Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Entity Registrant Name | CPFL Energy INC |
Entity Central Index Key | 0001300482 |
Document Type | 20-F |
Trading Symbol | CPL |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Title of 12(g) Security | Common Shares, without par value |
Entity Incorporation, State or Country Code | D5 |
Entity a Well-known Seasoned Issuer | Yes |
Entity a Voluntary Filer | No |
Entity Reporting Status Current | Yes |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,152,254,440 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | R$ 1937163 | R$ 1891457 |
Securities | 851,004 | |
Consumers, concessionaires and licensees | 4,985,578 | 4,547,951 |
Dividend and interest on capital | 100,297 | 100,182 |
Income tax and social contribution recoverable | 87,698 | 123,739 |
Other taxes recoverable | 331,428 | 287,517 |
Derivatives | 281,326 | 309,484 |
Sector financial asset | 1,093,588 | 1,330,981 |
Contract assets | 24,387 | |
Other receivables | 648,161 | 811,005 |
TOTAL CURRENT ASSETS | 10,340,630 | 9,402,316 |
NONCURRENT ASSETS | ||
Consumers, concessionaires and licensees | 713,068 | 752,795 |
Escrow deposits | 757,370 | 854,374 |
Income tax and social contribution recoverable | 101,528 | 67,966 |
Other taxes recoverable | 370,595 | 185,725 |
Sector financial assets | 2,748 | 223,880 |
Derivatives | 369,767 | 347,507 |
Deferred tax assets | 1,064,716 | 956,380 |
Concession financial asset | 8,779,717 | 7,430,149 |
Investments at cost | 116,654 | 116,654 |
Other receivables | 736,019 | 927,440 |
Investments by equity | 997,997 | 980,362 |
Property, plant and equipment | 9,083,710 | 9,456,614 |
Contract asset | 1,322,822 | 1,046,433 |
Intangible assets | 9,320,953 | 9,462,935 |
TOTAL NONCURRENT ASSETS | 33,737,664 | 32,809,214 |
TOTAL ASSETS | 44,078,293 | 42,211,530 |
CURRENT LIABILITIES | ||
Trade payables | 3,260,180 | 2,398,085 |
Borrowings | 2,776,193 | 2,446,113 |
Debentures | 682,582 | 917,352 |
Private pension plan | 224,851 | 86,623 |
Regulatory charges | 232,251 | 150,656 |
Income tax and social contribution payable | 218,961 | 100,450 |
Other taxes, fees and contributions | 741,536 | 664,989 |
Dividends | 668,859 | 532,608 |
Estimated payroll | 125,057 | 119,252 |
Derivatives | 29,400 | 8,139 |
Use of public asset | 11,771 | 11,570 |
Other payables | 1,094,269 | 979,296 |
TOTAL CURRENT LIABILITIES | 10,065,908 | 8,415,132 |
NONCURRENT LIABILITIES | ||
Trade payables | 359,944 | 333,036 |
Borrowings | 7,587,102 | 8,989,846 |
Debentures | 7,863,696 | 8,023,493 |
Private pension plan | 2,153,327 | 1,156,639 |
Income taxes and social contribution payable | 156,198 | |
Other taxes, fees and contributions | 805 | 9,691 |
Deferred tax liabilities | 1,048,069 | 1,136,227 |
Provision for tax, civil and labor risks | 600,775 | 979,360 |
Derivatives | 6,157 | 23,659 |
Sector financial liability | 102,561 | 46,703 |
Use of public asset | 91,181 | 89,965 |
Other payables | 759,331 | 475,396 |
TOTAL NONCURRENT LIABILITIES | 20,729,147 | 21,264,015 |
EQUITY | ||
Issued capital | 9,388,081 | 5,741,284 |
Capital deficit | (1,640,962) | 469,257 |
Legal reserve | 1,036,125 | 900,992 |
Statutory reserve - working capital reinforcement | 4,046,305 | 3,527,510 |
Additional dividend proposed | 1,433,295 | |
Accumulated comprehensive income | (1,268,465) | (376,294) |
Total shareholders' equity attributable to owners of the Company | 12,994,381 | 10,262,749 |
Equity attributable to noncontrolling interests | 288,857 | 2,269,634 |
TOTAL EQUITY | 13,283,238 | 12,532,383 |
TOTAL LIABILITIES AND EQUITY | R$ 44078293 | R$ 42211530 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
IncomeStatementLineItems [Line Items] | |||
Net operating revenue | R$ 29932474 | R$ 28136627 | R$ 26744905 |
Cost of electric energy services | |||
Cost of electric energy | (18,370,994) | (17,838,165) | (16,901,518) |
Cost of operation | (2,894,165) | (2,733,754) | (2,771,145) |
Cost of services rendered to third parties | (2,089,732) | (1,775,339) | (2,074,611) |
Gross profit | 6,577,583 | 5,789,369 | 4,997,632 |
Operating expenses | |||
Sales expenses | (699,910) | (608,184) | (590,232) |
General and administrative expenses | (1,027,230) | (987,291) | (947,072) |
Other operating expenses | (486,993) | (485,427) | (438,494) |
Income from electric energy services | 4,363,450 | 3,708,467 | 3,021,834 |
Equity interests in associates and joint ventures | 349,090 | 334,198 | 312,390 |
Profit before finance results | 4,712,540 | 4,042,664 | 3,334,224 |
Finance income (expenses) | |||
Finance income | 903,575 | 762,413 | 880,314 |
Finance expenses | (1,629,822) | (1,865,100) | (2,367,868) |
Finance income (expenses) | (726,247) | (1,102,687) | (1,487,554) |
Profit before taxes | 3,986,293 | 2,939,977 | 1,846,670 |
Social contribution | (336,610) | (213,673) | (168,728) |
Income tax | (901,386) | (560,310) | (434,901) |
Total income tax and social contributions | (1,237,996) | (773,982) | (603,629) |
Profit for the year | 2,748,297 | 2,165,995 | 1,243,042 |
Profit attributable to the owners of the Company | 2,702,671 | 2,058,040 | 1,179,750 |
Profit attributable to noncontrolling interests | R$ 45626 | R$ 107955 | R$ 63292 |
Basic earnings per share attributable to owners of the Company (in R$ per shares) | R$ 2.48 | R$ 2.02 | R$ 1.16 |
Diluted earnings per share attributable to owners of the Company (in R$ per shares) | R$ 2.47 | R$ 2.01 | R$ 1.16 |
Allowance For Doubtful Accounts [Member] | |||
Operating expenses | |||
Sales expenses | R$ 233424 | R$ 169259 | R$ 155097 |
Other Sales Expenses [Member] | |||
Operating expenses | |||
Sales expenses | (461,275) | (434,665) | (429,732) |
Other General And Administrative Expenses [Member] | |||
Operating expenses | |||
General and administrative expenses | (918,098) | (921,972) | (853,433) |
Amortization Of Concession Intangible Assets [Member] | |||
Operating expenses | |||
Other operating expenses | (288,438) | (286,858) | (286,215) |
Other Operating Expenses [Member] | |||
Operating expenses | |||
Other operating expenses | (198,555) | (198,569) | (152,279) |
Other Operating Costs [Member] | |||
Cost of electric energy services | |||
Cost of operation | (1,615,893) | (1,496,127) | (1,627,350) |
Depreciation And Amortization [Member] | |||
Cost of electric energy services | |||
Cost of operation | (1,278,272) | (1,237,627) | (1,143,795) |
Operating expenses | |||
Sales expenses | (5,211) | (4,260) | (5,403) |
General and administrative expenses | R$ 109132 | R$ 65319 | R$ 93639 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Profit for the year | R$ 2748297 | R$ 2165995 | R$ 1243042 |
Items that will not be reclassified subsequently to profit and loss | |||
Actuarial gains (losses), net of tax effects | (865,402) | (238,780) | 96,000 |
Credit risk in Fair value adjustment of financial liabilities | (1,097) | 17,963 | |
Total Comprehensive income for the year | 1,881,799 | 1,945,178 | 1,339,042 |
Attributable to owners of the Company | 1,836,173 | 1,837,223 | 1,275,750 |
Attributable to noncontrolling interests | R$ 45626 | R$ 107955 | R$ 63292 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - BRL (R$) R$ in Thousands | Common Shares [Member] | Capital reserves (deficit) [Member] | Earning reserves /Statutory reserves / Legal reserve [Member] | Concession Financial Asset [Member] | Earning reserves / Statutory reserves / Working capital improvement [Member] | Earning reserves /Statutory reserves / Dividends [Member] | Accumulated comprehensive income / Deemed cost [Member] | Accumulated comprehensive income / Private pension plan / Credit risk in Fair value adjustment [Member] | Retained earnings [Member] | Total [Member] | Noncontrolling interests / Accumulated comprehensive income [Member] | Noncontrolling interests / Other equity component [Member] | Total |
Balance at beginning at Dec. 31, 2016 | R$ 5741284 | R$ 468014 | R$ 739102 | R$ 702928 | R$ 545505 | R$ 7820 | R$ 431713 | R$ 666346 | R$ 7970021 | R$ 13572 | R$ 2389076 | R$ 10372668 | |
Total comprehensive income | 1,339,042 | ||||||||||||
Profit for the year | 1,179,750 | 1,179,750 | 63,292 | 1,243,042 | |||||||||
Other comprehensive income - credit risk in mark to market of financial liabilities | |||||||||||||
Other comprehensive income - actuarial gains | 96,000 | 96,000 | 96,000 | ||||||||||
Realization of deemed cost of property, plant and equipment | (39,202) | 39,202 | (2,634) | 2,634 | |||||||||
Tax on realization of deemed cost | 13,329 | (13,329) | 896 | (896) | |||||||||
Recognition of legal reserve | 58,988 | (58,988) | |||||||||||
Changes in statutory reserve in the year | 123,673 | 746,541 | (870,213) | ||||||||||
Other changes in noncontrolling interests | (113) | (113) | |||||||||||
Capital increase (reduction) | (122,791) | (122,791) | |||||||||||
Time-barred dividends | 3,768 | 3,768 | 3,768 | ||||||||||
Interim dividends | (7,226) | (7,226) | |||||||||||
Dividend proposal approved | (7,820) | (280,191) | (288,011) | (110,994) | (399,005) | ||||||||
Capital increase (reduction) in subsidiaries with no change in control of CPFL Geracao | |||||||||||||
Balance at ending at Dec. 31, 2017 | 5,741,284 | 468,014 | 798,090 | 826,600 | 1,292,046 | 405,840 | (570,346) | 8,961,528 | 11,833 | 2,212,983 | 11,186,344 | ||
Total comprehensive income | (186,671) | 1,975,433 | 1,788,762 | 107,955 | 1,945,178 | ||||||||
Profit for the year | 2,058,040 | 2,058,040 | 107,955 | 2,165,995 | |||||||||
Other comprehensive income - credit risk in mark to market of financial liabilities | 52,109 | (34,146) | 17,963 | 17,963 | |||||||||
Effects of first adoption of IFRS 9 | (48,461) | (48,461) | (48,461) | ||||||||||
Other comprehensive income - actuarial gains | (238,780) | (238,780) | (238,780) | ||||||||||
Internal changes in shareholders' equity | 5 | 102,902 | (826,600) | 2,235,465 | (25,118) | (1,486,648) | 5 | (1,777) | 1,664 | (108) | |||
Realization of deemed cost of property, plant and equipment | (38,057) | 38,057 | (2,693) | 2,693 | |||||||||
Tax on realization of deemed cost | 12,939 | (12,939) | |||||||||||
Recognition of legal reserve | 102,902 | (102,902) | |||||||||||
Changes in statutory reserve in the year | (826,600) | 2,235,465 | (1,408,864) | ||||||||||
Other changes in noncontrolling interests | 5 | 5 | (113) | (108) | |||||||||
Capital transactions with owners | 1,238 | (488,785) | (487,547) | (63,024) | (550,571) | ||||||||
Interim dividends | 4,452 | 4,452 | |||||||||||
Dividend proposal approved | (488,785) | (488,785) | (64,233) | (553,018) | |||||||||
Other changes | 1,238 | 1,238 | 5,661 | 6,899 | |||||||||
Balance at ending at Dec. 31, 2018 | 5,741,284 | 469,257 | 900,992 | 3,527,510 | 380,721 | (757,016) | 10,262,749 | 10,055 | 2,259,578 | 12,532,383 | |||
Total comprehensive income | (866,499) | 2,702,671 | 1,836,172 | 45,626 | 1,881,799 | ||||||||
Profit for the year | 2,702,671 | 2,702,671 | 45,626 | 2,748,297 | |||||||||
Other comprehensive income - credit risk in mark to market of financial liabilities | (1,097) | (1,097) | (1,097) | (1,097) | |||||||||
Other comprehensive income - actuarial gains | (865,402) | (865,402) | (865,402) | ||||||||||
Internal changes in shareholders' equity | 135,134 | 518,795 | (25,672) | (628,257) | (1,777) | 1,697 | (80) | ||||||
Realization of deemed cost of property, plant and equipment | (38,897) | 38,897 | (2,693) | 2,693 | |||||||||
Tax on realization of deemed cost | 13,225 | (13,225) | 916 | (916) | |||||||||
Recognition of legal reserve | 135,134 | (135,134) | |||||||||||
Changes in statutory reserve in the year | 518,795 | (518,795) | |||||||||||
Other changes in noncontrolling interests | (80) | (80) | |||||||||||
Capital transactions with owners | 3,646,797 | (2,110,218) | 1,433,295 | (2,074,414) | 895,459 | (2,026,323) | (1,130,864) | ||||||
Capital increase (reduction) | 3,694,342 | 3,694,342 | 122 | 3,694,464 | |||||||||
Cost of issuing shares | (47,544) | (47,544) | (47,544) | ||||||||||
Time-barred dividends | 765 | 765 | 765 | ||||||||||
Additional dividend proposed | 1,433,295 | (1,433,295) | |||||||||||
Dividend proposal approved | (641,884) | (641,884) | (29,109) | (670,993) | |||||||||
Capital increase (reduction) in subsidiaries with no change in control of CPFL Geracao | (75,298) | (75,298) | 75,298 | ||||||||||
Acquisition of non-controlling interests of CPFL Renovaveis (note 1.c) | (2,034,920) | (2,034,920) | (2,072,635) | (4,107,555) | |||||||||
Balance at ending at Dec. 31, 2019 | R$ 9388081 | R$ 1640962 | R$ 1036125 | R$ 4046305 | R$ 1433295 | R$ 355049 | R$ 1623514 | R$ 12994381 | R$ 8278 | R$ 280578 | R$ 13283238 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING CASH FLOW | |||
Profit before taxes | R$ 3986293 | R$ 2939977 | R$ 1846670 |
ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES | |||
Depreciation and amortization | 1,681,053 | 1,594,064 | 1,529,052 |
Provision for tax, civil and labor risks | 204,795 | 153,977 | 176,609 |
Allowance for doubtful accounts | 233,424 | 169,259 | 155,097 |
Interest on debts, inflation adjustment and exchange rate changes | 919,836 | 1,117,742 | 1,863,311 |
Pension plan expense | 112,603 | 89,909 | 113,898 |
Equity interests in associates and joint ventures | (349,090) | (334,198) | (312,390) |
Impairment | 20,437 | ||
Loss on disposal of noncurrent assets | 189,566 | 216,275 | 132,195 |
Others | (121) | (27,052) | (18,111) |
Adjustments to reconcile profit (loss) | 6,978,359 | 5,919,953 | 5,506,768 |
DECREASE (INCREASE) IN OPERATING ASSETS | |||
Consumers, concessionaires and licensees | (631,078) | (1,006,291) | (722,406) |
Dividends and interest on capital received | 331,754 | 311,347 | 730,178 |
Taxes recoverable | (174,263) | 92,090 | 68,184 |
Escrow deposits | 130,725 | 22,926 | (248,128) |
Sectorial financial asset | 628,157 | (846,216) | (425,004) |
Receivables - amounts from the Energy Development Account - CDE / CCEE | 36,240 | 59,196 | (29,354) |
Concession financial assets (transmission companies) | (56,665) | ||
Other operating assets | (70,790) | (47,835) | 91,607 |
INCREASE (DECREASE) IN OPERATING LIABILITIES | |||
Trade payables | 889,002 | (848,880) | 565,945 |
Other taxes and social contributions | 10,344 | (59,102) | (261,194) |
Other liabilities with private pension plan | (144,494) | (107,668) | (79,724) |
Regulatory charges | 81,595 | (430,944) | 215,522 |
Tax, civil and labor risks paid | (484,153) | (215,873) | (206,788) |
Sectorial financial liability | (25,696) | (64,361) | (1,089,592) |
Payables - amounts provided by the CDE | (20,187) | 71,779 | 17,544 |
Other operating liabilities | 349,303 | 176,308 | 141,759 |
CASH FLOWS PROVIDED BY OPERATIONS | 7,884,817 | 3,026,428 | 4,218,652 |
Interest paid on debts and debentures | (1,132,479) | (1,353,339) | (1,846,453) |
Income tax and social contribution paid | (963,806) | (816,402) | (338,175) |
NET CASH FROM OPERATING ACTIVITIES | 5,788,530 | 856,686 | 2,034,024 |
INVESTING ACTIVITIES | |||
Capital reduction (increase) in investees | (1,096) | 91,599 | |
Purchases of property, plant and equipment | (188,994) | (275,986) | (685,856) |
Purchases of contract asset - in progress | (2,054,306) | (1,769,573) | |
Purchases of intangible assets | (19,147) | (16,864) | (1,884,577) |
Securities, pledges and restricted deposits | (1,184,804) | (554,669) | (93,933) |
Securities, pledges and restricted deposits - withdraw | 378,560 | 767,500 | |
Sale of noncurrent assets | 26,807 | ||
Intragroup loans | 36,639 | ||
NET CASH USED IN INVESTING ACTIVITIES | (3,068,691) | (1,850,688) | (2,509,321) |
FINANCING ACTIVITIES | |||
Capital increase by noncontrolling interests | 3,622,305 | 7,994 | (122,791) |
Capital reduction (increase) in investees | (4,107,555) | ||
Borrowings and debentures raised | 5,256,705 | 9,610,814 | 3,398,084 |
Repayment of principal of borrowings and debentures | (7,136,612) | (10,204,257) | (5,273,261) |
Repayment of derivatives | 219,257 | 543,427 | (102,641) |
Dividends and interest on capital paid | (534,061) | (322,163) | (336,934) |
Advance for future capital increase | 12 | ||
Repayment of principal of intercompany loans | 5,813 | ||
Repayment for business combinations | (2,514) | ||
NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES | (2,674,135) | (364,185) | (2,440,057) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 45,704 | (1,358,187) | (2,915,354) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 1,891,457 | 3,249,642 | 6,164,997 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | R$ 1937163 | R$ 1891457 | R$ 3249642 |
(1) OPERATIONS
(1) OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Operations [Abstract] | |
OPERATIONS | ( 1 ) OPERATIONS CPFL Energia S.A. (“CPFL Energia” or “Company”) is a publicly-held corporation incorporated for the principal purpose of operating as a holding company, with equity interests in other companies primarily engaged in electric energy distribution, generation and commercialization activities in Brazil. The Company’s registered office is located at Rua Jorge Figueiredo Corrêa, nº 1,632, Jardim Professora Tarcília, CEP 13087-397 - Campinas - SP - Brazil. The Company has direct and indirect interests in the following subsidiaries and joint ventures: Energy distribution Company type Equity interest Location (state) Number of municipalities Approximate number of consumers (in thousands) Concession period End of the concession Companhia Paulista de Força e Luz ("CPFL Paulista") Publicly-held corporation Direct Interior of 234 4,581 30 years November 2027 Companhia Piratininga de Força e Luz ("CPFL Piratininga") Publicly-held corporation Direct Interior and coast of São Paulo 27 1,789 30 years October 2028 RGE Sul Distribuidora de Energia S.A. ("RGE") (f) Publicly-held corporation Direct and Indirect Interior of 381 2,922 30 years November 2027 Companhia Jaguari de Energia ("CPFL Santa Cruz") Privately-held corporation Direct Interior of São Paulo, Paraná and Minas Gerais 45 466 30 years July 2045 Installed power (MW) Energy generation Company type Equity interest Location (state) Number of plants / type of energy Total CPFL share CPFL Geração de Energia S.A. ("CPFL Geração") Publicly-held corporation Direct 100% São Paulo and Goiás 3 Hydropower plants (a) 1,295 678 CERAN - Companhia Energética Rio das Antas ("CERAN") Privately-held corporation Indirect 65% Rio Grande do Sul 3 Hydropower plants 360 234 Foz do Chapecó Energia S.A. ("Foz do Chapecó") Privately-held corporation Indirect 51% (d) Santa Catarina and 1 Hydropower plant 855 436 Campos Novos Energia S.A. ("ENERCAN") Privately-held corporation Indirect 48.72% Santa Catarina 1 Hydropower plant 880 429 BAESA - Energética Barra Grande S.A. ("BAESA") Privately-held corporation Indirect 25.01% Santa Catarina and 1 Hydropower plant 690 173 Centrais Elétricas da Paraíba S.A. ("EPASA") Privately-held corporation Indirect 53.34% Paraíba 2 Thermal plants 342 182 Paulista Lajeado Energia S.A. ("Paulista Lajeado") Privately-held corporation Indirect 59.93% (b) Tocantins 1 Hydropower plant 903 38 CPFL Energias Renováveis S.A. ("CPFL Renováveis") Publicly-held corporation Direct and Indirect 99.94% (c) (c) (c) (c) CPFL Centrais Geradoras Ltda ("CPFL Centrais Geradoras") Limited liability company Direct 100% São Paulo and Minas Gerais 6 small hydropower plants 4 4 CPFL Transmissão de Energia Piracicaba Ltda. ("CPFL Piracicaba") Limited liability company (h) Indirect 100% São Paulo n/a n/a n/a CPFL Transmissão de Energia Morro Agudo Ltda. ("CPFL Morro Agudo") Limited liability company (h) Indirect 100% São Paulo n/a n/a n/a CPFL Transmissão de Energia Maracanaú Ltda. ("CPFL Maracanaú") (e) Limited liability company (h) Indirect 100% Ceará n/a n/a n/a CPFL Transmissão de Energia Sul I Ltda. ("CPFL Sul I") (e) Limited liability company (h) Indirect 100% Santa Catarina n/a n/a n/a CPFL Transmissão de Energia Sul II Ltda. ("CPFL Sul II") (e) Limited liability company (h) Indirect 100% Rio Grande do Sul n/a n/a n/a Energy commercialization Company type Core activity Equity interest CPFL Comercialização Brasil S.A. ("CPFL Brasil") Privately-held corporation Energy commercialization Direct Clion Assessoria e Comercialização de Energia Elétrica Ltda. Limited liability company Commercialization and provision of energy services Indirect CPFL Comercialização de Energia Cone Sul Ltda. ("CPFL Cone Sul") Limited liability company (h) Energy commercialization and participation in the capital of other companies Indirect CPFL Planalto Ltda. ("CPFL Planalto") Limited liability company Energy commercialization Direct CPFL Brasil Varejista de Energia S.A. ("CPFL Brasil Varejista") Limited liability company (h) Energy commercialization Indirect Provision of services Company type Core activity Equity interest CPFL Serviços, Equipamentos, Industria e Comércio S.A. Privately-held corporation Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision Direct Nect Serviços Administrativos de Infraestrutura Ltda. ("CPFL Infra") (g) Limited liability company Provision of infrasctructure services Direct Nect Serviços Administrativos de Recursos Humanos Ltda. ("CPFL Pessoas") (g) Limited liability company Provision of human resources services Direct Nect Serviços Administrativos Financeiros Ltda. ("CPFL Finanças") (g) Limited liability company Provision of finance services Direct Nect Serviços Adm de Suprimentos Ltda. ("CPFL Supre") (g) Limited liability company Provision of supply and logistics services Direct CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") Limited liability company Provision of call center services Direct CPFL Total Serviços Administrativos Ltda. ("CPFL Total") Limited liability company Collection services Direct CPFL Eficiência Energética S.A ("CPFL Eficiência") Limited liability company (h) Energy efficiency management Direct TI Nect Serviços de Informática Ltda. ("Authi") Limited liability company Provision of IT services Direct CPFL Geração Distribuída de Energia Ltda. ("CPFL GD") Limited liability company (h) Provision of maintenance services for energy generation companies Indirect Others Company type Core activity Equity interest CPFL Jaguari de Geração de Energia Ltda ("Jaguari Geração") Limited liability company Holding company Direct Chapecoense Geração S.A. ("Chapecoense") Privately-held corporation Holding company Indirect Sul Geradora Participações S.A. ("Sul Geradora") Privately-held corporation Holding company Indirect CPFL Telecom S.A ("CPFL Telecom") Limited liability company (h) Telecommunication services Direct a) CPFL Geração has 51.54% of assured energy and power of the Serra da Mesa hydropower plant, whose concession is controlled by Furnas. b) Paulista Lajeado has a 7% share in the installed power of Investco S.A. (5.94% interest in total capital). c) CPFL Renováveis has operations in the states of São Paulo, Minas Gerais, Mato Grosso, Santa Catarina, Ceará, Rio Grande do Norte, Paraná and Rio Grande do Sul and its main activities are: (i) holding investments in companies of the renewable energy segment; (ii) identification, development, and exploration of generation potentials; and (iii) sale of electric energy. At December 31, 2019, CPFL Renováveis had a portfolio of 107 projects with installed capacity of 2,446.3 MW (2,132.7 MW in operation), as follows: . Hydropower generation: 41 SHP’s (481.1 MW) with 40 SHPs (small hydroelectric power plants) in operation (453.1 MW) and 1 SHPs under development (28 MW); . Wind power generation: 57 projects (1,594.1 MW) with 45 projects in operation (1,308.5 MW) and 12 projects under construction/development (285.6 MW); . Biomass power generation: 8 plants in operation (370 MW); . Solar power generation: 1 solar plant in operation (1.1 MW). d) The joint venture Chapecoense has as its direct subsidiary Foz do Chapecó and fully consolidates its financial statements. e) Created in March 2019, whose objective is the exploration of electric power transmission concessions, including the construction, operation and maintenance of basic network transmission facilities. f) As described in note 13.5 of the December 2018 Financial Statements, the merger of RGE with RGE Sul was approved by ANEEL. Since January 1, 2019, the operations of these subsidiaries have been carried out only by RGE Sul, which adopted the trade name “RGE”. g) On September 30, 2019, the partial spin-off of Nect Serviços Administrativos de Infraestrutura Ltda. - “CPFL Infra” (formerly Nect Serviços Administrativos Ltda.) into four specific business segments (Supplies, Human Resources, Financial Services and Infrastructure) was approved, together with the merger of the spun-off portion into the three new companies; namely, CPFL Supre, CPFL Finanças and CPFL Pessoas. The purpose of the transaction is to optimize the operating and administrative structure of the companies. The net assets in this transaction were appraised at R$16,746 and did not have any effect on the consolidated financial statements of the group or result in any change in the equity interest of the companies. h) Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. Acquisition of interests in the subsidiary CPFL Renováveis On September 30, 2019, the Company entered into a share purchase and sale agreement with its parent company State Grid Brazil Power Participações S.A. (“State Grid”) thereby purchasing 243,771,824 shares of subsidiary CPFL Renováveis, thus increasing its total (direct and indirect) equity interest from 51.60% to 99.94% in CPFL Renováveis. The amount paid in cash was R$ 16.85 per share, totaling R$ 4,107,555. The related effects were a decrease of R$ 2,072,635 in the shareholders equity attributable to noncontrolling interests and a decrease of R$ 2,034,920 in the capital reserve account. Delisting on New York Stock Exchange On December 18, 2019, the Company's Board of Directors Meeting approved the Company’s intention to: (i) terminate the Second Amended and Restated Deposit Agreement (“Deposit Agreement”) with Citibank N.A. (“Citibank”) with respect to its American Depositary Receipts (“ADRs”); (ii) delist its American Depositary Shares (“ADSs”) from the New York Stock Exchange (“NYSE”); and (iii) once the Company complies with the applicable requirements, cancel its registration with the U.S. Securities and Exchange Commission (“SEC”). The Company believes that the economic rationale for maintaining a listing on the NYSE has decreased partly due to: (i) increases in the volume of Brazilian shares traded on B3 S.A. – Bolsa, Brasil, Balcão (“B3”) in Brazil by foreign investors due to the internationalization of the Brazilian financial and capital markets, as well as the narrowing of the differences between the Brazilian and the US international financial reporting standards; and (ii) a downward trend in recent years in the trading volume of the Company's ADSs on the NYSE. On February 10, 2020, the Company, through a Notice to the Market, informed that the delisting of its NYSE ADSs, mentioned in item (ii) above, will be effective as of this date. |
(2) PRESENTATION OF THE CONSOLI
(2) PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Presentation Of Consolidated Financial Statements [Abstract] | |
PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | ( 2 ) PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 2.1 Basis of presentation The financial statements have been prepared in accordance with International Financial Reporting Standards - IFRS, issued by the International Accounting Standard Board – IASB. Management states that all information material to the financial statements is being disclosed and corresponds to what is used in managing the Group. The consolidated financial statements were approved by Management and authorized for issue on April 24, 2020. 2.2 Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following items recorded in the statements of financial position: (i) derivative financial instruments measured at fair value and (ii) non derivative financial instruments measured at fair value through profit or loss. The classification of the fair value measurement in the level 1, 2 or 3 categories (depending on the degree of observance of the inputs used) is presented in note 35 – Financial Instruments. 2.3 Use of estimates and judgments The preparation of consolidated financial statements requires the Group’s management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. By definition, the accounting estimates are rarely the same as the actual results. Accordingly, the Group’s management reviews the estimates and assumptions on an ongoing basis, based on previous experience and other relevant factors. Adjustments resulting from revisions to accounting estimates are recognized in the period in which the estimates are revised and applied on a prospective basis. 2.3 Use of estimates and judgments The preparation of consolidated financial statements requires the Group’s management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. By definition, the accounting estimates are rarely the same as the actual results. Accordingly, the Group’s management reviews the estimates and assumptions on an ongoing basis, based on previous experience and other relevant factors. Adjustments resulting from revisions to accounting estimates are recognized in the period in which the estimates are revised and applied on a prospective basis. The main accounts that require the adoption of estimates and assumptions, which are subject to a greater degree of uncertainty and may result in a material adjustment if these estimates and assumptions suffer significant changes in subsequent periods, are: · Note 7 – Consumers, Concessionaires and Licensees (Allowance for doubtful accounts: key assumptions regarding the expected credit losses – ECL and assumptions for measurement of unbilled supply and Distribution System Usage Tariff - TUSD); · Note 9 – Sector financial asset and liability (Regulatory discretion and judgement over certain items); · Note 10 – Deferred tax assets and liabilities (recognition of assets: availability of future taxable profit against which the tax losses can be utilized); · Note 11 – Concession financial asset (assumptions for fair value measurement, based on significant unobservable inputs, see note 34); · Note 12 – Other assets (allowance for doubtful accounts, key assumptions regarding the expected credit losses - ECL); · Note 14 – Property, plant and equipment (application of definite useful lives and key assumptions regarding recoverable amounts); · Note 15 – Intangible assets (key assumptions regarding recoverable amounts); · Note 16 – Contract Assets (key assumptions regarding recoverable amounts); · Note 20 – Private pension plan (key actuarial assumptions used in the measurement of defined benefit obligations); and · Note 23 – Provision for tax, civil and labor risks and escrow deposits (recognition and measurement: key assumptions on the probability and magnitude of outflow of resources). 2.4 Functional currency and presentation currency The Group’s functional currency is the Brazilian Real, and the financial statements are presented in thousands of reais. Figures are rounded only after sum-up of the amounts. Consequently, when summed up, the amounts stated in thousands of reais may not tally with the rounded totals. 2.5 Segment information An operating segment is a component of the Company (i) that engages in operating activities from which it earns revenues and incurs expenses, (ii) whose operating results are regularly reviewed by Management to make decisions about resources to be allocated and assess the segment's performance, and (iii) for which individual financial information is available. The Group´s Management use reports to make strategic decisions, segmenting the business into: (i) electric energy distribution activities (“Distribution”); (ii) electric energy generation and transmission from conventional sources activities (“Generation”); (iii) electric energy generation activities from renewable sources (“Renewables”); (iv) energy commercialization activities (“Commercialization”); (v) service activities (“Services”); and (vi) other activities not listed in the previous items. Beginning in 2018, due to the way our new Management monitors segment results, (i) intangible assets acquired in business combination transactions that are recorded in the parent company that were previously allocated to the respective segments are now allocated to the segment “Others”; and (ii) eliminations between different segments are now classified in the “elimination” column instead of being presented in each segment. For comparison purposes, the segment information disclosed for 2017 has been restated using the same criteria. 2.6 Information on equity interests The Company's equity interests in direct and indirect subsidiaries and joint ventures are described in note 1. Except for (i) the companies ENERCAN, BAESA, Chapecoense and EPASA, which use the equity method of accounting, and (ii) the noncontrolling interest in the subsidiary Paulista Lajeado in Investco S.A., all other entities are fully consolidated. At December 31, 2019 and 2018, the noncontrolling interests recognized in the financial statements refer to the interests held by third parties in subsidiaries CERAN, Paulista Lajeado and CPFL Renováveis. 2.7 New presentation of financial statements of 2018 and 2017 – reclassification for presentation purposes For comparability purposes, these changes were applied retrospectively according to IAS 8, and therefore, the financial statements regarding 2018 and 2017 are being reclassified for presentation purposes. There are no changes in costs and expenses assumptions. The following table summarizes the impacts on financial statements: 2018 2017 Originally disclosed Reclassification for presentation purposes New presentation Originally disclosed Reclassification for presentation purposes New presentation Net operating revenue 28,136,627 - 28,136,627 26,744,905 - 26,744,905 Cost of electric energy services Cost of electric energy (17,838,165) - (17,838,165) (16,901,518) - (16,901,518) Cost of operation (2,733,754) - (2,733,754) (2,771,145) - (2,771,145) Depreciation and amortization - (1,237,627) (1,237,627) - (1,143,795) (1,143,795) Other operating costs - (1,496,127) (1,496,127) - (1,627,350) (1,627,350) Cost of services rendered to third parties (1,775,339) - (1,775,339) (2,074,611) (2,074,611) Gross profit 5,789,369 - 5,789,369 4,997,631 - 4,997,631 Operating expenses Sales expenses (608,184) - (608,184) (590,232) - (590,232) Depreciation and amortization - (4,260) (4,260) - (5,403) (5,403) Allowance for doubtful accounts (169,259) - (169,259) (155,097) - (155,097) Other sales expenses (438,925) 4,260 (434,665) (435,135) 5,403 (429,732) General and administrative expenses (987,291) - (987,291) (947,072) - (947,072) Depreciation and amortization - (65,319) (65,319) - (93,639) (93,639) Other general and administrative expenses - (921,972) (921,972) - (853,433) (853,433) Other operating expenses (485,427) - (485,427) (438,494) - (438,494) Amortization of concession intangible assets - (286,858) (286,858) - (286,215) (286,215) Other operating expenses - (198,569) (198,569) - (152,279) (152,279) Income from electric energy services 3,708,467 - 3,708,467 3,021,833 - 3,021,833 Equity interests in subsidiaries, associates and joint ventures 334,198 - 334,198 312,390 - 312,390 Finance income (expenses) Finance income 762,413 - 762,413 880,314 - 880,314 Finance expenses (1,865,100) - (1,865,100) (2,367,868) - (2,367,868) (1,102,687) - (1,102,687) (1,487,554) - (1,487,554) Profit before taxes 2,939,977 - 2,939,977 1,846,669 - 1,846,669 Social contribution (213,673) - (213,673) (168,728) - (168,728) Income tax (560,310) - (560,310) (434,901) - (434,901) (773,982) - (773,982) (603,629) (603,629) Profit for the year 2,165,995 2,165,995 1,243,040 1,243,040 Profit attributable to the owners of the Company 2,058,040 2,058,040 1,179,750 1,179,750 Profit attributable to noncontrolling interests 107,955 107,955 63,292 63,292 Basic earnings per share attributable to owners of the Company (R$): 2.02 2.02 1.16 1.16 Diluted earnings per share attributable to owners of the Company (R$): 2.01 2.01 1.16 1.16 |
