3. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
3
4. Corporate overview – Highlights
The largest R$25+ billion of Market Cap as of Apr, 2012
private player Leadership in distribution of energy through 8
in the Brazilian subsidiaries. Presence concentrated in the most
Electric Sector developed regions of Brazil
Leadership in Commercialization and a world-class
provider of Value-Added Services
Leadership in Renewable Energy in Latin America
2,768 MW of generation installed capacity (Mar-12),
more than 93% from renewable sources
LTM1Q12 EBITDA of R$ 3.8 billion and net income of R$
1.5 billion
Listed on Bovespa’s Novo Mercado and on NYSE (ADR
Level III)
Differentiated Dividend Policy: minimum of 50% of net
income, semi-annually. Practice of 95% since IPO in 2004
4
5. Brazil’s largest player in the electric sector
CPFL Energia Market-share
COMMERCIALIZATION
Distribution (2011) CPFL 13%1
Concession Area (captive + TUSD)
• 7.0 million customers
Others:
• 569 municipalities
87%
• Sales of 54,590 GWh2
3 major
Market leader players: 34%
Generation (Mar-12) CPFL 2%3
Focused mainly on renewables
• 65 power plants in operation Others:
• 2,768 MW of installed capacity4 98%
• 30 plants under construction
3 major
GENERATION
2rd private generator players: 28%
DISTRIBUTION
9 SPPs
Commercialization (2011)
CPFL 11%5
2 TPPs Fuel Oil Free Energy market and Services
• 140 free customers
• Sales of 12,173 GWh6 Others:
35 SPPs
5 (SC) and 4 (RS) • Added value services 89%
33 Wind Farms
8 (CE), 21 (RN) and 4 (RS)
8 TPPs Sugarcane
Main player 3 major
5 (SP), 1 (RN), 1 (MG) and 1 (PR)
players: 29%
1) Aneel – last available information 2) Concession area sales (excludes CCEE) 3) In Apr, 2011. Generation figures after ERSA and Jantus’ deals closing 4) CPFL Energia’s equivalent
5 stake in each project 5) 2011 accumulated (October, 2011) 6) Take into account sales of commercialization and generation outwards the Group
6. Corporate structure | CPFL Energia (December 2011)
Increased stake at CPFL Renováveis to 63.00% and at Epasa to 52.75% as from Dec/11
1
Free Float
DISTRIBUTION
COMMERCIALIZATION
GENERATION
3
Paulista Lajeado
Inv estco
SERVICES
RENEWABLES
1) C ontrolling shareholders; 2) Includes the 0.1% direct stake ow ned by C amargo Corrêa S .A.; 3) Termoparaíba and Termonordeste Thermoelectric F acilities;
6 4) C P FL E nergia ow ns a 63.0% indirect interest in C P FL Renováveis through C PFL G eração, with 35.5% and C PFL Brasil w ith 27.5%
7. Best corporate governance practices
World-Class Corporate Governance Practices:
1st Brazilian company
• Shares listed in differentiated segments:
• Bovespa Novo Mercado
Annual Client Leadership
• NYSE (ADR Level III) Award IFC 2008
• Compliant with the Sarbanes-Oxley Act
• Board of Directors composed by 7 members: Member of the Companies
Circle – OCDE/IFC
• 1 Independent Member
• Advised by 3 Committees
• Self-Assessment through Fiscal Council
• Enforcement of policies for information disclosure and trading 1st Place – May, 2011
of company’ shares by employees Energy Sector – The Most Sustainable Large
Companies in Latin America for the 3 rd
• Dividend Payout Policy: consecutive year
• Minimum of 50% of net income, semi-annually
Ranked in the 50 Largest Sustainable Latin
American companies list (2008/2009)
Ranked in Ibovespa’s Transparency in
Sustainability list (2 nd place - 2009)
7
8. CPFL Energia strategic plan 2012-2016
Leadership in the Brazilian electricity sector, with a diversified portfolio
GENERATION DISTRIBUTION
Leader in renewable sources Market leader, doubling
of energy in Latin America market share;
(> 4 GW through 2020)
Operational excellence
Operational excellence: through use of innovation and
EBITDA margin > 70% for best-in-class technologies
renewables and > 80% for
conventional energy
Successful track record in COMMERCIALIZATION
the development and Leader in energy sales, with
construction of generation a market share of over 10%
capacity
Expansion of range of
Pursuing new opportunities services and integration
(HPP and thermoelectric)
with the other business
segments (more synergies)
8
8
9. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
9
10. Distribution business
Leadership in the distribution business:
8 distribution companies;
13% of market share;
7.0 million customers;
569 municipalities;
Sales of 54,590 GWh 1 | 6.0% CAGR from 2004 to 2011
Southeast region
Number of customers
+1.5 million
7,0
6,6 6,7
6,3 6,4
South region
5,6 5,7
5,5
2004 2005 2006 2007 2008 2009 2010 2011
Acquisitions
Presence in the 2006 | Cia. Luz e Força Santa Cruz | RGE’s additional stake (32.69%);
most developed 2007 | CMS Energy Brasil2 (4 distribution companies).
