Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____.
São Paulo, May 08, 2015 – CPFL Energia S.A. (BM&FBOVESPA: CPFE3 and NYSE: CPL), announces its 1Q15 results. The financial and operational information herein, unless otherwise indicated, is presented on a consolidated basis and is in accordance with the applicable legislation. Comparisons are relative to 1Q14, unless otherwise stated.
CPFL ENERGIA ANNOUNCES INCREASE OF 24%
IN EBITDA IN 1Q15
Indicators (R$ Million) |
1Q15 |
1Q14 |
Var. |
Sales within the Concession Area - GWh |
15,114 |
15,507 |
-2.5% |
Captive Market |
11,152 |
11,355 |
-1.8% |
TUSD |
3,962 |
4,153 |
-4.6% |
Gross Operating Revenue(1) |
7,405 |
5,027 |
47.3% |
Net Operating Revenue(1) |
5,059 |
3,739 |
35.3% |
EBITDA (IFRS)(2) |
972 |
787 |
23.5% |
Adjusted EBITDA(3) |
1,146 |
1,086 |
5.5% |
Net Income (IFRS) |
142 |
174 |
-18.4% |
Adjusted Net Income(4) |
300 |
396 |
-24.1% |
Investments |
331 |
240 |
37.8% |
|
|
|
|
Notes:
(1) Disregard construction revenues;
(2) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result, depreciation/amortization, as CVM Instruction no. 527/12;
(3) Adjusted EBITDA considers similar holdings in each of the assets in which CPFL Energia has a stake, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) and excludes the non-recurring effects;
(4) Adjusted Net Income considers similar holdings in each of the assets in which CPFL Energia has a stake, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) and excludes the non-recurring effects.
1Q15 HIGHLIGHTS
• Reduction of 2.5% in sales in the concession area - residential (+0.2%), commercial (+0.5%) and industrial (-5.1%)
• Investments of R$ 331 million in 1Q15
• Anticipation of commercial start-up of Morro dos Ventos II wind farm – CPFL Renováveis (Abr/15)
• Boa Vista II SHPP project, with 26.5 MW of installed capacity and 14 average-MW of assured energy, was winner in the 21st LEN - A-5 Auction (Apr/15)
• CPFL Paulista’s tariff readjustment, in Apr/15, with an average effect of 4.67% on consumer billings
• Definition of the 2nd phase of Public Hearing nr. 23 (methodology of the 4th Cycle of Tariff Revision) in Apr/15
• Approval of the proposal of increase of capital through stock dividend; new shares distributed to shareholders on May 6, 2015
• CPFL Energia’s shares were up 10.7% on BM&FBOVESPA and down 8.4% on NYSE in 1Q15
• CPFL Energia released on March 30 its 2014 Annual Report, based on the GRI G4 guidelines and, for the 1st time, on the IIRC structure
|
1Q15 Results | May 08, 2015 |
INDEX | |
1) MESSAGE FROM THE CEO | 4 |
2) MACROECONOMIC CONTEXT | 5 |
3) ENERGY SALES | 7 |
3.1) Sales within the Distributors Concession Area | 7 |
3.1.1) Sales by segment Concession Area | 8 |
3.1.2) Sales to the Captive Market | 8 |
3.1.3) TUSD | 9 |
3.2) Generation Installed Capacity | 9 |
4) INFORMATION ON INTEREST IN COMPANIES AND CRITERIA OF FINANCIAL STATEMENTS | |
CONSOLIDATION | 10 |
4.1) Consolidation of CPFL Renováveis Financial Statements | 11 |
4.2) Presentation of adjusted figures | 12 |
5) ECONOMIC-FINANCIAL PERFORMANCE | 12 |
5.1) Sectorial Financial Assets and Liabilities | 12 |
5.2) Operating Revenue | 13 |
5.3) Cost of Electric Energy | 13 |
5.4) Operating Costs and Expenses | 14 |
5.5) EBITDA | 16 |
5.6) Financial Result | 16 |
5.7) Net Income | 17 |
6) DEBT | 17 |
6.1) Financial Debt (Including Hedge) | 17 |
6.2) Debt Amortization Schedule | 19 |
6.3) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund) | 19 |
6.4) Net Debt and Leverage | 21 |
7) INVESTMENTS | 22 |
8) ALLOCATION OF RESULTS | 23 |
9) STOCK MARKET | 24 |
9.1) Share Performance | 24 |
9.2) Average Daily Volume | 25 |
9.3) Ratings | 26 |
10) CORPORATE GOVERNANCE | 26 |
11) CURRENT SHAREHOLDERS STRUCTURE 03/31/2015 | 28 |
12) PERFORMANCE OF THE BUSINESS SEGMENTS | 29 |
12.1) Distribution Segment | 29 |
12.1.1) Economic-Financial Performance | 29 |
12.1.1.1) Sectorial Financial Assets and Liabilities | 29 |
12.1.1.2) Operating Revenue | 29 |
12.1.1.3) Cost of Electric Power | 31 |
12.1.1.4) Operating Costs and Expenses | 32 |
12.1.1.5) EBITDA | 33 |
12.1.1.6) Financial Result | 33 |
12.1.1.7) Net Income | 34 |
12.1.2) Annual Tariff Adjustment | 34 |
12.1.3) 2015 Extraordinary Tariff Review (RTE) | 35 |
12.1.4) Operating Performance of the Distribution Segment | 36 |
Página 2 de 58
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1Q15 Results | May 08, 2015 |
12.2) Commercialization and Services Segments | 37 |
12.3) Conventional Generation Segment | 37 |
12.3.1) Economic-Financial Performance | 37 |
12.4) CPFL Renováveis | 40 |
12.4.1) Economic-Financial Performance | 40 |
12.4.2) Status of Generation Projects 100% Participation | 42 |
13) ATTACHMENTS | 44 |
13.1) Statement of Assets CPFL Energia | 44 |
13.2) Statement of Liabilities CPFL Energia | 45 |
13.3) Income Statement CPFL Energia (IFRS) | 46 |
13.4) Income Statement CPFL Energia (Adjusted) | 47 |
13.5) Cash Flow CPFL Energia | 48 |
13.6) Income Statement Conventional Generation Segment (IFRS) | 49 |
13.7) Income Statement Conventional Generation Segment (Adjusted) | 50 |
13.8) Income Statement CPFL Renováveis (IFRS) | 51 |
13.9) Income Statement CPFL Renováveis (Adjusted) | 52 |
13.10) Income Statement Distribution Segment (IFRS) | 53 |
13.11) Income Statement Distribution Segment (Adjusted) | 54 |
13.12) Economic-Financial Performance Distributors | 55 |
13.13) Sales within the Concession Area by Distributor (in GWh) | 57 |
13.14) Sales to the Captive Market by Distributor (in GWh) | 58 |
Página 3 de 58
|
1Q15 Results | May 08, 2015 |
The year 2015 started on a highly challenging note, with the worst January in terms of rainfall in the Southeast region, which accounts for 70% of the storage capacity of Brazil’s reservoirs. This phenomenon forced the National Electricity System Operator (ONS) to maintain energy supply by thermal plants at full steam. Fortunately, heavier rainfall since the end of March has considerably reduced the risk of electricity shortfall in the country in 2015.
At the end of February, ANEEL approved increases in the Tariff Flags to R$55/MWh (red flag) and R$25/MWh (yellow flag), so that actual costs incurred by distributors with involuntary exposure, thermal dispatch and ESS are better reflected in consumer tariffs. ANEEL also authorized the Extraordinary Tariff Reviews, implemented in early March, to transfer the significant increases in the Energy Development Account (CDE) quota, which will no longer be subsidized by the National Treasury, and to transfer the increase in energy acquisition costs, especially the portion paid for Itaipu and energy purchased through regulated auctions. Both mechanisms will help reduce the cash gap at energy distributors and will significantly improve their working capital during the course of 2015 and 2016. In accumulated CVAs alone, the CPFL group had R$ 1.3 billion receivable at the end of 1Q15, which will be charged in the tariffs after the Ordinary Adjustment is made by all the distributors.
Energy consumption in the concession area of the group’s distributors decreased by 2.5% from 1Q14, caused by a combination of slowdown in industrial activity, which registered a 5.1% drop in consumption, and the stability in residential and commercial consumption, which increased 0.3%. The low growth in these classes is explained by the high comparison base in 1Q14, which registered extraordinary growth of 12.6% on account of record temperatures. In a more realistic comparison, between 1Q15 and 1Q13, average annual growth of the residential and commercial classes combined stood at 6.3%.
In April, ANEEL announced the results of the second phase of Public Hearing 23/2014, relating to the methodologies for the 4th Tariff Review Cycle of distributors. Items such as Operating Costs, Other Revenues, Losses, General Procedures and others have now been finalized and we are assessing the impact of these changes on our operations. In April, ANEEL also began discussions on the Regulatory Remuneration Base, the last pending item in the tariff review methodology.
Conventional power generation continues to suffer from the effects of the Generation Scaling Factor (GSF), due to lower hydroelectric generation and the need to buy energy to honor contracted energy requirements. Nevertheless, CPFL has been working together with companies, entities representing the industry and the government to find solutions for GSF that increase system safety and reduce the financial impacts for generation companies.
In the renewable energies segment, we wish to highlight the operational startup of the Morro dos Ventos wind farm (29.2 MW) on April 16, 2015. By the end of 2015, the energy generated by the wind farm be injected into the system and sold in the spot market; in January 2016 starts the energy sales agreement of the A-5 auction of 2011. With this, the operating capacity of our subsidiary CPFL Renováveis has increased to 1,802 MW.
Apart from the early startup of Morro dos Ventos, we also wish to highlight the commercialization, in the 21st A-5 Energy Auction held on April 30, 2015, of 14.0 average MW of energy from Boa Vista II, a small hydroelectric plant with installed capacity of 26.5 MW, located in Minas Gerais. The agreement will be for 30 years, with energy supply starting in 2020. However, development of new private funding sources has become necessary to sustain the impending growth of the sector, given the declining participation of BNDES as a source of financing for new generation and transmission projects and for distribution activities.
The Commercialization segment continues to deliver positive results, surpassing the targets set by the company despite the scenario of low liquidity in the energy market and the drop in spot market energy prices, which reduces the income generation opportunities for the commercialization business.
Página 4 de 58
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1Q15 Results | May 08, 2015 |
All of us at the CPFL group remain committed to overcoming the challenges posed by the macroeconomic slowdown, by the severe hydrological conditions in the recent past and by the increase in consumer tariffs, all of which bring uncertainties about market performance in the concession area of the distributors. But, above all, CPFL always seeks structural solutions for Brazil’s electricity sector that bring sustainability to the country’s energy matrix and to our businesses.
Wilson Ferreira Jr.
CEO of CPFL Energia
The last quarter was marked by a continuation of the trend of moderate acceleration in advanced economies and deceleration in emerging economies. Advanced economies responded positively to the monetary stimulus packages implemented by central banks in the eurozone and Japan.
Though underpinned by strong fundamentals, the U.S. economy suffered a slight slowdown at the start of the year, heavily influenced by weather factors. As a result, U.S. industrial production closed 1Q15 with growth of 3.2% over 1Q14 and contraction of 0.1% compared to 4Q14 (seasonally adjusted). In the same comparison, retail sales advanced 2.2% over 1Q14 and slowed at the margin (-1.3% vs. 4Q14, seasonally adjusted).
Slower growth was observed in various sectors, including consumer spending, residential investment and monthly job creation. Consumer confidence and industry sentiment indicators (Michigan University, Conference Board and Institute for Supply Management) registered declines in their last readings (March 2015), but have remained in positive territory for over 2 years, which reinforces expectations of annual GDP growth above 3% in the next two years.
In the eurozone, improvement in macroeconomic indicators was driven by I-) a well-received monetary stimulus program, II-) the depreciation in the euro, and III-) lower oil prices. In the first two months of 2015, retail sales increased 3.0% on the same period of 2014 (outpacing the 1.3% growth at the end of 2014 compared to the same period of 2013), further reinforcing the bias towards a recovery. Economic surveys of industry and services (Markit) remain in positive territory and optimistic.
Moreover, the euro's depreciation against the U.S. dollar and Chinese yuan provides new stimulus for support, while lower oil prices reduce production costs, increasing disposable income and tend to leverage investment. With this, expectations for the eurozone call for GDP growth of 1.5% versus 2014, up from the expectation in December 2014 (+1.1% vs. 2014).
In Asia, the highlight is the process to rebalance the Chinese economy to attain stronger growth supported by private-sector spending. As a result, public-sector spending has slowed, the services sector has accelerated and reforms to improve the quality of life among the general public are being implemented.
Chinese GDP ended 1Q15 with growth of 7.0% on 1Q14 (compared to 7.3% in 4Q14). China’s GDP is expected to grow 6.8% in 2015 and 6.3% in the following year. World GDP is expected to grow 3.5% in 2015 and 3.8% in 2016.
Página 5 de 58
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1Q15 Results | May 08, 2015 |
GDP forecasts for 2015 and 2016 (%) | selected economies
Source and forecasts: IMF
In Brazil, the performance of industrial production remains disappointing, ended the first two months of 2015 down 7.1% from the same period in 2014, reflecting the weak performance of capital goods and durable consumer goods, which contracted by more than 10% in the first two months of 2015 in comparison with the same period of 2014. It must be noted, however, that the first two months of 2015 had fewer business days than 2014 (Carnival, a mobile holiday), which distorted the comparison.
In 1Q15, data for the auto industry data shows a 14.3% drop in vehicle production from 1Q14, in a scenario of high inventories and a downward trend in new licenses. The chain accounts for nearly 25% of the industrial sector, suggesting a continuation of the downward trend.
Indicators for industry and consumer sentiment further reaffirm the outlook for slow growth in 2015. The most notable component of the consumer confidence indicator is the level of domestic demand, which in March 2015 registered its lowest level of the last 12 years.
This negative scenario for domestic demand is the result of deceleration in the wage bill combined with a contraction in credit, the loss of jobs in the formal economy and political uncertainties. These indicators affected consumer sentiment, which in turn affected household purchasing and investment decisions.
As a result, the cumulative wage bill in 1Q15 fell by 1.1% compared to 1Q14 (after growing 2.7% in 2014 on 2013), due to deceleration in the mean wage and a decline in employment (which explains the upturn in the unemployment rate to 6.2% of the labor force in March 2015).
The effect of the weaker labor market can be seen in retail sales, which fell by 1.2% in the first two months of 2015 compared to the same period of 2014. The slowdown in the retail industry is stronger in sectors dependent on credit (e.g., furniture and major appliances). This trend is reflected clearly by the consumer confidence index and the tighter credit conditions for individuals.
As such, the indicators available to date point to slower economic growth this year (the consensus forecast calls for Brazil's GDP growth to go from 0.1% in 2014 to 1.2% in 2015)1, due to stagnant income growth, deterioration in sentiment indicators, high inventories at manufacturers, tight credit conditions and uncertainties regarding the government's monetary policy.
For 2016, GDP forecasts point to growth of 1.0% over 2015.
1 Market Readout 04/30/2015
Página 6 de 58
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1Q15 Results | May 08, 2015 |
Brazil GDP | Annual growth (%)
Source: IBGE
3.1) Sales within the Distributors’ Concession Area
In 1Q15, Sales within the concession area, achieved by the distribution segment, totaled 15,114 GWh, an decrease of 2,5%.
Sales within the Concession Area - GWh | |||
|
1Q15 |
1Q14 |
Var. |
Captive Market |
11,152 |
11,355 |
-1.8% |
TUSD |
3,962 |
4,153 |
-4.6% |
Total |
15,114 |
15,507 |
-2.5% |
In 1Q15, sales to the captive market totaled 11,152 GWh, an decrease of 1.8%. The energy volume, in GWh, consumed by free customers in the distributors’ concession areas, billed through the Distribution System Usage Tariff (TUSD), reached 3,962 GWh in 1Q15, an decrease of 4.6%, reflecting the adverse macroeconomic scenario that affects the industrial class.
Sales within the Concession Area - GWh | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
4,471 |
4,462 |
0.2% |
Industrial |
5,749 |
6,056 |
-5.1% |
Commercial |
2,728 |
2,715 |
0.5% |
Others |
2,167 |
2,273 |
-4.7% |
Total |
15,114 |
15,507 |
-2.5% |
Noteworthy in 1Q15, in the concession area:
· Residential and commercial segments (29.6% and 18.0% of total sales, respectively): up by 0.2% and 0.5%, respectively. This modest increase reflects the effect of high temperature in the beginning of 2014. Considered the average annual growth 2013 to 2015 there has been a variation of 6.3 % per year, keeping pace with historical growth. It is noteworthy that these classes continue to be favored by the accumulated effects in recent years in terms of employment, income and credit that stimulated the increase of home appliances stocks and sales dynamism of trade.
Página 7 de 58
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1Q15 Results | May 08, 2015 |
· Industrial segment (38.0% of total sales): decrease of 5.1%, due to the poor performance of industrial production in recent months reflecting the lower volume of exports, unfavorable expectations of entrepreneurs, high inventories and adverse national scene, and infrastructure deficiencies. This result was influenced mainly by CPFL Paulista, which recorded the biggest drop among the distributors (-5.7 % or 164 GWh).
3.1.1) Sales by segment – Concession Area
3.1.2) Sales to the Captive Market
Sales to the Captive Market - GWh | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
4,471 |
4,462 |
0.2% |
Industrial |
2,073 |
2,152 |
-3.7% |
Commercial |
2,487 |
2,515 |
-1.1% |
Others |
2,122 |
2,225 |
-4.7% |
Total |
11,152 |
11,355 |
-1.8% |
Note: The tables with captive market sales by distributor are attached to this report in item 13.11.
The drop in retail sales is mainly due to high temperatures in early 2014 that were not repeated to the same degree at the beginning of 2015 in areas served by CPFL Energia. The reduction in sales in the industrial segment, in turn, reflects the weak industry performance, as explained above.