(3) SUMMARY OF SIGNIFICANT ACCO
(3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ( 3 ) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in preparing the Group’s financial statements are set out below. These policies have been consistently applied to all reporting periods, except for the new accounting standards and interpretations adopted by the Group on January 1, 2019 described in note 3.17. 3.1 Cash and cash equivalents In the statements of cash flows, cash and cash equivalents include negative balances of overdraft accounts that are immediately payable and are an integral part of the Group’s cash management. Cash and cash equivalents comprise the balances of cash and financial investments with original maturities of three months or less from the contract date, which are subject to an insignificant risk of change in fair value at the settlement date and are used by the Group in the management of short-term obligations. The purpose of determining the components of the company's cash and cash equivalents is to maintain sufficient cash to ensure the continuity of investments and the fulfillment of short- and long-term obligations, maintaining the return on its capital structure at appropriate levels aimed at business continuity and increased value for shareholders and investors. 3.2 Concession agreements Distribution companies The IFRIC 12 – Service Concession Arrangements establish general guidelines for the recognition and measurement of obligations and rights related to concession agreements and apply to situations in which the granting authority controls or regulates which services the concessionaire should provide with the infrastructure, to whom the services should be provided and at what price, and controls any significant residual interest in the infrastructure at the end of the concession period. When these criteria are met, the infrastructure of distribution concessionaires is segregated as contract assets at the time of construction, up to the completion of construction, in accordance with the IFRS requirements, so that, when operational, the following are reclassified in the financial statements from contract assets to (i) intangible asset corresponding to the right to operate the concession and collect from the users of public utilities, and (ii) financial asset corresponding to the unconditional contractual right to receive cash (indemnity) by transferring control of the assets at the end of the concession. The concession financial asset of distribution companies is measured based on its fair value, determined in accordance with the remuneration base for the concession assets, pursuant to the legislation in force established by the Brazilian Electricity Regulatory Agency (Agência Nacional de Energia Elétrica - ANEEL), and takes into consideration changes in the fair value, mainly based on factors such as new replacement value, and adjustment for Extended Comprehensive Consumer Price Index (“IPCA”) for the distribution subsidiaries. The financial asset of distribution companies is classified as fair value through profit or loss, with the corresponding fair value changes entry in the Net Operating Revenue in the statement of profit or loss for the year (notes 4 and 25). The remaining amount is recognized as intangible asset and relates to the right to charge consumers for electric energy distribution services, and is amortized in accordance with the consumption pattern that reflects the estimated economic benefit to the end of the concession. Considering that (i) the tariff model that does not provide for a profit margin for the infrastructure construction services from distribution, (ii) the way in which the subsidiaries manage the constructions by using a high level of outsourcing, and (iii) the fact that there is no provision for profit margin on construction in the Group‘s business plans, Management is of the opinion that the margins on this operation are irrelevant, and therefore no mark-up to the cost is considered in revenue. The construction revenue and costs are therefore presented in the statement of profit or loss for the year in the same amounts. Transmission companies: The Group’s transmission companies are responsible for constructing and operating the transmission infrastructure in order to carry the energy from the generation centers to the distribution points, according to their concession arrangements. The energy transmission company has the obligation to maintain its transmission infrastructure available to its users to guarantee the receipt of the Permitted Annual Revenue (RAP) during the concession agreement term. Potential unamortized investments generate the right to indemnity at the end of the concession arrangement. The transmission infrastructure is classified as a contract asset. The right to consideration for goods and services is subject to the satisfaction of performance obligations and not only to the passage of time. 3.3 Financial instruments Policy applicable from January 1, 2018 - Financial assets Financial assets are recognized initially on the date that they are originated or on the trade date at which the Company or its subsidiaries become parties to the contractual provisions of the instrument. Derecognition of a financial asset occurs when the contractual rights to the cash flows from the asset expire or when the risks and rewards of ownership of the financial asset are transferred. Subsequent measurement and gains and losses: Policy applicable from January 1, 2018 Financial assets measured at fair value through profit or loss (FVTPL) These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt instruments at fair value through other comprehensive income (FVOCI) These assets are subsequently measured at fair value. Net gains and losses are recognized in other comprehensive income, except for interest income calculated using the effective interest method, foreign exchange gains and losses and impairment, which are recognized in profit or loss. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. The Group has no financial assets of this classification. Equity instrument at fair value through other comprehensive income. These assets are subsequently measured at fair value. All gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss, except dividends which are recognized as income in profit or loss (unless the dividend clearly represents a recovery of part of the cost of the investment). The Group has no financial assets of this classification. Subsequent measurement and gain and loss: Policy applicable before January 1, 2018 Financial assets measured at fair value through profit or loss (FVTPL) These assets are subsequently measured at fair value. Net gains or losses, including interest or dividend income, are recognized in profit or loss. Held-to maturity financial assets These assets are measured at amortized cost using the effective interest method. Loans and receivables These assets are measured at amortized cost using the effective interest method. Available-for-sale financial assets These assets are measured at fair value and changes therein, other than impairment losses, interest income and foreign currency differences on debt instruments, were recognized in Other Comprehensive Income and accumulated in the fair value reserve. When these assets were derecognized, the gain or loss accumulated in equity was reclassified to profit or loss. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Amortized Cost: A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: o it is held within a business model whose objective is to hold assets to collect contractual cash flows; and o its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Fair Value through Other Comprehensive Income (FVOCI): A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: o it is held within a business model whose objective is to hold assets to collect contractual cash flows, as the selling of financial assets; and o its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other Comprehensive Income. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 35). On initial recognition, the Group may irrevocably designate a non-derivative financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment: - management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; - how the performance of the portfolio is evaluated and reported to the Group’s management; - the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; - how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and - the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: o contingent events that would change the amount or timing of cash flows; o terms that may adjust the contractual coupon rate, including variable rate features; o prepayment and extension features; and o terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). For transactions involving the purchase and sale of energy conducted by the trading subsidiaries, the Group keeps an accounting policy defined in accordance to its business strategy with instruments measured at amortized cost, which refer to contracts already signed and still held with the purpose of receipt or delivery of energy according to the expected requirements by the Company related to purchase or sale. The transactions are generally long-term and are never settled by the net cash amount or another financial instrument and, even if some contract has a certain flexibility, the strategy of the Group’s portfolio is not changed for this reason. - Financial liabilities Financial liabilities are initially recognized on the date that they are originated or on the trade date at which the Company or its subsidiaries become a party to the contractual provisions of the instrument. The classification of financial liabilities are as follows: i. Measured at fair value through profit or loss: these are financial liabilities that are: (i) designated at fair value in order to match the effects of recognition of income and expenses to obtain more relevant and consistent accounting information, or (ii) derivatives. These liabilities are measured at fair value, which changes are recognized in profit or loss and any subsequent change in their fair value attributable to credit risk in liabilities is subsequently recognized in comprehensive income. ii. Measured at amortized cost: these are other financial liabilities not classified into the previous category. They are measured initially at fair value net of any cost attributable to the transaction and subsequently measured at amortized cost using the effective interest rate method. The Group recognizes financial guarantees when these are granted to non-controlled entities or when the financial guarantee is granted at a percentage higher than the Company's interest to cover commitments of joint ventures. Such financial guarantees are initially measured at fair value, by recognizing (i) a liability corresponding to the risk of non-payment of the debt, which is amortized against finance income simultaneously and in proportion to amortization of the debt, and (ii) an asset equivalent to the right to compensation by the guaranteed party or a prepaid expense under the guarantees, which is amortized by receipt of cash from other shareholders or at the effective interest rate over the term of the guarantee. After initial recognition, guarantees are measured periodically at the higher of the amount determined in accordance with IAS 37 and the amount initially recognized less accumulated amortization. Financial assets and liabilities are offset and presented at their net amount when, and only when, there is a legal right to offset the amounts and the intent to realize the asset and settle the liability simultaneously. The classifications of financial instruments (assets and liabilities) are described in note 35. - Issued Capital Common shares are classified as equity. Additional costs directly attributable to share issues and share options are recognized as a deduction from equity, net of any tax effects. 3.4 Property, plant and equipment Items of property, plant and equipment are measured at acquisition, construction or formation cost less accumulated depreciation and, if applicable, accumulated impairment losses. Cost also includes any other costs attributable to bringing the assets to the place and in a condition to operate as intended by Management, the cost of dismantling and restoring the site on which they are located and capitalized borrowing costs on qualifying assets. The replacement cost of items of property, plant and equipment is recognized if it is probable that it will involve economic benefits for the subsidiaries and if the cost can be reliably measured, and the value of the replaced item is written off. Maintenance costs are recognized in profit or loss as they are incurred. Depreciation is calculated on a straight-line basis, at annual rates of 2% to 20%, taking into consideration the estimated useful life of the assets, as instructed and defined by the granting authority. Gains and losses on disposal/ write-off of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the residual value of the asset, and are recognized net within other operating income/expenses. Assets and facilities used in the electric generation, transmission and distribution activities are tied to these services and may not be removed, donated, disposed of, assigned or pledged in mortgage without the prior and express authorization of ANEEL. ANEEL, through Resolution No. 20 of February 3, 1999, amended by Normative Resolution No. 691 of December 8, 2015, releases Public Electric Energy Utility concessionaires from prior authorization for release of assets of no use to the concession, but determines that the proceeds from the disposal be deposited in a restricted bank account for use in the acquisition of new assets related to electric energy services. 3.5 Intangible assets and contract assets Includes rights related to non-physical assets such as goodwill and concession exploration rights, software and rights-of-way. Goodwill that arises on the acquisition of subsidiaries is measured based on the difference between the fair value of the consideration transferred for acquisition of a business, adding the portion of noncontrolling interests, and the net fair value of the assets and liabilities of the subsidiary acquired. Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill and other intangible assets with indefinite useful lives, if any, are not subject to amortization and are tested annually for impairment. A bargain purchase is recognized as a gain in the statement of profit or loss in the year of the business acquisition. Intangible assets corresponding to the right to operate concessions may have three origins, as follows: i. Acquisitions through business combinations: the portion arising from business combinations that corresponds to the right to operate the concession amortized over the remaining period of the concessions, on a straight-line basis; ii. Investments in infrastructure in service (application of IFRIC 12 - Concession Agreements): under the electric energy distribution concession agreements with the subsidiaries, the recognized intangible asset corresponds to the concessionaires' right to charge the consumers for use of the concession infrastructure. Since the exploration term is defined in the agreement, intangible assets with defined useful lives are amortized over the concession period in proportion to a curve that reflects the consumption pattern in relation to the economic benefits. For further information see note 3.2. Items comprised in the infrastructure are directly tied to the Group’s electric energy distribution operation and shall comply with the same regulatory rules described in item 3.4. iii. Use of Public Asset: upon certain generation concessions were granted with the condition of payments to the federal government for Use of Public Asset. The Company records this obligation at present value, on the signing date, and the corresponding intangible assets. This intangible assets balance, comprising the interests capitalized until the operation date, is being amortized on a straight-line basis over the period of each concession. From January 1, 2018, the concession infrastructure assets of the distribution companies were classified as contract assets during the construction or improvement period in accordance with the criteria of IFRS 15. 3.6 Impairment Policy applicable from January 1, 2018 - Financial assets The Groups assesses evidence of impairment for certain receivables at both an individual and a collective level. Receivables that are not individually significant are collectively assessed for impairment. Collective assessment is carried out by grouping together assets with similar risk characteristics. The Group recognizes loss allowances for ECLs on: (i) financial assets measured at amortized cost; (ii) debt investments measured at FVOCI, when applicable; and (iii) contract assets. The Group measures loss allowances, using the simplified recognition approach, at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when the borrower has not complied with its contractual payment obligations and is unlikely to pay its obligations. The Group uses an allowance matrix based on its historical default rates observed along the expected lifetime of the trade receivables to estimate the expected credit losses for the lifetime of the asset where the history of losses is adjusted to consider the effects of the current conditions and its forecasts of future conditions that did not affect the period in which the historical data were based. The methodology developed by the Group resulted in a percentage of expected loss for bills of consumers, concessionaires and licensees that is in compliance with IFRS 9 described as expected credit losses, comprising in a single percentage the probability of loss weighted by the expected loss and possible results, that is, comprising the Probability of Default (“PD”), Exposure At Default (“EAD”) and Loss Given Default (“LGD”). At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI, when applicable, are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: o significant financial difficulty of the borrower or issuer; o a breach of contractual clauses; o the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; o it is probable that the borrower will enter bankruptcy or other financial reorganization; or o the disappearance of an active market for a security because of financial difficulties. Impairment losses related to consumers, concessionaires and licensees recognized in financial assets and other receivables, including contract assets, are recognized in profit or loss. - Non-financial assets Non-financial assets that have indefinite useful lives, such as goodwill, are tested annually for impairment to assess whether the asset's carrying amount does not exceed its recoverable amount. Other assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may be impaired. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount, which is the greater of (i) its fair value less costs to sell and (ii) its value in use. The assets ( e.g. 3.7 Provisions A provision is recognized if, as a result of a past event, there is a legal or constructive obligation that can be estimated reliably, and it is probable (more likely than not) that an outflow of economic benefits will be required to settle the obligation. When applicable, provisions are determined by discounting the expected future cash outflows at a rate that reflects current market assessment and the risks specific to the liability. 3.8 Employee benefits Certain subsidiaries have post-employment benefits and pension plans and are regarded as Sponsors of these plans. Although the plans have particularities, they have the following characteristics: i. Defined contribution plan: a post-employment benefit plan under which the Sponsor pays fixed contributions into a separate entity and will have no liability for the actuarial deficits of the plan. The obligations are recognized as an expense in the statement of profit or loss in the periods during which the services are rendered. ii. Defined benefit plan: The net obligation is calculated as the difference between the present value of the actuarial obligation based on assumptions, biometric studies and interest rates in line with market rates, and the fair value of the plan assets as of the reporting date. The actuarial liability is calculated annually by independent actuaries, under the responsibility of Management, using the projected unit credit method. Actuarial gains and losses are recognized in other comprehensive income when they occur. Net Interest (income or expense) is calculated by applying the discount rate at the beginning of the period to the net amount of the defined benefit asset or liability. When applicable, the cost of past services is recognized immediately in profit or loss. If the plan records a surplus and it becomes necessary to recognize an asset, the recognition is limited to the present value of future economic benefits available in the form of reimbursements or future reductions in contributions to the plan. 3.9 Dividends and Interest on capital Under Brazilian law, the Company is required to distribute a mandatory minimum annual dividend of 25% of profit adjusted in accordance with the Company´s bylaws. A provision may only be made for the minimum mandatory dividend, and dividends declared but not yet approved are only recognized as a liability in the financial statements after approval by the competent body. According to Law 6,404/76, they will therefore be held in equity, in the “additional dividend proposed” account, as they do not meet the present obligation criteria at the reporting date. On May 21, 2019, the Company's Board of Directors approved a Dividend Policy that establishes the Company’s annual dividend distribution of at least 50% of the adjusted profit in accordance with Law 6,404/76. This policy establishes factors that will influence the distribution amounts, such as the Company's financial condition, future prospects, macroeconomic conditions, tariff reviews and adjustments, regulatory changes and the Company's growth strategy. It also highlights that certain obligations specified in financial contracts may limit the amount to be distributed. The approved policy is merely indicative in order to signal to the market the treatment the Company intends to give to the dividend distribution and, therefore, it has a programmatic nature and is not binding on the Company or its managing bodies. As established in the Company's bylaws and in accordance with current corporate law, the Board of Directors is responsible for declaring an interim dividend and interest on capital determined in a half-yearly statement of income. An interim dividend and interest on capital declared at the base date of June 30 is only recognized as a liability in the Company's financial statement after the date of the Board of Directors' decision. Interest on capital is treated in the same way as dividends and is also stated in changes in equity. The withholding income tax on interest on capital is always recognized as a charge to equity with a balancing item in liabilities upon the proposal for its payment, even if not yet approved, since it meets the criterion of obligation at the time of Management’s proposal. 3.10 Revenue recognition IFRS 15 establishes a revenue recognition model that considers five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Thus, revenue is recognized only when (or if) the performance obligation is satisfied, that is, when the “control” of the goods or services of a certain transaction is actually transferred to the customer. The revenue from electric energy distribution is recognized when the energy is supplied. The energy distribution subsidiaries perform the reading of the consumption of their customers based on a reading routine (calendar and reading route) and invoice monthly the consumption of MWh based on the reading performed for each consumer. As a result, part of the energy distributed during the month is not billed at the end of the month and, consequently, an estimate is developed by Management and recorded as “Unbilled”. This unbilled revenue estimate is calculated using as a base the total volume of energy of each distributor made available in the month and the annualized rate of technical and commercial losses. The revenue from energy generation sales is recognized based on the assured energy and at tariffs specified in the terms of the supply contracts or the current market price, as appropriate. The revenue from energy trading is recognized based on bilateral contracts with market agents and properly registered with the Electric Energy Trading Chamber – CCEE. The revenue from services provided is recognized when the service is provided, under a service agreement between the parties. The revenue from construction contracts is recognized based on the reach of the performance obligation over time, considering the fulfillment of one of the following criteria: (a) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; (b) the entity’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; (c) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. The provision of infrastructure construction services is recognized in accordance with IFRS 15, against a contract asset. The revenues of the transmission companies, recognized as operating revenue, are: · Construction revenue: Refers to the services of construction of electric energy transmission facilities. These are recognized according to the percentage of completion of the construction works. · Financing component: Refers to the interest recognized under the accrual basis on the amount receivable from the construction revenue. · Revenue from operation and maintenance: Refers to the services of operation and maintenance of electric energy transmission facilities aimed at non-interruption of availability of these facilities, recognized based on incurred costs. No single consumer accounts for 10% or more of the Group’s total revenue. 3.11 Income tax and social contribution Income tax and social contribution expenses are calculated and recognized in accordance with the legislation in force and comprise current and deferred taxes. Income tax and social contribution are recognized in the statement of profit or loss except to the extent that they relate to items recognized directly in equity or other comprehensive income, when the net amounts of these tax effects are already recognized, and those arising from the initial recognition in business combinations. Current taxes are the expected taxes payable or receivable/recoverable on the taxable profit or loss, which reflects the uncentanties related to the calculation, if any. Deferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the equivalent amounts used for tax purposes and for tax loss carryforwards and reflects the uncertainty related to the income tax, if any. The Company and certain subsidiaries recognize in their financial statements the effects of tax loss carryforwards and deductible temporary differences, based on projections of future taxable profits, approved annually by the Boards of Directors and examined by the Fiscal Council. The subsidiaries also recognized tax credits relating to the tax benefits created by the corporate restructuring, which are amortized on a straight line basis for the remaining period of each concession agreement. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same ta |
(4) DETERMINATION OF FAIR VALUE
(4) DETERMINATION OF FAIR VALUES | 12 Months Ended |
Dec. 31, 2019 | |
Determination Of Fair Values [Abstract] | |
DETERMINATION OF FAIR VALUES | ( 4 ) DETERMINATION OF FAIR VALUES A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information on the assumptions used in determining fair values is disclosed in the notes specific to that asset or liability. The Group measures fair value as the price that would be received for the sale of the asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. - Property, plant and equipment, intangible assets and contract assets The fair value of items of property, plant and equipment, intangible assets and contract assets are based on the market approach and cost approaches using quoted market prices for similar items when available and replacement cost when appropriate. - Financial instruments Financial instruments measured at fair values are valued based on quoted prices in an active market, or, if such prices were not available, assessed using pricing models, applied individually for each transaction, taking into consideration the future cash flows, based on the conditions contracted, discounted to present value at market interest rate curves, based on information obtained, when available, from the B3 S.A. – Brasil, Bolsa, Balcão Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais The right to compensation, to be paid by the Federal Government, regarding the assets of the distribution concessionaires at the end of the concession agreement are recognized at fair value through profit and loss. The methodology adopted for marking these assets to fair value is based on the tariff review process for distributors. This review, conducted every four or five years according to each concessionaire, involves assessing the replacement price for the distribution infrastructure, in accordance with criteria established by the granting authority (“ANEEL”). This valuation basis is used for setting the distribution companies tariff, which is increased annually up to the next tariff review, based on the parameter of the main inflation indices. Accordingly, at the time of the tariff review, each distribution concessionaire adjusts the position of the financial asset base for compensation at the amounts ratified by the granting authority and uses the Extended Consumer Price Index (“IPCA”) as the best estimates for adjusting the original value until next tariff review process. |
