$ 4,145), (iii) tree trimming (R$ 3,691) and (iv) recovery of default losses (R$ 2,340);
· Depreciation and Amortization: an increase of 4.0% (R$ 9,639), mainly due to (i) increase of R$ 5,628 for the subsidiary CPFL Renováveis mainly due to the companies that started operations in the period and (ii) increase of R$ 2,936 in amortization of intangible distribution infrastructure asset, mainly due to additions to the intangible assets base in the period;
· Intangible of concession amortization: decrease of 26.2% (R$ 21,972) mainly due to (i) discontinuance of the concessions of the subsidiaries CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa, and (ii) the change to the straight-line method of the amortization criterion for the remaining term of the concessions, from January 1, 2016, in compliance with IAS 16/CPC 27 and IAS 38/CPC 04 (R1);
· Other Expenses: decrease of 23.2% (R$ 50,298), mainly due to the decrease in legal and judicial (R$ 70,379), partially offset by an increase in (i) allowance for doubtful accounts expenses (R$ 8,626) and (ii) fine for financial ratios and rates (R$ 6,149).
Financial Income (Expense)
The Net Financial Expense in the quarter was R$ 199,315, compared with R$ 186,758 in the same period of 2015, increase of 6.7% (R$ 12,557) in net expense. This variation is mainly due to:
· Increase of 21.9% (R$ 72,029) in financial income, mainly due to increase of (i) income from financial investments (R$ 68,687), (ii) gain with the mark to market of derivatives (zero cost collar) (R$ 31,845), (iii) adjustment for inflation of tax credits (R$ 9,740) and (iv) late payment interest and fines (R$ 7,363) partially offset by decreases in (i) adjustments to the sector financial asset (R$ 26,051) and (ii) adjustment of expected cash flow from the financial asset of concession (R$ 10,316).
· Increase of 16.4% (R$ 84,586) in financial expense, mainly due to increase in (i) debt charges and adjustment for inflation and exchange rate change resulting from the increase in the indexes (R$ 108,199) and (ii) adjustments to the sector financial liability (R$ 16,153), partially offset by (iii) decrease in the exchange variation on energy purchased from Itaipu (R$ 15,176), and (iv) increase in capitalized interest (R$ 13,775).
32
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Interest in subsidiaries, associates and joint ventures
Changes in consolidated equity income relate to income from equity in joint ventures, as shown below:
|
|
2nd quarter 2016 |
|
2nd quarter 2015 |
Epasa |
|
17,696 |
|
32,836 |
Baesa |
|
1,014 |
|
2,693 |
Enercan |
|
30,376 |
|
18,325 |
Chapecoense |
|
19,697 |
|
10,687 |
Amortization of value-added of assets |
|
(145) |
|
(284) |
Total |
|
68,638 |
|
64,257 |
· Epasa: decrease of R$ 15,140, largely due to (i) the reduction in energy supply revenue due to the drop in energy generation as a result of ONS decisions, and a reduction in variable income due to a drop in the cost of fuel oil purchases (R$ 51,293); (ii) a decrease in fuel oil purchases due to lower energy generation and the drop in price (R$ 30,384).
· Chapecoense/Enercan: increase of R$ 21,061, largely due to a drop in the cost of energy purchased resulting from reductions of the GSF factor, and mainly in the PLD price (R$ 15,944).
Social Contribution and Income Tax
Taxes on income in the 2nd quarter of 2016 were R$ 150,029, increase of 65.2% (R$ 59,201) in relation to the expense and recorded in the same quarter of 2015, primarily due to the effects of changes in income before taxes.
Net Income and EBITDA
As a result of the above factors, net income for the quarter was R$ 240,135, 166.1% (R$ 149,895) higher than the same period of 2015.
EBITDA (net income excluding the effects of depreciation, amortization, financial income (expense), social contribution and income tax) for the 2nd quarter of 2016 was R$ 901,659, or 30.2% (R$ 209,182) higher than the same quarter of 2015.
33
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Subsidiary/Associate: 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 are provided in its Interim Financial Statements - ITR, at June 30, 2016, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary/Associate: 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 June 30, 2016, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary/Associate: 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 are provided in its Interim Financial Statements - ITR, at June 30, 2016, filed with the CVM – Comissão de Valores Mobiliários.
Subsidiary/Associate: Rio Grande Energia S.A.
The subsidiary Rio Grande Energia S/A is a publicly quoted corporation, and its individual comments on performance are provided in its Interim Financial Statements - ITR, at June 30, 2016, filed with the CVM – Comissão de Valores Mobiliários.
34
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||||||
2nd Quarter |
1st Semester | ||||||||||
2016 |
2015 |
% |
2016 |
2015 |
% | ||||||
Operating revenues |
549,112 |
505,252 |
8.7% |
1,037,500 |
980,906 |
5.8% | |||||
Electricity sales to final consumers |
338,601 |
284,169 |
19.2% |
654,370 |
560,424 |
16.8% | |||||
Electricity sales to wholesaler´s |
184,058 |
221,075 |
-16.7% |
356,647 |
420,473 |
-15.2% | |||||
Other operating revenues |
26,453 |
8 |
323606.5% |
26,482 |
8 |
323972.0% | |||||
Deductions from operating revenues |
(64,157) |
(59,011) |
8.7% |
(121,443) |
(120,601) |
0.7% | |||||
Net operating revenue |
484,955 |
446,240 |
8.7% |
916,056 |
860,305 |
6.5% | |||||
Cost of eletric energy |
(443,022) |
(394,133) |
12.4% |
(849,139) |
(780,199) |
8.8% | |||||
Electricity purchased for resale |
(443,022) |
(394,133) |
12.4% |
(849,140) |
(780,198) |
8.8% | |||||
Operating cost/expense |
(11,780) |
(9,572) |
23.1% |
(21,457) |
(19,208) |
11.7% | |||||
Personnel |
(7,261) |
(5,970) |
21.6% |
(12,752) |
(11,545) |
10.5% | |||||
Materials |
(65) |
(49) |
33.6% |
(126) |
(90) |
40.2% | |||||
Outside services |
(1,679) |
(1,369) |
22.6% |
(3,203) |
(2,883) |
11.1% | |||||
Depreciation and amortization |
(960) |
(1,214) |
-20.9% |
(1,929) |
(2,362) |
-18.4% | |||||
Other |
(1,816) |
(970) |
87.2% |
(3,447) |
(2,329) |
48.0% | |||||
Income from electric energy service |
30,153 |
42,535 |
-29.1% |
45,461 |
60,898 |
-25.3% | |||||
Financial income (expense) |
2,122 |
(763) |
-378.0% |
3,477 |
3,764 |
-7.6% | |||||
Income |
8,169 |
8,583 |
-4.8% |
17,824 |
20,666 |
-13.7% | |||||
Expense |
(6,047) |
(9,346) |
-35.3% |
(14,347) |
(16,902) |
-15.1% | |||||
Income before taxes |
32,275 |
41,772 |
-22.7% |
48,938 |
64,662 |
-24.3% | |||||
Social contribution |
(2,755) |
(3,613) |
-23.7% |
(4,255) |
(5,693) |
-25.3% | |||||
Income tax |
(7,629) |
(10,050) |
-24.1% |
(11,766) |
(15,910) |
-26.0% | |||||
Net income |
21,891 |
28,109 |
-22.1% |
32,916 |
43,059 |
-23.6% | |||||
EBITDA |
31,113 |
43,749 |
-28.9% |
47,389 |
63,260 |
-25.1% | |||||
Net income for the period and EBITDA (*) reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net income |
21,891 |
28,109 |
32,916 |
43,059 |
| ||||||
Depreciation and amortization |
960 |
1,214 |
1,929 |
2,362 |
| ||||||
Financial income (expense) |
(2,122) |
763 |
(3,477) |
(3,764) |
| ||||||
Social contribution |
2,755 |
3,613 |
4,255 |
5,693 |
| ||||||
Income tax |
7,629 |
10,050 |
11,766 |
15,910 |
| ||||||
EBITDA |
31,113 |
43,749 |
47,389 |
63,260 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
(*) Information not reviewed by the independent auditors |
Gross Operating Revenue
Gross Revenue for the 2nd quarter of 2016 was R$ 549,112, up R$ 43,860 (8.7%) in relation to the same quarter of 2015, mainly due to: (i) increase of 208 GWh (R$ 54,432) in the volume of energy sold to free customers, partially offset by (ii) a drop in sales through bilateral supply contracts (R$ 16,093) and (ii) a decrease in gains on CCEE transactions (R$ 21,210), largely due to the drop in the average price (R$ 23,009).
Cost of Electric Energy
The cost of electric energy in the 2nd quarter of 2016 was R$ 443,022, up R$ 48,889 (12.4%) on the same quarter of 2015, mainly due to: (i) bilateral agreements: increase in volume of purchases (514 GWh - R$ 82,104) with a drop of 5% (R$ 17,869) in the average price; and (ii) CCEE: a decrease in the volume of purchases (39 GWh – R$ 15,898).
Financial income (expense)
The finance income (expense) determined in the 2nd quarter of 2016 was finance income of R$ 2,122, a drop of R$ 2,885 in relation to the same quarter of 2015, mainly due to (i) settlement of debentures in the first quarter of 2016 (R$ 7,890), partially offset by (ii) interest on debts (R$ 1,343) and (iii) interest of intercompany loans (R$ 2,033).
35
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Net Income for the period and EBITDA
Net income in the 2nd quarter of 2016 was R$ 21,891, down R$ 6,218 (22.1%) on the same quarter of 2015.
EBITDA (net Income before financial income (expense), income tax and social contribution, depreciation and amortization) for the 2nd quarter of 2016 was R$ 31,113, decrease of 28.9% when compared with the same quarter of 2015 (R$ 43,749) (not reviewed by the independent auditors).
36
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
CPFL ENERGIA S.A.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR JUNE 30, 2016
(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)
CPFL ENERGIA S.A. | |||||||||
Statement of Financial Position as of June 30, 2016 and December 31, 2015 | |||||||||
(in thousands of Brazilian reais) | |||||||||
| |||||||||
Parent company |
Consolidated | ||||||||
ASSETS |
Note |
June 30, |
December 31, |
June 30, |
December 31, | ||||
CURRENT ASSETS |
|||||||||
Cash and cash equivalents |
5 |
872,166 |
424,192 |
5,464,783 |
5,682,802 | ||||
Consumers, concessionaires and licensees |
6 |
- |
- |
3,444,243 |
3,174,918 | ||||
Dividends and interest on capital |
12 |
214,418 |
1,227,590 |
13,424 |
91,392 | ||||
Securities |
- |
- |
22,183 |
23,633 | |||||
Taxes recoverable |
7 |
76,233 |
72,885 |
517,302 |
475,211 | ||||
Derivatives |
33 |
- |
70,153 |
560,057 |
627,493 | ||||
Sector financial asset |
8 |
- |
- |
645,648 |
1,464,019 | ||||
Concession financial asset |
10 |
- |
- |
9,846 |
9,630 | ||||
Other receivables |
11 |
1,256 |
942 |
625,097 |
959,553 | ||||
TOTAL CURRENT ASSETS |
1,164,073 |
1,795,763 |
11,302,583 |
12,508,652 | |||||
NONCURRENT ASSETS |
|||||||||
Consumers, concessionaires and licensees |
6 |
- |
- |
131,118 |
128,946 | ||||
Associates, subsidiaries and parent company |
31 |
100,146 |
2,814 |
44,532 |
84,265 | ||||
Escrow Deposits |
21 |
723 |
630 |
495,527 |
1,227,527 | ||||
Taxes recoverable |
7 |
- |
- |
160,071 |
167,159 | ||||
Sector financial assets |
8 |
- |
- |
- |
489,945 | ||||
Derivatives |
33 |
- |
- |
686,282 |
1,651,260 | ||||
Deferred tax assets |
9 |
168,369 |
140,389 |
495,045 |
334,886 | ||||
Advance for future capital increase |
12 |
16,020 |
52,680 |
- |
- | ||||
Concession financial asset |
10 |
- |
- |
4,002,959 |
3,597,474 | ||||
Investments at cost |
- |
- |
116,654 |
116,654 | |||||
Other receivables |
11 |
14,569 |
14,919 |
657,087 |
594,519 | ||||
Investments |
12 |
6,850,886 |
6,940,036 |
1,384,239 |
1,247,631 | ||||
Property, plant and equipment |
13 |
1,265 |
1,215 |
9,453,342 |
9,173,217 | ||||
Intangible assets |
14 |
24 |
24 |
9,020,793 |
9,210,338 | ||||
TOTAL NONCURRENT ASSETS |
7,152,002 |
7,152,706 |
26,647,651 |
28,023,819 | |||||
TOTAL ASSETS |
8,316,075 |
8,948,469 |
37,950,234 |
40,532,471 |
The accompanying notes are an integral part of these interim financial statements.
37
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
CPFL ENERGIA S.A. | |||||||||
Statement of Financial Position as of June 30, 2016 and December 31, 2015 | |||||||||
(in thousands of Brazilian reais) | |||||||||
Parent company |
Consolidated | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
Note |
June 30, |
December 31, |
June 30, |
December 31, | ||||
CURRENT LIABILITIES |
|||||||||
Trade payables |
15 |
675 |
1,157 |
1,688,003 |
3,161,210 | ||||
Interest on debts |
16 |
3,891 |
38,057 |
89,789 |
118,267 | ||||
Interest on debentures |
17 |
- |
- |
228,398 |
232,227 | ||||
Borrowings |
16 |
162,896 |
935,196 |
2,180,986 |
2,831,654 | ||||
Debentures |
17 |
- |
- |
787,842 |
458,165 | ||||
Private pension plan |
18 |
- |
- |
4,268 |
802 | ||||
Regulatory charges |
19 |
- |
- |
319,311 |
852,017 | ||||
Taxes, fees and contributions |
20 |
13,772 |
747 |
746,067 |
653,342 | ||||
Dividends and interest on capital payable |
24 |
210,710 |
212,531 |
222,937 |
221,855 | ||||
Estimated payroll |
- |
- |
123,203 |
79,924 | |||||
Derivatives |
33 |
43,303 |
981 |
48,536 |
981 | ||||
Sector financial liability |
8 |
- |
- |
42,510 |
- | ||||
Use of public asset |
22 |
- |
- |
9,941 |
9,457 | ||||
Other payables |
23 |
19,369 |
18,041 |
850,851 |
904,971 | ||||
TOTAL CURRENT LIABILITIES |
454,616 |
1,206,708 |
7,342,643 |
9,524,873 | |||||
NONCURRENT LIABILITIES |
|||||||||
Trade payables |
15 |
- |
- |
633 |
633 | ||||
Interest on debts |
16 |
- |
- |
155,296 |
120,659 | ||||
Interest on debentures |
17 |
- |
- |
22,528 |
16,487 | ||||
Borrowings |
16 |
- |
- |
10,947,188 |
11,592,206 | ||||
Debentures |
17 |
- |
- |
5,622,996 |
6,363,552 | ||||
Private pension plan |
18 |
- |
- |
861,304 |
474,318 | ||||
Deferred tax liabilities |
9 |
- |
- |
1,363,006 |
1,432,594 | ||||
Provision for tax, civil and labor risks |
21 |
860 |
1,635 |
618,034 |
569,534 | ||||
Derivatives |
33 |
- |
- |
83,031 |
33,205 | ||||
Sector financial liability |
8 |
- |
- |
473,100 |
- | ||||
Use of public asset |
22 |
- |
- |
86,152 |
83,124 | ||||
Provision for equity interest losses |
12 |
28,233 |
33,969 |
- |
- | ||||
Other payables |
23 |
29,619 |
31,961 |
190,359 |
191,148 | ||||
TOTAL NONCURRENT LIABILITIES |
58,711 |
67,565 |
20,423,625 |
20,877,460 | |||||
EQUITY |
24 |
||||||||
Issued capital |
5,741,284 |
5,348,312 |
5,741,284 |
5,348,312 | |||||
Capital reserves |
468,082 |
468,082 |
468,082 |
468,082 | |||||
Legal reserve |
694,058 |
694,058 |
694,058 |
694,058 | |||||
Statutory reserve - working capital improvement |
- |
392,972 |
- |
392,972 | |||||
Statutory reserve - concession financial asset |
694,806 |
585,451 |
694,806 |
585,451 | |||||
Accumulated comprehensive income |
(231,958) |
185,321 |
(231,958) |
185,321 | |||||
Retained earnings |
436,476 |
- |
436,476 |
- | |||||
7,802,748 |
7,674,196 |
7,802,748 |
7,674,196 | ||||||
Equity attributable to noncontrolling interests |
- |
- |
2,381,218 |
2,455,942 | |||||
TOTAL EQUITY |
7,802,748 |
7,674,196 |
10,183,966 |
10,130,138 | |||||
TOTAL LIABILITIES AND EQUITY |
8,316,075 |
8,948,469 |
37,950,234 |
40,532,471 |
The accompanying notes are an integral part of these interim financial statements.
38
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
CPFL ENERGIA S.A. | |||||||||||||||||
Statement of income for the periods ended on June 30, 2016 and 2015 | |||||||||||||||||
(in thousands of Brazilian reais, except for earnings per share) | |||||||||||||||||
Parent company |
Consolidated | ||||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||||
Note |
2nd quarter |
1st semester |
2nd quarter |
1st semester |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||||||||
Net operating revenue |
26 |
- |
1,713 |
1,156 |
1,156 |
4,416,082 |
8,665,472 |
5,162,549 |
10,452,617 | ||||||||
Cost of electric energy services |
|||||||||||||||||
Cost of electric energy |
27 |
- |
- |
- |
- |
(2,664,546) |
(5,192,567) |
(3,611,688) |
(7,209,539) | ||||||||
Operating cost |
28 |
- |
- |
- |
- |
(536,398) |
(1,060,632) |
(468,623) |
(916,725) | ||||||||
Services rendered to third parties |
28 |
- |
- |
- |
- |
(275,032) |
(492,568) |
(285,125) |
(515,787) | ||||||||
|
|
|
|
|
|
|
| ||||||||||
Gross operating income |
- |
1,713 |
1,156 |
1,156 |
940,106 |
1,919,705 |
797,113 |
1,810,566 | |||||||||
Operating expenses |
28 |
||||||||||||||||
Sales expenses |
- |
- |
- |
- |
(136,739) |
(264,096) |
(129,177) |
(235,396) | |||||||||
General and administrative expenses |
(12,898) |
(20,942) |
(7,297) |
(15,261) |
(210,219) |
(415,128) |
(256,570) |
(434,710) | |||||||||
Other operating expense |
- |
- |
- |
- |
(72,306) |
(143,843) |
(107,798) |
(196,036) | |||||||||
Income from electric energy service |
(12,898) |
(19,229) |
(6,141) |
(14,105) |
520,842 |
1,096,638 |
303,569 |
944,423 | |||||||||
Equity in subsidiaries |
12 |
264,976 |
546,811 |
148,643 |
339,919 |
68,638 |
132,118 |
64,257 |
81,381 | ||||||||
Finance income (expense) |
29 |
||||||||||||||||
Income |
27,225 |
36,386 |
7,195 |
25,576 |
401,522 |
806,370 |
329,493 |
616,567 | |||||||||
Expense |
(12,025) |
(31,626) |
(15,093) |
(47,521) |
(600,837) |
(1,237,333) |
(516,251) |
(1,170,054) | |||||||||
15,200 |
4,760 |
(7,898) |
(21,946) |
(199,315) |
(430,963) |
(186,758) |
(553,487) | ||||||||||
Income before taxes |
267,278 |
532,342 |
134,605 |
303,869 |
390,164 |
797,793 |
181,068 |
472,318 | |||||||||
Social contribution |
9 |
(1,649) |
318 |
(1,386) |
(1,445) |
(42,502) |
(89,668) |
(23,172) |
(64,635) | ||||||||
Income tax |
9 |
(5,818) |
(1,500) |
(9,039) |
(9,274) |
(107,528) |
(235,544) |
(67,656) |
(175,133) | ||||||||
(7,467) |
(1,182) |
(10,425) |
(10,719) |
(150,029) |
(325,211) |
(90,828) |
(239,768) | ||||||||||
Net income |
259,811 |
531,160 |
124,180 |
293,150 |
240,135 |
472,581 |
90,240 |
232,550 | |||||||||
Net income (loss) attributable to controlling shareholders |
259,811 |
531,160 |
124,180 |
293,150 | |||||||||||||
Net income (loss) attributable to noncontrolling shareholders |
(19,676) |
(58,578) |
(33,940) |
(60,600) | |||||||||||||
Earnings per share attributable to controlling shareholders - basic - R$ |
25 |
0.26 |
0.52 |
0.12 |
0.29 |
0.26 |
0.52 |
0.12 |
0.29 | ||||||||
Earnings per share attributable to controlling shareholders - diluted - R$ |
25 |
0.26 |
0.52 |
0.12 |
0.29 |
0.26 |
0.52 |
0.12 |
0.29 |
The accompanying notes are an integral part of these interim financial statements.
39
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
| ||||||||
CPFL Energia S.A. | ||||||||
Statement of comprehensive income for the periods ended on June 30, 2016 and 2015 | ||||||||
(In thousands of Brazilian reais – R$) | ||||||||
Parent company | ||||||||
2016 |
2015 | |||||||
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||||
Net income |
259,811 |
531,160 |
124,180 |
293,150 | ||||
Other comprehensive income: |
||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||
Equity on comprehensive income of subsidiaries |
(403,036) |
(404,363) |
- |
- | ||||
Comprehensive income of the period- parent company |
(143,225) |
126,797 |
124,180 |
293,150 | ||||
Consolidated | ||||||||
2016 |
2015 | |||||||
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||||
Net income |
240,135 |
472,581 |
90,240 |
232,550 | ||||
Other comprehensive income: |
||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||
- Actuarial gain/(loss) |
(403,036) |
(404,363) |
- |
- | ||||
Comprehensive income of the period - consolidated |
(162,901) |
68,218 |
90,240 |
232,550 | ||||
Comprehensive income attributable to controlling shareholders |
(143,225) |
126,797 |
124,180 |
293,150 | ||||
Comprehensive income attributable to non controlling shareholders |
(19,676) |
(58,578) |
(33,940) |
(60,600) |
The accompanying notes are an integral part of these interim financial statements.
40
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
CPFL Energia S.A. | |||||||||||||||||||||||
Statement of changes in shareholders' equity for the period ended on June 30, 2016 | |||||||||||||||||||||||
(In thousands of Brazilian reais – R$) | |||||||||||||||||||||||
Profit reserves |
Accumulated comprehensive income |
Net equity attributable to noncontrolling shareholders |
|
||||||||||||||||||||
|
Statutory reserve |
|
|
|
|
|
|
||||||||||||||||
Issued capital |
Capital reserves |
Legal reserve |
Concession financial asset |
Working capital improvement |
Deemed Cost |
Post-employment benefit obligation |
Retained earnings |
Total |
Accumulated comprehensive income |
Other equity |
|
Total Shareholders' equity | |||||||||||
Balance at December 31, 2015 |
5,348,312 |
468,082 |
694,058 |
585,451 |
392,972 |
457,491 |
(272,171) |
- |
7,674,196 |
15,320 |
2,440,623 |
10,130,138 | |||||||||||
Total comprehensive income |
- |
- |
- |
- |
- |
- |
(404,363) |
531,160 |
126,797 |
- |
(58,578) |
68,218 | |||||||||||
Net income for the period |
- |
- |
- |
- |
- |
- |
- |
531,160 |
531,160 |
- |
(58,578) |
472,581 | |||||||||||
Other comprehensive income: actuarial gain (loss) |
- |
- |
- |
- |
- |
- |
(404,363) |
- |
(404,363) |
- |
- |
(404,363) | |||||||||||
Internal changes of shareholders' equity |
- |
- |
- |
109,356 |
- |
(12,916) |
- |
(96,440) |
- |
(874) |
843 |
(31) | |||||||||||
Realization of deemed cost of fixed assets |
- |
- |
- |
- |
- |
(19,570) |
- |
19,570 |
- |
(1,324) |
1,324 |
- | |||||||||||
Tax on deemed cost realization |
- |
- |
- |
- |
- |
6,654 |
- |
(6,654) |
- |
450 |
(450) |
- | |||||||||||
Changes in statutory reserve for the period |
- |
- |
- |
109,356 |
- |
- |
- |
(109,356) |
- |
- |
- |
- | |||||||||||
Other changes in non-controlling shareholders |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(31) |
(31) | |||||||||||
Capital transactions with the shareholders |
392,972 |
- |
- |
- |
(392,972) |
- |
- |
1,756 |
1,756 |
- |
(16,114) |
(14,359) | |||||||||||
Capital increase |
392,972 |
- |
- |
- |
(392,972) |
- |
- |
- |
- |
- |
- |
- | |||||||||||
Prescribed dividend |
- |
- |
- |
- |
- |
- |
- |
1,756 |
1,756 |
- |
- |
1,756 | |||||||||||
Dividend proposal approved |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(16,114) |
(16,114) | |||||||||||
Balance at June 30, 2016 |
5,741,284 |
468,082 |
694,058 |
694,806 |
- |
444,575 |
(676,534) |
436,476 |
7,802,748 |
14,446 |
2,366,773 |
10,183,966 |
| |||||||||||||||||||||||
CPFL Energia S.A. | |||||||||||||||||||||||
Statement of changes in shareholders' equity for the period ended on June 30, 2015 | |||||||||||||||||||||||
(In thousands of Brazilian reais – R$) | |||||||||||||||||||||||
Profit reserves |
Accumulated comprehensive income |
Net equity attributable to noncontrolling shareholders |
|
||||||||||||||||||||
|
Statutory reserve |
|
|
|
|
|
|
||||||||||||||||
Issued capital |
Capital reserves |
Legal reserve |
Concession financial asset |
Working capital improvement |
Deemed Cost |
Post-employment benefit obligation |
Retained earnings |
Total |
Accumulated comprehensive income |
Other equity |
|
Total Shareholders' equity | |||||||||||
Balance at December 31, 2014 |
4,793,424 |
468,082 |
650,811 |
330,437 |
554,888 |
483,610 |
(337,718) |
- |
6,943,535 |
17,003 |
2,436,791 |
9,397,329 | |||||||||||
Total comprehensive income |
- |
- |
- |
- |
- |
- |
- |
293,150 |
293,150 |
- |
(60,600) |
232,550 | |||||||||||
Net income for the period |
- |
- |
- |
- |
- |
- |
- |
293,150 |
293,150 |
- |
(60,600) |
232,550 | |||||||||||
Internal changes of shareholders' equity |
- |
- |
- |
88,447 |
- |
(13,187) |
- |
(75,260) |
- |
(809) |
803 |
(6) | |||||||||||
Realization of deemed cost of fixed assets |
- |
- |
- |
- |
- |
(19,980) |
- |
19,980 |
- |
(1,226) |
1,226 |
- | |||||||||||
Tax on deemed cost realization |
- |
- |
- |
- |
- |
6,793 |
- |
(6,793) |
- |
417 |
(417) |
- | |||||||||||
Changes in statutory reserve for the period |
- |
- |
- |
88,447 |
- |
- |
- |
(88,447) |
- |
- |
- |
- | |||||||||||
Other changes in non-controlling shareholders |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(6) |
(6) | |||||||||||
Capital transactions with the shareholders |
554,888 |
- |
- |
- |
(554,888) |
- |
- |
3,135 |
3,135 |
- |
2,067 |
5,202 | |||||||||||
Capital increase |
554,888 |
- |
- |
- |
(554,888) |
- |
- |
- |
- |
- |
- |
- | |||||||||||
Prescribed dividend |
- |
- |
- |
- |
- |
- |
- |
3,135 |
3,135 |
- |
- |
3,135 | |||||||||||
Dividend proposal approved |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2,067 |
2,067 | |||||||||||
Balance at June 30, 2015 |
5,348,312 |
468,082 |
650,811 |
418,884 |
- |
470,423 |
(337,718) |
221,024 |
7,239,819 |
16,194 |
2,379,061 |
9,635,076 |
The accompanying notes are an integral part of these interim financial statements.
41
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
CPFL Energia S/A | ||||||||
Statement of cash flow for the periods ended on June 30, 2016 and 2015 | ||||||||
(In thousands of Brazilian reais – R$) | ||||||||
Parent company |
Consolidated | |||||||
June 30, |
June 30, |
June 30, |
June 30, | |||||
Income, before income tax and social contribution |
532,342 |
303,869 |
797,793 |
472,318 | ||||
Adjustment to reconcile Income to cash provided by operating activities |
||||||||
Depreciation and amortization |
102 |
80 |
620,002 |
638,300 | ||||
Provision for tax, civil and labor risks |
38 |
468 |
139,095 |
139,524 | ||||
Allowance for doubtful accounts |
- |
- |
95,865 |
62,466 | ||||
Interest and monetary adjustment |
23,321 |
45,331 |
848,205 |
902,089 | ||||
Post-employment benefit loss (gain) |
- |
- |
27,825 |
32,689 | ||||
Interest in subsidiaries, associates and joint ventures |
(546,811) |
(339,919) |
(132,118) |
(81,381) | ||||
Loss (gain) on the write-off of noncurrent assets |
- |
- |
19,982 |
27,466 | ||||
Deferred taxes (PIS and COFINS) |
- |
- |
(9,715) |
3,368 | ||||
Other |
- |
- |
(330) |
(2,463) | ||||
8,992 |
9,828 |
2,406,604 |
2,194,376 | |||||
Decrease (increase) in operating assets |
||||||||
Consumers, concessionaires and licensees |
- |
- |
(366,295) |
(1,205,959) | ||||
Dividend and interest on equity received |
1,289,907 |
607,349 |
75,161 |
16,517 | ||||
Taxes recoverable |
(122) |
(5,144) |
(26,185) |
27,943 | ||||
Escrow deposits |
(72) |
(32) |
749,422 |
17,200 | ||||
Sector financial asset |
- |
- |
1,588,088 |
(663,333) | ||||
Resources provided by the Energy Development Account - CDE |
- |
- |
229,359 |
(182,563) | ||||
Concession financial asset (transmission) |
- |
- |
(11,754) |
(27,707) | ||||
Other operating assets |
301 |
131 |
45,542 |
(5,661) | ||||
Increase (decrease) in operating liabilities |
||||||||
Trade payables |
(482) |
(212) |
(1,473,207) |
(107,234) | ||||
Other taxes and social contributions |
1,959 |
5,742 |
(94,018) |
175,330 | ||||
Other liabilities with post-employment benefit obligation |
- |
- |
(41,737) |
(67,463) | ||||
Regulatory charges |
- |
- |
(532,706) |
894,282 | ||||
Tax, civil and labor risks paid |
(839) |
(95) |
(120,162) |
(78,382) | ||||
Sector financial liability |
- |
- |
276,163 |
(22,434) | ||||
Resources provided by the CDE - payable |
- |
- |
(29,505) |
52,247 | ||||
Other operating liabilities |
(1,013) |
(4,082) |
101,864 |
104,889 | ||||
Cash flows provided by (used in) operations |
1,298,631 |
613,485 |
2,776,634 |
1,122,048 | ||||
Interests on borrowings and debentures paid |
(40,657) |
(36,858) |
(801,508) |
(764,585) | ||||
Income tax and social contribution paid |
(18,096) |
(1,628) |
(363,460) |
(188,348) | ||||
Net cash provided by (used in) operating activities |
1,239,878 |
574,999 |
1,611,666 |
169,115 | ||||
Investing activities |
||||||||
Sale of interest in investees |
- |
- |
- |
10,454 | ||||
Additions to property, plant and equipment |
(219) |
(268) |
(517,272) |
(287,750) | ||||
Financial investments, pledges, funds and tied deposits |
(199) |
- |
(59,631) |
(99,378) | ||||
Additions to intangible assets |
- |
(7) |
(432,454) |
(425,060) | ||||
Sale of noncurrent assets |
- |
- |
789 |
8,268 | ||||
Advance for future capital increase |
(16,020) |
(80) |
- |
- | ||||
Loans to subsidiaries and associates |
(92,380) |
(15,486) |
44,999 |
103 | ||||
|
|
|
| |||||
Net cash flow provided by (used in) investing activities |
(108,818) |
(15,841) |
(963,569) |
(793,363) | ||||
Financing activities |
||||||||
Borrowings and debentures obtained |
- |
494,383 |
1,364,314 |
3,518,023 | ||||
Borrowings and debentures paid |
(726,148) |
(1,290,000) |
(2,100,035) |
(3,483,422) | ||||
Derivative instruments paid |
43,128 |
- |
(99,215) |
(31,595) | ||||
Business combination payment |
- |
- |
(16,191) |
(32,058) | ||||
Dividend and interest on shareholders’ equity paid |
(65) |
(112) |
(14,989) |
(425) | ||||
Net cash flow provided by (used in) financing activities |
(683,085) |
(795,729) |
(866,116) |
(29,477) | ||||
Increase (decrease) in cash and cash equivalents |
447,975 |
(236,571) |
(218,019) |
(653,725) | ||||
Opening balance of cash and cash equivalents |
424,192 |
799,775 |
5,682,802 |
4,357,455 | ||||
Closing balance of cash and cash equivalents |
872,166 |
563,204 |
5,464,783 |
3,703,730 |
The accompanying notes are an integral part of these interim financial statements.