Página 8 de 58
|
1Q15 Results | May 08, 2015 |
3.1.3) TUSD
TUSD - GWh | |||
|
1Q15 |
1Q14 |
Var. |
Industrial |
3,676 |
3,904 |
-5.9% |
Commercial |
241 |
200 |
20.5% |
Others |
45 |
48 |
-6.3% |
Total |
3,962 |
4,153 |
-4.6% |
TUSD by Distributor - GWh | |||
|
1Q15 |
1Q14 |
Var. |
CPFL Paulista |
1,932 |
2,023 |
-4.5% |
CPFL Piratininga |
1,455 |
1,530 |
-4.9% |
RGE |
468 |
497 |
-5.8% |
CPFL Santa Cruz |
12 |
12 |
0.3% |
CPFL Jaguari |
19 |
18 |
6.8% |
CPFL Mococa |
6 |
7 |
-7.3% |
CPFL Leste Paulista |
11 |
12 |
-8.7% |
CPFL Sul Paulista |
58 |
54 |
8.4% |
Total |
3,962 |
4,153 |
-4.6% |
3.2) Generation Installed Capacity
In 1Q15, the Generation installed capacity of CPFL Energia, considering the stake in each project, reached 3,114 MW of installed capacity, an increase of 5.8% compared to 1Q14. This increase is mainly due to the addition of Macacos I (2Q14) wind farms. The association of CPFL Renováveis with Dobrevê Energia S.A. (DESA) was concluded in September, 2014, effectively as of October, 2014, adding 277.6 MW of installed capacity in operation and 53.2 MW of installed capacity in construction.
Generation Installed Capacity | MW
Note: Take into account CPFL Energia’s 51.6% stake in CPFL Renováveis as of 03/31/2015.
Página 9 de 58
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1Q15 Results | May 08, 2015 |
The interests directly or indirectly held by CPFL Energia in its subsidiaries and jointly-owned entities are described bellow. Except for: (i) the jointly-owned entities ENERCAN, BAESA, Foz do Chapecó and EPASA, that, as from January 1, 2013 (and for comparative purpose for the balances of 2012) are no longer proportionally consolidated in the Company’s financial statements, being their assets, liabilities and results accounted for using the equity method of accounting, and (ii) the investment in Investco S.A. recorded at cost by the subsidiary Paulista Lajeado, the other units are fully consolidated.
As of March 31, 2015 and 2014, the participation of non-controlling interests stated in the consolidated statements refers to the third-party interests in the subsidiaries Ceran, Paulista Lajeado and CPFL Renováveis.
Energy distribution |
Company Type |
Equity Interest |
Location (State) |
Number of municipalities |
Approximate number of consumers |
Concession term |
End of the concession | |||||||
Companhia Paulista de Força e Luz ("CPFL Paulista") |
Publicly-quoted corporation |
Direct |
Interior of São Paulo |
234 |
4,155 |
30 years |
November 2027 | |||||||
Companhia Piratininga de Força e Luz ("CPFL Piratininga") |
Publicly-quoted corporation |
Direct |
Interior and coast of São Paulo |
27 |
1,631 |
30 years |
October 2028 | |||||||
Rio Grande Energia S.A. ("RGE") |
Publicly-quoted corporation |
Direct |
Interior of Rio Grande do Sul |
255 |
1,423 |
30 years |
November 2027 | |||||||
Companhia Luz e Força Santa Cruz ("CPFL Santa Cruz") |
Private corporation |
Direct |
Interior of S. Paulo and Paraná |
27 |
203 |
16 years |
July 2015 | |||||||
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") |
Private corporation |
Direct |
Interior of São Paulo |
7 |
56 |
16 years |
July 2015 | |||||||
Companhia Jaguari de Energia ("CPFL Jaguari") |
Private corporation |
Direct |
Interior of São Paulo |
2 |
39 |
16 years |
July 2015 | |||||||
Companhia Sul Paulista de Energia ("CPFL Sul Paulista") |
Private corporation |
Direct |
Interior of São Paulo |
5 |
81 |
16 years |
July 2015 | |||||||
Companhia Luz e Força de Mococa ("CPFL Mococa") |
Private corporation |
Direct |
Interior of S. Paulo and Minas Gerais |
4 |
45 |
16 years |
July 2015 |
Installed capacity | ||||||||||||
Energy generation (conventional and renewable sources) |
Company Type |
Equity Interest |
Location (State) |
Number of plants / type of energy |
Total |
CPFL participation | ||||||
CPFL Geração de Energia S.A. ("CPFL Geração") |
Publicly-quoted corporation |
Direct |
São Paulo and Goiás |
1 Hydroelectric, 1 SHPs and 1 Thermal |
694 MW |
694 MW | ||||||
CERAN - Companhia Energética Rio das Antas ("CERAN") |
Private corporation |
Indirect |
Rio Grande do Sul |
3 Hydroelectric |
360 MW |
234 MW | ||||||
Foz do Chapecó Energia S.A. ("Foz do Chapecó")(1) |
Private corporation |
Indirect |
Santa Catarina and |
1 Hydroelectric |
855 MW |
436 MW | ||||||
Campos Novos Energia S.A. ("ENERCAN")(1) |
Private corporation |
Indirect |
Santa Catarina |
1 Hydroelectric |
880 MW |
429 MW | ||||||
BAESA - Energética Barra Grande S.A. ("BAESA")(1) |
Publicly-quoted corporation |
Indirect |
Santa Catarina and |
1 Hydroelectric |
690 MW |
173 MW | ||||||
Centrais Elétricas da Paraíba S.A. ("EPASA")(1) |
Private corporation |
Indirect |
Paraíba |
2 Thermals |
342 MW |
195 MW | ||||||
Paulista Lajeado Energia S.A. ("Paulista Lajeado") |
Private corporation |
Indirect |
Tocantins |
1 Hydroelectric |
903 MW |
63 MW | ||||||
CPFL Energias Renováveis S.A. ("CPFL Renováveis") |
Publicly-quoted corporation |
Indirect |
São Paulo, Minas Gerais, Mato Grosso, Santa Catarina, Ceará, Rio Grande do Norte, Paraná and Rio Grande do Sul |
See item 11.4.2 |
See item 11.4.2 |
See item 11.4.2 | ||||||
CPFL Centrais Geradoras Ltda. ("CPFL Centrais Geradoras") |
Limited company |
Direct |
São Paulo |
3 SHPs and 6 MHPs |
24 MW |
24 MW |
Notes:
(1) Due to changes in the accounting standards, these companies are treated as joint arrangements and as from January 1, 2013 (and for comparative purpose for the balances of 2012) are no longer proportionally consolidated in the Company’s financial statements. Their assets, liabilities and results are accounted for using the equity method of accounting;
(2) Paulista Lajeado has a 7% stake in the installed capacity of Investco S.A..
Página 10 de 58
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1Q15 Results | May 08, 2015 |
Energy commercialization and services |
Company Type |
Core activity |
Equity Interest | |||
CPFL Comercialização Brasil S.A. ("CPFL Brasil") |
Private corporation |
Energy commercialization |
Direct | |||
Clion Assessoria e Comercialização de Energia Elétrica Ltda. ("CPFL Meridional") |
Limited company |
Commercialization and provision of energy services |
Indirect | |||
CPFL Comercialização Cone Sul S.A. ("CPFL Cone Sul") |
Private corporation |
Energy commercialization |
Indirect | |||
CPFL Planalto Ltda. ("CPFL Planalto") |
Limited company |
Energy commercialization |
Direct | |||
CPFL Brasil Varejista S.A. ("CPFL Brasil Varejista") |
Private corporation |
Energy commercialization |
Indirect | |||
CPFL Serviços, Equipamentos, Industria e Comércio S.A. ("CPFL Serviços") |
Private corporation |
Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision |
Direct | |||
NECT Serviços Administrativos Ltda. ("Nect")(1) |
Limited company |
Provision of administrative services |
Direct | |||
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") |
Limited company |
Provision of telephone answering services |
Direct | |||
CPFL Total Serviços Administrativos Ltda. ("CPFL Total")(2) |
Limited company |
Billing and collection services |
Direct | |||
CPFL Telecom S.A. ("CPFL Telecom")(3) |
Private corporation |
Telecommunication services |
Direct | |||
CPFL Transmissão Piracicaba S.A. |
Private corporation |
Electric energy transmission services |
Indirect | |||
CPFL Eficiência Energética S.A ("CPFL ESCO") (4) |
Private corporation |
Management in Energy Efficiency |
Direct | |||
CPFL Transmissora Morro Agudo S.A. ("CPFL Transmissão Morro Agudo") |
Private corporation |
Electric energy transmission services |
Direct | |||
CPFL TI Nect Serviços de Informática Ltda. (CPFL TI Nect) |
Limited company |
IT services |
Direct | |||
(1) Former Chumpitaz Serviços S.A.; |
||||||
(2) Former Bio Anicuns S.A.; |
||||||
(3) Former Bio Itapaci S.A.. |
||||||
(4) Former CPFL Participações S.A. |
||||||
Other |
Company Type |
Core activity |
Equity Interest | |||
CPFL Jaguariúna Participações Ltda. ("CPFL Jaguariúna") |
Limited company |
Venture capital company |
Direct | |||
CPFL Jaguari de Geração de Energia Ltda. ("Jaguari Geração") |
Limited company |
Venture capital company |
Direct | |||
Chapecoense Geração S.A. ("Chapecoense") |
Private corporation |
Venture capital company |
Indirect | |||
Sul Geradora Participações S.A. ("Sul Geradora") |
Private corporation |
Venture capital company |
Indirect |
4.1) Consolidation of CPFL Renováveis Financial Statements
On March 31, 2015, CPFL Energia indirectly held 51.61% of CPFL Renováveis, through its subsidiary CPFL Geração.
CPFL Renováveis has been fully consolidated (100%, line by line), in CPFL Energia’s financial statements since August 1, 2011, and the interest held by the non-controlling shareholders has been mentioned bellow the net income line (in the Financial Statements), as “Non-Controlling Shareholders’ Interest”, and in the Shareholders Equity (in the Balance Sheet) in the line with the same name.
Página 11 de 58
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1Q15 Results | May 08, 2015 |
4.2) Presentation of adjusted figures
As of the 1Q14, the presentation of adjusted figures considers similar holdings in each of the assets in which CPFL Energia has a stake. Therefore, the result of adjusted figures already excludes non-controlling shareholders’ interests.
Consolidated Income Statement – CPFL ENERGIA (IFRS – R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenue (IFRS)(1) |
7,405,069 |
5,027,053 |
47.3% |
Net Operating Revenue (IFRS)(1) |
5,059,260 |
3,738,540 |
35.3% |
Cost of Electric Power (IFRS) |
(3,597,851) |
(2,552,244) |
41.0% |
Operating Costs & Expenses (IFRS) |
(1,051,362) |
(937,733) |
12.1% |
EBIT (IFRS) |
640,855 |
437,333 |
46.5% |
EBITDA (IFRS)(2) |
972,196 |
787,301 |
23.5% |
Financial Income (Expense) (IFRS) |
(366,729) |
(222,905) |
64.5% |
Income Before Taxes (IFRS) |
291,250 |
285,503 |
2.0% |
Net Income (IFRS) |
142,310 |
174,402 |
-18.4% |
Consolidated Income Statement - CPFL ENERGIA (Pro-forma - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenue (IFRS)(1) |
7,345,686 |
5,131,088 |
43.2% |
Net Operating Revenue (IFRS)(1) |
5,029,752 |
3,851,150 |
30.6% |
Cost of Electric Power (IFRS) |
(3,288,570) |
(2,177,255) |
51.0% |
Operating Costs & Expenses (IFRS) |
(1,105,745) |
(1,040,892) |
6.2% |
EBIT (IFRS) |
866,244 |
821,773 |
5.4% |
EBITDA (IFRS)(2) |
1,145,799 |
1,085,622 |
5.5% |
Financial Income (Expense) (IFRS) |
(355,609) |
(198,663) |
79.0% |
Income Before Taxes (IFRS) |
510,635 |
622,157 |
-17.9% |
Net Income (IFRS) |
300,335 |
395,537 |
-24.1% |
Notes:
(1) Disregard construction revenues;
(2) Adjusted figures take into account CPFL’s equivalent stake in each generation project, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) of 1Q14 and disregard non-recurring effects. Since 1Q14, the old regulatory assets and liabilities, now called sectorial financial assets and liabilities, were recognized by the IFRS;
(3) EBITDA is calculated from the sum of net income, taxes, financial result and depreciation/amortization, according to CVM Instruction no. 527/12.
On November 25, 2014, through Dispatch no. 4,621, Aneel approved the amendment to concession agreements of distribution companies, in order to include a specific clause guaranteeing that the balance remaining of any insufficient payment or reimbursement of tariff due to termination of the concession, for any reason, will be indemnified.
Página 12 de 58
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1Q15 Results | May 08, 2015 |
After this change, the Securities and Exchange Commission of Brazil (CVM) approved, on December 9, 2014, through Resolution no. 732, the recognition of assets and liabilities that were previously called “regulatory assets and liabilities” in the financial statements of distribution companies, which are now called “sectorial financial assets and liabilities”.
By the end of 2014, the accumulated balance of regulatory assets and liabilities until December 31, 2014 was accounted, in the amount of R$ 831 million (net of PIS and Cofins). In 1Q15, sectorial financial assets and liabilities, in the amount of R$ 625 million, net of PIS and Cofins, were recorded.
Disregarding the revenue from the construction of concession infrastructure, gross operating revenue (IFRS) reached R$ 7,405 million in 1Q15, an increase of 47.3% (R$ 2,378 million). The adjusted gross operating revenue was of R$ 7,346 million, an increase of 43.2% (R$ 2,215 million).
Net operating revenue (IFRS disregarding the revenue from the construction of concession infrastructure) reached R$ 5,059 million in 1Q15, an increase of 35.3% (R$ 1,321 million). The adjusted net operating revenue, disregarding the revenue from the construction of concession infrastructure, amounted to R$ 5,030 million, an increase of 30.6% (R$ 1.179 million).
The increase in net operating revenue, already considering revenue eliminations, was mainly caused by the following factors:
· Increase of revenues in the Distribution segment, in the amount of R$ 1,283 million (for more details, see item 12.1.1);
· Increase of revenues in CPFL Renováveis, in the amount of R$ 45 million;
Partially offset by:
· Increase of revenues in the Conventional Generation segment, in the amount of R$ 116 million;
· Increase of revenues in the Commercialization and Services segment, in the amount of R$ 33 million.
The cost of electric energy (IFRS), comprising the purchase of electricity for resale and charges for the use of the distribution and transmission system, amounted to R$ 3,598 million in 1Q15, representing an increase of 41.0% (R$ 1,046 million). The adjusted cost of electric energy was R$ 3,289 million in 1Q15, an increase of 51.0% (R$ 1,111 million). The factors that explain these variations follow below:
· The cost of electric power purchased for resale (IFRS) in 1Q15 reached R$ 3,204 million, an increase of 35.8% (R$ 844 million). The adjusted cost of electric power purchased for resale in 1Q15 was R$ 2,890 million, an increase of 46.1% (R$ 911 million). The increase reflects the higher prices of purchased energy and the volume of electricity purchased for resale, the lower energy purchases and prices in the spot market and the recording of ACR account loans in 1Q14, which was not repeated this year. This can be detailed by the variations below:
(i) Increase in the cost of energy purchased through auction in the regulated environment and bilateral contracts (R$ 566 million), mainly caused by the increase of 27.3% in the average purchase price (R$ 223.73/MWh in 1Q15 vs R$ 175.70/MWh in 1Q14) and of 6.4% (581 GWh) in the volume of purchased energy;
(ii) Increase in the cost of energy from Itaipu (R$ 265 million), mainly caused by the increase of 79.4% in the average purchase price (R$ 239.45/MWh in 1Q15 vs R$ 133.44/MWh in 1Q14), partially offset by decrease of 1.1% (29 GWh) in the volume of purchased energy;
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1Q15 Results | May 08, 2015 |
(iii) The recording of ACR account loans in 1Q14, in the amount of R$ 1,170 million, in order to cover costs with involuntary exposure and thermal dispatch in the distribution companies;
Partially offset by:
(iv) Decrease in the amount of energy purchased in the spot market (38.7% or 927 GWh) and in the spot prices (R$ 388.48/MWh in 1Q15 vs R$ 674,63 in 1Q14).
In addition to these effects, we note the following variations:
(v) Increase in PIS and Cofins tax credits, generated from the energy purchase (R$ 74 million);
(vi) Lower costs with Proinfa (R$ 3 million).
· Charges for the use of the transmission and distribution system (IFRS) reached R$ 394 million in 1Q15, an increase of 104.9% (R$ 202 million) if compared to 1Q14. In adjusted numbers, charges for the use of the transmission and distribution system were R$ 400 million in 1Q15, an increase of 100.1% (R$ 200 million), due to the following factors:
(i) Increase of 365.6% in the system service usage charges – ESS (R$ 134 million), due to the spot price (PLD) reduction;
(ii) Increase of 50.7% in the basic network charges (R$ 78 million), mainly in CPFL Paulista (R$ 39 million), CPFL Piratininga (R$ 17 million) and RGE (R$ 12 million) due to the readjustment of 8.1% in the agreements between distribution and transmission companies in July 2014 and changes in the methodology for the apportionment of TUST-rb;
(iii) Other effects (R$ 9 million);
Partially offset by:
(iv) Decrease of 108.7% in PIS and Cofins tax credits, generated from the sector charges (R$ 20 million).