(5) CASH AND CASH EQUIVALENTS
(5) CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | ( 5 ) CASH AND CASH EQUIVALENTS Dec 31, 2019 Dec 31, 2018 Bank balances 450,622 422,968 Short-term financial investments 1,486,541 1,468,489 Overnight investment (a) - 66 Bank certificates of deposit (b) 1,279,740 639,601 Investment funds (c) 206,801 828,822 Total 1,937,163 1,891,457 (a) Current account balances, which earn daily interest by investment in repurchase agreements secured on Bank Certificate Deposit (CDB) and interest of 15% of the variation in the Interbank Certificate of Deposit (CDI). (b) Short-term investments in (i) Bank Certificates of Deposit (CDB) R$ 994,521 in December 31, 2019 and R$ 462,551 in December 31, 2018, (ii) secured debentures R$ 284,863 and R$ 177,050 in December 31, 2018 and (iii) leasing notes (R$356), with major financial institutions that operate in the Brazilian financial market, with daily liquidity, short term maturity, low credit risk and interest equivalent, on average, to 94.13% of the CDI. (c) Investments funds, with high liquidity and interest equivalent, on average, to 92.26% of the CDI, subject to floating rates tied to the CDI linked to federal government bonds, CDBs, financial bills and secured debentures of major financial institutions, with low credit risk and short term maturity. |
(6) SECURITIES
(6) SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
Securities [Abstract] | |
SECURITIES | ( 6 ) SECURITIES Securities Dec 31, 2019 Investment funds (a) 449,786 Direct application (b) 401,218 Total 851,004 (a) This refers to amounts invested in government securities, Financial Bills ("LF") and Financial Treasury Bills ("LFT"), through investment fund quotas, yielding on average 99.87% of the CDI, with maturity date as from September 2020. (b) This refers to amounts invested in government securities and LFT, yielding on average 100% of the CDI, with maturity date in September 2020. |
(7) CONSUMERS, CONCESSIONAIRES
(7) CONSUMERS, CONCESSIONAIRES AND LICENSEES | 12 Months Ended |
Dec. 31, 2019 | |
Consumers Concessionaires And Licensees [Abstract] | |
CONSUMERS, CONCESSIONAIRES AND LICENSEES | ( 7 ) CONSUMERS, CONCESSIONAIRES AND LICENSEES The balance derives mainly from the supply of electric energy. The following table shows the breakdown at December 31, 2019 and 2018: Amounts coming due Past due Total until 90 days > 90 days Dec 31, 2019 Dec 31, 2018 Current Consumer classes Residential 862,310 623,993 74,327 1,560,630 1,459,186 Industrial 338,849 77,400 87,829 504,078 480,184 Commercial 365,729 96,886 35,884 498,499 466,483 Rural 110,692 27,253 11,919 149,864 123,392 Public administration 87,233 28,149 4,007 119,389 99,051 Public lighting 66,735 6,890 5,747 79,373 77,868 Public utilities 99,803 19,536 5,317 124,655 121,840 Billed 1,931,351 880,107 225,030 3,036,488 2,828,004 Unbilled 1,230,883 - - 1,230,883 1,158,106 Financing of consumers' debts 172,992 37,469 36,970 247,431 224,903 CCEE transactions 319,728 2,313 28,313 350,354 175,176 Concessionaires and licensees 387,444 3,838 12,346 403,628 428,361 Others 50,191 - - 50,191 34,002 4,092,589 923,727 302,659 5,318,975 4,848,552 Allowance for doubtful accounts (333,396) (300,601) Total 4,985,578 4,547,951 Noncurrent Financing of consumers' debts 179,045 - - 179,045 196,635 Free Energy 6,739 - - 6,739 6,360 CCEE transactions 221,382 305,901 - 527,284 549,800 Total 407,166 305,901 - 713,068 752,795 Financing of Consumers' Debts - Electric Energy Trading Chamber (CCEE) transactions - Concessionaires and Licensees Allowance for doubtful accounts The allowance for doubtful accounts is recognized based on the expected credit loss (ECL), adopting the simplified method of recognizing, based on historical and future probability of default. The allowance methodology is detailed in note 35(e). Movements in the allowance for doubtful accounts are shown below: Consumers, concessionaires and licensees Other Total As of December 31, 2016 (261,525) (27,992) (289,517) Allowance - reversal (recognition) (263,668) (1,439) (265,107) Recovery of revenue 110,008 - 110,008 Write-off of accrued receivables 148,309 52 148,361 As of December 31, 2017 (266,876) (29,379) (296,255) Allowance - reversal (recognition) (277,802) 1,419 (276,383) Recovery of revenue 107,122 - 107,122 Effects on first adoption of IFRS 9 (72,687) (738) (73,426) Write-off of accrued receivables 209,641 - 209,641 As of December 31, 2018 (300,601) (28,698) (329,299) Allowance - reversal (recognition) (433,224) (320) (433,543) Recovery of revenue 200,046 73 200,119 Write-off of accrued receivables 200,382 (73) 200,309 As of December 31, 2019 (333,396) (29,019) (362,415) |
(8) TAXES RECOVERABLE
(8) TAXES RECOVERABLE | 12 Months Ended |
Dec. 31, 2019 | |
Taxes Recoverable [Abstract] | |
TAXES RECOVERABLE | ( 8 ) TAXES RECOVERABLE Dec 31, 2019 Dec 31, 2018 Current Prepayments of social contribution - CSLL 5,088 12,373 Prepayments of income tax - IRPJ 12,522 36,972 Income tax and social contribution to be offset 70,088 74,395 Income tax and social contribution recoverable 87,698 123,739 Withholding income tax - IRRF on interest on capital 40,432 8,163 Withholding income tax - IRRF 80,499 92,210 State VAT - ICMS to be offset 144,415 125,669 Social Integration Program - PIS 10,958 9,970 Contribution for Social Security Funding - COFINS 51,084 46,741 Others 4,039 4,764 Other taxes recoverable 331,428 287,517 Total current 419,126 411,256 Noncurrent Social contribution to be offset - CSLL 65,589 62,458 Income tax to be offset - IRPJ 35,939 5,508 Income tax and social contribution recoverable 101,528 67,966 State VAT - ICMS to be offset 191,523 174,596 Social Integration Program - PIS 30,987 1,060 Contribution for Social Security Funding - COFINS 142,779 4,885 Others 5,306 5,185 Other taxes recoverable 370,595 185,725 Total noncurrent 472,123 253,691 Withholding income tax - IRRF Social contribution to be offset – CSLL State VAT - ICMS to be offset – Exclusion of ICMS from the PIS and COFINS tax base A number of subsidiaries of the Group are parties to several pending legal proceedings involving the Brazilian federal government that address the exclusion of ICMS amounts from the PIS and COFINS tax base, as well as the Group subsidiaries’ rights to receive refunds of other amounts previously paid. In 2019, CPFL Santa Cruz (related to the original lawsuit presented by four merged companies - CPFL Leste Paulista, CPFL Sul Paulista, CPFL Jaguari and CPFL Mococa) received a favorable final judicial decision on these matters, which is not subject to further appeal. As a result, CPFL Santa Cruz recognized a tax credit of R$ 166,870 using the calculation method in accordance with the “Federal Revenue Orientation 13/2018”. Based on advice of external legal counsel, the Group understands that amounts received as tax credits by its distribution subsidiaries and will need to be refunded to consumers as soon the Brazilian Federal Revenue approves such tax credits as compensation payable to affected consumers. The Group is still discussing with its external legal advisors the relevant time period applicable to calculating the refunds of tax credits to consumers, which may be for a period of three, five or ten years. On 2019, CPFL Santa Cruz recognized a liability related to tax credits that need to be refunded for the maximum period of 10 years. As a result, for the year ended December 31, 2019, CPFL Santa Cruz recognized an increase of R$ 167,777 as “Taxes Recoverable”, against R$ 132,607 of increase in “Other Payable – Consumers” and a decrease of R$ 34,495 as “Deduction from operating revenues – PIS and COFINS” financial adjustment of R$ 675. No other amounts have been recognized as the other Group subsidiaries await final decisions in their respective legal proceedings. |
(9) SECTOR FINANCIAL ASSETS AND
(9) SECTOR FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Sector Financial Assets And Liabilities [Abstract] | |
SECTOR FINANCIAL ASSETS AND LIABILITIES | ( 9 ) SECTOR FINANCIAL ASSETS AND LIABILITIES The breakdown and changes for the year in the balances of Sector financial asset and liability is as follows: As of December 31, 2018 Operating revenue (note 27) Finance results (note 30) As of December 31, 2019 Deferred Approved Total Constitution Realization Monetary adjustment Deferred Approved Total Parcel "A" 1,306,751 592,281 1,899,031 753,571 (1,367,194) 103,815 891,247 497,977 1,389,225 CVA (*) CDE (**) 208,156 (7,275) 200,881 50,609 (149,085) 16,954 1,277 118,083 119,360 Electric energy cost 586,027 634,599 1,220,626 130,313 (925,376) 49,173 294,291 180,446 474,737 ESS and EER (***) (562,800) (450,230) (1,013,030) (441,381) 857,459 (45,704) (341,381) (301,275) (642,656) Proinfa 246 3,129 3,375 43,537 (24,907) 2,236 881 23,361 24,242 Basic network charges 36,256 23,526 59,782 180,488 (55,344) 3,728 180,686 7,967 188,654 Pass-through from Itaipu 1,141,254 465,184 1,606,438 902,954 (1,200,945) 82,886 848,587 542,747 1,391,334 Transmission from Itaipu 31,784 12,439 44,222 37,098 (35,857) 2,575 29,275 18,763 48,038 Neutrality of industry charges (40,763) (8,370) (49,133) (42,280) 67,696 (971) 9,636 (34,324) (24,688) Overcontracting (93,409) (80,721) (174,130) (107,768) 99,164 (7,062) (132,005) (57,791) (189,796) Other financial components (275,550) (115,325) (390,875) (86,443) 97,605 (15,737) (285,566) (109,885) (395,451) Total 1,031,201 476,956 1,508,156 667,128 (1,269,589) 88,079 605,681 388,092 993,775 Current assets 1,330,981 1,093,588 Noncurrent assets 223,880 2,748 Noncurrent liabilities (46,703) (102,561) As of December 31, 2017 Operating revenue Finance income /expense Receipt As of December 31, 2018 Deferred Approved Total Constitution Realization Monetary adjustment Tariff flag Deferred Approved Total Parcel "A" 924,943 (235,916) 689,026 1,416,031 656 90,658 (297,340) 1,306,751 592,281 1,899,031 CVA (*) CDE (**) (235,901) (263,520) (499,422) 352,202 358,731 (10,630) - 208,156 (7,275) 200,881 Electric energy cost 1,625,759 (18,280) 1,607,479 416,476 (599,527) 93,538 (297,340) 586,027 634,599 1,220,626 ESS and EER (***) (974,091) (167,048) (1,141,139) (686,829) 878,350 (63,412) - (562,800) (450,230) (1,013,030) Proinfa (610) (17,961) (18,572) 8,456 13,411 80 - 246 3,129 3,375 Basic network charges (20,163) 23,387 3,224 69,335 (16,318) 3,540 - 36,256 23,526 59,782 Pass-through from Itaipu 959,518 125,860 1,085,378 1,222,806 (781,341) 79,596 - 1,141,254 465,184 1,606,438 Transmission from Itaipu 7,802 7,806 15,608 38,876 (11,909) 1,648 - 31,784 12,439 44,222 Neutrality of industry charges 32,566 112,084 144,651 (81,435) (110,305) (2,044) - (40,763) (8,370) (49,133) Overcontracting (469,937) (38,244) (508,181) 76,143 269,565 (11,657) - (93,409) (80,721) (174,130) Other financial components (193,496) 21,812 (171,685) (327,883) 119,112 (10,419) - (275,550) (115,325) (390,875) Total 731,447 (214,104) 517,341 1,088,148 119,768 80,240 (297,340) 1,031,201 476,956 1,508,156 Current assets 210,834 1,330,981 Noncurrent assets 355,003 223,880 Current liabilities (40,111) - Noncurrent liabilities (8,385) (46,703) (*) Deferred tariff costs and gains variations from Parcel “A” items a) CVA Refers to the variations of the Parcel “A” account, in accordance with note 3.14. These amounts are adjusted based on the SELIC rate and are compensated in the subsequent tariff processes. b) Neutrality of industry charges Refers to the neutrality of the industry charges contained in the electric energy tariffs, calculating the monthly differences between the amounts billed relating to such charges and the respective amounts considered at the time the distributors’ tariff was set. c) Energy overcontracting Electric energy distribution concessionaires are required to guarantee 100% of their energy market through contracts approved, registered and ratified by ANEEL. It is also assured to the distribution concessionaries that costs or revenues derived from energy overcontracting will be passed through the tariffs, limited to 5% of the energy load requirement, as well as the costs related to electric energy deficits. These amounts are adjusted based on SELIC rate and are compensated in the subsequent tariff processes. d) Other financial components Refers mainly to: (i) excess demand and excess reactive power that, will be amortized upon the approval of the periodic tariff review cycles; (ii) recalculations of the tariff processes; and (iii) Tariff effect arising from the bilateral agreement between the parties signatories of the Power Trading Chamber in the Regulated Environment – CCEAR and (iv) financial guarantees for energy contracts. |
(10) DEFERRED TAX ASSETS AND LI
(10) DEFERRED TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Deferred tax assets and liabilities [abstract] | |
DEFERRED TAX ASSETS AND LIABILITIES | ( 10 ) DEFERRED TAX ASSETS AND LIABILITIES 10.1 Breakdown of tax assets and liabilities Dec 31, 2019 Dec 31, 2018 Social contribution credit (debit) Tax losses carryforwards 124,852 137,577 Tax benefit of merged intangible 89,511 97,288 Temporarily nondeductible/taxable differences (218,616) (292,257) Subtotal (4,254) (57,392) Income tax credit (debit) Tax losses carryforwards 345,462 382,359 Tax benefit of merged goodwill 288,754 315,189 Temporarily nondeductible/taxable differences (602,934) (809,917) Subtotal 31,282 (112,369) PIS and COFINS credit (debit) Temporarily nondeductible/taxable differences (10,380) (10,086) Total 16,647 (179,847) Total tax credit 1,064,716 956,380 Total tax debit (1,048,069) (1,136,227) 10.2 Tax benefit of merged intangible Refers to the tax benefit calculated on the intangible derived from the acquisition of subsidiaries, as shown in the following table, which had been incorporated and is recognized in accordance with Instructions No. 319/99 and No. 349/01 issued by the Brazilian Securities and Exchange Commission (“CVM”). The benefit is realized proportionally to the tax amortization of the merged intangible that gave rise to it, during the remaining concessions period, as shown in note 14. December 31, 2019 December 31, 2018 Social contribution Income tax Social contribution Income tax CPFL Paulista 36,620 101,723 41,246 114,572 CPFL Piratininga 9,145 31,385 10,180 34,938 RGE Sul (RGE) 43,746 144,878 45,863 153,618 CPFL Geração - 10,769 - 12,061 Total 89,511 288,754 97,288 315,189 10.3 Accumulated balances of temporarily nondeductible/nontaxable differences December 31, 2019 December 31, 2018 Social contribution Income tax PIS/COFINS Social contribution Income tax PIS/COFINS Temporarily nondeductible differences Provision for tax, civil and labor risks 41,817 116,158 - 57,635 160,096 - Private pension fund 4,006 11,127 - 2,913 8,093 - Allowance for doubtful debts 33,288 92,466 - 30,316 84,211 - Free energy supply 9,632 26,756 - 9,166 25,462 - Research and development and energy efficiency programs 33,289 92,468 - 27,506 76,405 - Personnel-related provisions 6,225 17,293 - 5,208 14,467 - Depreciation rate difference 4,097 11,380 - 4,764 13,235 - Derivatives (46,344) (128,733) - (58,698) (163,051) - Recognition of concession - adjustment of intangible asset (IFRS) (5,352) (14,867) - (6,399) (17,775) - Recognition of concession - adjustment of financial asset (IFRS) (171,599) (476,664) - (148,561) (410,608) - Actuarial losses (IFRS) 25,567 71,020 - 26,001 72,223 - Fair value adjustment - Derivatives (8,670) (24,082) - 2,711 7,532 - Fair value adjustment - Debts 9,440 26,222 - (1,854) (5,147) - Others (28,477) (77,238) (10,380) (18,030) (50,236) (10,086) Temporarily nondeductible differences - accumulated comprehensive income: Property, plant and equipment - adjustment of deemed cost (IFRS) (45,568) (126,578) - (48,806) (135,572) - Actuarial losses (IFRS) 137,853 382,925 - 58,071 161,307 - Fair value adjustment - Derivatives (318) (883) - (89) (247) Fair value adjustment - Debts (6,638) (18,439) - (6,683) (18,567) Temporarily nondeductible differences - Business combination - CPFL Renováveis Deferred taxes - asset: Provision for tax, civil and labor risks 10,748 29,855 - 11,620 32,277 - Fair value of property, plant and equipment (negative value added of assets) 18,344 50,955 - 19,817 55,047 - Deferred taxes - liability: Value added derived from determination of deemed cost (19,177) (53,270) - (24,690) (68,584) - Intangible asset - exploration right/authorization in indirect subsidiaries acquired (216,651) (601,809) - (227,199) (631,106) - Other temporary differences (4,128) (8,995) - (6,976) (19,379) - Total (218,616) (602,934) (10,380) (292,257) (809,917) (10,086) 10.4 Reconciliation of the income tax and social contribution amounts recognized in the statements of income for the years ended December 31, 2019, 2018 and 2017 2019 2018 2017 Social contribution Income tax Social contribution Income tax Social contribution Income tax Profit before taxes 3,986,293 3,986,293 2,939,977 2,939,977 1,846,670 1,846,670 Reconciliation to reflect effective rate: Equity interest in associates and joint ventures (349,090) (349,090) (334,198) (334,198) (312,390) (312,390) Amortization of intangible asset acquired 48,649 62,756 48,649 62,756 48,649 62,756 Effect of presumed profit regime (383,968) (444,168) (242,700) (289,923) (352,101) (430,296) Adjustment of revenue from excess demand and excess reactive power 162,438 162,438 153,302 153,302 134,778 134,778 Tax incentive - operating profit - - - (52,336) - (71,340) Other permanent additions (exclusions), net 103,889 50,343 101,581 87,162 74,015 82,631 Tax base 3,568,211 3,468,572 2,666,611 2,566,740 1,439,621 1,312,809 Statutory rate 9% 25% 9% 25% 9% 25% Tax credit (debit) (321,139) (867,143) (239,995) (641,685) (129,566) (328,202) Recognized (unrecognized) tax credit, net (12,903) (29,148) 26,323 81,375 (39,162) (106,699) Provision for tax risks (2,570) (5,097) - - - - Total (336,610) (901,386) (213,673) (560,310) (168,728) (434,901) Current (303,332) (804,994) (227,464) (578,381) (153,543) (387,076) Deferred (33,279) (96,392) 13,791 18,071 (15,185) (47,825) Amortization of intangible asset acquired Recognized (unrecognized) tax assets, net The deferred income tax and social contribution expense recorded in the statement of profit or loss in the amount of R$129,671 (revenue R$ 31,863 in 2018) refers to (i) income tax and social contribution losses (expense of R$49,703 in 2019 and revenue of R$ 112,491 in 2018); (ii) tax benefit of the merged intangible of R$45,257 in 2019 and R$ 45,778 in 2018. 10.5 Income tax and social contribution amounts recognized in equity The deferred income tax and social contribution recognized directly in equity (other comprehensive income) in 2019, 2018 and 2017 were as follows 2019 2018 2017 Social Contribution Income tax Social Contribution Income tax Social Contribution Income tax Actuarial losses (gains) 1,122,747 1,122,747 313,243 313,243 (166,857) (166,857) Limits on the asset ceiling 44,058 44,058 6,617 6,617 21,399 21,399 Basis of calculation 1,166,805 1,166,805 319,860 319,860 (145,458) (145,458) Statutory rate 9% 25% 9% 25% 9% 25% Calculated taxes (105,012) (291,701) (28,786) (79,964) 13,092 36,365 Limitation on recognition (reversal) of tax credits 25,229 70,080 7,325 20,347 - - Taxes recognized in other comprehensive income (79,783) (221,621) (21,461) (59,617) 13,092 36,365 Credit risk fair value measurement of financial liabilities 1,662 1,662 (78,953) (78,953) - - Deemed cost of property, plant and equipment 38,897 38,897 38,057 38,057 39,202 39,202 Subtotal 40,559 40,559 (40,896) (40,896) 39,202 39,202 Statutory rate 9% 25% 9% 25% 9% 25% Calculated taxes (3,650) (10,140) 3,681 10,224 (3,528) (9,801) Total taxes recognized in other comprehensive income (83,434) (231,760) (17,780) (49,393) 9,564 26,564 10.6 Unrecognized deferred tax assets As of December 31, 2019, the parent company has tax credits on tax loss carryforwards that were not recognized amounting to R$ 82,573 since it is not probable that taxable profits will be available in the future. This amount can be recognized in the future, according to the annual reviews of taxable profit projections. Some subsidiaries have also income tax and social contribution credits on tax loss carryforwards that were not recognized because currently it is not probable that sufficient future taxable profits will be generated to absorb them. At December 31, 2019, the main subsidiaries that have such non-recognized income tax and social contribution credits are CPFL Renováveis (R$ 748,435), RGE Sul (R$ 71,894), Sul Geradora (R$ 72,711), CPFL Telecom (R$ 32,978), CPFL Serviços (R$6,188) and Jaguari Geração (R$ 2,467). These tax losses can be carried forward indefinitely. |
(11) CONCESSION FINANCIAL ASSET
(11) CONCESSION FINANCIAL ASSET | 12 Months Ended |
Dec. 31, 2019 | |
Concession Financial Asset [Abstract] | |
CONCESSION FINANCIAL ASSET | ( 11 ) CONCESSION FINANCIAL ASSET Distribution Transmission Consolidated As of December 31, 2016 5,193,511 180,333 5,373,844 Current - 10,700 10,700 Noncurrent 5,193,511 169,633 5,363,144 Additions 972,254 52,211 1,024,465 Adjustment of expected cash flow 212,294 - 212,294 Adjustment - financial asset measured at amortized cost - 27,807 27,807 Cash inputs - RAP - (15,677) (15,677) Disposals (35,039) - (35,039) Business combination (12,338) - (12,338) As of December 31, 2017 6,330,681 238,723 6,569,404 Current - 23,736 23,736 Noncurrent 6,330,681 214,987 6,545,668 Transfer - contract assets 836,516 - 836,516 Transfer - intangible assets (52,803) - (52,803) Adjustment - fair value 362,073 - 362,073 Disposals (46,318) - (46,318) Adoption IFRS 15 - (238,723) (238,723) As of December 31, 2018 7,430,149 - 7,430,149 Noncurrent 7,430,149 - 7,430,149 Transfer - contract assets 1,090,393 - 1,090,393 Transfer - intangible assets (3,502) - (3,502) Adjustment - fair value 296,037 - 296,037 Disposals (33,361) - (33,361) As of December 31, 2019 8,779,717 - 8,779,717 Noncurrent 8,779,717 - 8,779,717 The amount refers to the financial asset corresponding to the right established in the concession agreements of the energy distributors to receive cash by compensation upon the return of the assets to the granting authority at the end of the concession, measured at fair value. According to the current tariff model, the remuneration for this asset is recognized in profit or loss upon billing to consumers and the realization occurs upon receipt of the electric energy bills. Moreover, the difference to adjust the balance at fair value (new replacement value - “VNR” - note 4) is recognized as a balancing item to the operating income account (note 27) in the statement of profit or loss. |
(12) OTHER ASSETS
(12) OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
OTHER ASSETS | ( 12 ) OTHER ASSETS Current Noncurrent Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Advances - FUNCESP 13,562 3,929 6,797 6,797 Advances to suppliers 43,587 4,031 - - Pledges, funds and restricted deposits 1,431 77,442 569,733 524,461 Orders in progress 130,954 142,708 9,448 6,844 Services rendered to third parties 23,388 9,281 - - Energy pre-purchase agreements - - 10,432 25,390 Prepaid expenses 76,756 172,155 4,608 6,367 GSF Insurance Premium 6,488 13,701 - 5,782 Receivables - CDE 147,470 183,710 - - Advances to employees 20,640 22,287 - - Contract asset of transmission - 23,535 - 226,117 Others 212,904 186,923 135,000 125,681 (-) Allowance for doubtful accounts (note 7) (29,019) (28,698) - - Total 648,161 811,005 736,019 927,440 Pledges, funds and restricted deposits: Orders in progress: Receivables – CDE: |
(13) EQUITY METHOD INVESTEES
(13) EQUITY METHOD INVESTEES | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investees [Abstract] | |
EQUITY METHOD INVESTEES | ( 13 ) EQUITY METHOD INVESTEES Dec 31, 2019 Dec 31, 2018 Equity interests - equity method By equity method of the Joint Venture 988,516 970,302 Fair value of assets, net 9,481 10,060 Total 997,997 980,362 In the financial statements, the investment balances relate to interests in entities accounted for by the equity method: Share of equity Share of profit (loss) Joint ventures Dec 31, 2019 Dec 31, 2018 2019 2018 2017 Baesa 156,185 175,189 750 791 11,849 Enercan 207,868 175,122 123,240 101,392 85,808 Chapecoense 381,219 378,558 140,949 127,250 120,651 EPASA 243,244 241,433 84,730 105,343 94,663 Fair value adjustments of assets, net 9,481 10,060 (579) (579) (579) 997,997 980,362 349,090 334,198 312,390 13.1 Dividends and Interest on capital At December 31, 2019 and 2018, the Group has the following amounts receivable from the joint ventures below, relating to dividends and interest on capital: Dividend Interest on own capital Total Investments Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Investco - - 415 1,436 415 1,436 EPASA - - - - - - Baesa 3,504 3 - - 3,504 3 Enercan 59,289 65,010 - - 59,289 65,010 Chapecoense 37,090 33,733 - - 37,090 33,733 Total 99,883 98,746 415 1,436 100,297 100,182 13.2 Joint Ventures Summarized financial information on joint ventures at December 31, 2019 and 2018 and income statement for the years ended December 31, 2019, 2018 and 2017 is as follows: December 31, 2019 Joint venture Enercan Baesa Chapecoense Epasa Current assets 219,117 66,863 379,359 294,877 Cash and cash equivalents 77,290 18,315 240,645 96,130 Noncurrent assets 982,032 915,379 2,472,085 470,864 Current liabilities 390,817 72,383 451,803 93,512 Borrowings and debentures 133,548 - 138,759 35,660 Other financial liabilities 7,131 35,944 75,668 1,416 Noncurrent liabilities 383,699 285,269 1,652,152 216,233 Borrowings and debentures 255,756 - 913,308 115,842 Other financial liabilities 25,513 271,267 731,113 - Equity 426,632 624,591 747,489 455,996 Net operating revenue 650,900 286,378 881,458 560,203 Operational costs and expenses (192,780) (201,494) (195,973) (319,024) Depreciation and amortization (49,110) (50,832) (124,244) (34,690) Interest income 5,573 1,850 16,309 3,990 Interest expense (33,399) (31,533) (163,977) (13,972) Income tax expense (126,313) (1,124) (136,830) (38,983) Profit (loss) for the year 252,941 2,999 276,370 158,839 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% December 31, 2018 Joint venture Enercan Baesa Chapecoense Epasa Current assets 208,326 68,956 345,737 327,084 Cash and cash equivalents 66,519 17,425 184,002 18,269 Noncurrent assets 1,033,320 966,664 2,604,162 502,618 Current liabilities 385,271 50,639 424,635 152,168 Borrowings and debentures 137,225 - 138,706 34,473 Other financial liabilities 5,869 34,832 74,156 1,346 Noncurrent liabilities 496,953 284,391 1,782,993 224,933 Borrowings and debentures 383,358 - 1,045,402 151,964 Other financial liabilities 26,936 272,079 734,630 - Equity 359,422 700,590 742,271 452,601 Net operating revenue 591,875 321,142 863,861 840,005 Operational costs and expenses (188,756) (214,448) (191,749) (562,097) Depreciation and amortization (50,051) (50,609) (117,858) (34,525) Interest income 4,793 4,176 15,729 5,106 Interest expense (46,042) (53,946) (191,818) (17,491) Income tax expense (101,484) (1,229) (124,284) (38,740) Profit (loss) for the year 208,100 3,164 249,510 197,481 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% December 31, 2017 Joint venture Enercan Baesa Chapecoense Epasa Net operating revenue 580,430 412,329 829,525 789,402 Operational costs and expenses (273,339) (265,955) (186,638) (518,352) Depreciation and amortization (52,773) (50,621) (126,811) (35,640) Interest income 32,849 4,906 24,639 6,102 Interest expense (31,135) (27,986) (183,237) (26,197) Income tax expense (88,229) (25,442) (123,307) (39,892) Profit (loss) for the year 176,113 47,385 236,570 177,458 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% Although holding more than 50% in EPASA and Chapecoense, CPFL Geração controls these investments jointly with other shareholders. The analysis of the classification of the type of investment is based on the Shareholders' Agreement of each joint venture. The borrowings from the BNDES obtained by the joint ventures ENERCAN, BAESA and Chapecoense establish restrictions on the payment of dividends to subsidiary CPFL Geração above the mandatory minimum dividend of 25% without the prior consent of the BNDES. 13.3 Joint operation Through its wholly-owned subsidiary CPFL Geração, the Company holds part of the assets of the Serra da Mesa hydropower plant, located on the Tocantins River, in Goiás State. The concession and operation of the hydropower plant belong to Furnas Centrais Elétricas S.A. In order to maintain these assets operating jointly with Furnas (joint operation), CPFL Geração was assured 51.54% of the installed power of 1,275 MW (657 MW) and the assured energy of mean 637.5 MW (mean 328.57 MW) until 2028. |
(14) PROPERTY, PLANT AND EQUIPM