regions of Brazil
R$ 1,029 million in acquisitions
10
10 1) Concession area 2) CPFL Jaguariúna
11. Positioned in a very promising region
Commercial: expected inauguration of shopping malls Residential:
2012-20131 Population growth2
25 malls Accumulated variation
São Paulo (total) 2000-2010
Araçariguama
Bauru 14,1%
Boituva 11,4%
14 Botucatu
In the 5,5% 5,0%
Campinas
concession Jundiaí (2)
area Ribeirão Preto
S.J. do Rio Preto (2) Concession SP RGE RS
São Roque area of
Sorocaba (2) CPFL Energia
Sumaré (Southeast)
2010-2022(e)
9,5%
Rio Grande do Sul 7,7%
5,5% 4,6%
6 malls
(total)
Farroupilha Concession SP RGE RS
2 Gravataí area of
In the CPFL Energia
concession (Southeast)
area
Larger growth rates in the concession
areas of CPFL Energia
11 1) S ource: A BRASCE 2) S ource and projection: IBG E and LC A Consultores
12. Large investments will lead to growth in the concession area
Campinas São Paulo Rio de Janeiro Viracopos Guarulhos Brasília
• Construction of • Construction of the • Expansion of the
terminal (1 st 3 rdterminal, passengers
• Total Investment (e)1: R$ 34.6 billion phase) and expansion of the terminal, garage,
expansion of departure area and highway system
• 1st Phase (e): R$ 6.7 billion departure area construction of a and departure
taxi lane area
• 2nd Phase (e): R$ 27.9 billion • Investment (e):
R$ 873 million • Investment(e): • Investment(e):
by 2014 1 R$ 1.38 billion R$ 627 million
by 2014 1 by 2014 1
Investments announced for 2012-2013(e)2
• Expansion of the container terminal at Santos Port (SP)
• Expansion of the gas concessionaire network (Jundiaí, Piracicaba e Hortolândia) Total:
• Expansion of the telecommunication network in the Ribeirão Preto region (SP) R$ 3 billion
• Construction of an ethanol terminal in Paulínia (SP)
• Construction of a servicing center for transportation equipment in Sorocaba (SP)
Up 37%
Applications at BNDES for new projects amounted to R$ 55.7 billion in the 1Q123 compared to 1Q11
12 1) Source: STN/Dept. of the treasury | Estimated v alues subject to changes 2) Source: Press (inv estments announced between Jan. and A pr/12)
12
3) Source: BNDES | Performance Report – 03/31/12
13. 13
CP FL CP FL
4.9
6.0
Piratini nga Mococa
CP FL CPFL
5.1
6.4
Jaguari Piratinin ga
CPFL CP FL
5.2
6.8
Mococa Paulista
CPFL CPFL
5.4
7.0
FEC 1 | 2011 (#)
Paul ista Jag uari
CP FL San ta
5.4
Elektro
DEC 1 | 2011 (hours)
8.4
Cruz
5.5
E letro paulo E lektro 9.0
CPFL S ul CPFL Sul
5.7
9.1
Paulista Pau lista
6.0
Co el ce Coelce
9.3
CP FL Leste
6 .2
Bandeirante
9.4
Pau lista
Band eirante CPFL Leste
6.2
9.7
P aul ista
6.3
Escelsa El etrop aul o
7.0
Cemig E scel sa
7.8
Li ght Copel
10.4 10.4 10.6
CPFL Santa
8.2
Cruz Co sern
Operational Efficiency – Distribution companies
12.7
8.3
Cop el Cemi g
1) DE C /FEC: Average duration/frequency of pow er outages per consumer per y ear (in hours/# of outages).