5.4) Operating Costs and Expenses
Operating costs and expenses (IFRS + Construction Costs) were R$ 1,051 million in 1Q15, an increase of 12.1% (R$ 114 million). Adjusted operating costs and expenses were R$ 1,106 million in 1Q15 (R$ 65 million), an increase of 6.2%, due to the following factors:
· The adjusted PMSO item, that reached R$ 580 million in 1Q15, compared to R$ 575 million in 1Q14, registering an increase of 0.8% (R$ 4 million);
· Increase of 21.9% (R$ 41 million) in the cost of building the infrastructure of the concession (which does not affect the results because of the related revenue, in the same amount). This item, which reached R$ 230 million in 1Q15, has its counterpart in the “operating revenue”;
· Depreciation and Amortization, which represented an increase of 5.6% (R$ 15 million), are mainly explained (i) by the depreciation of assets that came to operate in CPFL Renováveis (R$ 7 million) and (ii) Distribution segment (R$ 4 million);
· Increase of 35.7% in the Private Pension Fund expenses (R$ 4 million);
Página 14 de 58
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1Q15 Results | May 08, 2015 |
The table below lists the main variations in PMSO:
MANAGERIAL ADJUSTMENTS ON PMSO, FOR COMPARISON PURPOSES (in millions of Reais) | ||||
|
1Q15 |
1Q14 |
Variation | |
|
R$ MM |
% | ||
Reported PMSO (IFRS) |
|
|
|
|
Personnel |
(225.0) |
(196.7) |
(28.4) |
14.4% |
Material |
(32.2) |
(27.9) |
(4.3) |
15.4% |
Outsourced Services |
(135.9) |
(119.4) |
(16.5) |
13.8% |
Other Operating Costs/Expenses |
(97.8) |
(114.4) |
16.6 |
-14.5% |
Reported PMSO (IFRS) - (A) |
(490.9) |
(458.3) |
(32.6) |
7.1% |
Proportional Consolidation + Sectorial financial assets and liabilities in 1Q14 |
|
|
|
|
Personnel |
5.3 |
4.3 |
|
|
Material |
(99.9) |
(107.6) |
|
|
Outsourced Services |
8.5 |
2.5 |
|
|
Other Operating Costs/Expenses |
(2.7) |
(16.1) |
|
|
Total Proportional Consolidation + Sectorial financial assets and liabilities in 1Q14 - (B) |
(88.8) |
(117.0) |
28.2 |
-24.1% |
Adjusted PMSO |
|
|
|
|
Personnel |
(219.7) |
(192.4) |
(27.3) |
14.2% |
Material |
(132.1) |
(135.5) |
3.5 |
-2.6% |
Outsourced Services |
(127.3) |
(116.9) |
(10.5) |
9.0% |
Other Operating Costs/Expenses |
(100.6) |
(130.5) |
30.0 |
-23.0% |
Total Adjusted PMSO - (C) = (A) + (B) |
(579.7) |
(575.3) |
(4.4) |
0.8% |
This variation is explained mainly by the following aspects:
(i) Personnel expenses, that recorded an increase of 14.2% (R$ 27 million), mainly due to (i.a) Collective Bargaining Agreement (R$ 11 million); (i.b) increase in the Services segment business, due to business expansion of CPFL Serviços, CPFL Atende, CPFL Total and Nect (R$ 8 million), (i.c) provision for Profit Sharing Program (R$ 3 million) and (i.d) insourcing of activities of the Commercial Technical Service in the Distribution segment (R$ 4 million);
(ii) Out-sourced services expenses, which registered an increase of 9.0% (R$ 11 million), mainly in the CPFL Paulista (R$ 7 million); RGE (R$ 4 million) and CPFL Piratininga (R$ 3 million) due to increase in the Distribution segment related to call center services, meter reading, tree pruning, cutbacks, hardware and software maintenance, combat fraud and others; and
Partially offset by:
(iii) Decrease of 2.6% in Material (R$ 4 million), mainly explained by iii.a)additional material expenses related to the oil acquisition by Epasa (Termonordeste TPP and Termoparaíba TPP), that reduced R$ 9 million in Conventional Generation in opposition to increase in the Distribution segment (R$ 2 million) due to iii.b) replacement of lines and networks, machinery and equipments, buildings conservation and maintenance of the vehicle fleet; iii.c) CPFL Renováveis (R$ 1 million) and iii.d) Commercialization and Services segment (R$ 1 million) and;
(iv) Other operational costs/expenses, that registered a decrease of 23.0% (R$ 30 million), mainly due to (iv.a) lower losses with disposal of assets (R$ 11 million); (iv.b) decrease of legal and court expenses (R$ 7 million); (iv.c) inspection fee expenses (R$ 6 million), which in 2015 is accounted in revenue deductions and (iv.d) others (R$ 6 million);
Página 15 de 58
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1Q15 Results | May 08, 2015 |
The itens related to oil acquisition by Epasa and operating costs and expenses (PMSO) of Service segment are directly associated to revenue generation from these activities.
1Q15 IFRS EBITDA reached R$ 972 million, an increase of 23.5% (R$ 185 million). The adjusted EBITDA in 1Q15 totaled R$ 1,146 million, compared to R$ 1,086 million in 1Q14, an increase of 5.5%.
In 1Q15, net financial expense (IFRS) was of R$ 367 million, an increase of 64.5% (R$ 144 million) compared to the net financial expense of R$ 223 million reported in 1Q14. The adjusted net financial expense was R$ 356 million, an increase of 79.0% if compared to the same period of 2014 (R$ 157 million).
The items explaining these variations in adjusted Financial Result are as follows:
· Financial Revenues: increase of R$ 41 million, from R$ 233 million in 1Q14 to R$ 274 million in 1Q15, mainly due to the following factors:
(i) Increase in the income of financial investments and monetary and exchange adjustments (R$ 36 million), due to the higher average CDI interbank rate, from 10.3% in 1Q14 to 12.1% in 1Q15;
(ii) Increase in arrears of interest and fines (R$ 6 million);
(iii) Increase in the restatement of escrow deposits (R$ 3 million);
(iv) Other effects (R$ 2 million);
Partially offset by:
(v) Currency variation in Itaipu invoices (R$ 6 million).
· Financial Expenses: increase of 45.9% (R$ 198 million), from R$ 432 million in 1Q14 to R$ 630 million in 1Q15, mainly due to the following factors:
(i) Increase of debt charges and monetary and exchange variations (R$ 156 million), due to the higher average CDI interbank rate, from 10.3% in 1Q14 to 12.1% in 1Q15 and of debt stock;
(ii) Currency variation in Itaipu invoices (R$ 70 million).
(iii) Decrease of capitalized borrowing costs due to the startup of CPFL Renováveis projects (R$ 6 million);
(iv) Increase in the financial expenses with the Use of Public Asset (UBP) (R$ 4 million), due to the variation of the IGP-M, index used to update this item.
Partially offset by:
(v) Mark-to-market effect for financial operations under Law 4,131 (non-cash effect) (R$ 34 million);
(vi) Other effects (R$ 3 million).
Página 16 de 58
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1Q15 Results | May 08, 2015 |
In 1Q15, net income (IFRS) was R$ 142 million, an increase of 18.4% if compared to 1Q14. Adjusted net income totaled R$ 300 million, a decrease of 24.1% if compared to 1Q14.
6.1) Financial Debt (Including Hedge)
Note: (*) Considering proportional consolidation of CPFL Renováveis, CERAN, BAESA, ENERCAN, Foz do Chapecó and EPASA.
CPFL Energia’s Financial Debt Pro-forma (including hedge) reached R$ 17,372 million in 1Q15, an increase of R$ 526 million, or 3.1%, compared to 1Q14. This increase in net debt is mainly a reflection of:
· The decrease in indebtedness due to the funding, net of amortizations, in the amount of R$ 226 million, in CPFL Energia (Holding) and the other Group companies;
· Debt Stock of R$ 407 million lower in 1Q15, concerning the change in participation of CPFL Renováveis (58.84% to 51.61%);
· The increase in the other charges, fundings and monetary and exchange rate updates (net of hedge) in the period, in the amount of R$ 707 million.
The main contributing funding and amortizations to the variation in the balance of financial debt described above were:
· CPFL Energia (Holding): amortizations, net of funding, totaling R$ 790 million:
+ Funding of financial institutions financing (R$ 500 million);
- Amortizations of the debentures principal (4ª Issue of R$ 1.290 million).
· Distribution Segment: funding (BNDES and other financial institutions), net of amortizations, totaling R$ 1,124 million:
+ Funding of BNDES financing for CPFL Paulista (R$ 6 million), CPFL Piratininga (R$ 122 million), RGE (R$ 117 million), CPFL Santa Cruz (R$ 23 million) and CPFL Jaguariúna (R$ 28 million);
+ Funding of financial institutions financing for CPFL Paulista (R$ 1,305 million), CPFL Piratininga (R$ 456 million), RGE (R$ 338 million) CPFL Santa Cruz (R$ 8 milion) and CPFL Jaguariúna (R$ 77 milion);
- Amortizations of BNDES financing for CPFL Paulista (R$ 159 million), CPFL Piratininga (R$ 63 million), RGE (R$ 85 million), CPFL Santa Cruz (R$ 2 million) and CPFL Jaguariúna (R$ 6 million);
Página 17 de 58
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1Q15 Results | May 08, 2015 |
- Amortizations of financial institutions financing for CPFL Paulista (R$ 592 million), CPFL Piratininga (R$ 196 million) and RGE (R$ 156 million), CPFL Santa Cruz (R$ 27 million) and CPFL Jaguariúna (R$ 68 milion).
· Commercialization and Services Segment: funding, net of amortizations, totaling R$ 14 million:
+ Funding of BNDES financing for CPFL Serviços (R$ 11 million);
+ Funding of financial institutions financing for CPFL Serviços (R$ 9 million);
- Amortizations of BNDES financing for CPFL Serviços (R$ 4 million);
- Amortizations of financial institutions financing for CPFL Serviços (R$ 2 million).
· Conventional Generation Segment: amortizations, net of funding, totaling R$ 118 million:
+ Funding of financial institutions financing for CPFL Paulista Lajeado (R$ 35 million);
+ Debentures issuance by CPFL Geração (7th Issue of R$ 635 million and 8th Issue of R$ 70 million);
- Amortizations of BNDES financing for Epasa (R$ 8 million), Baesa (R$ 15 million), Ceran (R$ 28 million), Enercan (R$ 27 million) and Foz do Chapecó (R$ 66 million);
- Amortizations of financial institutions financing for Epasa (R$ 10 million);
- Amortizations of the debentures principal of CPFL Geração (4th Issue of R$ 680 million), Epasa (R$ 17 million), Baesa (R$ 4 million) and Enercan (R$ 3 million).
· CPFL Renováveis: amortizations (BNDES and other financial institutions), net of funding, in the amount of R$ 50 million:
+ Funding of BNDES financing (R$ 202 million);
+ Funding of financial institutions financing (R$ 31 million);
+ Debentures issuance (2th Issue of R$ 161 million and WF2 of R$ 88 million);
- Amortizations of BNDES financing (R$ 251 million);
- Amortization of financial institutions financing (R$ 233 million);
- Amortizations of the debentures principal (WF2 of R$ 15 million).
· Other Segments: funding, net of amortizations, totaling R$ 47 million:
+ Funding of BNDES financing for CPFL Transmissão Piracicaba (R$ 10 million);
+ Funding of financial institutions financing for CPFL Telecom (R$ 44 million);
- Amortizations of financial institutions financing for CPFL Telecom (R$ 7 million).
Financial Debt - 1Q15 - Pro-Forma (R$ thousands) | |||||||||||||
|
BNDES |
Financial Institutions |
Other |
Foreign Currency |
Debentures |
|
Total |
| |||||
Segments |
Short Term |
Long Term |
Short Term |
Long Term |
Short Term |
Long Term |
Short Term |
Long Term |
Short Term |
Long Term |
Short Term |
Long Term |
Total |
|
|
|
|
|
|
||||||||
Holding (CPFL Energia) |
- |
- |
300,000 |
- |
- |
- |
241,758 |
- |
- |
- |
541,758 |
- |
541,758 |
Distribution |
249,916 |
1,206,262 |
199,604 |
462,148 |
4,810 |
12,791 |
210,007 |
4,776,953 |
260,000 |
2,245,000 |
924,337 |
8,703,154 |
9,627,491 |
Commercialization and Services |
3,359 |
25,156 |
1,853 |
4,640 |
1,231 |
2,323 |
- |
12,277 |
- |
228,000 |
6,442 |
272,396 |
278,839 |
Conventional Generation |
171,845 |
1,225,529 |
- |
617,520 |
10,164 |
78,769 |
- |
326,010 |
290,729 |
2,307,290 |
472,738 |
4,576,368 |
5,049,107 |
CPFL Renováveis |
165,607 |
1,394,366 |
25,805 |
- |
36,903 |
380,468 |
- |
- |
102,877 |
743,566 |
331,192 |
2,518,400 |
2,849,592 |
Other |
2,292 |
54,688 |
7,167 |
28,796 |
- |
- |
11,262 |
- |
- |
- |
20,720 |
83,484 |
104,204 |
|
|
|
|
|
|
|
|||||||
Debt (Principal) |
593,018 |
3,906,002 |
534,429 |
1,113,105 |
53,108 |
474,351 |
463,026 |
5,115,239 |
653,606 |
5,523,855 |
2,297,187 |
16,153,803 |
18,450,990 |
|
|
|
|
|
|
||||||||
Charges |
|
|
|
|
|
328,907 |
(80,256) |
248,651 | |||||
|
|
|
|
|
|
||||||||
Hedge |
|
|
|
|
|
(89,842) |
(1,238,296) |
(1,328,138) | |||||
|
|
|
|
|
|
||||||||
Financial Debt Including Hedge |
|
|
|
|
|
|
|
|
|
2,536,252 |
14,835,251 |
17,371,503 | |
Percentage on total (%) |
|
|
|
|
|
|
|
|
|
|
14.6% |
85.4% |
100.0% |
Página 18 de 58
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1Q15 Results | May 08, 2015 |
Of the total indebtedness of R$ 17,372 million in 1Q15, R$ 14,835 million (85.4%) are considered long term and R$ 2,536 million (14.6%) are considered short term. In 1Q14, of the total of R$ 17,511 million, R$ 15,826 million (90.4%) are considered long term and R$ 1,684 million (9.6%) are considered short term.
CPFL Energia has always adopted a solid and conservative financial policy. Thus, the Company has used since 2011, a prefunding strategy, in other words, forecasts the cash needs for the next 12-18 months and anticipates market access on more favorable terms of liquidity and cost. Thus, at the end of 2014, CPFL Energia, envisioning a more restrictive credit scenario in 2015, started working in 2016 prefunding.
6.2) Debt Amortization Schedule
Note: Considers only the principal debt; In 2015, amortization is from April/2016.
The cash position at the end of 1Q15 has coverage ratio of 1.65x the amortizations of the next 12 months, enough to honor all amortization commitments until around the beginning of 2017. The average amortization term, calculated by this schedule, is 3.67 years.
6.3) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund)
Página 19 de 58
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1Q15 Results | May 08, 2015 |
Note: (*) Considering proportional consolidation of CPFL Renováveis, CERAN, BAESA, ENERCAN, Foz do Chapecó and EPASA.
Total debt in Pro-forma criteria, comprising financial debt, hedge (asset/liability) and debt with the private pension fund, amounted to R$ 17,953 million in 1Q15, increase of 4.1%. The nominal average cost of debt went from 10.0% p.a. in 1Q14 to 10.6% p.a. in 1Q15, due mainly to the increase in the CDI interbank rate, among other reasons.
Note: (*) Considering proportional consolidation of CPFL Renováveis, CERAN, BAESA, ENERCAN, Foz do Chapecó and EPASA; PSI – Investment Support Program.
As a result of the funding operations and amortizations, considering the indexation after hedge, there was a decrease in the BNDES-TJLP-indexed portion (from 22.9%, in 1Q14, to 20.4%, in 1Q15), an increase in the portion of the debt prefixed-PSI (from 6.5%, in 1Q14, to 5.8%, in 1Q15), and in the portion tied to the IGP-M/IGP-DI (from 2.6%, in 1Q14, to 1.1%, in 1Q15) in addition to an increase in debt linked to the CDI- pegged portion (from 68.0 % in 1Q14 , to 72.6 % in 1Q15).
Página 20 de 58
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1Q15 Results | May 08, 2015 |
The foreign-currency debt would have come to 30.1% of the total, if banking hedge operations had been excluded. Considering the contracted swap operations, which convert the indexation of debt in foreign-currency to the CDI, the effective foreign-currency debt is 0.1% (which has natural hedge).
The portion of the debt tied to the IGP-M/IGP-DI is related mostly to the debt with the private pension fund.
Debt Profile – IFRS – Indexation After Hedge – 1Q14 vs. 1Q15
Pro forma (*) - R$ Thousands |
1Q15 |
1Q14 |
Var. |
Financial Debt (including hedge) |
(17,371,503) |
(16,845,765) |
3.1% |
(+) Available Funds |
3,782,893 |
4,045,396 |
-6.5% |
(=) Net Debt |
(13,588,610) |
(12,800,369) |
6.2% |
IFRS - R$ Thousands |
1Q15 |
1Q14 |
Var. |
Financial Debt (including hedge) |
(18,960,967) |
(17,510,597) |
8.3% |
(+) Available Funds |
4,027,798 |
4,242,756 |
-5.1% |
(=) Net Debt |
(14,933,169) |
(13,267,842) |
12.6% |
Note: (*) Considering proportional consolidation of CPFL Renováveis, CERAN, BAESA, ENERCAN, Foz do Chapecó and EPASA.
In 1Q15, Net Debt Pro-forma totaled R$ 13,589 million, an increase of 6.2% or R$ 788 million, compared to net debt position at the end of 1Q14 in the amount of R$ 12,800 million.
In line with the criteria for calculation of financial covenants of loan agreements with financial institutions, net debt is adjusted according to the equivalent participation of CPFL Energia in each of the projects. Also, include in the calculation of adjusted EBITDA the historic EBITDA of newly acquired projects. As a result, adjusted net debt totaled R$ 13,589 million and adjusted EBITDA reached R$ 3,835 million, and the adjusted Net Debt / adjusted EBITDA at the end of 1Q15 reached 3.54x.
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1Q15 Results | May 08, 2015 |
In 1Q15, R$ 331 million were invested in business maintenance and expansion, of which R$ 176 million in distribution, R$ 147 million in generation (R$ 146 million of CPFL Renováveis and R$ 1 million of conventional generation) and R$ 8 million in commercialization and services. In addition, we invested R$ 17 million in the quarter in the construction of CPFL Transmissão’s transmission lines and, according to the requirements of IFRIC 12, it was recorded as “Financial Asset of Concession” in non current assets. CPFL Energia also booked R$ 34 million in Special Obligations in the quarter among other items financed by the consumer.
Listed below are some of the main investments made by CPFL Energia in 1Q15, in each segment:
(i) Distribution: strengthening and expanding the electricity system to keep pace with market growth, both in terms of energy sales and numbers of customers. Other allocations included electricity system maintenance and improvements, operational infrastructure, the upgrading of management and operational support systems, customer help services and research and development programs, among others;
(ii) Generation: chiefly focused on Morro dos Ventos II Wind Farm, project that went into operation on April 16, 2015, and Campo dos Ventos, São Benedito and Pedra Cheirosa Wind Complexes and Mata Velha SHPP, projects still under construction.