42
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
Added value statements of income for the semesters ended on June 30, 2016 and 2015 | |||||||
(in thousands of Brazilian Reais) | |||||||
Parent company |
Consolidated | ||||||
1st semester 2016 |
1st semester 2015 |
1st semester 2016 |
1st semester 2015 | ||||
1. Revenues |
2,107 |
1,548 |
15,115,473 |
16,920,298 | |||
1.1 Operating revenues |
1,887 |
1,274 |
14,168,173 |
16,173,168 | |||
1.2 Revenue related to the construction of own assets |
219 |
274 |
551,316 |
293,875 | |||
1.3 Revenue from construction of concession infrastructure |
- |
- |
491,850 |
515,720 | |||
1.4 Allowance of doubtful accounts |
- |
- |
(95,865) |
(62,466) | |||
2. (-) Inputs |
(5,061) |
(5,193) |
(7,394,280) |
(9,393,739) | |||
2.1 Electricity purchased for resale |
- |
- |
(5,767,084) |
(7,981,950) | |||
2.2 Material |
(257) |
(288) |
(751,778) |
(524,126) | |||
2.3 Outsourced services |
(3,906) |
(4,018) |
(598,285) |
(583,918) | |||
2.4 Other |
(898) |
(887) |
(277,132) |
(303,745) | |||
3. Gross added value (1 + 2) |
(2,955) |
(3,645) |
7,721,193 |
7,526,559 | |||
4. Retentions |
(102) |
(80) |
(621,316) |
(639,067) | |||
4.1 Depreciation and amortization |
(102) |
(80) |
(497,409) |
(470,375) | |||
4.2 Amortization of intangible assets of concession |
- |
- |
(123,907) |
(168,691) | |||
5. Net added value generated (3 + 4) |
(3,057) |
(3,725) |
7,099,878 |
6,887,492 | |||
6. Added value received in transfer |
586,200 |
371,261 |
969,569 |
706,256 | |||
6.1 Financial Income |
39,389 |
31,342 |
837,451 |
624,875 | |||
6.2 Interest in subsidiaries, associates and joint ventures |
546,811 |
339,919 |
132,118 |
81,381 | |||
7. Added value to be distributed (5 + 6) |
583,143 |
367,537 |
8,069,446 |
7,593,748 | |||
8. Distribution of added value |
|||||||
8.1 Personnel and charges |
13,644 |
8,583 |
488,073 |
447,114 | |||
8.1.1 Direct remuneration |
5,527 |
4,537 |
302,238 |
276,893 | |||
8.1.2 Benefits |
7,421 |
3,518 |
159,835 |
147,992 | |||
8.1.3 Government severance indemnity fund for employees - F.G.T.S. |
696 |
528 |
26,001 |
22,229 | |||
8.2 Taxes, fees and contributions |
7,126 |
21,500 |
5,795,525 |
5,723,017 | |||
8.2.1 Federal |
7,107 |
21,489 |
3,269,069 |
3,479,544 | |||
8.2.2 Estate |
19 |
11 |
2,518,112 |
2,236,606 | |||
8.2.3 Municipal |
- |
- |
8,343 |
6,867 | |||
8.3 Lenders and lessors |
31,213 |
44,304 |
1,313,266 |
1,191,068 | |||
8.3.1 Interest |
31,188 |
44,233 |
1,283,562 |
1,164,734 | |||
8.3.2 Rental |
25 |
71 |
29,704 |
26,333 | |||
8.4 Interest on capital |
531,160 |
293,150 |
472,581 |
232,550 | |||
8.4.2 Retained earnings |
531,160 |
293,150 |
472,581 |
232,550 | |||
583,143 |
367,537 |
8,069,446 |
7,593,748 |
The accompanying notes are an integral part of these interim financial statements.
43
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 1 ) OPERATIONS
CPFL Energia S.A. (“CPFL Energia” or “Company”) is a publicly-held corporation incorporated for the principal purpose of operating as a holding company, with equity interests in other companies primarily engaged in electric energy distribution, generation and commercialization activities in Brazil.
The Company’s registered office is located at Rua Gomes de Carvalho, 1510 - 14º andar - Sala 142 - Vila Olímpia - São Paulo - SP - Brazil.
The Company has direct and indirect interests in the following subsidiaries and joint ventures (information on the concession area, number of consumers, energy production capacity and related 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 period |
End of the concession | |||||||
Companhia Paulista de Força e Luz ("CPFL Paulista") |
Publicly-held corporation |
Direct |
Interior of São Paulo |
234 |
4,267 |
30 years |
November 2027 | |||||||
Companhia Piratininga de Força e Luz ("CPFL Piratininga") |
Publicly-held corporation |
Direct |
Interior and coast of São Paulo |
27 |
1,684 |
30 years |
October 2028 | |||||||
Rio Grande Energia S.A. ("RGE") |
Publicly-held corporation |
Direct |
Interior of Rio Grande do Sul |
255 |
1,455 |
30 years |
November 2027 | |||||||
Companhia Luz e Força Santa Cruz ("CPFL Santa Cruz") |
Privately-held corporation |
Direct |
Interior of São Paulo and Paraná |
27 |
208 |
30 years |
July 2045 | |||||||
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") |
Privately-held corporation |
Direct |
Interior of São Paulo |
7 |
57 |
30 years |
July 2045 | |||||||
Companhia Jaguari de Energia ("CPFL Jaguari") |
Privately-held corporation |
Direct |
Interior of São Paulo |
2 |
40 |
30 years |
July 2045 | |||||||
Companhia Sul Paulista de Energia ("CPFL Sul Paulista") |
Privately-held corporation |
Direct |
Interior of São Paulo |
5 |
84 |
30 years |
July 2045 | |||||||
Companhia Luz e Força de Mococa ("CPFL Mococa") |
Privately-held corporation |
Direct |
Interior of São Paulo and Minas Gerais |
4 |
46 |
30 years |
July 2045 |
Installed power (MW) | ||||||||||||
Energy generation |
Company type |
Equity interest |
Location (state) |
Number of plants / type of energy |
Total |
CPFL share | ||||||
CPFL Geração de Energia S.A. |
Publicly-held corporation |
Direct |
São Paulo and Goiás |
1 Hydropower, 4 SHPs (a) e 1 Thermal |
715 |
715 | ||||||
CERAN - Companhia Energética Rio das Antas |
Privately-held corporation |
Indirect |
Rio Grande do Sul |
3 Hydropower |
360 |
234 | ||||||
Foz do Chapecó Energia S.A. |
Privately-held corporation |
Indirect |
Santa Catarina and |
1 Hydropower |
855 |
436 | ||||||
Campos Novos Energia S.A. |
Privately-held corporation |
Indirect |
Santa Catarina |
1 Hydropower |
880 |
429 | ||||||
BAESA - Energética Barra Grande S.A. |
Publicly-held corporation |
Indirect |
Santa Catarina and |
1 Hydropower |
690 |
173 | ||||||
Centrais Elétricas da Paraíba S.A. |
Privately-held corporation |
Indirect |
Paraíba |
2 Thermal |
342 |
182 | ||||||
Paulista Lajeado Energia S.A. |
Privately-held corporation |
Indirect |
Tocantins |
1 Hydropower |
903 |
63 | ||||||
CPFL Energias Renováveis S.A. |
Publicly-held corporation |
Indirect |
(c) |
(c) |
(c) |
(c) | ||||||
CPFL Centrais Geradoras Ltda ("CPFL Centrais Geradoras") |
Limited liability company |
Direct |
São Paulo |
6 MHPs (d) |
4 |
4 |
Energy commercialization |
Company type |
Core activity |
Equity interest | |||
CPFL Comercialização Brasil S.A. ("CPFL Brasil") |
Privately-held corporation |
Energy commercialization |
Direct | |||
Clion Assessoria e Comercialização de Energia Elétrica Ltda. |
Limited liability company |
Commercialization and provision of energy services |
Indirect | |||
CPFL Comercialização Cone Sul S.A. ("CPFL Cone Sul") |
Privately-held corporation |
Energy commercialization |
Indirect | |||
CPFL Planalto Ltda. ("CPFL Planalto") |
Limited liability company |
Energy commercialization |
Direct | |||
CPFL Brasil Varejista S.A. ("CPFL Brasil Varejista") |
Privately-held corporation |
Energy commercialization |
Indirect |
44
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Provision of services |
Company type |
Core activity |
Equity interest | |||
CPFL Serviços, Equipamentos, Industria e Comércio S.A. |
Privately-held corporation |
Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision |
Direct | |||
NECT Serviços Administrativos Ltda ("Nect") |
Limited liability company |
Provision of administrative services |
Direct | |||
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") |
Limited liability company |
Provision of call center services |
Direct | |||
CPFL Total Serviços Administrativos Ltda. ("CPFL Total") |
Limited liability company |
Collection services |
Direct | |||
CPFL Eficiência Energética S.A ("CPFL ESCO") |
Privately-held corporation |
Energy efficiency management |
Direct | |||
TI Nect Serviços de Informática Ltda. ("Authi") |
Limited liability company |
Provision of IT services |
Direct | |||
CPFL GD S.A ("CPFL GD") |
Privately-held corporation |
Provision of maintenance services for energy generation companies |
Indirect |
Others |
Company type |
Core activity |
Equity interest | |||
CPFL Jaguariúna Participações Ltda ("CPFL Jaguariuna") |
Limited liability company |
Holding company |
Direct | |||
CPFL Jaguari de Geração de Energia Ltda ("Jaguari Geração") |
Limited liability company |
Holding company |
Direct | |||
Chapecoense Geração S.A. ("Chapecoense") (e) |
Privately-held corporation |
Holding company |
Indirect | |||
Sul Geradora Participações S.A. ("Sul Geradora") |
Privately-held corporation |
Holding company |
Indirect | |||
CPFL Telecom S.A ("CPFL Telecom") |
Privately-held corporation |
Telecommunication services |
Direct | |||
CPFL Transmissão Piracicaba S.A ("CPFL Transmissão Piracicaba") |
Privately-held corporation |
Energy transmission services |
Indirect | |||
CPFL Transmissora Morro Agudo S.A ("CPFL Transmissão Morro Agudo") |
Privately-held corporation |
Energy transmission services |
Indirect |
a) SHP – Small Hydropower Plant.
b) Paulista Lajeado has a 7% share in the installed power of Investco S.A. (5.94% interest in total capital).
c) CPFL Renováveis has operations in the states of São Paulo, Minas Gerais, Mato Grosso, Santa Catarina, Ceará, Rio Grande do Norte, Paraná and Rio Grande do Sul and its main activities are: (i) holding investments in companies of the renewable energy segment; (ii) identification, development, and exploration of generation potentials; and (iii) sale of electric energy. At June 30, 2016, CPFL Renováveis had a portfolio of 126 projects with installed capacity of 2,909.2 MW (1,898.9 MW in operation), as follows:
· Hydropower generation: 47 SHP’s (557.7MW) with 39 SHPs in operation (423 MW) and 8 SHPs under development (134.7MW);
· Wind power generation: 70 projects (1,980.4 MW) with 37 projects in operation (1,104.8 MW) and 33 projects under construction/development (875.6 MW);
· Biomass power generation: 8 plants in operation (370 MW);
· Solar power generation: 1 solar plant in operation (1.1 MW).
(d) MHP – micro hydroelectric plant
(e) The joint venture Chapecoense has as its direct subsidiary Foz do Chapecó and fully consolidates its interim financial statements.
( 2 ) PRESENTATION OF THE INTERIM FINANCIAL STATEMENTS
2.1 Basis of presentation
These individual (parent company) and consolidated interim financial statements have been prepared and are presented in conformity with International Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board – IASB, and also based on the standards issued by the Brazilian Securities Commission (Comissão de Valores Mobiliários – CVM) applicable to Quarterly Financial Information (ITR), in accordance with Technical Pronouncement CPC 21 (R1) - Demonstração Intermediária.
45
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The Company also follows the guidelines of the Accounting Manual of the Brazilian Electricity Sector and the standards laid down by the Brazilian Electricity Regulatory Agency (Agência Nacional de Energia Elétrica – ANEEL), when these do not conflict with the accounting practices adopted in Brazil and/or international Financial Reporting Standards. The accounting policies adopted in preparing these individuals and consolidated Interim Financial Statements are consistent with those adopted in December 31, 2015, except for the change of practice in relation to Intangible Assets (Note 3), and should be read together with those statements.
The consolidated interim Management states that all material information of the financial statements is disclosed and corresponds to what is used in the Company's management.
The financial statements were approved by Management and authorized for issue on August 1, 2016.
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items recorded in the statements of income: i) derivative financial instruments measured at fair value, ii) financial instruments measured at fair value through profit or loss, and iii) available-for-sale financial assets measured at fair value. The classification of the fair value measurement in the level 1, 2 or 3 categories (depending on the degree of observance of the variables used) is presented in note 33 – Financial Instruments.
2.3 Use of estimates and judgments
The preparation of the interim financial statements requires the Company’s 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 accounting estimates are rarely the same as the actual results. Accordingly, the Company’s management reviews the estimates and assumptions on an ongoing basis, based on previous experience and other relevant factors. Adjustments resulting from revisions to accounting estimates are recognized in the period in which the estimates are revised and applied on a prospective basis.
The main accounts that require the adoption of estimates and assumptions, which are subject to a greater degree of uncertainty and may result in a material adjustment if these estimates and assumptions suffer significant changes in subsequent periods, are:
· Note 6 – Consumers, concessionaires and licensees;
· Note 8 – Sector financial asset and liability;
· Note 9 – Deferred tax assets and liabilities;
· Note 10 – Concession financial asset;
· Note 11 – Other receivables (Allowance for doubtful debts);
· Note 13 – Property, plant and equipment and impairment;
· Note 14 – Intangible assets and impairment;
· Note 18 – Private pension plan;
· Note 21 – Provision for tax, civil and labor risks and escrow deposits;
· Note 23 – Other payables (Provision for socio environmental costs)
· Note 26 – Net operating revenue;
· Note 27 – Cost of electric energy; and
· Note 33 – Financial instruments.
46
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
2.4 Functional currency and presentation currency
The Company’s functional currency is the Brazilian Real, and the interim individual and consolidated financial statements are presented in thousands of reais. Figures are rounded only after sum-up of the amounts. Consequently, when summed up, the amounts stated in thousands of reais may not tally with the rounded totals.
2.5 Segment information
An operating segment is a component of the Company (i) that engages in operating activities from which it earns revenues and incurs expenses, (ii) whose operating results are regularly reviewed by Management to make decisions about resources to be allocated and assess the segment's performance, and (iii) for which individual financial information is available.
The Company’s management uses reports to make strategic decisions, segmenting the business into: (i) electric energy distribution activities (“Distribution”); (ii) electric energy generation from conventional sources activities (“Generation”); (iii) electric energy generation activities from renewable sources (“Renewables”); (iv) energy commercialization activities (“Commercialization”); (v) service activities (“Services”); and (vi) other activities not listed in the previous items.
The presentation of the operating segments includes items directly attributable to them, as well as any allocations required, including intangible assets.
2.6 Information on equity interests
The Company's equity interests in direct and indirect subsidiaries and joint ventures are described in note 1. Except for (i) the companies ENERCAN, BAESA, Chapecoense and EPASA, which use the equity method of accounting, and (ii) the investment stated at cost by the subsidiary Paulista Lajeado in Investco S.A., all other entities are fully consolidated.
At June 30, 2016 and December 31, 2015 and for the quarters and semesters ended in June 30, 2016 and 2015 noncontrolling interests recognized in the interim financial statements refer to the interests held by third parties in subsidiaries CERAN, Paulista Lajeado and CPFL Renováveis.
2.7 Statement of value added
The Company has prepared the individual and consolidated statements of value added (“DVA”) in conformity with technical pronouncement CPC 09 - Statement of Value Added, which are presented as an integral part of the financial statements in accordance with accounting practices adopted in Brazil and as supplementary information to the financial statements in accordance with IFRS, as the statement is neither provided for nor mandatory in accordance with IFRS.
( 3 ) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies used in preparing the Company’s interim financial statements were prepared based on the same accounting policies as described in Notes 3.1 to 3.18, disclosed in financial statements for the year ended in December 31, 2015.
In relation to the accounting policies described in Note 3.5 of the December 31, 2015 financial statements, and in accordance with the changes to IAS 16/CPC 27 and IAS 38/CPC 04 (R1), until that date the portion derived from business combinations corresponding to the right to explore the concession was amortized over the remaining term of the respective exploration rights, on a straight-line basis or based on the net projected profit curve of the concessionaires, as applicable. From January 1, 2016 the Company will amortize the intangible concession assets prospectively on a straight-line basis over the remaining period of the concessions, in all cases. Accordingly, there was a reduction of R$ 12,301 in amortization of intangible concession assets expense for the first semester of 2016 (R$ 6,150 for the second quarter of 2016).
47
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 4 ) DETERMINATION OF FAIR VALUES
A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information on the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
Accordingly, the Company measures fair value in accordance with IFRS 13 / CPC 46, which defines the fair value as the price estimate for an unforced transaction for the sale of the asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions.
- 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 fair value of these assets is the estimated value for which an asset could be exchanged on the valuation date between knowledgeable interested parties in an unforced transaction between market participants on the measurement date. 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.
- Financial instruments
Financial instruments measured at fair values are valued 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, when available, from the BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros (“BM&FBOVESPA”) and “Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais – ANBIMA” (note 33), and also includes the debtor's credit rating.
Financial assets classified as available-for-sale refer to the right to compensation, to be paid by the Federal Government regarding the assets of the distribution concessionaires at the end of the concession agreement. The methodology adopted for marking these assets to fair value is based on the tariff review process for distributors. This review, conducted every four or five years according to each concessionaire, involves assessing the replacement price for the distribution infrastructure, in accordance with criteria established by the granting authority (“ANEEL”). This valuation basis is used for pricing the tariff, which is adjusted annually up to the next tariff review, based on the parameter of the main inflation indices.
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 granting authority and uses the Extended Consumer Price Index (“IPCA”) as the best estimates for adjusting the original base to the fair value at subsequent dates, in accordance with the tariff review process.
( 5 ) CASH AND CASH EQUIVALENTS
Parent company |
Consolidated | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Bank balances |
2,246 |
311 |
78,431 |
148,224 | |||
Short-term financial investments |
869,920 |
423,881 |
5,386,352 |
5,534,578 | |||
Overnight investment (a) |
- |
- |
33,363 |
26,914 | |||
Bank certificates of deposit (b) |
- |
- |
2,200,696 |
1,255,666 | |||
Repurchase agreements secured on debentures (b) |
- |
- |
33,756 |
433,693 | |||
Investment funds (c) |
869,920 |
423,881 |
3,118,538 |
3,818,306 | |||
Total |
872,166 |
424,192 |
5,464,783 |
5,682,802 |
a) Current account balances, which earn daily interest by investment in repurchase agreements secured on debentures and interest of 15% of the variation in the Interbank Certificate of Deposit – (CDI).
48
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
b) Short-term investments in Bank Certificates of Deposit (CDB) and repurchase agreements secured on debentures with major financial institutions that operate in the Brazilian financial market, with daily liquidity, low credit risk and interest equivalent, on average, to 101.6% of the CDI.
c) Exclusive Fund investments, with daily liquidity and interest equivalent, on average, of 100.5% of the CDI, subject to floating rates tied to the CDI linked to federal government bonds, CDBs, financial bills and secured debentures of major financial institutions, with low credit risk.
( 6 ) CONSUMERS, CONCESSIONAIRES AND LICENSEES
In the consolidated interim financial statements, the balance derives mainly from the supply of electric energy. The following table shows the breakdown at June 30, 2016 and December 31, 2015:
Consolidated | ||||||||||
Amounts |
Past due |
Total | ||||||||
coming due |
until 90 days |
> 90 days |
June 30, 2016 |
December 31, 2015 | ||||||
Current |
||||||||||
Consumer classes |
||||||||||
Residential |
502,332 |
380,110 |
70,921 |
953,363 |
793,826 | |||||
Industrial |
266,028 |
81,275 |
68,852 |
416,155 |
365,420 | |||||
Commercial |
201,356 |
71,599 |
31,508 |
304,463 |
263,259 | |||||
Rural |
45,137 |
11,045 |
2,218 |
58,399 |
64,257 | |||||
Public administration |
54,905 |
17,837 |
3,835 |
76,577 |
79,953 | |||||
Public lighting |
46,441 |
9,246 |
4,091 |
59,778 |
78,204 | |||||
Public utilities |
64,042 |
20,929 |
5,727 |
90,698 |
80,706 | |||||
Billed |
1,180,241 |
592,041 |
187,152 |
1,959,433 |
1,725,625 | |||||
Unbilled |
1,002,162 |
- |
- |
1,002,162 |
881,307 | |||||
Financing of consumers' debts |
133,830 |
35,217 |
26,700 |
195,747 |
197,035 | |||||
CCEE transactions |
101,931 |
- |
- |
101,931 |
169,561 | |||||
Concessionaires and licensees |
317,383 |
13,918 |
5,097 |
336,398 |
331,105 | |||||
Other |
21,932 |
- |
- |
21,961 |
10,770 | |||||
2,757,479 |
641,176 |
218,949 |
3,617,632 |
3,315,403 | ||||||
Allowance for doubtful debts |
(173,389) |
(140,485) | ||||||||
Total |
3,444,243 |
3,174,918 | ||||||||
Non current |
||||||||||
Financing of consumers' debts |
100,282 |
- |
- |
100,282 |
101,585 | |||||
Free energy |
5,088 |
- |
- |
5,088 |
4,768 | |||||
CCEE transactions |
41,301 |
- |
- |
41,301 |
41,301 | |||||
146,671 |
- |
- |
146,671 |
147,654 | ||||||
Allowance for doubtful debts |
(15,554) |
(18,708) | ||||||||
Total |
131,118 |
128,946 |
Allowance for doubtful debts
Movements in the allowance for doubtful debts are shown below:
Consumers, concessionaires and licensees |
Other |
Total | |||
As of December 31, 2015 |
(159,193) |
(14,441) |
(173,634) | ||
Allowance - recognition (reversal) |
(129,709) |
(1,313) |
(131,022) | ||
Recovery of revenue |
34,938 |
219 |
35,157 | ||
Write-off of accrued receivables |
65,021 |
2,520 |
67,541 | ||
As of June 30, 2016 |
(188,943) |
(13,015) |
(201,958) | ||
Current |
(173,389) |
(13,015) |
(186,404) | ||
Noncurrent |
(15,554) |
- |
(15,554) |
49
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 7 ) TAXES RECOVERABLE
Parent company |
Consolidated | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Current |
|||||||
Prepayments of social contribution - CSLL |
- |
- |
4,251 |
35,019 | |||
Prepayments of income tax - IRPJ |
- |
2,171 |
17,119 |
76,920 | |||
Withholding income tax - IRRF on interest on capital |
1,807 |
10,776 |
1,807 |
11,150 | |||
Income tax and social contribution to be offset |
56,784 |
42,456 |
285,308 |
100,658 | |||
Withholding income tax - IRRF |
17,344 |
16,996 |
76,344 |
125,392 | |||
State VAT - ICMS to be offset |
- |
- |
73,673 |
63,450 | |||
Social Integration Program - PIS |
49 |
74 |
8,212 |
8,543 | |||
Contribution for Social Security financing - COFINS |
248 |
411 |
35,976 |
40,126 | |||
National Social Security Institute - INSS |
- |
- |
9,178 |
12,660 | |||
Other |
- |
- |
5,433 |
1,292 | |||
Total |
76,233 |
72,885 |
517,302 |
475,211 | |||
Noncurrent |
|||||||
Social contribution to be offset - CSLL |
- |
- |
53,798 |
57,439 | |||
Income tax to be offset - IRPJ |
- |
- |
10,161 |
23,765 | |||
State VAT - ICMS to be offset |
- |
- |
91,735 |
81,584 | |||
Social Integration Program - PIS |
- |
- |
131 |
350 | |||
Contribution for Social Security Funding - COFINS |
- |
- |
606 |
1,613 | |||
National Social Security Institute - INSS |
- |
- |
1,874 |
- | |||
Other |
- |
- |
1,765 |
2,409 | |||
Total |
- |
- |
160,071 |
167,159 |
( 8 ) SECTOR FINANCIAL ASSETS AND LIABILITIES
The breakdown and changes for the period in the balances of sector financial asset and liability are as follows:
Operating revenue |
Finance income or expense |
Receipt |
|||||||||
As of December 31, 2015 |
Constitution |
Realization |
Monetary adjustment |
Tariff flag |
As of June 30, 2016 | ||||||
Parcel "A" |
|||||||||||
CVA (*) |
|||||||||||
CDE (**) |
517,232 |
(405,701) |
(156,305) |
12,916 |
- |
(31,858) | |||||
Electric energy cost |
6,091 |
(140,966) |
(380,910) |
(98,250) |
(400,350) |
(1,014,384) | |||||
ESS and EER (***) |
(274,209) |
14,431 |
240,685 |
(22,582) |
(269,233) |
(310,908) | |||||
Proinfa |
(6,148) |
41,540 |
(1,137) |
2,183 |
- |
36,439 | |||||
Basic network charges |
96,474 |
(6,708) |
(65,309) |
(2,560) |
- |
21,897 | |||||
Pass-through from Itaipu |
1,320,695 |
51,859 |
(220,407) |
156,263 |
- |
1,308,410 | |||||
Transmission from Itaipu |
15,469 |
4,632 |
(5,580) |
1,105 |
- |
15,626 | |||||
Neutrality of industry charges |
190,273 |
78,245 |
(39,832) |
7,164 |
- |
235,851 | |||||
Overcontracting |
144,705 |
(123,726) |
(13,200) |
(18,193) |
(438) |
(10,853) | |||||
Other financial components |
(56,618) |
(54,426) |
(11,416) |
2,280 |
- |
(120,181) | |||||
Total |
1,953,964 |
(540,821) |
(653,411) |
40,327 |
(670,021) |
130,039 | |||||
Current assets |
1,464,019 |
645,648 | |||||||||
Noncurrent assets |
489,945 |
- | |||||||||
Current liabilities |
- |
(42,510) | |||||||||
Noncurrent liabilities |
- |
(473,100) |
(*) Deferred tariff costs and gains variations from Parcel “A” items
(**) Energy Development Account – CDE
(***) System Service Charge (ESS) and Reserve Energy Charge (EER)
50
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The details of the nature of each sector financial asset and liability are provided in Note 8 to the December 31, 2015 financial statements.
( 9 ) DEFERRED TAX ASSETS AND LIABILITIES
9.1 Breakdown of tax credits and debits
Parent company |
Consolidated | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Social contribution credit/(debit) |
|||||||
Tax losses carryforwards |
43,506 |
46,602 |
102,825 |
152,200 | |||
Tax benefit of merged goodwill |
- |
- |
89,578 |
93,467 | |||
Nondeductible temporary differences |
4,720 |
(5,918) |
(434,878) |
(547,066) | |||
Subtotal |
48,226 |
40,684 |
(242,474) |
(301,399) | |||
Income tax credit / (debit) |
|||||||
Tax losses carryforwards |
107,031 |
116,438 |
280,327 |
417,600 | |||
Tax benefit of merged goodwill |
- |
- |
309,704 |
323,421 | |||
Nondeductible temporary differences |
13,112 |
(16,733) |
(1,207,074) |
(1,519,170) | |||
Subtotal |
120,143 |
99,705 |
(617,043) |
(778,150) | |||
PIS and COFINS credit/(debit) |
|||||||
Nondeductible temporary differences |
- |
- |
(8,444) |
(18,159) | |||
Total |
168,369 |
140,389 |
(867,961) |
(1,097,708) | |||
Total tax credit |
168,369 |
140,389 |
495,045 |
334,886 | |||
Total tax debit |
- |
- |
(1,363,006) |
(1,432,594) |
The estimate of recovery of the deferred tax credits recorded in noncurrent assets, derived from temporary non-deductible differences and tax benefit of the merged goodwill and tax loss carry forwards, is based on the projections of future profit or loss, approved by the Board of Directors and reviewed by the Audit Committee. A breakdown of which is provided in the financial statements of December 31, 2015. To reflect adequately the effective tax rate on net income, deferred tax credits on losses are registered monthly for the companies with positive projections, in accordance with the above-mentioned studies.
9.2 Tax benefit of merged goodwill
Refers to the tax credit calculated on the goodwill derived from the acquisition of subsidiaries, as shown in the following table, which had been incorporated and is recognized in accordance with CVM Instructions No. 319/1999 and No. 349/2001 and ICPC 09 (R2) - Individual Interim financial statements, Separate Interim financial statements, Consolidated Interim financial statements and Application of the Equity Method. The benefit is realized proportionally to the tax amortization of the merged goodwill that gave rise to it, during the remaining concessions period, as shown in note 14.
Consolidated | |||||||
June 30, 2016 |
December 31, 2015 | ||||||
Social contribution |
Income tax |
Social contribution |
Income tax | ||||
CPFL Paulista |
52,810 |
146,695 |
55,123 |
153,119 | |||
CPFL Piratininga |
12,768 |
43,820 |
13,286 |
45,597 | |||
RGE |
24,000 |
101,954 |
25,058 |
106,324 | |||
CPFL Geração |
- |
17,235 |
- |
18,380 | |||
Total |
89,578 |
309,704 |
93,467 |
323,421 |
51
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
9.3 Accumulated balances on nondeductible temporary differences
Consolidated | |||||||||||
June 30, 2016 |
December 31, 2015 | ||||||||||
Social contribution |
Income tax |
PIS/COFINS |
Social contribution |
Income tax |
PIS/COFINS | ||||||
Nondeductible temporary differences |
|||||||||||
Provision for tax, civil and labor risks |
36,797 |
102,215 |
- |
33,806 |
93,906 |
- | |||||
Private pension fund |
1,521 |
4,225 |
- |
1,867 |
5,185 |
- | |||||
Allowance for doubtful debts |
18,390 |
51,084 |
- |
15,680 |
43,556 |
- | |||||
Free energy supply |
7,291 |
20,253 |
- |
6,897 |
19,158 |
- | |||||
Research and development and energy efficiency programs |
16,718 |
46,440 |
- |
16,060 |
44,612 |
- | |||||
Personnel-related provisions |
3,376 |
9,350 |
- |
2,578 |
7,161 |
- | |||||
Depreciation rate difference |
6,485 |
18,014 |
- |
6,797 |
18,880 |
- | |||||
Derivatives |
(100,296) |
(278,600) |
- |
(219,524) |
(609,788) |
- | |||||
Recognition of concession - adjustment of intangible asset (IFRS/CPC) |
(8,519) |
(23,664) |
- |
(9,031) |
(25,085) |
- | |||||
Recognition of concession - adjustment of financial asset (IFRS/CPC) |
(88,798) |
(245,519) |
(4,753) |
(73,241) |
(202,271) |
(18,450) | |||||
Actuarial losses (IFRS/CPC) |
26,352 |
73,198 |
- |
26,351 |
73,199 |
- | |||||
Other adjustments (IFRS/CPC) |
(15,091) |
(41,917) |
- |
(8,542) |
(23,726) |
- | |||||
Accelerated depreciation |
(56) |
(155) |
- |
(34) |
(95) |
- | |||||
Others |
5,189 |
14,222 |
(3,691) |
3,828 |
9,920 |
291 | |||||
Nondeductible temporary differences - accumulated comprehensive income: |
|||||||||||
Property, plant and equipment - adjustment of deemed cost (IFRS/CPC) |
(56,850) |
(157,917) |
- |
(58,484) |
(162,456) |
- | |||||
Actuarial losses (IFRS/CPC) |
10,463 |
29,065 |
- |
10,464 |
29,064 |
- | |||||
Nondeductible temporary differences - Business combination - CPFL Renováveis |
|||||||||||
Deferred taxes - asset: |
|||||||||||
Fair value of property, plant and equipment (negative value added of assets) |
23,509 |
65,304 |
- |
24,248 |
67,355 |
- | |||||
Deferred taxes - liability: |
|||||||||||
Value added derived from determination of deemed cost |
(28,302) |
(78,616) |
- |
(29,132) |
(80,922) |
- | |||||
Value added of assets received from the former ERSA |
(84,842) |
(235,671) |
- |
(86,495) |
(240,264) |
- | |||||
Intangible asset - exploration right/authorization in indirect subsidiaries acquired |
(188,722) |
(524,227) |
- |
(193,927) |
(538,685) |
- | |||||
Other temporary differences |
(19,493) |
(54,158) |
- |
(17,233) |
(47,874) |
- | |||||
Total |
(434,878) |
(1,207,074) |
(8,444) |
(547,066) |
(1,519,170) |
(18,159) |
9.4 Reconciliation of the income tax and social contribution amounts recognized in the statements of profit or loss for the quarters and semesters ended in June 30, 2016 and 2015:
Parent company |
Consolidated | ||||||||||||||
Social contribution |
Social contribution | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester | ||||
Income before taxes |
267,278 |
532,342 |
134,605 |
303,869 |
390,164 |
797,793 |
181,068 |
472,318 | |||||||
Adjustments to reflect effective rate: |
|||||||||||||||
Equity in subsidiaries |
(264,976) |
(546,811) |
(148,643) |
(339,919) |
(68,638) |
(132,118) |
(64,257) |
(81,381) | |||||||
Amortization of intangible asset acquired |
(3,382) |
(6,764) |
(6,650) |
(13,301) |
12,162 |
24,324 |
25,223 |
50,446 | |||||||
Tax incentives - PIIT (*) |
- |
- |
- |
- |
(250) |
(250) |
(1,807) |
(3,125) | |||||||
Effect of presumed profit regime |
- |
- |
- |
- |
(31,271) |
(19,077) |
8,847 |
11,634 | |||||||
Adjustment of revenue from excess demand and excess reactive power |
- |
- |
- |
- |
31,235 |
62,466 |
30,627 |
60,684 | |||||||
Interest on capital |
12,048 |
12,048 |
62,339 |
62,339 |
- |
- |
- |
- | |||||||
Other permanent additions (exclusions), net |
7,355 |
5,652 |
1,681 |
3,070 |
11,773 |
2,310 |
13,971 |
30,838 | |||||||
Tax base |
18,323 |
(3,533) |
43,332 |
16,058 |
345,175 |
735,448 |
193,672 |
541,414 | |||||||
Statutory rate |
9% |
9% |
9% |
9% |
9% |
9% |
9% |
9% | |||||||
Tax credit/(debit) |
(1,649) |
318 |
(3,900) |
(1,445) |
(31,066) |
(66,190) |
(17,430) |
(48,727) | |||||||
Tax credit recorded (not recorded) |
- |
- |
2,514 |
- |
(11,437) |
(23,477) |
(5,742) |
(15,908) | |||||||
Total |
(1,649) |
318 |
(1,386) |
(1,445) |
(42,502) |
(89,668) |
(23,172) |
(64,635) | |||||||
Current |
(1,682) |
(7,224) |
(1,048) |
(1,048) |
(71,801) |
(150,323) |
(22,724) |
(55,338) | |||||||
Deferred |
33 |
7,542 |
(338) |
(397) |
29,299 |
60,656 |
(448) |
(9,297) | |||||||
Parent company |
Consolidated | ||||||||||||||
Income tax |
Income tax | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester |
2nd quarter |
|
1st semester | ||||
Income before taxes |
267,278 |
532,342 |
134,605 |
303,869 |
390,164 |
797,793 |
181,068 |
472,318 | |||||||
Adjustments to reflect effective rate: |
|||||||||||||||
Equity in subsidiaries |
(264,976) |
(546,811) |
(148,643) |
(339,919) |
(68,638) |
(132,118) |
(64,257) |
(81,381) | |||||||
Amortization of intangible asset acquired |
- |
- |
- |
- |
15,689 |
31,378 |
32,157 |
64,315 | |||||||
Tax incentives - PIIT (*) |
- |
- |
- |
- |
(250) |
(250) |
(1,807) |
(3,125) | |||||||
Effect of presumed profit regime |
- |
- |
- |
- |
(45,701) |
(43,639) |
(1,906) |
(14,088) | |||||||
Adjustment of revenue from excess demand and excess reactive power |
- |
- |
- |
- |
31,235 |
62,466 |
30,627 |
60,578 | |||||||
Interest on capital |
12,048 |
12,048 |
62,339 |
62,339 |
- |
- |
- |
- | |||||||
Tax incentive - operating profit |
- |
- |
- |
- |
(8,967) |
(14,011) |
2,020 |
(10,328) | |||||||
Other permanent additions (exclusions), net |
8,921 |
8,420 |
4,035 |
10,807 |
(10,638) |
(20,164) |
18,470 |
36,166 | |||||||
Tax base |
23,271 |
5,999 |
52,336 |
37,096 |
302,894 |
681,455 |
196,372 |
524,455 | |||||||
Statutory rate |
25% |
25% |
25% |
25% |
25% |
25% |
25% |
25% | |||||||
Tax credit/(debit) |
(5,818) |
(1,500) |
(13,084) |
(9,274) |
(75,724) |
(170,364) |
(49,093) |
(131,115) | |||||||
Tax credit recorded (not recorded) |
- |
- |
4,045 |
- |
(31,804) |
(65,180) |
(18,566) |
(44,019) | |||||||
Total |
(5,818) |
(1,500) |
(9,039) |
(9,274) |
(107,528) |
(235,544) |
(67,656) |
(175,133) | |||||||
Current |
(5,537) |
(21,938) |
(6,540) |
(6,609) |
(194,921) |
(401,475) |
(61,614) |
(143,317) | |||||||
Deferred |
(281) |
20,438 |
(2,500) |
(2,665) |
87,393 |
165,931 |
(6,042) |
(31,816) |
(*) Technologic innovation program
52
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 10 ) FINANCIAL ASSET OF CONCESSION
Distribution |
Transmission |
Consolidated | |||
As of December 31, 2015 |
3,483,713 |
123,391 |
3,607,104 | ||
Current |
- |
9,630 |
9,630 | ||
Noncurrent |
3,483,713 |
113,761 |
3,597,474 | ||
Additions |
242,231 |
9,270 |
251,501 | ||
Adjustment of expected cash flow |
160,527 |
- |
160,527 | ||
Adjustment - financial asset measured at amortized cost |
- |
7,044 |
7,044 | ||
Cash inputs - RAP |
- |
(4,559) |
(4,559) | ||
Disposals |
(8,811) |
- |
(8,811) | ||
|
|||||
As of June 30, 2016 |
3,877,660 |
135,145 |
4,012,805 | ||
Current |
- |
9,846 |
9,846 | ||
Noncurrent |
3,877,660 |
125,299 |
4,002,959 |
The amount refers to the financial asset corresponding to the right established in the concession agreements of the energy distributors (measured at fair value) and transmitters (measured at amortized cost) to receive cash (i) by compensation upon the return of the assets to the granting authority at the end of the concession, and (ii) the transmitter's right to receive cash throughout the concession through allowed annual revenue ("RAP").