9.4
RGE RGE
14.3 15.2
9.8
Amp la Lig ht
Cemar Celp e
Cel esc
1 1.6 11.8
Celesc
CE EE
13.2
CEE E
16.7 17.1 17.1 17.6
Cosern
15.2
Ampla
19.2
Cel pe
16.8
Cemar
21.4
Co el ba
22.5
Coelba
26.6
14. Methodology of the 3rd tariff review cycle for distributors
CPFL Energia - Recurring EBITDA Breakdown¹ - LTM1Q12 | R$ million | %
Commercialization
264 | 7% CPFL Santa Cruz
CPFL Leste
Paulista
CPFL Jaguari CPFL Paulista
CPFL Sul Paulista 47.0%
Generation 6.3%
Distribution CPFL Mococa
1.251 | 33%
2,314 | 60% 22.4%
RGE 24.4%
CPFL
Consolidated Piratininga
3,832
% of CPFL Energia’s 15% 19% 47% 60%
EBITDA affected
Oct/122 Feb/132 Apr/13 Jun/13
CPFL CPFL Santa Cruz CPFL Paulista RGE
Piratininga CPFL Leste Paulista
CPFL Jaguari
CPFL Sul Paulista
CPFL Mococa
14
14 N otes: 1) E xcludes intercompany transactions and equity attributed to non-controlling shareholders; 2) E ffectiv e date
15. Some Value Initiatives aimed at boosting efficiency and productivity
Description Objectives
CSC Transference of transactional Increase of operating productivity and efficiency
corporate activities to the CPFL CSC Growth at a lower incremental cost
Corporate
Corporate depts. focused on strategic, Cost reduction per transaction via specialization,
Services
value-added levers vs. transactions e.g.: procurement 50%; payroll 35%; facilities
Center 40%
IRP Total of 445 adherences 43% reduction in the salary base of this
Incentivized Total costs: R$ 49.8 million population;
Retirement (recorded in 2Q and 3Q of 2011) Savings estimated at R$25m per year
Program
Zero-Based Budget Improvements in the budgeting process and the
methodology implemented organization’s cost culture;
ZBB
Inefficiencies from past budgets are Avg. reduction of R$50m per year in the next
Zero-Based
not carried over to the next periods 5 years
Budget
Implementation of smart grid Maximize return on electricity assets
concept: IT+Automation+Telecom Gains in productivity, efficiency and quality
Tauron
Smart Grid Telemetering and self-healing Benefits estimated at R$106m per year
15
16. Some Value Initiatives aimed at boosting efficiency and productivity
Smart Grid | 1st Phase Project status
All suppliers contracted
• Mobile Workforce Management :
Investments (e): R$ 33 million
Teams dispatched electronically
Gains (e) R$ 42 million
• Telemetering 1st Phase: Start up of installation as from May, 12
Installation of 25,000 intelligent meters in large clients Investments (e): R$ 57 million
and a metering center Gains (e ) R$ 15 million
• Self Healing: 2.887 automatic switches in operation
Installation of 5,000 automatic switches/restarters by all
(Mar, 12)
of the Group’s distribution companies
Investments (e): R$ 125 million
Enabler for other projects
Process Management
• Commercial, operational e logistics
On progress
Process review
Gains (e): R$ 49 million
Use of anti-fraud standards (shielded cable, etc.)