Investments Projected by the Group for the Next 5 Years
IFRS – 100% CPFL Renováveis and CERAN (R$ million)
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1Q15 Results | May 08, 2015 |
Investments Projected by the Group for the Next 5 Years
Pro-forma – Proportional Stake in the Generation Projects (R$ million)
The Company’s Bylaws require the distribution of at least 25% of net income adjusted according to law, as dividends to its shareholders. The proposal for allocation of net income from the fiscal year 2014 is shown below:
|
Thousands of R$ |
Net income of the fiscal year - Individual |
949,177 |
Results from previous years |
26,055 |
Prescribed dividend |
5,722 |
Net income base for allocation |
980,954 |
Legal reserve |
(47,459) |
Reversal of reserve of retained earnings for investment |
108,987 |
Interim dividends |
(422,195) |
Statutory reserve - concession financial asset |
(65,400) |
Statutory reserve - strengthening of working capital |
(554,888) |
For this fiscal year, considering that the Company has already distributed R$ 422 million in dividends (44.5% of net income from the fiscal year), which is higher than the mandatory minimum, and considering (i) the current adverse economic scenario, (ii) the unpredictable nature of the water situation and (iii) the uncertainties regarding market projections for distributors due to energy efficiency campaigns and extraordinary tariff increases, the Company’s Management proposed the allocation of R$ 555 million to the statutory reserve – strengthening of working capital.
Stock Dividend for Shareholders
To strengthen the Company’s capital structure, the Board of Executive Officers meeting held on March 16, 2015, recommended that the Board of Directors propose to the Shareholders Meeting the capitalization of the balance of the statutory reserve – strengthening of working capital, through the issue of new shares to shareholders. This proposal was approved by the Extraordinary Shareholders Meeting held on April 29, 2015.
CPFL Energia informed its shareholders and the market, through a Notice to Shareholders released on April 29, 2015, that the Extraordinary General Meeting, held on April 29, 2015, decided the following corporate action:
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1Q15 Results | May 08, 2015 |
(i) Increase in the capital stock: the increase in the subscribed and paid in capital stock in the amount of R$ 554,887,598.45 (five hundred fifty-four million, eight hundred eighty-seven thousand, five hundred ninety-eight reais and forty-five centavos), the said subscribed and paid in capital stock increasing from R$ 4,793,424,356.62 (four billion, seven hundred and ninety-three million, four hundred and twenty-four thousand, three hundred and fifty-six reais and sixty-two centavos) to R$ 5,348,311,955.07 (five billion, three hundred forty-eight million, three hundred eleven thousand, nine hundred fifty-five reais and seven centavos), through the capitalization (reversal) of the statutory reserve for working capital reinforcement.
(ii) Bonus in shares of 3.194510783%: the capital increase was effected with the issue of 30,739,955 (thirty million, seven hundred and thirty-nine thousand, nine hundred and fifty-five) common book entry shares, without par value, which was granted to the holders of shares as a bonus in the proportion of 0.03194510783 new share of the same type for each share held, being the shares held as treasury stock also enjoying the bonus rights.
(ii.i) Baseline date: stockholders with shares held at the close of the record date of April 29, 2015 were entitled to bonus rights.
(ii.ii) Trading: the shares were released for trading ex-bonus rights as from April 30, 2015; additionally, the new shares were included in the stockholders position on May 6, 2015.
(ii.iii) Bonus Share Rights: the new shares shall be entitled in full to dividend payouts that may be declared as from May 6, 2015, under the same conditions as the common shares of CPFL Energia, as applicable.
(ii.iv) Share Fractions: the bonus shall always be effected in whole numbers. Shareholders wishing to transfer share fractions resulting from the bonus, may do so for the period between May 06, 2015 and June 05, 2015, pursuant to Paragraph 3, Article 169 of Law 6.404/76. This period having elapsed, any eventual amounts remaining from the share fractions shall be separated, grouped into whole numbers and sold on the BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange and the product of the sale shall be made available to shareholders entitled to these fractions on a date to be notified in due course.
(ii.v) Cost of Bonus Shares: the cost attributed to the bonus shares is R$ 18.051021820 per share, for the purposes of the provision in Article 10 of Law 9,249 of December 26, 1995.
(ii.vi) International Market: on the New York Stock Exchange (NYSE) where each American Depositary Receipt (ADR) represents 2 (two) common shares, investors received 0.03194510783 new ADR for every 1 (one) ADR already held.
CPFL Energia, which has a current free float of 30.9% (up to March 31, 2015), is listed on both the BM&FBOVESPA (Novo Mercado) and the NYSE (ADR Level III), segments with the highest levels of corporate governance.
The shares closed the period priced at R$ 20.46 per share and US$ 12.72 per ADR, respectively (closing price on 03/31/2015).
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1Q15 Results | May 08, 2015 |
Shares Performance – 1Q15 (with adjustment by dividends)
In 1Q15, the shares valued 10.7 % on the BM&FBOVESPA and depreciated 8.4% on the NYSE.
Shares Performance – LTM 1Q15 (with adjustment by dividends)
In the last twelve months, the shares valued 15.8% on the BM&FBOVESPA and depreciated 18.0% on the NYSE.
The daily trading volume in 1Q15 averaged R$ 36.3 million, of which R$ 22.8 million on the BM&FBOVESPA and R$ 13.5 million on the NYSE, 18.3% down compared to 1Q14. The number of trades on the BM&FBOVESPA increased by 1.1%, rising from a daily average of 5,554, in 1Q14, to 5,614 in 1Q15.
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1Q15 Results | May 08, 2015 |
Note: Considers the sum of the average daily volume on the BM&FBOVESPA and the NYSE.
In March 2015, the Fitch Ratings downgraded de AA+ (bra) to AA (bra) the rating of CPFL Energia and its subsidiaries, with a stable outlook.
The following table shows the evolution of CPFL Energia’s corporate ratings:
Ratings of CPFL Energia - National Scale | |||||
Agency |
|
2012 |
2013 |
2014 |
1Q15 |
Standard & Poor's |
Rating |
brAA+ |
brAA+ |
brAA+ |
brAA+ |
Outlook |
Stable |
Stable |
Stable |
Stable | |
Fitch Ratings |
Rating |
AA+ (bra) |
AA+ (bra) |
AA+ (bra) |
AA (bra) |
Outlook |
Stable |
Stable |
Stable |
Stable | |
|
|
Note: Close-of-period positions.
The corporate governance model adopted by CPFL Energia ("CPFL" or "Company") and its subsidiaries is based on the principles of transparency, equity, accountability and corporate responsibility.
In 2014, CPFL marked 10 years since being listed on the BM&FBovespa and the New York Stock Exchange (“NYSE”). With more than 100 years of history in Brazil, the Company’s shares are listed on the Novo Mercado Special Listing Segment of the BM&FBovespa with Level III ADRs, a special segment for companies that comply with corporate governance best practices. All CPFL shares are common shares, entitling all shareholders the right to vote with 100% Tag Along rights guaranteed in case of sale of shareholding control.
CPFL’s Management is composed of the Board of Directors (Board), its decision-making authority, and the Board of Executive Officers, its executive body. The Board is responsible for defining the strategic business direction of the holding company and subsidiaries, and is composed of 7 external members, one of whom an Independent Member, whose term of office is 1 year and who are eligible for reelection.
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1Q15 Results | May 08, 2015 |
The Bylaws of the Board establishes the procedures for evaluating the directors, under the leadership of the Chairman, their main duties and rights.
The Board set up three advisory committees (Management Processes, People Management and Related Parties), all coordinated by a director, which support the Board in its decisions and monitor relevant and strategic themes, such as people and risk management, monitoring of internal audits and analysis of transactions with Parties Related to controlling shareholders and handling of incidents recorded through complaint hotlines and ethical conduct channels.
To ensure that best practices permeate all activities of the Board and its relations with the Company while the Board members are focused on their decision-making functions, in 2006 the Company created the Board of Directors Advisory Council, which reports directly and solely to the Chairman of the Board.
This Advisory Council acts as the guardian of best practices to ensure compliance with Governance Guidelines; speed of communication between the Company and its Board members; quality and timeliness of information; integration and evaluation of members of the Board of Directors and the Audit Board; constant improvement of governance processes and institutional relations with government authorities and entities.
The composition of the Board of Executive Officers, provided for in the Company's Bylaws, whose reform and consolidation were approved at the General Shareholders’ Meeting held on April 29, 2015, was changed for the inclusion of a vice-presidency subordinate to the CEO, which goes from five (5) to six (6) executive vice-presidents, all of them with terms of office of two years, eligible for reelection, responsible for executing the strategy of CPFL and its subsidiaries as defined by the Board of Directors in line with governance guidelines. To ensure alignment of governance practices, Executive Officers sit on the Boards of Directors of companies that make up the CPFL group and nominate their respective executive officers.
CPFL has a permanent Audit Board, made up of 5 members, that also exercises the duties of the Audit Committee, in line with Sarbanes-Oxley law (SOX) rulings applicable to foreign companies listed on U.S. stock exchanges.
The guidelines and documents on corporate governance are available at the Investor Relations website http://www.cpfl.com.br/ri.
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1Q15 Results | May 08, 2015 |
11) CURRENT SHAREHOLDERS STRUCTURE – 03/31/2015
CPFL Energia is a holding company, whose results depend directly on those of its subsidiaries.
Notes:
(1) Controlling shareholders;
(2) Includes the 0.1% stake of Camargo Corrêa S.A.;
(3) Includes the 0,5% stake of Caixa de Previdência dos Funcionários do Banco do Brasil;
(4) Includes the 0.2% stake of Petros e Sistel pension funds;
(5) 51.54% stake of the availability of power and energy of Serra da Mesa HPP, regarding the Power Purchase Agreement between CPFL Geração and Furnas.
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1Q15 Results | May 08, 2015 |
Consolidated Income Statement - Distribution (Pro-forma - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenue (IFRS)(1) |
6,426,476 |
4,108,108 |
56.4% |
Adjusted Gross Operating Revenue(1) |
6,426,476 |
4,112,311 |
56.3% |
Net Operating Revenue (IFRS)(1) |
4,181,807 |
2,906,940 |
43.9% |
Adjusted Net Operating Revenue(1) |
4,211,807 |
2,928,581 |
43.8% |
Cost of Electric Power |
(3,194,735) |
(2,222,228) |
43.8% |
Operating Costs & Expenses |
(733,127) |
(682,821) |
7.4% |
EBIT |
467,501 |
186,461 |
150.7% |
EBITDA (IFRS)(2) |
584,926 |
300,078 |
94.9% |
Adjusted EBITDA(3) |
614,926 |
508,655 |
20.9% |
Financial Income (Expense) |
(157,502) |
(56,991) |
176.4% |
Income Before Taxes |
309,998 |
129,470 |
139.4% |
Net Income (IFRS) |
194,282 |
77,047 |
152.2% |
Adjusted Net Income(4) |
214,082 |
235,487 |
-9.1% |
Notes:
(1) Excludes Construction Revenue;
(2) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result and depreciation/amortization, as CVM Instruction no. 527/12;
(3) Adjusted EBITDA considers, besides the items mentioned above, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) and excludes the non-recurring effects;
(4) Adjusted Net Income considers the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) and excludes the non-recurring effects;
(5) The distributors’ financial performance tables are attached to this report in item 12.9.
On November 25, 2014, through Dispatch no. 4,621, Aneel approved the amendment to concession agreements of distribution companies, in order to include a specific clause guaranteeing that the balance remaining of any insufficient payment or reimbursement of tariff due to termination of the concession, for any reason, will be indemnified.
After this change, the Securities and Exchange Commission of Brazil (CVM) approved, on December 2014, through Resolution no. 732, the recognition of assets and liabilities that were previously called “regulatory assets and liabilities” in the financial statements of distribution companies, which are now called “sectorial financial assets and liabilities”.
In 1Q15, the total sectorial financial assets and liabilities was accounted in the amount of R$ 625 million (net of PIS and Cofins), already discounted R$ 152 million related to the flags month supply in March 2015.
Excluding the revenue from building the infrastructure of the concession (which does not affect the results because of the related cost, in the same amount), gross operating revenue (IFRS) amounted to 6,426 million, an increase of 56.4% (R$ 2,318 million).
· Positive average tariff adjustment in the distribution companies for the period between 1Q14 and 1Q15, in the amount of R$ 1.510 million, due to the Annual Tariff Readjustments, application of tariff flags and the adoption of Extraordinary Tariff Review from March 2015;
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1Q15 Results | May 08, 2015 |
· Increase of R$ 97 million in the gross revenue of TUSD from free customers;
· Increase of R$ 144 million in Electricity Sales to Distributors;
· Accounting of R$ 689 million of Sectorial Financial Assets and Liabilities;
Partially offset by:
· Decrease of R$ 20 million in the resources from the CDE (low-income subsidy);
· Reduction of 1.8% in the sales volume to the captive market, in the amount of R$ 46 million (market + mix);
· Reduction of R$ 55 million in Other Revenues, mainly due to the following aspects:
(i) Reduction by the reclassification of generators reimbursement from other revenues to energy cost in 1Q14 (R$ 61 million); and
(ii) Increase of R$ 3 million related to the reclassification of operational fines from financial income to operating income.
Adjusted gross operating revenue registred an increase of 56.3% (R$ 2,314 million). Besides whats is presented above, the upturn in adjusted gross operating revenue was also caused by R$ 4 million of sectorial financial assets and liabilities, due to a net receivable in 1Q14.
Deductions from the gross operating revenue (IFRS) were R$ 2,245 million, representing an increase of 86.9% (R$ 1,044 million).
· of 35.2% in ICMS tax (R$ 262 million);
· of 67.0% in PIS and COFINS taxes (R$ 236 million), due to the increase in revenues in the period and the change in PIS/Cofins credits, due to a lower credit taken in 1Q15, in accordance with Law 12,973 / 14, which amended the rules of credit taken from 2015;
· of 749,3% in the CDE sector charge (R$ 378 million), due to the adoption of new shares of CDE;
· of 43.5% in the R&D and Energy Efficiency Program (R$ 13 million);
· Accounting from 1Q15 of other consumer charges, referring to the tariff flags approved by the CCEE in January and Febuary (R$ 152 million);
· R$ 3 million from the Annel’s inspection fee, which in 2014 was accounted in Other Expenses.
Partially offset by the following:
· reduction of 3.8% in the PROINFA (R$ 1 million);
Adjusted deductions from the gross operating revenue were R$ 1,395 million, representing an increase of 29.1% (R$ 314 million), due to the following increases:
· Non-recurring effect of R$ 13 million in PIS and Cofins in 1Q14 relating to compensation for the difference in the effective and real rates;
· R$ 4 million variation in the sectorial financial assets and liabilities, due to a net payable in 1Q14;
Partially offset by the following:
· Non-recurring effect of R$ 30 million in PIS and Cofins in 1Q15 related to changes in tribute calculus base (reclassification of reimbursement from generators, reclassification of tariff flags and increased CDE share defined in RTE - Extraordinary Tariff Review).
Excluding the revenue from building the infrastructure of the concession (which does not affect the results because of the related cost, in the same amount), net operating revenue (IFRS) reached R$ 4,182 million in 1Q15, representing an increase of 43.9% (R$ 1,275 million). Adjusted net operating revenue totalized R$ 4,212 million in 1Q15, an increase of 43.8% (R$ 1,283 million).
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1Q15 Results | May 08, 2015 |
The cost of electric energy (IFRS), comprising the purchase of electricity for resale and charges for the use of the distribution and transmission system, amounted to R$ 3,195 million in 1Q15, representing an increase of 43.7% (R$ 973 million). The adjusted cost of electric energy amounted to R$ 3,195 million in 1Q15, representing an increase of 57.4% (R$ 1,164 million):
· The cost of electric power purchased for resale (IFRS) in 1Q15 was R$ 2,824 million, representing an increase of 38.1% (R$ 779 million):
(i) Increase of 77.4% in the cost of energy from Itaipu (R$ 265 million), mainly due to the 79.6% increase in the average purchase price, partially offset by the decrease of 1.1% (29 GWh) in the volume of purchased energy;
(ii) Increase of 19.9% in the cost of energy purchased in the regulated environment (R$ 332 million), due to the increases of 12.7% in the average purchase price and of 6.4% (581 GWh) in the volume of purchased energy;
(iii) Accounting of ACR account loans in 1Q14, amounting to R$ 1,170 million, aiming to cover costs of involuntary exposure and thermal dispatch of the distributors.
Partially offset by:
(iv) Decrease of 67.1% in the cost of energy purchased in the short term (R$ 905 million), mainly due to the decrease of 46.4% in the average purchase price and 38.7% decrease in the volume of purchased energy (927 GWh);
(v) Decrease of 5.2% in the PROINFA cost (R$ 3 million), due to the increase of 9.9% in the average purchase price;
(vi) Increase of 38.1% (R$ 79 million) in PIS and COFINS tax credits (cost reducer), generated from the energy purchase;
· The adjusted cost of electric power purchased for resale in 1Q15 was R$ 2,824 million, representing an increase of 52.3% (R$ 970 million), due also to the R$ 190 million of sectorial financial assets and liabilities, from a net receivable in 1Q14.
· Charges for the use of the transmission and distribution system (IFRS) reached R$ 370 million in 1Q15, a 109.3% reduction (R$ 193 million), due to the following factors:
(i) Increase of 53.2% in the basic network charges (R$ 72 million), mainly in CPFL Paulista (R$ 39 million), CPFL Piratininga (R$ 17 milion) e RGE (R$ 12 milion), due to adjustment of 8.1% of contracts between distributors and power transmitters in July/14 and the change in the apportionment methodology TUST-rb;
(ii) Increase of 79.7% in the Itaipu charges (R$ 7 million);
(iii) Increase in the system service usage charges – ESS (R$ 134 million), from a cost of R$ 37 million in 1Q14 to a revenue of R$ 171 million in 1Q15, reflecting the higher thermal dispatch out of merit order;
Partially offset by:
(iv) Increase of 109.3% in PIS and Cofins tax credits (cost reducer), generated from the charges (R$ 20 million).