For energy distributors, according to the current tariff model, the remuneration for this asset is recognized in profit or loss upon billing to consumers and the realization occurs upon receipt of the electric energy bills. Additionally, the difference to adjust the balance to its expected cash flows is recognized against a finance income and/or cost account in the statement of profit or loss for the period, based on the fair value (new replacement value - “VNR”) (finance income of R$ 160,527 in the first semester of 2016 and R$ 137,732 in the first semester of 2015).
For the energy transmitters, the remuneration for this asset is recognized according to the internal rate of return, which takes into account the investment made, the allowed annual revenue (“RAP”) to be received during the remaining concession period and by compensation upon the return of the assets to the granting authority at the end of the concession. The adjustment of R$ 7,044 in the first semester of 2016, (R$ 5,063 in the first semester of 2015) is recognized against other operating income.
53
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 11 ) OTHER RECEIVABLES
Consolidated | |||||||
Current |
Noncurrent | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Advances - Fundação CESP |
11,832 |
10,567 |
- |
- | |||
Advances to suppliers |
21,269 |
10,666 |
- |
- | |||
Pledges, funds and restricted deposits |
20,059 |
649 |
479,274 |
433,014 | |||
Orders in progress |
225,552 |
274,605 |
- |
- | |||
Services rendered to third parties |
11,182 |
6,987 |
- |
- | |||
Energy pre-purchase agreements |
- |
- |
30,942 |
31,375 | |||
Collection agreements |
2,325 |
90,451 |
- |
- | |||
Prepaid expenses |
73,205 |
61,602 |
22,951 |
19,579 | |||
GSF Renegotiation |
11,647 |
8,724 |
31,716 |
29,392 | |||
Receivables - energy development account - CDE |
112,422 |
341,781 |
- |
- | |||
Receivables - business combination |
- |
- |
13,950 |
13,950 | |||
Advances to employees |
26,644 |
12,509 |
- |
- | |||
Indemnities for claims |
- |
49,937 |
- |
- | |||
Leases |
18,406 |
12,883 |
44,053 |
34,504 | |||
Other |
103,569 |
90,653 |
34,202 |
34,685 | |||
(-) Allowance for doubtful debts (Note 6) |
(13,015) |
(12,460) |
- |
(1,981) | |||
Total |
625,097 |
959,553 |
657,087 |
594,519 | |||
Renegotiation of GSF - Refers to the premium paid in advance by the subsidiaries Ceran, CPFL Jaguari Geração (Paulista Lajeado) and CPFL Renováveis in relation to transfer of the hydrological risk to the Tariff Flag Resources Centralizing Account (“CCRBT”), amortized on a straight-line basis against other operating costs.
Receivables –Energy Development Account – CDE: refer to: (i) low income subsidies totaling R$ 18,016 (R$ 18,190 at December 31, 2015) and (ii) other tariff discounts granted to consumers amounting to R$ 94,407 (R$ 323,591 as of December 31, 2015).
On May 2015, the distribution subsidiaries obtained preliminary injunctions authorizing non-payment of amounts owed for Energy Development Account (CDE) quotas up to the limit of the balances receivable from Eletrobrás relating to the CDE injection. In the first semester of 2016 the subsidiaries carried out matching of accounts of the accounts receivable by way of CDE injection and the CDE accounts payable (note 19) the amount of R$ 428,387.
( 12 ) INVESTMENTS
Parent company |
Consolidated | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Permanent equity interests - equity method |
|||||||
By equity method of the subsidiary |
6,120,843 |
6,178,637 |
1,372,730 |
1,235,832 | |||
Value-added of assets, net |
723,988 |
755,345 |
11,509 |
11,799 | |||
Goodwill |
6,055 |
6,054 |
- |
- | |||
Total |
6,850,886 |
6,940,036 |
1,384,239 |
1,247,631 |
12.1 Permanent equity interests – equity method
The main information on investments in direct permanent equity interests is as follows:
54
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
|
|
|
|
June 30, 2016 |
|
June 30, 2016 |
|
December 31, 2015 |
|
1st semester 2016 |
|
1st semester 2015 | ||||||
Investment |
|
Number of shares (thousand) |
Total assets |
|
Capital |
|
Shareholders' equity |
Profit or loss for the period |
Shareholders equity interest |
|
Equity in subsidiaries | |||||||
CPFL Paulista |
|
880,653 |
|
9,485,720 |
|
905,948 |
|
1,172,774 |
|
217,840 |
|
1,172,774 |
|
1,352,393 |
|
217,840 |
|
137,685 |
CPFL Piratininga |
|
53,096,770 |
|
3,725,078 |
|
235,556 |
|
464,447 |
|
97,427 |
|
464,447 |
|
537,670 |
|
97,427 |
|
86,031 |
CPFL Santa Cruz |
|
371,772 |
|
392,114 |
|
74,862 |
|
138,724 |
|
12,469 |
|
138,724 |
|
131,149 |
|
12,469 |
|
18,102 |
CPFL Leste Paulista |
|
892,772 |
|
149,658 |
|
29,212 |
|
48,395 |
|
3,819 |
|
48,395 |
|
46,301 |
|
3,819 |
|
4,778 |
CPFL Sul Paulista |
|
454,958 |
|
181,322 |
|
28,492 |
|
59,298 |
|
4,066 |
|
59,298 |
|
55,233 |
|
4,066 |
|
6,826 |
CPFL Jaguari |
|
209,294 |
|
127,643 |
|
20,632 |
|
34,240 |
|
5,857 |
|
34,240 |
|
28,521 |
|
5,857 |
|
892 |
CPFL Mococa |
|
117,199 |
|
110,830 |
|
16,004 |
|
32,039 |
|
3,938 |
|
32,039 |
|
29,205 |
|
3,938 |
|
3,390 |
RGE |
|
1,019,790 |
|
4,445,387 |
|
1,213,180 |
|
1,582,713 |
|
59,388 |
|
1,582,713 |
|
1,580,807 |
|
59,388 |
|
52,757 |
CPFL Geração |
|
205,492,020 |
|
6,079,262 |
|
1,043,922 |
|
2,291,462 |
|
129,628 |
|
2,291,462 |
|
2,169,922 |
|
129,628 |
|
26,957 |
CPFL Jaguari Geração (*) |
|
40,108 |
|
40,955 |
|
40,108 |
|
40,819 |
|
711 |
|
40,819 |
|
42,729 |
|
711 |
|
242 |
CPFL Brasil |
|
2,999 |
|
407,348 |
|
2,999 |
|
68,884 |
|
32,916 |
|
68,884 |
|
51,779 |
|
32,916 |
|
43,059 |
CPFL Planalto (*) |
|
630 |
|
1,790 |
|
630 |
|
1,635 |
|
1,005 |
|
1,635 |
|
2,003 |
|
1,005 |
|
948 |
CPFL Serviços |
|
1,480,835 |
|
153,659 |
|
50,143 |
|
45,954 |
|
(4,189) |
|
45,954 |
|
7,117 |
|
(4,189) |
|
(4,806) |
CPFL Atende (*) |
|
13,991 |
|
23,580 |
|
13,991 |
|
15,945 |
|
2,605 |
|
15,945 |
|
17,373 |
|
2,605 |
|
4,394 |
Nect (*) |
|
2,059 |
|
20,252 |
|
2,059 |
|
8,071 |
|
5,600 |
|
8,071 |
|
16,087 |
|
5,600 |
|
6,359 |
CPFL Total (*) |
|
19,005 |
|
29,039 |
|
19,005 |
|
24,613 |
|
4,930 |
|
24,613 |
|
19,930 |
|
4,930 |
|
5,589 |
CPFL Jaguariuna (*) |
|
189,770 |
|
2,624 |
|
3,156 |
|
2,525 |
|
(51) |
|
2,525 |
|
2,496 |
|
(51) |
|
(53) |
CPFL Telecom |
|
36,420 |
|
59,872 |
|
55,420 |
|
(28,233) |
|
(13,264) |
|
(28,233) |
|
(33,969) |
|
(13,263) |
|
(7,222) |
CPFL Centrais Geradoras (*) |
|
16,128 |
|
16,433 |
|
16,128 |
|
15,801 |
|
(616) |
|
15,801 |
|
19,972 |
|
(616) |
|
2,383 |
CPFL ESCO |
|
48,164 |
|
99,446 |
|
48,164 |
|
59,830 |
|
4,022 |
|
59,830 |
|
66,038 |
|
4,022 |
|
15,900 |
AUTHI (*) |
|
10 |
|
18,218 |
|
2,610 |
|
12,674 |
|
10,064 |
|
12,674 |
|
1,913 |
|
10,064 |
|
- |
Subtotal - By subsidiary's equity |
|
|
|
|
|
|
|
|
|
|
|
6,092,610 |
|
6,144,669 |
|
578,166 |
|
404,212 |
Amortization of added value on assets |
|
|
|
|
|
|
|
|
|
|
|
- |
|
- |
|
(31,355) |
|
(64,293) |
Total |
|
|
|
|
|
|
|
|
|
|
|
6,092,610 |
|
6,144,668 |
|
546,811 |
|
339,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
|
|
|
|
|
|
|
|
6,120,843 |
|
6,178,637 |
|
|
|
|
Provision for equity interest losses |
|
|
|
|
|
|
|
|
|
|
|
(28,233) |
|
(33,969) |
|
|
|
|
(*) number of quotas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments (value added) of net assets acquired in business combinations are classified under Investments in the parent company’s statement of income. The amortization of the fair value adjustments (value added) of net assets of R$ 31,355 (R$ 64,293 in the first semester 2015) is classified in the parent company’s statement of profit or loss in line item “equity in subsidiaries”, in conformity with ICPC 09 (R2).
The movements, in the parent company, in investments in subsidiaries, in the period are as follows:
Investment |
Investment as of December 31, 2015 |
Increase / (decrease) / payment of capital |
Equity in subsidiary (profit or loss) |
Equity in subsidiary (Other comprehensive income) |
Dividends and interest on capital |
Investment as of June 30, 2016 | ||||||
CPFL Paulista |
1,352,393 |
- |
217,840 |
(277,013) |
(120,446) |
1,172,774 | ||||||
CPFL Piratininga |
537,670 |
|
- |
97,427 |
(102,326) |
(68,324) |
464,447 | |||||
CPFL Santa Cruz |
131,149 |
- |
12,469 |
- |
(4,895) |
138,724 | ||||||
CPFL Leste Paulista |
46,301 |
- |
3,819 |
- |
(1,725) |
48,395 | ||||||
CPFL Sul Paulista |
55,233 |
- |
4,066 |
- |
- |
59,298 | ||||||
CPFL Jaguari |
28,521 |
- |
5,857 |
- |
(139) |
34,240 | ||||||
CPFL Mococa |
29,205 |
- |
3,938 |
- |
(1,105) |
32,039 | ||||||
RGE |
1,580,807 |
- |
59,388 |
(16,936) |
(40,546) |
1,582,713 | ||||||
CPFL Geração |
2,169,922 |
- |
129,628 |
(8,088) |
- |
2,291,462 | ||||||
CPFL Jaguari Geração |
42,729 |
- |
711 |
- |
(2,621) |
40,819 | ||||||
CPFL Brasil |
51,779 |
- |
32,916 |
- |
(15,812) |
68,884 | ||||||
CPFL Planalto |
2,003 |
- |
1,005 |
- |
(1,372) |
1,635 | ||||||
CPFL Serviços |
7,117 |
43,026 |
(4,189) |
- |
- |
45,954 | ||||||
CPFL Atende |
17,373 |
- |
2,605 |
- |
(4,034) |
15,945 | ||||||
Nect |
16,087 |
- |
5,600 |
- |
(13,615) |
8,071 | ||||||
CPFL Total |
19,930 |
- |
4,930 |
- |
(247) |
24,613 | ||||||
CPFL Jaguariuna |
2,496 |
80 |
(51) |
- |
- |
2,525 | ||||||
CPFL Telecom |
(33,969) |
19,000 |
(13,264) |
- |
- |
(28,233) | ||||||
CPFL Centrais Geradoras |
19,972 |
- |
(616) |
- |
(3,555) |
15,801 | ||||||
CPFL ESCO |
66,038 |
- |
4,022 |
- |
(10,230) |
59,830 | ||||||
AUTHI |
1,912 |
2,600 |
10,064 |
(1,903) |
12,674 | |||||||
6,144,668 |
64,706 |
578,166 |
(404,363) |
(290,569) |
6,092,610 |
55
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
In the interim consolidated financial statements, the investment balances correspond to the interest in the joint ventures accounted for by the equity method:
Investment in joint ventures |
June 30, 2016 |
December 31, 2015 |
1st semester 2016 |
1st semester 2015 | ||||
Shareholders equity interest |
Equity in subsidiaries | |||||||
Baesa |
174,349 |
166,150 |
8,199 |
557 | ||||
Enercan |
526,196 |
473,148 |
53,048 |
24,225 | ||||
Chapecoense |
487,189 |
449,049 |
38,140 |
20,255 | ||||
EPASA |
184,996 |
147,485 |
33,020 |
36,912 | ||||
Fair value adjustments of assets, net |
11,509 |
11,799 |
(290) |
(568) | ||||
1,384,239 |
1,247,631 |
132,118 |
81,381 |
12.2 Fair value adjustments and goodwill
Fair value adjustments (value added) refer basically to the right to the concession, acquired through business combinations. The goodwill refers mainly to acquisitions of investments and is based on projections of future profits.
In the consolidated interim financial statements, these amounts are classified as Intangible Assets (note 14).
12.3 Dividends and interest on capital receivable
At June 30, 2016 and December, 31 2015, the Company has the following amounts receivable from the subsidiaries below, relating to dividends and interest on capital:
Parent company | |||||||||||
Dividends |
Interest on Shareholders´ Equity |
Total | |||||||||
Investment |
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | |||||
CPFL Paulista |
- |
612,585 |
- |
52,383 |
- |
664,968 | |||||
CPFL Piratininga |
- |
172,239 |
- |
27,084 |
- |
199,323 | |||||
CPFL Santa Cruz |
- |
19,527 |
4,160 |
7,517 |
4,160 |
27,044 | |||||
CPFL Leste Paulista |
3,220 |
3,220 |
3,568 |
2,102 |
6,788 |
5,322 | |||||
CPFL Sul Paulista |
3,848 |
3,848 |
1,986 |
1,986 |
5,834 |
5,834 | |||||
CPFL Jaguari |
1,291 |
1,152 |
- |
- |
1,291 |
1,152 | |||||
CPFL Mococa |
2,499 |
2,499 |
2,174 |
1,234 |
4,673 |
3,733 | |||||
RGE |
- |
67,815 |
- |
64,073 |
- |
131,888 | |||||
CPFL Geração |
103,532 |
103,532 |
- |
- |
103,532 |
103,532 | |||||
CPFL Centrais Geradoras |
- |
1,185 |
- |
- |
- |
1,185 | |||||
CPFL Jaguari Geração |
- |
1,667 |
- |
- |
- |
1,667 | |||||
CPFL Brasil |
55,046 |
41,176 |
1,650 |
1,601 |
56,696 |
42,777 | |||||
CPFL Planalto |
- |
458 |
- |
- |
- |
458 | |||||
CPFL Serviços |
- |
12,026 |
- |
- |
- |
12,026 | |||||
CPFL Atende |
- |
- |
554 |
- |
554 |
- | |||||
Nect Serviços |
5,000 |
4,539 |
- |
- |
5,000 |
4,539 | |||||
CPFL Total |
- |
5,589 |
- |
- |
- |
5,589 | |||||
CPFL ESCO |
9,565 |
9,565 |
16,325 |
6,354 |
25,890 |
15,919 | |||||
AUTHI |
- |
634 |
- |
- |
- |
634 | |||||
184,001 |
1,063,256 |
30,417 |
164,334 |
214,418 |
1,227,590 |
At the consolidated financial statements, the balance of dividends and interest on capital receivable at June 30, 2016 is R$ 13,424 (R$ 91,392 at December 31, 2015) related to joint ventures.
56
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
12.4 Noncontrolling interests and joint ventures
The disclosure of interests in subsidiaries, in accordance with IFRS 12 and CPC 45, is as follows:
12.4.1 Movements in noncontrolling interests
CERAN |
CPFL Renováveis |
Paulista Lajeado |
Total | |||||
As of December 31, 2015 |
234,271 |
2,148,490 |
73,182 |
2,455,942 | ||||
Equity Interests and voting capital |
35.00% |
48.39% |
40.07% |
|||||
Net equity attributable to noncontrolling shareholders |
20,152 |
(79,068) |
339 |
(58,578) | ||||
Dividends |
- |
(16,114) |
- |
(16,114) | ||||
Other movements |
- |
- |
(31) |
(31) | ||||
As of June 30, 2016 |
254,423 |
2,053,307 |
73,489 |
2,381,218 | ||||
Equity Interests and voting capital |
35.00% |
48.39% |
40.07% |
12.4.2 Summarized financial information of subsidiaries that have interests of noncontrolling shareholders
Summarized financial information on subsidiaries that have interests of noncontrolling shareholders at June 30, 2016 and December 31, 2015 and in the semesters ended in June 30, 2016 and 2015 are as follows:
June 30, 2016 |
December 31, 2015 | |||||||||||
CERAN |
CPFL Renováveis |
Paulista Lajeado |
CERAN |
CPFL Renováveis |
Paulista Lajeado | |||||||
Current assets |
249,044 |
942,186 |
26,996 |
203,205 |
1,296,420 |
39,916 | ||||||
Cash and cash equivalents |
191,375 |
564,328 |
16,676 |
154,845 |
871,503 |
30,907 | ||||||
Noncurrent assets |
955,269 |
10,913,957 |
122,959 |
997,049 |
10,607,682 |
126,147 | ||||||
Current liabilities |
109,495 |
1,098,680 |
5,644 |
128,920 |
1,174,865 |
16,515 | ||||||
Borrowings and debentures |
60,311 |
659,829 |
326 |
62,279 |
854,042 |
392 | ||||||
Other financial liabilities |
14,793 |
71,575 |
1,206 |
39,068 |
75,716 |
6,496 | ||||||
Noncurrent liabilities |
367,897 |
6,637,362 |
36,222 |
401,988 |
6,425,440 |
40,908 | ||||||
Borrowings and debentures |
281,744 |
5,363,120 |
36,057 |
318,864 |
5,150,530 |
40,908 | ||||||
Other financial liabilities |
86,152 |
633 |
- |
83,124 |
633 |
- | ||||||
Equity |
726,922 |
4,120,101 |
108,089 |
669,346 |
4,303,797 |
108,639 | ||||||
Equity attributable to controlling shareholders |
726,922 |
4,004,561 |
108,089 |
669,346 |
4,176,063 |
108,639 | ||||||
Equity attributable to noncontrolling shareholders |
- |
115,540 |
- |
- |
127,734 |
- | ||||||
1st semester 2016 |
1st semester 2015 | |||||||||||
CERAN |
CPFL Renováveis |
Paulista Lajeado |
CERAN |
CPFL Renováveis |
Paulista Lajeado | |||||||
Net operating revenue |
147,313 |
638,918 |
15,087 |
156,236 |
660,035 |
15,312 | ||||||
Operating cost and expense |
(28,051) |
(260,189) |
(14,570) |
(71,033) |
(326,530) |
(22,400) | ||||||
Depreciation and amortization |
(22,649) |
(268,259) |
(1) |
(23,082) |
(260,696) |
(4) | ||||||
Interest income |
12,765 |
55,140 |
1,476 |
6,176 |
51,168 |
642 | ||||||
Interest expense |
(19,024) |
(284,869) |
(689) |
(19,834) |
(252,858) |
(315) | ||||||
Income tax expense |
(29,811) |
(16,871) |
447 |
(22,373) |
(11,799) |
(231) | ||||||
Profit (loss) |
57,576 |
(167,582) |
844 |
43,209 |
(157,727) |
466 | ||||||
Attributable to controlling shareholders |
57,576 |
(171,502) |
844 |
43,209 |
(158,516) |
466 | ||||||
Attributable to nocontrolling shareholders |
- |
3,920 |
- |
- |
789 |
- |
57
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
12.4.3 Joint ventures
Summarized financial information on joint ventures at June 30, 2016 and December 31, 2015 and in the semesters ended in June 30, 2016 and 2015 are as follows:
June 30, 2016 |
December 31, 2015 | |||||||||||||||
Enercan |
Baesa |
Chapecoense |
Epasa |
Enercan |
Baesa |
Chapecoense |
Epasa | |||||||||
Current assets |
288,104 |
52,901 |
269,836 |
171,404 |
292,133 |
105,198 |
356,493 |
305,371 | ||||||||
Cash and cash equivalents |
176,275 |
18,012 |
130,678 |
54,786 |
112,387 |
75,097 |
239,192 |
120,307 | ||||||||
Noncurrent assets |
1,201,775 |
1,148,821 |
3,060,231 |
591,807 |
1,253,002 |
1,174,604 |
3,079,957 |
600,413 | ||||||||
Current liabilities |
141,367 |
113,675 |
294,491 |
144,476 |
264,721 |
188,077 |
447,142 |
336,794 | ||||||||
Borrowings and debentures |
86,565 |
86,000 |
136,554 |
40,878 |
86,724 |
111,422 |
136,322 |
57,269 | ||||||||
Other financial liabilities |
9,410 |
23,109 |
75,418 |
43,457 |
81,121 |
70,793 |
115,360 |
122,921 | ||||||||
Noncurrent liabilities |
268,538 |
390,815 |
2,080,304 |
271,912 |
309,317 |
427,284 |
2,108,820 |
292,490 | ||||||||
Borrowings and debentures |
195,255 |
108,072 |
1,348,920 |
235,452 |
240,336 |
155,826 |
1,404,553 |
251,913 | ||||||||
Other financial liabilities |
25,782 |
271,285 |
730,113 |
32,799 |
24,759 |
260,042 |
703,556 |
40,381 | ||||||||
Equity |
1,079,975 |
697,232 |
955,272 |
346,824 |
971,097 |
664,442 |
880,488 |
276,500 | ||||||||
1st semester 2016 |
1st semester 2015 | |||||||||||||||
Enercan |
Baesa |
Chapecoense |
Epasa |
Enercan |
Baesa |
Chapecoense |
Epasa | |||||||||
Net operating revenue |
277,471 |
128,940 |
375,775 |
271,795 |
240,067 |
230,831 |
350,681 |
497,513 | ||||||||
Operating cost and expense |
(73,017) |
(26,392) |
(75,437) |
(164,743) |
(114,657) |
(153,548) |
(111,395) |
(381,406) | ||||||||
Depreciation and amortization |
(26,925) |
(26,114) |
(64,002) |
(16,414) |
(26,791) |
(27,664) |
(65,630) |
(16,191) | ||||||||
Interest income |
14,614 |
6,097 |
16,393 |
6,541 |
5,790 |
2,719 |
9,715 |
4,906 | ||||||||
Interest expense |
(19,183) |
(11,757) |
(63,419) |
(12,285) |
(27,575) |
(11,653) |
(66,108) |
(15,399) | ||||||||
Income tax expense |
(56,412) |
(16,918) |
(38,501) |
(16,063) |
(25,495) |
(1,153) |
(21,705) |
(15,333) | ||||||||
Profit (loss) |
108,877 |
32,790 |
74,783 |
61,905 |
49,719 |
2,228 |
39,716 |
69,173 | ||||||||
Equity Interests and voting capital |
48.72% |
25.01% |
51.00% |
53.34% |
48.72% |
25.01% |
51.00% |
53.34% | ||||||||
Although holding more than 50% in Epasa and Chapecoense, the subsidiary CPFL Geração controls these investments jointly with other shareholders. The analysis of the classification of the type of investment is based on the Shareholders' Agreement of each joint venture.
The borrowings from the BNDES obtained by the joint ventures ENERCAN, BAESA and Chapecoense establish restrictions on the payment of dividends to subsidiary CPFL Geração above the mandatory minimum dividend of 25% without the prior consent of the BNDES.
12.4.4 Jointly controlled operation
Through its wholly-owned subsidiary CPFL Geração, the Company holds part of the assets of the Serra da Mesa hydropower plant, located on the Tocantins River, in Goiás State. The concession and operation of the hydropower plant belong to Furnas Centrais Elétricas S.A. In order to maintain these assets operating jointly with Furnas (joint operation), CPFL Geração was assured 51.54% of the installed power of 1,275 MW (657 MW) and the assured energy of mean 671 MW (mean 345.4 MW) until 2028 (information on energy capacity measures not audited by the independent auditors).
12.5Advance for future capital increase
At June 30, 2016 the balances of advance for future capital increase mainly refer to advances to the subsidiary CPFL Telecom (R$ 16,000), approved in September 2015.
58
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 13 ) PROPERTY, PLANT AND EQUIPMENT
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, 2015 |
176,807 |
1,376,246 |
1,075,982 |
5,824,089 |
36,230 |
9,696 |
674,166 |
9,173,217 | |||||||
Historic cost |
198,141 |
1,965,641 |
1,516,228 |
7,878,838 |
52,947 |
22,323 |
674,166 |
12,308,285 | |||||||
Accumulated depreciation |
(21,334) |
(589,395) |
(440,246) |
(2,054,749) |
(16,717) |
(12,627) |
- |
(3,135,068) | |||||||
Additions |
- |
180 |
77 |
77 |
- |
- |
545,395 |
545,729 | |||||||
Disposals |
- |
- |
- |
(4,155) |
(416) |
(214) |
(160) |
(4,944) | |||||||
Transfers |
3,198 |
48,747 |
94,589 |
242,422 |
9,710 |
379 |
(399,044) |
- | |||||||
Reclassification - cost |
(58) |
(4,450) |
(23,213) |
32,638 |
(13) |
(416) |
- |
4,488 | |||||||
Transfers from/to other assets - cost |
- |
6 |
1 |
(373) |
- |
1 |
(10,308) |
(10,673) | |||||||
Depreciation |
(3,713) |
(37,229) |
(23,850) |
(183,933) |
(3,819) |
(876) |
- |
(253,421) | |||||||
Write-off of depreciation |
- |
- |
- |
3,182 |
165 |
88 |
- |
3,435 | |||||||
Reclassification - depreciation |
(1,211) |
346 |
(5,336) |
1,599 |
7 |
107 |
- |
(4,488) | |||||||
As of June 30, 2016 |
175,022 |
1,383,845 |
1,118,250 |
5,915,547 |
41,865 |
8,765 |
810,047 |
9,453,342 | |||||||
Historic cost |
201,282 |
2,010,125 |
1,587,681 |
8,137,625 |
62,229 |
22,072 |
810,047 |
12,831,060 | |||||||
Accumulated depreciation |
(26,260) |
(626,279) |
(469,431) |
(2,222,078) |
(20,363) |
(13,306) |
- |
(3,377,718) | |||||||
Average depreciation rate |
3.86% |
3.89% |
3.11% |
4.45% |
12.99% |
9.77% |
In accordance with IAS 23 / CPC 20 (R1), the interest on borrowings taken by subsidiaries to finance the works is capitalized during the construction phase. In the first semester of 2016, R$ 28,456 was capitalized at a rate of 11.76% p.a. (R$ 4,180 in the first semester of 2015 at a rate of 11.81% p.a.) (Note 29).
The amounts stated under "Reclassification - cost" mainly relate to the subsidiary CPFL Renováveis and refer to transfers for amendments of fixed asset groups, they do not alter the amount of depreciation expense registered in the period, as there was no change to their useful lives.
In the consolidated, depreciation expenses are recognized in the statement of profit or loss in line item “depreciation and amortization” (note 28).
59
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 14 ) INTANGIBLE ASSETS
Consolidated | |||||||||||||
Goodwill |
Concession right |
Other intangible assets |
Total | ||||||||||
Acquired in business combinations |
Distribution infrastructure - operational |
Distribution infrastructure - in progress |
Public utilities |
||||||||||
As of December 31, 2015 |
6,115 |
4,355,546 |
4,249,182 |
499,627 |
28,743 |
71,125 |
9,210,338 | ||||||
Historical cost |
6,152 |
7,441,902 |
10,348,857 |
499,627 |
35,840 |
192,626 |
18,525,004 | ||||||
Accumulated amortization |
(37) |
(3,086,356) |
(6,099,675) |
- |
(7,097) |
(121,500) |
(9,314,665) | ||||||
Additions |
- |
- |
- |
434,618 |
- |
3,319 |
437,937 | ||||||
Amortization |
- |
(123,907) |
(237,164) |
- |
(710) |
(5,850) |
(367,631) | ||||||
Transfer - intangible assets |
- |
- |
222,271 |
(222,271) |
- |
- |
- | ||||||
Transfer - financial asset |
- |
- |
(8,004) |
(234,227) |
- |
- |
(242,231) | ||||||
Disposal and transfer - other assets |
- |
- |
(18,968) |
- |
- |
1,347 |
(17,621) | ||||||
As of June 30, 2016 |
6,115 |
4,231,639 |
4,207,317 |
477,747 |
28,033 |
69,941 |
9,020,793 | ||||||
Historical cost |
6,152 |
7,236,860 |
10,470,603 |
477,747 |
35,840 |
195,271 |
18,422,473 | ||||||
Accumulated amortization |
(37) |
(3,005,221) |
(6,263,286) |
- |
(7,807) |
(125,329) |
(9,401,680) |
In the consolidated the amortization of intangible assets is recognized in the statement of profit or loss in the following line items: (i) “depreciation and amortization” for amortization of distribution infrastructure intangible assets, use of public asset and other intangible assets; and (ii) “amortization of concession intangible asset” for amortization of the intangible asset acquired in business combination (note 28).
In accordance with IAS 23 / CPC 20 (R1), the interest on borrowings taken by subsidiaries is capitalized for qualifying intangible assets. In the first semester of 2016 R$ 5,483 was capitalized (R$ 5,584 in the first semester of 2015) at a rate of 7.58% p.a. (7.50% p.a. in the first semester of 2015).
60
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
14.1 Intangible asset acquired in business combinations
The breakdown of the intangible asset related to the right to operate the concessions acquired in business combinations is as follows:
Consolidated | |||||||||||
June 30, 2016 |
December 31, 2015 |
Annual amortization rate | |||||||||
Historic cost |
Accumulated amortization |
Net value |
Net value |
2016 |
2015 | ||||||
Intangible asset - acquired in business combinations |
|||||||||||
Intangible asset acquired, not merged |
|||||||||||
Parent company |
|||||||||||
CPFL Paulista |
304,861 |
(192,025) |
112,836 |
117,829 |
3.28% |
4.78% | |||||
CPFL Piratininga |
39,065 |
(23,098) |
15,966 |
16,614 |
3.31% |
4.50% | |||||
RGE |
3,150 |
(1,626) |
1,523 |
1,590 |
4.24% |
5.51% | |||||
CPFL Geração |
54,555 |
(32,721) |
21,834 |
22,757 |
3.38% |
5.04% | |||||
CPFL Jaguari Geração |
7,896 |
(3,447) |
4,449 |
4,584 |
3.41% |
6.36% | |||||
409,527 |
(252,918) |
156,609 |
163,373 |
||||||||
Subsidiaries |
|||||||||||
CPFL Renováveis |
3,764,809 |
(645,328) |
3,119,480 |
3,195,215 |
4.02% |
4.35% | |||||
Other |
618 |
(124) |
494 |
516 |
|||||||
3,765,427 |
(645,452) |
3,119,975 |
3,195,731 |
||||||||
Subtotal |
4,174,954 |
(898,370) |
3,276,584 |
3,359,104 |
|||||||
Intangible asset acquired and merged – Deductible |
|||||||||||
Subsidiaries |
|||||||||||
RGE |
1,120,266 |
(850,529) |
269,738 |
281,551 |
2.11% |
1.79% | |||||
CPFL Geração |
426,450 |
(308,514) |
117,936 |
122,919 |
2.34% |
3.80% | |||||
Subtotal |
1,546,716 |
(1,159,042) |
387,673 |
404,470 |
|||||||
Intangible asset acquired and merged – Reassessed |
|||||||||||
Parent company |
|||||||||||
CPFL Paulista |
1,074,026 |
(706,359) |
367,667 |
383,770 |
3.00% |
4.34% | |||||
CPFL Piratininga |
115,762 |
(68,448) |
47,314 |
49,232 |
3.31% |
4.50% | |||||
RGE |
310,128 |
(165,317) |
144,811 |
151,153 |
4.09% |
5.32% | |||||
CPFL Jaguari Geração |
15,275 |
(7,687) |
7,588 |
7,818 |
3.01% |
5.61% | |||||
Subtotal |
1,515,190 |
(947,811) |
567,380 |
591,972 |
|||||||
Total |
7,236,860 |
(3,005,221) |
4,231,639 |
4,355,546 |
As mentioned in Note 3, from January 1, 2016, in line with the changes to IAS 16/CPC 27 and IAS 38/CPC 04 (R1), the Company will amortize intangible assets acquired in business combinations prospectively on a straight-line basis over the remaining period of the concessions.
