2. This presentation may contain statements that represent expectations about future events or results according to
Brazilian and international securities regulations. These statements are based on certain assumptions and analyses
made by the Company pursuant to its experience and the economic environment, market conditions and expected
future events, many of which are beyond the Company's control.
Important factors that could lead to significant differences between actual results and the statements on expectations
about future events or results include the Company's business strategy, Brazilian and international economic
conditions, technology, financial strategy, developments in the public utilities sector, hydrological conditions, financial
market conditions, uncertainty regarding the results of future operations, plans, objectives, expectations and
intentions, among others. As a result of these factors, the Company's actual results may differ materially from those
indicated or implied in the forward-looking statements about future events or results.
The information and opinions contained in this presentation should not be construed as a recommendation to potential
investors and no investment decision should be based on the veracity, timeliness or completeness of such information
or opinions. None of the advisors of the Company or parties related to them or their representatives shall be liable for
any losses that may result from the use or content of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on current
expectations and projections about future events and trends that may affect the Company's business. These
statements may include projections of economic growth, demand, energy supply, as well as information about its
competitive position, the regulatory environment, potential growth opportunities and other matters. Numerous factors
could adversely affect the estimates and assumptions on which these statements are based.
Disclaimer
2
3. 3Q14 Highlights
3
Operating capacity of 1,495 MW distributed
across 70 plants at the end of 3Q14 (+21% vs
3Q13)
Net revenue of R$ 344 million in 3Q14 (+28% vs
3Q13) and R$ 878 million in 9M14 (+28% vs
9M13)
EBITDA of R$ 218 million in 3Q14 (+47% vs
3Q13) and R$ 454 million in 9M14 (17% vs
9M13)
Solid financial liquidity: cash of R$ 779 million
Completion of association with DESA: adding
331 MW of contracted capacity (278 MW in
operation and 53 MW under construction),
effective as of October 1st, 2014
4. 54% growth in installed capacity
since the IPO
4
#1 in renewable
energy in Brazil
with 1.8 GW1
(84%) of
operating
capacity
Expansion to 2.1
GW1 of capacity
in operation until
2018
Regionally
diversified
portfolio with
presence in 4
energy sources
Long-term
PPAs,
concessions
and
authorizations
Contracted portfolio growth1 (MW)
(1) Includes the assets merged through the association with DESA on October 1, 2014.
(2) Creation of CPFL Renováveis.
Aug/11 Jul/13 (IPO) 9M14 Oct/14 2016 2018 Total
contracted
2018
651.7
1,153.1
1,495.1
1,772.7
284.2 51.3
2,108.2
18.9%
53.7%
2
5. Solar
SHPP
Wind
Biomass
SHPP
Wind
Assets in operation
Conclusion of DESA association
5
Consolidation of economic and
financial results in CPFL
Renováveis starting October 1st,
2014
Contracted capacity of 330.8 MW:
In operation:
− 7 wind farms: 205.2 MW
− 3 SHPPs: 72.4 MW
Under construction:
− 1 wind farm: 29.2 MW
− 1 SHPP: 24.0 MW
6. Operational start-up of biomass-fired plants
Bio Alvorada (nov/13) and full cycle of Bio
Coopcana (aug/13)
Completion of the Rosa dos Ventos wind
farms acquisition (feb/14)
Operational start-up of Atlântica wind complex
(mar/14)
Commercial start-up of Santa Clara wind
complex (mar/14)
Anticipation of harvest in 2014
Adverse water supply situation (lower
generation in the SHPPs)
3Q13 3Q14 9M13 9M14
266.4 175.1
906.9
651.9
362.6 710.1
841.9 1,354.0
275.4
364.6
457.8
712.8
0.4
0.4
1.0
1.1
SOL
BIO
WIND
SHPP
Energy generation in 9M14
6
1) Energy generation data does not take into account the Campo dos Ventos II and Macacos I wind complexes, which are ready to generate
energy and have received revenue from their contracts, since their Shared Generation Facilities (ICGs) are in the commissioning phase, with
operations on test basis already approved by ANEEL order 4.334 of November 5, 2014.