(14) PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | ( 14 ) PROPERTY, PLANT AND EQUIPMENT Land Reservoirs, dams and water mains Buildings, construction and improvements Machinery and equipment Vehicles Furniture and fittings In progress Total At December 31, 2016 176,145 1,394,162 1,153,220 6,655,391 76,217 7,562 250,302 9,712,998 Historical cost 206,330 2,060,191 1,652,934 9,066,408 106,920 21,507 250,302 13,364,592 Accumulated depreciation (30,185) (666,028) (499,714) (2,411,017) (30,704) (13,945) - (3,651,594) Additions - - - 772 2,978 - 753,137 756,887 Disposals (22) (132) (140) (32,336) (2,248) (635) (8,332) (43,845) Transfers 2,950 400 154,737 574,944 20,434 1,484 (754,948) - Transfers from/to other assets - cost (1,893) 6,393 (154,880) 98,579 (126) (330) 11,033 (41,224) Depreciation (8,004) (79,276) (59,736) (431,393) (18,055) (1,332) - (597,795) Write-off of depreciation 2 124 120 9,529 1,379 387 - 11,540 Transfers from/to other assets - depreciation (683) (2,413) 1,930 9,690 (8) 108 - 8,624 Business combination - - - - (4,800) - - (4,800) Imparment - - (474) (14,787) - - - (15,261) At December 31, 2017 168,494 1,319,257 1,094,777 6,870,389 75,771 7,245 251,192 9,787,125 Historical cost 207,365 2,066,850 1,652,178 9,693,512 122,540 22,026 251,192 14,015,662 Accumulated depreciation (38,870) (747,593) (557,400) (2,823,123) (46,769) (14,782) - (4,228,537) Additions - - - - - - 296,165 296,165 Disposals (8) - (7,908) (16,434) (3,517) (31) (8,478) (36,376) Transfers 20,181 151,754 41,464 101,468 12,250 793 (327,908) - Transfers from/to other assets - cost (2,755) - (100,720) 106,775 - 6 (6,584) (3,279) Depreciation (8,082) (79,237) (61,540) (432,524) (19,402) (546) - (601,329) Write-off of depreciation 2 - - 8,180 2,032 44 - 10,259 Transfers from/to other assets - depreciation (994) - 20,714 (22,706) (2) - - (2,987) Others - - 15 645 - - 6,373 7,033 At December 31, 2018 176,839 1,391,775 986,800 6,615,793 67,135 7,512 210,760 9,456,614 Historical cost 224,783 2,218,604 1,585,723 9,905,396 131,549 23,039 210,760 14,299,854 Accumulated depreciation (47,944) (826,829) (598,923) (3,289,603) (64,415) (15,527) - (4,843,240) Additions - - - - - - 301,459 301,459 Disposals - (5) (31,080) (31,033) (33,045) - (8) (95,171) Transfers 603 15,882 51,413 111,804 7,358 449 (187,510) - Transfers from/to other assets - cost (1,333) (8,249) (6,952) 12,987 - (40) 1,924 (1,662) Depreciation (8,880) (84,660) (61,634) (446,046) (17,156) (851) - (619,228) Write-off of depreciation - 5 2,231 17,616 21,846 - - 41,698 At December 31, 2019 167,228 1,314,749 940,779 6,281,123 46,136 7,070 326,625 9,083,710 Historical cost 224,053 2,226,232 1,599,104 9,999,155 105,863 23,447 326,625 14,504,478 Accumulated depreciation (56,825) (911,483) (658,325) (3,718,031) (59,727) (16,377) - (5,420,768) Average depreciation rate 2019 3.86% 3.89% 3.94% 4.54% 13.77% 5.80% Average depreciation rate 2018 3.86% 3.65% 3.96% 4.45% 13.89% 3.70% Average depreciation rate 2017 3.86% 3.93% 3.69% 4.53% 13.09% 8.31% The balance of construction in progress refers mainly to works in progress of the operating subsidiaries and/or those under development, especially for CPFL Renováveis’ projects, which has construction in progress of R$248,018 (R$ 139,614 as of December 31, 2018). In accordance with IAS 23, the interest on borrowings taken by subsidiaries to finance the works is capitalized during the construction phase. During 2019, there were no capitalization and during 2018, R$10,591 (R$ 29,817 in 2017) was capitalized in the financial statements at a rate of 8.74% p.a. (8.80% p.a. in 2017). In the financial statements, depreciation expenses are recognized in the statement of profit or loss in line itens “depreciation and amortization”. At December 31, 2019, the total amount of property, plant and equipment pledged as collateral for borrowings, as mentioned in note 16, is R$ 3,957,132, mainly relating to the subsidiary CPFL Renováveis (R$ 3,908,099). 14.1 Impairment testing For all the reporting years the Company assesses whether there are indicators of impairment of its assets that would require an impairment test. The assessment was based on external and internal information sources, taking into account fluctuations in interest rates, changes in market conditions and other factors. In 2017, due to the changes in the Brazilian political, economic and energy scenario, the subsidiary CPFL Renováveis recognized an impairment loss of R$ 15,261 relating to property, plant and equipment of the Bio Baia Formosa and Solar Tanquinho projects. This impairment loss was recognized in the statement of profit or loss in line item “Other operating expenses” (note 27). For 2018 and 2019, based on the mentioned assessment of any indicators, it was not necessary to set up or a reverse provision for impairment. Such impairment was based on the assessment of the cash-generating units comprising fixed assets of subsidiaries which, separately, are not featured as an operating segment. Additionally, during 2019, 2018 and 2017 the Company did not change the form of aggregation of the assets for identification of these cash-generating units. Fair value was measured by using the cost approach, a valuation technique that reflects the amount that would be required at present to replace the service capacity of an asset (normally referred to as the cost of substitution or replacement). A provision for impairment of assets, when applicable, is recognized owing to the unfavorable scenario for the business of these subsidiaries and is calculated based on their fair values, net of selling expenses. For 2019 and 2018 no provision for impairment was required. |
(15) INTANGIBLE ASSETS
(15) INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets and goodwill [abstract] | |
INTANGIBLE ASSETS | ( 15 ) INTANGIBLE ASSETS 15.1 Intangible assets Concession right Goodwill Acquired in business combinations Distribution infrastructure - operational Distribution infrastructure - in progress Public utilities Other intangible assets Total As of December 31, 2016 6,115 4,466,516 5,550,502 666,008 27,324 59,147 10,775,613 Historical cost 6,152 7,602,941 11,987,109 666,008 35,840 183,138 20,481,188 Accumulated Amortization (37) (3,136,425) (6,436,607) - (8,516) (123,990) (9,705,576) Additions - - - 1,898,434 - 9,344 1,907,778 Amortization - (286,215) (639,292) - (1,419) (9,390) (936,318) Transfer - intangible assets - - 814,643 (814,643) - - - Transfer - financial asset - - 131 (972,385) - - (972,254) Disposal and transfer - other assets - (16,244) (91,214) 48,061 - 1,723 (57,674) Corporate restructuring - note 12.6.1 - (26,766) (73,215) - - - (99,981) Business combination - (5,129) - - - (47) (5,176) Impairment losses - (15,057) (7,108) - - - (22,165) As of December 31, 2017 6,115 4,117,105 5,554,447 825,476 25,904 60,777 10,589,824 Historical cost 6,152 7,558,645 11,442,528 825,476 35,840 174,407 20,043,048 Accumulated Amortization (37) (3,441,540) (5,888,080) - (9,936) (113,630) (9,453,223) Additions - - - - - 18,670 18,670 Amortization - (286,858) (703,511) - (1,419) (8,989) (1,000,777) Transfer - intangible assets - - 723,813 - - - 723,813 Transfer - financial asset - - 52,803 - - - 52,803 Disposal and transfer - other assets - (63,187) (43,419) - - 5,504 (101,102) IFRS 15 adoption (note 3) - - - (825,476) - - (825,476) Others - 5,130 - - - 47 5,177 As of December 31, 2018 6,115 3,772,188 5,584,136 - 24,485 76,009 9,462,935 Historical cost 6,152 7,495,458 11,909,149 - 35,840 217,542 19,664,141 Accumulated Amortization (37) (3,723,270) (6,325,012) - (11,355) (141,532) (10,201,206) Additions - - - - - 19,147 19,147 Amortization - (288,438) (761,884) - (1,419) (16,840) (1,068,581) Transfer - contract assets - - 949,548 - - - 949,548 Transfer - financial asset - - 3,502 - - - 3,502 Disposal and transfer - other assets - - (47,263) - - 1,663 (45,600) As of December 31, 2019 6,115 3,483,750 5,728,040 - 23,065 79,981 9,320,953 Historical cost 6,152 7,495,458 12,814,937 - 35,840 238,352 20,590,739 Accumulated Amortization (37) (4,011,708) (7,086,896) - (12,774) (158,372) (11,269,787) The amortization of intangible assets is recognized as follows: (i) “depreciation and amortization” for amortization of distribution infrastructure intangible assets, use of public asset and other intangible assets; and (ii) “amortization of concession intangible asset” for amortization of the intangible asset acquired in business combination. In conformity with IAS 23, the interest on borrowings taken by subsidiaries for construction financing is capitalized during the construction stage for qualifying assets. In the consolidated, for of the year of 2019, R$25,641 (R$ 18,015 in 2018) were capitalized at a rate of 8.09% (7.99% p.a.. in 2018). 15.2 Intangible asset acquired in business combinations The breakdown of the intangible asset related to the right to operate the concessions acquired in business combinations is as follows: Dec 31, 2019 Dec 31, 2018 Annual amortization rate Historical cost Accumulated amortization Net value Net value 2019 2018 2017 Intangible asset - acquired in business combinations Intangible asset acquired, not merged Parent company CPFL Paulista 304,861 (226,974) 77,888 87,873 3.28% 3.28% 3.28% CPFL Piratininga 39,065 (27,629) 11,435 12,730 3.31% 3.32% 3.31% RGE Sul (RGE) 3,768 (2,369) 1,399 1,575 4.68% 4.70% 4.25% CPFL Geração 54,555 (39,179) 15,376 17,221 3.38% 3.38% 3.38% Jaguari Geração 7,896 (4,391) 3,505 3,775 3.41% 3.41% 3.41% CPFL Renováveis 3,653,906 (1,210,510) 2,443,397 2,602,622 4.36% 5.90% 5.39% Subtotal 4,064,052 (1,511,051) 2,553,000 2,725,797 Intangible asset acquired and merged – Deductible Subsidiaries RGE Sul (RGE) 1,433,007 (1,023,268) 409,739 461,795 3.63% 3.63% 3.63% CPFL Geração 426,450 (343,396) 83,053 93,020 2.34% 2.34% 2.34% Subtotal 1,859,457 (1,366,664) 492,792 554,816 Intangible asset acquired and merged – Reassessed Parent company CPFL Paulista 1,074,026 (819,075) 254,952 287,156 3.00% 3.00% 3.00% CPFL Piratininga 115,762 (81,875) 33,887 37,723 3.31% 3.31% 3.31% Jaguari Geração 15,275 (9,296) 5,978 6,438 3.01% 3.01% 3.01% RGE Sul (RGE) 366,887 (223,746) 143,141 160,256 4.67% 4.67% 4.67% Subtotal 1,571,949 (1,133,992) 437,958 491,574 Total 7,495,458 (4,011,708) 3,483,750 3,772,188 The intangible asset acquired in business combinations is associated to the right to operate the concessions and comprises: - Intangible asset acquired, not merged Refers basically to the intangible asset from acquisition of the shares held by noncontrolling interests prior to adoption of IFRS 3. - Intangible asset acquired and merged Refers to the intangible asset from the acquisition of subsidiaries that were merged into the respective equity, without application of CVM Instructions No. 319/99 and No. 349/01, that is, without segregation of the amount of the tax benefit. - Intangible asset acquired and merged – Reassessed In order to comply with ANEEL requirements and avoid the amortization of the intangible asset resulting from the merger of parent company causing a negative impact on dividends paid to noncontrolling interests, the subsidiaries applied the concepts of CVM Instructions No. 319/99 and No. 349/01 to the intangible asset. A reserve was therefore recognized to adjust the intangible, against a special intangible reserve on the merger of equity in each subsidiary, so that the effect of the transaction on the equity reflects the tax benefit of the merged intangible asset. These changes affected the Company's investment in subsidiaries, and in order to adjust this, a non-deductible intangible asset was recognized for tax purposes. 15.3 Impairment testing For all the reporting years the Company assesses whether there are indicators of impairment of its assets that would require an impairment test. The assessment was based on external and internal information sources, taking into account fluctuations in interest rates, changes in market conditions and other factors. In 2017, the subsidiary CPFL Renováveis recognized a loss of R$ 5,176, relating to intangible assets acquired in the business combination of the Pedra Cheirosa I and Bio Formosa projects. For 2018 and 2019, based on the mentioned assessment of any indicators, it was not necessary to set up or a reverse provision for impairment. The provision for impairment were based on the assessment of the cash-generating units comprising intangible assets of those subsidiaries which, separately, are not featured as an operating segment. 15.4 Corporate restructuring in 2019 Partial spin-off of Nect |
(16) CONTRACT ASSETS
(16) CONTRACT ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Contract assets [abstract] | |
CONTRACT ASSETS | ( 16 ) CONTRACT ASSETS Distribution Transmission Total At December 31, 2017 Adoption of IFRS 15 825,476 - 825,476 Additions 1,787,588 - 1,787,588 Transfer - intangible assets in service (723,813) - (723,813) Transfer - financial assets (836,516) - (836,516) Disposal and transfer - other assets (6,303) - (6,303) At December 31, 2018 1,046,433 - 1,046,433 Reclassification from other assets - 249,652 249,652 Additions 2,061,715 20,970 2,082,685 Transfer - intangible assets in service (949,548) - (949,548) Transfer - financial assets (1,090,393) - (1,090,393) Monetary adjustment - 31,725 31,725 Cash inputs - RAP - (23,344) (23,344) At December 31, 2019 1,068,207 279,003 1,347,210 Current - 24,387 24,387 Noncurrent 1,068,207 254,616 1,322,822 Contractual asset of distribution companies: Contract asset of transmission companies: |
(17) TRADE PAYABLES
(17) TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
Trade Payables [Abstract] | |
TRADE PAYABLES | ( 17 ) TRADE PAYABLES Dec 31, 2019 Dec 31, 2018 Current System service charges 2,707 62,674 Energy purchased 2,288,441 1,607,116 Electricity network usage charges 250,600 205,656 Materials and services 554,940 368,344 Energy from the Free Market 163,492 154,296 Total 3,260,180 2,398,085 Noncurrent Energy purchased 359,944 333,036 |
(18) BORROWINGS
(18) BORROWINGS | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
BORROWINGS | ( 18 ) BORROWINGS The movements in borrowings are as follows: At December 31, 2017 Raised Repayment Interest, inflation adjustment and Fair value adjustment Exchange rates Interest paid At December 31, 2018 Measured at cost Local currency Fixed Rate 900,257 166,404 (173,528) 53,283 - (53,641) 892,776 Floating Rate TJLP and TLP 3,449,468 1,315,898 (442,504) 288,171 - (262,744) 4,348,289 Selic 140,099 - (33,875) 11,251 - (3,358) 114,117 CDI 1,541,278 23,359 (1,112,713) 72,957 - (138,609) 386,272 IGP-M 57,291 - (10,511) 9,788 - (4,679) 51,889 UMBNDES 2,293 - (500) 515 - (156) 2,152 Others 74,740 32,418 (45,807) 6,477 - (1,426) 66,403 Total at cost 6,165,427 1,538,079 (1,819,438) 442,442 - (464,613) 5,861,896 Borrowing costs (*) (31,816) (35,984) - 10,607 - - (57,193) Measured at fair value Foreign currency Dollar 4,698,184 2,666,880 (3,289,857) 170,383 774,483 (164,965) 4,855,108 Euro 218,814 879,500 (215,824) 3,348 (1,873) (4,466) 879,499 Fair value adjustment (58,552) - - (44,799) - - (103,351) Total at fair value 4,858,446 3,546,380 (3,505,681) 128,932 772,610 (169,431) 5,631,255 Total 10,992,057 5,048,475 (5,325,119) 581,980 772,610 (634,044) 11,435,958 Current 3,589,607 2,446,113 Noncurrent 7,402,450 8,989,846 At December 31, 2018 Raised Repayment Interest, inflation adjustment and Fair value adjustment Exchange rates Interest paid At December 31, 2019 Measured at cost Local currency Fixed Rate 892,776 - (177,669) 48,661 - (52,370) 711,398 Floating Rate TJLP 3,158,119 - (435,016) 243,332 - (222,102) 2,744,332 TLP (IPCA) 1,190,169 379,000 - 102,519 - (62,650) 1,609,038 Selic 114,117 - (36,830) 8,441 - (2,655) 83,073 CDI 386,272 476,000 (679,021) 46,756 - (49,995) 180,012 IGP-M 51,889 - (11,142) 5,935 - (4,077) 42,605 UMBNDES 2,152 - (540) 213 - (131) 1,694 Others 66,403 - (26,354) 2,209 - (2,482) 39,777 Total at cost 5,861,896 855,000 (1,366,572) 458,066 - (396,462) 5,411,928 Borrowing costs (*) (57,193) (8,747) - 8,256 - - (57,684) Measured at fair value Foreign currency Dollar 4,855,108 726,314 (1,542,785) 148,189 142,957 (151,366) 4,178,417 Euro 879,499 - (47,004) 6,824 14,217 (6,844) 846,692 Fair value adjustment (103,351) - - 87,295 - - (16,056) Total at fair value 5,631,255 726,314 (1,589,789) 242,308 157,174 (158,210) 5,009,052 Total 11,435,958 1,572,567 (2,956,361) 708,630 157,174 (554,672) 10,363,296 Current 2,446,113 2,776,193 Noncurrent 8,989,846 7,587,102 (*) In accordance with IFRS 9, this refers to the fundraising costs attributable to issuance of the respective debts. The detail on borrowings are as follows: Category Annual interest December 31, 2019 December 31, 2018 Maturity range Collateral Measured at cost - Local Currency Fixed rate FINEM Fixed rate from 2.5% to 8% (a) 264,093 418,336 2011 to 2024 (i) CPFL Energia guarantee (ii) Liens on equipment and receivables (iii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iv) guarantee of Bioenergia S.A., CPFL Renováveis, CPFL Energia and State Grid. FINAME Fixed rate from 2.5% to 10% (a) 54,328 48,672 2012 to 2025 (i) Liens on equipment (ii) Guarantee of CPFL Renováveis(iii) CPFL Energia guarantee (iv) Liens on assets FINEP Fixed rate from 3.5% to 5% 944 6,576 2013 to 2021 Bank guarantee BNB Fixed rate of 9.5% to 10.14% 392,033 419,191 2027 to 2037 (i) Liens on equipment and receivables (ii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iii) SIIF Énergies do Brasil and BVP S.A guarantee 711,398 892,776 Floating rate TJLP FINEM TJLP and TJLP + from 1.72% to 5.5% (b) 2,721,358 3,128,625 2009 to 2033 (i) Pledge of receivables, equipment and assignment of credit and concession rights authorized by ANEEL and shares of SPE (ii) Liens on equipment and receivables (iii) guarantee of CPFL Renováveis, CPFL Energia and State Grid; (viii) Bank guarantee FINAME TJLP + 2.2% to 4.2% (b) 14,853 20,935 2017 to 2027 CPFL Energia guarantee, Liens on equipment and receivables FINEP TJLP and TJLP + 5% 4,284 3,491 2016 to 2024 Bank guarantee Bank loans TJLP + 2.99% to 3.1% 3,837 5,069 2005 to 2023 CPFL Energia guarantee 2,744,331 3,158,119 IPCA FINEM IPCA + 4.74% to 4.80% 1,609,038 1,190,169 2020 to 2028 CPFL Energia guarantee and receivables SELIC FINEM SELIC + 2.19% to 2.66% (c) 79,131 108,752 2015 to 2022 SGBP and CPFL Energia guarantee and receivables FINAME SELIC + 2.70% to 3.90% 3,943 5,365 2016 to 2022 CPFL Energia guarantee and liens on equipment and receivables 83,073 114,117 CDI Bank loans (i) 105% of CDI (c) 180,012 208,384 2012 to 2023 (i) CPFL Energia and CPFL Renováveis guarantee (ii) Redeemable preferred shares Promissory note 103,4% CDI (c) - 177,888 2019 CPFL Energia guarantee 180,012 386,272 IGPM Bank loans IGPM + 8.63% 42,605 51,889 2023 (i) Liens on equipment and receivables (ii) Pledge of shares of SPE and rights authorized by ANEEL and receivables of operation contracts UMBNDES Bank loans UMBNDES + from 1.99% to 5% 1,694 2,152 2006 to 2023 CPFL Energia guarantee Other Other RGR 39,777 66,403 2007 to 2023 Promissory notes, bank guarantee and receivables Total - Local currency 5,411,928 5,861,897 Borrowing costs (*) (57,684) (57,193) Measured at fair value - Foreign currency Dollar Bank loans (Law 4.131) US$ + Libor 3 months + from 0.80% to 1.55% 975,333 1,866,418 2017 to 2022 CPFL Energia guarantee and promissory notes Bank loans (Law 4.131) US$ + from 1.96% to 4.32% 3,203,083 2,988,689 2017 to 2022 CPFL Energia guarantee and promissory notes 4,178,417 4,855,108 Euro Bank loans (Law 4.131) Euro + from 0.42% to 0.96% 846,692 879,499 2019 to 2022 CPFL Energia guarantee and promissory notes Fair value adjustment (16,056) (103,351) Total in foreign currency 5,009,052 5,631,255 Total 10,363,296 11,435,958 (*) In accordance with IFRS 9, this refers to borrowing costs directly attributable to the issuance of the respective debts., measured at cost. The subsidiaries hold swaps converting the operating cost of currency variation to interest tax variation in reais. For further information about the considered rates, see note 35. Effective rate: (a) 30% to 70% of CDI (b) 60% to 110% of CDI (c) 100% to 130% of CDI As segregated in the tables above, in conformity with IFRS 9, the Group classified their debts as (i) financial liabilities (measured at amortized cost), and (ii) financial liabilities measured at fair value through profit or loss. The objective of the classification as financial liabilities of borrowings measured at fair value is to compare the effects of the recognition of income and expenses derived from fair value adjustment of derivatives, debt-related derivatives, in order to obtain more relevant and consistent accounting information, reducing the accounting mismatching. Changes in the fair values of these borrowings are recognized in the finance income / cost of the Group, except for the variation of the fair value of credit risk calculation, which is recorded in other comprehensive income. At December 31, 2019, the accumulated gains of R$16,056 (R$ 103,351 at December 31, 2018) to record the borrowing at fair value, adding the unrealized gains of R$ 24,178 (losses of R$ 65,678 at December 31, 2018) of fair value adjustments of the derivative financial instruments contracted as a hedge against foreign exchange variations (note 35), resulted in a total unrealized net gain of R$ 40,234 (R$37,673 at December 31, 2018). The maturities of the principal of borrowings recorded in noncurrent liabilities are scheduled as follows: 2021 2,587,780 2022 1,521,850 2023 894,184 2024 495,832 2025 471,073 2026 to 2030 1,319,711 2030 to 2034 227,898 2035 to 2039 66,074 Subtotal 7,584,402 Fair value adjustment 2,700 Total 7,587,102 The main ratios used for inflation adjustment of the borrowings and the indebtedness profile in local and foreign currency, already considering the effects of the derivative instruments, are shown below: Accumulated variation (%) Index 2019 2018 Dec 31, 2019 Dec 31, 2018 IGP-M 7.30 7.54 0.2 0.5 TJLP and TLP 6.3 and 7.69 6.72 and 7.42 26.0 38.0 CDI 5.97 6.40 62.1 52.6 Others 11.7 8.9 100.00 100.00 Main borrowings in the year: Bank / credit issue Total approved Released in 2019 Released net of fundraising costs Interest Repayment Utilization Interest rate Annual efective rate Local Currency: CDI - promissory note CPFL Paulista 351,000 351,000 350,649 Single installment Single installment in december 2019 Working capital 103.4% of CDI 104.95% of CDI CPFL Piratininga 125,000 125,000 124,818 Single installment Single installment in december 2019 Working capital 103.4% of CDI 104.95% of CDI IPCA - BNDES CPFL Paulista 953,392 100,000 98,124 Monthly Monthly from april 2020 Investment plan IPCA + 4.74% IPCA + 5.43% CPFL Piratininga 347,264 55,000 53,968 Monthly Monthly from april 2020 Investment plan IPCA + 4.80% IPCA + 5.45% RGE 1,133,024 154,000 151,110 Monthly Monthly from april 2020 Investment plan IPCA + 4.74% IPCA + 5.43% CPFL Santa Cruz 174,954 70,000 68,686 Monthly Monthly from april 2020 Investment plan IPCA + 4.80% IPCA + 5.53% Foreign currency Dollar Law 4131 CPFL Santa Cruz 28,000 28,000 28,000 Biannual Single installment in march 2022 Working capital USD + 3.06% USD + 3.06% CPFL Geração 13,500 13,500 13,500 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Santa Cruz 14,000 14,000 14,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Piratininga 43,000 43,000 43,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Paulista 309,814 309,814 309,814 Biannual Single installment in september 2020 Working capital USD + 2.17% USD + 2.17% CPFL Paulista 318,000 318,000 318,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% 3,810,948 1,581,314 1,573,670 (a) the agreement has no restrictive covenants RESTRICTIVE COVENANTS Borrowings raised by Group companies require the compliance with certain restrictive financial clauses, under penalty of restriction in the distribution of dividends and/or advance maturity of the related debts. Furthermore, failure to comply with the obligations or restrictions mentioned may result in default in relation to other contractual obligations ( cross default The calculations are made on an annual or semiannual basis, as appropriate. As the maximum and minimum ratios vary among the contracts, we present below the most critical parameters of each ratio, considering all contracts in effect at December 31, 2019: Ratios required for the individual financial statements of its subsidiaries CPFL Paulista, CPFL Piratininga, CPFL Santa Cruz and RGE, which own contracts: Net indebtedness divided by EBITDA maximum between 3.50 and 3.75 and Net indebtedness divided by the sum of Equity and Net indebtedness maximum of 0.9. Ratios required for the individual of subsidiaries financial statements of CPFL Renováveis owners of the contract: Debt Service Coverage Ratio minimum between 1.0 and 1.3. Company capitalization ratio minimum between 25% and 30%. General Indebtedness Ratio maximum of 80%. Ratios required in the consolidated financial statements of CPFL Renováveis Net indebtedness divided by EBITDA maximum of 3.75. Net indebtedness divided by the sum of Equity and Net indebtedness maximum of 0.55. Ratios required for the consolidated financial statements of CPFL Energia Net indebtedness divided by EBITDA maximum of 3.75. Net indebtedness divided by the sum of Equity and Net indebtedness maximum of 0.72. EBITDA divided by the financial income (expenses) minimum of 2.25. Ratio required in the consolidated financial statements of State Grid Brazil Power Participações S.A. Equity divided by Total Assets (disregarding the effects of IFRIC 12) minimum of 0.3. For purposes of determining covenants, the definition of EBITDA at the Company takes into consideration mainly the consolidation of subsidiaries, associates and joint ventures based on the Company’s direct or indirect interests in those companies (for both EBITDA and assets and liabilities). The Group’s management monitors these ratios on a systematic and constant basis, so that all conditions are met. As of December 31, 2019, the Company was in compliance with all covenants and financial and non-financial clauses. |
(19) DEBENTURES
(19) DEBENTURES | 12 Months Ended |
Dec. 31, 2019 | |
Debentures [Abstract] | |
DEBENTURES | ( 19 ) DEBENTURES The movements in debentures are as follows: At December 31, 2017 Raised Repayment Interest, inflation adjustment and market to mark Exchange rates At December 31, 2018 Category Measured at cost - Floating rate TJLP 495,408 - (46,768) 37,539 (5,080) 481,099 CDI 7,446,556 4,163,000 (4,832,370) 592,746 (652,185) 6,717,747 IPCA 1,311,432 - - 118,026 (62,030) 1,367,428 Total at cost 9,253,396 4,163,000 (4,879,138) 748,311 (719,295) 8,566,274 Borrowing costs (*) (76,870) (17,261) - 34,334 - (59,796) Measured at fair value - Floating rate IPCA - 416,600 - 10,389 - 426,989 Fair value adjustment - - - 7,378 - 7,378 Total at fair value - 416,600 - 17,767 - 434,367 Total 9,176,527 4,562,339 (4,879,138) 800,412 (719,295) 8,940,845 Current 1,703,073 917,352 Noncurrent 7,473,454 8,023,493 At December 31, 2018 Raised Repayment Interest, inflation adjustment and market to mark Exchange rates At December 31, 2019 Category Measured at cost - Floating rate TJLP 481,099 - (70,761) 33,384 (4,732) 438,990 CDI 6,717,747 3,688,000 (4,000,383) 421,070 (489,966) 6,336,467 IPCA 1,367,428 - (109,106) 123,090 (60,504) 1,320,909 Total at cost 8,566,274 3,688,000 (4,180,250) 577,544 (555,202) 8,096,368 Borrowing costs (*) (59,796) (3,541) - 21,122 - (42,215) Measured at fair value - Floating rate IPCA 426,989 - - 40,556 (22,606) 444,939 Fair value adjustment 7,378 - - 39,808 - 47,186 Total at fair value 434,367 - - 80,364 (22,606) 492,125 Total 8,940,845 3,684,459 (4,180,250) 679,030 (577,808) 8,546,278 Current 917,352 682,582 Noncurrent 8,023,493 7,863,696 (*) In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. The detail on debentures are as follows : Category Annual Interest December 31, 2019 December 31, 2018 Maturity range Collateral Measured at cost - Floating rate TJLP TJLP + 1% (c) 438,990 481,099 2009 to 2029 Liens CDI (i) From 103.6% to 109.5% of CDI (a) 5,339,824 5,858,319 2018 to 2025 CPFL Energia guarantee From 104.75% to 110% of CDI (a) 996,644 859,428 2015 to 2022 No guarantee IPCA IPCA + from 4.42% to 5.8% (b) 1,320,909 1,367,428 2019 to 2027 CPFL Energia guarantee 8,096,368 8,566,274 Borrowing costs (*) (42,215) (59,796) Measured at fair value - Floating rate IPCA IPCA + 5.80% (b) 444,939 426,989 2024 to 2026 CPFL Energia guarantee Fair value adjustment 47,186 7,378 Total consolidated 8,546,278 8,940,845 Some debentures hold swaps converting IPCA variation to CDI variation. For further information about the considered rates, see note 35. Effective rates: (a) From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% (b) IPCA + 4.84% to 6.31% (c) TJLP + 3.48% (*) In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. As shown in the table above, the Company, in compliance with IFRS 9, classified its debentures as (i) financial liabilities measured at amortized cost; and (ii) financial liabilities measured at fair value through profit or loss. The classification of debentures measured at fair value as financial liabilities is aimed at matching the effects of the recognition of revenues and expenses derived from the fair value adjustment of hedging derivatives linked to such debentures, in order to obtain a more relevant and consistent accounting information. The changes in the fair values of these debentures are recognized in the Company’s finance income (costs), except for the component of credit risk calculation, which is recognized in other comprehensive income. As of December 31, 2019, the accumulated losses obtained from the fair value adjustment of such debentures amounted to R$ 47,186 (R$ 7,378 as of December 31, 2018) which, offset by the gains obtained from the fair value adjustment of the derivative instruments of R$70,517 (R$ 21,012 as of December 31, 2018), undertaken to hedge the interest rate changes (note 35), generated a total gain of R$23,331 (R$ 13,634 as of December 31, 2018). The maturities of the debentures’ principal recognized in noncurrent liabilities are scheduled as follows: 2021 1,191,059 2022 1,732,136 2023 2,321,213 2024 1,932,174 2025 404,271 2026 to 2030 235,657 Subtotal 7,816,510 Fair value adjustment 47,186 Total 7,863,696 Main debentures issuances during the year R$ thousand Category Issue Quantity issued Released in 2019 Released net of fundraising costs Interests Repayment Annual interests Effective annual rate Local currency - CDI CPFL Brasil 5th issue 105,000 105,000 104,834 Biannual single installment in december 2019 103.6% of CDI 106.82% of CDI CPFL Brasil 5th issue 220,000 220,000 219,652 Biannual 2 annual installments from january 2023 108.25% of CDI 109.06% of CDI CPFL Paulista 10th issue 1,380,000 1,380,000 1,378,596 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Piratininga 11th issue 215,000 215,000 214,697 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Santa Cruz 3rd issue 190,000 190,000 189,703 Biannual Single installment in may 2022 107% of CDI 107.84% of CDI RGE 10th issue 740,000 740,000 739,206 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Renováveis 9th issue 30,000 300,000 299,955 Biannual Single installment in november 2022 104.75% of CDI 105.45% of CDI CPFL Renováveis 9th issue 53,800 538,000 537,815 Biannual 3 semiannual installments from november 2022 106% of CDI 106.66% of CDI 3,688,000 3,684,459 The funds obtained from the main issuances were used in the investment plan, refinancing of debts and improvement of working capital of subsidiaries. Pre-payment In 2019, R$3,506,174 (R$ 3,247,401 as of December 31, 2018) were paid of issue of debentures, whose due date were November 2028. RESTRICTIVE COVENANTS The debentures issued by the Group companies require the compliance with certain financial covenants. The calculations are made on an annual or semiannual basis, as appropriate. As the maximum and minimum ratios vary among the contracts, we present below the most critical parameters of each ratio, considering all contracts in effect at December 31, 2019: Ratios required in the consolidated financial statements of CPFL Energia Net indebtedness divided by EBITDA maximum of 3.75. EBITDA divided by Finance Income (Expenses) minimum of 2.25. The Group’s management monitors these ratios on a systematic and constant basis, so that all conditions are met. As of December 31, 2019, the Company was in compliance with all covenants and financial and non-financial clauses. |
(20) PRIVATE PENSION PLAN
(20) PRIVATE PENSION PLAN | 12 Months Ended |
Dec. 31, 2019 | |
Private Pension Plan [Abstract] | |