( 15 ) TRADE PAYABLES
Consolidated | |||
June 30, 2016 |
December 31, 2015 | ||
Current |
|||
System service charges |
46,471 |
203,961 | |
Energy purchased |
1,180,870 |
2,402,823 | |
Electricity network usage charges |
110,056 |
106,940 | |
Materials and services |
227,146 |
331,809 | |
Free energy |
123,460 |
115,676 | |
Total |
1,688,003 |
3,161,210 | |
Noncurrent |
|||
Materials and services |
633 |
633 |
61
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 16 ) INTEREST ON DEBTS AND BORROWINGS
Consolidated | ||||||||||||||||
June 30, 2016 |
December 31, 2015 | |||||||||||||||
Interest - current and noncurrent |
Principal |
|
Total |
Interest - current and noncurrent |
Principal |
|
Total | |||||||||
Current |
Noncurrent |
Current |
Noncurrent |
|||||||||||||
Measured at cost |
||||||||||||||||
Local currency |
||||||||||||||||
Investment |
17,295 |
710,594 |
4,867,561 |
5,595,450 |
17,775 |
693,058 |
4,970,715 |
5,681,549 | ||||||||
Rental assets |
17 |
772 |
3,173 |
3,962 |
17 |
687 |
3,434 |
4,138 | ||||||||
Financial Institutions |
192,794 |
147,180 |
1,439,482 |
1,779,456 |
179,656 |
382,411 |
1,350,746 |
1,912,812 | ||||||||
Other |
802 |
8,359 |
8,370 |
17,531 |
764 |
134,960 |
10,002 |
145,726 | ||||||||
Total at cost |
210,908 |
866,905 |
6,318,586 |
7,396,399 |
198,212 |
1,211,115 |
6,334,897 |
7,744,225 | ||||||||
Measured at fair value |
||||||||||||||||
Foreign currency |
||||||||||||||||
Financial Institutions |
34,177 |
1,335,047 |
4,817,407 |
6,186,631 |
40,714 |
1,651,199 |
5,560,517 |
7,252,430 | ||||||||
Mark to market |
- |
(18,774) |
(157,131) |
(175,905) |
- |
(29,269) |
(282,980) |
(312,249) | ||||||||
Total at fair value |
34,177 |
1,316,273 |
4,660,276 |
6,010,726 |
40,714 |
1,621,930 |
5,277,536 |
6,940,180 | ||||||||
Borrowing costs (*) |
- |
(2,192) |
(31,675) |
(33,867) |
- |
(1,391) |
(20,227) |
(21,618) | ||||||||
Total |
245,086 |
2,180,986 |
10,947,188 |
13,373,260 |
238,926 |
2,831,654 |
11,592,206 |
14,662,787 |
Consolidated |
||||||||||
Measured at amortized cost |
June 30, 2016 |
December 31, 2015 |
Annual interest |
Amortization |
Collateral | |||||
Local currency |
||||||||||
Investment |
||||||||||
CPFL Paulista |
||||||||||
FINEM V |
53,791 |
70,293 |
TJLP + 2.12% to 3.3% (c) |
72 monthly installments from February 2012 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
4,510 |
5,384 |
Fixed rate 8% (c) |
90 monthly installments from August 2011 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
34,605 |
38,386 |
Fixed rate 5.5% (b) |
96 monthly installments from February 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
173,692 |
197,145 |
TJLP + 2.06% to 3.08% (e) (f) |
72 monthly installments from January 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
9,659 |
10,412 |
Fixed rate 2.5% (a) |
114 monthly installments from June 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
177,201 |
191,022 |
Fixed rate 2.5% (a) |
96 monthly installments from December 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
61,774 |
63,777 |
Fixed rate 6% (b) |
96 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
75,284 |
65,304 |
SELIC + 2.62% to 2.66% (h) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
144,183 |
130,774 |
TJLP + 2.12% to 2.66% (c) (d) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINAME |
29,578 |
33,808 |
Fixed rate 4.5% |
96 monthly installments from January 2012 |
CPFL Energia guarantee | |||||
CPFL Piratininga |
|
|
||||||||
FINEM IV |
28,971 |
37,859 |
TJLP + 2.12% to 3.3% (c) |
72 monthly installments from February 2012 |
CPFL Energia guarantee and receivables | |||||
FINEM IV |
1,454 |
1,736 |
Fixed rate 8% (c) |
90 monthly installments from August 2011 |
CPFL Energia guarantee and receivables | |||||
FINEM IV |
17,996 |
19,962 |
Fixed rate 5.5% (b) |
96 monthly installments from February 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
50,766 |
57,621 |
TJLP + 2.06% to 3.08% (e) (f) |
72 monthly installments from January 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
2,537 |
2,735 |
Fixed rate 2.5% (a) |
114 monthly installments from June 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
44,097 |
47,536 |
Fixed rate 2.5% (a) |
96 monthly installments from December 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
42,668 |
39,605 |
SELIC + 2.62% to 2.66% (h) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
71,512 |
69,054 |
TJLP + 2.12% to 2.66% (c) (d) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
30,137 |
30,463 |
Fixed rate 6% (b) |
96 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINAME |
14,025 |
16,031 |
Fixed rate 4.5% |
96 monthly installments from January 2012 |
CPFL Energia guarantee | |||||
RGE |
|
|
||||||||
FINEM V |
32,560 |
42,549 |
TJLP + 2.12% to 3.3% (c) |
72 monthly installments from February 2012 |
CPFL Energia guarantee and receivables | |||||
FINEM V |
13,275 |
14,725 |
Fixed rate 5.5% (b) |
96 monthly installments from February 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
92,792 |
105,322 |
TJLP + 2.06% to 3.08% (e) (f) |
72 monthly installments from January 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
1,022 |
1,102 |
Fixed rate 2.5% (a) |
114 monthly installments from June 2013 |
CPFL Energia guarantee and receivables | |||||
FINEM VI |
65,158 |
70,240 |
Fixed rate 2.5% (a) |
96 monthly installments from December 2014 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
42,155 |
43,522 |
Fixed rate 6% (b) |
96 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
66,904 |
59,348 |
SELIC + 2.62% to 2.66% (h) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINEM VII |
88,489 |
76,728 |
TJLP + 2.12% to 2.66% (d) |
72 monthly installments from April 2016 |
CPFL Energia guarantee and receivables | |||||
FINAME |
7,038 |
8,045 |
Fixed rate 4.5% |
96 monthly installments from January 2012 |
CPFL Energia guarantee | |||||
FINAME |
198 |
227 |
Fixed rate 10.0% |
90 monthly installments from May 2012 |
Liens on assets | |||||
FINAME |
647 |
715 |
Fixed rate 10.0% |
66 monthly installments from October 2015 |
Liens on assets | |||||
CPFL Santa Cruz |
|
|
||||||||
FINEM |
9,698 |
10,306 |
Fixed rate 6% |
111 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
3,537 |
3,663 |
SELIC + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
6,725 |
7,382 |
TJLP + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
CPFL Leste Paulista |
|
|
||||||||
FINEM |
3,623 |
3,850 |
Fixed rate 6% |
111 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
1,297 |
1,343 |
SELIC + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
2,468 |
2,709 |
TJLP + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
CPFL Sul Paulista |
|
|
||||||||
FINEM |
2,573 |
2,734 |
Fixed rate 6% |
111 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
1,811 |
1,876 |
SELIC + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
3,464 |
3,803 |
TJLP + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
CPFL Jaguari |
|
|
||||||||
Bank credit note - Santander |
1,587 |
1,710 |
TJLP + 3.1% |
96 monthly installments from June 2014 |
CPFL Energia guarantee | |||||
Bank credit note - Santander |
619 |
808 |
UMBNDES + 2.1% |
96 monthly installments from June 2014 |
CPFL Energia guarantee | |||||
FINEM |
2,583 |
2,745 |
Fixed rate 6% |
111 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
1,346 |
1,394 |
SELIC + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
FINEM |
2,575 |
2,826 |
TJLP + 2.19% |
72 monthly installments from April 2015 |
CPFL Energia guarantee | |||||
CPFL Mococa |
|
|
||||||||
Bank credit note - Santander |
2,042 |
2,200 |
TJLP + 3.1% |
96 monthly installments from June 2014 |
CPFL Energia guarantee | |||||
Bank credit note - Santander |
796 |
1,039 |
UMBNDES + 2.1% |
96 monthly installments from June 2014 |
CPFL Energia guarantee | |||||
Bank credit note - Santander |
1,503 |
1,932 |
UMBNDES +1.99% |
96 monthly installments from October 2015 |
CPFL Energia guarantee | |||||
Bank credit note - Santander |
4,351 |
4,619 |
TJLP + 2.99% (f) |
96 monthly installments from October 2015 |
CPFL Energia guarantee | |||||
CPFL Serviços |
|
|
||||||||
FINAME |
1,403 |
1,509 |
Fixed rate 2.5% to 5.5% |
96 monthly installments from August 2014 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
342 |
357 |
Fixed rate 6% |
72 monthly installments from April 2016 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
767 |
864 |
Fixed rate 7.7% to 10% |
90 monthly installments from November 2012 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
12,169 |
13,049 |
Fixed rate 2.5% to 5.5% |
114 monthly installments from February 2013 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
53 |
60 |
TJLP + 4.2% |
90 monthly installments from November 2012 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
2,454 |
2,659 |
Fixed rate 6% |
90 monthly installments from October 2014 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
108 |
108 |
Fixed rate 6% |
96 monthly installments from July 2016 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
6,131 |
6,496 |
Fixed rate 6% |
114 monthly installments from June 2015 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
883 |
1,002 |
TJLP + 2.2% to 3.2% (c) |
56 monthly installments from July 2015 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
4,274 |
4,006 |
Fixed rate 9.5% to 10% (c) |
66 monthly installments from October 2015 |
CPFL Energia guarantee and liens on equipment | |||||
FINAME |
1,343 |
- |
Fixed rate 6% to 10% (c) |
66 monthly installments from April 2016 |
CPFL Energia guarantee and liens on equipment |
62
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
CERAN |
|
|
||||||||
BNDES |
289,400 |
312,150 |
TJLP + 3.69% to 5% |
168 monthly installments from December 2005 |
Pledge of shares, credit and concession rights, revenues and CPFL Energia guarantee | |||||
BNDES |
52,656 |
68,993 |
UMBNDES + 5% (1) |
168 monthly installments from February 2006 |
Pledge of shares, credit and concession rights, revenues and CPFL Energia guarantee | |||||
CPFL Transmissão |
|
|
||||||||
FINAME |
18,167 |
19,466 |
Fixed rate 3.0% |
96 monthly installments from July 2015 |
CPFL Energia guarantee | |||||
CPFL Telecom |
|
|
||||||||
FINAME |
7,610 |
7,610 |
Fixed rate 6.0% (b) |
60 monthly installments from December 2016 |
CPFL Energia guarantee | |||||
FINEM |
7,490 |
7,018 |
SELIC + 3.12% (h) |
60 monthly installments from December 2016 |
CPFL Energia guarantee | |||||
FINEM |
21,698 |
21,544 |
TJLP + 2.12% to 3.12% (c) |
60 monthly installments from December 2016 |
CPFL Energia guarantee | |||||
CPFL Renováveis |
|
|
||||||||
FINEM I |
276,374 |
290,445 |
TJLP + 1.95% |
168 monthly installments from October 2009 |
PCH Holding a joint and several debtor, letters of guarantee | |||||
FINEM II |
23,765 |
25,308 |
TJLP + 1.90%. |
144 monthly installments from June 2011 |
CPFL Energia guarantee, liens on assets and assignment of credit rights | |||||
FINEM III |
511,746 |
528,528 |
TJLP + 1.72% |
192 monthly installments from May 2013 |
CPFL Energia guarantee, pledge of shares, liens on assets, assignment of credit rights | |||||
FINEM V |
85,535 |
90,678 |
TJLP + 2.8% to 3.4% |
143 monthly installments from December 2011 |
PCH Holding 2 and CPFL Renováveis as joint and several debtors. | |||||
FINEM VI |
77,097 |
79,457 |
TJLP + 2.05% |
192 monthly installments from October 2013 |
Pledge of CPFL Renováveis shares, assignment of receivables | |||||
FINEM VII |
147,639 |
156,737 |
TJLP + 1.92 % |
156 monthly installments from October 2010 |
Pledge of shares, assignment of rights, liens on machinery and equipment | |||||
FINEM IX |
28,764 |
32,289 |
TJLP + 2.15% |
120 monthly installments from May 2010 |
Pledge of shares of subsidiary and liens on machinery and equipment | |||||
FINEM X |
380 |
528 |
TJLP |
84 monthly installments from October 2010 |
Pledge of shares, assignment of rights, liens on machinery and equipment | |||||
FINEM XI |
110,790 |
115,676 |
TJLP + 1.87% to 1.9% |
168 monthly installments from January 2012 |
CPFL Energia guarantee, pledge of shares, liens on assets, assignment of credit rights | |||||
FINEM XII |
326,550 |
335,894 |
TJLP + 2.18% |
192 monthly installments from July 2014 |
CPFL Energia guarantee, liens on assets, joint assignment of credit rights, pledge of shares | |||||
FINEM XIII |
326,615 |
296,891 |
TJLP + 2.02% to 2.18% |
192 monthly installments from November 2014 |
Pledge of shares and machinery and equipment of SPE , assignment of rights | |||||
FINEM XIV |
(0) |
11,599 |
TJLP + 3.50% |
120 monthly installments from June 2007 |
Liens on machinery and equipment , assignment of receivables, pledge of grantor rights - ANEEL, pledge of shares | |||||
FINEM XV |
29,273 |
31,227 |
TJLP + 3.44% |
139 monthly installments from September 2011 |
Assignment of receivables, pledge of grantor rights - ANEEL, pledge of shares | |||||
FINEM XVI |
7,458 |
8,500 |
Fixed rate 5.50% |
101 monthly installments from September 2011 |
Assignment of receivables, pledge of grantor rights - ANEEL, pledge of shares | |||||
FINEM XVII |
475,607 |
490,786 |
TJLP + 2.18% |
192 monthly installments from January 2013 |
Liens on machinery and equipment, assignment of receivables, pledge of grantor rights - ANEEL, pledge of shares and reserve account | |||||
FINEM XVIII |
16,120 |
18,481 |
Fixed rate 4.5% |
102 monthly installments from June 2011 |
CPFL Energia guarantee, liens on assets , assignment of credit rights | |||||
FINEM XIX |
30,490 |
31,381 |
TJLP + 2.02% |
192 monthly installments from January 2014 |
CPFL Energia guarantee, liens on assets, joint assignment of credit rights, pledge of shares | |||||
FINEM XX |
48,398 |
52,091 |
Fixed rate 2.5% |
108 monthly installments from January 2014 |
Pledge of CPFL Renováveis shares, | |||||
FINEM XXI |
41,537 |
42,765 |
TJLP + 2.02% |
192 monthly installments from January 2014 |
CPFL Energia guarantee, liens on assets, joint assignment of credit rights, pledge of shares | |||||
FINEM XXII |
42,582 |
45,828 |
Fixed rate 2.5% |
108 monthly installments from January 2014 |
Pledge of CPFL Renováveis shares, | |||||
FINEM XXIII |
2,017 |
2,305 |
Fixed rate 4.5% |
102 monthly installments from June 2011 |
CPFL Energia guarantee, liens on assets , assignment of credit rights | |||||
FINEM XXIV |
123,036 |
136,528 |
Fixed rate 5.5% |
108 monthly installments from January 2012 |
CPFL Energia guarantee, liens on assets, joint assignment of credit rights | |||||
FINEM XXV |
82,800 |
79,010 |
TJLP + 2.18% |
192 monthly installments from June 2015 |
Pledge of shares and grantor rights, liens on assets and assignment of credit rights | |||||
FINEM XXVI |
337,011 |
270,768 |
TJLP + 2.75% |
192 monthly installments from July 2017 |
Pledge of shares and grantor rights, liens on assets and assignment of credit rights | |||||
FINEM XXVII |
69,030 |
- |
TJLP + 2,02% |
162 monthly installments from November 2016 |
Pledge of shares of the intervening parties, assignment of credit rights, pledge of incidental rights authorized by ANEEL and SPE Reserve Account | |||||
FINAME IV |
3,092 |
3,327 |
Fixed rate 2.5% |
96 monthly installments from February 2015 |
Pledge of CPFL Renováveis shares, | |||||
FINEP I |
1,643 |
1,890 |
Fixed rate 3.5% |
61 monthly installments from October 2014 |
Bank guarantee | |||||
FINEP II |
10,444 |
10,383 |
TJLP - 1.00% |
85 monthly installments from June 2017 |
Guarantee | |||||
FINEP III |
5,888 |
6,374 |
TJLP + 3.00% |
73 monthly installments from July 2015 |
Guarantee | |||||
BNB I |
104,470 |
108,835 |
Fixed rate 9.5% to 10% |
168 monthly installments from January 2009 |
Liens | |||||
BNB II |
161,781 |
165,324 |
Fixed rate 10% (J) |
222 monthly installments from May 2010 |
CPFL Energia guarantee | |||||
BNB III |
29,937 |
30,837 |
Fixed rate 9.5% |
228 monthly installments from July 2009 |
Guarantee, liens on assets, assignment of credit rights | |||||
NIB |
71,216 |
72,739 |
IGPM + 8.63% |
50 quarterly installments from June 2011 |
No guarantee | |||||
Banco do Brasil |
28,144 |
31,014 |
Fixed rate 10.00% |
132 monthly installment from June 2010 |
Shareholders support, pledge of shares and grantor rights, assignment of receivables, performance bond, guarantee and civil liability | |||||
CPFL Brasil |
|
|
||||||||
FINEP |
- |
1,864 |
Fixed rate 5% |
81 monthly installments from August 2011 |
Receivables | |||||
Purchase of assets |
|
|
||||||||
CPFL ESCO |
|
|
||||||||
FINAME |
3,236 |
3,544 |
Fixed rate 4.5% to 8.7% |
96 monthly installments from March 2012 |
CPFL Energia guarantee | |||||
FINAME |
108 |
117 |
Fixed rate 6% |
72 monthly installments from October 2016 |
CPFL Energia guarantee | |||||
FINAME |
263 |
261 |
TJLP + 2.70% |
48 monthly installments from October 2016 |
CPFL Energia guarantee | |||||
FINAME |
230 |
216 |
SELIC + 2.70% |
48 monthly installments from October 2016 |
CPFL Energia guarantee | |||||
FINAME |
125 |
- |
Fixed rate 9.5% |
48 monthly installments from October 2016 |
CPFL Energia guarantee | |||||
Financial institutions |
||||||||||
CPFL Energia |
||||||||||
Santander - Working capital |
- |
331,343 |
86.40% of CDI |
1 installment in January 2016 |
No guarantee | |||||
CPFL Paulista |
||||||||||
Banco do Brasil - Working capital |
354,958 |
331,549 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
CPFL Piratininga |
||||||||||
Banco do Brasil - Working capital |
62,473 |
58,353 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
CPFL Santa Cruz |
||||||||||
Banco do Brasil - Working capital |
46,854 |
43,764 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
7,283 |
7,637 |
CDI + 0.27% (f) |
12 semiannual installments from June 2015 |
CPFL Energia guarantee | |||||
CPFL Leste Paulista |
||||||||||
Banco IBM - Working capital |
6,015 |
6,587 |
100.0% of CDI |
14 semiannual installments from December 2012 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
22,396 |
23,790 |
CDI + 0.1% |
12 semiannual installments from October 2014 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
16,467 |
17,268 |
CDI + 0.27% |
12 semiannual installments from March 2015 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
7,606 |
8,052 |
CDI + 1.33 (f) |
12 semiannual installments from June 2015 |
CPFL Energia guarantee |
63
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
CPFL Sul Paulista |
||||||||||
Banco do Brasil - Working capital |
29,816 |
27,850 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
8,455 |
8,914 |
CDI + 0.27% to 1.33 (f) |
12 semiannual installments from June 2015 |
CPFL Energia guarantee | |||||
CPFL Jaguari |
||||||||||
Banco do Brasil - Working capital |
4,118 |
3,846 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
12,040 |
13,266 |
100.0% of CDI |
14 semiannual installments from December 2012 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
12,073 |
12,825 |
CDI + 0.1% |
12 semiannual installments from October 2014 |
CPFL Energia guarantee | |||||
CPFL Mococa |
||||||||||
Banco do Brasil - Working capital |
26,977 |
25,198 |
104.90% of CDI (f) |
2 annual installments from July 2017 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
3,907 |
4,305 |
100.0% of CDI |
14 semiannual installments from December 2012 |
CPFL Energia guarantee | |||||
Banco IBM - Working capital |
13,983 |
14,663 |
CDI + 0.27% |
12 semiannual installments from March 2015 |
CPFL Energia guarantee | |||||
CPFL Serviços |
||||||||||
Banco IBM - Working capital |
4,330 |
5,111 |
CDI + 0.10% |
11 semiannual installments from June 2013 |
CPFL Energia guarantee | |||||
CPFL Geração |
||||||||||
Banco do Brasil - Working capital |
642,113 |
642,124 |
109.5% of CDI |
1 installment in March 2019 |
CPFL Energia guarantee | |||||
CPFL Renováveis |
||||||||||
HSBC |
250,442 |
290,679 |
CDI + 0.5% (i) |
8 annual installment from June 2013 |
Pledge of shares | |||||
Safra |
138,154 |
- |
105% of CDI |
14 installment from August 2016 |
Redeemable preferred shares structure | |||||
Banking credit notes -BCN- Banco BBM |
31,157 |
- |
CDI + 3.30% |
1 installment in January 2017 |
No guarantee | |||||
Banking credit notes -BCN- Banco ABC |
44,231 |
- |
CDI + 3.80% |
1 installment in December 2017 |
No guarantee | |||||
CPFL Telecom |
||||||||||
Banco IBM - Working capital |
33,606 |
35,689 |
CDI + 0.18% |
12 semiannual installments from August 2014 |
CPFL Energia guarantee | |||||
Others |
||||||||||
Eletrobrás |
||||||||||
CPFL Paulista |
3,242 |
3,931 |
RGR + 6% to 6.5% |
monthly installments from August 2006 |
Receivables and promissory notes | |||||
CPFL Piratininga |
13 |
88 |
RGR + 6% |
monthly installments from August 2006 |
Receivables and promissory notes | |||||
RGE |
6,614 |
7,658 |
RGR + 6% |
monthly installments from August 2006 |
Receivables and promissory notes | |||||
CPFL Santa Cruz |
743 |
1,029 |
RGR + 6% |
monthly installments from January 2007 |
Receivables and promissory notes | |||||
CPFL Leste Paulista |
425 |
532 |
RGR + 6% |
monthly installments from February 2008 |
Receivables and promissory notes | |||||
CPFL Sul Paulista |
411 |
544 |
RGR + 6% |
monthly installments from August 2007 |
Receivables and promissory notes | |||||
CPFL Jaguari |
16 |
24 |
RGR + 6% |
monthly installments from June 2007 |
Receivables and promissory notes | |||||
CPFL Mococa |
143 |
170 |
RGR + 6% |
monthly installments from January 2008 |
Receivables and promissory notes | |||||
Others |
5,925 |
131,751 |
||||||||
Subtotal local currency - Cost |
7,396,399 |
7,744,225 |
||||||||
Foreign Currency |
||||||||||
Measured at fair value |
||||||||||
Financial Institutions |
||||||||||
CPFL Energia |
||||||||||
Santander |
- |
293,660 |
US$ + 1.547% (3) |
1 installment in February 2016 |
No guarantee | |||||
Bradesco |
- |
154,665 |
US$ + 1.72% (2) (f) |
1 installment in June 2016 |
No guarantee | |||||
Santander |
166,066 |
197,044 |
US$ + 1.918% (3) |
1 installment in September 2016 |
No guarantee | |||||
CPFL Paulista |
||||||||||
Bank of America Merrill Lynch |
329,969 |
397,324 |
US$ + 3.69 % (3) |
1 installment in July 2016 |
CPFL Energia guarantee and promissory notes | |||||
Bank of America Merrill Lynch |
145,986 |
175,750 |
US$+Libor 3 months+1.70% (4) |
1 installment in September 2018 |
CPFL Energia guarantee and promissory notes | |||||
Bank of Tokyo-Mitsubishi |
162,460 |
195,524 |
US$ + Libor 3 months + 0.88% (3) (g) |
1 installment in February 2020 |
CPFL Energia guarantee and promissory notes | |||||
Bank of Tokyo-Mitsubishi |
162,287 |
195,380 |
US$+Libor 3 months+0.80% (3) (f) |
4 semiannual installments from September 2017 |
CPFL Energia guarantee and promissory notes | |||||
BNP Paribas |
72,492 |
85,991 |
Euro + 1.6350% (3) |
1 installment in January 2018 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
162,394 |
195,502 |
US$+Libor 3 months + 1.35% (4) |
1 installment in March 2019 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
188,988 |
227,397 |
US$ + Libor 3 months + 1.44% (3) |
1 installment in January 2020 |
CPFL Energia guarantee and promissory notes | |||||
HSBC |
281,340 |
338,504 |
US$ + Libor 3 months + 1.30% (3) |
1 installment in January 2018 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
129,893 |
156,381 |
US$ + 2.28% to 2.32% (3) |
1 installment in December 2017 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
114,815 |
138,255 |
US$ + 2.36% to 2.39% (3) |
1 installment in January 2018 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
82,137 |
98,891 |
US$ + 2.74% (3) |
1 installment in January 2019 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
49,069 |
59,080 |
US$ + 2.2% (3) |
1 installment in February 2018 |
CPFL Energia guarantee and promissory notes | |||||
Bank of America Merrill Lynch |
487,840 |
587,094 |
US$ + Libor 3 months + 1.40% (3) |
1 installment in February 2018 |
CPFL Energia guarantee and promissory notes | |||||
Mizuho Bank |
243,307 |
292,895 |
US$+Libor 3 months+1.55% (3) (f) |
3 semiannual installments from March 2018 |
CPFL Energia guarantee and promissory notes | |||||
Morgan Stanley |
163,375 |
196,502 |
US$ + Libor 6 months + 1.75% (3) |
1 installment in September 2016 |
CPFL Energia guarantee and promissory notes | |||||
Scotiabank |
79,321 |
95,502 |
US$ + 3.3125% (3) |
1 installment in July 2016 |
CPFL Energia guarantee and promissory notes | |||||
Syndicated loan - Bank of America Merrill Lynch, Citibank, HSBC and EDC-Export Development Canada |
216,999 |
- |
US$ + Libor 3 months + 2.7% (4) |
5 semiannual installments from May 2019 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Piratininga |
||||||||||
Bank of America Merrill Lynch |
40,696 |
48,964 |
US$ + Libor 3 months + 1.15% (3) |
1 installment in July 2016 |
CPFL Energia guarantee and promissory notes | |||||
Bank of America Merrill Lynch |
81,317 |
97,849 |
US$ + Libor 3 months + 1.15% (3) |
1 installment in August 2016 |
CPFL Energia guarantee and promissory notes | |||||
BNP Paribas |
199,353 |
236,474 |
Euro + 1.6350% (3) |
1 installment in January 2018 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
203,434 |
244,778 |
US$ + Libor 3 months + 1.41% (3) |
2 annual installments from January 2019 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
162,394 |
195,502 |
US$ + Libor 3 months + 1.35% (4) |
1 installment in March 2019 |
CPFL Energia guarantee and promissory notes | |||||
Santander |
147,205 |
177,268 |
US$ + 2.58% (3) |
1 installment in July 2016 |
CPFL Energia guarantee and promissory notes | |||||
Scotiabank |
103,603 |
124,737 |
US$ + 3.3125% (3) |
1 installment in July 2016 |
CPFL Energia guarantee and promissory notes | |||||
Scotiabank |
53,969 |
64,980 |
US$ + 2.08% (3) |
1 installment in August 2017 |
CPFL Energia guarantee and promissory notes | |||||
Sumitomo |
162,852 |
195,938 |
US$ + Libor 3 months + 1.35% (3) (f) |
1 installment in April 2018 |
CPFL Energia guarantee and promissory notes | |||||
Syndicated loan - Bank of America Merrill Lynch, Citibank, HSBC and EDC-Export Development Canada |
216,999 |
- |
US$ + Libor 3 months + 2.7% (4) |
5 semiannual installments from May 2019 |
CPFL Energia guarantee and promissory notes | |||||
RGE |
||||||||||
Bank of Tokyo-Mitsubishi |
58,539 |
70,439 |
US$ + Libor 3 months + 0.82%(3) |
1 installment in April 2018 |
CPFL Energia guarantee and promissory notes | |||||
Bank of Tokyo-Mitsubishi |
266,384 |
320,602 |
US$ + Libor 3 months + 0.83%(3) |
1 installment in May 2018 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
48,759 |
58,683 |
US$ + Libor 3 months + 1.25%(4) |
2 annual installments from May 2018 |
CPFL Energia guarantee and promissory notes | |||||
Citibank |
228,113 |
274,426 |
US$ + Libor 6 months + 1.45% (3) |
1 installment in April 2017 |
CPFL Energia guarantee and promissory notes | |||||
HSBC |
44,264 |
53,260 |
US$ + Libor 3 months + 1.30% (3) |
1 installment in October 2017 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
198,839 |
239,453 |
US$ + 2.78% (3) |
1 installment in February 2018 |
CPFL Energia guarantee and promissory notes | |||||
J.P. Morgan |
- |
139,466 |
US$ + 1.35% (3) |
1 installment in February 2016 |
CPFL Energia guarantee and promissory notes | |||||
Syndicated loan - Bank of America Merrill Lynch, Citibank, HSBC and EDC-Export Development Canada |
216,999 |
- |
US$ + Libor 3 months + 2.7% (4) |
5 semiannual installments from May 2019 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Santa Cruz |
||||||||||
Santander |
- |
34,679 |
US$ + 2.544% (3) |
1 installment in June 2016 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Sul Paulista |
||||||||||
Santander |
- |
38,147 |
US$ + 2.544% (3) |
1 installment in June 2016 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Jaguari |
||||||||||
Santander |
- |
53,752 |
US$ + 2.544% (3) |
1 installment in June 2016 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Geração |
||||||||||
HSBC |
324,579 |
390,757 |
US$+Libor 3 months + 1.30% (3) |
1 installment in March 2017 |
CPFL Energia guarantee and promissory notes | |||||
CCB-China Construction Bank |
97,453 |
- |
US$+Libor 3 months + 1.60% (3) + 1.4% fee |
1 installment in June 2019 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Serviços |
||||||||||
J.P. Morgan |
12,260 |
14,760 |
US$ + 1.75% (3) |
1 installment in October 2016 |
CPFL Energia guarantee and promissory notes | |||||
Paulista Lajeado |
||||||||||
Banco Itaú |
35,603 |
42,862 |
US$ + 3.196% (4) |
1 installment in March 2018 |
CPFL Energia guarantee and promissory notes | |||||
CPFL Brasil |
||||||||||
Scotiabank |
44,281 |
53,317 |
US$ + 2.779% (3) |
1 installment in August 2018 |
CPFL Energia guarantee and promissory notes | |||||
Mark to market |
(175,905) |
(312,249) |
||||||||
Total Foreign Currency - fair value |
6,010,726 |
6,940,180 |
||||||||
Borrowing costs(*) |
(33,867) |
(21,618) |
||||||||
Total - Consolidated |
13,373,258 |
14,662,787 |
64
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The subsidiaries hold swaps converting the operating cost of currency variation to interest rate variation in reais. corresponding to : | ||||||||
(1) 143.85% of CDI |
(3) 99% to 109% of CDI |
|||||||
(2) 95,2% of CDI |
(4) 109.1% to 119% of CDI |
|||||||
Effective rate: |
||||||||
(a) 30% to 40% of CDI |
(e) 80.1% to 90% of CDI |
(i) CDI + 0.73% |
||||||
(b) 40.1% to 50% of CDI |
(f) 100.1% to 110% of CDI |
(J) Fixed rate 10.57% |
||||||
(c) 60.1% to 70% of CDI |
(g) 110.1% to 120% of CDI |
|||||||
(d) 70.1% to 80% of CDI |
(h) 120.1% to 130% of CDI |
(*) In accordance with IAS 39 / CPC 08, this refers to the fundraising costs attributable to issuance of the respective debts
(**) Syndicated transaction - foreign currency financial loans, with a group of financial institutions as counterparty.
In conformity with CPC 38 and 39 and IAS 32 and 39, the Company and its subsidiaries classified their debts as (i) other financial liabilities (or measured at amortized cost), and (ii) financial liabilities measured at fair value through profit and loss.
The objective of classification as financial liabilities of borrowings measured at fair value is to compare the effects of recognition of income and expense derived from marking derivatives to market, tied to the borrowings, in order to obtain more relevant and consistent accounting information. At June 30, 2016, the total balance of the borrowings measured at fair value was R$ 6,010,726 (R$ 6,940,180 at December 31, 2015).
Changes in the fair values of these borrowings are recognized in the finance income/cost of the Company and its subsidiaries. In June 30, 2016 the accumulated gains of R$ 175,905 (R$ 312,249 at December 31, 2015) on marking the borrowings to market, less losses of R$ 50,359 (R$ 184,518 at December 31, 2015) of marking to market the derivative financial instruments contracted as a hedge against foreign exchange variations (note 33), resulted in a total net gain of R$ 125,546 (R$ 127,731 at December 31, 2015).