38.2%
23.2%Energy generation by source (GWh)1
2,719.7
2,207.5
1,250.2
904.9
7. Net revenue
7
Entire energy sales cycle of Bio Coopcana and
Bio Alvorada (may/13)
Start of sale agreements of Campo dos Ventos
II (sep/13), Atlântica (mar/14), Macacos I
(may/14) wind complexes
Incorporation of Rosa dos Ventos wind farms
(mar/14)
Recognition of effective energy generated
at Santa Clara1 wind complex
Higher generation at biomass plants in
9M14: anticipation of sugarcane harvest
and better operating performance
2
Net revenue (R$ million) By source (9M13 vs. 9M14)
3Q13 3Q14 9M13 9M14
268.8
344.2
684.5
878.3
28.3%
28.1%
(1) Recognition since April 2014, while in 3Q13 the revenue from this complex was recognized based on the fixed apportionment of annual revenue,
since the connection with the system was still pending (conclusion of construction on the ICG); (2) Solar energy accounted for 0.02% in 9M14,
compared to 0.02% in 9M13
48.5
16.9
34.5
9M13
WIND BIO SOL SHPP
50.1
21.9
28.0
9M14
8. 3Q13 3Q14
154.2
163.8
6.2%
3Q13 3Q14
55.8
68.5
Energy generation costs and
general and administrative expenses
8
Costs (R$ million) Expenses1 (R$ million)
9M13 9M14
384.8
552.0
9M13 9M14
174.2
184.1
43.5%
22.7%
5.7%
Expansion of portfolio in operation
Higher expenses due to costs related to DESA association, recognized in 3Q14
Main extraordinary costs:
3Q14: effect of GSF
9M14: (i) projects with changes in schedules; (ii) effect of GSF; (iii) SHPPs outside the
energy reallocation mechanism (MRE); and (iv) claim in the generator of Bio Coopcana
(1) With the incorporation of DESA, costs of R$6.0 million were incurred with fees for consulting, legal and other services.
9. 194.8
148.5
75.4 9.8 5.8 10.1 217.8
254.3
EBITDA and net income in 3Q14
EBITDA
3Q13
Net
Revenue
Extraord.
expenses
Operating
Expenses
EBITDA
3Q14
55.3%
63.3%EBITDA Margin
73.9%
Operating
Costs
72.5%
Adjusted
EBITDA
3Q14
Adjusted
EBITDA
3Q13
Net revenue
• Expansion of operating portfolio (342 MW)
Extraordinary expenses
• Decrease in energy purchases
• Main item over 3Q14: GSF
Operating costs and expenses
• Higher O&M due to the new projects
• Expenses related to the association with DESA recognized in 3Q14
3Q14
R$ 18.1
million
3Q13
(R$ 16.0)
million
Net result
EBITDA growth (R$ million)
9
+ 30.5%
+ 46.6%
10. 489.1
387.5
193.7 41.3
81.3
4.4 454.2
597.0
EBITDA and net income in 9M14
EBITDA
9M13
Net
Revenue
Extraord.
expenses
Operating
Expenses
EBITDA
9M14
56.6%
51.7%
EBITDA Margin
68.0%
Operating
Costs
71.4%
Adjusted
EBITDA
9M14
Adjusted
EBITDA
9M13
Net Revenue
• Expansion of operating portfolio (342MW)
Extraordinary expenses
• Energy purchases to meet projects with schedule changed, effects of GSF and
SHPPs outside the MRE
Operating costs and expense
• Higher O&M due to the new projects
• Expenses related to the association with DESA recognized in 3Q14
9M14
(R$ 102.1)
million
9M13
(R$ 82.8)
million
Net result
EBITDA growth (R$ million)
10
+ 22.1%
+ 17.2%
11. 6.9x
7.3x 7.1x
6.2x
Leverage
Debt by index (%)Net debt/EBITDA (R$ million)
Debt amortization (R$ million)
• Average term: 6.3 years
• Average nominal cost: 8.4%
(78.2% of CDI in Sep/14)
Debt profile
(1) considers reserve accounts
(2) over 4Q14
Debt profile
11
14.0%
28.0%
2.0%
57.0%
Fixed
CDI
IGPM
TJLP
4Q13 1Q14 2Q14 3Q14
3,874.8 3,949.0 3,962.5 3,914.4
563.1 542.1 560.6 629.8
Net Debt EBITDA LTM
Cash 2014 2015 2016 2017 2018+
199.6 344.3 373.9 407.3
3,368.8
Cash Loans and Debentures
779.5
21
12. Upcoming projects
1212
(1) Gradual start-up as from 2Q16.; (2) Gradual start-up as from 1H18;
(3) The reduction in the installed capacity of the Campo dos Ventos and São Benedito Complexes from 254 MW to 231 MW is due to the change of turbine. The new equipment has greater
operating efficiency, allowing the average energy of sales agreements to be met with lower total capacity.
Operational
start-up
20161 20182
Capacity
(MW)
231.03 51.3
Physical
guarantee
(MWm)
120.9 26.1
Financing
BNDES
(being structured)
BNDES
(to be structured)
PPA ACL - 20 years A-5 2013
Campo dos Ventos and São Benedito
wind complexes
Pedra Cheirosa
wind complex
13. Upcoming projects
1313
Operational
start-up
20161 20162
Capacity
(MW)
29.2 24.0
Physical
guarantee
(MWm)
15.3 13.1
Financing
BNDES
(Approved in oct/2014)
BNDES
(to be structured)
PPA A-5 2011 A-5 2013
Morro dos Ventos II3
wind complex SHPP Mata Velha3
(1) Gradual start-up as from 2Q16
(2) With the anticipation of construction, a bilateral agreement (Free Market) was signed for the period 2016-2018, when LEN 2013 will come into effect.
(3) Assets merged through the association with DESA on October 1, 2014.