PRIVATE PENSION PLAN | ( 20 ) PRIVATE PENSION PLAN The subsidiaries sponsor supplementary retirement and pension plans for their employees. The main characteristics of these plans are as follows: 20.1 Characteristics CPFL Paulista The plan currently in force for the employees of the subsidiary CPFL Paulista through FUNCESP is a Mixed Benefit Plan, with the following characteristics: i. Defined Benefit Plan (“BD”) – in force until October 31, 1997 – a defined benefit plan, which grants a Proportional Supplementary Defined Benefit (“BSPS”), in the form of a lifetime income convertible into a pension, to participants enrolled prior to October 31, 1997, the amount being defined in proportion to the accumulated past service time up to that date, based on compliance with the regulatory requirements for granting. The total responsibility for coverage of actuarial deficits of this plan falls to the subsidiary. ii. Mixed model, as from November 1, 1997, which covers: . benefits for risk (disability and death), under a defined benefit plan, in which the subsidiary assumes responsibility for Plan’s actuarial deficit, and . scheduled retirement, under a variable contribution plan, consisting of a benefit plan, which is a defined contribution plan up to the granting of the income, and does not generate any actuarial liability for the subsidiary CPFL Paulista. The benefit plan only becomes a defined benefit plan, consequently generating actuarial responsibility for the subsidiary, after the granting of a lifetime income, convertible or not into a pension. Additionally, the subsidiary’s Managers may opt for a Free Benefit Generator Plan – “PGBL” (defined contribution), operated by either Banco do Brasil or Bradesco. CPFL Piratininga As a result of the spin-off of Bandeirante Energia S.A. (subsidiary’s predecessor), the subsidiary CPFL Piratininga assumed the responsibility for the actuarial liabilities of that company’s employees retired and terminated until the date of spin-off, as well as for the obligations relating to the active employees transferred to CPFL Piratininga. On April 2, 1998, the Secretariat of Pension Plans – “SPC” approved the restructuring of the retirement plan previously maintained by Bandeirante, creating a "Proportional Supplementary Defined Benefit Plan – BSPS”, and a "Mixed Benefit Plan", with the following characteristics: i. Defined Benefit Plan (“BD”) - in force until March 31, 1998 – a defined benefit plan, which grants a Proportional Supplementary Defined Benefit (BSPS), in the form of a lifetime income convertible into a pension to participants enrolled until March 31, 1998, in an amount calculated in proportion to the accumulated past service time up to that date, based on compliance with the regulatory requirements for granting. In the event of death while working or the onset of a disability, the benefits incorporate the entire past service time. CPFL Piratininga has full responsibility for covering the actuarial deficits of this Plan. ii. Defined Benefit Plan - in force after March 31, 1998 – defined-benefit type plan, which grants a lifetime income convertible into a pension based on the past service time accumulated after March 31, 1998, based on 70% of the average actual monthly salary for the last 36 months of active service. In the event of death while working or the onset of a disability, the benefits incorporate the entire past service time. The responsibility for covering the actuarial deficits of this Plan is equally divided between CPFL Piratininga and the participants. iii. Variable Contribution Plan – implemented together with the Defined Benefit plan effective after March 31, 1998. This is a defined-contribution type pension plan up to the granting of the income, and generates no actuarial liability for CPFL Piratininga. The pension plan only becomes a Defined Benefit type plan after the granting of the lifetime income, convertible (or not) into a pension, and accordingly starts to generate actuarial liabilities for the subsidiary. Additionally, the subsidiary’s Managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco. RGE Sul (RGE) The subsidiary RGE has retirement and pension plans for its employees and former employees managed by Fundação Famíllia Previdência, former Fundação CEEE, comprising: (i) “Plan 1” (“Plano Único RGE”): A “defined benefit” plan with benefit level equal to 100% of the inflation adjusted average of the last salaries, deducting the presumed benefit from the Social Security, with a Segregated Net Asset. that is closed to new participants since 1997. This plan was recorded at the dissolved Rio Grande Energia S.A. until the merger of the distribution companies approved on December 31, 2018, as mentioned in note 15.4; and (ii) “Plan 2” (“Plano Único RGE”): A “defined benefit” plan that is closed to new participants since February 2011. The subsidiary’s contribution matches the contribution from the benefitted employees, in the proportion of one for one, including as regards the Fundação’s administrative funding plan. For employees hired after the closing of the plans of Fundação Família Previdência, “defined contribution” private pension plans were implemented, being Bradesco Vida e Previdência for employees hired between 1997 and 2018 by the dissolved Rio Grande Energia S.A., and Itauprev for employees hired by RGE as from 2011, as well as for new employees to be hired after the event of merger of the distribution companies. CPFL Santa Cruz With the 2017 merger event, the company’s official plan is the CMSPREV, managed by IHPREV Fundo de Pensão. The same plan was maintained for employees that had the benefits plan managed by BB Previdência - Fundo de Pensão from Banco do Brasil. CPFL Geração The employees of the subsidiary CPFL Geração participate in the same pension plan as CPFL Paulista. In addition, managers may opt for a Free Benefit Generator Plan – PGBL (defined contribution), operated by either Banco do Brasil or Bradesco. 20.2 Changes in the defined benefit plans December 31, 2019 CPFL CPFL Piratininga CPFL RGE Sul (RGE) Total Plan 1 Plan 2 Present value of actuarial obligations 6,164,035 1,773,089 152,254 464,335 681,363 9,235,076 Fair value of plan's assets (4,517,265) (1,353,050) (105,914) (466,390) (503,867) (6,946,486) Present value of net obligations (fair value of assets) 1,646,770 420,039 46,340 (2,055) 177,496 2,288,590 Effect of asset ceiling 74,849 - - 2,055 - 76,904 Net actuarial liability recognized in the statement of financial position 1,721,619 420,039 46,340 - 177,496 2,365,494 December 31, 2018 CPFL CPFL Piratininga CPFL RGE RGE Sul (RGE) Total Plan 1 Plan 2 Present value of net obligations (fair value of assets) 5,123,238 1,416,391 119,964 382,993 553,493 7,596,079 Fair value of plan's assets (4,215,431) (1,205,647) (98,836) (413,043) (463,571) (6,396,529) Net actuarial liability recognized in the statement of financial position 907,807 210,744 21,129 (30,050) 89,922 1,199,550 Effect of asset ceiling - - - 30,050 - 30,050 Net actuarial liability recognized in the statement of financial position 907,807 210,744 21,129 - 89,922 1,229,600 The changes in the present value of the actuarial obligations and the fair value of the plan’s assets are as follows: CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Present value of actuarial obligations at December 31, 2016 4,524,008 1,202,596 108,486 352,879 480,081 6,668,050 Gross current service cost 707 3,153 73 270 2,153 6,356 Interest on actuarial obligations 476,613 127,561 11,431 37,395 50,927 703,927 Participants' contributions transferred during the year 37 2,044 - 302 990 3,373 Actuarial loss: effect of changes in demographic assumptions 225 328 14 326 16,490 17,383 Actuarial loss: effect of changes in financial assumptions (6,993) (3,586) (372) (45) 8,153 (2,843) Benefits paid during the year (379,536) (84,634) (8,831) (25,203) (34,501) (532,705) Present value of actuarial obligations at December 31, 2017 4,615,061 1,247,462 110,801 365,924 524,293 6,863,541 Gross current service cost 835 4,365 78 175 2,790 8,243 Interest on actuarial obligations 421,083 114,628 10,109 33,552 48,218 627,590 Participants' contributions transferred during the year 24 2,078 - 395 842 3,339 Actuarial loss: effect of changes in demographic assumptions - - - - 345 345 Actuarial loss: effect of changes in financial assumptions 485,142 135,540 8,409 8,921 12,774 650,786 Benefits paid during the year (398,907) (87,682) (9,433) (25,974) (35,769) (557,765) Present value of actuarial obligations at December 31, 2018 5,123,238 1,416,391 119,964 382,993 553,493 7,596,079 Gross current service cost 925 5,449 84 185 2,352 8,995 Interest on actuarial obligations 449,173 125,059 10,507 34,342 48,796 667,877 Participants' contributions transferred during the year - 1,886 - 620 1,136 3,642 Actuarial loss: effect of changes in demographic assumptions (2,900) (77) (165) - - (3,142) Actuarial loss: effect of changes in financial assumptions 1,037,048 321,011 31,516 73,759 113,836 1,577,170 Benefits paid during the year (443,449) (96,628) (9,652) (27,564) (38,250) (615,543) Present value of actuarial obligations at December 31, 2019 6,164,035 1,773,089 152,254 464,335 681,363 9,235,076 CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Fair value of actuarial assets at December 31, 2016 (3,723,563) (1,062,638) (89,533) (347,906) (405,251) (5,628,892) Expected return during the year (392,819) (113,470) (9,437) (37,412) (43,258) (596,396) Participants' contributions transferred during the year (37) (2,044) - (302) (990) (3,373) Sponsors' contributions (50,308) (17,296) (753) (7,296) (6,169) (81,822) Actuarial loss (gain): return on assets (137,870) 5,076 (3,486) (19,610) (25,503) (181,393) Benefits paid during the year 379,536 84,634 8,831 25,203 34,501 532,705 Fair value of actuarial assets at December 31, 2017 (3,925,061) (1,105,738) (94,378) (387,322) (446,670) (5,959,170) Expected return during the year (359,588) (102,621) (8,634) (35,950) (41,166) (547,959) Participants' contributions transferred during the year (24) (2,078) - (395) (842) (3,339) Sponsors' contributions (65,096) (25,460) (1,027) (7,643) (6,712) (105,938) Actuarial loss (gain): return on assets (264,569) (57,432) (4,230) (7,707) (3,950) (337,888) Benefits paid during the year 398,907 87,682 9,433 25,974 35,769 557,765 Fair value of actuarial assets at December 31, 2018 (4,215,431) (1,205,647) (98,836) (413,043) (463,571) (6,396,529) Expected return during the year (372,121) (107,795) (8,699) (37,500) (40,947) (567,063) Participants' contributions transferred during the year - (1,886) - (620) (1,136) (3,643) Sponsors' contributions (92,756) (34,444) (1,604) (7,748) (6,959) (143,512) Actuarial loss (gain): return on assets (280,404) (99,905) (6,426) (35,042) (29,504) (451,281) Benefits paid during the year 443,449 96,628 9,652 27,564 38,250 615,543 Fair value of actuarial assets at December 31, 2019 (4,517,265) (1,353,050) (105,914) (466,390) (503,867) (6,946,486) (*) Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. 20.3 Changes in the recognized assets and liabilities The changes in net liability are as follows: CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Net actuarial liability at December 31, 2016 800,445 139,958 18,954 4,972 74,830 1,039,158 Expenses (income) recognized in the statement of profit or loss 84,501 17,244 2,067 253 9,822 113,887 Sponsors' contributions transferred during the year (50,308) (17,296) (753) (7,296) (6,169) (81,822) Actuarial loss (gain): effect of changes in demographic assumptions 225 328 14 326 16,490 17,383 Actuarial loss (gain): effect of changes in financial assumptions (6,993) (3,586) (372) (45) 8,153 (2,843) Actuarial loss (gain): return on assets (137,870) 5,076 (3,486) (19,610) (25,503) (181,393) Effect of asset ceiling - - - 21,399 - 21,399 Net actuarial liability at December 31, 2017 690,000 141,724 16,424 - 77,623 925,770 Other contributions 15,391 Total liability 941,160 Current 60,801 Noncurrent 880,360 CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Net actuarial liability at December 31, 2017 690,000 141,724 16,424 - 77,623 925,770 Expenses (income) recognized in the statement of profit or loss 62,330 16,372 1,553 (188) 9,842 89,909 Sponsors' contributions transferred during the year (65,096) (25,460) (1,027) (7,643) (6,712) (105,938) Actuarial loss (gain): effect of changes in demographic assumptions - - - - 345 345 Actuarial loss (gain): effect of changes in financial assumptions 485,142 135,540 8,409 8,921 12,774 650,786 Actuarial loss (gain): return on assets (264,569) (57,432) (4,230) (7,707) (3,950) (337,888) Effect of asset ceiling - - - 6,617 - 6,617 Net actuarial liability at December 31, 2018 907,807 210,744 21,129 - 89,922 1,229,600 Other contributions 13,662 Total liability 1,243,263 Current 86,623 Noncurrent 1,156,639 CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Net actuarial liability at December 31, 2018 907,807 210,744 21,129 - 89,922 1,229,600 Expenses (income) recognized in the statement of profit or loss 77,977 22,711 1,892 (178) 10,201 112,602 Sponsors' contributions transferred during the year (92,756) (34,444) (1,604) (7,748) (6,959) (143,512) Actuarial loss (gain): effect of changes in demographic assumptions (2,900) (77) (165) - - (3,143) Actuarial loss (gain): effect of changes in financial assumptions 1,037,048 321,011 31,516 73,759 113,836 1,577,170 Actuarial loss (gain): return on actuarial assets (280,404) (99,905) (6,426) (35,042) (29,504) (451,281) Effect of asset ceiling 74,849 - - (30,791) - 44,058 Net actuarial liability at December 31, 2019 1,721,619 420,039 46,340 - 177,496 2,365,494 Other contributions 12,683 Total liability 2,378,178 Current 224,851 Noncurrent 2,153,327 (*) Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. 20.4Expected contributions and benefits The expected contributions to the plans for 2020 are shown below: 2020 CPFL Paulista 121,055 CPFL Piratininga 40,263 CPFL Geração 2,481 RGE Sul (RGE) - Plan 1 7,393 RGE Sul (RGE) - Plan 2 6,102 Total 177,294 The expected benefits to be paid in the next 10 years are shown below: 2020 2021 2022 2023 2024 to 2029 Total CPFL Paulista 436,163 448,553 460,445 471,438 3,017,325 4,833,924 CPFL Piratininga 99,957 104,651 108,695 113,023 774,546 1,200,872 CPFL Geração 10,728 10,992 11,238 11,494 73,016 117,468 RGE Sul (RGE) - Plan 1 28,695 29,642 30,980 32,025 213,150 334,492 RGE Sul (RGE) - Plan 2 38,642 40,078 41,785 43,447 293,489 457,441 Total 614,185 633,916 653,143 671,427 4,371,526 6,944,197 At December 31, 2019, the average duration of the defined benefit obligation was 10.3 years for CPFL Paulista, 12.5 years for CPFL Piratininga, 10.7 years for CPFL Geração, 11.3 years for plan 1 for RGE and 12.5 years for plan 2 for RGE. 20.5 Private pension plan income and expense Supported by on the opinion of external actuarial, the Group’s management presents the estimate of the expenses (income) to be recognized in 2020 and the expense (income) recognized in 2019, 2018 and 2017 is as follows: 2020 Estimated CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 Plan 2 Service cost 1,533 9,135 124 (308) 2,244 12,728 Interest on actuarial obligations 441,784 128,027 10,914 33,434 49,190 663,349 Expected return on plan assets (323,926) (98,386) (7,563) (33,885) (36,272) (500,032) Effect of asset ceiling 5,561 - - 153 - 5,714 Total expense (income) 124,952 38,776 3,475 (606) 15,162 181,759 2019 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Service cost 925 5,449 84 185 2,352 8,993 Interest on actuarial obligations 449,173 125,059 10,507 34,342 48,796 667,877 Expected return on plan assets (372,121) (107,795) (8,699) (37,500) (40,947) (567,062) Effect of asset ceiling - - - 2,795 - 2,795 Total expense (income) 77,977 22,711 1,892 (178) 10,201 112,603 2018 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Service cost 835 4,365 78 175 2,790 8,243 Interest on actuarial obligations 421,083 114,628 10,109 33,552 48,218 627,590 Expected return on plan assets (359,587) (102,622) (8,634) (35,950) (41,166) (547,959) Effect of asset ceiling - - - 2,035 - 2,035 Total expense (income) 62,330 16,372 1,553 (188) 9,842 89,909 2017 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2* Service cost 707 3,153 73 270 2,153 6,356 Interest on actuarial obligations 476,613 127,561 11,431 37,395 50,927 703,927 Expected return on plan assets (392,819) (113,470) (9,437) (37,412) (43,258) (596,396) Total expense (income) 84,501 17,244 2,067 253 9,822 113,887 The main assumptions taken into consideration in the actuarial calculation at the end of the reporting period were as follows: 20.6 Plan assets The following tables show the allocation (by asset segment) of the assets of the CPFL´s Group pension plans, at December 31, 2019 and 2018 managed by Fundações CESP and Família Previdência. The tables also show the distribution of the guarantee resources established as target for 2020, obtained in light of the macroeconomic scenario in December 2019. Assets managed by the plans are as follows: CPFL Paulista, CPFL Geração and CPFL Piratininga RGE (Plans 1 and 2) Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Nominal discount rate for actuarial liabilities: 7.43% p.a. 9.10% p.a. 9.51% p.a. 7.43% p.a. 9.10% p.a. 9.51% p.a. Nominal Return Rate on Assets: 7.43% p.a. 9.10% p.a. 9.51% p.a. 7.43% p.a. 9.10% p.a. 9.51% p.a. Estimated Rate of nominal salary increase: 5.56% p.a.(*) 5.56% p.a.(*) 6.08% p.a.(*) 5.97% p.a.(**) 5.97% p.a.(**) 6.10% p.a. (**) Estimated Rate of nominal benefits increase: 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. Estimated long-term inflation rate (basis for determining the nominal rates above) 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. General biometric mortality table: AT-2000 (-10) AT-2000 (-10) AT-2000 (-10) BR-EMS sb v.2015 BR-EMS sb v.2015 BR-EMS sb v.2015 Biometric table for the onset of disability: Low Light (-30) Low Light (-30) Low Light (-30) Medium Light Medium Light Medium Light Expected turnover table: ExpR_2012 ExpR_2012 ExpR_2012 Null Null Null Likelihood of reaching retirement age: After 15 years of membership and 35 years of service for men and 30 years for women After 15 years of membership and 35 years of service for men and 30 years for women After 15 years of membership and 35 years of service for men and 30 years for women 100% on first eligibility to a full retirement benefit 100% on first eligibility to a full retirement benefit 100% on first eligibility to a full retirement benefit (*) Estimated rate of nominal salary increase for CPFL Piratininga was 6.39% on December 31, 2019, 2018 and 2017. (**) Estimated rate of nominal salary increase for RGE (plan 1) was 5.15% on December 31, 2019 and 2018 and 6.13%¨on December 31, 2017. Assets managed by FUNCESP Assets managed by Fundação Família Previdência CEEE CPFL Paulista and CPFL Geração CPFL Piratininga RGE Sul (RGE) Plan 1 Plan 2 2019 2018 2019 2018 2019 2018 2019 2018 Fixed rate 75% 77% 76% 81% 76% 78% 74% 77% Federal governament bonds 61% 55% 58% 53% 66% 68% 64% 67% Corporate bonds (financial institutions) 1% 3% 2% 5% 5% 5% 5% 5% Corporate bonds (non financial institutions) 0% 1% 0% 1% 2% 3% 3% 3% Multimarket funds 4% 4% 4% 4% 2% 2% 2% 2% Other fixed income investments 9% 15% 12% 18% - - - - Variable income 17% 15% 17% 13% 21% 18% 21% 18% Investiment funds - shares 17% 15% 17% 13% 21% 18% 21% 18% Structured investments 4% 2% 4% 2% - 1% 1% 1% Equity funds - - - - - 0% 0% 1% Real estate funds - - - - - 1% 1% 1% Multimarket fund 4% 2% 4% 2% - - - - Total quoted in an active market 96% 94% 97% 97% 96% 96% 96% 96% Real estate 3% 3% 2% 2% 2% 2% 2% 2% Transactions with participants 1% 1% 1% 2% 1% 2% 2% 2% Other investments 0% 1% - - - - - - Escrow deposits and others 0% 1% - - - - - - Total not quoted in an active market 4% 6% 3% 3% 4% 4% 4% 4% The plan assets do not hold any properties occupied or assets used by the Company. Target for 2020 Fundação CESP Fundação Família Previdência CPFL Paulista and CPFL Geração CPFL Piratininga RGE Sul (RGE) Plan 1 Plan 2 Fixed income investments 61.3% 51.6% 76.0% 76.0% Variable income investments 24.9% 35.5% 9.0% 11.0% Real estate 3.6% 1.8% 2.0% 3.0% Transactions with participants 1.9% 2.7% 2.0% 2.0% Structured investments - - 11.0% 8.0% Investments abroad 8.4% 8.4% - - Total 100% 100% 100% 100% The allocation target for 2020 was based on the recommendations for allocation of assets made at the end of 2019 by Fundações CESP e Família Previdência, in their Investment Policy. This target may change at any time during 2020, in light of changes in the macroeconomic situation or in the return on assets, among other factors. The asset management aims at maximizing the return on investments, but always seeking to minimize the risks of actuarial deficit. Accordingly, investments are always made considering the liability that they must honor. The two main studies for Fundações CESP e Família Previdência to achieve the investment management objectives are the Asset Liability Management – ALM and the Technical Study of Compliance and Appropriateness of the Real Interest Rate, both conducted at least once a year, taking into consideration the projected flow of benefit payments (liability flow) of the pension plans managed by the Foundations. The ALM study is used as a base to define the strategic allocation of assets, which comprises the target participations in the asset classes of interest, from the identification of efficient combinations of assets, considering the existence of liabilities and the need for return, immunization and liquidity of each plan, considering projections of risk and return. The simulations generated by the ALM studies assist in the definition of the minimum and maximum limits of allocation in the different asset classes, defined in the plans’ Investment Policy, which is also used as a risk control mechanism. The Technical Study of Compliance and Appropriateness of the Real Interest Rate aims at proving the appropriateness and compliance of the annual real interest rate to be adopted in the actuarial valuation of the plans and the projected annual real rate of return of the investments, considering their projected flows of revenues and expenses. These studies are used as a base to determine the assumptions of estimated real return of the pension plans’ investments for short-term and long-term horizons and assist in the analysis of their liquidity, since they consider the flow of benefit payments against the assets considered liquid. The main assumptions considered in the studies are, in addition to the liability flow projections, the macroeconomic and asset price projections, through which estimates of the expected short-term and long-term profitability are obtained, taking into account the current portfolios of the benefit plans. 20.7 Sensitivity analysis The significant actuarial assumptions for determining the defined benefit obligation are discount rate and mortality. The following sensitivity analyses were based on reasonably possible changes in the assumptions at the end of the reporting period, with the other assumptions remaining constant. Furthermore, in the presentation of the sensitivity analysis, the present value of the defined benefit obligation was calculated using the projected unit credit method at the end of the reporting period, the same method used to calculate the defined benefit obligation recognized in the statement of financial position, according to IAS 19. See below the effects on the defined benefit obligation if the discount rate were 0.25 percentage points lower (higher) and if life expectancy were to decrease (increase) in one year: RGE Sul (RGE) Increase (Decrease) CPFL Paulista CPFL Piratininga CPFL Geração Plan 1 Plan 2 Total Nominal discount (p.a.)* -0.25 p.p. 160,456 56,441 4,116 13,297 21,548 255,858 +0.25 p.p. (153,552) (53,580) (3,928) (12,683) (20,456) (244,199) General biometric mortality table** +1 year (169,890) (40,984) (4,005) (11,057) (15,957) (241,893) -1 year 169,223 40,473 3,993 10,917 15,743 240,349 * The Company´s assumption based on the actuarial report for the nominal discount rate was 7.43% p.a.. The projected rates are increased or decreased by 0.25 p.p. to 7.18% p.a. and 7.68% p.a.. ** The Company´s assumption based on in the actuarial report for the mortality table was AT-2000 (-10) for Fundação CESP and BREMS sb v.2015 for Fundação Família Previdência. The projections were performed with 1 year of aggravation or softening on the respective mortality tables. 20.8 Investment risk The major part of the resources of the Company’s benefit plans is invested in the fixed income segment and, within this segment, the greater part of the funds is invested in federal government bonds, indexed to the IGP-M, IPCA and SELIC, which are the indexes for adjustment of the actuarial liabilities of the Company’s plans (defined benefit plans), representing the matching between assets and liabilities. Management of the Company’s benefit plans is monitored by the Investment and Pension Plan Management Committee, which includes representatives of active and retired employees, as well as members appointed by the Company. Among the duties of the Committee are the analysis and approval of investment recommendations made by investment managers of Fundação CESP, which occurs at least quarterly. Fundações CESP and Família Pervidência use the following tools to control market risks in the fixed income and variable income segments: VaR, Traking Risk, Tracking Error and Stress Test. Fundação Família Previdência also uses Sharpe, Generalized Sharpe and Drawn Down. In addition, to assess the market risk exposure of the plans' portfolios, the Base EBA Year Exposure is calculated and Stress Simulations are performed. The EBA consists of a metric that expresses the risk exposure of the portfolio as a percentage of equity, considering the sum of the exposures generated by each asset, based on the definition of increase/decrease of the respective risk factors. Fundações CESP and Família Previdência Investment Policies determine additional restrictions that, along with those already established by law, define the percentages of diversification for investments and establish the strategy of the plans, including the limit of credit risk in assets issued or co-obligation of the same legal entity to be adopted internally. |
(21) REGULATORY CHARGES
(21) REGULATORY CHARGES | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Charges [Abstract] | |
REGULATORY CHARGES | ( 21 ) REGULATORY CHARGES Dec 31, 2019 Dec 31, 2018 Fee for the use of water resources 1,265 1,701 Global reversal reserve - RGR 17,260 17,288 ANEEL inspection fee - TFSEE 7,375 5,470 Tariff flags and others 206,352 126,196 Total 232,251 150,656 Tariff flags and others |
(22) TAXES, FEES AND CONTRIBUTI
(22) TAXES, FEES AND CONTRIBUTIONS PAYABLE | 12 Months Ended |
Dec. 31, 2019 | |
Taxes Fees And Contributions Payable [Abstract] | |
TAXES, FEES AND CONTRIBUTIONS PAYABLE | ( 22 ) TAXES, FEES AND CONTRIBUTIONS PAYABLE Dec 31, 2019 Dec 31, 2018 Current IRPJ (corporate income tax) 156,240 73,058 CSLL (social contribution on net income) 62,721 27,392 Income tax and social contribution 218,961 100,450 ICMS (State VAT) 435,155 430,149 PIS (tax on revenue) 36,657 30,760 COFINS (tax on revenue) 168,195 152,945 PIS/COFINS installments 9,323 - Income tax withholding on interest on capital 40,099 - Others 52,105 51,135 Other taxes 741,536 664,989 Total current 960,497 765,438 Noncurrent Income Tax - IRPJ 156,198 - ICMS (State VAT) 805 722 PIS/COFINS installments - 8,919 Other taxes 805 9,691 Total noncurrent 157,003 9,691 Corporate Income tax – IRPJ: The Group also has some uncertain income tax treatments for which management concluded that it is more likely than not that they will be accepted by the tax authority and for which the effect of potential contingencies is disclosed in note 23 – Provision for tax, civil and labor risks and escrow deposits. |
(23) PROVISION FOR TAX, CIVIL A
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Provision For Tax Civil And Labor Risks And Escrow Deposits [Abstract] | |
PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS | ( 23 ) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS December 31, 2019 December 31, 2018 Provision for tax, civil and labor risks Escrow Provision for tax, civil and labor risks Escrow Labor 235,085 96,094 219,314 103,760 Civil 245,464 66,243 281,304 99,604 Tax FINSOCIAL - - 39,727 99,146 Income Tax 7,571 417,664 154,717 401,381 Others 46,255 177,369 195,379 150,472 53,825 595,033 389,823 650,999 Others 66,401 1 88,920 12 Total 600,775 757,370 979,360 854,374 The changes in the provision for tax, civil, labor and other risks are shown below: December 31, 2018 Additions Reversals Payments Monetary Restatements Adjustment (note 22) December 31, 2019 Labor 219,314 86,735 (29,967) (68,927) 27,932 - 235,085 Civil 281,304 107,671 (43,679) (123,054) 23,223 - 245,464 Tax 389,823 121,146 (55,221) (276,652) 30,927 (156,198) 53,825 Others 88,920 6,571 (16,420) (15,518) 2,849 - 66,401 Total 979,360 322,121 (145,288) (484,153) 84,932 (156,198) 600,775 The provision for tax, civil, labor and other risks was based on the assessment of the risks of losing the lawsuits to which the Company and its subsidiaries are parties, where the likelihood of loss is probable in the opinion of the outside legal counselors and the Management of the Group. The principal pending issues relating to litigation, lawsuits and tax assessments are summarized below: a) Labor: b) Civil Bodily injury – Tariff increase – c) Tax: d) Others: Possible losses The Group is party to other lawsuits in which Management, supported by its external legal counselors, believes that the chances of a successful outcome are possible, therefore no provision was registered. It is not yet possible to predict the outcome of the courts’ decisions or any other decisions in similar proceedings considered probable or remote. The claims relating to possible losses, at December 31, 2019 and 2018 were as follows: Dec 31, 2019 Dec 31, 2018 Main reasons for claims Labor 583,348 786,901 Work accidents, risk premium for dangerousness at workplace and overtime Civil 1,815,143 1,630,630 Personal injury, environmental impacts and overfed tariffs Tax 4,350,740 3,822,488 Social Contributions and Income tax (note 22) Tax - others 2,654,331 2,377,101 ICMS, FINSOCIAL, PIS and COFINS Regulatory 76,404 139,593 Technical, commercial and economic-financial supervisions Total 9,479,966 8,756,713 (a) Tax: (i) There is a discussion about the deductibility for income tax of the expense recognized in 1997 relating to the commitment assumed in regard to the pension plan of employees of the subsidiary CPFL Paulista with Fundação CESP in the estimated amount of R$ 1,478,266 with a linked escrow deposit in the amount of R$ 248,725 Further to such deposit, there are escrow deposits in the amount of R$ 22,264 and financial guarantee (insurance and letters of guarantee), under the terms required by the relevant procedural law. On May 23, June 6 and September 17, 2019, unfavorable rulings on the special appeal filed by the Company were rendered by the Second Panel of Judges of the Higher Court of Justice (STJ). These rulings have not yet been fully published, and the Company, when it has access to the decision, may evaluate the applicable appeals still at the level of the STJ. Additionally, the Company has an extraordinary appeal in the initial stage at the Federal Supreme Court (STF). Consequently, based on the current stage of the appeal, both at the STJ and at the STF, and based on the opinion of its legal advisors, the Company remains confident in the legal grounds consubstantiating the appeal and will continue to defend its arguments before the judiciary branch, assessing the chances of loss as not probable, there is a new opportunity for the analysis of the case at the Federal Supreme Court (STF), with a constitutional approach with sound bases, indicating possible success in the extraordinary appeals, and will continue to try to avoid possible cash outflows should it be required to replace existing judicial guarantees with cash deposits. (ii) In August 2016, the subsidiary CPFL Renováveis received a tax legal proceeding notice in the amount of R$ 327,547 relating to the collection of Withholding Income Tax - IRRF on remuneration of capital gain incurred by parties resident and/or domiciled abroad, arising from the transaction of sale of Jantus SL, in December 2011, which the Company’s management, supported by the opinion of its outside legal counselors, , assessing the chances of loss as not probable. (iii) In 2016, the subsidiary CPFL Geração received a tax legal proceeding notice that, summed up and updated, total R$ 482,734 relating to the collection of Corporate Income Tax - IRPJ and Social Contribution on Profit – CSLL relating to calendar year 2011, calculated on the alleged capital gain identified on the acquisition of ERSA Energias Renováveis S.A. and recording of differences from the fair value remeasurement of SMITA Empreendimentos e Participações S.A., company acquired in a downstream merger, which the Company’s management, supported by its outside legal counselors, , assessing the chances of loss as not probable. (b) Labor: As regards to labor contingencies, there is discussion about the possibility of changing the inflation adjustment index adopted by the Labor Court. Currently there is a decision of the Federal Supreme Court (STF) that suspends the change taken into effect by the Superior Labor Court (TST), which intended to change the index currently adopted by the Labor Court (“TR”), the IPCA-E. The Supreme Court considered that the TST’s decision entailed an unlawful interpretation and was not compliant with the determination of the effects of prior court decisions, violating its competence to decide on a constitutional matter. In view of such decision, and until there is a final decision by the STF, the index currently adopted by the Labor Court (“TR”) remains valid, which has been acknowledged by the TST (Superior Labor Court) in recent decisions. Accordingly, the management of the Group considers the risk of loss as possible and, as this matter still requires definition by the Courts, it is not possible to reliably estimate the amounts involved. Furthermore, in accordance with Law 13,467/17, of November 11, 2017, TR is the index for inflation adjustment used by the Labor Court since the date the law became effective. Based on the opinion of their external legal advisers, Management of the Group and its subsidiaries consider that the registered amounts represent best estimate. |
(24) OTHER PAYABLES
(24) OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
Other Payables [Abstract] | |