The maturities of the principal of borrowings are scheduled as follows:
Maturity |
Consolidated | |
From July 1, 2017 |
800,510 | |
2018 |
3,778,125 | |
2019 |
2,524,457 | |
2020 |
1,294,193 | |
2021 |
665,399 | |
2022 to 2026 |
1,443,177 | |
2027 to 2031 |
564,392 | |
2032 to 2036 |
34,066 | |
Subtotal |
11,104,319 | |
Mark to market |
(157,131) | |
Total |
10,947,188 |
65
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Main borrowings in the period:
R$ thousand |
| |||||||||||
Company |
Bank / credit line |
Total approved |
Released in 2016 |
Released net of fundraising costs |
Interest |
Utilization | ||||||
Local currency: |
||||||||||||
Investment: |
||||||||||||
CPFL Paulista |
FINEM VII |
427,716 |
27,075 |
26,421 |
Quarterly |
Subsidiary's investment plan | ||||||
CPFL Piratininga |
FINEM VI |
194,862 |
7,866 |
7,586 |
Quarterly |
Subsidiary's investment plan | ||||||
RGE |
FINEM VII |
266,790 |
21,125 |
20,740 |
Quarterly |
Subsidiary's investment plan | ||||||
CPFL Serviços |
FINAME (a) |
6,011 |
1,730 |
1,730 |
Quarterly |
Purchase of machinery and equipment | ||||||
CPFL Renováveis |
FINEM XIII |
379,948 |
38,873 |
38,873 |
Monthly |
Subsidiary's investment plan | ||||||
CPFL Renováveis |
FINEM XXVII |
69,103 |
67,628 |
67,628 |
Monthly |
Subsidiary's investment plan | ||||||
CPFL Renováveis |
FINEM XXVI |
764,109 |
52,000 |
50,890 |
Monthly |
Subsidiary's investment plan | ||||||
Financial institutions: |
||||||||||||
CPFL Paulista |
Syndicated loan : Bank of America Merrill Lynch, Citibank, HSBC e EDC / Law 4.131 |
236,127 |
236,127 |
232,458 |
Quarterly |
Working capital improvement | ||||||
CPFL Piratininga |
Syndicated loan : Bank of America Merrill Lynch, Citibank, HSBC e EDC / Law 4.131 |
236,127 |
236,127 |
232,461 |
Quarterly |
Working capital improvement | ||||||
RGE |
Syndicated loan : Bank of America Merrill Lynch, Citibank, HSBC e EDC / Law 4.131 |
236,127 |
236,127 |
232,461 |
Quarterly |
Working capital improvement | ||||||
CPFL Geração |
CCB China / Law 4.131 (a) |
104,454 |
104,454 |
104,454 |
Quarterly |
Working capital improvement | ||||||
CPFL Renováveis - Alto Irani |
Banco Safra / redeemable preferred shares of the subsidiary Alto Irani (a) |
75,000 |
75,000 |
73,416 |
Semiannual |
Subsidiary's investment plan | ||||||
CPFL Renováveis - Plano Alto |
Banco Safra / redeemable preferred shares of the subsidiary Plano Alto (a) |
55,000 |
55,000 |
53,838 |
Semiannual |
Subsidiary's investment plan | ||||||
CPFL Renováveis parent company |
Banco BBM/BCN (a) |
30,000 |
30,000 |
30,000 |
Bullet |
Working capital improvement | ||||||
CPFL Renováveis parent company |
Banco ABC/BCN (a) |
44,000 |
44,000 |
44,000 |
Bullet |
Subsidiary's investment plan | ||||||
3,125,374 |
1,233,132 |
1,216,956 |
(a) the agreement has no restrictive covenants
Borrowings are subject to certain restrictive covenants and include clauses that require the Company and/or its subsidiaries to maintain certain financial ratios within pre-established parameters. The loan contracts also include non-financial restrictive clauses, complied with in accordance with the latest assessment period.
Some loans contracted or with releases in 2016 have the clauses related to financial indicators, as follow:
FINEM VI and VII - CPFL Paulista, CPFL Piratininga and RGE
Maintenance, by the subsidiaries, of the following ratios:
· Net indebtedness divided by EBITDA – maximum of 3.5
· Net indebtedness divided by the sum of net indebtedness and Shareholder’s Equity – maximum of 0.90
CPFL Renováveis (calculated in indirect subsidiary CPFL Renováveis and its subsidiaries, except when mentioned in each specific item)
FINEM XIII
· Maintaining the Debt Service Coverage Ratio (ICSD) at 1.3 or more.
FINEM XXVI
66
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
· Maintaining the Debt Service Coverage Ratio (ICSD) at 1.3 or more in the subsidiaries covered by the contract.
· Maintaining the annual ICSD recorded in the consolidated financial statements for the subsidiary Turbina 16 at 1.3 or more.
FINEM XXVII
· Maintaining the ICSD at 1.2 or more;
· Equity ratio (ICP), defined as the ratio of Equity to Total Assets, at 39.5% or more;
Syndicated loan - Bank of America Merrill Lynch, Citibank, HSBC, EDC (Law 4.131) – CPFL Paulista, CPFL Piratininga and RGE
Maintaining the following ratios in the Company's consolidated financial statements
· Net indebtedness divided by EBITDA – maximum of 3.75;
· EBITDA divided by Financial Income (Expense) - maximum of 2.25.
The details of the restrictive conditions for other debts are presented in the Financial Statements of December 31, 2015.
The Management of the Company and its subsidiaries monitor these ratios systematically and constantly to ensure that the contractual conditions are complied with. In the opinion of the Management of the Company and of its subsidiaries, all the restrictive covenants and clauses that are measured half-yearly and annually are adequately complied with in accordance with the latest assessment period, at June 30, 2016 and December 31, 2015, respectively.
67
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 17 ) DEBENTURES AND INTERESTS ON DEBENTURES
Consolidated | |||||||||||||||||
June 30, 2016 |
December 31, 2015 | ||||||||||||||||
Issue |
Current and noncurrent interest |
Current |
Noncurrent |
Total |
Current and noncurrent interest |
Current |
Noncurrent |
Total | |||||||||
CPFL Paulista |
|||||||||||||||||
6th Issue |
Single series |
46,727 |
- |
660,000 |
706,727 |
47,292 |
- |
660,000 |
707,292 | ||||||||
7th Issue |
Single series |
28,644 |
- |
505,000 |
533,644 |
29,546 |
- |
505,000 |
534,546 | ||||||||
75,371 |
- |
1,165,000 |
1,240,371 |
76,838 |
- |
1,165,000 |
1,241,838 | ||||||||||
CPFL Piratininga |
|||||||||||||||||
6th Issue |
Single series |
7,788 |
- |
110,000 |
117,788 |
7,882 |
- |
110,000 |
117,882 | ||||||||
7th Issue |
Single series |
13,329 |
- |
235,000 |
248,329 |
13,749 |
- |
235,000 |
248,749 | ||||||||
21,117 |
- |
345,000 |
366,117 |
21,631 |
- |
345,000 |
366,631 | ||||||||||
RGE |
|||||||||||||||||
6th Issue |
Single series |
35,399 |
- |
500,000 |
535,399 |
35,828 |
- |
500,000 |
535,828 | ||||||||
7th Issue |
Single series |
9,643 |
- |
170,000 |
179,643 |
9,946 |
- |
170,000 |
179,946 | ||||||||
45,042 |
- |
670,000 |
715,042 |
45,774 |
- |
670,000 |
715,774 | ||||||||||
CPFL Santa Cruz |
|||||||||||||||||
1st Issue |
Single series |
568 |
32,500 |
32,500 |
65,568 |
568 |
- |
65,000 |
65,568 | ||||||||
CPFL Brasil |
|||||||||||||||||
2nd Issue |
Single series |
- |
- |
- |
- |
2,794 |
- |
228,000 |
230,794 | ||||||||
CPFL Geração |
|||||||||||||||||
5th Issue |
Single series |
13,374 |
546,000 |
546,000 |
1,105,374 |
13,382 |
- |
1,092,000 |
1,105,382 | ||||||||
6th Issue |
Single series |
23,523 |
- |
460,000 |
483,523 |
23,531 |
- |
460,000 |
483,531 | ||||||||
7th Issue |
Single series |
17,129 |
- |
635,000 |
652,129 |
16,770 |
- |
635,000 |
651,770 | ||||||||
8th Issue |
Single series |
839 |
- |
83,977 |
84,816 |
3,153 |
- |
80,024 |
83,177 | ||||||||
54,864 |
546,000 |
1,724,977 |
2,325,841 |
56,835 |
- |
2,267,024 |
2,323,859 | ||||||||||
CPFL Renováveis |
|||||||||||||||||
1st Issue - SIIF (*) |
1st to 12th series |
780 |
40,249 |
465,033 |
506,062 |
788 |
38,965 |
467,577 |
507,329 | ||||||||
1st Issue - PCH Holding 2 |
Single series |
663 |
8,701 |
132,091 |
141,455 |
616 |
8,701 |
140,792 |
150,109 | ||||||||
1st Issue - Renováveis |
Single series |
5,883 |
43,000 |
322,500 |
371,383 |
6,579 |
43,000 |
365,500 |
415,079 | ||||||||
2nd Issue - Renováveis |
Single series |
12,074 |
30,000 |
270,000 |
312,074 |
11,894 |
- |
300,000 |
311,894 | ||||||||
3rd Issue - Renováveis |
Single series |
4,586 |
- |
296,000 |
300,586 |
4,589 |
- |
296,000 |
300,589 | ||||||||
1st Issue - DESA |
Single series |
669 |
17,500 |
8,500 |
26,669 |
862 |
17,500 |
17,500 |
35,862 | ||||||||
2nd Issue - DESA |
Single series |
22,528 |
- |
65,000 |
87,528 |
16,487 |
- |
65,000 |
81,487 | ||||||||
1st Issue - T-16 |
Single series |
- |
- |
- |
- |
1,810 |
277,200 |
- |
279,010 | ||||||||
1st Issue - Campos dos Ventos V |
Single series |
374 |
42,000 |
- |
42,374 |
374 |
42,000 |
- |
42,374 | ||||||||
1st Issue - Santa Úrsula |
Single series |
275 |
30,800 |
- |
31,075 |
275 |
30,800 |
- |
31,075 | ||||||||
1st Issue - Pedra Cheirosa I |
Single series |
2,134 |
- |
52,200 |
54,334 |
- |
- |
- |
- | ||||||||
1st Issue - Pedra Cheirosa II |
Single series |
1,954 |
- |
47,800 |
49,754 |
- |
- |
- |
- | ||||||||
1st Issue - Boa Vista II |
Single series |
2,044 |
- |
50,000 |
52,044 |
- |
- |
- |
- | ||||||||
53,964 |
212,250 |
1,709,124 |
1,975,338 |
44,274 |
458,165 |
1,652,369 |
2,154,808 | ||||||||||
Borrowing costs (**) |
- |
(2,908) |
(23,606) |
(26,514) |
- |
- |
(28,842) |
(28,842) | |||||||||
250,925 |
787,842 |
5,622,996 |
6,661,762 |
248,714 |
458,165 |
6,363,552 |
7,070,430 |
(*) These debentures can be converted into shares and, therefore, are considered in the calculation of the dilutive effect for earnings per share (note 25)
(**) In accordance with CPC 08/IAS 39, this refers to borrowings costs attributable to issuance of the respective debt instruments.
68
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Issue |
Quantity issued |
Annual Remuneration |
Annual effective rate |
Amortization conditions |
Collateral | |||||
CPFL Paulista |
||||||||||
6th Issue |
Single series |
660 |
CDI + 0.8% (2) |
CDI + 0.87% |
3 annual installments from July 2017 |
CPFL Energia guarantee | ||||
7th Issue |
Single series |
50,500 |
CDI + 0.83% (3) |
CDI + 0.89% |
4 annual installments from February 2018 |
CPFL Energia guarantee | ||||
CPFL Piratininga |
||||||||||
6th Issue |
Single series |
110 |
CDI + 0.8% (2) |
CDI + 0.91% |
3 annual installments from July 2017 |
CPFL Energia guarantee | ||||
7th Issue |
Single series |
23,500 |
CDI + 0.83% (2) |
CDI + 0.89% |
4 annual installments from February 2018 |
CPFL Energia guarantee | ||||
RGE |
||||||||||
6th Issue |
Single series |
500 |
CDI + 0.8% (2) |
CDI + 0.88% |
3 annual installments from July 2017 |
CPFL Energia guarantee | ||||
7th Issue |
Single series |
17,000 |
CDI + 0.83% (3) |
CDI + 0.88% |
4 annual installments from February 2018 |
CPFL Energia guarantee | ||||
CPFL Santa Cruz |
||||||||||
1st Issue |
Single series |
650 |
CDI + 1.4% |
CDI + 1.52% |
2 annual instalments from June 2017 |
CPFL Energia guarantee | ||||
CPFL Brasil |
||||||||||
2nd Issue |
Single series |
2,280 |
CDI + 1.4% |
CDI + 1.48% |
2 annual instalments from June 2017 |
CPFL Energia guarantee | ||||
CPFL Geração |
||||||||||
5th Issue |
Single series |
10,920 |
CDI + 1.4% |
CDI + 1.48% |
2 annual instalments from June 2017 |
CPFL Energia guarantee | ||||
6th Issue |
Single series |
46,000 |
CDI + 0.75% (1) |
CDI + 0.75% |
3 annual instalments from August 2018 |
CPFL Energia guarantee | ||||
7th Issue |
Single series |
63,500 |
CDI + 1.06% |
CDI + 1.11% |
1 installment in April 2019 |
CPFL Energia guarantee | ||||
8th Issue |
Single series |
1 |
IPCA + 5.86% (1) |
103.33% of CDI |
1 installment in April 2019 |
CPFL Energia guarantee | ||||
CPFL Renováveis |
||||||||||
1st Issue - SIIF (*) |
1st to 12th series |
432,299,666 |
TJLP + 1% |
TJLP + 1% + 0.6% |
39 semi-annual installments from 2009 |
Liens | ||||
1st Issue - PCH Holding 2 |
Single series |
1,581 |
CDI + 1.6% |
CDI + 1.8% |
9 annual installments from June 2015 |
CPFL Renováveis guarantee | ||||
1st Issue - Renováveis |
Single series |
43,000 |
CDI + 1.7% |
CDI + 1.82% |
Annual installments from May 2015 |
Assignment of dividends of BVP and PCH Holding | ||||
2nd Issue - Renováveis |
Single series |
300,000 |
114.0% of CDI |
115.43% of CDI |
5 annual instalments from June 2017 |
Unsecured | ||||
3rd Issue - Renováveis |
Single series |
29,600 |
117.25% of CDI |
120.64% of CDI |
1 installment in May 2020 |
Unsecured | ||||
1st Issue - DESA |
Single series |
20 |
CDI + 1.75% |
CDI + 1.75% |
3 semi-annual installments from May de 2016 |
Unsecured | ||||
2nd Issue - DESA |
Single series |
65 |
CDI + 1.34% |
CDI + 1.34% |
3 semi-annual installments from April de 2018 |
Unsecured | ||||
1st Issue - T-16 |
Single series |
27,720 |
112.75% of CDI |
116.94% of CDI |
1 installment in December 2016 |
CPFL Renováveis guarantee | ||||
1st Issue - Campos dos Ventos V |
Single series |
4,200 |
112.75% of CDI |
116.94% of CDI |
1 installment in December 2016 |
CPFL Renováveis guarantee | ||||
1st Issue - Santa Úrsula |
Single series |
3,080 |
112.75% of CDI |
116.94% of CDI |
1 installment in December 2016 |
CPFL Renováveis guarantee | ||||
1st Issue - Pedra Cheirosa I |
Single series |
5,220 |
CDI + 2.85% |
CDI + 2.85% |
1 installment in September 2017 |
CPFL Renováveis guarantee | ||||
1st Issue - Pedra Cheirosa II |
Single series |
4,780 |
CDI + 2.85% |
CDI + 2.85% |
1 installment in September 2017 |
CPFL Renováveis guarantee | ||||
1st Issue - Boa Vista II |
Single series |
5,000 |
CDI + 2.85% |
CDI + 2.85% |
1 installment in September 2017 |
CPFL Renováveis 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) 100.15% to 106.9% of CDI | ||||||||||
(2) 107% to 107.9% of CDI | ||||||||||
(3) 108% to 108.1% of CDI |
The maturities of the debentures recognized in noncurrent liabilities are scheduled as follows:
Maturity |
Consolidated |
From July 1, 2017 |
558,501 |
2018 |
1,651,549 |
2019 |
1,916,286 |
2020 |
668,570 |
2021 |
447,026 |
2022 to 2026 |
300,234 |
2027 to 2031 |
80,831 |
Total |
5,622,996 |
Main borrowings during the period
R$ thousand |
| |||||||||||
Company |
Issue |
Quantity issued |
Released in 2016 |
Released net of borrowing costs |
Interest |
Utilization | ||||||
CPFL Renováveis - Pedra Cheirosa I |
1st issue |
5,220 |
52,200 |
51,602 |
Single payment |
Subsidiary's investment plan | ||||||
CPFL Renováveis - Pedra Cheirosa II |
1st issue |
4,780 |
47,800 |
47,251 |
Single payment |
Subsidiary's investment plan | ||||||
CPFL Renováveis - Boa Vista I! |
1st issue |
5,000 |
50,000 |
49,426 |
Single payment |
Subsidiary's investment plan | ||||||
150,000 |
148,279 |
RESTRICTIVE COVENANTS
The debentures are subject to certain restrictive covenants, including clauses that require the Company and its subsidiaries to maintain certain financial ratios within pre-established parameters. The loan contracts also include non-financial restrictive clauses, complied with in accordance with the latest assessment.
69
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The debentures issued in 2016 contain no restrictive clauses that require the Company or its subsidiaries to maintain financial ratios.
The details of the restrictive conditions for other debts are presented in the Financial Statements of December 31, 2015.
The Management of the Company and its subsidiaries monitor those ratios systematically and constantly for the conditions to be fulfilled. In the opinion of the Management of the Company and of its subsidiaries, all the restrictive covenants and clauses that are measured half-yearly and annually are adequately complied with in accordance with the latest assessment period, at June 30, 2016 and December 31, 2015 respectively.
( 18 ) PRIVATE PENSION PLAN
The subsidiaries sponsor supplementary retirement and pension plans for their employees. The main characteristics of these plans are as follows:
18.1 Characteristics
CPFL Paulista
The plan currently in force for the employees of the subsidiary CPFL Paulista through Fundação CESP is a Mixed Benefit Plan, with the following characteristics:
(i) Defined Benefit Plan (“BD”) – in force until October 31, 1997 – a defined benefit plan, which grants a Proportional Supplementary Defined Benefit (“BSPS”), in the form of a lifetime income convertible into a pension, to participants enrolled prior to October 31, 1997, the amount being defined in proportion to the accumulated past service time up to that date, based on compliance with the regulatory requirements for granting. The total responsibility for coverage of actuarial deficits of this plan falls to the subsidiary.
(ii) Mixed model, as from November 1, 1997, which covers:
Additionally, the subsidiary’s Managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco.
CPFL Piratininga
The plan currently in force for the employees of the subsidiary CPFL Piratininga through Fundação CESP is a Supplementary Retirement and Pension Plan with the following characteristics:
(i) Defined Benefit Plan (“BD”) - in force until March 31, 1998 – a defined benefit plan, which grants a Proportional Supplementary Defined Benefit (BSPS), in the form of a lifetime income convertible into a pension to participants enrolled until March 31, 1998, in an amount calculated in proportion to the accumulated past service time up to that date, based on compliance with the regulatory requirements for granting. In the event of death while working or the onset of a disability, the benefits incorporate the entire past service time. CPFL Piratininga has full responsibility for covering the actuarial deficits of this Plan.
(ii) Defined Benefit Plan - in force after March 31, 1998 – defined-benefit type plan, which grants a lifetime income convertible into a pension based on the past service time accumulated after March 31, 1998, based on 70% of the average actual monthly salary for the last 36 months of active service. In the event of death while working or the onset of a disability, the benefits incorporate the entire past service time. The responsibility for covering the actuarial deficits of this Plan is equally divided between CPFL Piratininga and the participants.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
(iii) Variable Contribution Plan – implemented together with the Defined Benefit plan effective after March 31, 1998. This is a defined-benefit type pension plan up to the granting of the income, and generates no actuarial liability for CPFL Piratininga. The pension plan only becomes a Defined Benefit type plan after the granting of the lifetime income, convertible (or not) into a pension, and accordingly starts to generate actuarial liabilities for the subsidiary.
Additionally, the subsidiary’s Managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco.
RGE
A defined benefit type plan, with a benefit level equal to 100% of the adjusted average of the most recent salaries, less the presumed Social Security benefit, with a Segregated Net Asset managed by Fundação CEEE. Only those whose employment contracts were transferred from CEEE to RGE are entitled to this benefit. A defined benefit private pension plan was set up in January 2006 with Bradesco Vida e Previdência for employees hired from 1997.
CPFL Santa Cruz
The benefits plan of the subsidiary CPFL Santa Cruz, managed by BB Previdência - Fundo de Pensão do Banco do Brasil, is a defined contribution plan.
CPFL Leste Paulista, CPFL Sul Paulista, CPFL Mococa and CPFL Jaguari
In December 2005, the companies joined the CMSPREV private pension plan, managed by IHPREV Pension Fund. The plan is structured as a defined contribution plan.
CPFL Geração
The employees of the subsidiary CPFL Geração participate in the same pension plan as CPFL Paulista.
In addition, managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco.
18.2 Movements in the defined benefit plans:
The movements in the period in the net actuarial liability are as follows:
CPFL Paulista |
CPFL Piratininga |
CPFL Geração |
RGE |
Total | |||||
Net actuarial liability at December 31, 2015 |
437,670 |
10,308 |
10,277 |
- |
458,255 | ||||
Expenses (income) recognized in the statement of profit or loss |
26,124 |
1,329 |
643 |
(271) |
27,825 | ||||
Sponsors' contributions transferred during the year |
(31,788) |
(7,458) |
(662) |
(5,756) |
(45,664) | ||||
Actuarial loss (gain): effect of changes in financial assumptions |
277,013 |
102,326 |
8,088 |
16,936 |
404,363 | ||||
Net actuarial liability at June 30, 2016 |
709,019 |
106,505 |
18,346 |
10,909 |
844,779 | ||||
Other contributions |
19,678 |
826 |
206 |
82 |
20,792 | ||||
Total liability |
728,697 |
107,331 |
18,552 |
10,991 |
865,571 | ||||
Current |
4,268 | ||||||||
Noncurrent |
861,304 |
In this quarter, due to the change in the Brazilian macroeconomic scenario in comparison with December 31, 2015, the actuarial reports were updated to the base date of June 30, 2016 and the balances of liabilities and other comprehensive income were adjusted at the amount of R$ 404,363 to reflect the new reports.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
The income and expense recognized as operating cost are shown below:
1st semester 2016 | |||||||||
CPFL Paulista |
CPFL Piratininga |
CPFL Geração |
RGE |
Consolidated | |||||
Service cost |
380 |
1,254 |
34 |
10 |
1,678 | ||||
Interest on actuarial obligations |
229,324 |
58,520 |
5,482 |
16,944 |
310,270 | ||||
Expected return on plan assets |
(203,580) |
(58,446) |
(4,872) |
(17,744) |
(284,642) | ||||
Interest on the effect of asset ceiling |
- |
- |
- |
520 |
520 | ||||
Total expense (income) |
26,124 |
1,329 |
643 |
(271) |
27,825 | ||||
1st semester 2015 | |||||||||
CPFL Paulista |
CPFL Piratininga |
CPFL Geração |
RGE |
Consolidated | |||||
Service cost |
636 |
1,940 |
94 |
(16) |
2,654 | ||||
Interest on actuarial obligations |
210,158 |
54,666 |
4,876 |
15,449 |
285,149 | ||||
Expected return on plan assets |
(183,770) |
(51,262) |
(4,744) |
(15,337) |
(255,113) | ||||
Total expense (income) |
27,021 |
5,344 |
227 |
97 |
32,689 |
As mentioned above, due to the changes in the Brazilian macroeconomic scenario, the actuarial reports were updated to June 2016. The estimated income and expense to be recorded in the second quarter of 2016, based on the most recent actuarial reports, is shown below:
2nd semester 2016 - estimated | |||||||||
CPFL Paulista |
CPFL Piratininga |
CPFL Geração |
RGE |
Consolidated | |||||
Service cost |
447 |
1,987 |
42 |
49 |
2,525 | ||||
Interest on actuarial obligations |
238,547 |
62,637 |
5,703 |
18,267 |
325,154 | ||||
Expected return on plan assets |
(200,604) |
(57,161) |
(4,711) |
(17,887) |
(280,363) | ||||
Total expense (income) |
38,390 |
7,463 |
1,034 |
429 |
47,316 |
The main assumptions taken into consideration in the actuarial calculation, based on the actuarial reports as at June 30, 2016, December 31, 2015 and 2014, were as follows:
June 30, 2016 |
December 31, 2015 |
December 31, 2014 | |||
Nominal discount rate for actuarial liabilities: |
11.25% p.a. |
12.67% p.a. |
11.46% p.a. | ||
Nominal Return Rate on Assets: |
11.25% p.a. |
12.67% p.a. |
11.46% p.a. | ||
Estimated Rate of nominal salary increase: |
6.79% p.a. |
6.79% p.a. |
8.15% p.a. | ||
Estimated Rate of nominal benefits increase: |
0.00% p.a. |
0.00% p.a. |
0.00% p.a. | ||
Estimated long-term inflation rate (basis for determining the nominal rates above) |
5.00% p.a. |
5.00% p.a. |
5.00% p.a. | ||
General biometric mortality table: |
AT-2000 (-10) |
AT-2000 (-10) |
AT-2000 (-10) | ||
Biometric table for the onset of disability: |
Low light |
Low light |
Low light | ||
Expected turnover rate: |
ExpR_2012** |
ExpR_2012** |
ExpR_2012* | ||
Likelihood of reaching retirement age: |
100% on first eligibility for a full benefit |
100% on first eligibility for a full benefit |
100% on first eligibility for a full benefit | ||
(*) FUNCESP experience |
|||||
(**) FUNCESP experience, with aggravation of 40% |
72
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 19 ) REGULATORY CHARGES
Consolidated | |||
June 30, 2016 |
December 31, 2015 | ||
Fee for the use of water resources |
1,662 |
2,482 | |
Global reversal reserve - RGR |
17,469 |
17,446 | |
ANEEL inspection fee |
1,516 |
1,764 | |
Energy development account - CDE |
297,804 |
526,199 | |
Tariff flags and other |
861 |
304,127 | |
Total |
319,311 |
852,017 |
Energy development account – CDE: refer to the (i) annual CDE quota for the year 2016 in the amount of R$ 170,600 (R$ 401,347 at December 31, 2015); (ii) quota intended for return of the CDE injection for the period from January 2013 to January 2014 in the amount of R$ 44,034 (R$ 45,618 at December 31, 2015); and (iii) quota intended for return of the injection into the Regulated Contracting Environment (ACR) account for the period from February to December 2014, in the amount of R$ 83,166 (R$ 79,231 at December 31, 2015). The subsidiaries conducted matching of accounts between the amount of CDE payable and the accounts receivable – CDE injection (note 11) the amount of R$ 428,387 in the first semester of 2016.
Tariff flags and other: refer basically to the amount to be passed on to the Account Centralizing Tariff Flag Resources (“CCRBT”) (note 26.5). As a result of the improved hydrological conditions, the tariff flag charges were suspended in the quarter, leaving only rebilling.
( 20 ) TAXES, FEES AND CONTRIBUTIONS
Consolidated | |||
June 30, 2016 |
December 31, 2015 | ||
Current |
|||
ICMS (State VAT) |
374,693 |
384,151 | |
PIS (tax on revenue) |
22,414 |
33,199 | |
COFINS (tax on revenue) |
104,179 |
159,317 | |
IRPJ (corporate income tax) |
163,803 |
30,751 | |
CSLL (social contribution on net income) |
50,298 |
12,498 | |
Other |
30,678 |
33,427 | |
Total |
746,067 |
653,342 |
73
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 21 ) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS
Consolidated | |||||||
June 30, 2016 |
December 31, 2015 | ||||||
Provision for tax, civil and labor risks |
Escrow Deposits |
Provision for tax, civil and labor risks |
Escrow Deposits | ||||
Labor |
146,571 |
78,849 |
171,989 |
78,345 | |||
Civil |
199,243 |
113,906 |
194,530 |
112,909 | |||
Tax |
|||||||
FINSOCIAL |
31,135 |
87,496 |
29,917 |
84,092 | |||
Income Tax |
143,850 |
144,968 |
138,524 |
886,271 | |||
Other |
70,923 |
67,998 |
15,920 |
63,600 | |||
245,909 |
300,462 |
184,362 |
1,033,964 | ||||
Other |
26,311 |
2,310 |
18,654 |
2,310 | |||
Total |
618,034 |
495,527 |
569,534 |
1,227,527 |
The movements in the provision for tax, civil and labor risks are shown below:
Consolidated | |||||||||||
December 31, 2015 |
Addition |
Reversal |
Payment |
Monetary restatement |
June 30, 2016 | ||||||
Labor |
171,989 |
66,818 |
(36,957) |
(65,618) |
10,338 |
146,571 | |||||
Civil |
194,530 |
57,746 |
(18,182) |
(53,201) |
18,350 |
199,243 | |||||
Tax |
184,362 |
51,518 |
(33) |
(3) |
10,064 |
245,909 | |||||
Other |
18,654 |
9,190 |
(1,871) |
(1,340) |
1,679 |
26,311 | |||||
569,534 |
185,273 |
(57,042) |
(120,162) |
40,432 |
618,034 |
The provision for tax, civil and labor risks was based on the assessment of the risks of losing the lawsuits to which the Company and its subsidiaries are parties, where the likelihood of loss is probable in the opinion of the external legal counselors and the Management of the Company and its subsidiaries.
The additions to provisions for tax risks in the first semester of 2016 largely refer to challenges by certain subsidiaries in relation to PIS and COFINS on financial income, the balances of which were previously classified in Taxes Payable.
Details of the provisions for tax, civil and labor risks and escrow deposits are presented in the financial statements of December 31, 2015.
Possible losses
The Company and its subsidiaries are parties to other lawsuits in which Management, supported by its external legal counselors, believes that the chances of a successful outcome are possible, due to a solid defensive position in these cases. It is not yet possible to predict the outcome of the courts’ decisions or any other decisions in similar proceedings considered probable or remote. The claims relating to possible losses, at June 30, 2016, were as follows:
(i) R$ 583,711 labor (R$ 659,636 at December 31, 2015) related mainly to workplace accidents, hazardous duty premium, overtime, etc.;
(ii) R$ 732,881 civil (R$ 697,242 at December 31, 2015) related mainly to bodily injury, environmental impacts and tariff increases;
(iii) R$ 3,747,494 tax (R$ 3,600,368 at December 31, 2015), related mainly to ICMS, FINSOCIAL, PIS and COFINS and Income tax. One of the main refer to the deductibility of the expense recognized in 1997 in relation to the commitment assumed for the pension plan of the employees of the subsidiary CPFL Paulista with Fundação CESP in the estimated amount of R$ 1,106,266. In January 2016, the subsidiary obtained court decisions authorizing the replacement of the escrow deposits related to this case by financial guarantees (letter of guarantee and performance bond); the withdrawals on behalf of the subsidiary occurred in 2016. There is an appeal by the Office of Attorney-General of the National Treasury in one of the cases, with suspensive effect, which is awaiting judgment by the Federal Regional Court; and
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
(iv) R$ 91,947 regulatory (R$ 71,514 at December 31, 2015). The possible regulatory loss includes mainly the collection of the system service charge - ESS, established in the CNPE Resolution 3 of March 6, 2013. The total amount of the risk is R$ 38,052, related mainly to the subsidiaries CPFL Brasil (R$ 8,496), CPFL Renováveis (R$ 12,642), Ceran (R$ 13,644) and Paulista Lajeado (R$ 2,823).
As regards labor contingencies, the Company informs, as mentioned in Note 22 to the financial statements at December 31, 2015, that discussions are in course concerning the possibility of changing the inflation adjustment index adopted by the Labor Court. There has been no change in the status of the discussion since then and the risk is still classified as possible.
Based on the opinion of their external legal advisers, Management of the Company and its subsidiaries consider that the registered amounts represent best estimate.
( 22 ) USE OF PUBLIC ASSET
Consolidated | ||||||||
Subsidiary |
June 30, 2016 |
December 31, 2015 |
Number of remaining installments |
Interest rates | ||||
CERAN |
96,093 |
92,581 |
237 |
IGP-M + 9.6% p.a. | ||||
Current |
9,941 |
9,457 |
||||||
Noncurrent |
86,152 |
83,124 |
( 23 ) OTHER PAYABLES
Consolidated | |||||||
Current |
Noncurrent | ||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 | ||||
Consumers and concessionaires |
74,282 |
53,959 |
- |
- | |||
Energy efficiency program - PEE |
284,772 |
295,745 |
32,607 |
35,597 | |||
Research & Development - P&D |
61,930 |
84,943 |
39,857 |
36,426 | |||
National scientific and technological development fund - FNDCT |
1,907 |
4,115 |
- |
- | |||
Energy research company - EPE |
961 |
2,065 |
- |
- | |||
Reversion fund |
- |
- |
17,750 |
17,750 | |||
Advances |
251,638 |
141,228 |
9,470 |
10,041 | |||
Tariff discounts - CDE |
25,244 |
54,749 |
- |
- | |||
Provision for socio environmental costs |
- |
- |
55,569 |
53,378 | |||
Payroll |
11,786 |
13,136 |
- |
- | |||
Profit sharing |
38,787 |
49,227 |
3,935 |
5,099 | |||
Collections agreement |
54,956 |
130,282 |
- |
- | |||
Guarantees |
- |
- |
27,057 |
28,531 | |||
Business combination |
14,511 |
29,935 |
- |
- | |||
Other |
30,077 |
45,587 |
4,114 |
4,326 | |||
Total |
850,851 |
904,971 |
190,359 |
191,148 |
Advances: refer mainly to advances from customers in relation to advance billing by the subsidiary CPFL Renováveis, prior to provision of the energy or service.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 24 ) EQUITY
The shareholders’ interest in the Company’s equity at June 30, 2016 and December 31, 2015 is shown below:
Number of shares | ||||||||
June 30, 2016 |
December 31, 2015 | |||||||
Shareholders |
Common shares |
Interest % |
Common shares |
Interest % | ||||
BB Carteira Livre I FIA |
269,285,374 |
26.45% |
262,698,037 |
26.45% | ||||
Caixa de Previdência dos Funcionários do Banco do Brasil - Previ |
30,502,185 |
3.00% |
29,756,032 |
3.00% | ||||
Camargo Correa S.A. |
27,435 |
0.00% |
26,764 |
0.00% | ||||
ESC Energia S.A. |
239,956,080 |
23.57% |
234,086,204 |
23.57% | ||||
Bonaire Participações S.A. |
1,269,386 |
0.12% |
1,238,334 |
0.12% | ||||
Energia São Paulo FIA |
150,136,050 |
14.75% |
146,463,379 |
14.75% | ||||
Fundação Petrobras de Seguridade Social - Petros |
1,861,659 |
0.18% |
1,816,119 |
0.18% | ||||
BNDES Participações S.A. |
68,592,097 |
6.74% |
66,914,177 |
6.74% | ||||
Antares Holdings Ltda. |
16,967,165 |
1.67% |
16,552,110 |
1.67% | ||||
Brumado Holdings Ltda. |
36,497,075 |
3.59% |
35,604,273 |
3.59% | ||||
Members of the Executive Board |
118,878 |
0.01% |
105,672 |
0.01% | ||||
Other shareholders |
202,701,362 |
19.91% |
197,753,114 |
19.91% | ||||
Total |
1,017,914,746 |
100.00% |
993,014,215 |
100.00% |
24.1 Capital increase approval
On April 8, 2016, the company disclosed to its shareholders and to the market in general, in a Relevant Fact, that its controlling shareholders had signed an instrument releasing shareholders from the shareholders' agreement in relation to the shares they will receive in connection with the share bonus process.
