UBS Pactual´s Forth Annual LATAM'

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  • 1. UBS Latam/EMEA Conference New York
  • 2. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 2
  • 3. Since 1997, CPFL Energia has developed an aggressive strategy of growth in the distribution, generation and commercialization IPO CPFL Jaguariúna1 1997 1998 2000 2001 2002 2003 2004 2005 2006 2007 Recent Acquisitions: • CPFL Jaguariúna1 in Apr/07 • CPFL Santa Cruz2 in Oct/06 • 11% of CEEE stake in HPP Foz do Chapecó in Aug/06 • 32.69% of PSEG stake in RGE in May/06 1) Old company name: CMS Energy Brasil 3 1) Old company name: Cia. Luz e Força Santa Cruz 2) Base: set/07
  • 4. CPFL Energia – Distribution Business Concession Area Concession area: 8 distributors in São Paulo, Rio Grande do Sul, Paraná and Minas Gerais States Leadership in the distribution business: 13,8% of market share1 Presence in the regions with high growth market rate 73% EBITDA’s and 74% Net Income’s contribution to CPFL Energia’s results2 Concession Area Sales by Segment – 3Q07 (GWh¹) Rubber and Chemical Plastic Food and 10% 9% 23% Key Indicators – 3Q07 Beverage 16% Municipalities 568 9% 49% Concession Area (km2) 208.300 39% 6% Population (million) 18,50 26% Others 13% Metallurgy and Non-Metallic Minerals Clients (million) 6,22 Residential Industrial Commercial Rural Other Employees 6.620 1) Source ANEEL (Sep/07). Considers Brazilian market share 4 1) Ref.: 3Q07 2) Base: set/07
  • 5. Brazilian market has 64 distribution’s companies Distribution Business: Distribution Market Share1 % 2006 Distributors (#) 64 CELESC 4.8% Clients (million) 59.1 COPEL 6.7% EdB 5.7% ENDESA 4.2% Neoenergia Distributed Energy (TWh) 347.4 7.3% Ashmore Energy 3.7% CEMIG Companhia Energética 8.6% Market Breakdown Brasiliana Others 33,1% Energia 12.1% The 5 largest groups have 50% of market-share CPFL Energia 13.8% State-owned companies: 34% Private Company: 66% Spreading proposes consolidation opportunities 1) 1Q07 5 Source: Aneel – Installed capacity: PDEE 2007-2016 Market breakdown: Acende Brasil
  • 6. CPFL Energia – Generation Business EBITDA Margin around 90% 16% EBITDA’s and 14% Net Income’s contribution to CPFL Energia’s results1 Operating Under Construction Power Plants 5 HPPs1 and 31 SPPs 3 HPPs Installed Capacity 1,587 MW 587 MW Assured Energy 797 MWmedium 285 MWmedium 6 1) Considers 6.93% stake in HPP Lajeado
  • 7. CPFL Energia’s generation capacity have been increasing since 2000, reaching 2.2 thousand MW until 2010 Monte Claro Barra Grande Campos Novos Castro Alves 14 de Julho Foz do Chapecó CPFL’s stake (%) 65.00 25.01 48.72 65.00 65.00 51.00 CPFL’s capacity (MW) 84.5 172.5 428.8 84.5 65.0 436.1 1Q08 3Q08 3Q10 Status Operating Operating Operating Operating Operating Operating Installed Capacity and Assured Energy Evolution Installed Capacity (MW) 25% 2.174 Assured Capacity (MWmedium) 48% 1.588 1.737 1.737 26% 1.072 812 812 854 915 40% 801 1.082 801 861 861 143 472 525 571 440 440 434 82 2000 2001 2002 2003 2004 2005 2006 2007(e) 2008(e) 2009(e) 2010(e) 7
  • 8. Brazilian market has 1,600 generation companies. The public sector concentrates 72% of the assets Generation Business: Generation Market Share % 2006 Generation Companies (#) 1,660 Installed Capacity 104,822 (MW) Others 35% CPFL Energia 2% Chesf 10% Duke 2% AES Tietê 3% Furnas 9% Market Breakdown Copel 4% Tractebel 6% Eletronorte 9% Cemig 6% The 5 largest groups have 50% of the market CESP 7% Itaipu 7% State-owned companies: 72% Private Company: 28% Source: Aneel – Installed capacity: PDEE 2007-2016 8 Market breakdown: Acende Brasil
  • 9. CPFL Energia - Commercialization Leadership in the commercialization business: 23% of market share1 11% EBITDA’s and 12% Net Income’s contribution to CPFL Energia’s results1 Growth in the free market 91 600% 74 13 9 14 4 2003 3Q07 Outside Concession Area Group's Distribution Company Commercial Expertise: Competitive performance in the free market and value added services – VAS 9 1) Ref.: 3Q07 - CPFL Brasil Consolidated
  • 10. Captive and Free Market’s Sales Evolution in Brazil Sales Evolution - TWh 30.5 28.9 28.0 26.7 25% 25.6 24% 24.3 12% 21% 4% 1% 96% 88% 76% 99% 79% 75% 2002 2003 2004 2005 2006 2007 ACR - Free Contracting Ambience ACL - Regulated Contracting Ambience Currently, free market is responsible for 25% of Brazilian’s energy consumption 10 Source: EPE – Information until Apr, 2007
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  • 12. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 12
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  • 22. CPFL Energia issues R$ 450 million in Debentures Issuer Rating brAA- Issuer Rating brA+ Issue Characteristics Offering Total Value R$ 450 million Issuing Date September 3rd, 2007 Term Equal three payments in Sep/2012, Sep/2013 and Sep/2014 Cost CDI + 0.45% per year Yield Payment Half-yearly Objective Extension of term from acquisition of CMS Energy Brasil 22
  • 23. Summary CPFL Energia and Brazilian Electricity Sector CPFL Energia – 3Q07 Highlights and Results CPFL Energia – Performance 3 Years Since IPO 23
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  • 35. Investor Relations Phone.: 55 19 3756 6083 E-mail: ri@cpfl.com.br Website: www.cpfl.com.br/ri