OTHER PAYABLES | ( 24 ) OTHER PAYABLES Current Noncurrent Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Consumers and concessionaires 114,610 93,612 183,938 47,831 Energy efficiency program - PEE 230,451 183,225 89,522 120,563 Research & Development - P&D 93,658 110,495 125,111 72,941 EPE/FNDCT/PROCEL (*) 49,275 38,052 - - Reversion fund 1,712 1,712 12,615 14,327 Advances 234,556 197,470 43,263 48,724 Tariff discounts - CDE 76,632 96,819 - - Provision for socio-environmental costs and asset retirement obligation 24,485 22,489 203,844 110,261 Payroll 18,004 15,674 - - Profit sharing 98,713 95,502 29,631 20,575 Collections agreement 93,740 85,018 - - Business combination 7,901 7,598 - - Others 50,533 31,630 71,406 40,174 Total 1,094,269 979,296 759,331 475,396 (*) EPE – Energy Research Company; FNDCT - National Fund for Scientific Development; PROCEL - National Electricity Conservation Program. Consumers and concessionaires Research & Development and Energy Efficiency Programs: Advances Provision for socio environmental costs and asset retirement Tariff discounts – CDE: Profit sharing: (i) in accordance with a collective labor agreement, the Group introduced an employee profit-sharing program, based on the achievement of operating and financial targets previously established; (ii) Long-Term Incentive Program: refers to the Long-Term Incentive Plan for the Group’s Executives, approved by the Board of Directors, which consists in an incentive in financial resources based on salary multiples and that are driven by the company’s results and average performance in the three fiscal years after each concession. |
(25) EQUITY
(25) EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
EQUITY | ( 25 ) EQUITY The shareholders’ interest in the Company’s equity at December 31, 2019 and 2018 is shown below: Number of shares December 31, 2019 December 31, 2018 Shareholders Common shares Interest % Common shares Interest % State Grid Brazil Power Participações S.A. 730,435,698 63.39% 730,435,698 71.76% ESC Energia S.A. 234,086,204 20.32% 234,086,204 23.00% Members of the Executive Board 189 0.00% 189 0.00% Other shareholders 187,732,349 16.29% 53,392,655 5.25% Total 1,152,254,440 100.00% 1,017,914,746 100.00% 25.1 Capital management The Company’s policy is to maintain a solid capital base in order to keep the trust of the investor, the creditors and the market and to ensure the business sustainability. Management monitors the return on capital and the strategy of rising dividends from the subsidiaries to the Company and from the Company to the controlling shareholders. The Company manages the leverage ratio analyzing the advantages and the security provided by an improved equity capital position. The Company monitors capital using the gearing ratio calculated by net debt to EBITDA. In 2019, the consolidated capital structure and leverage ratio of CPFL Energia remained at adequate levels. The Company’s net debt reached 2.52 times the EBITDA at the end of 2019 under the criterion for measuring the Company’s financial covenants, lower than in the prior year. The Group’s policy is to keep such ratio below 3.5, since most of its agreements use this measurement. Historically, the Company has not acquired its own shares in the market. 25.2 Changes in shareholding structure and Mandatory Tender Offer (MTO) On April 2, 2019, the Company informed B3 S.A. - Brasil, Bolsa, Balcão of its intention to carry out a public offering of common shares ("Offering"), and on April 18, 2019, B3 approved its request for extension of the term to reach a minimum percentage of outstanding (free float) shares in the market of 15% of the Company's total capital up to October 31, 2019. On April 24, 2019, a Material Fact was disclosed by the Company, stating that it had filed a Registration Statement on Form F-3 ("Form F-3") with the Securities and Exchange Commission ("SEC"), allowing the Company to carry out certain public offerings of common shares issued by it in the United States, including as American Depositary Shares ("ADS"). On June 12, 2019, following the announcements previously made, the Company disclosed in a Material Fact that the Board of Directors had approved, within the scope of the Offering and pursuant to CVM Instruction 476, a price per share of R$ 27.50 and the Company's capital increase amounting to R$ 3,212,471, through the issue of 116,817,126 new shares. As a result, capital increased from R$ 5,741,284 to R$ 8,953,755 and the total number of registered common shares with no par value increased from 1,017,914,746 to 1,134,731,872. On June 27, 2019, the number of shares was increased by a supplementary lot of 15% of the total shares initially offered (without considering the Additional Lot), i.e., 17,522,568 common Company-issued shares under the same conditions and price of the shares initially offered, increasing the total number of shares to 1,152,254,440. On June 28, 2019, these shares were settled, totaling R$ 481,871 from the capital increase, increasing capital to R$ 9,435,626 at December 31, 2019. The issue costs totaled R$ 47,544, net of tax effects, up to December 31, 2019. The Offering was carried out, simultaneously: (i) with restricted efforts of placement in Brazil, in the non-organized over-the-counter market,; and (ii) abroad. There was no reallocation of shares between the Brazilian Offering and the International Offering, due to the demand verified in Brazil and abroad during the course of the Offering and, therefore, there was no allocation of ADSs in the context of the International Offering, and therefore, all the shares were distributed under the Brazilian Offering. On December 19, 2019, the Company’s Board of Directors and the Executive Board of CPFL Geração approved the holding of a public tender offer of the common shares issued by CPFL Energias Renováveis, outstanding in the market, for the purpose of converting its registration as a publicly-held company category “A” into category “B” (“OPA Conversion of Registration”) and/or exit from the New Market (“OPA Exit from the New Market”, and, together with the OPA Conversion of Registration, “OPA”), to be carried out by CPFL Geração, direct controlling shareholder of CPFL Renováveis. The holding of the OPA is subject to its registration by the CVM and its authorization by B3 and will be intended for the acquisition of up to 291,550 common shares issued by CPFL Renováveis outstanding in the market, which represent, on that date, 0.056% equity interest in CPFL Renováveis (“Outstanding Shares”). 25.3 Capital reserves This refers basically to the registration of operations involving subsidiary CPFL Renováveis: (i) business combination in 2011 (R$ 228,322); (ii) public offering of shares in 2013 (R$ 59,308); (iii) association with DESA in 2014 (R$ 180,297); decrease due to: (iv) acquisition, by the Company, of equity interest previously held by the parent company State Grid in 2019 (R$ 2,034,920) (Note 1.c) and (v) change in equity interest without change in control in 2019 (R$ 75,298) . In accordance with IFRS 10, these effects were recognized as transactions between shareholders, directly in Equity. 25.4 Earnings reserves The balance of earnings reserve at December 31, 2019 is R$ 5,082,430 that refers to: i) Legal Reserve of R$ 1,036,125; and ii) statutory reserve - working capital reinforcement of R$ 4,046,305. 25.5 Accumulated other comprehensive income The accumulated other comprehensive income is comprised of: i. Deemed cost: refers to the recognition of the fair value adjustments of the deemed cost of the generating plants' property, plant and equipment, of R$ 355,049; ii. Private pension plan: The debt balance of R$1,674,527 (net of taxes) refers to the effects of the actuarial gains and losses recognized directly in other comprehensive income, in accordance with IAS 19. iii. Effects of the credit risk in the fair value adjustment of financial liabilities, net of income taxes, in accordance with IFRS 9 (credit amount of R$ 51,012). 25.6 Dividends At the Extraordinary Shareholders' Meeting held on April 30, 2019 approval was given for the declaration dividend for 2018 in the amount of R$ 488,785. Furthermore, in 2019 the Company proposed R$ 641,884 of minimum mandatory dividend, as set forth by Law 6,404/76, and for each share the amount of R$ 0.557068261 was attributed. In 2019, the Company paid R$ 486,906 relating to the dividend for 2018. 25.7 Termination of the statutory reserve of the financial asset of concession The Extraordinary Shareholders' Meeting held on April 27, 2018 approved the extinction of the statutory reserve of the financial asset of concession and the transfer of the respective balance of R$ 826,600 to the Retained Earnings account. 25.8 Allocation of profit for the year The Company’s bylaws assure shareholders a minimum dividend of 25% of profit for the year, adjusted in accordance with the law. The proposed allocation of profit for the year is shown below: 2019 Profit for the year - Parent company 2,702,671 Realization of comprehensive income 25,672 Time-barred dividends 765 Profit base for allocation 2,729,108 Legal reserve (135,134) Statutory reserve - working capital (518,795) Mandatory dividend (641,884) Additional dividend (1,433,295) For this year, considering the current scenario with the incipient economic recovery and also considering the uncertainties regarding the hydrology, the Company’s management is proposing the allocation of R$518,795 to the statutory reserve - working capital reinforcement. 25.9 Noncontrolling interests The disclosure of interests in subsidiaries, in accordance with IFRS 12, is as follows: 25.9.1 Changes in noncontrolling interests CERAN CPFL Renováveis Paulista Lajeado Total As of December 31, 2016 263,719 2,060,963 77,966 2,402,648 Equity interests and voting capital 35.00% 48.40% 40.07% Equity attributable to noncontrolling interests 37,949 13,720 11,623 63,292 Dividends (92,832) (16,619) (8,769) (118,220) Capital increase (reduction) (122,806) 15 - (122,791) Other movements - - (113) (113) As of December 31, 2017 86,031 2,058,079 80,707 2,224,816 Equity interests and voting capital 35.00% 48.40% 40.07% Equity attributable to noncontrolling interests 34,731 62,470 10,754 107,955 Dividends (44,314) (13,511) (10,860) (68,685) Other movements - 5,656 (108) 5,548 As of December 31, 2018 76,448 2,112,693 80,493 2,269,634 Equity interests and voting capital 35.00% 48.44% 40.07% Equity attributable to noncontrolling interests 36,914 950 7,762 45,625 Gain in equity without change in control - 75,298 - 75,298 Acquisition of non-controlling interests - (2,072,635) (1) - (2,072,635) Dividends (9,228) (11,895) (7,986) (29,109) Other movements - 122 (77) 45 As of December 31, 2019 104,134 104,532 80,191 288,857 Equity interests and voting capital 35.00% 0.06% 40.07% (1) Refers to acquisition of 46.76% interest in subsidiary CPFL Renováveis by the Company from the controlling shareholder State Grid. 25.9.2 Summarized financial information of subsidiaries that have interests of noncontrolling shareholders The summarized financial information on subsidiaries in which there is noncontrolling interests at December 31, 2019 and 2018, and for income statement for the years ended December 31, 2019, 2018 and 2017 are as follows: December 31, 2019 CERAN CPFL Renováveis Paulista Lajeado Current assets 78,836 1,312,372 19,734 Cash and cash equivalents 33,140 412,579 9,564 Noncurrent assets 751,546 10,496,351 141,185 Current liabilities 215,198 1,545,741 35,374 Borrowings and debentures 106,128 617,030 - Other financial liabilities 13,256 430,257 250 Noncurrent liabilities 317,660 5,616,562 782 Borrowings and debentures 211,051 4,387,676 - Other financial liabilities 91,181 - - Equity 297,523 4,646,421 124,763 Attributable to owners of the Company 297,523 4,544,434 124,763 Attributable to noncontrolling interests - 101,987 - 2019 Net operating revenue 339,041 1,928,011 42,206 Operational costs and expenses (102,685) (724,479) (25,224) Depreciation and amortization (43,033) (645,722) (4) Interest income 4,821 73,216 679 Interest expense (39,623) (420,775) - Income tax expense (52,197) (47,152) (2,814) Profit (loss) for the year 105,468 107,024 19,370 Attributable to owners of the Company 105,468 96,628 19,370 Attributable to noncontrolling interests - 10,396 - December 31, 2018 CERAN CPFL Renováveis Paulista Lajeado Current assets 80,367 1,330,819 15,499 Cash and cash equivalents 32,729 876,571 5,687 Noncurrent assets 799,390 10,845,036 144,863 Current liabilities 246,482 1,396,120 33,883 Borrowings and debentures 106,556 819,993 - Other financial liabilities 13,406 7,670 282 Noncurrent liabilities 414,852 6,528,563 1,033 Borrowings and debentures 316,581 4,738,841 - Other financial liabilities 89,965 - - Equity 218,423 4,251,172 125,446 Attributable to owners of the Company 218,423 4,147,795 125,446 Attributable to noncontrolling interests - 103,377 - 2018 Net operating revenue 333,289 1,936,319 52,510 Operational costs and expenses (95,321) (727,557) (26,114) Depreciation and amortization (41,378) (623,106) (4) Interest income 6,191 93,076 691 Interest expense (53,629) (517,403) (614) Income tax expense (48,239) 37,276 (3,145) Profit (loss) for the year 99,230 118,805 26,838 Attributable to owners of the Company 99,230 109,264 26,838 Attributable to noncontrolling interests - 9,542 - 2017 CERAN CPFL Renováveis Paulista Lajeado Net operating revenue 321,743 1,959,084 38,278 Operational costs and expenses (103,671) (737,472) (10,566) Depreciation and amortization (45,212) (617,017) (4) Interest income 30,489 126,041 2,089 Interest expense 2,029 (648,571) (4,050) Income tax expense (40,202) (74,125) (2,911) Profit (loss) for the year 108,427 19,645 29,006 Attributable to owners of the Company 108,427 11,484 29,006 Attributable to noncontrolling interests - 8,162 - |
(26) EARNINGS PER SHARE
(26) EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Basic and diluted earnings per share [abstract] | |
EARNINGS PER SHARE | ( 26 ) EARNINGS PER SHARE Earnings per share – basic and diluted The calculation of the basic and diluted earnings per share at December 31, 2019, 2018 and 2017 was based on the profit for the year attributable to controlling shareholders and the weighted average number of common shares outstanding during the reporting years. For diluted earnings per share, the calculation considered the dilutive effects of instruments convertible into shares, as shown below: 2019 2018 2017 Numerator Profit attributable to controlling shareholders 2,702,671 2,058,040 1,179,750 Denominator Weighted average number of shares held by shareholders 1,087,828,995 (**) 1,017,914,746 1,017,914,746 Earnings per share - basic 2.48 2.02 1.16 Numerator Profit attributable to controlling shareholders 2,702,671 2,058,040 1,179,750 Dilutive effect of convertible debentures of subsidiary CPFL Renováveis (*) (13,764) (7,525) (11,966) Profit attributable to controlling shareholders 2,688,907 2,050,515 1,167,783 Denominator Weighted average number of shares held by shareholders 1,087,828,995 (**) 1,017,914,746 1,017,914,746 Earnings per share - diluted 2.47 2.01 1.15 (*) Proportional to the percentage of the Company's interest in the subsidiary in each period presented. (**) Considers the events that took place on June 12 and 28, 2019, related to the Public Offering process of the Company (note 25.2) (*)The dilutive effect of the numerator in the calculation of diluted earnings per share considers the dilutive effects of the debentures convertible into shares issued by by indirect subsidiaries of the Company (note 19). These financial instruments reduce the amount of earnings available to the Company’s controlling shareholders. The effects were calculated taking into account the assumption that said debentures would be converted into common shares of the subsidiaries at the beginning of each year. |
(27) NET OPERATING REVENUE
(27) NET OPERATING REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Net Operating Revenue [Abstract] | |
NET OPERATING REVENUE | ( 27 ) NET OPERATING REVENUE Number of Consumers In GWh R$ thousand Revenue from Eletric Energy Operations 2019 2018 2017 2019 2018 2017 2019 2018 2017 Consumer class Residential 8,721,256 8,544,035 8,330,237 20,355 19,618 16,473 15,356,697 13,549,879 11,663,084 Industrial 57,116 58,241 59,825 13,198 13,834 13,022 5,222,522 5,188,778 5,095,840 Commercial 529,815 532,592 545,095 10,700 10,211 9,720 6,674,870 6,038,086 5,498,867 Rural 363,500 361,908 359,106 3,231 3,583 2,474 1,430,315 1,334,868 1,173,569 Public administration 61,868 60,685 60,639 1,468 1,459 1,271 957,935 879,910 787,967 Public lighting 11,809 11,659 11,230 2,039 2,003 1,746 838,116 767,246 654,950 Public services 10,512 10,194 9,790 2,348 2,348 1,840 1,241,696 1,150,227 978,286 (-) Adjustment of revenues from excess demand and excess reactive power - - - - - - - - (65,991) Billed 9,755,876 9,579,314 9,375,922 53,339 53,057 46,546 31,722,151 28,908,995 25,786,572 Own comsuption - - - 36 34 32 - - - Unbilled (net) - - - - - - 39,477 112,441 (89,575) (-) Transfer or revenue related to the network availability for Captive Consumers - - - - - - (12,769,168) (11,095,762) (9,273,840) Electricity sales to final consumers 9,755,876 9,579,314 9,375,922 53,375 53,091 46,578 18,992,460 17,925,674 16,423,157 Furnas Centrais Elétricas S.A. 2,875 2,875 3,026 578,603 544,342 565,592 Other concessionaires and licensees 18,351 17,757 16,337 4,215,041 3,825,201 3,240,571 (-) Transfer or revenue related to the network availability for Captive Consumers - - - (133,073) (96,717) (56,528) Spot market energy 4,208 3,828 8,194 1,309,117 1,082,945 2,340,463 Electricity sales to wholesalers 25,435 24,459 27,557 5,969,688 5,355,771 6,090,098 Revenue due to Network Usage Charge - TUSD - Captive Consumers 12,902,241 11,192,479 9,330,368 Revenue due to Network Usage Charge - TUSD - Free Consumers 3,359,298 2,650,565 2,137,566 (-) Compensation paid for failure to comply with the limits of continuity (84,461) (57,630) - (-) Adjustment of revenues from excess demand and excess reactive power - - (21,861) Revenue from construction of concession infrastructure 2,087,995 1,772,222 2,073,423 Sector financial asset and liability (Note 9) (602,461) 1,207,917 1,900,837 Concession financial asset - Adjustment of expected cash flow (note 11) 280,632 345,015 204,443 Energy development account - CDE - Low-income, tariff discounts - judicial injunctions and other tariff discounts 1,516,077 1,536,366 1,419,128 Other revenues and income 587,668 697,878 496,340 Other operating revenues 20,046,989 19,344,812 17,540,244 Total gross operating revenue 45,009,138 42,626,257 40,053,498 Deductions from operating revenue ICMS (6,936,560) (6,188,323) (5,455,718) PIS (676,174) (659,352) (603,050) COFINS (3,173,715) (3,037,164) (2,777,626) ISS (19,830) (16,871) (15,929) Global reversal reserve - RGR - - (2,952) Energy development account - CDE (3,642,384) (4,016,362) (3,185,693) Research and development and energy efficiency programs (224,642) (207,653) (191,997) PROINFA (175,283) (151,718) (166,743) Tariff flags and others (180,572) (178,536) (878,460) Financial compensation for the use of water resources (9,359) - - IPI - - (102) FUST e FUNTEL - - (19) Others (38,145) (33,651) (30,304) (15,076,664) (14,489,630) (13,308,593) Net operating revenue 29,932,474 28,136,627 26,744,905 27.1 Adjustment of revenues from excess demand and excess reactive power As provided for in Sub-module 2.7 of the Tariff Regulation Procedures – PRORET, approved through Normative Resolution No. 463/2011, since the 4th cycle of period tariff review of the distribution subsidiaries, the revenues earned from excess demand and excess reactive power have been recorded as sector liability, since May 2015. The recorded amounts will be amortized as from the 5th cycle (already in force for CPFL Piratininga), when they will be deducted from Portion B (portion of manageable costs of the tariffs), except for subsidiary CPFL Santa Cruz, whose amortization started in the Annual Tariff Review – RTA of March 2017 due to the renewal of its concession in 2015. 27.2 Periodic tariff review (“RTP”) and Annual tariff adjustment (“RTA”) 2019 2018 2017 Subsidiary Month RTA / RTP Effect perceived by consumers (a) RTA / RTP Effect perceived by consumers (a) RTA / RTP Effect perceived by consumers (a) CPFL Paulista April 12.02% 8.66% 12.68% 16.90% -0.80% -10.50% CPFL Piratininga October 1.88% -7.80% 20.01% 19.25% 7.69% 17.28% RGE June 10.05% (c) 8.63% 21.27% 20.58% 3.57% 5.00% RGE Sul (RGE) June 10.05% (c) 1.72% 18.45% 22.47% -0.20% -6.43% CPFL Santa Cruz March 13.7% 13.31% (b) (b) -1.28% -8.42% (a) Represents the average effect perceived by consumers, as a result of the elimination from the tariff base of financial components that had been added in the prior tariff adjustment. (b) In 2018, the average annual tariff adjustment of CPFL Santa Cruz was at 5.71%, 4.41% regarding the economic tariff adjustment and 1.30% regarding relevant financial components. The average effect to be perceived by consumers of the original concessions are: Jaguari Mococa Leste Paulista Sul Paulista Santa Cruz Effect perceived by consumers 21.15% 3.40% 7.03% 7.50% 5.32% 27.3 Energy Development Account (CDE) – Low-income, tariff discounts – judicial injunctions, and other tariff discounts Law No. 12,783 of January 11, 2013 determined that the amounts related to the low-income subsidy, as well as other tariff discounts shall be fully subsidized by amount from the CDE. In 2018, the Company recognized income of R$1,516,077 (R$1,536,366 in 2018 and R$1,419,128 in 2017), of which (i) R$78,277 relates to the low-income subsidy (R$78,081 in 2018 and R$ 96,882 in 2017), (ii) R$1,255,000 relates to other tariff discounts (R$1,354,845 in 2018 and R$1,226,777 in 2017) and (iii) R$182,800 relates to tariff discounts – CCRBT injunctions and subsidy (R$103,440 in 2018 and R$95,469 in 2017). 27.4 Energy Development Account – CDE ANEEL, by means of Ratifying Resolution (“REH”) No. 2,510 of December 18, 2018, amended by REH No. 2,368 of February 9, 2018, established the definitive annual quotas of CDE for the year 2019. These quotas comprise: (i) annual quota of the CDE – USAGE account; and (ii) quota of the CDE – Energy account, (final settlements finished in March 2019), related to part of the CDE contributions received by the electric energy distribution concessionaires in the period from January 2013 to January 2014, charged from consumers and passed on to the CDE Account in up to five years from the RTE of 2015. ANEEL, by means of REH n° 2,521 of March 20, 2019, ANEEL established the payment in advance of quota intended for the amortization of the ACR Account, due to its positive balance, with payment and pass through to the CDE Account for March 2019 to August 2019, cancelling the previously REH nº 2,231 of 2017. |
(28) COST OF ELECTRIC ENERGY
(28) COST OF ELECTRIC ENERGY | 12 Months Ended |
Dec. 31, 2019 | |
Cost Of Electric Energy [Abstract] | |
COST OF ELECTRIC ENERGY | ( 28 ) COST OF ELECTRIC ENERGY In GWh R$ thousand 2019 2018 2017 2019 2018 2017 Electricity purchased for resale Itaipu Binacional 11,021 11,117 11,779 2,793,901 2,668,346 2,350,858 PROINFA 1,102 1,111 3,595 397,242 330,638 560,153 Energy purchased through auction in the regulated market, bilateral contracts and spot market 66,283 61,461 62,600 14,199,139 13,969,953 14,269,265 PIS and COFINS credit - - - (1,483,542) (1,502,673) (1,562,779) Subtotal 78,406 73,689 77,974 15,906,740 15,466,264 15,617,498 Electricity network usage charge Basic network charges 2,080,667 2,114,720 1,541,629 Transmission from Itaipu 281,185 266,153 159,896 Connection charges 173,593 162,852 122,536 Charges for use of the distribution system 47,828 48,811 39,451 System service charges - ESS, net of transfers from CONER 4,385 (106,002) (452,978) Reserve energy charges - EER 122,553 134,824 (303) PIS and COFINS credit (245,958) (249,458) (126,213) Subtotal 2,464,254 2,371,901 1,284,020 Total 18,370,994 17,838,165 16,901,518 |
(29) OPERATING COSTS AND EXPENS
(29) OPERATING COSTS AND EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Operating Costs And Expenses [Abstract] | |
OPERATING COSTS AND EXPENSES | ( 29 ) OPERATING COSTS AND EXPENSES 2019 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 945,628 2 173,133 361,787 - 1,480,550 Private pension plans 112,603 - - - - 112,603 Materials 256,423 1,039 13,708 8,118 - 279,288 Third party services 219,464 2,641 173,376 319,403 - 714,884 Cost of infrastructure construction - 2,086,057 - - - 2,086,057 Others 81,776 (7) 101,057 228,789 198,555 610,169 Collection fees - - 99,520 - - 99,520 Rentals 50,974 - - 22,397 - 73,371 Publicity and advertising 55 - - 21,272 - 21,327 Legal, judicial and indemnities - - - 172,495 - 172,495 Donations, contributions and subsidies 1,687 - - 3,849 - 5,536 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 189,566 189,566 Amortization of premium paid - GSF 13,470 - - - - 13,470 Others 15,589 (7) 1,537 8,776 8,989 34,884 Total 1,615,893 2,089,732 461,275 918,099 198,555 5,283,551 2018 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 901,333 - 172,700 340,442 - 1,414,476 Private pension plans 89,909 - - - - 89,909 Materials 228,001 888 9,089 20,100 - 258,078 Third party services 210,234 2,294 166,693 312,533 - 691,754 Cost of infrastructure construction - 1,772,162 - - - 1,772,162 Others 66,650 (6) 86,183 248,897 198,569 600,293 Collection fees - - 87,432 - - 87,432 Rentals 43,898 - - 22,898 - 66,796 Publicity and advertising 21 - 15 19,155 - 19,191 Legal, judicial and indemnities - - - 186,686 - 186,686 Donations, contributions and subsidies 2,053 - - 5,108 - 7,161 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 210,840 210,840 Amortization of premium paid - GSF 13,413 - - - - 13,413 Others 7,265 (6) (1,264) 15,049 (12,271) 8,773 Total 1,496,127 1,775,339 434,665 921,972 198,569 4,826,672 2017 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 882,150 2 170,859 324,147 - 1,377,158 Private pension plans 113,887 - - - - 113,887 Materials 222,650 1,061 2,444 23,818 - 249,973 Third party services 251,549 1,856 186,525 287,221 - 727,151 Cost of infrastructure construction - 2,071,698 - - - 2,071,698 Others 157,113 (7) 69,903 218,247 152,279 597,535 Collection fees 11,710 - 68,757 - - 80,467 Rentals 52,734 - (148) 19,740 - 72,326 Publicity and advertising 202 - 1 17,412 - 17,615 Legal, judicial and indemnities - - - 188,355 - 188,355 Donations, contributions and subsidies 88 - 2 3,924 - 4,014 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 132,195 132,195 Amotization of the risk premium paid -GSF 9,594 - - - - 9,594 Financial compensation for use of water resources 8,656 - - - - 8,656 Impairment - - - - 20,437 20,437 Others 74,130 (7) 1,291 (11,184) (353) 63,877 Total 1,627,350 2,074,611 429,732 853,433 152,279 5,137,405 |
(30) FINANCE INCOME (EXPENSES)
(30) FINANCE INCOME (EXPENSES) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Income Expenses [Abstract] | |
FINANCE INCOME (EXPENSES) | ( 30 ) FINANCE INCOME (EXPENSES) 2019 2018 2017 Finance Income Income from financial investments 263,241 222,773 457,255 Late payment interest and fines 312,450 276,350 265,455 Adjustment for inflation of tax credits 35,328 14,819 19,623 Adjustment for inflation of escrow deposits 33,721 37,322 49,502 Adjustment for inflation and exchange rate changes 62,969 70,201 60,999 Discount on purchase of ICMS credit 23,605 33,779 16,386 Adjustments to the sector financial asset (note 8) 88,079 80,240 - PIS and COFINS on other finance income (46,035) (46,217) (48,322) PIS and COFINS on interest on capital (32,040) (39,355) (27,798) Other 162,285 112,503 87,214 Total 903,575 762,413 880,314 Finance expenses Interest on debts (1,130,447) (1,328,693) (1,661,060) Adjustment for inflation and exchange rate changes (295,189) (368,141) (540,053) (-) Capitalized interest 25,641 28,606 50,543 Adjustments to the sector financial liability (note 8) - - (82,333) Use of public asset (12,911) (17,759) (8,048) Others (216,916) (179,114) (126,917) Total (1,629,822) (1,865,100) (2,367,868) Finance expenses, net (726,247) (1,102,687) (1,487,554) Interests were capitalized at an average rate of 8.09% p.a. in 2019 (8.27% p.a. in 2018 and 8.54% p.a. in 2017) on qualifying assets, in accordance with IAS 23. In line item of Adjustment for inflation and exchange rate changes includes the effects of gains of R$207,055 (R$ 617,545 at 2018 and losses of R$ 235,852 in 2017) on derivative instruments (note 35). |
(31) SEGMENT INFORMATION
(31) SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | ( 31 ) SEGMENT INFORMATION The segregation of the Company’s operating segments is based on the internal financial information and management structure and is made by type of business: electric energy distribution, electric energy generation (conventional and renewable sources), electric energy commercialization and services rendered activities. Profit or loss per segment include items directly attributable to the segment, as well as those that can be allocated on a reasonable basis, if applicable. Prices charged between segments are based on similar market transactions. Note 1 presents the subsidiaries in accordance with their areas of operation and provides further information on each subsidiary and its business area and segment. The information segregated by segment is presented below, in accordance with the criteria established by Executive Officers: 2019 Distribution Generation (conventional source) Generation Commercialization Services Subtotal Other (*) Elimination Total Net operating revenue 24,217,986 710,730 1,426,648 3,487,008 87,791 29,930,163 2,311 - 29,932,474 (-) Intersegment revenues 42,311 502,151 501,363 3,696 526,574 1,576,095 - (1,576,095) - Cost of electric energy (15,623,488) (133,035) (319,634) (3,342,502) - (19,418,659) - 1,047,664 (18,370,994) Operating costs and expenses (4,940,793) (122,509) (404,845) (48,710) (476,006) (5,992,863) (52,544) 528,431 (5,516,977) Depreciation and amortization (820,206) (118,573) (645,722) (7,048) (26,511) (1,618,061) (62,992) - (1,681,053) Income from electric energy service 2,875,809 838,765 557,810 92,443 111,848 4,476,675 (113,225) - 4,363,450 Equity - 349,090 - - - 349,090 - - 349,090 Finance income 624,459 45,323 172,658 33,461 6,062 881,963 49,578 (27,966) 903,575 Finance expenses (821,739) (197,998) (576,292) (56,160) (4,270) (1,656,459) (1,329) 27,966 (1,629,822) Profit (loss) before taxes 2,678,529 1,035,180 154,176 69,744 113,639 4,051,269 (64,976) - 3,986,293 Income tax and social contribution (843,954) (171,594) (47,152) (22,269) (30,357) (1,115,326) (122,671) - (1,237,996) Profit (loss) for the year 1,834,575 863,586 107,024 47,475 83,282 2,935,943 (187,647) - 2,748,297 Purchases of PP&E and intangible assets 2,033,342 32,536 126,158 8,577 52,058 2,252,671 1,778 - 2,254,449 2018 Distribution Generation (conventional source) Generation Commercialization Services Total Other (*) Elimination Total Net operating revenue 22,457,079 661,831 1,468,254 3,491,300 58,163 28,136,627 - - 28,136,627 (-) Intersegment revenues 10,238 482,548 468,065 5,152 474,646 1,440,650 - (1,440,650) - Cost of electric energy (15,022,304) (102,421) (320,346) (3,352,745) - (18,797,816) - 959,650 (17,838,165) Operating costs and expenses (4,440,783) (104,606) (407,211) (47,287) (437,709) (5,437,597) (39,333) 481,000 (4,995,931) Depreciation and amortization (766,796) (116,372) (623,106) (2,346) (22,521) (1,531,143) (209) - (1,531,351) Income from electric energy service 2,237,434 820,979 585,655 94,074 72,579 3,810,721 (39,542) - 3,771,179 Equity - 334,198 - - - 334,198 - - 334,198 Finance income 574,685 75,844 131,694 46,102 5,782 834,107 (22,092) (49,602) 762,413 Finance expenses (884,583) (324,121) (635,820) (59,128) (5,908) (1,909,559) (5,143) 49,602 (1,865,100) Profit (loss) before taxes 1,927,537 906,899 81,530 81,049 72,453 3,069,467 (66,778) - 3,002,690 Income tax and social contribution (495,120) (137,089) 37,276 (27,945) (29,529) (652,408) (121,575) - (773,982) Profit (loss) for the year 1,432,416 769,810 118,805 53,104 42,924 2,417,060 (188,352) - 2,228,707 Purchases of PP&E and intangible assets 1,769,569 11,517 225,202 2,926 52,855 2,062,069 353 - 2,062,422 2017 Distribution Generation (conventional source) Generation Commercialization Services Total Other (*) Elimination Total Net operating revenue 21,068,435 741,842 1,489,932 3,402,804 40,611 26,743,625 1,281 - 26,744,905 (-) Intersegment revenues 8,182 448,427 469,152 11,297 444,935 1,381,993 - (1,381,993) - Cost of electric energy (14,146,739) (147,380) (348,029) (3,196,028) - (17,838,176) - 936,658 (16,901,518) Operating costs and expenses (4,695,445) (156,345) (389,443) (47,296) (398,188) (5,686,717) (51,121) 445,336 (5,292,502) Depreciation and amortization (703,601) (120,554) (617,017) (3,054) (19,760) (1,463,986) (65,066) - (1,529,052) Income from electric energy service 1,530,833 765,990 604,596 167,724 67,598 3,136,740 (114,906) - 3,021,834 Equity - 312,390 - - - 312,390 - - 312,390 Finance income 597,203 108,433 137,765 25,895 11,349 880,644 20,505 (20,835) 880,314 Finance expenses (1,163,689) (437,009) (648,571) (58,801) (7,101) (2,315,170) (73,532) 20,835 (2,367,868) Profit (loss) before taxes 964,347 749,805 93,789 134,818 71,846 2,014,605 (167,933) - 1,846,670 Income tax and social contribution (299,510) (95,688) (74,125) (44,527) (16,994) (530,845) (72,784) - (603,629) Profit (loss) for the year 664,837 654,117 19,665 90,290 54,852 1,483,761 (240,717) - 1,243,042 Purchases of PP&E and intangible assets 1,882,502 8,973 621,046 2,927 54,149 2,569,598 835 - 2,570,433 (*) Others – refer basically to assets and transactions which are not related to any of the identified segments. |