An Extraordinary General Meeting held on April 29, 2016 approved an increase in the capital of CPFL Energia to reinforce the Company's capital structure, through integralization of the amount of R$ 392,972 from the Statutory - Working Capital Reserve, by issuing 24,900,531 common shares, distributed as a bonus to the shareholders, free of charge, pursuant to Law 6404/76, Article 169.
24.2Share transfer between ESC Energia S.A. and Camargo Corrêa S.A.
On March 16, 2016, Extraordinary General Meetings of ESC Energia S.A. (“ESC”) and Camargo Corrêa S.A. (“CCSA”) approved the transfer of 5,870,000 of the Company's common shares held by ESC to CCSA. An Extraordinary General Meetings of ESC held on June 28, 2016 approved an increase in the capital of ESC, paid up by CCSA with the transfer of 124 of the Company's common shares.
The change in shareholding structure was registered with the bank responsible for the Company's book-issue shares (Banco do Brasil) on July 15, 2016, accordingly there is no effect on the Company's share structure at the date of these interim financial statements. There will be no change in the Company's controlling block as a result of this transaction.
Details of the items included in shareholders’ equity are described in the financial statements of December 31, 2015.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 25 ) EARNINGS PER SHARE
Earnings per share – basic and diluted
The calculation of the basic and diluted earnings per share for the quarters and semesters ended in June 30, 2016 and 2015 was based on the profit attributable to controlling shareholders and the weighted average number of common shares outstanding during the reporting periods. For diluted earnings per share, the calculation considered the dilutive effects of instruments convertible into shares, as shown below:
2nd quarter 2016 |
1st semester 2016 |
2nd quarter 2015 |
1st semester 2015 |
||||||
Numerator |
|||||||||
Profit attributable to controlling shareholders |
259,811 |
531,160 |
124,180 |
293,150 |
|||||
Denominator |
|||||||||
Weighted average number of shares held by shareholders |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) | |
Earnings per share - basic |
|||||||||
0.26 |
0.52 |
0.12 |
0.29 |
||||||
Numerator |
|||||||||
Profit attributable to controlling shareholders |
259,811 |
531,160 |
124,180 |
293,150 |
|||||
Dilutive effect of convertible debentures of subsidiary CPFL Renováveis (*) |
- |
- |
- |
(1,188) |
|||||
Profit attributable to controlling shareholders |
259,811 |
531,160 |
124,180 |
291,962 |
|||||
Denominator |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) |
1,017,914,746 |
(**) | |
Weighted average number of shares held by shareholders |
|||||||||
Earnings per share - diluted |
0.26 |
0.52 |
0.12 |
0.29 |
(*) Proportional to the percentage of the Company’s equity interest in the subsidiary in the respective periods.
(**) Considers the event that occurred on April 29, 2016, related to the capital increase through issue of 24,900,531 shares (note 24.1). In accordance with CPC 41/IAS 33, when there is an increase in the number of shares without an increase in resources, the number of shares is adjusted as if the event had occurred at the beginning of the oldest period presented
The dilutive effect of the numerator in the calculation of diluted earnings per share takes into account the dilutive effects of the debentures convertible into shares issued by subsidiaries of the indirect subsidiary CPFL Renováveis. The calculation of the effects was based on the assumption that these debentures would have been converted into common shares of the subsidiary at the beginning of each period.
The effects calculated in the denominator of indirect subsidiary CPFL Renováveis for calculation of diluted earnings per share resulting from the subsidiary’s share-based payment plan were considered anti-dilutive at quarters and semester ended June 30, 2016. For this reason, these effects were not included in the calculation for the period.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 26 ) NET OPERATING REVENUE
Consolidated | |||||||
2016 |
2015 | ||||||
Revenue from Electric Energy Operations |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||
Consumer class |
|||||||
Residential |
2,477,996 |
5,307,088 |
2,480,234 |
4,707,019 | |||
Industrial |
1,304,671 |
2,668,812 |
1,459,992 |
2,641,228 | |||
Commercial |
1,328,092 |
2,827,307 |
1,350,325 |
2,519,741 | |||
Rural |
173,634 |
361,067 |
188,583 |
337,524 | |||
Public administration |
174,314 |
341,040 |
186,652 |
332,926 | |||
Public lighting |
137,367 |
288,163 |
142,690 |
242,006 | |||
Public services |
215,696 |
451,046 |
231,202 |
407,931 | |||
(-) Transfers of revenues from excess demand and excess reactive power |
(17,884) |
(35,622) |
(24,544) |
(48,784) | |||
Billed |
5,793,886 |
12,208,900 |
6,015,133 |
11,139,591 | |||
Unbilled (net) |
51,100 |
99,164 |
(70,015) |
72,251 | |||
Other consumer charges / Emergency Charges - ECE/EAEE |
- |
- |
2 |
2 | |||
(-) Transfers of revenues related to network usage charge of the captive consumers |
(2,252,514) |
(4,635,820) |
(2,066,182) |
(3,728,014) | |||
Electricity sales to final consumers |
3,592,472 |
7,672,244 |
3,878,938 |
7,483,830 | |||
Furnas Centrais Elétricas S.A. |
136,258 |
258,377 |
121,941 |
238,904 | |||
Other concessionaires and licensees |
530,497 |
1,001,344 |
524,397 |
1,033,073 | |||
(-) Transfers of revenues related to network usage charge of the captive consumers |
(12,507) |
(25,947) |
- |
- | |||
Spot market energy |
(26,794) |
128,496 |
416,422 |
647,246 | |||
Electricity sales to wholesaler´s |
627,454 |
1,362,270 |
1,062,761 |
1,919,223 | |||
Revenue due to Network Usage Charge - TUSD - Captive Consumers |
2,265,022 |
4,661,767 |
2,066,182 |
3,728,014 | |||
Revenue due to Network Usage Charge - TUSD - Free Consumers |
516,811 |
975,363 |
557,044 |
887,638 | |||
(-) Transfers of revenues from excess demand and excess reactive power |
(4,304) |
(8,546) |
(6,083) |
(11,900) | |||
Revenue from construction of concession infrastructure |
274,716 |
491,850 |
284,912 |
515,720 | |||
Sector financial asset and liability |
(461,979) |
(1,194,232) |
895,571 |
1,584,155 | |||
Energy development account - CDE - low-income and other tariff discounts |
241,895 |
495,019 |
229,990 |
409,292 | |||
Other revenues and income |
109,669 |
204,287 |
83,696 |
172,917 | |||
Other operating revenues |
2,941,830 |
5,625,508 |
4,111,312 |
7,285,836 | |||
Total gross revenues |
7,161,756 |
14,660,022 |
9,053,011 |
16,688,888 | |||
Deductions from operating revenues |
|||||||
ICMS |
(1,190,950) |
(2,516,095) |
(1,210,186) |
(2,235,122) | |||
PIS |
(110,999) |
(230,026) |
(140,451) |
(259,331) | |||
COFINS |
(511,296) |
(1,059,565) |
(646,947) |
(1,194,548) | |||
ISS |
(2,627) |
(4,903) |
(2,135) |
(3,902) | |||
Global reversal reserve - RGR |
(704) |
(1,384) |
(636) |
(1,257) | |||
Energy development account - CDE |
(834,925) |
(1,677,343) |
(1,140,227) |
(1,568,676) | |||
Research and development and energy efficiency |
(33,110) |
(66,289) |
(35,894) |
(78,536) | |||
PROINFA |
(28,545) |
(48,909) |
(23,956) |
(47,910) | |||
Tariff flags and other |
(26,131) |
(377,097) |
(683,999) |
(836,122) | |||
IPI |
(65) |
(84) |
- |
(3) | |||
FUST and FUNTEL |
(9) |
(17) |
(6) |
(10) | |||
Other |
(6,312) |
(12,838) |
(6,026) |
(10,853) | |||
|
(2,745,673) |
(5,994,551) |
(3,890,462) |
(6,236,271) | |||
Net revenue |
4,416,082 |
8,665,472 |
5,162,549 |
10,452,617 |
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||
2016 |
2015 | ||||||
Revenue from electric energy operations - in GWh (*) |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||
Consumer class |
|||||||
Residential |
4,003 |
8,268 |
3,840 |
8,311 | |||
Industrial |
3,167 |
6,234 |
3,211 |
6,432 | |||
Commercial |
2,482 |
4,937 |
2,216 |
4,758 | |||
Rural |
519 |
1,031 |
501 |
1,045 | |||
Public administration |
326 |
625 |
313 |
637 | |||
Public lighting |
423 |
845 |
410 |
811 | |||
Public services |
448 |
903 |
440 |
897 | |||
Billed |
11,368 |
22,843 |
10,930 |
22,890 | |||
Own consumption |
8 |
16 |
8 |
17 | |||
Electricity sales to final consumers |
11,376 |
22,859 |
10,938 |
22,906 | |||
Furnas Centrais Elétricas S.A. |
754 |
1,509 |
754 |
1,501 | |||
Other concessionaires and licensees |
2,874 |
5,425 |
2,581 |
5,108 | |||
Current electric energy |
1,215 |
1,764 |
1,400 |
1,718 | |||
Electricity sales to wholesaler´s |
4,844 |
8,698 |
4,735 |
8,327 |
Consolidated | |||
Number of Consumers (*) | |||
June 30, 2016 |
June 30, 2015 | ||
Consumer class |
|||
Residential |
6,998,280 |
6,827,647 | |
Industrial |
54,666 |
56,348 | |
Commercial |
468,018 |
478,643 | |
Rural |
247,231 |
244,025 | |
Public administration |
51,917 |
51,127 | |
Public lighting |
10,650 |
10,120 | |
Public services |
8,531 |
8,264 | |
Total |
7,839,293 |
7,676,174 | |
(*) Information not reviewed by the independent auditors |
26.1 Adjustment of revenues from excess demand and excess reactive power
The information on accounting and background is provided in Note 27.1 to the December 31, 2015 financial statements.
26.2 Periodic tariff revision (“RTP”) e Annual adjustment (“RTA”):
2016 |
2015 | |||||||||
Subsidiary |
Month |
RTA / RTP |
Effect perceived by consumers (a) |
RTA / RTP |
Effect perceived by consumers (a) | |||||
CPFL Paulista |
April |
9.89% |
7.55% |
41.45% |
4.67% (c) | |||||
CPFL Piratininga |
October |
(b) |
(b) |
56.29% |
21.11% (c) | |||||
RGE |
June |
-1.48% |
-7.51% |
33.48% |
-3.76% (c) | |||||
CPFL Santa Cruz |
March |
22.51% |
7.15% |
34.68% |
27.96% | |||||
CPFL Leste Paulista |
March |
21.04% |
13.32% |
20.80% |
24.89% | |||||
CPFL Jaguari |
March |
29.46% |
13.25% |
38.46% |
45.70% | |||||
CPFL Sul Paulista |
March |
24.35% |
12.82% |
24.88% |
28.38% | |||||
CPFL Mococa |
March |
16.57% |
9.02% |
23.34% |
29.28% |
a) 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 (not reviewed by the independent auditors).
b) The related annual tariff increases for 2016 have not yet been made.
c) Perception of consumers in comparison to the extraordinary tariff review of March 2015.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
26.3 Energy Development Account - CDE – low income and other tariff discounts
Law 12,783 of January 11, 2013 determined that the amounts related to the low-income subsidy, as well as other tariff discounts shall be fully subsidized by amount from the CDE.
Income of R$ 495,019 was recognized in the first semester of 2016 (R$ 409,292 in the first semester of 2015), of which (i) R$ 49,753 for the low-income subsidy (R$ 35,017 in the first semester of 2015) and (ii) R$ 445,266 for other tariff discounts (R$ 374,276 in the first semester of 2015), against other receivables in line item “Receivables –Energy Development Account – CDE” (note 11) and “Payables – CDE” (note 23).
26.4 Tariff flags
The Tariff Flag implementation system is described in Note 27.5 to the December 31, 2015 financial statements.
In the first semester of 2016, the distribution subsidiaries billed their consumers the amount of R$ 377,097 (R$ 836,122 in the first semester of 2015), recorded in line item "Tariff flags and others”. In the first semester of 2016 were ratified by the ANEEL, R$ 670,021 for the months of November 2015 to May 2016 that was used to offset part of the sector’s financial assets (note 8), R$ 10,337 was passed on to the Account Centralizing Tariff Banner Resources (“CCRBT”), created by means of Decree No. 8,401/2015 and administered by the CCEE, and R$ 811 continues outstanding, recorded under liabilities – regulatory fees (note 19).
26.5 Energy development account – CDE
By means of Ratification Resolutions Nos. 2,077 of June 7, 2016, 2,018 of February 2, 2016, and 1,857 of February 27, 2015, the ANEEL established the definitive annual quotas of the CDE for the year 2015 and 2016. This quota comprises: (i) annual quota of the CDE – Usage account; and (ii) CDE quota – Energy, related to part of the CDE contributions received by the electric energy distribution concessionaires in the period from January 2013 to January 2014 (note 27), which should be paid by consumers and passed on to the CDE in five years as from the 2015 RTE. In addition, by means of Ratification Resolutions Nos. 2,004 of December 15, 2015 and 1,863 of March 31, 2015, the ANEEL established another quota intended for amortization of the ACR account, with payment and transfer to the CDE for an average period of five years as from the ordinary tariff process (RTA) for the year 2015.
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 27 ) COST OF ELECTRIC ENERGY
Consolidated | |||||||
2016 |
2015 | ||||||
Electricity Purchased for Resale |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||
Itaipu Binacional |
504,062 |
1,050,715 |
665,702 |
1,273,321 | |||
Spot market / PROINFA |
82,084 |
89,450 |
205,902 |
784,683 | |||
Energy purchased through auction in the regulated market and bilateral contracts |
1,959,827 |
3,791,302 |
2,773,708 |
5,110,731 | |||
PIS and COFINS credit |
(232,353) |
(451,914) |
(333,752) |
(653,243) | |||
Subtotal |
2,313,621 |
4,479,553 |
3,311,561 |
6,515,492 | |||
Electricity network usage charge |
|||||||
Basic network charges |
202,275 |
403,764 |
220,651 |
444,667 | |||
Transmission from Itaipu |
12,920 |
25,414 |
10,289 |
25,635 | |||
Connection charges |
18,939 |
35,345 |
12,168 |
23,393 | |||
Charges for use of the distribution system |
9,572 |
18,907 |
11,024 |
21,265 | |||
System service charges - ESS |
70,091 |
196,908 |
74,413 |
245,461 | |||
Reserve energy charges |
70,829 |
101,387 |
- |
- | |||
PIS and COFINS credit |
(33,700) |
(68,710) |
(28,417) |
(66,373) | |||
Subtotal |
350,926 |
713,014 |
300,127 |
694,047 | |||
Total |
2,664,546 |
5,192,567 |
3,611,688 |
7,209,539 |
Consolidated | |||||||
2016 |
2015 | ||||||
Electricity Purchased for Resale - in GWh (*) |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||
Itaipu Binacional |
2,531 |
5,047 |
2,552 |
5,090 | |||
Spot market / PROINFA |
623 |
1,170 |
982 |
2,739 | |||
Energy purchased through auction in the regulated market and bilateral contracts |
11,870 |
23,734 |
11,011 |
21,646 | |||
Total |
15,024 |
29,951 |
14,545 |
29,474 | |||
(*) Information not reviewed by the independent auditors |
27.1 Generating Scaling Factor (“GSF”) and renegotiation of the hydrologic risk from 2015
The detailed record related to the Generating Scaling Factor - GSF in 2015 are provided in Note 28.2 of the December 31, 2015 financial statements. The generators that adhered to the renegotiation should terminate the lawsuits against the grantor of the concessions, and pay a risk premium related to the transfer of the GSF risk to the CCRBT.
In 2015, the subsidiaries Ceran, CPFL Jaguari Geração (Paulista Lajeado) and CPFL Renováveis and the joint ventures ENERCAN and Chapecoense signed on to the renegotiations of their ACR contracts and canceled their lawsuits.
In 2016, the joint venture Baesa signed on to the renegotiation of its ACR contracts, thus terminating its participation in the lawsuit filed by the Brazilian Association of Independent Electric Energy Producers - APINE. For the Company, the effect was R$ 5,102, net of tax effect, recognized as income from equity in subsidiaries.
81
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 28 ) OPERATING COSTS AND EXPENSES
Parent company | |||||||
Operating expense | |||||||
General | |||||||
2016 |
2015 | ||||||
2nd quarter |
1st semester |
2nd quarter |
1st semester | ||||
Personnel |
10,076 |
15,954 |
4,907 |
10,180 | |||
Materials |
17 |
44 |
26 |
29 | |||
Third party services |
2,050 |
3,905 |
1,674 |
4,003 | |||
Depreciation and amortization |
56 |
102 |
37 |
80 | |||
Others |
699 |
936 |
652 |
969 | |||
Leases and rentals |
12 |
25 |
36 |
71 | |||
Publicity and advertising |
139 |
161 |
47 |
47 | |||
Legal, judicial and indemnities |
360 |
130 |
380 |
533 | |||
Donations, contributions and subsidies |
- |
- |
97 |
167 | |||
Other |
187 |
621 |
92 |
152 | |||
Total |
12,898 |
20,942 |
7,297 |
15,261 |
82
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||||||||||||||||||
2nd quarter | |||||||||||||||||||||||
Services Rendered to Third Parties |
Operating Expenses |
Total | |||||||||||||||||||||
Operating costs |
Sales |
General |
Other |
||||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 | ||||||||||||
Personnel |
168,159 |
149,931 |
- |
- |
31,779 |
31,173 |
67,261 |
55,321 |
- |
- |
267,199 |
236,425 | |||||||||||
Private pension plans |
13,913 |
16,344 |
- |
- |
- |
- |
- |
- |
- |
- |
13,913 |
16,344 | |||||||||||
Materials |
29,821 |
31,404 |
133 |
147 |
1,940 |
1,097 |
7,377 |
2,299 |
- |
- |
39,271 |
34,946 | |||||||||||
Third party services |
67,955 |
46,400 |
410 |
439 |
35,177 |
30,972 |
54,026 |
56,333 |
- |
- |
157,568 |
134,144 | |||||||||||
Depreciation and amortization |
225,491 |
212,436 |
- |
- |
823 |
7,758 |
23,700 |
20,182 |
- |
- |
250,014 |
240,375 | |||||||||||
Cost of infrastructure construction |
- |
- |
274,491 |
284,540 |
- |
- |
- |
- |
- |
- |
274,491 |
284,540 | |||||||||||
Others |
31,058 |
12,108 |
(3) |
(1) |
67,020 |
58,177 |
57,856 |
122,435 |
72,307 |
107,798 |
228,238 |
300,517 | |||||||||||
Collection fees |
- |
- |
- |
- |
16,398 |
14,552 |
- |
- |
- |
- |
16,398 |
14,552 | |||||||||||
Allowance for doubtful accounts |
- |
- |
- |
- |
49,814 |
41,188 |
- |
- |
- |
- |
49,814 |
41,188 | |||||||||||
Leases and rentals |
9,504 |
7,200 |
- |
- |
- |
- |
4,465 |
4,527 |
- |
- |
13,969 |
11,726 | |||||||||||
Publicity and advertising |
23 |
641 |
- |
- |
5 |
- |
3,001 |
1,582 |
- |
- |
3,029 |
2,223 | |||||||||||
Legal, judicial and indemnities |
- |
- |
- |
- |
- |
- |
49,585 |
119,964 |
- |
- |
49,585 |
119,964 | |||||||||||
Donations, contributions and subsidies |
13 |
- |
- |
- |
3 |
1,993 |
49 |
1,110 |
- |
- |
65 |
3,103 | |||||||||||
Loss (gain) on disposal, retirement and other noncurrent assets |
- |
- |
- |
- |
- |
- |
- |
- |
11,678 |
23,911 |
11,678 |
23,911 | |||||||||||
Amortization of concession intangible asset |
- |
- |
- |
- |
- |
- |
- |
- |
62,020 |
83,992 |
62,020 |
83,992 | |||||||||||
Amortization of premium paid - GSF |
4,800 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
4,800 |
- | |||||||||||
Financial compensation for use of water resources |
3,383 |
3,322 |
- |
- |
- |
- |
- |
- |
- |
- |
3,383 |
3,322 | |||||||||||
Others |
13,335 |
945 |
(3) |
(1) |
800 |
444 |
755 |
(4,747) |
(1,391) |
(105) |
13,496 |
(3,464) | |||||||||||
Total |
536,398 |
468,623 |
275,032 |
285,125 |
136,739 |
129,177 |
210,219 |
256,570 |
72,306 |
107,798 |
1,230,694 |
1,247,292 |
83
(Free Translation of the original in Portuguese)
Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||||||||||||||||||
1st semester | |||||||||||||||||||||||
Services Rendered to Third Parties |
Operating Expenses |
Total | |||||||||||||||||||||
Operating costs |
Sales |
General |
Other |
||||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 | ||||||||||||
Personnel |
324,846 |
290,583 |
- |
- |
61,890 |
60,945 |
125,429 |
109,929 |
- |
- |
512,166 |
461,457 | |||||||||||
Private pension plans |
27,825 |
32,689 |
- |
- |
- |
- |
- |
- |
- |
- |
27,825 |
32,689 | |||||||||||
Materials |
65,899 |
60,690 |
260 |
289 |
3,210 |
2,025 |
9,688 |
4,123 |
- |
- |
79,056 |
67,127 | |||||||||||
Third party services |
132,611 |
88,722 |
786 |
783 |
68,620 |
61,185 |
104,770 |
119,319 |
- |
- |
306,789 |
270,009 | |||||||||||
Depreciation and amortization |
447,352 |
413,590 |
- |
- |
1,656 |
15,560 |
47,087 |
40,457 |
- |
- |
496,095 |
469,607 | |||||||||||
Cost of infrastructure construction |
- |
- |
491,527 |
514,718 |
- |
- |
- |
- |
- |
- |
491,527 |
514,718 | |||||||||||
Others |
62,099 |
30,450 |
(6) |
(3) |
128,719 |
95,682 |
128,154 |
160,882 |
143,843 |
196,036 |
462,807 |
483,047 | |||||||||||
Collection fees |
- |
- |
- |
- |
31,314 |
28,377 |
- |
- |
- |
- |
31,314 |
28,377 | |||||||||||
Allowance for doubtful accounts |
- |
- |
- |
- |
95,865 |
62,466 |
- |
- |
- |
- |
95,865 |
62,466 | |||||||||||
Leases and rentals |
18,477 |
15,683 |
- |
- |
- |
- |
8,797 |
8,728 |
- |
- |
27,274 |
24,412 | |||||||||||
Publicity and advertising |
44 |
693 |
- |
- |
16 |
23 |
5,341 |
4,407 |
- |
- |
5,401 |
5,123 | |||||||||||
Legal, judicial and indemnities |
- |
- |
- |
- |
- |
- |
108,969 |
149,573 |
- |
- |
108,969 |
149,573 | |||||||||||
Donations, contributions and subsidies |
14 |
- |
- |
- |
3 |
4,008 |
58 |
2,193 |
- |
- |
75 |
6,201 | |||||||||||
Loss (gain) on disposal, retirement and other noncurrent assets |
- |
- |
- |
- |
- |
- |
- |
- |
19,982 |
27,466 |
19,982 |
27,466 | |||||||||||
Amortization of concession intangible asset |
- |
- |
- |
- |
- |
- |
- |
- |
123,907 |
168,693 |
123,907 |
168,693 | |||||||||||
Amortization of premium paid - GSF |
4,800 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
4,800 |
- | |||||||||||
Financial compensation for use of water resources |
6,973 |
6,210 |
- |
- |
- |
- |
- |
- |
- |
- |
6,973 |
6,210 | |||||||||||
Others |
31,791 |
7,863 |
(6) |
(3) |
1,520 |
808 |
4,989 |
(4,019) |
(46) |
(123) |
38,248 |
4,525 | |||||||||||
Total |
1,060,632 |
916,725 |
492,568 |
515,787 |
264,096 |
235,396 |
415,128 |
434,710 |
143,843 |
196,036 |
2,376,266 |
2,298,654 |
84
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 29 ) FINANCE INCOME (EXPENSE)
Parent company |
Consolidated | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
2nd quarter |
1st semester |
2nd quarter |
1st semester |
2nd quarter |
1st semester |
2nd quarter |
1st semester | ||||||||
Financial income |
|||||||||||||||
Income from financial investments |
22,056 |
27,265 |
12,138 |
28,254 |
165,284 |
297,775 |
96,597 |
214,219 | |||||||
Late payment interest and fines |
3 |
3 |
- |
- |
59,507 |
116,847 |
52,144 |
95,328 | |||||||
Adjustment for inflation of tax credits |
2,689 |
3,850 |
- |
83 |
15,040 |
17,549 |
5,300 |
7,113 | |||||||
Adjustment for inflation of escrow deposits |
12 |
22 |
8 |
15 |
8,885 |
17,548 |
19,641 |
38,303 | |||||||
Adjustment for inflation and exchange rate changes |
1 |
1 |
- |
- |
47,323 |
101,992 |
21,242 |
38,796 | |||||||
Adjustment of expected cash flow (note 10) |
- |
- |
- |
- |
68,010 |
160,527 |
78,326 |
137,732 | |||||||
Discount on purchase of ICMS credit |
- |
- |
- |
- |
5,020 |
11,645 |
3,113 |
7,623 | |||||||
Adjustments to the sector financial asset (note 8) |
- |
- |
- |
- |
7,461 |
56,587 |
33,512 |
43,103 | |||||||
PIS and COFINS on other finance income |
(1,397) |
(1,861) |
- |
- |
(885) |
(22,033) |
- |
- | |||||||
PIS and COFINS on interest on capital |
(1,129) |
(1,143) |
(5,766) |
(5,766) |
(1,129) |
(1,143) |
(5,766) |
(5,766) | |||||||
Other |
4,991 |
8,247 |
815 |
2,987 |
27,006 |
49,075 |
25,385 |
40,116 | |||||||
Total |
27,225 |
36,386 |
7,195 |
25,576 |
401,522 |
806,370 |
329,493 |
616,567 | |||||||
Finance costs |
|||||||||||||||
Interest on debts |
(1,939) |
(9,113) |
(8,973) |
(36,887) |
(437,600) |
(868,390) |
(411,278) |
(825,647) | |||||||
Adjustment for inflation and exchange rate changes |
(10,073) |
(22,043) |
(4,787) |
(7,257) |
(135,380) |
(288,142) |
(68,636) |
(271,297) | |||||||
(-) Capitalized interest |
- |
- |
- |
- |
21,145 |
33,939 |
7,370 |
9,764 | |||||||
Adjustments to the sector financial liability |
- |
- |
- |
- |
(14,486) |
(16,261) |
1,687 |
(1,809) | |||||||
Use of public asset |
- |
- |
- |
- |
(4,459) |
(8,350) |
(3,417) |
(6,740) | |||||||
Others |
(13) |
(469) |
(1,333) |
(3,377) |
(30,057) |
(90,129) |
(41,978) |
(74,326) | |||||||
Total |
(12,025) |
(31,626) |
(15,093) |
(47,521) |
(600,837) |
(1,237,333) |
(516,251) |
(1,170,054) | |||||||
Finance expense, net |
15,200 |
4,760 |
(7,898) |
(21,946) |
(199,315) |
(430,963) |
(186,758) |
(553,487) |
Interest was capitalized at an average rate of 11.05% p.a. in the first semester of 2016 (9.34% p.a. in the first semester of 2015) on qualifying assets, in accordance with CPC 20 (R1) and IAS 23.
In line items of Adjustment for inflation and exchange rate changes, the expense includes the effects of losses of R$ 1,228,903 in the first semester of 2016 (gain of R$ 613,741 in the first semester of 2015) on derivative instruments (note 33).
( 30 ) SEGMENT INFORMATION
The segregation of the Company’s operating segments is based on the internal financial information and management structure and is made by type of business: electric energy distribution, electric energy generation (conventional and renewable sources), electric energy commercialization and services rendered activities.
Profit or loss, assets and liabilities per segment include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis, if applicable. Prices charged between segments are based on similar market transactions. Note 1 presents the subsidiaries in accordance with their areas of operation and provides further information on each subsidiary and its business area and segment.
The information segregated by segment is presented below, in accordance with the criteria established by the Company’s Management:
85
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Standard Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Distribution |
Generation (conventional source) |
Generation (renewable source) |
Commercialization |
Services |
Other (*) |
Elimination |
Total | ||||||||
1st semester 2016 |
|||||||||||||||
Net operating revenue |
6,931,197 |
282,376 |
515,619 |
887,393 |
33,820 |
15,067 |
8,665,472 | ||||||||
(-) Intersegment revenues |
11,350 |
201,341 |
140,775 |
29,845 |
146,064 |
4,048 |
(533,424) |
- | |||||||
Income from electric energy service |
610,092 |
321,076 |
110,470 |
46,505 |
30,398 |
(21,905) |
1,096,638 | ||||||||
Finance income |
592,824 |
96,511 |
64,255 |
17,965 |
4,117 |
30,698 |
806,370 | ||||||||
Finance cost |
(596,911) |
(266,765) |
(326,414) |
(8,741) |
(2,719) |
(35,783) |
(1,237,333) | ||||||||
Profit (loss) before taxes |
606,004 |
282,941 |
(151,688) |
55,729 |
31,797 |
(26,990) |
797,793 | ||||||||
Income tax and social contribution |
(230,459) |
(51,985) |
(16,871) |
(16,192) |
(8,274) |
(1,430) |
(325,211) | ||||||||
Profit (loss) for the period |
375,545 |
230,956 |
(168,559) |
39,537 |
23,523 |
(28,420) |
472,581 | ||||||||
Total assets (**) |
19,300,856 |
4,779,029 |
11,826,432 |
382,109 |
316,370 |
1,345,438 |
37,950,234 | ||||||||
Purchases of PP&E and intangible assets |
429,136 |
3,809 |
486,974 |
1,992 |
26,075 |
1,740 |
949,726 | ||||||||
Depreciation and amortization |
(279,620) |
(62,100) |
(268,259) |
(1,929) |
(6,382) |
(1,713) |
(620,002) | ||||||||
1st semester 2015 (***) |
|||||||||||||||
Net operating revenue |
8,691,250 |
300,869 |
537,903 |
857,782 |
63,657 |
1,156 |
10,452,617 | ||||||||
(-) Intersegment revenues |
10,751 |
170,155 |
193,659 |
3,647 |
110,821 |
- |
(489,033) |
- | |||||||
Income from electric energy service |
541,186 |
265,006 |
72,808 |
61,909 |
17,666 |
(14,152) |
944,423 | ||||||||
Finance income |
445,054 |
45,125 |
59,488 |
17,086 |
25,259 |
24,554 |
616,567 | ||||||||
Finance cost |
(564,322) |
(256,459) |
(278,195) |
(16,902) |
(6,641) |
(47,534) |
(1,170,054) | ||||||||
Profit (loss) before taxes |
421,918 |
135,053 |
(145,899) |
62,093 |
36,283 |
(37,131) |
472,318 | ||||||||
Income tax and social contribution |
(163,870) |
(20,396) |
(11,799) |
(21,749) |
(11,235) |
(10,719) |
(239,768) | ||||||||
Profit (loss) for the period |
258,048 |
114,657 |
(157,698) |
40,344 |
25,049 |
(47,850) |
232,550 | ||||||||
Total assets (**) |
22,138,086 |
4,575,230 |
11,868,943 |
714,781 |
317,845 |
917,586 |
40,532,471 | ||||||||
Purchases of PP&E and intangible assets |
420,869 |
828 |
276,227 |
687 |
13,924 |
275 |
712,810 | ||||||||
Depreciation and amortization |
(302,512) |
(66,133) |
(260,696) |
(2,366) |
(6,503) |
(91) |
(638,300) |
(*) Others – refer basically to assets and transactions which are not related to any of the identified segments.
(**) Intangible assets, net of amortization, were allocated to their respective segments.
(***) The amounts for the total assets refer to December 31, 2015.
( 31 ) RELATED PARTY TRANSACTIONS
The Company’s controlling shareholders are as follows:
· ESC Energia S.A.
Company controlled by the Camargo Corrêa group, with operations in diversified segments, such as construction, cement, textiles, aluminum and highway concessions, among others.
· Energia São Paulo Fundo de Investimento em Ações
Company 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 Ações.
· 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 interest in operating subsidiaries are described in note 1.
Controlling shareholders, associates companies, joint ventures and entities under common control that in some way exercise significant influence over the Company are considered to be related parties.
The main transactions are listed below:
a) Bank balances and short-term investments – refer mainly to bank balances and short-term investments with financial institutions, as mentioned in note 5. The Company and its subsidiaries also have an Exclusive Investment Fund.
b) Borrowings and Debentures and Derivatives - refer to borrowings from financial institutions under the conditions described in notes 16 and 17. The Company is also the guarantor of certain borrowings raised by its subsidiaries and joint ventures, as described in notes 16 and 17.
86
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Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
c) Other Financial Transactions – the expense amounts are bank costs, collection and bookkeeping expenses.
d) Purchase and sale of energy and charges - refer basically to energy purchased or sold by distribution, commercialization and generation subsidiaries through short or long-term agreements and tariffs for the use of the distribution system (TUSD). Such transactions, when conducted in the free market, are carried out under conditions considered by the Company as similar to market conditions at the time of the trading, according to internal policies previously established by the Company’s management. When conducted in the regulated market, the prices charged are set through mechanisms established by the regulatory authority.
e) Intangible assets, Property, plant and equipment, Materials and Service – refer to the purchase of equipment, cables and other materials for use in distribution and generation activities and contracting of services such as construction and information technology consultancy.
f) Advances – refer to advances for investments in research and development.
g) Intragroup loans – refer to (i) contracts with the joint venture EPASA, under contractual conditions of 113.5% of the CDI, maturing in January 2017; (ii) contracts with the non-controlling shareholder of the subsidiary CPFL Renováveis, with maturity defined for the date of distribution of earnings of the indirect subsidiary to its shareholders and remuneration of 8% p.a. + IGP-M (General Market Price Index).