· Adjusted charges for the use of the transmission and distribution system reached R$ 370 million in 1Q15, an increase of 111.2% (R$ 195 million), due to the following factors (besides what was presented above):
(v) Non-recurring effect in the 1Q14 of R$ 14 million related to relocation of costs with basic network losses determined by the CCEE;
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1Q15 Results | May 08, 2015 |
Partially offset by:
(vi) R$ 13 million in the sectorial financial assets and liabilities, which was a net payable in 1Q14.
Operating costs and expenses (IFRS) were R$ 733 million in 1Q15 compared to R$ 683 million in 1Q14, an increase of 7.4% (R$ 50 million). Adjusted operating costs and expenses were also R$ 733 million in 1Q15 compared to R$ 688 million in 1Q14, an increase of 6.6% (R$ 45 million), due to the following factors:
· Increase of 35.0% (R$ 4 million) in the Private Pension Fund item;
· Net increase of 3.5% (R$ 4 million) in the Depreciation and Amortization item;
· The PMSO item (IFRS), that reached R$ 386 million in 1Q15, compared to R$ 373 million in 1Q14, registering an increase of 3.6% (R$ 13 million), mainly due to the following factors:
(i) Personnel expenses, which registered an increase of 11.4% (R$ 16 million), mainly due to the (a) effects of the Collective Bargaining Agreement (R$ 8 million), (b) adjustments to the provision of Profit Share Program - PLR (R$ 2 million), (c) reduction in capitalization of personnel costs in investment (R$ 2 million) and (d) insourcing of Commercial Technical Service (R$ 4 million);
(ii) Out-sourced services expenses, which registered an increase of 14.4% (R$ 16 million). In CPFL Paulista (R$ 7 million), RGE (R$ 4 million) and CPFL Piratininga (R$ 3 million) mainly due to the increase in the expenses with warning notices, disconnection and reconnection, network maintenance, hardware and software maintenance and call center;
(iii) Material expenses, which registered an increase of 5.7% (R$ 1 million), mainly by increased spending on replacement materials for network maintenance, machinery and equipment and maintenance of buildings and procurement of materials for car fleet maintenance;
(iv) Other operating costs/expenses, which registered an increase of 19.5% (R$ 20 million), considering the impact of the following factors:
ü Reduction in legal and judicial expenses (R$ 17 million);
ü Reduction of provision for doubtful debts (R$ 3 million);
ü Reduction in Annel’s inspection fee, which in 2015 is accounted in revenue deductions (R$ 3 million);
ü Reduction in loss on disposal/deactivation of non-current assets (R$ 5 million);
Partially offset by:
ü Increase in expenses related to the reclassification of operating fines from financial expenses to operating expenses, which were R$ 8 million in 1Q14.
· The adjusted PMSO reached R$ 386 million in 1Q15, compared to R$ 378 million in 1Q14, registering an increase of 2.2% (R$ 8 million), due to the sectorial financial assets and liabilities net payable of R$ 5 million in 1Q14 (besides what was presented above).
· Increase of 15.7% (R$ 29 million) in the cost of building the infrastructure of the concession (which does not affect the results because of the related revenue, in the same amount). This item, which reached R$ 214 million in 1Q15, has its counterpart in the “operating revenue”.
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1Q15 Results | May 08, 2015 |
EBITDA (IFRS) totaled R$ 585 million in 1Q15, registering an increase of 94.9% (R$ 285 million).
Considering the sectorial financial assets and liabilities and excluding the non-recurring effects, the Adjusted EBITDA reached R$ 615 million in 1Q15 compared to R$ 509 million in 1Q14, an increase of 20.9% (R$ 106 million).
The 1Q15 net financial expense (IFRS) was R$ 158 million, compared to the net financial expense of R$ 57 million in 1Q14, registering an increase of 176.4% (R$ 101 million). The 1Q15 adjusted net financial expense was also R$ 158 million, compared to the net financial expense of R$ 26 million in 1Q14, registering an increase of 517.5% (R$ 132 million).
The items explaining these changes are as follows:
· Financial Revenue (IFRS): increase of 20.4% (R$ 33 million), from R$ 161 million in 1Q14 to R$ 193 million in 1Q15.
ü Increase in the income from financial investments (R$ 14 million), due to the higher CDI;
ü Increase in additions and late payment fines (R$ 5 million), due to increased receivables of delays in receipts of energy bills, due to the increase in the tariff;
ü Increase in judicial deposits (R$ 4 million), mainly due to an update and reconcile the judicial deposits accounted in 1Q14;
ü Sectorial Financial Assets monetary updates (R$ 10 million), which were accounted from Dec/14;
ü Increase in CCEE settlement related rights from prior periods that were recorded in 1Q15 (R$ 5 million);
Partially offset by:
ü Reduction in 1Q15 of R$ 3 million related to the reclassification of operating fines from financial income to operating income;
ü Reduction in the monetary and foreign exchange update (R$ 4 million), mainly due to Itaipu’s exchange rate variation.
Adjusted Financial Revenue: increase of 12.6% (R$ 22 million), from R$ 172 million in 1Q14 to R$ 193 million in 1Q15, due to the sectorial financial assets and liabilities net receivable of R$ 11 million in 1Q14 (besides what was presented above).
· Financial Expense (IFRS): increase of 61.2% (R$ 1333 million), from R$ 218 million in 1Q14 to R$ 351 million in 1Q15, mainly due to the following:
(i) Increase in debt charges (R$ 95 million), mainly due to an increase in average cost of debt, stock of debt and dollar rate;
(ii) Foreign exchange update of the Itaipu invoices (R$ 70 million);
(iii) Increase in fines and interest on the energy purchases (R$ 7 million);
(iv) Reduction of the expenses with contingencies updates (R$ 14 million);
(v) Other (R$ 3 million);
(vi) Partially offset by:
(vii) Mark-to-market effect in 1Q15 for financial operations under Law 4,131 - non-cash effect (R$ 34 million);
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1Q15 Results | May 08, 2015 |
(viii) Reduction in the reclassification of operating fines from financial expenses to operating expenses, which were R$ 8 million in 1Q14;
Adjusted Financial Expense: increase of 77.9% (R$ 153 million), from R$ 197 million in 1Q14 to R$ 351 million in 1Q15, mainly due to the following factors (besides what was presented above):
ü Non-recurring effect on 1Q14 of R$ 26 million related to the effect of mark-to-market of loans made at that time (by means of Law No. 4131/62).
Partially offset by:
ü R$ 6 million of sectorial financial assets and liabilities, which was a net payable in 1Q14.
Net Income (IFRS) in 1Q15 was R$ 194 million, registering an increase of 152.2% (R$ 117 million).
Considering the sectorial financial assets and liabilities and excluding the non-recurring effects and other adjustments, the Adjusted Net Income totaled R$ 214 million in 1Q15, compared to R$ 235 million in 1Q14, a reduction of 9.1% (R$ 21 million).
Dates of Tariff Adjustments | |
Distribution Company | Date |
CPFL Piratininga | October 23rd |
CPFL Santa Cruz | February 3rd |
CPFL Leste Paulista | February 3rd |
CPFL Jaguari | February 3rd |
CPFL Sul Paulista | February 3rd |
CPFL Mococa | February 3rd |
CPFL Paulista | April 8th |
RGE | June 19th |
CPFL Paulista
Aneel Ratifying Resolution No. 1,871 of April 07, 2015 readjusted electric energy tariffs of CPFL Paulista by 41.45%, being 37.31% related to the Economic Adjustment and 4.14% as financial components outside the Tariff Readjustment, corresponding to an average effect of 4.67% on consumer billings. The impact of the Parcel A (Energy, Transmission Charges and Sector Charges) in the readjustment was of 3.43% and of the Parcel B was of 0.35%. The calculation took into account the change in the Extraordinary Tariff Review occored in February 2015. The new tariffs came into force on April 08, 2015.
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1Q15 Results | May 08, 2015 |
CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa
On February 03, 20154, Aneel approved the indexes of Annual Tariff Adjustments 2015 of the distributors CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa distributors, as shown in the table below:
Annual Tariff Adjustment (RTA) |
CPFL Mococa |
CPFL Sul Paulista |
CPFL Jaguari |
CPFL Leste Paulista |
CPFL Santa Cruz |
Ratifying Resolution |
1,849 |
18,51 |
1,853 |
1,852 |
1,850 |
Economic Adjustment |
28.9% |
30.24% |
40.07% |
28.82% |
22.01% |
Financial components |
-5.55% |
-5.36% |
-1.61% |
-8.02% |
12.67% |
Tariff adjustment |
23.34% |
24.88% |
38.46% |
20.8% |
34.68% |
Average effect |
28.29% |
28.38% |
45.7% |
24.64% |
27.96% |
The new tariffs came into force on February 03, 2015.
RGE
Aneel Ratifying Resolution No. 1,739 of June 17, 2014 readjusted electric energy tariffs of RGE by 21.82%, being 18.83% related to the Tariff Readjustment and 2.99% as financial components outside the Tariff Readjustment, corresponding to an average effect of 22.77% on consumer billings. The impact of the Parcel A (Energy, Transmission Charges and Sector Charges) in the readjustment was of 17.12% and of the Parcel B was of 1.70%. The new tariffs came into force on June 19, 2014.
CPFL Piratininga
Aneel Ratifying Resolution No. 1,810 of October 21, 2014 readjusted electric energy tariffs of CPFL Piratininga by 19.73%, being 15.81% related to the Tariff Readjustment and 3.92% as financial components outside the Tariff Readjustment, corresponding to an average effect of 22.43% on consumer billings. The impact of the Parcel A (Energy, Transmission Charges and Sector Charges) in the readjustment was of 15.50% and of the Parcel B was of 0.31%. The new tariffs came into force on October 23, 2014.
On February 27, ANEEL approved, through Resolution No. 1,858 / 2015, the Extraordinary Tariff Review - RTE of electricity distributors contended that such revision, among them the distributors CPFL Group. This RTE was necessary to restore the economic and financial balance of these concessionaries to meet the following facts: (i) the dollar rate and the tariff increase, which is utilized to honor the power purchase contracts from Itaipu HPP in 2015; (ii) increase in power purchase cost of the 2015 Adjustment Auction and 2014 Existing Energy Auction; (iii) significant increase in the CDE quota in 2015; (iv) exclusion of financial component from the prediction of exposure/overcontracting; and (v) recalculation of research and development (R&D) charge. For the distributors CPFL Santa Cruz, CPFL Jaguari, CPFL Mococa, CPFL Leste Paulista e CPFL Sul Paulista, RTE was needed to reflect the new CDE quota in 2015, to suit the dollar rate to pay for the energy purchased from Itaipu and to exclude the financial component from the prediction of exposure/overcontracting, because the other items had already been considered in the Annual Tariff Adjustment (RTA), in February 3, 2015.
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1Q15 Results | May 08, 2015 |
The extraordinary tariff adjustments are shown, by distributor, in the following table:
Extraordinary Tariff Review (RTE) |
RGE |
CPFL Paulista |
CPFL Mococa |
CPFL Sul Paulista |
CPFL Jaguari |
CPFL Leste Paulista |
CPFL Santa Cruz |
CPFL Piratininga |
Energy |
17.1% |
7.7% |
1.2% |
0.8% |
2.6% |
1.7% |
-4.1% |
3.3% |
Charges |
18.4% |
24.0% |
15.0% |
20.5% |
20.2% |
17.4% |
13.2% |
26.0% |
Average Effect |
37.2% |
32.3% |
16.6% |
22.0% |
23.0% |
19.5% |
10.0% |
29.8% |
|
|
|
|
|
|
|
|
|
On April 07, ANEEL changed, through Resolution No. 1,870 / 2015, the Extraordinary Tariff Review - RTE of the distributors CPFL Leste Paulista, CPFL Sul Paulista, CPFL Jaguari, CPFL Mococa, CPFL Santa Cruz. This correction was necessary to change the value of the monthly quotas of CDE – energy related to ACR, intended for repayment of loans contracted by CCEE in the management of ACR account. The rates resulting from this rectification entered into force on April 8, 2015.
The effect of the restatement of extraordinary tariff revisions in relation to the original RTE approved are shown, by distributor, in the following table:
Extraordinary Tariff Review (RTE) |
CPFL Mococa |
CPFL Sul Paulista |
CPFL Jaguari |
CPFL Leste Paulista |
CPFL Santa Cruz |
Average Effect |
-4.1% |
4.0% |
5.0% |
-4.2% |
-4.6% |
|
|
|
|
|
|
The Group continues its strategy of encouraging the dissemination and sharing of best management and operational practices among the distribution companies, with the intention of raising operating efficiency and improving the quality of client service.
Below we are presenting the results achieved by the distribution companies with regard to the main indicators that measure the quality and reliability of their supply of electric energy. The DEC index (System Average Interruption Duration Index) measures the average duration, in hours, of interruption per consumer per year. The FEC index (System Average Interruption Frequency Index) measures the average number of interruptions per consumer per year.
Annualized DEC and FEC (1Q14) | ||||||||
Company |
CPFL Paulista |
CPFL Piratininga |
RGE |
CPFL Santa Cruz |
CPFL Leste Paulista |
CPFL Jaguari |
CPFL Sul Paulista |
CPFL Mococa |
Indicador | ||||||||
DEC |
6.87 |
7.59 |
17.61 |
7.37 |
6.69 |
6.03 |
10.09 |
5.66 |
FEC |
4.8 |
4.71 |
8.84 |
6.88 |
5.53 |
5.11 |
7.72 |
6.16 |
Annualized DEC and FEC (1Q15) | ||||||||
Company |
CPFL Paulista |
CPFL Piratininga |
RGE |
CPFL Santa Cruz |
CPFL Leste Paulista |
CPFL Jaguari |
CPFL Sul Paulista |
CPFL Mococa |
Indicador | ||||||||
DEC |
7.02 |
6.91 |
17.9 |
6.62 |
9.7 |
5.53 |
8.51 |
7.32 |
FEC |
4.75 |
4.27 |
8.96 |
5.8 |
7.28 |
4.34 |
5.72 |
6.84 |
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1Q15 Results | May 08, 2015 |
Consolidated Income Statement - Commercialization and Services (Pro-forma - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
571,436 |
627,009 |
-8.9% |
Net Operating Revenues |
502,642 |
557,308 |
-9.8% |
EBITDA (IFRS)(1) |
34,225 |
76,984 |
-55.5% |
NET INCOME (IFRS) |
28,736 |
51,234 |
-43.9% |
Note:
(1) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result, depreciation/amortization and business combination, as CVM Instruction no. 527/12.
Operating Revenue
In 1Q15, gross operating revenue reached R$ 571 million, representing a reduction of 8.9% (R$ 56 million), while net operating revenues were down by 9.8% (R$ 55 million) to R$ 503 million.
EBITDA
In 1Q15, EBITDA totaled R$ 34 million, an increase of 55.5% (R$ 43 million), due to the margin reduction in the Commercialization segment, partially offset by the expansion in the Services segment.
Net Income
In 1Q15, net income amounted to R$ 29 million, a reduction of 43.9% (R$ 22 million).
Consolidated Income Statement - Conventional Generation - IFRS (Pro-forma - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenue |
254,202 |
283,022 |
-10.2% |
Net Operating Revenue |
232,139 |
268,394 |
-13.5% |
Cost of Electric Power |
(48,492) |
(22,160) |
118.8% |
Operating Costs & Expenses |
(49,646) |
(52,285) |
-5.0% |
EBITDA (1) |
183,439 |
296,815 |
-38.2% |
Net Income |
38,436 |
140,215 |
-72.6% |
Note: (1) EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization and business combination.
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1Q15 Results | May 08, 2015 |
Consolidated Income Statement - Conventional Generation - Adjusted (1) (Pro-forma - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenue |
538,454 |
635,427 |
-15.3% |
Net Operating Revenue |
489,792 |
591,871 |
-17.2% |
Cost of Electric Power |
(93,774) |
(76,785) |
22.1% |
Operating Costs & Expenses |
(197,947) |
(202,387) |
-2.2% |
EBIT |
198,071 |
312,700 |
-36.7% |
EBITDA |
257,794 |
370,840 |
-30.5% |
EBITDA Adjusted (2) |
384,903 |
393,291 |
-2.1% |
Financial Income (Expense) |
(142,782) |
(128,328) |
11.3% |
Income Before Taxes |
55,289 |
183,420 |
-69.9% |
Net Income |
33,428 |
123,372 |
-72.9% |
Net Income Adjusted (2) |
117,320 |
138,190 |
-15.1% |
Notas:
(1) Proportionate Consolidation of Conventional Generation (Ceran, Baesa, Enercan, Foz do Chapecó and Epasa);
(2) Excluding the non-recurring effects.
Operating Revenue
In 1Q15, Gross Operating Revenues, considering the proportionate consolidation of Conventional Generation, reached R$ 538 million, a reduction of 15.3% (R$ 97 million). Net Operating Revenues moved down 17.2% (R$ 102 million) to R$ 490 million.
The variation in the gross operating revenue is mainly due to the following factors:
(i) Reduction of the gain with the strategy put in place for the seasonality of physical guarantee due to the fall in the ceiling PLD. The gain of 1Q14 (R$ 117 million) was recorded in operating revenue; while the gain of 1Q15 (R$ 74 million) was recorded as a reducer of the cost of electric power;
(ii) Reduction in Epasa’s revenues, in the amount of R$ 3 million, reflecting the cost of acquisition of fuel oil;
Partially offset by:
(iii) Increase due the renewal of the PPA between CPFL Geração and Furnas and the price adjustments in the other PPAs (R$ 23 million).
Cost of Electric Power
In 1Q15, the cost of electric power reached R$ 94 million, an increase of 22.1% (R$ 17 million), due mainly to the following factors:
(i) GSF (Generation Scaling Factor) costs of R$ 127 million in 1Q15, while in 1Q14 this cost was of R$ 22 million – non-recurring effects. It is noteworthy that the power purchase agreement from Serra da Mesa HPP to Furnas exempts CPFL Geração of GSF expenses. Thus, these amounts are related to the Company’s other hydroelectric power plants (Ceran, Baesa, Enercan, Foz Chapecó and Jaguari Geração);
Partially offset by:
(ii) Gain with the strategy put in place for the seasonality of physical guarantee (cost reducer) (R$ 74 million);
(iii) Other effects (R$ 14 million).