• Digital Bill: System in operation at CPFL Paulista e
Electronic delivery of bills Pratininga
Current investments: R$ 50 million | Total investments (e): R$ 215 million
Annual benefits (e) a partir de dez/13: R$ 106 milhões
Benefício anual as from Dec/13: R$ 106 million
16
17. Operational Efficiency – Distribution companies
Delinquency (%)1 | CPFL Energia
4Q10 4Q11
1.42 4Q09
1.27 1.29
1.16
m ay / 09
n ov /0 9
m ay / 10
n ov /1 0
m ay / 11
n ov /1 1
j an / 09
j ul/ 09
aug / 09
j an / 10
j un / 10
j ul/ 10
aug / 10
j an / 11
j un / 11
j ul/ 11
feb / 09
m ar / 09
a pr / 09
j un / 09
s ep / 09
o ct/ 09
d ec / 09
feb / 10
m ar / 10
a pr / 10
s ep / 10
o ct/ 10
d ec / 10
feb / 11
m ar / 11
a pr / 11
aug / 11
s ep / 11
o ct/ 11
d ec / 11
Program for Reduction of Commercial Losses
2007-2011
2.4 million consumer units (CU) inspected
• 375 thousand CU identified and overhauled
• 591 thousand measuring equipment replaced
• 42 thousand regularization of illegal connections
17 1) Bills ov erdue more than 30 day s – % of 12 months billings
18. CPFL Energia Awards
Best Electic Energy Distribution Economical-Financial Management:
Company in Brazil:
Management Quality:
Best Electic Energy Distribution
Company in the South Region:
Best Social Responsability:
Operational Management
18
19. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
19
20. Expansion in Generation (conventional + renewable)
2nd largest private player in generation (Mar-12):
65 power plants in operation
2,768MW 1 of installed capacity (2.947MW 1 in FY12e)
30 power plants under construction
FY12e Installed Capacity Ranking (GW) | Private players
7,15
2,95 2,66 2,23 1,71 1,37 1,25 1,21 1,20 1,00
Genco 1 CPFL Genco 3 Genco 4 Genco 5 Genco 6 Genco 7 Genco 8 Genco 9 Genco 10
Energia
Installed capacity evolution (MW) | CPFL Energia
3,166 3,326
2,644 2,947
2,396
1,588 1,704 1,737
854 915 1,072
2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e
20 1) C P FL E nergia’s equiv alent stake in each project
21. Creation of CPFL Renováveis on August 24, 2011
Corporate structure considering the projects involved in the JV
+ wide portfolio for development
21
22. CPFL Renováveis | Current portfolio as of Mar, 2012
100% 100%
63.0% 37.0%
SPP Biomass Wind Total
▪ 34 operating: 307MW ▪ 4 operating: 175MW ▪ 8 operating: 368MW ▪ 46 operating: 850MW
▪ 1 under construction: 20MW ▪ 4 under construction: 195MW ▪ 25 under construction: 670MW ▪ 30 under construction: 885MW
▪ Under development: 608MW ▪ Under development: 900MW1 ▪ Under development: 2,484MW ▪ Under development: 3,992MW
Total: 935MW Total: 1,270MW Total: 3,522MW Total: 5,727MW
22 1) C ogeneration projects depend on third-parties to explore the upstream sugarcane business (planting, harv esting and processing)
23. CPFL Renováveis | Current portfolio
CPFL Renováveis
Wind: 1,038 MW Installed capacity
Installed capacity (MW)
Biomass: 370 MW (Total: 5,727 MW)
Assured energy (AvgMW) SPP: 327 MW 5,727
3,992
100% SPP
SPP
2,689 16%
with PPA 19%
1,735 1,917 Wind
Wind
850 885 772 Biomass
Biomass 61%
61%
384 388 22%
19%
Operating Under Operating Under Total
(Mar 2012) construction (until 2014) development
Projects under construction – Start-up
2012 2013 2014
7 Wind Farms: Santa Clara 1 SPP: Salto Góes 9 Wind Farms: Campo dos
