Contenu connexe Similaire à Conferência Merril Lynch* Similaire à Conferência Merril Lynch* (20) Conferência Merril Lynch*9. Distribution – 3Q05 Results
Gross Revenue – R$ million R$ 324 million Gross Revenue increase (14%)
7.443
6.656 3.1% energy sales growth in concession area
111% “TUSD” revenue growth
2.235
2.559
12% Tariff adjustment of distribution companies
14% CPFL Piratininga: 14% (Oct/04)
3Q04 3Q05 9M04 9M05 CPFL Paulista: 18,76%1 (Apr/05)
RGE: 21,93% (Apr/05
EBITDA– R$ million
1.242
867 R$ 224 million EBITDA increase (103%)
324 million gross revenue increase (14%)
443 43%
54 million Taxes2 increase (8%)
219
103%
6% operating expenses increase
3Q04 3Q05 9M04 9M05
Net Income – R$ million
501
385%
R$ 211 million Net Income increase (1026%)
103
R$ 224 million EBITDA increase (103%)
1.026% 190
R$ 55 million financial income3 improvement (57%)
(21)
3Q04 3Q05 9M04 9M05
2 Revenue deduction
1 In April/05: 17,74% + adjustment of 1,01% homologated by ANEEL in July/05 3 Expense net of revenue
10. Commercialization – 3Q05 Results
Gross Revenue – R$ million
1.013
R$ 116 million Gross Revenue increase(45%)
649
85% energy sales growth in Free Market
257
373
56% 77% Value Added Services Revenue increase
45%
3Q04 3Q05 9M04 9M05
EBITDA – R$ million
164
R$ 11 million EBITDA increase (31%)
114
R$ 116 million revenue increase (45%)
44%
38 49
Energy Cost growth above the gross revenue
31%
increase
3Q04 3Q05 9M04 9M05
Net Income – R$ million
112
76
48%
R$ 9 million Net Income Increase (38%)
38%
34
25 R$ 11 million EBITDA increase (31%)
Financial revenues Growth
3Q04 3Q05 9M04 9M05
11. Generation – 3Q05 Results
Gross Revenue – R$ million
320
R$ 33 million Gross Revenue increase (42%)
243 Beginning of HPP Monte Claro operation,
increasing 88 GWh in 3Q05 (9% of the total)
110
77 31%
Average price increase
42%
Semesa 12,42% (Jan/05)
3Q04 3Q05 9M04 9M05
Centrais Elétricas 11,12% (Apr/05)
EBITDA – R$ million
258
208
R$ 24 million EBITDA increase (36%)
65 89 24% R$ 33 million gross revenue increase (42%)
36% Taxes: R$ 7 million Pis/Cofins increase (182%)
3Q04 3Q05 9M04 9M05
Net Income – R$ million
87
52
66%
R$ 18 million Net Income increase (125%)
32
14
R$ 24 million EBITDA increase (36%)
125%
6% Financial income improvement
3Q04 3Q05 9M04 9M05
13. CPFL will invest around R$ 2,6 billion for business
maintenance and expansion, until 2008
Total Capex
723 Capex – Expansion, Generation and
681 % of
626 total Distribution
179 158 559
159 544
161
25%
523
467
544 523
467
398 398
75%
320 270
218
373 374 311 240
2005E 2006E 2007E 2008E 180
Expansion Maintenance
53 104 93 60
Capex - Maintenance % of
total
179
171 149 156 158
15 158 159 161
15 9 10 7%
2005E 2006E 2007E 2008E
164
Generation Distribution
143 150 151 93%
Capex - Equity Total Capex -
Expansion
Capex - Debt
2005E 2006E 2007E 2008E
Distribution Generation
15. Performance in Capital Market - Returns
Shares Performance - BOVESPA1 Shares Performance - NYSE1
85%
65%
43% 48%
28%
-1%
IBOVESPA IEE CPFE3 Dow Jones DJ BR 20 CPL
Stock Total Trading Volume2
40% 39% Liquidity
50,4% maintenance in
both markets
60% 61% 49,6%
IPO 28-dez-05
ON ADR
1 2005. Share´s price on 30/12/2005: CPFE3 (R$ 28,00) – CPL (US$ 34,85)
2 2005
15
16. Performance in Capital Market - Liquidity
BOVESPA
CPFL Energia
IBrX Brazil Index – IBrX (IBX-100) Daily average trade volume - 2005
R$ million
IEE Electric Energy Index 7,1
Differentiated Tag Along Shares
ITAG Index
3,6
Differentiated Corporate Governance
IGC Shares Index
ISE Corporate Sustainability Index
Bovespa Bovespa + Nyse
NYSE
DJBr20 Dow Jones Brazil Titans 20 ADR Index
Negotiability Index: 68th place over 12 last months
Aiming for inclusion in IBX-50
16