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1Q15 Results | May 08, 2015 |
Operating Costs and Expenses
The operating costs and expenses reached R$ 198 million in 1Q15, compared to R$ 202 million in 1Q14, a reduction of 2.2% (R$ 4 million), due to the variations in:
(i) PMSO item, which reached R$ 138 million, a reduction of 3.6% (R$ 5 million), due mainly to the reduction in expenses with material regarding the acquisition of fuel oil by Epasa (R$ 9 million) (associated revenue), partially offset by the increase in expenses with CFURH (Financial Compensation for the Usage of Hydric Resources) (R$ 4 million);
Partially offset by:
(ii) Depreciation and Amortization, which reached R$ 60 million, an increase of 1.1% (R$ 1 million).
EBITDA
In 1Q15, EBITDA was R$ 258 million, compared to R$ 371 million in 1Q14, a reduction of 30.5% (R$ 113 million). The reduction is due mainly to the non-recurring expenses with GSF (R$ 105 million – R$ 127 million in 1Q15 and R$ 22 million in 1Q14) and the effects of the strategy put in place for the seasonality of physical guarantee in this quarter (R$ 43 million).
In 1Q15, the adjusted EBITDA reached R$ 385 million, a reduction of 2.1% (R$ 8 million).
Financial Result
In 1Q15, net financial result was a net expense of R$ 143 million, representing an increase of 11.3% (R$ 14 million).
Financial Expenses moved from R$ 145 million in 1Q14 to R$ 177 million in 1Q15 (R$ 32 million increase), due mainly to the increase in the CDI interbank rate and the exchange variation related to debt Baesa and Ceran.
Financial Revenues moved from R$ 17 million in 1Q14 to R$ 34 million in 1Q15 (R$ 17 million increase), due mainly to the increase in the CDI interbank rate and income related to foreign exchange hedge of debts of Baesa and Ceran.
Net Income
In 1Q15, net income was R$ 33 million, compared to R$ 123 million in 1Q14, a reduction of 72.9% (R$ 90 million). This variation is mainly due to the lower EBITDA, in addition to the worsening of the Financial Result, as explained above.
In 1Q15, adjusted net income was R$ 117 million, a reduction of 15.1% (R$ 21 million).
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1Q15 Results | May 08, 2015 |
Consolidated Income Statement - CPFL Renováveis (100% Participation - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues (IFRS) |
389,992 |
308,469 |
26.4% |
Net Operating Revenues |
364,415 |
288,907 |
26.1% |
Cost of Electric Power |
(121,812) |
(126,998) |
-4.1% |
Operating Costs & Expenses |
(193,315) |
(143,206) |
35.0% |
EBIT |
49,288 |
18,703 |
163.5% |
EBITDA (IFRS)(1) |
177,565 |
119,273 |
48.9% |
Financial Income (Expense) |
(106,682) |
(68,206) |
56.4% |
Income Before Taxes |
(57,394) |
(49,503) |
15.9% |
Net Income (IFRS) |
(64,645) |
(54,325) |
19.0% |
Note: (1) EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization and business combination.
Consolidated Income Statement - CPFL Renováveis (Proportional Participation - R$ Thousands) | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues (IFRS) |
207,513 |
181,504 |
14.3% |
Net Operating Revenues |
194,023 |
169,994 |
14.1% |
Cost of Electric Power |
(68,813) |
(74,726) |
-7.9% |
Operating Costs & Expenses |
(99,772) |
(84,263) |
18.4% |
EBIT |
25,438 |
11,006 |
131.1% |
EBITDA (IFRS)(1) |
91,643 |
70,181 |
30.6% |
Adjusted EBITDA(2) |
119,709 |
112,598 |
6.3% |
Financial Income (Expense) |
(55,059) |
(40,132) |
37.2% |
Income Before Taxes |
(29,621) |
(29,127) |
1.7% |
Net Income (IFRS) |
(33,364) |
(31,964) |
4.4% |
Adjusted Net Income(2) |
(5,298) |
10,452 |
- |
Note:
(1) EBITDA is calculated from the sum of net income, taxes, financial result and depreciation/amortization;
(2) Excludes Non-recurring effects.
Comments to CPFL Renováveis’ Financial Statements
In 1Q15, the variations in the Financial Statements of CPFL Renováveis are mainly due to the factors described below. These factors are partially offset by the amounts eliminated during the consolidation of CPFL Renováveis in CPFL Energia.
(i) The beginning of the revenues by availability of Rosa dos Ventos wind complex (13.7 MW) since February 2014;
(ii) The beginning of operation of Atlântica (120 MW) and Macacos I (30 MW) wind complexes, in March and May 2014, respectively;
(iii) Conclusion of the joint venture with DESA in September 2014, effectively as of October 2014.
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1Q15 Results | May 08, 2015 |
Operating Revenue
Considering proportional participation, gross operating revenue reached R$ 208 million in 1Q15, representing an increase of 14.3% (R$ 26 million), while net operating revenue moved up by 14.1% (R$ 24 million) to R$ 194 million. The increase occurred, mainly, due to the plants that began their sales in the period (mentioned above), plus the annual adjustment of contracts based on the IGP-M or IPCA that occurred throughout the period.
Plus, it is also important to note that the revenue on the effective generation of Santa Clara wind farms begun being recognized in March 29, 2014. Previously, mainly in 2013, its revenue corresponded to a fixed annual rate, placed by apportionment criteria, because the connection with the system was pending, waiting for the completion of the ICG construction (transmission grid).
Cost of Electric Power
In 1Q15, the cost of electric power (considering proportional participation) reached R$ 69 million, representing a reduction of 7.9% (R$ 6 million). This reduction was a result of the factors mentioned below:
· The occurrence of non-recurring effects mentioned below:
(i) Lower purchase of energy to meet SHPPs sales contracts that weren’t part of MRE. In 1Q15, the purchases of Dourados, Guaporé, Três Saltos and Socorro SHPPs totalized R$ 1 million, while in 1Q14 the purchases of Três Saltos, Americana and Socorro SHPPs totalized R$ 23 million;
(ii) Extraordinary purchase of energy to meet Atlantic wind complex sales contract, whose last farm became operational in March 2014, amounting to R$ 16 million in 1Q14;
Partially offset by:
(iii) Implementation of GSF in the amount of R$ 27 million in 1Q15, while in 1Q14 this cost was of R$ 4 million. Unfavorable hydrological conditions as of the beginning of 2014 led to the implementation of GSF and hence the need to buy power generators for several MRE participants.
Operating Costs and Expenses
In 1Q15, operating costs and expenses (considering proportional participation) reached R$ 100 million, representing an increase of 18.4% (R$ 16 million). This increase was a result of the factors mentioned below:
(i) PMSO item, which reached R$ 34 million, an increase of 33.8% (R$ 8 million), due mainly to growth in the portfolio and the largest power generation in the period (R$ 6 million) and the contingency provision related to an arbitration process of a discontinued wind project in Rio Grande do Norte state (R$ 3 million);
(ii) Depreciation and Amortization, which reached R$ 66 million, an increase of 11.9% (R$ 7 million), due mainly to the depreciation of the assets that went into operation between 1Q14 and 1Q15.
EBITDA
In 1Q15, EBITDA (considering proportional participation) was R$ 92 million, an increase of 30.6% (R$ 21 million).
Considering proportional participation and excluding the non-recurring effects, the Adjusted EBITDA totaled R$ 120 million in 1Q15, compared to R$ 113 million in 1Q14, an increase of 6.3% (R$ 7 million).
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1Q15 Results | May 08, 2015 |
Financial Result
In 1Q15, Net Financial Result was a net expense of R$ 55 million, representing an increase of 37.2% (R$ 15 million). Financial Expenses moved from R$ 52 million in 1Q14 to R$ 70 million in 1Q15, an increase of 36.3% (R$ 19 million). Financial Revenues moved from R$ 11 million in 1Q14 to R$ 15 million in 1Q15, an increase of 33.2% (R$ 4 million).
Net Income
In 1Q15, net loss (considering proportional participation) was R$ 33 million, compared to a net loss of R$ 32 million in 1Q14, an increase of 4.4% (R$ 1 million).
Considering proportional participation and excluding the non-recurring effects, the Adjusted Net Loss totaled R$ 5 million in 1Q15, compared to an Adjusted Net Income of R$ 10 million in 1Q14.
On the date of this report, the portfolio of projects of CPFL Renováveis (100% Participation) totaled 1,802 MW of operating installed capacity and 306 MW of capacity under construction. The operational power plants comprises 38 Small Hydroelectric Power Plants – SHPPs (399 MW), 34 Wind Farms (1,032 MW), 8 Biomass Thermoelectric Power Plants (370 MW) and 1 Solar Power Plant (1 MW). Still under construction there are 11 Wind Farms (282 MW) and 2 SHPPs (51 MW).
Additionally, CPFL Renováveis owns wind and SHPP projects under development totaling 3,244 MW, representing a total portfolio of 5,379 MW.
The table below illustrates the overall portfolio of assets (100% participation) in operation, construction and development, and its installed capacity on this date:
CPFL Renováveis - portfolio (100% participation) | |||||
In MW |
SHPP |
Wind |
Biomass |
Solar |
TOTAL |
Operating |
399 |
1,032 |
370 |
1 |
1,802 |
Under construction |
51 |
282 |
- |
- |
333 |
Under development |
216 |
2,484 |
- |
544 |
3,244 |
TOTAL |
666 |
3,798 |
370 |
545 |
5,379 |
Morro dos Ventos II Wind Farm – Operating
ANEEL, through Dispatch nr. 1,107, authorized the start of commercial operations on April 16, 2015 of Morro dos Ventos II Wind Farm, whose start of operations was initially planned for 1H16. The farm totalizes 29.2 MW of installed capacity, with assured energy of 15.3 average-MW, and is located in the municipality of João Câmara, Rio Grande do Norte State. The energy was sold in the 13th New Energia Auction (“LEN” in portuguese) held in 2011 (price: R$ 133.20/MWh – March 2015). As of the date of the dispatch, the energy generated by this farm will be injected into the system and sold in the spot market until the start of the energy sales contract, which is effective as of January 2016.
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1Q15 Results | May 08, 2015 |
Campo dos Ventos Wind Farms and São Benedito Wind Farms
Campo dos Ventos Complex Wind Farms (Campo dos Ventos I, III and V) and São Benedito Complex Wind Farms (Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula, São Domingos and Ventos de São Martinho), located at Rio Grande do Norte State, are under construction. They will be operational, according to scheduled, from 2T16. The installed capacity is of 231.0 MW and the assured energy is of 120.9 average-MW.
Mata Velha SHPP
Mata Velha Small Hydroelectric Power Plant (SHPP), located at Minas Gerais, is under construction. As scheduled, it will gradually become operational from 2Q16. The installed capacity is of 24.0 MW and the assured energy is of 13.1 average-MW. The energy was sold in 16th New Energia Auction (“LEN” in portuguese) held in 2013 (price: R$ 143.30/MWh – March 2015).
Pedra Cheirosa Wind Farms
Pedra Cheirosa Wind Farms (Pedra Cheirosa I and II), located at Ceará State, are under construction. Start-up is scheduled for 1Q18. The installed capacity is of 51.3 MW and the assured energy is of 26.1 average-MW. The energy was sold in 18th New Energia Auction (“LEN” in portuguese) held in 2014 (price: R$ 133.00/MWh – March 2015).
Boa Vista II SHPP – Last A-5 Auction (April 2015)
CPFL Renováveis traded 14.0 average-MW on the 21st New Energy Auction, to be generated by Boa Vista II SHPP, located in the State of Minas Gerais an with 26.5 MW of installed capacity. The contract arising from that trade operation will be in force for 25 years, starting to supply power on January 1, 2020. The lot was sold at an average price of R$ 207.64/MWh (base: April 2015) with annual adjustments by the IPCA inflation index.
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1Q15 Results | May 08, 2015 |
(R$ thousands)
Consolidated | |||
ASSETS |
03/31/2015 |
12/31/2014 |
03/31/2014 |
CURRENT |
|||
Cash and Cash Equivalents |
4,027,798 |
4,357,455 |
4,242,756 |
Consumers, Concessionaries and Licensees |
3,033,719 |
2,251,124 |
2,225,166 |
Dividend and Interest on Equity |
54,483 |
54,483 |
55,265 |
Financial Investments |
12,527 |
5,324 |
14,439 |
Recoverable Taxes |
333,921 |
329,638 |
243,746 |
Derivatives |
89,842 |
23,260 |
56 |
Sectoral Financial Assets |
884,576 |
610,931 |
- |
Materials and Supplies |
22,378 |
18,505 |
22,063 |
Leases |
13,329 |
12,396 |
12,013 |
Concession Financial Assets |
559,942 |
540,094 |
- |
Other Credits |
1,000,067 |
1,011,495 |
1,824,755 |
TOTAL CURRENT |
10,032,581 |
9,214,704 |
8,640,259 |
NON-CURRENT |
|||
Consumers, Concessionaries and Licensees |
117,184 |
123,405 |
143,763 |
Affiliates, Subsidiaries and Parent Company |
103,396 |
100,666 |
87,682 |
Judicial Deposits |
1,171,261 |
1,162,477 |
1,139,048 |
Recoverable Taxes |
140,539 |
144,383 |
167,684 |
Sectoral Financial Assets |
292,721 |
321,788 |
- |
Derivatives |
1,251,437 |
584,917 |
194,677 |
Deferred Taxes |
894,270 |
938,496 |
1,219,861 |
Leases |
33,735 |
35,169 |
39,350 |
Concession Financial Assets |
2,998,843 |
2,834,522 |
2,935,915 |
Investments at Cost |
116,654 |
116,654 |
116,654 |
Other Credits |
423,522 |
388,828 |
298,995 |
Investments |
1,108,829 |
1,098,769 |
1,147,199 |
Property, Plant and Equipment |
8,921,549 |
8,878,064 |
7,743,348 |
Intangible |
9,014,873 |
9,155,973 |
8,705,508 |
TOTAL NON-CURRENT |
26,588,813 |
25,884,112 |
23,939,685 |
TOTAL ASSETS |
36,621,394 |
35,098,816 |
32,579,944 |
Página 44 de 58
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1Q15 Results | May 08, 2015 |
(R$ thousands)
|
Consolidated | ||
LIABILITIES AND SHAREHOLDERS' EQUITY |
03/31/2015 |
12/31/2014 |
03/31/2014 |
CURRENT |
|||
Suppliers |
2,147,001 |
2,374,147 |
2,440,119 |
Accrued Interest on Debts |
100,918 |
97,525 |
81,820 |
Accrued Interest on Debentures |
299,056 |
293,108 |
216,378 |
Loans and Financing |
1,725,381 |
1,093,500 |
1,349,935 |
Debentures |
723,313 |
2,042,075 |
35,300 |
Employee Pension Plans |
87,444 |
85,374 |
80,343 |
Regulatory Charges |
376,650 |
43,795 |
44,197 |
Taxes, Fees and Contributions |
541,705 |
436,267 |
429,760 |
Dividend and Interest on Equity |
19,031 |
19,086 |
21,118 |
Accrued Liabilities |
80,774 |
70,252 |
75,152 |
Derivatives |
0 |
38 |
1,019 |
Sectoral Financial Liabilities |
6,438 |
21,998 |
- |
Public Utilities |
4,099 |
4,000 |
3,823 |
Other Accounts Payable |
897,098 |
835,941 |
677,259 |
TOTAL CURRENT |
7,008,908 |
7,417,104 |
5,456,224 |
NON-CURRENT |
|||
Suppliers |
633 |
633 |
- |
Accrued Interest on Debts |
73,400 |
60,717 |
55,531 |
Accrued Interest on Debentures |
- |
- |
39,185 |
Loans and Financing |
11,220,501 |
9,426,634 |
8,350,156 |
Debentures |
6,146,535 |
6,136,400 |
7,568,258 |
Employee Pension Plans |
494,235 |
518,386 |
326,060 |
Taxes, Fees and Contributions |
- |
- |
26,808 |
Deferred Taxes |
1,378,227 |
1,385,498 |
1,116,646 |
Reserve for Tax, Civil and Labor Risks |
483,545 |
490,858 |
475,740 |
Derivatives |
13,141 |
13,317 |
7,748 |
Sectoral Financial Liabilities |
24,290 |
- |
- |
Public Utilities |
81,977 |
80,992 |
80,285 |
Other Accounts Payable |
169,479 |
183,766 |
119,238 |
TOTAL NON-CURRENT |
20,085,962 |
18,297,200 |
18,165,656 |
SHAREHOLDERS' EQUITY |
|||
Capital |
4,793,424 |
4,793,424 |
4,793,424 |
Capital Reserve |
468,082 |
468,082 |
285,477 |
Legal Reserve |
650,811 |
650,811 |
603,352 |
Reserve of Retained Earnings for Investment |
- |
- |
108,987 |
Statutory Reserve - Concession Financial Assets |
368,935 |
330,437 |
303,504 |
Statutory Reserve - Strengthening of Working Capital |
554,888 |
554,888 |
- |
Dividends |
- |
- |
567,802 |
Other Comprehensive Income |
139,394 |
145,893 |
391,137 |
Retained Earnings |
136,970 |
- |
144,564 |
7,112,504 |
6,943,535 |
7,198,246 | |
Non-Controlling Shareholders' Interest |
2,414,019 |
2,440,978 |
1,759,818 |
TOTAL SHAREHOLDERS' EQUITY |
9,526,523 |
9,384,513 |
8,958,064 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
36,621,394 |
35,098,816 |
32,579,944 |
Página 45 de 58
|
1Q15 Results | May 08, 2015 |
(R$ thousands)
Consolidated - IFRS | ||||
|
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
|
|||
Electricity Sales to Final Customers(1) |
|
5,266,724 |
3,755,166 |
40.3% |
Electricity Sales to Distributors |
|
856,462 |
700,955 |
22.2% |
Revenue from building the infrastructure |
|
230,808 |
188,770 |
22.3% |
Sectorial financial assets and liabilities |
|
688,584 |
- |
- |
Other Operating Revenues(1) |
|
593,300 |
570,931 |
3.9% |
|
7,635,877 |
5,215,823 |
46.4% | |
|
||||
DEDUCTIONS FROM OPERATING REVENUES |
|
(2,345,809) |
(1,288,513) |
82.1% |
NET OPERATING REVENUES |
|
5,290,068 |
3,927,309 |
34.7% |
|
||||
COST OF ELECTRIC ENERGY SERVICES |
|
|||
Electricity Purchased for Resale |
|
(3,203,931) |
(2,359,960) |
35.8% |
Electricity Network Usage Charges |
|
(393,920) |
(192,284) |
104.9% |
|
(3,597,851) |
(2,552,244) |
41.0% | |
OPERATING COSTS AND EXPENSES |
|
|||
Personnel |
|
(225,033) |
(196,670) |
14.4% |
Material |
|
(32,180) |
(27,883) |
15.4% |
Outsourced Services |
|
(135,865) |
(119,355) |
13.8% |
Other Operating Costs/Expenses |
|
(97,828) |
(114,416) |
-14.5% |
Cost of building the infrastructure |
|
(230,178) |
(188,770) |
21.9% |
Employee Pension Plans |
|
(16,344) |
(12,041) |
35.7% |
Depreciation and Amortization |
|
(229,232) |
(206,955) |
10.8% |
Amortization of Concession's Intangible |
|
(84,701) |
(71,644) |
18.2% |
|
(1,051,362) |
(937,733) |
12.1% | |
|
||||
EBITDA |
|
972,196 |
787,301 |
23.5% |
|
||||
EBIT |
|
640,855 |
437,333 |
46.5% |
|
||||
FINANCIAL INCOME (EXPENSE) |
|
|||
Financial Income |
|
287,073 |
228,686 |
25.5% |
Financial Expenses |
|
(653,802) |
(451,592) |
44.8% |
|
(366,729) |
(222,905) |
64.5% | |
|
||||
EQUITY ACCOUNTING |
|
|||
Equity Accounting |
|
17,408 |
71,370 |
-75.6% |
Assets Surplus Value Amortization |
|
(284) |
(295) |
-3.7% |
|
17,124 |
71,075 |
-75.9% | |
|
||||
INCOME BEFORE TAXES ON INCOME |
|
291,250 |
285,502 |
2.0% |
|
||||
Social Contribution |
|
(41,463) |
(30,429) |
36.3% |
Income Tax |
(107,477) |
(80,672) |
33.2% | |
|
||||
NET INCOME |
|
142,310 |
174,401 |
-18.4% |
Controlling Shareholders' Interest |
|
168,970 |
176,496 |
-4.3% |
Non-Controlling Shareholders' Interest |
|
(26,660) |
(2,094) |
1172.9% |
Note: (1) TUSD revenue from captive customers reclassified from the line of “other operating revenues” to the line of “electricity sales to final customers”.