2 Biomass TPPs: Ipê and Pedra 2 Biomass TPPs: Coopcana Ventos and São Benedito
and Alvorada
13 Wind Farms: Macacos I,
Campo dos Ventos II and Atlântica
283 MW 348 MW 254 MW
23 1) F rom A ugust 1, 2011 until N ov ember 30, 2011 = 54.5% . F rom December 1, 2011 = 63.0%
24. Acquisition of 100% of the Jantus SL (SIIF Énergies Brasil)
per R$ 823million (equity) and R$ 675 million (net debt)
412 MW | Certified projects
320 MW | Non-certified projects
Total | 732 MW
24 1)
25. M&A | Acquisition of Santa Luzia SPP in Aug/11
• Commercial start-up: 3Q11
• Installed Capacity: 28.5 MW
• Assured Energy: 18 avg.MW
• PPA:
Santa Luzia
• 14 avg.MW | 2007 LFA
Price: R$ 170/MWh (jun/11)
Long Term contract: Dez/39 Arvoredo
Alto Irani
• 4 avg.MW | Free Market
Plano Alto
Salto Góes
CPFL Renováveis SPP´s
Location: Chapecó River | Operational Sinergy
Santa Luzia SPP
25
29. Generation | Portfolio of projects under construction
Commercial start-up in 2013(e) | 228 MW/104 avg. MW
(e) (MW) (Avg. MW) (e)
23% concluded
BNDES funding LFA Aug/10
3Q13 78.2 37.1
(under review) R$ 137.33
Macacos I Wind Farms1
7% concluded
BNDES funding
LER Aug/10
3Q13 30 14.0 (under review)
R$ 133.73
6% concluded
BNDES funding LFA 2010
2H13 120 52.7
(under review) R$ 147.443
Atlântica Wind Farms2
29 1) Macacos, Pedra Preta, Costa Branca and Juremas 2) Atlântica I, II, IV and V 3) Constant currency (Dec/2011)
30. Generation | Portfolio of projects under construction
Commercial start-up in 2014(e) | 254 MW/129 avg. MW
(e) (MW) (avg. MW) (e)
Pending approval by ANEEL 61% concluída
BNDES funding Free Market
2Q14 138 68.5
(under review) 2033
Pending approval by ANEEL
BNDES funding Free Market
2Q14 116 60.6
(under review) 2034
1) Campo dos Ventos I, III, V, São Domingos and Ventos de São Martinho 2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica and Santa
30 Úrsula
31. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
31
32. Commercialization business
Number of free clients in Brazil
# of competitive customers – >3 MW # of special customers – from 0.5 to 3 MW
45.1%
4.1% 587
514
455
485
456 219
446 192
Dec/2008 Dec/2009 Dec/2010 Dec/11 Dec/2008 Dec/2009 Dec/2010 Dec/2011
Current: 9.1 GW average Current: 1.1 GW average
Potential: + 2 GW average Potential: + 6 GW average
Competitive advantages of CPFL in this market:
market leadership, expertise and synergies with CPFL Renováveis
32
32 1) Exclude non-controlling shareholders
33. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
33
36. Dividends
Dividend Yield 1 (LTM) Declared dividends2 (R$ Mi) CPFL average price (R$/ORD)3
10.9%
9.1% 8.7% 9.6% 9.7%
7.9% 8.6%
7.6% 7.3% 7.6% 6.9% 7.1%
6.5% 6.0%
3.7%
842
722 774 748 758
719
612 602 606 655
572
498 486
401
140
2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11
22.05 21.95
17.99 18.05 16.69 15.77 16.51 18.44 20.18
15.02 14.13 15.87
9.43 11.67
8.29
CPFL has distributed 95% of the net income since its IPO
Cumulative dividends since IPO (Sep/04): R$ 9,1 billion
1) Considering last two half y ears’ div idend y ield 2) Refer to declared div idend. Pay ment in the next half y ear 3) Considers share price adjusted for
36 rev ersal stock split and simultaneous split of shares on June 29, 2011 (not adjusted per div idends).