(32) RELATED PARTY TRANSACTIONS
(32) RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | ( 32 ) RELATED PARTY TRANSACTIONS The Company’s controlling shareholders were, as of December 31, 2019, as follows: · Indirect subsidiary of State Grid Corporation of China, a Chinese state-owned company primarily engaged in developing and operating businesses in the electric energy sector. · Subsidiary of State Grid Brazil Power Participações S.A. The direct and indirect interest in operating subsidiaries are described in note 1. Controlling shareholders, associates companies, joint ventures and entities under common control that in some way exercise significant influence over the Company are considered to be related parties. The main transactions are listed below: a) Purchase and sale of energy and charges - b) Intangible assets, Property, plant and equipment, Materials and Service c) Advances – In September 2019, the Company acquired 243,771,824 shares from State Grid of its subsidiary CPFL Renováveis, as described in note 1. Certain Company’s subsidiaries have supplemental retirement plans with Fundações CESP and Família Previdência, offered to their employees. For additional information, see note 20 Private Pension Plan. The Group has a “Related Parties Committee”, comprising representatives of two independent members and one officer of the Company, responsible for analyzing the main transactions with related parties. Management has considered the closeness of relationship with the related party together with other factors to determine the level of detail of the disclosed transactions and believes that significant information regarding transactions with related parties has been adequately disclosed. The total compensation of key management personnel in 2019 was R$100,588 (R$ 90,783 in 2018 and R$ 73,670 in 2017). This amount comprises R$83,636 (R$78,335 in 2018 and R$64,516 in 2017) in respect of short-term benefits, R$2,251 (R$2,160 in 2018 and R$1,516 in 2017) of post-employment benefits and R$14,701 (R$10,288 in 2018 and R$ 7,638 in 2017) for other long-term benefits, and refers to the amount recognized on an accrual basis. The intercompany loan balance at the parent company in the amount of R$ 424,387 refers mainly to the loan to the subsidiary CPFL Renováveis, with maturity until July 2020 and subject to interest equivalent to 107% of the CDI. Transactions with entities under common control basically refer to transmission system charge paid by the Company’s subsidiaries to the direct or indirect subsidiaries of State Grid Corporation of China. Transactions involving controlling shareholders, entities under common control or with significant influence and joint ventures: ASSETS LIABILITIES INCOME EXPENSES December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 2019 2018 2017 2019 2018 2017 Advances BAESA – Energética Barra Grande S.A. - - - 657 - - - - - - Foz do Chapecó Energia S.A. - - - 930 - - - - - - ENERCAN - Campos Novos Energia S.A. - - - 1,155 - - - - - - EPASA - Centrais Elétricas da Paraiba - - - 418 - - - - - - Energy purchases and sales, and charges Entities under common control (Subsidiaries of State Grid Corporation of China)* - - 2,998 16 - - - 200,771 152,369 91,302 BAESA – Energética Barra Grande S.A. 3,082 - 6,544 2,993 3,095 12 - 33,792 44,575 80,362 Foz do Chapecó Energia S.A. 1,773 - 45,009 41,850 20,901 18 - 495,111 490,713 381,193 ENERCAN - Campos Novos Energia S.A. 1,017 943 62,330 78,639 11,674 10,338 8,763 364,383 354,430 281,530 EPASA - Centrais Elétricas da Paraiba - - 6,737 13,397 - 19 - 79,701 143,845 137,376 Intangible assets, property, plant and equipment, materials and services rendered Entities under common control (Subsidiaries of the State Grid Corporation of China) - - - - - - - 77 - - BAESA – Energética Barra Grande S.A. 198 2 - - 2,240 2,225 1,582 - - - Foz do Chapecó Energia S.A. 11 15 - - 2,148 2,143 1,726 - - - ENERCAN - Campos Novos Energia S.A. 2 2 - - 1,991 1,902 1,665 - - - EPASA - Centrais Elétricas da Paraíba S.A. - 534 - - 392 3 (469) - - - Dividend and interest on own capital BAESA – Energética Barra Grande S.A. 3,504 3 - - - - - - - - Chapecoense Geração S.A. 37,090 33,733 - - - - - - - - ENERCAN - Campos Novos Energia S.A. 59,289 65,010 - - - - - - - - Others Instituto CPFL - - - - - - - 3,711 4,151 3,613 |
(33) INSURANCE
(33) INSURANCE | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
INSURANCE | ( 33 ) INSURANCE The subsidiaries maintain insurance policies with coverage based on specialized advice and takes into account the nature and degree of risk. The amounts are considered sufficient to cover any significant losses on assets and/or responsibilities. The main insurancedw coverages are as follows: Description Type of cover Dec. 31, 2019 Concession financial asset / Intangible assets Fire, lightning, explosion, machinery breakdown, electrical damage and engineering risk 3,054,310 Transport National and international transport 700,408 Stored materials Fire, lightning, explosion and robbery - Automobiles Comprehensive cover 3,396 Civil liability Electric energy distributors, enviroment risks and others 255,000 Personnel Group life and personal accidents 877,387 Warranties Insurance guarantee 3,995,725 Others Civil liability of administrators and others 310,237 Total 9,196,463 For the civil liability insurance of the officers, the insured amount is shared among the companies of the CPFL Energia Group. The premium is paid individually by each company involved, and the gross revenue is the base for the apportionment criterion. |
(34) RISK MANAGEMENT
(34) RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Risk Management [Abstract] | |
RISK MANAGEMENT | ( 34 ) RISK MANAGEMENT The business of the Group comprise mainly the generation, commercialization and distribution of electric energy. As public utilities concessionaires, the activities and/or tariffs of its principal subsidiaries are regulated by ANEEL. Risk management structure At CPFL Group, the risk management is conducted through a structure that involves the Board of Directors and Supervisory Board, Advisory Committees from Board of Directors, Executive Board, Internal Audit, Risks and Compliance Management and business areas. This management is regulated by the Corporate Risk Management Policy, which describes the risk management model as well as the attributions of each agent. The Board of Directors of CPFL Energia is responsible for deciding on the risk limit methodologies recommended by the Executive Board, and for being aware of the exposures and mitigation plans presented in the event these limits are exceeded. This forum is also responsible for being aware of and monitoring any important weaknesses in controls and/or processes, as well as relevant regulatory compliance failures, following up on the plans proposed by the Executive Board to correct them. The Advisory Committee(s) of the Board of Directors, in its role(s) of technical body(ies), is responsible for becoming aware of (i) the risk monitoring models, (ii) the exposures to risks, and (iii) the control levels (including their effectiveness), as well as follow the progress of the mitigation actions signaled to readapt the exposures to the approved limits, supporting the Board of Directors in the performance of its statutory role related to risk management. The Supervisory Board of CPFL Energia is responsible for, among other things, certifying that Management has means to identify the risks on the preparation and disclosure of the financial statements to which the CPFL Group is exposed, as well as for monitoring the effectiveness of the control environment. The Executive Board of CPFL Energia is responsible for conducting businesses within the risk limits defined, and should take the required measures to avoid that the exposure to risks exceeds such limits and report any excess of the limit to the Board of Directors of CPFL Energia, presenting mitigation actions. The Internal Audit, Risks and Compliance Management is responsible for the (i) coordination of the risk management process at the CPFL Group, developing and keeping updated Corporate Risk Management methodologies that involve the identification, measurement, monitoring and reporting of the risks to which the CPFL Group is exposed; (ii) periodic monitoring of the risk exposures and monitoring of the implementation of mitigation actions by the business managers; (iii) monitoring and reporting of the status of the mitigation plans signaled by for reclassification of the exposures to the approved limits; and (iv) assessment of the internal control environment of the CPFL Group companies and interaction with the respective Business Managers, seeking the definition of action plans in the event of deficiencies identified. The business areas have the primary responsibility for the management of the risks inherent to its processes, and should conduct them within the exposure limits defined and implementing mitigation plans for the main exposures, as well as developing and maintaining an adequate environment of operational controls for the effectiveness and continuity of the business of their respective management units. The main market risk factors that affect the businesses are as follows: Foreign exchange risk: Interest rate risk and inflation indexes: Credit risk Risk of under/overcontracting from distributors: Preço de Liquidação de Diferenças Market risk of commercialization companies: Risk of shortage of hydroelectric energy: In 2019, the rain levels were below the average, mainly in the second half of the year, leading to a reduction in storage levels in dams. Risk of acceleration of debts Regulatory risk: Financial instruments risk management The Group maintains operating and financial policies and strategies to protect the liquidity, safety and profitability of their assets. Accordingly, control and follow-up procedures are in place as regards the transactions and balances of financial instruments, for the purpose of monitoring the risks and current rates in relation to market conditions. An assessment of this potential impact arising from the volatility of risk factors and their correlations is performed periodically to execute the decision making process and to comply with the risk management strategy, which may incorporate financial instruments, including derivatives. Portfolios composed of these financial instruments are monitored monthly, allowing the monitoring of financial results and their impact on cash flow. For the construction contracts for transmission companies signed in 2019, the Group is also exposed to market risks related to the volatility of commodity and construction material prices, such as the aluminum needed for the construction stage. In line with its risk management policy, risk mitigation strategies are used to reduce this volatility in cash flows. These mitigation strategies include derivative instruments, mainly forward transactions, futures and options. Risk management controls |
(35) FINANCIAL INSTRUMENTS
(35) FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | ( 35 ) FINANCIAL INSTRUMENTS The main financial instruments, at fair value and/or the carrying amount is significantly different of the respective fair value, classified in accordance with the Group’s accounting practices, are: December 31, 2019 Note Category / Measurement Level (*) Carrying amount Fair value Asset Cash and cash equivalent 5 (a) Level 2 1,937,163 1,937,163 Investment assets 6 (a) Level 1 851,004 851,004 Derivatives 35 (a) Level 2 645,674 645,674 Derivatives - zero-cost collar 35 (a) Level 3 5,419 5,419 Concession financial asset - distribution 11 (a) Level 3 8,779,717 8,779,717 Total 12,218,977 12,218,977 Liability Borrowings - principal and interest 18 (b) Level 2 (***) 5,354,243 5,350,030 Borrowings - principal and interest (**) 18 (a) Level 2 5,009,052 5,009,052 Debentures - Principal and interest 19 (b) Level 2 (***) 8,054,153 8,056,757 Debentures - Principal and interest (**) 19 (a) Level 2 492,125 492,125 Derivatives 35 (a) Level 2 35,557 35,557 18,945,130 18,943,521 (*) Refers to the hierarchy for fair value measurement (**) As a result of the initial designation of this financial liability, the consolidated balances reported a loss of R$ 127,102 in 2019 (a gain of R$ 37,421 in 2018). (***) Only for disclosure purposes, in accordance with IFRS 7 Key Category: (a) - Measured at fair value through profit or loss (b) - Measured at amortized cost The classification of financial instruments in “amortized cost” or “fair value through profit or loss” is based on business model and in the characteristics of expected cash flow for each instrument. The financial instruments for which the carrying amounts approximate the fair values at the end of the reporting period are: · Financial assets: (i) consumers, concessionaires and licensees, (ii) leases, (iii) associates, subsidiaries and parent company, (iv) receivables – CDE, (v) pledges, funds and restricted deposits, (vi) services rendered to third parties, (vii) Collection agreements, and (viii) sector financial asset. · Financial liabilities: (i) trade payables, (ii) regulatory charges, (iii) use of public asset, (iv) consumers and concessionaires payable, (v) FNDCT/EPE/PROCEL, (vi) collection agreement, (vii) reversal fund, (viii) payables for business combination, (ix) tariff discount CDE, and (x) sector financial liability. In addition, in 2019 there were no transfers between hierarchical levels of fair value. a) Valuation of financial instruments As mentioned in note 4, the fair value of a security corresponds to its maturity value (redemption value) adjusted to present value by the discount factor (relating to the maturity date of the security) obtained from the market interest curve, in Brazilian reais. The three levels of the fair value hierarchy are: · Level 1: quoted prices in an active market for identical instruments; · Level 2: observable inputs other than quoted prices in an active market that are observable for the asset or liability, directly ( i.e. i.e. · Level 3: inputs for the instruments that are not based on observable market data. Pricing of forward and futures contracts is on the basis of future curves of the underlying assets. Said curves are usually provided by the stock exchanges on which these assets are traded, or other market price providers. When price is not available for the intended maturity, it is obtained on the basis of interpolation between available maturities. As the distribution subsidiaries have classified their concession financial asset as fair value through profit or loss, the relevant factors for fair value measurement are not publicly observable. The fair value hierarchy classification is therefore level 3. The changes between years and the respective gains in profit for the year of R$281,340 (R$345,015 in 2018 and R$ 204,443 in 2017), and the main assumptions are described in note 11 and 27. Additionally, the main assumptions used in the fair value measurement of the zero-cost collar derivative, the fair value hierarchy of which is Level 3, are disclosed in note 35 b.1. The Company recognizes in “investments” in the financial statements the 5.94% interest held by the indirect subsidiary Paulista Lajeado Energia S.A. in the total capital of Investco S.A. (“Investco”), in the form of 28,154,140 common shares and 18,593,070 preferred shares not quoted in stock markets. The main objective of its operations is to generate electric energy for commercialization by the shareholders holding the concession. The Company recognizes the investment at fair value, for which cost is the best estimate of it, since there are no available reliable information at fair value, according to IFRS 9. b) Derivatives The Group has the policy of using derivatives to reduce their risks of fluctuations in exchange and interest rates ( economic hedge The derivative instruments entered into by the Group are currency or interest rate swaps with no leverage component, margin call requirements or daily or periodical adjustments. Furthermore, in 2015 subsidiary CPFL Geração contracted a zero-cost collar (see item b.1 below) and, in 2019, a forward purchase derivative of aluminum without physical delivery. As a large part of the derivatives entered into by the subsidiaries have their terms fully aligned with the hedged debts, and in order to obtain more relevant and consistent accounting information through the recognition of income and expenses, these debts were designated at fair value, for accounting purposes (note 18 and 19). Other debts with terms different from the derivatives contracted as a hedge continue to be recognized at amortized cost. Furthermore, the Group did not adopt hedge accounting for derivative instruments. In 2019, the subsidiary CPFL Geração, aiming at hedging input purchases for the construction of new transmission projects, carried out transactions with derivatives, through forward purchases of aluminum for future settlement, in order to reduce the risk of price fluctuation for the aluminum (pure) purchase period. At December 31, 2019, the Group had the following swap transactions, all traded on the over-the-counter market: Fair values (carrying amounts) Strategy Assets Liabilities Fair value, net Values at cost, net (1) Gain (loss) on Fair value adjustment Currency / debt index Currency /swap index Maturity range Notional Derivatives to hedge debts designated at fair value Exchange rate hedge Bank Loans - Law 4.131 542,278 (29,231) 513,047 487,030 26,017 US$ + (Libor 3 months + 0.8% to 1.55%) or (1.96% to 3.65%) 99.80% to 116% of CDI or CDI + 0.12% October 2018 to March 2022 3,838,488 Bank Loans - Law 4.131 13,391 (6,157) 7,234 9,074 (1,840) Euro + 0.42% to 0.96% 102% to 105.8% of CDI April 2019 to March 2022 834,630 555,670 (35,388) 520,282 496,104 24,178 Hedge variation price index Debêntures 90,004 - 90,004 19,486 70,517 IPCA + 5.8% 100.15% to 104.3% of CDI August 2025 416,600 Subtotal debt hedge 645,673 (35,388) 610,285 515,591 94,695 Other (2): Index / currency Maturity range Notional in US$ Zero cost collar 5,419 - 5,419 - 5,419 US$ from jul/18 to sep/20 22,174 Term of product (aluminum) - (16) (16) - (16) aluminum (US$/ton) Jul-20 3,889 NDF - aluminum - (153) (153) 52 (205) US$ Jul-20 6,296 Subtotal other 5,419 (169) 5,250 52 5,198 Total 651,093 (35,557) 615,536 515,643 99,893 Current 281,326 (29,400) Noncurrent 369,767 (6,157) (1) (2) For further details on terms and information on debts and debentures, see notes 18 and 19. Changes in derivatives are stated below: December 31, 2018 Interests and monetary restatements Repayments of principal December 31, 2019 Derivatives to hedge debts designated at fair value 631,368 75,241 (191,018) 515,591 to hedge debts not designated at fair value 21,548 (857) (20,691) - Others - 7,600 (7,548) 52 Mark-to-market (*) (27,722) 127,615 - 99,893 625,194 209,599 (219,257) 615,536 December 31, 2017 Interests and monetary restatements Repayments of principal December 31, 2018 Derivatives to hedge debts designated at fair value 526,148 662,147 (556,927) 631,368 to hedge debts not designated at fair value 17,881 (21,817) 25,484 21,548 Others - 11,984 (11,984) - Mark-to-market (*) 9,095 (36,817) - (27,722) 553,124 615,497 (543,427) 625,194 December 31, 2016 Interests and monetary restatements Repayments of principal December 31, 2017 Derivatives to hedge debts designated at fair value 602,476 (189,466) 113,138 526,148 to hedge debts not designated at fair value 7,181 (1,175) 11,875 17,881 Others (zero cost collar) - 22,372 (22,372) - Mark-to-market (*) 76,679 (67,584) - 9,095 686,336 (235,853) 102,641 553,124 (*) The effects on profit or loss and OCI for the year ended December 31, 2019 related to the fair value adjustments (MTM) of the derivatives are: (i) a gain of R$ 139,361 for debts designated at fair value, (ii) a loss of R$ 577 for debts not designated at fair value and (iii) a loss of R$ 11,169 for other derivatives. As mentioned above, certain subsidiaries applied the fair value option to borrowings and debentures for which there were derivative instruments totally related (note 18 and 19). The Group have recognized gains and losses on their derivatives. However, as these derivatives are used as a hedge, these gains and losses minimized the impact of variations in exchange and interest rates on the hedged debts. For the years 2019, 2018 and 2017, the derivatives resulted in the following impacts on the result, recognized in the line item of finance costs on adjustment for inflation and exchange rate changes and in the consolidated comprehensive income in the credit risk in the fair value adjustment, the last one related to debts at fair value: Gain (Loss) on Profit or Loss Hedged risk / transaction 2019 2018 2017 2019 2018 Interest rate variation 16,559 (19,747) 1,446 - - Fair value adjustment 46,243 13,135 8,960 2,685 272 Exchange variation 65,424 672,061 (169,714) - - Fair value adjustment 78,829 (47,904) (76,544) (148) (2,025) 207,055 617,545 (235,852) 2,537 (1,753) b.1) Zero-cost collar derivative contracted by CPFL Geração In 2015, subsidiary CPFL Geração contracted US$ denominated put and call options, involving the same financial institution as counterpart, and which on a combined basis are characterized as an operation usually known as zero-cost collar. The contracting of this operation does not involve any kind of speculation, inasmuch as it is aimed at minimizing any negative impacts on future revenues of the joint venture ENERCAN, which has electric energy sale agreements with annual restatement of part of the tariff based on the variation in the US$. In addition, according to Management’s view, the scenario in 2015 was favorable for contracting this type of financial instrument, considering the high volatility implicit in dollar options and the fact that there is no initial cost for same. The total amount contracted was US$ 111,817, with due dates between October 1, 2015 and September 30, 2020. As at December 31, 2018, the total amount contracted was US$ 22,174, considering the options already settled up to date. The exercise prices of the dollar options vary from R$ 4.20 to R$ 4.40 for the put options and from R$ 5.40 to R$ 7.50 for the call options. These options have been measured at fair value in a recurring manner, as required by IFRS 9. The fair value of the options that are part of this operation has been calculated based on the following premises: Valuation technique(s) and key information We used the Black Scholes Option Pricing Model, which aims to obtain the theoretical value of the options involving the following variables: the current price of the asset, the strike price of the option, the risk-free interest rate, the time left until the option’s maturity date and the volatility of the asset. Significant unobservable inputs Volatility determined based on the average market pricing calculations, future dollar and other variables applicable to this specific transaction, with average variation of 13.22%. Relationship between unobservable inputs and fair value (sensitivity) A slight rise in long-term volatility, analyzed on an isolated basis, would result in an insignificant increase in fair value. If the volatility were 10% higher and all the other variables remained constant, the net carrying amount (asset) would increase by R$ 203, resulting in a net asset of R$ 5,623. The following table reconciles the opening and closing balances of the call and put options for the year ended December 31, 2019, as required by IFRS 13: Assets Liabilities Net As of December 31, 2016 57,715 - 57,715 Measurement at fair value 16,715 - 16,715 Net cash received from settlement of flows (22,372) - (22,372) As of December 31, 2017 52,058 - 52,058 Measurement at fair value (23,707) - (23,707) Net cash received from settlement of flows (11,984) - (11,984) As of December 31, 2017 16,367 - 16,367 Measurement at fair value (3,400) - (3,400) Net cash received from settlement of flows (7,548) - (7,548) As of December 31, 2018 5,419 - 5,419 The fair value measurement of these financial instruments was recognized in the statement of profit or loss for the year, and no effects were recognized in other comprehensive income. c) Concession financial assets As the distribution subsidiaries have classified the respective financial assets of the concession as measured at fair value through profit or loss, the relevant factors to measure the fair value are not publicly observable and there is no active market. Therefore, the classification of the fair value hierarchy is level 3. d) Market risk Market risk is the risk that changes in market prices – e.g. foreign exchange rates and interest rates – will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Group uses derivatives to manage market risks. Sensitivity Analysis The Group performed sensitivity analyses of the main risks to which their financial instruments (including derivatives) are exposed, mainly comprising variations in exchange and interest rates. If the risk exposure is considered an asset, the risk to be taken into account is a reduction in the pegged indexes, resulting in a negative impact on the results of the Group. Similarly, if the risk exposure is considered a liability, the risk is of an increase in the pegged indexes and the consequent negative effect on the results. The Group therefore quantify the risks in terms of the net exposure of the variables (dollar, euro, CDI, IGP-M, IPCA, TJLP and SELIC), as shown below: d.1) Exchange rate variation Considering the level of net exchange rate exposure at December 31, 2019 is maintained, the simulation of the effects by type of financial instrument for three different scenarios would be: Income (expense) - R$ thousand Instruments Exposure Risk Currency depreciation (b) Currency appreciation / depreciation of 25% Currency appreciation / depreciation of 50% Financial liability instruments (4,174,769) (87,520) 978,052 2,043,624 Derivatives - Plain Vanilla Swap 4,221,801 88,506 (989,071) (2,066,647) 47,032 drop in the dollar 986 (11,019) (23,023) Financial liability instruments (835,977) (34,709) 182,963 400,634 Derivatives - Plain Vanilla Swap 847,774 35,198 (185,545) (406,288) 11,797 drop in the euro 489 (2,582) (5,654) Total 58,829 1,475 (13,601) (28,677) Effects in the accumulated comprehensive income 1,271 (11,312) (23,896) Effects in the profit or loss for the year 204 (2,289) (4,781) Income (expense) - R$ thousand Instruments Exposure Risk Currency depreciation (b) Currency appreciation / depreciation of 25%(c) Currency appreciation / depreciation of 50%(c) Derivatives - Zero-cost collar 22,174 (d) dollar apprec. (682) (8,989) (17,296) Term of product (aluminum) 3,889 (d) drop in the aluminum (US$/ton) - (2,891) (3,852) NDF - aluminum 6,296 (d) drop in the dollar - (6,255) (12,511) (a) The exchange rates considered as of December 31, 2019 were R$ 4.03 per US$ 1.00 and R$ 4.53 per € 1.00. (b) As per the exchange curves obtained from information made available by B3 S.A. Brasil, Bolsa, Balcão, with the exchange rate being considered at R$ 4.12 and R$ 4.72, and exchange depreciation at 2.10% and 4.15%, for the US$ and €, respectively, as of December 31, 2019. (c) As required by CVM Instruction 475/2008, the percentage increases in the ratios applied refer to the information made available by the B3 S.A. Brasil, Bolsa, Balcão. (d) Owing to the characteristics of these derivatives, the notional amount is presented in US$. Except for the zero cost collar, based on the net exchange exposure in US$ and euro being an asset, the risk is a drop in the dollar and euro and, therefore, the local exchange rate is appreciated by 25% and 50% in relation to the probable exchange rate. d.2) Interest rate variation Assuming that the scenario of net exposure of the financial instruments indexed to variable interest rates at December 31, 2019 is maintained, the net finance cost for the next 12 months for each of the three scenarios defined, would be: Income (expense) - R$ thousand Instruments Exposure Risk Rate in the period Most likely scenario (a) Likely scenario Raise/drop of Raise/drop of Financial asset instruments 2,919,915 132,564 165,705 198,846 Financial liability instruments (6,516,480) (295,848) (369,810) (443,772) Derivatives - Plain Vanilla Swap (4,976,115) (225,916) (282,395) (338,873) (8,572,680) raise of CDI 5.97% 4.54% (389,200) (486,500) (583,799) Financial liability instruments (145,558) (4,469) (5,586) (6,703) (145,558) raise of IGP-M 7.3% 3.07% (4,469) (5,586) (6,703) Financial liability instruments (3,183,323) (162,031) (202,539) (243,047) (3,183,323) raise of TJLP 6.3% 5.09% (162,031) (202,539) (243,047) Financial liability instruments (3,422,062) (156,388) (117,291) (78,194) Derivatives - Plain Vanilla Swap 516,826 23,619 17,714 11,809 Concession financial asset 8,779,717 401,233 300,925 200,617 5,874,481 drop in the IPCA 4.2% 4.57% 268,464 201,348 134,232 Sector financial asset and liability 993,775 45,316 33,987 22,658 Financial liability instruments (83,073) (3,788) (2,841) (1,894) 910,702 drop in the SELIC 5.97% 4.56% 41,528 31,146 20,764 Total (5,116,378) (245,708) (462,131) (678,553) Effects in the accumulated comprehensive income 1,289 1,047 804 Effects in the profit or loss for the year (246,997) (463,178) (679,357) (a) The indexes were obtained from information available in the market. (b) In compliance with CVM Instruction 475/08, the percentages of increase were applied to the indexes in the probable scenario. Additionally, the debts exposed to fixed indexes would generate an expense of R$ 52,075. e) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from Consumers, Concessionaires and Licensees and financial instruments. Monthly, the risk is monitored and classified according to the current exposure, considering the limit approved by Management. Impairment losses on financial assets recognized in profit or loss are presented in note 7 – Consumers, Concessionaires and Licensees. Receivables and contract assets – Consumers, Concessionaries and Licensees The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, Management also considers the factors that may influence the credit risk of its customer base. The Group uses a provision matrix to measure the expected credit losses of trade receivables according to the consumer class (Residential, Commercial, Rural, Public Power, Public Lighting, Public Services), Other Revenues and Unbilled Revenue, comprising mostly a large number of dispersed balances. Loss rates are based on actual credit loss experience over the past. These rates reflect differences between economic conditions during the period over which the historical data have been collected, current conditions and the Group’s view of future economic conditions over the expected lives of the receivables. Accordingly, an “adjusted” revenue was calculated, reflecting the Group perception on expected loss. Such “adjusted” revenue was allocated by consumption class (matrix). According to the interval currently used in the allowance guided by the regulatory parameters as follows: Class Days Period Residential 90 Revenue of 3 months prior to the current month Commercial and other revenues 180 Revenue of 6 months prior to the current month Industrial, rural, public power in general 360 Revenue of 12 months prior to the current month Unbilled - Uses revenue of the same month Therefore, based on the assumptions above, an “Adjusted” ratio of the expected credit losses (“ECL”) allowance for the month is calculated, which was determined dividing the “Actual ECL” allowance by the “Adjusted Revenue” for each month. Then, the ECL allowance is estimated monthly, considering the respective moving average for the months of the "Adjusted” monthly ratios and calculated over the actual revenue for the current month. Based on this criterion, the ECL allowance percentage to be applied is changed monthly to the extent that the moving average is calculated. The methodology used by Management includes a percentage that is compliant with the IFRS rule described as expected credit losses, including in a single percentage the probability of loss, weighted by the expected loss and possible outcomes, that is, including Probability of default (“PD”), Exposure at default (“EAD”) and Loss Given Default (“LGD”). Macroeconomic factors After studies developed by the Company to assess which variables present a correlation ratio with the actual amount of Expected Credit Losses Allowance, no ratios or macroeconomic factors that would have material impacts or that had direct correlation with the default level were identified, due to the electric sector characteristic of having instruments that mitigate the risk of losses, such as cutting energy supply to default customers. Cash and cash equivalents The Group limits its exposure to credit risk by investing only in liquid debt securities and only with counterparties that have a credit rating of at least AA-. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Management did not identify for the years 2018 and 2019 that the securities had a significantly change in credit risk. f) Liquidity analysis The Company manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of its financial liabilities. The table below sets out details of the contractual maturities of the financial liabilities at December 31, 2019, taking into account principal and future interest, and is based on the undiscounted cash flow, considering the earliest date on which the Group have to settle their respective obligations. December 31, 2019 Note Less than 1 month 1-3 months 3 months to 1 year 1-3 years 4-5 years More than 5 years Total Trade payables 17 3,238,843 21,258 78 211,697 - 148,247 3,620,123 Borrowings - principal and interest 18 222,237 580,245 2,842,610 4,941,612 1,890,206 2,845,013 13,321,923 Derivatives 35 - 9,332 45,060 9,572 - - 63,964 Debentures - principal and interest 19 10,811 101,704 770,047 3,691,282 4,053,800 1,592,045 10,219,689 Regulatory charges 21 231,130 1,122 - - - - 232,252 Use of public asset 981 1,962 8,828 17,096 28,494 45,591 102,952 Others 24 103,808 110,173 45,357 3,423 3,423 189,707 455,891 Consumers and concessionaires 57,182 57,429 - - - 183,938 298,549 EPE / FNDCT / PROCEL (*) 44 5,158 44,073 - - - 49,275 Collections agreement 46,439 47,301 - - - - 93,740 Reversal fund 143 285 1,284 3,423 3,423 5,769 14,327 Total 3,807,810 825,796 3,711,980 8,874,682 5,975,923 4,820,603 28,016,794 Derivatives The Group adopts a policy of using derivatives with the purpose of hedge (economic hedge) against the risks of fluctuations in exchange rates and interest rates, mostly comprising currency and interest rate swaps. The derivative transactions are entered into with first-tier banks and financial institutions with a rating of at least AA-, based on the main credit rating agencies in the market (note 35). The Group adopts the policy of offering financial guarantees for the obligations of its subsidiaries and joint ventures. At December 31, 2019 and December 31, 2018, the Company had provided guarantees to certain financial institutions for the credit facilities granted to its subsidiaries and joint ventures, as mentioned in notes 18 and 19. |