Certain subsidiaries have supplementary retirement plan maintained with Fundação CESP and offered to the employees of the subsidiaries. These plans hold investments in Company’s shares (note 18).
To ensure that commercial transactions with related parties are conducted under usual 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 subsidiaries Piratininga and Geração, renegotiated with the joint ventures BAESA, Enercan and Chapecoense the extension of the original maturities of the energy purchase bills, previously from January 2016 to July 2016.
The total compensation of key management personnel in the first semester of 2016, in accordance with CVM Decision 560/2008, was R$ 28,381 (R$ 23,545 in the first semester of 2015). This amount comprises R$ 27,694 in respect of short-term benefits (R$ 23,042 in the first semester of 2015), R$ 564 for post-employment benefits (R$ 503 in the first semester of 2015) and R$ 123 for other long-term benefits (no corresponding amounts in the first semester of 2015), recognized on an accrual basis.
Transactions between related parties involving controlling shareholders, entities under common control or with significant influence and joint ventures are as follows:
87
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | |||||||||||||||
ASSET |
|
LIABILITY |
|
INCOME |
EXPENSES | ||||||||||
June 30, 2016 |
December 31, 2015 |
June 30, 2016 |
December 31, 2015 |
1st semester 2016 |
1st semester 2015 |
1st semester 2016 |
1st semester 2015 | ||||||||
Bank balances and short-term investments |
|||||||||||||||
Banco Bradesco S.A.(**) |
3,283,079 |
4,097,770 |
1 |
1 |
145,790 |
- |
174 |
- | |||||||
Banco do Brasil S.A. |
74,137 |
126,036 |
- |
- |
4,557 |
7,188 |
1 |
- | |||||||
Borrowings (*), debentures (*) and derivatives (*) |
|||||||||||||||
Banco Bradesco S.A.(**) |
- |
- |
610,400 |
667,335 |
15,732 |
- |
46,747 |
- | |||||||
Banco do Brasil S.A. |
- |
- |
3,928,232 |
3,727,087 |
- |
- |
236,853 |
109,100 | |||||||
Banco BNP Paribas Brasil S.A (**) |
14,273 |
58,478 |
- |
322,465 |
- |
- |
58,050 |
- | |||||||
Other financial transactions |
|||||||||||||||
Banco Bradesco S.A.(**) |
36 |
1,344 |
1,173 |
1,259 |
4 |
- |
6,836 |
- | |||||||
Banco do Brasil S.A. |
- |
- |
783 |
879 |
96 |
- |
3,019 |
3,175 | |||||||
TOTVS S.A. |
- |
- |
- |
- |
- |
- |
- |
1 | |||||||
BAESA – Energética Barra Grande S.A. |
- |
- |
- |
- |
- |
- |
- |
3,498 | |||||||
Advances |
|||||||||||||||
BAESA – Energética Barra Grande S.A. |
- |
- |
772 |
790 |
- |
- |
- |
- | |||||||
Foz do Chapecó Energia S.A. |
- |
- |
1,094 |
1,120 |
- |
- |
- |
- | |||||||
ENERCAN - Campos Novos Energia S.A. |
- |
- |
1,348 |
1,377 |
- |
- |
- |
- | |||||||
EPASA - Centrais Elétricas da Paraiba |
- |
- |
492 |
503 |
- |
- |
- |
- | |||||||
Energy purchase and sale and charges |
|||||||||||||||
Afluente Transmissão de Energia Elétrica S.A. |
- |
- |
30 |
27 |
- |
- |
591 |
857 | |||||||
Aliança Geração de Energia S.A |
- |
- |
1,572 |
1,364 |
2 |
- |
26,572 |
11,058 | |||||||
Arizona 1 Energia Renovável S.A |
- |
- |
- |
- |
- |
- |
479 |
438 | |||||||
Baguari I Geração de Energia Elétrica S.A. |
- |
- |
5 |
6 |
- |
- |
148 |
130 | |||||||
BRF Brasil Foods |
- |
- |
- |
- |
8,551 |
- |
- |
- | |||||||
Braskem S.A. |
- |
- |
- |
- |
- |
- |
11,094 |
- | |||||||
Caetite 2 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
441 |
402 | |||||||
Caetité 3 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
445 |
405 | |||||||
Calango 1 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
533 |
485 | |||||||
Calango 2 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
454 |
415 | |||||||
Calango 3 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
533 |
485 | |||||||
Calango 4 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
494 |
450 | |||||||
Calango 5 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
526 |
477 | |||||||
Companhia de Eletricidade do Estado da Bahia – COELBA |
768 |
655 |
- |
- |
9,947 |
7,410 |
- |
- | |||||||
Companhia Energética de Pernambuco - CELPE |
715 |
587 |
- |
- |
4,857 |
3,554 |
134 |
- | |||||||
Companhia Energética do Rio Grande do Norte - COSERN |
248 |
227 |
- |
- |
1,624 |
1,271 |
- |
657 | |||||||
Companhia Hidrelétrica Teles Pires S.A. |
- |
- |
1,505 |
1,548 |
25 |
- |
27,108 |
3,974 | |||||||
ELEB Equipamentos Ltda |
- |
- |
- |
- |
1,525 |
- |
- |
- | |||||||
Embraer |
- |
- |
- |
- |
4,538 |
11,996 |
- |
- | |||||||
Energética Águas da Pedra S.A. |
- |
- |
156 |
130 |
3 |
- |
2,539 |
2,058 | |||||||
Estaleiro Atlântico Sul S.A. |
- |
- |
- |
- |
3,831 |
9,448 |
- |
- | |||||||
Goiás Sul Geração de Enegia S.A. |
- |
- |
- |
- |
- |
- |
91 |
81 | |||||||
Mel 2 Energia Renovável S.A. |
- |
- |
- |
- |
- |
- |
353 |
316 | |||||||
NC ENERGIA S.A. |
- |
- |
- |
- |
10,129 |
2,625 |
- |
- | |||||||
Norte Energia S.A. |
1 |
1 |
1,503 |
- |
2 |
- |
6,113 |
- | |||||||
Rio PCH I S.A. |
- |
- |
281 |
242 |
- |
- |
4,759 |
3,891 | |||||||
Samarco Mineração S.A. |
- |
- |
- |
- |
1 |
- |
- |
- | |||||||
Santista Jeanswear S/A |
- |
- |
- |
- |
6,501 |
- |
- |
- | |||||||
Santista Work Solution S/A |
- |
- |
- |
- |
948 |
- |
- |
- | |||||||
SE Narandiba S.A. |
- |
- |
- |
- |
- |
1 |
70 |
9 | |||||||
Serra do Facão Energia S.A. - SEFAC |
- |
- |
707 |
576 |
- |
- |
12,214 |
10,378 | |||||||
Tavex Brasil S.A |
- |
- |
- |
- |
- |
2,403 |
- |
- | |||||||
Termopernambuco S.A. |
- |
- |
- |
- |
2 |
- |
- |
- | |||||||
ThyssenKrupp Companhia Siderúrgica do Atlântico |
- |
- |
- |
- |
13,424 |
18,257 |
3,719 |
3,369 | |||||||
Vale Energia S.A. |
8,400 |
7,843 |
- |
- |
50,981 |
45,805 |
- |
695 | |||||||
BAESA – Energética Barra Grande S.A. |
- |
- |
13,641 |
88,441 |
- |
60,077 |
34,477 |
58,079 | |||||||
Foz do Chapecó Energia S.A. |
- |
- |
44,051 |
142,596 |
468 |
3,873 |
173,719 |
160,505 | |||||||
ENERCAN - Campos Novos Energia S.A. |
763 |
667 |
61,108 |
140,496 |
4,312 |
19,835 |
135,317 |
116,077 | |||||||
EPASA - Centrais Elétricas da Paraiba |
- |
- |
9,153 |
19,807 |
- |
15,250 |
46,776 |
86,015 | |||||||
Intangible assets, property, plant and equipment, materials and service | |||||||||||||||
Banco Bradesco S.A.(**) |
- |
- |
- |
2 |
1 |
- |
- |
- | |||||||
Brasil veículos Companhia de Seguros |
- |
- |
- |
- |
1 |
- |
- |
- | |||||||
BRF Brasil Foods |
18 |
- |
- |
- |
- |
- |
- | ||||||||
Centro de Gestão de Meios de Pagamento S.A. - CGMP |
- |
- |
- |
- |
- |
- |
1,567 |
- | |||||||
Companhia de Saneamento Básico do Estado de São Paulo - SABESP |
21 |
65 |
42 |
42 |
163 |
518 |
6 |
29 | |||||||
Companhia Brasileira de Soluções e Serviços CBSS - Alelo (**) |
- |
- |
- |
- |
- |
- |
1,002 |
- | |||||||
Companhia de Eletricidade do Estado da Bahia – COELBA |
- |
- |
- |
42 | |||||||||||
Concessionária de Rodovias do Oeste de São Paulo – ViaOeste S.A. |
- |
- |
- |
- |
- |
- |
6 |
- | |||||||
Concessionária do Sistema Anhanguera - Bandeirante S.A. (**) |
- |
- |
- |
- |
- |
- |
3 |
- | |||||||
Estaleiro Atlântico Sul S.A. |
1 |
- |
- |
- |
7 |
7 |
- |
- | |||||||
HM 14 Empreendimento Imobiliário SPE Ltda |
14 |
- |
- |
- | |||||||||||
Indústrias Romi S.A. |
4 |
- |
- |
- |
26 |
44 |
- |
- | |||||||
InterCement Brasil S.A |
37 |
- |
- |
43 |
26 |
- | |||||||||
Instituto CCR |
19 |
- |
- |
- |
19 |
- |
- |
- | |||||||
Logum Logística S.A. |
106 |
- |
- |
- |
690 |
- |
- |
- | |||||||
Mapfre Seguros Gerais S.A. (**) |
- |
- |
- |
- |
1 |
- |
12 |
- | |||||||
Rodovias Integradas do Oeste S.A. |
- |
12 |
- |
- |
- | ||||||||||
SAMM - Sociedade de Atividades em Multimídia Ltda. |
117 |
- |
- |
- |
704 |
||||||||||
Tavex Brasil S.A |
- |
- |
- |
21 |
- |
- | |||||||||
TOTVS S.A. |
- |
3 |
- |
18 |
23 | ||||||||||
Ultrafértil S.A |
- |
- |
367 |
- |
- | ||||||||||
Vale Fertilizantes S.A |
79 |
39 |
- |
147 |
- |
- |
- | ||||||||
BAESA – Energética Barra Grande S.A. |
68 |
- |
- |
711 |
648 |
- |
- | ||||||||
Foz do Chapecó Energia S.A. |
- |
- |
776 |
708 |
- |
- | |||||||||
ENERCAN - Campos Novos Energia S.A. |
- |
- |
- |
753 |
648 |
- |
- | ||||||||
EPASA - Centrais Elétricas da Paraíba S.A. |
1,452 |
1,104 |
- |
360 |
348 |
- |
- | ||||||||
Intragroup loans |
|||||||||||||||
EPASA - Centrais Elétricas da Paraíba S.A. |
36,183 |
76,586 |
- |
- |
5,409 |
6,332 |
- |
- | |||||||
Noncontrolling shareholders - CPFL Renováveis |
8,349 |
7,680 |
- |
- |
590 |
575 |
- |
- | |||||||
Dividends and interest on capital |
|||||||||||||||
BAESA – Energética Barra Grande S.A. |
- |
20 |
- |
- |
- |
- |
- |
- | |||||||
Chapecoense Geração S.A. |
- |
28,417 |
- |
- |
- |
- |
- |
- | |||||||
ENERCAN - Campos Novos Energia S.A. |
13,424 |
30,905 |
- |
- |
- |
- |
- |
- | |||||||
EPASA - Centrais Elétricas da Paraiba |
- |
29,933 |
- |
- |
- |
- |
- |
- | |||||||
(*) Includes the mark to market value | |||||||||||||||
(**) Related parties since December 31, 2015 |
88
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 32 ) RISK MANAGEMENT
The risk management structure and the main market risk factors affecting the Company's business are disclosed in Note 34 to the financial statements for the year ended in December 31, 2015.
( 33 ) FINANCIAL INSTRUMENTS
The main financial instruments, classified in accordance with the group’s accounting practices, are:
Consolidated | |||||||||||||||
June 30, 2016 |
December 31, 2015 | ||||||||||||||
Note |
Category |
Measurement |
Level (*) |
Carrying amount |
|
Fair value |
Carrying amount |
|
Fair value | ||||||
Asset |
|||||||||||||||
Cash and cash equivalent |
5 |
(a) |
(2) |
Level 1 |
3,819,029 |
3,819,029 |
4,353,488 |
4,353,488 | |||||||
Cash and cash equivalent |
5 |
(a) |
(2) |
Level 2 |
1,645,754 |
1,645,754 |
1,329,314 |
1,329,314 | |||||||
Securities |
(a) |
(2) |
Level 1 |
22,183 |
22,183 |
23,633 |
23,633 | ||||||||
Derivatives |
33 |
(a) |
(2) |
Level 2 |
1,183,304 |
1,183,304 |
2,269,932 |
2,269,932 | |||||||
Derivatives - zero-cost collar |
33 |
(a) |
(2) |
Level 3 |
63,035 |
63,035 |
8,820 |
8,820 | |||||||
Concession financial asset - distribution |
10 |
(b) |
(2) |
Level 3 |
3,877,660 |
3,877,660 |
3,483,713 |
3,483,713 | |||||||
10,610,965 |
10,610,965 |
11,468,900 |
11,468,900 | ||||||||||||
Liability |
|||||||||||||||
Borrowings - principal and interest |
16 |
(c) |
(1) |
Level 2 (***) |
7,376,215 |
6,249,841 |
7,725,978 |
6,499,746 | |||||||
Borrowings - principal and interest |
16 (**) |
(a) |
(2) |
Level 2 |
5,997,044 |
5,997,044 |
6,936,808 |
6,936,808 | |||||||
Debentures - Principal and interest |
17 |
(c) |
(1) |
Level 2 (***) |
6,661,762 |
6,550,803 |
7,070,430 |
6,105,830 | |||||||
Derivatives |
33 |
(a) |
(2) |
Level 2 |
131,567 |
131,567 |
31,745 |
31,745 | |||||||
Derivatives - Zero-cost collar |
33 |
(a) |
(2) |
Level 3 |
- |
|
- |
|
2,440 |
|
2,440 | ||||
20,166,588 |
18,929,255 |
21,767,402 |
19,576,570 | ||||||||||||
(*) Refers to the hierarchy for determination of fair value | |||||||||||||||
(**) As a result of the initial designation of this financial liability, the consolidated financial statements reported a loss of R$ 136,345 in the first semester of 2016 (gain of R$ 29,466 in the first semester of 2015) | |||||||||||||||
(***) Only for disclosure purposes, according to CPC 40 (R1) / IFRS 7 | |||||||||||||||
Key |
|||||||||||||||
Category: |
Measurement: |
||||||||||||||
(a) - Measured at fair value through profit or loss |
(1) - Measured at amortized cost | ||||||||||||||
(b) - Available for sale |
(2) - Measured at fair value | ||||||||||||||
(c) - Other finance liabilities |
The financial instruments for which the carrying amounts approximate the fair values at the end of the reporting period, due to their nature, are:
· Financial assets: (i) consumers, concessionaires and licensees, (ii) leases, (iii) associates, subsidiaries and parent company, (iv) receivables – amounts from CDE, (v) concession financial asset - transmission, (vi) pledges, funds and restricted deposits, (vii) services rendered to third parties, (viii) Collection agreements and (ix) sector financial asset;
· Financial liabilities: (i) trade payables, (ii) regulatory charges, (iii) use of public asset, (iv) consumers and concessionaires, (v) Nacional scientific and technological development fund - FNDCT, (vi) energy research company - EPE, (vii) collection agreement, (viii) reversal fund, (ix) payables for business combination, (x) tariff discount CDE and (xi) sector financial liability.
In addition, in the first semester of 2016 there were no transfers between hierarchical levels of fair value.
a) Valuation of financial instruments
As mentioned in note 4, the fair value of a security corresponds to its maturity value (redemption value) adjusted to present value by the discount factor (relating to the maturity date of the security) obtained from the market interest curve, in Brazilian reais.
CPC 40 (R1) and IFRS 7 requires the classification in a three-level hierarchy for fair value measurement of financial instruments, based on observable and unobservable inputs related to the valuation of a financial instrument at the measurement date.
89
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
CPC 40 (R1) and IFRS 7 also defines observable inputs as market data obtained from independent sources and unobservable inputs that reflects market assumptions.
The three levels of the fair value hierarchy are:
· Level 1: quoted prices in an active market for identical instruments;
· Level 2: observable inputs 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.
As the distribution subsidiaries have classified their concession financial asset as available-for-sale, the relevant factors for fair value measurement are not publicly observable. The fair value hierarchy classification is therefore level 3. The changes between years and the respective gains (losses) in profit for the first semester of 2016 of R$ 160,527 (R$ 137,732 in the first semester of 2015), and the main assumptions are described in note 10.
Additionally, the main assumptions used in the fair value measurement of the zero-cost collar derivative, the fair value hierarchy of which is Level 3, are disclosed in note 33 b.1.
The Company recognizes in “Investments at cost” in the financial statements the 5.94% interest held by the indirect subsidiary Paulista Lajeado Energia S.A. in the total capital of Investco S.A. (“Investco”), in the form of 28,154,140 common shares and 18,593,070 preferred shares. As Investco’s shares are not traded on the stock exchange and the main objective of its operations is to generate electric energy for commercialization by the shareholders holding the concession, the Company opted to recognize the investment at cost.
b) Derivatives
The Company and its subsidiaries have the policy of using derivatives to reduce their risks of fluctuations in exchange and interest rates, without any speculative purposes. The Company and its subsidiaries have exchange rate derivatives compatible with the exchange rate risks net exposure, including all the assets and liabilities tied to exchange rate changes.
The derivative instruments entered into by the Company and its subsidiaries are currency or interest rate swaps with no leverage component, margin call requirements or daily or periodical adjustments. Furthermore, in 2015 subsidiary CPFL Geração contracted a zero-cost collar derivative (see item b.1 below).
As a large part of the derivatives entered into by the subsidiaries have their terms fully aligned with the hedged debts, and in order to obtain more relevant and consistent accounting information through the recognition of income and expenses, these debts were designated at fair value, for accounting purposes (note 16). Other debts with terms different from the derivatives contracted as a hedge continue to be recognized at amortized cost. Furthermore, the Company and its subsidiaries do not adopt hedge accounting for derivative instruments.
At June 30, 2016, the Company and its subsidiaries had the following swap transactions, all traded on the over-the-counter market:
90
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Fair values (carrying amounts) |
||||||||||||||||
Company / strategy / counterparts |
Assets |
Liabilities |
Fair value, net |
Values at cost, net |
Gain (loss) on marking to market |
Currency / index |
Maturity range |
Notional | ||||||||
Derivatives to hedge debts designated at fair value | ||||||||||||||||
Exchange rate hedge |
||||||||||||||||
CPFL Energia |
||||||||||||||||
Santander |
- |
(43,303) |
(43,303) |
(43,254) |
(49) |
dollar |
September 2016 |
187,750 | ||||||||
- |
(43,303) |
(43,303) |
(43,254) |
(49) |
||||||||||||
CPFL Paulista |
||||||||||||||||
Bank of America Merrill Lynch |
174,592 |
- |
174,592 |
167,486 |
7,106 |
dollar |
July 2016 |
156,700 | ||||||||
Morgan Stanley |
74,900 |
- |
74,900 |
74,802 |
98 |
dollar |
September 2016 |
85,475 | ||||||||
Scotiabank |
27,072 |
- |
27,072 |
27,063 |
9 |
dollar |
July 2016 |
49,000 | ||||||||
Citibank |
38,388 |
- |
38,388 |
43,965 |
(5,577) |
dollar |
March 2019 |
117,250 | ||||||||
Bank of Tokyo-Mitsubishi |
39,530 |
- |
39,530 |
44,055 |
(4,525) |
dollar |
March 2019 |
117,400 | ||||||||
Bank of America Merrill Lynch |
36,874 |
- |
36,874 |
39,788 |
(2,914) |
dollar |
September 2018 |
106,020 | ||||||||
Bank of America Merrill Lynch |
42,084 |
- |
42,084 |
45,413 |
(3,329) |
dollar |
March 2019 |
116,600 | ||||||||
J.P.Morgan |
21,041 |
- |
21,041 |
22,706 |
(1,666) |
dollar |
March 2019 |
58,300 | ||||||||
J.P.Morgan |
12,304 |
- |
12,304 |
13,000 |
(695) |
dollar |
December 2017 |
51,470 | ||||||||
J.P.Morgan |
10,884 |
- |
10,884 |
11,568 |
(685) |
dollar |
December 2017 |
53,100 | ||||||||
J.P.Morgan |
3,650 |
- |
3,650 |
3,915 |
(265) |
dollar |
January 2018 |
27,121 | ||||||||
HSBC |
8,316 |
- |
8,316 |
9,224 |
(908) |
dollar |
January 2018 |
54,214 | ||||||||
HSBC |
35,615 |
- |
35,615 |
38,236 |
(2,621) |
dollar |
January 2018 |
173,459 | ||||||||
J.P.Morgan |
9,460 |
- |
9,460 |
9,815 |
(355) |
dollar |
January 2018 |
67,938 | ||||||||
J.P.Morgan |
9,030 |
- |
9,030 |
10,139 |
(1,109) |
dollar |
January 2019 |
67,613 | ||||||||
Citibank |
20,389 |
- |
20,389 |
27,465 |
(7,076) |
dollar |
January 2020 |
156,600 | ||||||||
BNP Paribas |
3,806 |
- |
3,806 |
4,536 |
(730) |
euro |
January 2018 |
63,896 | ||||||||
Bank of Tokyo-Mitsubishi |
5,949 |
- |
5,949 |
17,405 |
(11,456) |
dollar |
February 2020 |
142,735 | ||||||||
J.P.Morgan |
5,229 |
- |
5,229 |
5,809 |
(581) |
dollar |
February 2018 |
41,100 | ||||||||
Bank of America Merrill Lynch |
68,292 |
- |
68,292 |
75,242 |
(6,951) |
dollar |
February 2018 |
405,300 | ||||||||
Bank of America Merrill Lynch |
- |
(14,230) |
(14,230) |
(8,520) |
(5,710) |
dollar |
October 2018 |
329,500 | ||||||||
HSBC |
- |
(5,299) |
(5,299) |
(5,726) |
427 |
dollar |
May 2021 |
59,032 | ||||||||
Bank of America Merrill Lynch |
- |
(4,049) |
(4,049) |
(5,697) |
1,649 |
dollar |
May 2021 |
59,032 | ||||||||
Citibank |
- |
(7,041) |
(7,041) |
(11,404) |
4,363 |
dollar |
May 2021 |
118,063 | ||||||||
647,404 |
(30,618) |
616,786 |
660,286 |
(43,500) |
||||||||||||
CPFL Piratininga |
||||||||||||||||
Scotiabank |
35,359 |
- |
35,359 |
35,347 |
12 |
dollar |
July 2016 |
64,000 | ||||||||
Santander |
40,137 |
- |
40,137 |
40,141 |
(4) |
dollar |
July 2016 |
100,000 | ||||||||
Citibank |
38,388 |
- |
38,388 |
43,965 |
(5,577) |
dollar |
March 2019 |
117,250 | ||||||||
HSBC |
23,326 |
- |
23,326 |
24,721 |
(1,395) |
dollar |
April 2018 |
55,138 | ||||||||
J.P.Morgan |
23,351 |
- |
23,351 |
24,724 |
(1,374) |
dollar |
April 2018 |
55,138 | ||||||||
Citibank |
21,483 |
- |
21,483 |
29,512 |
(8,028) |
dollar |
January 2020 |
169,838 | ||||||||
BNP Paribas |
10,467 |
- |
10,467 |
12,475 |
(2,008) |
euro |
January 2018 |
175,714 | ||||||||
Bank of America Merrill Lynch |
- |
(433) |
(433) |
(416) |
(18) |
dollar |
July 2016 |
40,000 | ||||||||
Bank of America Merrill Lynch |
- |
(4,800) |
(4,800) |
(4,724) |
(76) |
dollar |
August 2016 |
84,250 | ||||||||
Scotiabank |
- |
(4,933) |
(4,933) |
(4,452) |
(481) |
dollar |
August 2017 |
55,440 | ||||||||
HSBC |
- |
(5,299) |
(5,299) |
(5,726) |
427 |
dollar |
May 2021 |
59,032 | ||||||||
Bank of America Merrill Lynch |
- |
(4,805) |
(4,805) |
(8,533) |
3,729 |
dollar |
May 2021 |
88,548 | ||||||||
Citibank |
- |
(5,833) |
(5,833) |
(8,557) |
2,724 |
dollar |
May 2021 |
88,548 | ||||||||
192,511 |
(26,103) |
166,407 |
178,478 |
(12,071) |
||||||||||||
CPFL Geração |
||||||||||||||||
HSBC |
90,177 |
- |
90,177 |
90,948 |
(770) |
dollar |
March 2017 |
232,520 | ||||||||
CCB-China Construction Bank |
6,103 |
- |
6,103 |
(7,734) |
13,837 |
dollar |
June 2019 |
104,454 | ||||||||
96,280 |
- |
96,280 |
83,214 |
13,066 |
||||||||||||
RGE |
||||||||||||||||
Citibank |
95,598 |
- |
95,598 |
96,018 |
(420) |
dollar |
April 2017 |
128,590 | ||||||||
Bank of Tokyo-Mitsubishi |
19,569 |
- |
19,569 |
21,316 |
(1,746) |
dollar |
April 2018 |
36,270 | ||||||||
Bank of Tokyo-Mitsubishi |
87,472 |
- |
87,472 |
95,541 |
(8,069) |
dollar |
May 2018 |
168,346 | ||||||||
Citibank |
13,333 |
- |
13,333 |
14,932 |
(1,599) |
dollar |
May 2019 |
33,285 | ||||||||
HSBC |
10,291 |
- |
10,291 |
10,694 |
(403) |
dollar |
October 2017 |
32,715 | ||||||||
J.P.Morgan |
17,108 |
- |
17,108 |
18,329 |
(1,221) |
dollar |
February 2018 |
171,949 | ||||||||
HSBC |
- |
(5,299) |
(5,299) |
(5,726) |
427 |
dollar |
May 2021 |
59,032 | ||||||||
Bank of America Merrill Lynch |
- |
(6,138) |
(6,138) |
(11,369) |
5,231 |
dollar |
May 2021 |
118,063 | ||||||||
Citibank |
- |
(4,626) |
(4,626) |
(5,711) |
1,084 |
dollar |
May 2021 |
59,032 | ||||||||
243,370 |
(16,063) |
227,307 |
234,024 |
(6,717) |
||||||||||||
CPFL Serviços |
||||||||||||||||
J.P.Morgan |
2,979 |
- |
2,979 |
3,007 |
(28) |
dollar |
October 2016 |
9,000 | ||||||||
CPFL Telecom |
||||||||||||||||
Itaú |
- |
(1,267) |
(1,267) |
(846) |
(421) |
dollar |
March 2018 |
35,000 | ||||||||
CPFL Brasil |
||||||||||||||||
Itaú |
- |
(4,244) |
(4,244) |
(3,606) |
(639) |
dollar |
August 2018 |
45,360 | ||||||||
Subtotal (a) |
1,182,544 |
(121,600) |
1,060,944 |
1,111,303 |
(50,359) |
|||||||||||
Derivatives to hedge debts not designated at fair value | ||||||||||||||||
Exchange rate hedge | ||||||||||||||||
CPFL Geração |
||||||||||||||||
Votorantim |
760 |
- |
760 |
1,635 |
(875) |
dollar |
December 2016 |
38,417 | ||||||||
Price index hedge |
||||||||||||||||
CPFL Geração |
||||||||||||||||
Santander |
- |
(384) |
(384) |
6,350 |
(6,733) |
IPCA |
April 2019 |
35,235 | ||||||||
J.P.Morgan |
- |
(384) |
(384) |
6,350 |
(6,733) |
IPCA |
April 2019 |
35,235 | ||||||||
- |
(768) |
(768) |
12,699 |
(13,467) |
||||||||||||
Interest rate hedge (1) |
||||||||||||||||
CPFL Paulista |
||||||||||||||||
Bank of America Merrill Lynch |
- |
(2,571) |
(2,571) |
(830) |
(1,741) |
CDI |
July 2019 |
660,000 | ||||||||
J.P.Morgan |
- |
(1,227) |
(1,227) |
(295) |
(931) |
CDI |
February 2021 |
300,000 | ||||||||
Votorantim |
- |
(387) |
(387) |
(95) |
(291) |
CDI |
February 2021 |
100,000 | ||||||||
Santander |
- |
(402) |
(402) |
(99) |
(303) |
CDI |
February 2021 |
105,000 | ||||||||
- |
(4,587) |
(4,587) |
(1,320) |
(3,267) |
||||||||||||
CPFL Piratininga |
||||||||||||||||
J.P.Morgan |
- |
(429) |
(429) |
(138) |
(290) |
CDI |
July 2019 |
110,000 | ||||||||
Votorantim |
- |
(467) |
(467) |
(120) |
(346) |
CDI |
February 2021 |
135,000 | ||||||||
Santander |
- |
(334) |
(334) |
(87) |
(247) |
CDI |
February 2021 |
100,000 | ||||||||
- |
(1,230) |
(1,230) |
(346) |
(883) |
||||||||||||
RGE |
||||||||||||||||
HSBC |
- |
(1,948) |
(1,948) |
(629) |
(1,319) |
CDI |
July 2019 |
500,000 | ||||||||
Votorantim |
- |
(720) |
(720) |
(171) |
(549) |
CDI |
February 2021 |
170,000 | ||||||||
- |
(2,668) |
(2,668) |
(800) |
(1,868) |
||||||||||||
CPFL Geração |
||||||||||||||||
Votorantim |
- |
(715) |
(715) |
(241) |
(474) |
CDI |
August 2020 |
460,000 | ||||||||
|
|
|
|
|
||||||||||||
Subtotal (b) |
760 |
(9,967) |
(9,207) |
11,627 |
(20,835) |
|||||||||||
Other derivatives (2) |
||||||||||||||||
CPFL Geração |
||||||||||||||||
Itaú |
21,910 |
- |
21,910 |
2,868 |
19,042 |
dollar |
September 2020 |
31,140 | ||||||||
Votorantim |
18,256 |
- |
18,256 |
2,280 |
15,976 |
dollar |
September 2020 |
31,140 | ||||||||
Santander |
22,869 |
- |
22,869 |
2,677 |
20,192 |
dollar |
September 2020 |
38,359 | ||||||||
Subtotal (c) |
63,035 |
- |
63,035 |
7,825 |
55,210 |
|||||||||||
Total (a+b+c) |
1,246,339 |
(131,567) |
1,114,772 |
1,130,755 |
(15,983) |
|||||||||||
Current |
560,057 |
(48,536) |
||||||||||||||
Noncurrent |
686,282 |
(83,031) |
||||||||||||||
For further details on terms and information on debts and debentures, see notes 16 and 17 | ||||||||||||||||
(1) The interest rate hedge swaps have half-yearly validity, so the notional value reduces according to the amortization of the debt. | ||||||||||||||||
(2) The notional for this type of derivative is disclosed in dollar, due its characteristics. |
91
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
As mentioned above, certain subsidiaries opted to mark to market debts for which they have fully tied derivative instruments (note 16).
The Company and its subsidiaries have recognized 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 hedged debts. For the quarters and semesters ended in June 30, 2016 and 2015, the derivatives resulted in the following impacts on the result, recognized in the line item of finance costs on adjustment for inflation and exchange rate changes:
Gain (loss) | ||||||||||
2016 |
2015 | |||||||||
Company |
Hedged risk / transaction |
2nd quarter |
1st semester |
2nd quarter |
1st semester | |||||
CPFL Energia |
Exchange variation |
(30,528) |
(71,618) |
(14,103) |
24,964 | |||||
CPFL Energia |
Mark to Market |
492 |
2,270 |
2,030 |
523 | |||||
CPFL Paulista |
Interest rate variation |
(757) |
13 |
(501) |
(781) | |||||
CPFL Paulista |
Exchange variation |
(397,944) |
(696,029) |
(139,832) |
282,844 | |||||
CPFL Paulista |
Mark to Market |
13,130 |
62,181 |
29,824 |
29,688 | |||||
CPFL Piratininga |
Interest rate variation |
(208) |
(265) |
(134) |
(204) | |||||
CPFL Piratininga |
Exchange variation |
(184,085) |
(303,609) |
(50,251) |
93,637 | |||||
CPFL Piratininga |
Mark to Market |
9,797 |
26,474 |
17,090 |
6,169 | |||||
RGE |
Interest rate variation |
(444) |
3 |
(295) |
(462) | |||||
RGE |
Exchange variation |
(133,912) |
(222,017) |
(52,966) |
102,932 | |||||
RGE |
Mark to Market |
12,722 |
34,924 |
16,142 |
4,739 | |||||
CPFL Geração |
Interest rate variation |
99 |
1,182 |
911 |
2,307 | |||||
CPFL Geração |
Exchange variation |
(50,422) |
(88,115) |
(21,873) |
44,834 | |||||
CPFL Geração |
Mark to Market |
33,098 |
66,752 |
(1,121) |
(4,416) | |||||
CPFL Santa Cruz |
Exchange variation |
(2,821) |
(5,909) |
(1,566) |
4,106 | |||||
CPFL Santa Cruz |
Mark to Market |
163 |
295 |
330 |
207 | |||||
CPFL Leste Paulista |
Exchange variation |
- |
- |
(2,031) |
4,903 | |||||
CPFL Leste Paulista |
Mark to Market |
- |
- |
(85) |
(66) | |||||
CPFL Sul Paulista |
Exchange variation |
(3,103) |
(6,500) |
(2,576) |
6,161 | |||||
CPFL Sul Paulista |
Mark to Market |
145 |
289 |
327 |
237 | |||||
CPFL Jaguari |
Exchange variation |
(4,372) |
(9,159) |
(3,483) |
7,797 | |||||
CPFL Jaguari |
Mark to Market |
149 |
353 |
467 |
387 | |||||
CPFL Mococa |
Exchange variation |
- |
- |
(894) |
2,157 | |||||
CPFL Mococa |
Mark to Market |
- |
- |
(37) |
(29) | |||||
Paulista Lajeado Energia |
Exchange variation |
(5,014) |
(9,191) |
(2,201) |
(1,863) | |||||
Paulista Lajeado Energia |
Mark to Market |
153 |
1,254 |
(342) |
(342) | |||||
CPFL Telecom |
Exchange variation |
- |
- |
(644) |
1,260 | |||||
CPFL Telecom |
Mark to Market |
- |
- |
293 |
523 | |||||
CPFL Brasil |
Exchange variation |
(6,312) |
(11,462) |
- |
- | |||||
CPFL Brasil |
Mark to Market |
155 |
1,739 |
- |
- | |||||
CPFL Serviços |
Exchange variation |
(1,637) |
(2,985) |
(681) |
1,400 | |||||
CPFL Serviços |
Mark to Market |
68 |
226 |
176 |
129 | |||||
(751,387) |
(1,228,903) |
(228,027) |
613,741 |
b.1) Zero-cost collar derivative contracted by CPFL Geração
In 2015, subsidiary CPFL Geração contracted US$ denominated put and call options, involving the same financial institution as counterpart, and which on a combined basis are characterized as an operation usually known as zero-cost collar. The contracting of this operation does not involve any kind of speculation, inasmuch as it is aimed at minimizing any negative impacts on future revenues of the joint venture ENERCAN, which has electric energy sale agreements with annual restatement of part of the tariff based on the variation in the US$. In addition, according to Management’s view, the current scenario is favorable for contracting this type of financial instrument, considering the high volatility implicit in dollar options and the fact that there is no initial cost for same.