37. Indebtedness
Gross debt cost1 Gross debt breakdown1 | 1Q12
17.7%
Nominal Real
13.9%
13.4% 13.4%
12.1% CDI
10.5% 11.1% 10.7%
9.4% 9.4% TJLP
7.9% 7.3% 7.1%
9.9% 4.9% 4.4% 4.3% 5.2%
Prefixed IGP
2004
2005
2006
2007
2008
2009
2010
2011
1Q12
(PSI)
Net debt2 | R$ billion
2.53x:
10.7 10.9 Excluding debt of
7.9 projects under
6.4 2.84 construction and
2.85 considering pro
Net debt/
EBITDA 3 2.38 forma LTM Ebitda(e)
1.95 of CPFL Renováveis
2009 2010 2011 1Q12
Cash
1,487 1,563 2,700 2,707
R$ million
1) Financial debt + pension fund; 2) Net debt calculation pursuant to financial cov enants methodology . Excludes pension fund debt and judicial
37
deposits related to income tax at CPFL Paulista. Does not tak e into account regulatory assets and liabilities in EBITDA; 3) LTM EBITDA
38. Debt profile as of Mar 31, 2012
Debt amortization schedule1 | R$ million
Cash coverage: 3,540
Average tenor: 4.2 years
1,7x short-term Short-term (12M): 11.6% of total debt
amortizations (12M)
2,707
1,965
1,806 1,863
1,565 1,484
1,229
Cash Short Term* 2013 2014 2015 2016 2017 2018+
1) Disregard financial charges (ST = R$ 376 million), hedge (net positiv e effect of R$ 240 million) and MTM (R$ 36 million)
38
38
*Considering debt related to the next 12 months (from Apr 01, 2012)
39. Capex(e) 2012-2016
Total Capex(e) 2012-2016| R$ 8,310 million1
2,943
2,370
1,905
1,115 946 935
2011 actual 2012 2013 2014 2015 2016
(cash flow)
Generation (Convencional + Commercialization and
Distribution2 Renewables3 Services
R$ 4,983 million R$ 3,097 million R$ 230 million
2011 actual 1,065 823 17
2012 1,207 1,683 54
2013 1,102 1,215 53
2014 972 111 32
2015 843 68 35
2016 860 20 55
1) Constant currency (Dec/11). Tak e into account 100% interest in CPFL Renov áv eis and Ceran (IFRS) and proportional stak e in the others generation
39 plants. 2) Tak e into account priv ate network incorporation and Tauron Project. 3) Tak e into account generation plants released until Mar 12, 2012
40. Agenda
Corporate Overview
Distribution | Operational Efficiency
Generation | Growth
- Incorporation of CPFL Renováveis
- CPFL Energia
Commercialization | Opportunities
Sales and Financials
Annex
40
41. Capex 2004-2011
Capex + Acquisitions1 | in R$ million
2,119
1,773
1,419 1,533
1,316 929
412 1,167 645
604 626 570
623 445 502 449
266 1.128
343 255 746 741
527 676 665
261 368
2004 2005 2006 2007 2008 2009 2010 2011
Distribution Generation Acqusitions
Investments of Acquisitions
• R$ 5.1 billion in Distribution and • R$ 2.0 billion (equity)
R$ 3.6 billion in Generation since IPO
1) Taking into account the acquisitions (equity) of 32.69% of RGE’s additional stake, 11% of Foz do Chapecó’s additional stake, Cia. Luz e Força Santa Cruz, CMS
41 Energy , SPP Santa Luzia (63%) and SIIF Énergies Brasil;
42. Stock performance | CPFL Energia outperformed the main indices
LTM share performance on BM&FBovespa LTM share performance on NYSE
25.5% 9,9%
18.0% 7,2%
-13,1%
-5.9%
CPFE3 IEE IBOV CPL Dow Jones Index Dow Jones Br20
Daily average trading volume on Dow Jones Brazil Titans 20
BM&FBovespa + NYSE (R$ million) ADR IndexS M
2,512 CPFL’s ADRs reselected
1,368 +83.7%
in Mar/12
+15,5% 35.5
30.7 • Increase in market cap
17.2 20.3 of free float (+30%)1
13.5 15.3 • Increase in daily average
1Q11 1Q12 trading volume (+18%)1
Bovespa NYSE Daily avg. number of trades
42 1) Considers LTM (Feb/12) Note: CPFL integrated DJ Br20 composition for the first time in Feb/05 and remained until Feb/10
43. TSR Performance
Total Shareholder Return1 2005 – 20112 | % p.a.
24%
21% 21%
18% 18% 18%
14%
5%
2%
Genco Genco Integrated Disco Integrated Integrated Integrated Genco
N ote: 1) TS R = TIR shareholder – M arket cap v alues on 12/31/2004 and 12/31/2011. A mounts adjusted by IGP-M (Dec/11)
43 S ource: Thomson F inancial; E conomática;
44. Methodology of the 3rd tariff review cycle for distributors
(Nov, 11)
• Maintenance
• WACC of
• Capital structure (D/E)
• Adjustment of leverage Beta:
of proposal of the 2nd phase, with improvements
• Single productivity of
• Deliquency and with a limit determined by ANEEL
central point of calculation
considers the companies differently; companies that perform better have a greater
benefit and lower fee. The reverse is true for companies that have a poorer quality
performance, when compared with the history of the company itself.
• For , the variation in the DEC and FEC quality indicators between
• XT limited to
44
44
45. Comparison of global electricity consumption
Consumption of electricity versus GDP¹
45