Página 46 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Consolidated - Adjusted | ||||
|
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
|
|||
Electricity Sales to Final Customers(1) |
|
5,266,724 |
3,759,369 |
40.1% |
Electricity Sales to Distributors |
|
798,831 |
800,875 |
-0.3% |
Revenue from building the infrastructure |
|
230,808 |
188,770 |
22.3% |
Sectorial financial assets and liabilities |
|
688,584 |
- |
- |
Other Operating Revenues(1) |
|
591,547 |
570,844 |
3.6% |
|
7,576,493 |
5,319,858 |
42.4% | |
|
||||
DEDUCTIONS FROM OPERATING REVENUES |
|
(2,315,934) |
(1,279,938) |
80.9% |
NET OPERATING REVENUES |
|
5,260,560 |
4,039,920 |
30.2% |
|
||||
COST OF ELECTRIC ENERGY SERVICES |
|
|||
Electricity Purchased for Resale |
|
(2,888,755) |
(1,977,478) |
46.1% |
Electricity Network Usage Charges |
|
(399,815) |
(199,777) |
100.1% |
|
(3,288,570) |
(2,177,255) |
51.0% | |
OPERATING COSTS AND EXPENSES |
|
|||
Personnel |
|
(219,694) |
(192,351) |
14.2% |
Material |
|
(132,057) |
(135,526) |
-2.6% |
Outsourced Services |
|
(127,342) |
(116,855) |
9.0% |
Other Operating Costs/Expenses |
|
(100,576) |
(130,547) |
-23.0% |
Cost of building the infrastructure |
|
(230,178) |
(188,770) |
21.9% |
Employee Pension Plans |
|
(16,344) |
(12,041) |
35.7% |
Depreciation and Amortization |
|
(215,560) |
(206,258) |
4.5% |
Amortization of Concession's Intangible |
|
(63,994) |
(58,544) |
9.3% |
|
(1,105,745) |
(1,040,892) |
6.2% | |
|
||||
Adjusted EBITDA² |
|
1,145,799 |
1,085,621 |
5.5% |
|
||||
EBIT |
|
866,244 |
821,772 |
5.4% |
|
||||
FINANCIAL INCOME (EXPENSE) |
|
|||
Financial Income |
|
274,187 |
233,114 |
17.6% |
Financial Expenses |
|
(629,796) |
(431,777) |
45.9% |
|
(355,609) |
(198,663) |
79.0% | |
|
||||
EQUITY ACCOUNTING |
|
|||
Equity Accounting |
|
- |
(953) |
- |
Assets Surplus Value Amortization |
|
- |
- |
- |
|
- |
(953) |
- | |
|
||||
INCOME BEFORE TAXES ON INCOME |
|
510,635 |
622,156 |
-17.9% |
|
||||
Social Contribution |
|
(56,845) |
(60,630) |
-6.2% |
Income Tax |
(153,455) |
(165,991) |
-7.6% | |
|
||||
Adjusted NET INCOME³ |
|
300,335 |
395,536 |
-24.1% |
Note:
(1) TUSD revenue from captive customers reclassified from the line of “other operating revenues” to the line of “electricity sales to final customers”.
(2) Adjusted figures take into account CPFL’s equivalent stake in each generation project, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) of 1Q14 and disregard non-recurring effects. Since 1Q14, the old regulatory assets and liabilities, now called sectorial financial assets and liabilities, were recognized by the IFRS.
Página 47 de 58
|
1Q15 Results | May 08, 2015 |
(R$ thousands)
Consolidated | ||||
1Q15 |
Last 12M | |||
Beginning Balance |
4,357,455 |
4,242,756 | ||
Net Income Before Taxes |
291,250 |
1,516,051 | ||
Depreciation and Amortization |
313,933 |
1,195,298 | ||
Interest on Debts and Monetary and Foreign Exchange Restatements |
584,343 |
1,741,920 | ||
Consumers, Concessionaries and Licensees |
(799,111) |
(838,901) | ||
Sectoral Financial Assets |
(224,161) |
(1,156,880) | ||
Accounts Receivable - Resources Provided by the CDE/CCEE |
1,368 |
743,745 | ||
Suppliers |
(227,146) |
(311,587) | ||
Sectoral Financial Liabilities |
(5,593) |
16,405 | ||
Accounts Payable - Resources Provided by the CDE |
22,850 |
54,297 | ||
Interest on Debts and Debentures Paid |
(362,758) |
(1,412,851) | ||
Income Tax and Social Contribution Paid |
(122,959) |
(496,783) | ||
Others |
431,361 |
714,508 | ||
(387,873) |
249,171 | |||
Total Operating Activities |
(96,623) |
1,765,222 | ||
Investment Activities |
||||
Cash Incorporated in Business Combination |
- |
139,293 | ||
Acquisition of Property, Plant and Equipment, and Intangibles |
(330,785) |
(1,152,895) | ||
Others |
(18,981) |
64,703 | ||
Total Investment Activities |
(349,766) |
(948,899) | ||
Financing Activities |
||||
Capital Increase by Non Controlling Shareholders |
- |
572 | ||
Loans and Debentures |
2,647,684 |
4,587,322 | ||
Principal Amortization of Loans and Debentures, Net of Derivatives |
(2,530,898) |
(4,614,486) | ||
Dividend and Interest on Equity Paid |
(54) |
(1,004,689) | ||
Others |
- |
- | ||
Total Financing Activities |
116,732 |
(1,031,281) | ||
Cash Flow Generation |
(329,657) |
(214,958) | ||
Ending Balance - 03/31/2015 |
|
4,027,798 |
|
4,027,798 |
Página 48 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Conventional Generation (IFRS) | |||
|
1Q15 |
1Q14 |
Var. |
OPERATING REVENUES |
|
|
|
Eletricity Sales to Final Consumers |
- |
- |
- |
Eletricity Sales to Distributors |
252,813 |
281,802 |
-10.3% |
Other Operating Revenues |
1,390 |
1,220 |
13.9% |
|
254,202 |
283,022 |
-10.2% |
|
|
|
|
DEDUCTIONS FROM OPERATING REVENUES |
(22,064) |
(14,627) |
50.8% |
NET OPERATING REVENUES |
232,139 |
268,394 |
-13.5% |
|
|
|
|
COST OF ELETRIC ENERGY SERVICES |
|
|
|
Eletricity Purchased for Resale |
(43,285) |
(17,829) |
142.8% |
Eletricity Network Usage Charges |
(5,207) |
(4,331) |
20.2% |
|
(48,492) |
(22,160) |
118.8% |
OPERATING COSTS AND EXPENSES |
|
|
|
Personnel |
(7,939) |
(7,343) |
8.1% |
Material |
(317) |
(197) |
60.8% |
Outsourced Services |
(5,395) |
(3,733) |
44.5% |
Other Operating Costs/Expenses |
(3,852) |
(9,498) |
-59.4% |
Employee Pension Plans |
(113) |
(19) |
488.3% |
Depreciation and Amortization |
(27,984) |
(27,347) |
2.3% |
Amortization of Concession's Intangible |
(4,046) |
(4,148) |
-2.5% |
|
(49,646) |
(52,285) |
-5.0% |
|
|
|
|
EBITDA |
183,439 |
296,815 |
-38.2% |
|
|
|
|
EBIT |
134,000 |
193,949 |
-30.9% |
|
|
|
|
FINANCIAL INCOME (EXPENSE) |
|
|
|
Financial Income |
31,133 |
13,215 |
135.6% |
Financial Expenses |
(133,412) |
(106,228) |
25.6% |
Interest on Equity |
- |
- |
- |
|
(102,280) |
(93,013) |
10.0% |
|
|
|
|
EQUITY ACCOUNTING |
|
|
|
Equity Accounting |
17,408 |
71,371 |
-75.6% |
Assets Surplus Value Amortization |
(284) |
(295) |
-3.9% |
|
17,124 |
71,075 |
-75.9% |
|
|
|
|
INCOME BEFORE TAXES ON INCOME |
48,845 |
172,012 |
-71.6% |
|
|
|
|
Social Contribution |
(2,895) |
(8,447) |
-65.7% |
Income Tax |
(7,514) |
(23,349) |
-67.8% |
|
|
|
|
NET INCOME/LOSS |
38,436 |
140,215 |
-72.6% |
Controlling Shareholders' Interest |
33,709 |
119,995 |
-71.9% |
Non-Controlling Shareholders' Interest |
4,727 |
20,220 |
-76.6% |
Página 49 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Conventional Generation (Adjusted) | |||
|
1Q15 |
1Q14 |
Var. |
OPERATING REVENUES |
|
|
|
Eletricity Sales to Final Consumers |
- |
- |
- |
Eletricity Sales to Distributors |
537,451 |
634,743 |
-15.3% |
Other Operating Revenues |
1,002 |
684 |
46.6% |
|
538,454 |
635,427 |
-15.3% |
|
|
|
|
DEDUCTIONS FROM OPERATING REVENUES |
(48,662) |
(43,556) |
11.7% |
NET OPERATING REVENUES |
489,792 |
591,871 |
-17.2% |
|
|
|
|
COST OF ELETRIC ENERGY SERVICES |
|
|
|
Eletricity Purchased for Resale |
53,465 |
(36,378) |
-247.0% |
Eletricity Network Usage Charges |
(20,130) |
(17,955) |
12.1% |
|
33,335 |
(54,334) |
-161.4% |
OPERATING COSTS AND EXPENSES |
|
|
|
Personnel |
(10,917) |
(9,529) |
14.6% |
Material |
(102,190) |
(108,455) |
-5.8% |
Outsourced Services |
(10,383) |
(8,924) |
16.3% |
Other Operating Costs/Expenses |
(14,620) |
(16,367) |
-10.7% |
Employee Pension Plans |
(113) |
(19) |
488.3% |
Depreciation and Amortization |
(55,394) |
(54,649) |
1.4% |
Amortization of Concession's Intangible |
(4,330) |
(4,444) |
-2.6% |
|
(197,947) |
(202,387) |
-2.2% |
|
|
|
|
EBITDA |
384,903 |
393,291 |
-2.1% |
|
|
|
|
EBIT |
325,180 |
335,151 |
-3.0% |
|
|
|
|
FINANCIAL INCOME (EXPENSE) |
|
|
|
Financial Income |
34,167 |
16,954 |
101.5% |
Financial Expenses |
(176,949) |
(145,282) |
21.8% |
Interest on Equity |
- |
- |
- |
|
(142,782) |
(128,328) |
11.3% |
|
|
|
|
EQUITY ACCOUNTING |
|
|
|
Equity Accounting |
- |
(953) |
- |
Assets Surplus Value Amortization |
- |
- |
- |
|
- |
(953) |
- |
|
|
|
|
INCOME BEFORE TAXES ON INCOME |
182,398 |
205,871 |
-11.4% |
|
|
|
|
Social Contribution |
(17,358) |
(18,036) |
-3.8% |
Income Tax |
(47,720) |
(49,645) |
-3.9% |
|
|
|
|
NET INCOME/LOSS |
117,320 |
138,190 |
-15.1% |
Note: Proportionate Consolidation of Conventional Generation (Ceran, Baesa, Enercan, Foz do Chapecó, Epasa and Jaguari Geração) and excludes the non-recurring effects.
Página 50 de 58
|
1Q15 Results | May 08, 2015 |
(R$ thousands)
Consolidated - IFRS (100% Participation) | |||
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
| ||
Eletricity Sales to Final Consumers |
- |
- |
- |
Eletricity Sales to Distributors |
385,322 |
308,226 |
25.0% |
Other Operating Revenues |
4,670 |
243 |
1825.1% |
|
389,992 |
308,469 |
26.4% |
|
| ||
DEDUCTIONS FROM OPERATING REVENUES |
(25,577) |
(19,561) |
30.8% |
NET OPERATING REVENUES |
364,415 |
288,907 |
26.1% |
|
| ||
COST OF ELETRIC ENERGY SERVICES |
| ||
Eletricity Purchased for Resale |
(102,010) |
(115,151) |
-11.4% |
Eletricity Network Usage Charges |
(19,803) |
(11,847) |
67.2% |
|
(121,812) |
(126,998) |
-4.1% |
OPERATING COSTS AND EXPENSES |
| ||
Personnel |
(17,187) |
(15,803) |
8.8% |
Material |
(4,125) |
(1,499) |
175.1% |
Outsourced Services |
(29,072) |
(18,898) |
53.8% |
Other Operating Costs/Expenses |
(14,653) |
(6,436) |
127.7% |
Depreciation and Amortization |
(84,898) |
(68,025) |
24.8% |
Amortization of Concession's Intangible |
(43,379) |
(32,545) |
33.3% |
|
(193,315) |
(143,206) |
35.0% |
|
| ||
EBITDA (IFRS) (1) |
177,565 |
119,273 |
48.9% |
|
| ||
EBIT |
49,288 |
18,703 |
163.5% |
|
| ||
FINANCIAL INCOME (EXPENSE) |
| ||
Financial Income |
29,609 |
19,491 |
51.9% |
Financial Expenses |
(136,290) |
(87,697) |
55.4% |
|
(106,682) |
(68,206) |
56.4% |
|
| ||
INCOME BEFORE TAXES ON INCOME |
(57,394) |
(49,503) |
15.9% |
|
| ||
Social Contribution |
(3,679) |
(2,414) |
52.4% |
Income Tax |
(3,572) |
(2,408) |
48.3% |
|
| ||
NET INCOME (IFRS) |
(64,645) |
(54,325) |
19.0% |
Controlling Shareholders' Interest |
(64,430) |
(54,307) |
18.6% |
Non-Controlling Shareholders' Interest |
(215) |
(18) |
1062.3% |
Note: (1) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result and depreciation/amortization, as CVM Instruction no. 527/12.