The total amount contracted was US$ 111,817, with due dates between October 1, 2015 and September 30, 2020. At June 30, 2016, the total amount contracted was US$ 100,639, considering the options already settled until this date. The exercise prices of the dollar options vary from R$ 4.20 to R$ 4.40 for the put options and from R$ 5.40 to R$7.50 for the call options.
92
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
These options have been measured at fair value in a recurring manner, as required by IAS 39/CPC 38. The fair value of the options that are part of this operation has been calculated based on the following premises:
Valuation technique(s) and key information |
We used the Black Scholes Option Pricing Model, which aims to obtain the fair price of the options involving the following variables: value of the asset, exercise price of the option, interest rate, term and volatility. |
Significant unobservable inputs |
Volatility determined based on the average market pricing calculations, future dollar and other variables applicable to this specific transaction, with average variation of 22.4%. |
Relationship between unobservable inputs and fair value (sensitivity) |
A slight rise in long-term volatility, analyzed on an isolated basis, would result in an insignificant increase in fair value. If the volatility were 10% higher and all the other variables remained constant, the net carrying amount (asset) would increase by R$ 669, resulting in a net asset of R$ 63,704. |
Measurement of the fair value of these financial instruments, in the amount of R$ 60,454, of which R$ 58,014 refers to the measurement of the asset instruments and R$ 2,440 to the measurement of liability instruments, has been recognized in the statement of profit or loss for the period in line item Finance income, with no recognition of any effects in Other comprehensive income.
The following table reconciles the opening and closing balances of the call and put options for the semester ended in June 30, 2016, as required by IFRS 13/CPC 46:
Consolidated | ||||||
Asset |
Liability |
Net | ||||
As of December 31, 2015 |
8,820 |
(2,440) |
6,380 | |||
Fair value |
58,014 |
2,440 |
60,454 | |||
Net cash recipient by repayment of flows |
(3,799) |
- |
(3,799) | |||
As of June 30, 2016 |
63,035 |
- |
63,035 |
c) Sensitivity analysis
In compliance with CVM Instruction No. 475/2008, 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.
If the risk exposure is considered asset, the risk to be taken into account is a reduction in the pegged indexes, resulting in a negative impact on the results of the Company and its subsidiaries. Similarly, if the risk exposure is considered liability, the risk is of an increase in the pegged indexes and the consequent negative effect on the results. The Company and its subsidiaries therefore quantify the risks in terms of the net exposure of the variables (dollar, euro, CDI, IGP-M, IPCA, TJLP and SELIC), as shown below:
c.1) Exchange rate variation
Considering the level of net exchange rate exposure at June 30, 2016 is maintained, the simulation of the effects by type of financial instrument for three different scenarios would be:
93
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Consolidated | ||||||||||
Exposure |
Increase (decrease) R$ thousand | |||||||||
Instruments |
Risk |
Currency depreciation (b) |
Currency appreciation / depreciation of 25% (c) |
Currency appreciation / depreciation of 50% (c) | ||||||
Financial liability instruments |
(5,794,455) |
(900,633) |
773,139 |
2,446,911 | ||||||
Derivatives - Plain Vanilla Swap |
6,017,402 |
935,286 |
(802,886) |
(2,541,058) | ||||||
222,947 |
drop of the dollar |
34,653 |
(29,747) |
(94,147) | ||||||
Financial liability instruments |
(271,845) |
(47,938) |
(127,884) |
(207,830) | ||||||
Derivatives - Plain Vanilla Swap |
270,981 |
47,786 |
127,477 |
207,169 | ||||||
(864) |
raise of the euro |
(152) |
(407) |
(661) | ||||||
Total |
222,083 |
34,501 |
(30,154) |
(94,808) | ||||||
Increase R$ thousand | ||||||||||
Instruments |
Exposure |
Risk |
Currency depreciation (b) |
Currency depreciation of 25% (c) |
Currency depreciation of 50% (c) | |||||
Derivatives - zero-cost collar |
100,639 |
(d) |
raise of the dollar |
(80,526) |
(115,385) |
(150,245) |
(a) The exchange rates considered as of June 30, 2016 were R$ 3.21 per US$ 1.00 and R$ 3.54 per € 1.00.
(b) As per the exchange curves obtained from information made available by the BM&FBOVESPA, with the exchange rate being considered at R$ 3.71 and R$ 4.17, and exchange depreciation at 15.54% and 17.63%, for the US$ and €, respectively.
(c) As required by CVM Instruction No. 475/2008, the percentage increases in the ratios applied refer to the information made available by the BM&FBOVESPA.
(d) Owing to the characteristics of this derivative (zero-cost collar), the notional amount is presented in US$.
Based on the net exchange exposure in US$ being an asset, the risk is a drop in the dollar and, therefore, the local exchange rate is appreciated by 25% and 50% in relation to the probable exchange rate. Moreover, since the net exchange exposure in € is a liability, the risk is the rise of the Euro and the local exchange rate is depreciated by 25% and 50% in relation to the probable exchange rate.
c.2) Interest rate variation
Assuming that (i) the scenario of net exposure of the financial instruments indexed to variable interest rates at June 30, 2016 is maintained, and (ii) the respective accumulated annual indexes for the next 12 months remain stable (CDI 14.13% p.a.; IGP-M 12.21% p.a.; TJLP 7.19% p.a.; IPCA 8.84% p.a.; and SELIC 14.15% p.a.), the effects for the next 12 months would be a net finance cost of R$ 1,015,615 (expenses of CDI R$ 1,037,929, IGP-M R$ 8,696 and TJLP R$ 328,990 and income of IPCA R$ 341,599 and SELIC R$ 18,401). In the event of fluctuations in the indexes in accordance with the three scenarios described below, the effect on net finance cost would as follows:
Consolidated | ||||||||||
Raise (drop) | ||||||||||
Instruments |
Exposure |
Risk |
Scenario I (a) |
Raising index by 25% (b) |
Raising index by 50% (b) | |||||
Financial asset instruments |
6,039,896 |
(50,735) |
149,940 |
350,616 | ||||||
Financial liability instruments |
(8,077,420) |
67,850 |
(200,522) |
(468,894) | ||||||
Derivatives - Plain Vanilla Swap |
(5,308,050) |
44,588 |
(131,772) |
(308,132) | ||||||
(7,345,574) |
raise of the CDI |
61,703 |
(182,354) |
(426,410) | ||||||
Financial liability instruments |
(71,216) |
5,042 |
4,129 |
3,215 | ||||||
(71,216) |
raise of the IGP-M |
5,042 |
4,129 |
3,215 | ||||||
Financial liability instruments |
(4,575,661) |
(14,185) |
(99,978) |
(185,772) | ||||||
(4,575,661) |
raise of the TJLP |
(14,185) |
(99,978) |
(185,772) | ||||||
Financial liability instruments |
(84,816) |
2,222 |
3,541 |
4,860 | ||||||
Derivatives - Plain Vanilla Swap |
71,404 |
(1,871) |
(2,981) |
(4,091) | ||||||
Concession financial asset |
3,877,660 |
(101,595) |
(161,892) |
(222,190) | ||||||
3,864,248 |
drop of the IPCA |
(101,244) |
(161,332) |
(221,421) | ||||||
Sector financial asset and liability |
130,039 |
drop of the SELIC |
(1,118) |
(5,439) |
(9,759) | |||||
Total |
(7,998,164) |
(49,802) |
(444,974) |
(840,147) | ||||||
(a) The CDI, IGP-M, TJLP, IPCA and SELIC indexes considered of 13.29%, 5.13%, 7.5%, 6.22% and 13.29%, respectively, were obtained from information available in the market. | ||||||||||
(b) In compliance with CVM Instruction 475/08, the percentages of increase in indexes were applied to Scenario I indexes. |
94
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
( 34 ) NON-CASH TRANSACTION
|
Parent company |
|
Consolidated | ||||
|
June 30, 2016 |
December 31, 2015 |
|
June 30, 2016 |
December 31, 2015 | ||
Other transactions |
|
|
|
|
|
|
|
Capital increase in investees with advance for future capital increase |
52,680 |
|
55,157 |
|
- |
|
- |
Interest capitalized in property, plant and equipment |
- |
|
- |
|
28,456 |
|
4,180 |
Interest capitalized in concession intangible asset - distribution infrastructure |
- |
|
- |
|
5,483 |
|
5,584 |
Transfer between property, plant and equipment and other assets |
- |
|
- |
|
10,673 |
|
4,467 |
( 35 ) RELEVANT FACT AND EVENT AFTER THE REPORTING PERIOD
35.1. Acquisition of AES Sul
On June 16, 2016, the Company issued Relevant Fact to shareholders disclosing the acquisition of all the shares issued by AES Sul Distribuidora Gaúcha de Energia S.A. (“AES Sul”). AES Sul operates as an electric energy distributor in the state of Rio Grande do Sul and has a concession over the captive market of electric energy distribution of 118 towns in the state.
The Company will pay the seller AES Guaiba II Empreendimentos Ltda. (“AES Guaíba”) the amount of R$ 1,698,455.
The total price will be adjusted, within 45 days of closing the transaction, in accordance with the changes in working capital and net debt (except for the variation resulting from the aforementioned capital increase) of AES Sul between December 31, 2015 and the transaction closing date. The closing and implementation are subject to certain prior conditions, usual in similar transactions, as established in the purchase contract; these include prior approval by ANEEL, by the Conselho Administrativo de Defesa Econômica ("CADE") and by other third parties, including creditors of AES Sul.
At the date of these interim financial statements, the conditions for closing the transaction are still pending and the closing date is not yet known, accordingly, there is no impact on these individual and consolidated interim financial statements.
35.2. Share acquisition of the Company by State Grid International Development
In a Relevant Fact issued to the market on July 1, 2016, the Company disclosed that its controlling shareholder, Camargo Corrêa S.A. (“CCSA”) had informed it about a proposal received from State Grid International Development Limited. ("purchaser") for the acquisition of its share interest tied to the Company's controlling block.
A total of 234,086,204 of the Company's shares, currently held by ESC Energia S.A., a CCSA subsidiary, would be acquired; the shares are tied to the Shareholders' Agreement and represent approximately 23% of the CPFL Energia’s capital. The purchase price is R$ 25.00 per Company share, subject to adjustments foreseen in the transaction documents. CCSA was advised that for purposes of the transaction, the buyer attributed a value of R$ 12.20 per share to the CPFL Renováveis shares held directly or indirectly by the company.
The purchase agreement will be finalized on conclusion of the due diligence of the Company and its subsidiaries, currently in progress at the date of these interim financial statements, to be carried out by the purchaser and the transaction will effectively be completed after due approval by the competent public authorities, including CADE and ANEEL.
The period during which the other signatories of the Shareholders' Agreement may exercise their preemptive rights to buy all the shares covered by the transaction, or opt to participate in the transaction and, together with CCSA, dispose of all their shares in the Company tied to the Shareholders' Agreement, at the same price and under the same conditions offered to CCSA by the purchaser, will commence after finalization of the purchase agreement.
95
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
35.3. Start of commercial operations - Campo dos Ventos I and Campo dos Ventos V
Commercial operation of the following generation units of the subsidiary CPFL Renováveis' wind farms started in stages between June 10 and July 6, 2016, namely (i) six 2,100 KW generation units, totaling installed capacity of 12,600 KW, in the Campo dos Ventos I Wind Farm, and (ii) ten 2,100 KW generation units, totaling installed capacity of 21,000 KW, in the Campo dos Ventos V Wind Farm. Both wind farms are located in the state of Rio Grande do Norte.
96
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
Shareholders of CPFL Energia S/A holding more than 5% of the shares of the same type and class, as of June 30, 2016:
Shareholders |
Common shares |
Interest - % | ||
ESC Energia S.A. |
239,956,080 |
23.57 | ||
BB Carteira Livre I FIA |
269,285,374 |
26.45 | ||
Bonaire Participações S.A. |
1,269,386 |
0.12 | ||
Energia São Paulo FIA |
150,136,050 |
14.75 | ||
Caixa de Previdência dos Funcionários do Banco do Brasil - Previ |
30,502,185 |
3.00 | ||
Camargo Correa S.A. |
27,435 |
0.00 | ||
Fundação Petrobras de Seguridade Social - Petros |
1,861,659 |
0.18 | ||
BNDES Participações S.A. |
68,592,097 |
6.74 | ||
Brumado Holdings Ltda. (*) |
36,497,075 |
3.59 | ||
Antares Holdings Ltda. (*) |
16,967,165 |
1.67 | ||
Other shareholders |
202,820,240 |
19.93 | ||
Total |
1,017,914,746 |
100.00 |
(*) Entities fully controlled by Bradespar S.A., which indirectly holds 5.25% of total shares common shares of CPFL Energia.
Quantity and characteristic of securities held by directly or indirectly Controlling Shareholders, Executive Officers, Board of Directors, Fiscal Council and Free Float, as of June 30, 2016 and December 31, 2015:
June 30, 2016 |
December 31, 2015 | |||||||
Shareholders |
Common shares |
Interest - % |
Common shares |
Interest - % | ||||
Controlling shareholders |
693,038,169 |
68.08 |
676,084,869 |
68.08 | ||||
Administrator |
- |
- |
- |
- | ||||
Members of the Executive Officers |
118,878 |
0.01 |
105,672 |
0.01 | ||||
Members of the Board of Directors |
- |
- |
- |
- | ||||
Fiscal Council Members |
- |
- |
- |
- | ||||
Other shareholders |
324,757,699 |
31.90 |
316,823,674 |
31.91 | ||||
Total |
1,017,914,746 |
100.00 |
993,014,215 |
100.00 | ||||
Outstanding shares - free float |
324,757,699 |
31.90 |
316,823,674 |
31.91 |
97
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
SHAREHOLDING STRUCTURE |
First semester of 2016 | |||||||||
CPFL ENERGIA S/A |
|
|
|
|
|
|
|
Per units shares |
Date of last change | |
1 - SHAREHOLDERS OF THE COMPANY |
CNPJ or CPF |
Quotes / common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
693,038,169 |
68.08% |
100.00% |
- |
0.00% |
0.00% |
693,038,169 |
68.08% |
|
1.1 Esc Energia S.A. |
15.146.011/0001-51 |
239,956,080 |
23.57% |
100.00% |
- |
0.00% |
0.00% |
239,956,080 |
23.57% |
April 29, 2016 |
1.2 Fundo Mútuo de Investimentos em Ações - BB Carteira Livre I |
73.899.742/0001-74 |
269,285,374 |
26.45% |
100.00% |
- |
0.00% |
0.00% |
269,285,374 |
26.45% |
April 29, 2016 |
1.3 Bonaire Participações S.A. |
33.754.482/0001-24 |
1,269,386 |
0.12% |
100.00% |
- |
0.00% |
0.00% |
1,269,386 |
0.12% |
April 29, 2016 |
1.4 Energia São Paulo FIA |
02.178.371/0001-93 |
150,136,050 |
14.75% |
100.00% |
- |
0.00% |
0.00% |
150,136,050 |
14.75% |
April 29, 2016 |
1.5 Caixa de Previdência dos Funcionários do Banco do Brasil - Previ |
33.754.482/0001-24 |
30,502,185 |
3.00% |
100.00% |
- |
0.00% |
0.00% |
30,502,185 |
3.00% |
April 29, 2016 |
1.6 Camargo Correa S.A. |
01.098.905/0001-09 |
27,435 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
27,435 |
0.00% |
April 29, 2016 |
1.7 Fundação Petrobras de Seguridade Social - Petros |
34.053.942/0001-50 |
1,861,659 |
0.18% |
100.00% |
- |
0.00% |
0.00% |
1,861,659 |
0.18% |
April 29, 2016 |
Noncontrolling shareholders |
|
324,876,577 |
31.92% |
100.00% |
- |
0.00% |
0.00% |
324,876,577 |
31.92% |
|
1.8 BNDES Participações S.A. |
00.383.281/0001-09 |
68,592,097 |
6.74% |
100.00% |
- |
0.00% |
0.00% |
68,592,097 |
6.74% |
April 29, 2016 |
1.9 Brumado Holdings Ltda. |
08.397.763/0001-20 |
36,497,075 |
3.59% |
100.00% |
- |
0.00% |
0.00% |
36,497,075 |
3.59% |
April 29, 2016 |
1.10 Antares Holdings Ltda. |
07.341.926/001-90 |
16,967,165 |
1.67% |
100.00% |
- |
0.00% |
0.00% |
16,967,165 |
1.67% |
April 29, 2016 |
1.11 Board of Directors |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
April 29, 2016 |
1.12 Executive officers |
|
118,878 |
0.01% |
100.00% |
- |
0.00% |
0.00% |
118,878 |
0.01% |
April 29, 2016 |
1.13 Other shareholders |
|
202,701,362 |
19.91% |
100.00% |
- |
0.00% |
0.00% |
202,701,362 |
19.91% |
|
Total |
|
1,017,914,746 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,017,914,746 |
100.00% |
|
2 - Entity: 1.1 Esc Energia S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1,042,392,615 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,042,392,615 |
100.00% |
|
1.1.1 VBC Energia S.A. |
00.095.147/0001-02 |
521,196,308 |
51.20% |
100.00% |
- |
0.00% |
0.00% |
521,196,308 |
51.20% |
November 28, 2013 |
1.1.2 Camargo Corrêa S.A. |
01.098.905/0001-09 |
521,196,307 |
51.20% |
100.00% |
- |
0.00% |
0.00% |
521,196,307 |
51.20% |
May 16, 2016 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.1.3 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
1,042,392,615 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,042,392,615 |
100.00% |
|
3 - Entity: 1.1.1 VBC ENERGIA S/A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
4,337,275 |
100.00% |
98.57% |
62,981 |
100.00% |
1.43% |
4,400,256 |
100.00% |
|
1.1.1.1 Camargo Corrêa Investimento em Infra-Estrutura S.A. |
02.372.232/0001-04 |
2,434,624 |
0.24% |
98.11% |
47,018 |
0.00% |
1.89% |
2,481,642 |
0.24% |
June 2, 2016 |
1.1.1.2 Camargo Corrêa S.A. |
01.098.905/0001-09 |
1,902,651 |
0.19% |
99.17% |
15,963 |
0.00% |
0.83% |
1,918,614 |
0.19% |
October 21, 2015 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.1.1.3 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
4,337,275 |
100.00% |
98.57% |
62,981 |
100.00% |
1.43% |
4,400,256 |
100.00% |
|
4 - Entity: 1.1.2 Camargo Corrêa S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
48,943 |
99.11% |
34.46% |
93,099 |
100.00% |
65.54% |
142,042 |
99.69% |
|
1.1.2.1 Participações Morro Vermelho S.A. |
03.987.192/0001-60 |
48,943 |
0.00% |
34.46% |
93,099 |
0.00% |
65.54% |
142,042 |
0.01% |
April 30, 2012 |
Noncontrolling shareholders |
|
439 |
0.89% |
99.77% |
1 |
0.00% |
0.23% |
440 |
0.31% |
|
1.1.2.2 Treasury stocks |
|
436 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
436 |
0.00% |
|
1.1.2.3 Other shareholders |
|
3 |
0.00% |
75.00% |
1 |
0.00% |
25.00% |
4 |
0.00% |
|
Total |
|
49,382 |
100.00% |
34.66% |
93,100 |
100.00% |
65.34% |
142,482 |
100.00% |
|
5 - Entity: 1.1.3 Camargo Corrêa Investimento em Infra-Estrutura S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1,058,326,175 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,058,326,175 |
100.00% |
|
1.1.3.1 Camargo Corrêa S.A. |
01.098.905/0001-09 |
1,058,326,175 |
103.97% |
100.00% |
- |
0.00% |
0.00% |
1,058,326,175 |
103.97% |
April 28, 2016 |
Noncontrolling shareholders |
|
3 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
3 |
0.00% |
|
1.1.3.2 Other shareholders |
|
3 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
3 |
0.00% |
|
Total |
|
1,058,326,178 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,058,326,178 |
100.00% |
|
6 - Entity: 1.1.2.1 Participações Morro Vermelho S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
2,250,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
2,250,000 |
33.33% |
|
1.1.2.1.1 RCABON Empreendimentos e Participações S.A |
09.594.448/0001-55 |
750,000 |
0.07% |
100.00% |
- |
0.00% |
0.00% |
750,000 |
0.07% |
April 30, 2015 |
1.1.2.1.2 RCNON Empreendimentos e Participações S.A |
09.594.570/0001-21 |
750,000 |
0.07% |
100.00% |
- |
0.00% |
0.00% |
750,000 |
0.07% |
April 30, 2015 |
1.1.2.1.3 RCPODON Empreendimentos e Participações S.A |
09.594.541/0001-60 |
750,000 |
0.07% |
100.00% |
- |
0.00% |
0.00% |
750,000 |
0.07% |
April 30, 2015 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
4,500,000 |
100.00% |
100.00% |
4,500,000 |
66.67% |
|
1.1.2.1.4 RCABPN Empreendimentos e Participações S.A |
09.594.459/0001-35 |
- |
0.00% |
0.00% |
1,498,080 |
0.00% |
100.00% |
1,498,080 |
0.15% |
October 1, 2008 |
1.1.2.1.5 RCNPN Empreendimentos e Participações S.A |
09.594.480/0001-30 |
- |
0.00% |
0.00% |
1,498,080 |
0.00% |
100.00% |
1,498,080 |
0.15% |
October 1, 2008 |
1.1.2.1.6 RCPODPN Empreendimentos e Participações S.A |
09.594.468/0001-26 |
- |
0.00% |
0.00% |
1,498,080 |
0.00% |
100.00% |
1,498,080 |
0.15% |
October 1, 2008 |
1.1.2.1.7 RRRPN Empreendimentos e Participações S.A |
09.608.284/0001-78 |
- |
0.00% |
0.00% |
5,760 |
0.00% |
100.00% |
5,760 |
0.00% |
October 1, 2008 |
1.1.2.1.8 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
2,250,000 |
100.00% |
33.33% |
4,500,000 |
100.00% |
66.67% |
6,750,000 |
100.00% |
|
7 - Entity: 1.1.2.1.1 RCABON Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
749,850 |
100.00% |
99.99% |
90 |
60.00% |
0.01% |
749,940 |
99.99% |
|
1.1.2.1.1.1 Rosana Camargo de Arruda Botelho |
535.804.358-68 |
749,850 |
0.07% |
99.99% |
90 |
0.00% |
0.01% |
749,940 |
0.07% |
December 6, 2012 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
60 |
40.00% |
100.00% |
60 |
0.01% |
|
1.1.2.1.1.2 Other shareholders |
|
- |
0.00% |
0.00% |
60 |
0.00% |
100.00% |
60 |
0.00% |
|
Total |
|
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.02% |
750,000 |
100.00% |
|
8 - Entity: 1.1.2.1.2 RCNON Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
749,850 |
100.00% |
99.99% |
40 |
26.67% |
0.01% |
749,890 |
99.99% |
|
1.1.2.1.2.1 Renata de Camargo Nascimento |
535.804.608-97 |
749,850 |
0.07% |
99.99% |
40 |
0.00% |
0.01% |
749,890 |
0.07% |
October 1, 2008 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
110 |
73.33% |
100.00% |
110 |
0.01% |
|
1.1.2.1.2.2 Other shareholders |
|
- |
0.00% |
0.00% |
110 |
0.00% |
100.00% |
110 |
0.00% |
|
Total |
|
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.02% |
750,000 |
100.00% |
|
9 - Entity: 1.1.2.1.3 RCPODON Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
749,850 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
749,850 |
99.98% |
|
1.1.2.1.3.1 Regina de Camargo Pires Oliveira Dias |
153.204.398-81 |
749,850 |
0.07% |
100.00% |
- |
0.00% |
0.00% |
749,850 |
0.07% |
October 1, 2008 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
150 |
100.00% |
100.00% |
150 |
0.02% |
|
1.1.2.1.3.2 Other shareholders |
|
- |
0.00% |
0.00% |
150 |
0.00% |
100.00% |
150 |
0.00% |
|
Total |
|
749,850 |
100.00% |
99.98% |
150 |
100.00% |
0.02% |
750,000 |
100.00% |
|
(continue) |
98
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
10 - Entity: 1.1.2.1.4 RCABPN Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1,499,940 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,499,940 |
100.00% |
|
1.1.2.1.4.1 Rosana Camargo de Arruda Botelho |
535.804.358-68 |
1,499,940 |
0.15% |
100.00% |
- |
0.00% |
0.00% |
1,499,940 |
0.15% |
December 6, 2012 |
Noncontrolling shareholders |
|
60 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
60 |
0.00% |
|
1.1.2.1.4.2 Other shareholders |
|
60 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
60 |
0.00% |
|
Total |
|
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
|
11 - Entity: 1.1.2.1.5 RCNPN Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1,499,890 |
99.99% |
100.00% |
- |
0.00% |
0.00% |
1,499,890 |
99.99% |
|
1.1.2.1.5.1 Renata de Camargo Nascimento |
535.804.608-97 |
1,499,890 |
0.15% |
100.00% |
- |
0.00% |
0.00% |
1,499,890 |
0.15% |
October 1, 2008 |
Noncontrolling shareholders |
|
110 |
0.01% |
100.00% |
- |
0.00% |
0.00% |
110 |
0.01% |
|
1.1.2.1.5.2 Other shareholders |
|
110 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
110 |
0.00% |
|
Total |
|
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
|
12 - Entity: 1.1.2.1.6 RCPODPN Empreendimentos e Participações S.A |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1,499,850 |
99.99% |
100.00% |
- |
0.00% |
0.00% |
1,499,850 |
99.99% |
|
1.1.2.1.6.1 Regina de Camargo Pires Oliveira Dias |
153.204.398-81 |
1,499,850 |
0.15% |
100.00% |
- |
0.00% |
0.00% |
1,499,850 |
0.15% |
October 1, 2008 |
Noncontrolling shareholders |
|
150 |
0.01% |
100.00% |
- |
0.00% |
0.00% |
150 |
0.01% |
|
1.1.2.1.6.2 Other shareholders |
|
150 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
150 |
0.00% |
|
Total |
|
1,500,000 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1,500,000 |
100.00% |
|
13 - Entity: 1.1.2.1.7 RRRPN Empreendimentos e Participações S.A |
CNPJ or CPF |
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% |
|
1.1.2.1.7.1 Rosana Camargo de Arruda Botelho |
535.804.358-68 |
1,980 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1,980 |
0.00% |
October 1, 2008 |
1.1.2.1.7.2 Renata de Camargo Nascimento |
535.804.608-97 |
1,980 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1,980 |
0.00% |
October 1, 2008 |
1.1.2.1.7.3 Regina de Camargo Pires Oliveira Dias |
153.204.398-81 |
1,980 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1,980 |
0.00% |
October 1, 2008 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.1.2.1.7.4 Other shareholders |
|
- |
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% |
|
14 - Entity: 1.2 Fundo Mútuo de Investimentos em Ações - BB Carteira Livre I |
CNPJ or CPF |
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 |
33.754.482/0001-24 |
130,163,541 |
12.79% |
100.00% |
- |
0.00% |
0.00% |
130,163,541 |
12.79% |
November 3, 2009 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.2.2 Other shareholders |
|
- |
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% |
|
15 - Entity: 1.3 Bonaire Participações S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
66,728,877 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
66,728,877 |
100.00% |
|
1.3.1 Energia São Paulo Fundo de Investimento em Ações |
02.178.371/0001-93 |
66,728,877 |
6.56% |
100.00% |
- |
0.00% |
0.00% |
66,728,877 |
6.56% |
July 21, 2014 |
Noncontrolling shareholders |
|
1 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
0.00% |
|
1.3.2 Other shareholders |
|
1 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
0.00% |
|
Total |
|
66,728,878 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
66,728,878 |
100.00% |
|
16 - Entity: 1.4 Energia São Paulo Fundo de Investimento em Ações |
CNPJ or CPF |
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% |
|
1.4.1 Fundos de Investimento em Cotas de Fundo de Investimento em Participações 114 |
07.792.436/0001-00 |
353,528,507 |
34.73% |
100.00% |
- |
0.00% |
0.00% |
353,528,507 |
34.73% |
November 16, 2004 |
1.4.2 Fundação Petrobras de Seguridade Social - Petros |
34.053.942/0001-50 |
181,405,069 |
17.82% |
100.00% |
- |
0.00% |
0.00% |
181,405,069 |
17.82% |
November 16, 2004 |
1.4.3 Fundação Sabesp de Seguridade Social - Sabesprev |
65.471.914/0001-86 |
4,823,881 |
0.47% |
100.00% |
- |
0.00% |
0.00% |
4,823,881 |
0.47% |
November 16, 2004 |
1.4.4 Fundação Sistel de Seguridade Social |
00.493.916/0001-20 |
256,722,311 |
25.22% |
100.00% |
- |
0.00% |
0.00% |
256,722,311 |
25.22% |
November 16, 2004 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.4.5 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
796,479,768 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
796,479,768 |
100.00% |
|
17 - Entity: 1.4.1 Fundos de Investimento em Cotas de Fundo de Investimento em Participações 114 |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
5,459,656 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
5,459,656 |
100.00% |
|
1.4.1.1 Fundação CESP |
62.465.117/0001-06 |
5,459,656 |
0.54% |
100.00% |
- |
0.00% |
0.00% |
5,459,656 |
0.54% |
November 16, 2004 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.4.1.2 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
5,459,656 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
5,459,656 |
100.00% |
|
18 - Entity: 1.8 BNDES Participações S.A. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
1 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
100.00% |
|
1.8.1 Banco Nacional de Desenvolvimento Econômico e Social |
33.657.248/0001-89 |
1 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
0.00% |
September 4, 1974 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.8.2 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
1 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
100.00% |
|
19 - Entity: 1.8.1 Banco Nacional de Desenvolvimento Econômico e Social |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
6,273,711,452 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
6,273,711,452 |
100.00% |
|
1.8.1.1 Federal Government (Department of Treasury) |
00.394.460/0409-50 |
6,273,711,452 |
616.33% |
100.00% |
- |
0.00% |
0.00% |
6,273,711,452 |
616.33% |
September 28, 2012 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.8.1.2 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
6,273,711,452 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
6,273,711,452 |
100.00% |
|
20 - Entity: 1.9 Brumado Holdings Ltda. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
983,227,791 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
983,227,791 |
100.00% |
|
1.9.1 Antares Holdings Ltda. |
07.341.926/0001-90 |
983,227,791 |
96.59% |
100.00% |
- |
0.00% |
0.00% |
983,227,791 |
96.59% |
April 30, 2015 |
1.9.2 Bradespar S.A. |
03.847.461/0001-92 |
1 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
0.00% |
April 30, 2015 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.9.3 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
983,227,791 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
983,227,791 |
100.00% |
|
21 - Entity: 1.10 Antares Holdings Ltda. |
CNPJ or CPF |
Quotes/common shares |
% |
% Total |
Preferred shares |
% |
% Total |
TOTAL |
% Total |
|
Controlling shareholders |
|
326,999,999 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
326,999,999 |
100.00% |
|
1.10.1 Bradespar S.A. |
03.847.461/0001-92 |
326,999,999 |
32.12% |
100.00% |
- |
0.00% |
0.00% |
326,999,999 |
32.12% |
April 30, 2015 |
1.10.2 NCF Participações S.A. |
04.233.319/0001-18 |
1 |
0.00% |
100.00% |
- |
0.00% |
0.00% |
1 |
0.00% |
April 30, 2015 |
Noncontrolling shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
1.10.3 Other shareholders |
|
- |
0.00% |
0.00% |
- |
0.00% |
0.00% |
- |
0.00% |
|
Total |
|
326,999,999 |
100.00% |
100.00% |
- |
0.00% |
0.00% |
326,999,999 |
100.00% |
|
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.
99
(Free Translation of the original in Portuguese)
Standard Interim Financial Statements – ITR – Date: June 30, 2016 - CPFL Energia S. A
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 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 June 30, 2016, which comprises the balance sheet as of June 30, 2016 and the related statements of income, comprehensive income for the three-month and six-month periods then ended and changes in shareholders' equity and cash flows for the six-month periods then ended, including the explanatory notes.
Management is responsible for the preparation of these individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Reporting and in accordance with the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, and their presentation in accordance with the standards issued by the Brazilian Securities and Exchange Commission (“CVM”) applicable to the preparation of 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 (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 interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and IAS 34 applicable to the preparation of Interim Financial Information - ITR and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission (“CVM”).
Other matters
Statements of value added
We have also reviewed the individual and consolidated statements of value added (“DVA”) for the six-month ended June 30, 2016, prepared under Management's responsibility, the presentation of which is required by the standards issued by the Brazilian Securities and Exchange Commission (“CVM”) applicable to the preparation of Interim Financial Information - ITR and is considered as supplemental information for IFRSs that do not require the presentation of DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that there are not fairly presented, in all material respects, in relation to the individual and consolidated interim financial information taken as a whole.
Campinas, August 1, 2016
DELOITTE TOUCHE TOHMATSU Marcelo Magalhães Fernandes
Auditores Independentes Engagement Partner
100
CPFL ENERGIA S.A. | ||
|
By: |
/S/ GUSTAVO ESTRELLA
|
Name: Title: |
Gustavo Estrella 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.