Página 51 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Consolidated - Adjusted (Proportional Participation) | |||
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
| ||
Eletricity Sales to Final Consumers |
- |
- |
- |
Eletricity Sales to Distributors |
205,103 |
181,362 |
13.1% |
Other Operating Revenues |
2,410 |
143 |
1588.7% |
|
207,513 |
181,504 |
14.3% |
|
| ||
DEDUCTIONS FROM OPERATING REVENUES |
(13,490) |
(11,510) |
17.2% |
NET OPERATING REVENUES |
194,023 |
169,994 |
14.1% |
|
| ||
COST OF ELETRIC ENERGY SERVICES |
| ||
Eletricity Purchased for Resale |
(30,527) |
(25,339) |
20.5% |
Eletricity Network Usage Charges |
(10,220) |
(6,971) |
46.6% |
|
(40,747) |
(32,310) |
26.1% |
OPERATING COSTS AND EXPENSES |
| ||
Personnel |
(8,870) |
(9,298) |
-4.6% |
Material |
(2,129) |
(882) |
141.4% |
Outsourced Services |
(15,005) |
(11,120) |
34.9% |
Other Operating Costs/Expenses |
(7,563) |
(3,787) |
99.7% |
Depreciation and Amortization |
(43,817) |
(40,026) |
9.5% |
Amortization of Concession's Intangible |
(22,388) |
(19,150) |
16.9% |
|
(99,772) |
(84,263) |
18.4% |
|
| ||
EBITDA Adjusted (1) |
119,709 |
112,598 |
6.3% |
|
| ||
EBIT |
53,504 |
53,422 |
0.2% |
|
| ||
FINANCIAL INCOME (EXPENSE) |
| ||
Financial Income |
15,281 |
11,469 |
33.2% |
Financial Expenses |
(70,341) |
(51,601) |
36.3% |
|
(55,059) |
(40,132) |
37.2% |
|
| ||
INCOME BEFORE TAXES ON INCOME |
(1,556) |
13,290 |
-111.7% |
|
| ||
Social Contribution |
(1,899) |
(1,420) |
33.7% |
Income Tax |
(1,844) |
(1,417) |
30.1% |
|
| ||
NET INCOME Adjusted(1) |
(5,298) |
10,452 |
-150.7% |
Note: (1) Proportional participation - Non-recurring
Página 52 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Consolidated | ||||
|
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
||||
Electricity Sales to Final Customers |
4,990,469 |
3,526,709 |
41.50% | |
Electricity Sales to Distributors |
185,807 |
41,771 |
344.82% | |
Revenue from building the infrastructure |
213,555 |
184,570 |
15.70% | |
Setorial financial assets and liabilities |
688,584 |
- |
- | |
Other Operating Revenues |
561,617 |
539,628 |
4.07% | |
|
6,640,031 |
4,292,678 |
54.68% | |
|
|
|
|
|
DEDUCTIONS FROM OPERATING REVENUES |
(2,244,669) |
(1,201,168) |
86.87% | |
NET OPERATING REVENUES |
4,395,362 |
3,091,510 |
42.18% | |
|
||||
COST OF ELECTRIC ENERGY SERVICES |
||||
Electricity Purchased for Resale |
(2,824,468) |
(2,045,336) |
38.09% | |
Electricity Network Usage Charges |
(370,268) |
(176,892) |
109.32% | |
|
(3,194,735) |
(2,222,228) |
43.76% | |
OPERATING COSTS AND EXPENSES |
|
|||
Personnel |
|
(157,821) |
(141,704) |
11.37% |
Material |
|
(21,361) |
(20,214) |
5.68% |
Outsourced Services |
|
(125,184) |
(109,419) |
14.41% |
Other Operating Costs/Expenses |
|
(81,549) |
(101,275) |
-19.48% |
Cost of building the infrastructure |
|
(213,555) |
(184,570) |
15.70% |
Employee Pension Plans |
|
(16,231) |
(12,022) |
35.01% |
Depreciation and Amortization |
|
(112,296) |
(108,522) |
3.48% |
Amortization of Concession's Intangible |
|
(5,129) |
(5,096) |
0.66% |
|
(733,127) |
(682,821) |
7.37% | |
|
||||
EBITDA (IFRS)(1) |
|
584,926 |
300,078 |
94.92% |
|
||||
EBIT |
|
467,501 |
186,461 |
150.72% |
|
||||
FINANCIAL INCOME (EXPENSE) |
|
|||
Financial Income |
|
193,336 |
160,607 |
20.38% |
Financial Expenses |
|
(350,838) |
(217,597) |
61.23% |
Interest on Equity |
|
- |
- |
- |
|
(157,502) |
(56,991) |
176.36% | |
|
||||
INCOME BEFORE TAXES ON INCOME |
|
309,998 |
129,470 |
139.44% |
|
||||
Social Contribution |
|
(30,815) |
(14,145) |
117.86% |
Income Tax |
|
(84,901) |
(38,278) |
121.80% |
|
||||
Net Income (IFRS) |
|
194,282 |
77,047 |
152.16% |
Note:
(1) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result and depreciation/amortization, as CVM Instruction no. 527/12.
Página 53 de 58
|
1Q15 Results | May 08, 2015 |
(Pro forma, R$ thousands)
Consolidated | ||||
|
|
1Q15 |
1Q14 |
Variation |
OPERATING REVENUES |
||||
Electricity Sales to Final Customers |
4,990,469 |
3,530,912 |
41.34% | |
Electricity Sales to Distributors |
185,807 |
41,771 |
0.00% | |
Revenue from building the infrastructure |
213,555 |
184,570 |
15.70% | |
Setorial financial assets and liabilities |
688,584 |
- |
- | |
Other Operating Revenues |
561,617 |
539,628 |
4.07% | |
|
6,640,031 |
4,296,881 |
54.53% | |
|
|
|
|
|
DEDUCTIONS FROM OPERATING REVENUES |
(2,214,669) |
(1,183,730) |
87.09% | |
NET OPERATING REVENUES |
4,425,362 |
3,113,151 |
42.15% | |
|
||||
COST OF ELECTRIC ENERGY SERVICES |
||||
Electricity Purchased for Resale |
(2,824,468) |
(1,854,953) |
52.27% | |
Electricity Network Usage Charges |
(370,268) |
(175,320) |
111.20% | |
|
(3,194,735) |
(2,030,272) |
57.36% | |
OPERATING COSTS AND EXPENSES |
|
|||
Personnel |
|
(157,821) |
(141,704) |
11.37% |
Material |
|
(21,361) |
(20,214) |
5.68% |
Outsourced Services |
|
(125,184) |
(109,419) |
14.41% |
Other Operating Costs/Expenses |
|
(81,549) |
(106,295) |
-23.28% |
Cost of building the infrastructure |
|
(213,555) |
(184,570) |
15.70% |
Employee Pension Plans |
|
(16,231) |
(12,022) |
35.01% |
Depreciation and Amortization |
|
(112,296) |
(108,522) |
3.48% |
Amortization of Concession's Intangible |
|
(5,129) |
(5,096) |
0.66% |
|
(733,127) |
(687,841) |
6.58% | |
|
||||
Adjusted EBITDA(2) |
|
614,926 |
508,655 |
20.89% |
|
||||
EBIT |
|
497,501 |
395,037 |
25.94% |
|
||||
FINANCIAL INCOME (EXPENSE) |
|
|||
Financial Income |
|
193,336 |
171,704 |
12.60% |
Financial Expenses |
|
(350,838) |
(197,212) |
77.90% |
Interest on Equity |
|
- |
- |
- |
|
(157,502) |
(25,508) |
517.46% | |
|
||||
INCOME BEFORE TAXES ON INCOME |
|
339,998 |
369,529 |
-7.99% |
|
||||
Social Contribution |
|
(33,515) |
(35,750) |
-6.25% |
Income Tax |
|
(92,401) |
(98,293) |
-5.99% |
|
||||
Adjusted Net Income(3) |
|
214,082 |
235,487 |
-9.09% |
Notes:
(1) Adjusted EBITDA considers, besides the items mentioned above, the sectorial financial assets and liabilities (previously called regulatory assets and liabilities)and excludes the non-recurring effects and other adjustments;
(2) Adjusted Net Income considers the sectorial financial assets and liabilities (previously called regulatory assets and liabilities) and excludes the non-recurring effects and other adjustments.
Página 54 de 58
|
1Q15 Results | May 08, 2015 |
(Pro-forma, R$ thousands)
Summary of Income Statement by Distribution Company (Pro-forma - R$ Thousands) | |||
CPFL PAULISTA | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
3,380,150 |
2,263,874 |
49.3% |
Net Operating Revenues |
2,219,202 |
1,624,108 |
36.6% |
Cost of Electric Power |
(1,623,956) |
(1,220,318) |
33.1% |
Operating Costs & Expenses |
(363,752) |
(334,846) |
8.6% |
EBIT |
231,494 |
68,943 |
235.8% |
EBITDA (IFRS)(1) |
285,009 |
120,899 |
135.7% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
285,009 |
234,604 |
21.5% |
Financial Income (Expense) |
(75,042) |
(27,320) |
174.7% |
Income Before Taxes |
156,452 |
41,623 |
275.9% |
NET INCOME (IFRS) |
98,049 |
23,020 |
325.9% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
98,049 |
98,004 |
0.0% |
CPFL PIRATININGA | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
1,548,582 |
1,003,771 |
54.3% |
Net Operating Revenues |
997,858 |
711,078 |
40.3% |
Cost of Electric Power |
(734,310) |
(518,647) |
41.6% |
Operating Costs & Expenses |
(146,417) |
(146,096) |
0.2% |
EBIT |
117,132 |
46,335 |
152.8% |
EBITDA (IFRS)(1) |
140,087 |
68,855 |
103.5% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
140,087 |
117,611 |
19.1% |
Financial Income (Expense) |
(39,305) |
(13,580) |
189.4% |
Income Before Taxes |
77,827 |
32,755 |
137.6% |
NET INCOME (IFRS) |
48,545 |
19,621 |
147.4% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
48,545 |
54,602 |
-11.1% |
RGE | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
1,360,784 |
794,273 |
71.3% |
Net Operating Revenues |
948,469 |
584,682 |
62.2% |
Cost of Electric Power |
(691,456) |
(381,181) |
81.4% |
Operating Costs & Expenses |
(174,739) |
(153,626) |
13.7% |
EBIT |
82,273 |
49,876 |
65.0% |
EBITDA (IFRS)(1) |
115,197 |
81,386 |
41.5% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
115,197 |
96,817 |
19.0% |
Financial Income (Expense) |
(35,649) |
(17,988) |
98.2% |
Income Before Taxes |
46,624 |
31,888 |
46.2% |
NET INCOME (IFRS) |
29,348 |
19,864 |
47.7% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
29,348 |
30,697 |
-4.4% |
CPFL SANTA CRUZ | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
161,730 |
111,569 |
45.0% |
Net Operating Revenues |
107,370 |
84,455 |
27.1% |
Cost of Electric Power |
(70,128) |
(52,626) |
33.3% |
Operating Costs & Expenses |
(20,208) |
(23,235) |
-13.0% |
EBIT |
17,035 |
8,594 |
98.2% |
EBITDA (IFRS)(1) |
20,565 |
12,003 |
71.3% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
20,565 |
12,318 |
66.9% |
Financial Income (Expense) |
(767) |
611 |
-225.4% |
Income Before Taxes |
16,268 |
9,205 |
76.7% |
NET INCOME (IFRS) |
10,349 |
5,701 |
81.5% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
10,349 |
6,051 |
71.0% |
Notes:
(1) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result and depreciation/amortization;
(2) EBITDA (IFRS + sectorial financial assets and liabilities - previously called regulatory assets and liabilities);
(3) Net Income (IFRS + sectorial financial assets and liabilities - previously called regulatory assets and liabilities).
Página 55 de 58
|
1Q15 Results | May 08, 2015 |
Summary of Income Statement by Distribution Company (Pro-forma - R$ Thousands) | |||
CPFL LESTE PAULISTA | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
42,216 |
27,696 |
52.4% |
Net Operating Revenues |
28,706 |
21,007 |
36.6% |
Cost of Electric Power |
(17,065) |
(10,991) |
55.3% |
Operating Costs & Expenses |
(6,064) |
(7,711) |
-21.4% |
EBIT |
5,576 |
2,306 |
141.9% |
EBITDA (IFRS)(1) |
7,004 |
3,664 |
91.2% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
7,004 |
4,312 |
62.4% |
Financial Income (Expense) |
(898) |
723 |
-224.2% |
Income Before Taxes |
4,679 |
3,029 |
54.5% |
NET INCOME (IFRS) |
2,948 |
1,872 |
57.5% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
2,948 |
2,250 |
31.0% |
CPFL SUL PAULISTA | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
58,348 |
36,834 |
58.4% |
Net Operating Revenues |
38,142 |
26,925 |
41.7% |
Cost of Electric Power |
(21,814) |
(14,896) |
46.4% |
Operating Costs & Expenses |
(9,216) |
(7,174) |
28.5% |
EBIT |
7,113 |
4,854 |
46.5% |
EBITDA (IFRS)(1) |
8,533 |
6,178 |
38.1% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
8,533 |
6,560 |
30.1% |
Financial Income (Expense) |
(1,032) |
652 |
-258.4% |
Income Before Taxes |
6,081 |
5,506 |
10.4% |
NET INCOME (IFRS) |
3,908 |
3,546 |
10.2% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
3,908 |
3,821 |
2.3% |
CPFL JAGUARI | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
60,094 |
35,067 |
71.4% |
Net Operating Revenues |
37,754 |
25,120 |
50.3% |
Cost of Electric Power |
(27,631) |
(18,384) |
50.3% |
Operating Costs & Expenses |
(7,522) |
(5,333) |
41.0% |
EBIT |
2,601 |
1,403 |
85.4% |
EBITDA (IFRS)(1) |
3,468 |
2,178 |
59.2% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
3,468 |
3,789 |
-8.5% |
Financial Income (Expense) |
(3,326) |
(865) |
284.4% |
Income Before Taxes |
(725) |
538 |
-234.8% |
NET INCOME (IFRS) |
(638) |
223 |
-385.7% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
(638) |
1,272 |
-150.2% |
CPFL MOCOCA | |||
|
1Q15 |
1Q14 |
Var. |
Gross Operating Revenues |
31,498 |
22,607 |
39.3% |
Net Operating Revenues |
20,944 |
16,898 |
23.9% |
Cost of Electric Power |
(11,240) |
(7,628) |
47.4% |
Operating Costs & Expenses |
(5,426) |
(5,121) |
6.0% |
EBIT |
4,277 |
4,149 |
3.1% |
EBITDA (IFRS)(1) |
5,062 |
4,915 |
3.0% |
EBITDA (IFRS+ Regulatory Assets & Liabilities)(2) |
5,062 |
5,037 |
0.5% |
Financial Income (Expense) |
(1,484) |
777 |
-290.9% |
Income Before Taxes |
2,793 |
4,927 |
-43.3% |
NET INCOME (IFRS) |
1,774 |
3,199 |
-44.6% |
NET INCOME (IFRS+ Regulatory Assets & Liabilities)(3) |
1,774 |
3,259 |
-45.6% |
Notes:
(1) EBITDA (IFRS) is calculated from the sum of net income, taxes, financial result, depreciation/amortization;
(2) EBITDA (IFRS + sectorial financial assets and liabilities - previously called regulatory assets and liabilities);
(3) Net Income (IFRS + sectorial financial assets and liabilities - previously called regulatory assets and liabilities).
Página 56 de 58
|
1Q15 Results | May 08, 2015 |
13.13) Sales within the Concession Area by Distributor (in GWh)
CPFL Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
2,481 |
2,479 |
0.1% |
Industrial |
2,731 |
2,895 |
-5.7% |
Commercial |
1,563 |
1,556 |
0.4% |
Others |
1,023 |
1,075 |
-4.8% |
Total |
7,797 |
8,004 |
-2.6% |
CPFL Piratininga | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
1,122 |
1,131 |
-0.8% |
Industrial |
1,908 |
2,011 |
-5.1% |
Commercial |
668 |
660 |
1.1% |
Others |
283 |
288 |
-1.5% |
Total |
3,981 |
4,090 |
-2.7% |
RGE | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
663 |
652 |
1.8% |
Industrial |
836 |
885 |
-5.6% |
Commercial |
400 |
400 |
0.0% |
Others |
699 |
727 |
-3.9% |
Total |
2,598 |
2,664 |
-2.5% |
CPFL Santa Cruz | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
96 |
95 |
0.7% |
Industrial |
58 |
57 |
1.1% |
Commercial |
46 |
48 |
-3.1% |
Others |
90 |
106 |
-15.7% |
Total |
290 |
306 |
-5.5% |
CPFL Jaguari | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
24 |
23 |
2.3% |
Industrial |
99 |
97 |
1.4% |
Commercial |
14 |
14 |
2.7% |
Others |
10 |
10 |
-3.2% |
Total |
147 |
145 |
1.4% |
CPFL Mococa | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
20 |
19 |
4.2% |
Industrial |
16 |
17 |
-5.4% |
Commercial |
9 |
9 |
-1.6% |
Others |
15 |
15 |
-2.8% |
Total |
59 |
60 |
-1.1% |
CPFL Leste Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
26 |
26 |
1.5% |
Industrial |
19 |
19 |
-2.3% |
Commercial |
12 |
13 |
-5.6% |
Others |
24 |
28 |
-11.6% |
Total |
81 |
85 |
-4.7% |
CPFL Sul Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
38 |
37 |
1.0% |
Industrial |
83 |
75 |
11.1% |
Commercial |
16 |
16 |
1.0% |
Others |
24 |
25 |
-3.0% |
Total |
161 |
153 |
5.3% |
Página 57 de 58
|
1Q15 Results | May 08, 2015 |
13.14) Sales to the Captive Market by Distributor (in GWh)
CPFL Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
2,481 |
2,479 |
0.1% |
Industrial |
979 |
1,021 |
-4.1% |
Commercial |
1,415 |
1,442 |
-1.9% |
Others |
989 |
1,039 |
-4.8% |
Total |
5,865 |
5,981 |
-1.9% |
CPFL Piratininga | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
1,122 |
1,131 |
-0.8% |
Industrial |
536 |
559 |
-4.2% |
Commercial |
596 |
595 |
0.3% |
Others |
272 |
275 |
-1.3% |
Total |
2,526 |
2,560 |
-1.3% |
RGE | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
663 |
652 |
1.8% |
Industrial |
391 |
410 |
-4.6% |
Commercial |
377 |
379 |
-0.4% |
Others |
699 |
727 |
-3.9% |
Total |
2,130 |
2,167 |
-1.7% |
CPFL Santa Cruz | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
96 |
95 |
0.7% |
Industrial |
46 |
46 |
1.2% |
Commercial |
46 |
48 |
-3.0% |
Others |
90 |
106 |
-15.7% |
Total |
278 |
295 |
-5.8% |
CPFL Jaguari | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
24 |
23 |
2.3% |
Industrial |
80 |
79 |
0.2% |
Commercial |
14 |
14 |
2.7% |
Others |
10 |
10 |
-3.2% |
Total |
127 |
126 |
0.6% |
CPFL Mococa | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
20 |
19 |
4.2% |
Industrial |
9 |
10 |
-4.1% |
Commercial |
9 |
9 |
-1.6% |
Others |
15 |
15 |
-2.8% |
Total |
53 |
53 |
-0.3% |
CPFL Leste Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
26 |
26 |
1.5% |
Industrial |
7 |
7 |
9.7% |
Commercial |
12 |
13 |
-5.6% |
Others |
24 |
28 |
-11.6% |
Total |
70 |
73 |
-4.0% |
CPFL Sul Paulista | |||
|
1Q15 |
1Q14 |
Var. |
Residential |
38 |
37 |
1.0% |
Industrial |
25 |
21 |
18.0% |
Commercial |
16 |
16 |
1.0% |
Others |
24 |
25 |
-3.0% |
Total |
103 |
99 |
3.6% |
Página 58 de 58
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.