(36) NON-CASH TRANSACTIONS
(36) NON-CASH TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Non-cash Transaction | |
NON-CASH TRANSACTIONS | ( 36 ) NON-CASH TRANSACTIONS December 31, 2019 December 31, 2018 Interest capitalized 25,641 28,606 Repayment of intercompany loans with of noncontrolling shareholders' dividends 81 377 Provision for environmental costs capitalized in property, plant and equipment 83,334 1,684 Transfers between property, plant and equipment, intangible and other assets 1,662 5,515 |
(37) COMMITMENTS
(37) COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Commitments | |
COMMITMENTS | ( 37 ) COMMITMENTS The Group’s commitments, mainly related to long term agreements for energy purchases and power plant constructions, at December 31, 2019, are as follows: Subsidiaries Consolidated Commitments at December 31, 2019 Duration Less than 1 year 1-3 years 4-5 years More than 5 years Total Rentals Up to 13 years 38,223 71,906 68,779 82,430 261,338 Energy purchase agreements (except Itaipu) Up to 25 years 11,988,989 21,701,899 22,211,015 41,829,746 97,731,649 Energy purchase from Itaipu Up to 25 years 2,896,696 5,642,618 6,097,490 15,803,644 30,440,448 Energy system service charges Up to 29 years 2,762,294 7,192,517 9,172,126 25,725,396 44,852,333 GSF renegotiation Up to 28 years 16,468 37,886 36,484 228,865 319,703 Power plant constrution projects Up to 14 years 757,367 654,777 239,322 1,119,285 2,770,751 Total 18,460,037 35,301,603 37,825,216 84,789,366 176,376,222 Joinv Venture Consolidated Commitments at December 31, 2019 Duration Less than 1 year 1-3 years 4-5 years More than 5 years Total Power plant constrution projects Up to 5 years 3,502,439 5,321,975 693,788 - 9,518,202 GSF renegotiation Up to 17 years 33,566 132,856 132,965 396,102 695,489 3,536,005 5,454,831 826,754 396,102 10,213,692 The power plant construction projects include commitments made basically to construction related to the subsidiaries of the renewable energy segment. |
(38) SUBSEQUENT EVENTS
(38) SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | ( 38 ) SUBSEQUENT EVENTS a. Borrowings From January 1, 2020 to the date of approval of these financial statements, the Company’s subsidiaries obtained borrowings with the following conditions and details: R$ thousand Category Subsidiary Released until March Interest Repayment Utilization Annual finance charges Annual effective rate Effective rate with derivatives Foreign currency - Law 4.131 US$ CPFL Paulista 174,960 Quarterly Annual from february 2023 Working capital reinforcement USD + 2.39% USD + 2.39% CDI + 0.85% CPFL Paulista 196,567 Quarterly Single installment in february 2025 Working capital reinforcement USD + 2.40% USD + 2.40% CDI + 0.89% RGE 100,000 Semiannual Single installment in january 2025 Working capital reinforcement USD + 2.64% USD + 2.64% CDI + 0.90% CPFL Brasil 107,000 Semiannual Single installment in february 2023 Working capital reinforcement USD + 1.83% USD + 1.83% CDI + 0.61% CPFL Renováveis 120,000 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% CPFL Santa Cruz 108,000 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% RGE 418,280 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% RGE 185,000 Quarterly Annual from february 2023 Working capital reinforcement USD + Libor 3M + 0.87% USD + Libor 3M + 0.87% CDI + 0.83% RGE 225,497 Quarterly Annual from february 2023 Working capital reinforcement USD + 1.84% (1.94% in Mar/2021) USD + 1.84% (1.94% in Mar/2021) CDI + 0.85% CPFL Paulista 274,046 Quarterly Annual from february 2023 Working capital reinforcement USD + Libor 3M + 0.99% USD + Libor 3M + 0.99% CDI + 0.80% Euro CPFL Piratininga 419,760 Quarterly Single installment in march 2025 Working capital reinforcement EURO + 0.70% EURO + 0.70% CDI + 0.83% CPFL Paulista 534,880 Quarterly Single installment in february 2023 Working capital reinforcement EURO + 0.43% EURO + 0.43% CDI + 0.58% CPFL Paulista 566,000 Quarterly Single installment in march 2023 Working capital reinforcement EURO + 0.57% EURO + 0.57% CDI + 1,10% 3,429,989 b. COVID-19 On March 11, 2020, the World Health Organization (WHO) declared the coronavirus (COVID-19) to be a pandemic. The outbreak triggered significant decisions from governments and private sector entities that added to the potential impact of the outbreak, increased the degree of uncertainty for economic agents and may impact financial statements. The world’s main economies and the main economic blocs are assessing significant stimulus packages to overcome the potential economic recession that the measures to mitigate the spread of COVID-19 may cause. In Brazil, the executive and legislative branches of the government edited various acts to prevent and contain the pandemic, as well as to mitigate the respective economic impacts, particularly Legislative Decree No. 6, edited on March 20, 2020, which declared a state of public calamity. The state and municipal governments also edited various acts seeking to restrict the free movement of people and commercial and service activities, in addition to making emergency investments in the healthcare sector available. Management has constantly assessed the impact of the outbreak on the operations and the equity and financial position of the Company and its subsidiaries, in order to implement the appropriate measures to mitigate the impact to operations. Up until the authorization date for the issuance of these financial statements, the following measures have been taken and the primary matters that are constantly being monitored are listed below: o Implementing temporary measures for employees, such as home office plans, adapting collective spaces to avoid agglomerations of people, and other applicable measures relating to health; o Negotiating with suppliers of equipment to evaluate delivery deadlines in light of the new scenario, being that so far there have not been any indications of significant risks of delay that could impact operations; o Evaluating contractual terms with financial institutions relating to loans and financing as well as supplier payments to mitigate any potential liquidity risks; o Monitoring the variations of market indexes that may affect loans, financing and debentures; o Evaluating potential renegotiations with customers, due to a possible macroeconomic downturn and a consequent reduction in energy consumption. Management’s expectation is that such renegotiations will be mostly directed towards temporary shifts in contracted quantities; o Monitoring possible over-contracting of the Group’s distributors due to load reductions and consequent energy surpluses exceeding the 5% provided for in the regulatory requirements; o Monitoring the default of the Group’s distributors, especially in light of the 90-day suspension beginning March 25, 2020 of the service interruption due to delinquency for certain consumers (residential and essential services, in accordance with the specific rules established by ANEEL). Management’s expectation is that most of this impact will be temporary, until the service interruption due to delinquency policies are reestablished and/or new possible actions to offset these impacts through regulatory mechanism may be implemented. Due to the relevance and complexity of these matters from a regulatory perspective, many of these issues are being discussed with the regulatory agency, ANEEL. The financial and economic effect on the Company and its subsidiaries during the course of the 2020 financial year will depend on the outcome of this crisis and its macroeconomic impacts, especially with respect to reductions in economic activity, as well as the extent of social isolation. The Company and its subsidiaries will continue to monitor the effects of the crisis and its impacts on their operations and financial statements constantly. |
(39) CONDENSED UNCONSOLIDATED F
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Unconsolidated Financial Information [Abstract] | |
CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION | ( 39 ) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION Since the condensed unconsolidated financial information required by Rule 12-04 of Regulation S-X is not required under IFRS issued by the International Accounting Standards Board - IASB, such information was not included in the original financial statements filed with the Brazilian Securities and Exchange Commissions – CVM. In order to attend the specific requirements of the Securities and Exchange Commission (the “SEC”), Management has incorporated the condensed unconsolidated information in these financial statements as part of the Form 20-F. The condensed unconsolidated financial information of CPFL Energia, as of December 31, 2019 and December 31, 2018 and income statements for the years ended on December 31, 2019, 2018 and 2017 presented herein was prepared considering the same accounting policies as described in note 3 to Company’s consolidated financial statements. UNCONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASSETS December 31, 2019 December 31, 2018 Cash and cash equivalents 33,909 79,364 Dividends and interest on capital 816,205 701,731 Income tax and social contribution recoverable 78 9,441 Other taxes recoverable 58,947 8,646 Other receivables 400 417 Total current assets 909,539 799,599 Intragroup loans 424,387 72,933 Escrow deposits 453 703 Deferred tax assets 85,474 112,522 Other receivables 3,960 4,863 Investments 12,327,132 9,816,139 Property, Plant and Equipment 2,226 1,087 Intangible assets 120 110 Total noncurrent assets 12,843,753 10,008,356 Total assets 13,753,291 10,807,954 LIABILITIES December 31, 2019 December 31, 2018 Trade payables 4,698 2,854 Income tax and social contribution payable 40,629 8,261 Other taxes, fees and contributions 25,315 5,258 Dividends 645,737 491,602 Other payables 22,318 23,405 Total current liabilities 738,697 531,380 Provision for tax, civil and labor risks 123 241 Other payables 20,090 13,584 Total noncurrent liabilities 20,213 13,825 Equity 12,994,381 10,262,749 Total liabilities and equity 13,753,291 10,807,954 UNCONSOLIDATED STATEMENTS OF PROFIT OR LOSS FOR THE YEAR 2019 2018 2017 Net operating revenue 2,309 1 1 General and administrative expenses (52,712) (43,930) (42,771) Depreciation and amortization (273) (201) Other general and administrative expenses (52,439) (43,729) Other operating expenses - 9 - Income from electric energy service (50,403) (43,920) (42,770) Equity interests in subsidiaries, associates and joint ventures 2,827,718 2,250,835 1,349,766 Profit before finance results 2,777,315 2,206,915 1,306,996 Finance income (expenses) 48,019 (27,300) (56,471) Profit before taxes 2,825,333 2,179,616 1,250,525 Social contribution and income tax (122,662) (121,575) (70,775) Profit for the year 2,702,671 2,058,040 1,179,750 UNCONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR 2019 2018 2017 OPERATING CASH FLOW Profit before taxes 2,825,333 2,179,616 1,250,525 ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES Depreciation and amortization 273 201 217 Provision for tax, civil and labor risks 408 (117) 61 Interest on debts, inflation adjustment and exchange rate changes (6,318) 2,932 61,520 Equity interests in subsidiaries, associates and joint ventures (2,827,718) (2,250,835) (1,349,766) (8,022) (68,204) (37,443) DECREASE (INCREASE) IN OPERATING ASSETS AND LIABILITIES Dividends and interest on capital received 1,295,427 596,100 1,172,336 Taxes recoverable (5,388) 109,719 65,182 Escrow deposits 260 (25) 68 Other operating assets and liabilities 6,689 7,554 (16,792) Trade payables 1,845 1,210 (2,116) Tax, labor and civil suits paid (542) (259) (466) Other taxes, fees and contributions 19,815 4,541 263 CASH FLOWS PROVIDED BY OPERATIONS 1,310,084 650,636 1,181,032 Interest paid on debts and debentures - (4,235) (71,844) Income tax and social contribution paid (21,388) (80,234) (47,438) NET CASH FROM OPERATING ACTIVITIES 1,288,696 566,167 1,061,750 INVESTING ACTIVITIES Capital reduce (increase) in investees (4,107,555) - (9,400) Purchases of property, plant and equipment (1,763) (286) (185) Purchases of intangible assets (15) (42) (51) Advance for future capital increases (14,160) (82,415) (383,340) Securities, pledges and restricted deposits - (250) - Intercompany loan - granted (424,371) (80,512) (72,199) Intercompany loan - received 78,391 135,222 - NET CASH USED IN INVESTING ACTIVITIES (4,469,473) (28,283) (465,175) FINANCING ACTIVITIES Capital increase by noncontrolling shareholders 3,622,305 - - Repayment of principal of borrowings and debentures - (186,000) (434,000) Dividends and interest on capital paid (486,984) (279,101) (220,966) NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES 3,135,321 (465,101) (654,966) NET INCREASE IN CASH AND CASH EQUIVALENTS (45,456) 72,783 (58,390) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 79,364 6,581 64,973 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 33,909 79,364 6,581 Following is the information relating to CPFL Energia's unconsolidated condensed financial statements presented above: a. Cash and cash equivalents: December 31, 2019 December 31, 2018 Bank balances 2,195 2,824 Investment funds 31,714 76,540 Total 33,909 79,364 Amounts invested in an Investment funds, involving investments subject to floating rates tied to the CDI in federal government bonds, CDBs, secured debentures of major financial institutions, with daily liquidity, low credit risk and interest equivalent, on average, to 94.13% of CDI. b. Dividends and interest on equity: Dividend Interest on own capital Total Subsidiary December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 CPFL Paulista 504,789 92,596 115,928 110,214 620,717 202,810 CPFL Piratininga 32,172 6,226 35,254 31,708 67,426 37,934 CPFL Santa Cruz - - 39,728 19,160 39,728 19,160 CPFL Leste Paulista - - - - - - CPFL Sul Paulista - - - - - - CPFL Jaguari 3,473 - - - 3,473 - CPFL Mococa - - - - - - RGE Sul (RGE) - 26,795 - 94,312 - 121,107 CPFL Geração - 71,099 53,937 102,436 53,937 173,535 CPFL Centrais Geradoras 815 815 - - 815 815 CPFL Jaguari Geração 10,194 3,398 - - 10,194 3,398 CPFL Brasil - 111,083 1,200 2,451 1,200 113,534 CPFL Planalto - - - - - - CPFL Serviços 3,193 - - - 3,193 - CPFL Atende - - 343 876 343 876 Nect Serviços - - - - - - CPFL Total - - - - - - CPFL Telecom - 1,111 - - - 1,111 CPFL Eficiência 2,630 12,195 2,550 15,104 5,179 27,299 AUTHI 10,000 151 - - 10,000 151 567,266 325,469 248,940 376,261 816,205 701,731 c. Deferred tax assets December 31, 2019 December 31, 2018 Social contribution credit (debit) Tax losses carryforwards 22,174 29,750 Temporarily nondeductible differences 553 (355) Subtotal 22,727 29,395 Income tax credit (debit) Tax losses carryforwards 61,209 84,113 Temporarily nondeductible differences 1,537 (986) Subtotal 62,747 83,127 Total 85,474 112,522 2019 2018 Social contribution Income tax Social contribution Income tax Income before taxes 2,825,333 2,825,333 2,179,615 2,179,615 Adjustments to reflect effective rate: Equity in subsidiaries (2,827,718) (2,827,718) (2,250,835) (2,250,835) Amortization of intangible asset acquired (13,528) - (13,528) - Interest on capital income 345,484 345,484 424,892 424,892 Other permanent additions (exclusions), net 12,959 24,239 14,840 22,449 Tax base 342,530 367,338 354,984 376,121 Statutory rate 9% 25% 9% 25% Tax credit/(debit) (30,828) (91,834) (31,949) (94,030) Recorded (unrecognizad) Tax credit,net - - 1,134 3,270 Total (30,828) (91,835) (30,814) (90,760) Current (17,677) (53,445) (22,401) (65,916) Deferred (13,151) (38,390) (8,413) (24,844) d. Investment: The financial information of subsidiaries and joint ventures are accounted for using the equity method of accounting. December 31, 2019 December 31, 2019 December 31, 2018 2019 2018 2017 Investment Total assets Issued capital Equity Profit or loss for the period Share of equity of investees Share of profit (loss) of investees CPFL Paulista 10,917,071 1,308,373 1,522,421 837,604 1,522,421 1,910,866 837,604 649,516 280,354 CPFL Piratininga 4,073,042 249,321 564,024 281,634 564,024 516,235 281,634 182,654 152,080 CPFL Santa Cruz 1,463,945 170,413 465,625 101,228 465,625 392,040 101,228 81,191 23,447 CPFL Leste Paulista - - - - - - - - 9,589 CPFL Sul Paulista - - - - - - - - 10,545 Companhia Jaguari de Energia (CPFL Santa Cruz) - - - - - - - - 11,720 CPFL Mococa - - - - - - - - 6,999 RGE - - - - - - - 232,731 117,700 RGE Sul (RGE) 9,997,093 2,809,820 4,000,469 614,109 3,489,745 3,286,587 559,783 255,854 57,305 CPFL Geração 5,401,315 1,043,922 3,068,752 862,726 3,068,752 2,625,465 862,726 766,451 594,026 CPFL Renováveis (*) 8,662,437 3,698,060 4,544,433 96,628 2,125,023 - 52,388 - CPFL Jaguari Geração 68,518 40,108 58,310 9,849 58,310 58,656 9,849 13,592 15,709 CPFL Brasil 1,394,345 3,000 86,651 109,090 86,651 72,680 109,090 91,502 94,455 CPFL Planalto 6,706 630 6,466 4,022 6,466 2,444 4,022 3,567 3,550 CPFL Serviços 238,200 120,929 131,181 13,445 131,181 120,929 13,445 (24,076) (12,863) CPFL Atende 31,513 13,991 24,296 11,266 24,296 19,363 11,266 9,527 7,128 Nect - - - - - - - - 17,392 CPFL Infra (**) 20,598 38 14,025 17,643 14,025 16,558 17,643 19,087 - CPFL Pessoas (**) 7,260 811 4,517 2,047 4,517 - 2,047 - - CPFL Finanças (**) 9,123 385 5,566 3,982 5,566 - 3,982 - - CPFL Supre (**) 5,432 826 3,267 1,232 3,267 - 1,232 - - CPFL Total 39,793 9,005 35,348 25,665 5,348 19,953 25,665 21,690 20,865 CPFL Jaguariuna - - - - - - - - (8,360) CPFL Telecom 4,381 1,928 4,188 113 4,188 5,465 113 4,442 (14,021) CPFL Centrais Geradoras 19,746 16,128 16,020 22 16,020 15,998 22 618 735 CPFL Eficiência 143,512 76,073 118,189 (3,835) 118,189 85,744 (3,835) (11,908) (2,582) AUTHI 23,473 10 11,846 11,836 11,846 21,463 11,836 28,604 24,912 Subtotal - by subsidiary's equity 11,725,460 9,170,444 2,901,740 2,325,042 1,410,685 Amortization of fair value adjustment of assets - - (74,023) (74,207) (60,918) Total 11,725,460 9,170,444 2,827,719 2,250,835 1,349,766 Investment 11,711,300 9,088,049 Advances for future capital increases 14,160 82,395 (*) See note 1.h (**) See note 1.g As of December 31, 2019, the balances of advances for future capital increase ("AFAC") refer to funds granted by the Company to the subsidiary CPFL Eficiência. As of December 2018, the balance refers to the subsidiaries CPFL Eficiência (R$ 42,400) and CPFL Serviços (R$ 39,900). Dividends and interest on own capital received The net cash provided by operating activities is comprised mainly by dividends and interest on own capital received from the Company’s subsidiaries. After the decisions made by the subsidiaries’ shareholders at their Annual and Extraordinary General Meetings (AGM/EGM), in 2019 the Company recognized the amount of R$ 598,534 by way of dividends and interest on capital for the year 2018. The subsidiaries also declared in 2019: (i) interim dividends and interest on capital of R$417,984, related to interim profit of 2019; (ii) R$ 293,661 of interest on capital for the year 2019; and (iii) R$ 121,841 as minimum mandatory dividend receivable related to 2019. Of the amounts recorded as receivables, the amount of R$1,295,427 was paid to the Company by the subsidiaries in 2019. The dividends received are comprised as follows: 2019 2018 2017 CPFL Brasil 197,474 2,859 166,695 CPFL Planalto - 5,304 1,471 CPFL Paulista 178,214 100,120 2,228 CPFL Piratininga 37,935 28,445 112,638 CPFL Santa Cruz - - 8,427 CPFL Leste Paulista - - 4,449 CPFL Santa Cruz - 45,770 - RGE - 23,525 24,672 RGE Sul (RGE) 409,670 - - CPFL Geração 423,553 298,511 779,533 CPFL Jaguari Geração 3,398 2,508 11,061 CPFL Atende 6,723 10,094 5,666 CPFL Infra 14,087 22,392 13,424 CPFL Total 10,270 22,361 17,810 CPFL Telecom 2,500 CPFL Eficiência - 2,300 - AUTHI 11,603 31,912 24,264 TOTAL 1,295,427 596,100 1,172,336 e. Other payables: The primary accounts payable that the parent company has registered as noncurrent liabilities are due to loans and financing guarantees for subsidiaries and profit sharing of the Executive Officers. |
(3) SUMMARY OF SIGNIFICANT AC_2
(3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies Policies Abstract | |
Cash and cash equivalents | 3.1 Cash and cash equivalents In the statements of cash flows, cash and cash equivalents include negative balances of overdraft accounts that are immediately payable and are an integral part of the Group’s cash management. Cash and cash equivalents comprise the balances of cash and financial investments with original maturities of three months or less from the contract date, which are subject to an insignificant risk of change in fair value at the settlement date and are used by the Group in the management of short-term obligations. The purpose of determining the components of the company's cash and cash equivalents is to maintain sufficient cash to ensure the continuity of investments and the fulfillment of short- and long-term obligations, maintaining the return on its capital structure at appropriate levels aimed at business continuity and increased value for shareholders and investors. |
Concession agreements | 3.2 Concession agreements Distribution companies The IFRIC 12 – Service Concession Arrangements establish general guidelines for the recognition and measurement of obligations and rights related to concession agreements and apply to situations in which the granting authority controls or regulates which services the concessionaire should provide with the infrastructure, to whom the services should be provided and at what price, and controls any significant residual interest in the infrastructure at the end of the concession period. When these criteria are met, the infrastructure of distribution concessionaires is segregated as contract assets at the time of construction, up to the completion of construction, in accordance with the IFRS requirements, so that, when operational, the following are reclassified in the financial statements from contract assets to (i) intangible asset corresponding to the right to operate the concession and collect from the users of public utilities, and (ii) financial asset corresponding to the unconditional contractual right to receive cash (indemnity) by transferring control of the assets at the end of the concession. The concession financial asset of distribution companies is measured based on its fair value, determined in accordance with the remuneration base for the concession assets, pursuant to the legislation in force established by the Brazilian Electricity Regulatory Agency (Agência Nacional de Energia Elétrica - ANEEL), and takes into consideration changes in the fair value, mainly based on factors such as new replacement value, and adjustment for Extended Comprehensive Consumer Price Index (“IPCA”) for the distribution subsidiaries. The financial asset of distribution companies is classified as fair value through profit or loss, with the corresponding fair value changes entry in the Net Operating Revenue in the statement of profit or loss for the year (notes 4 and 25). The remaining amount is recognized as intangible asset and relates to the right to charge consumers for electric energy distribution services, and is amortized in accordance with the consumption pattern that reflects the estimated economic benefit to the end of the concession. Considering that (i) the tariff model that does not provide for a profit margin for the infrastructure construction services from distribution, (ii) the way in which the subsidiaries manage the constructions by using a high level of outsourcing, and (iii) the fact that there is no provision for profit margin on construction in the Group‘s business plans, Management is of the opinion that the margins on this operation are irrelevant, and therefore no mark-up to the cost is considered in revenue. The construction revenue and costs are therefore presented in the statement of profit or loss for the year in the same amounts. Transmission companies: The Group’s transmission companies are responsible for constructing and operating the transmission infrastructure in order to carry the energy from the generation centers to the distribution points, according to their concession arrangements. The energy transmission company has the obligation to maintain its transmission infrastructure available to its users to guarantee the receipt of the Permitted Annual Revenue (RAP) during the concession agreement term. Potential unamortized investments generate the right to indemnity at the end of the concession arrangement. The transmission infrastructure is classified as a contract asset. The right to consideration for goods and services is subject to the satisfaction of performance obligations and not only to the passage of time. |
Financial instruments | 3.3 Financial instruments Policy applicable from January 1, 2018 - Financial assets Financial assets are recognized initially on the date that they are originated or on the trade date at which the Company or its subsidiaries become parties to the contractual provisions of the instrument. Derecognition of a financial asset occurs when the contractual rights to the cash flows from the asset expire or when the risks and rewards of ownership of the financial asset are transferred. Subsequent measurement and gains and losses: Policy applicable from January 1, 2018 Financial assets measured at fair value through profit or loss (FVTPL) These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt instruments at fair value through other comprehensive income (FVOCI) These assets are subsequently measured at fair value. Net gains and losses are recognized in other comprehensive income, except for interest income calculated using the effective interest method, foreign exchange gains and losses and impairment, which are recognized in profit or loss. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. The Group has no financial assets of this classification. Equity instrument at fair value through other comprehensive income. These assets are subsequently measured at fair value. All gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss, except dividends which are recognized as income in profit or loss (unless the dividend clearly represents a recovery of part of the cost of the investment). The Group has no financial assets of this classification. Subsequent measurement and gain and loss: Policy applicable before January 1, 2018 Financial assets measured at fair value through profit or loss (FVTPL) These assets are subsequently measured at fair value. Net gains or losses, including interest or dividend income, are recognized in profit or loss. Held-to maturity financial assets These assets are measured at amortized cost using the effective interest method. Loans and receivables These assets are measured at amortized cost using the effective interest method. Available-for-sale financial assets These assets are measured at fair value and changes therein, other than impairment losses, interest income and foreign currency differences on debt instruments, were recognized in Other Comprehensive Income and accumulated in the fair value reserve. When these assets were derecognized, the gain or loss accumulated in equity was reclassified to profit or loss. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Amortized Cost: A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: o it is held within a business model whose objective is to hold assets to collect contractual cash flows; and o its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Fair Value through Other Comprehensive Income (FVOCI): A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: o it is held within a business model whose objective is to hold assets to collect contractual cash flows, as the selling of financial assets; and o its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other Comprehensive Income. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 35). On initial recognition, the Group may irrevocably designate a non-derivative financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment: The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether: - management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; - how the performance of the portfolio is evaluated and reported to the Group’s management; - the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; - how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and - the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: o contingent events that would change the amount or timing of cash flows; o terms that may adjust the contractual coupon rate, including variable rate features; o prepayment and extension features; and o terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). For transactions involving the purchase and sale of energy conducted by the trading subsidiaries, the Group keeps an accounting policy defined in accordance to its business strategy with instruments measured at amortized cost, which refer to contracts already signed and still held with the purpose of receipt or delivery of energy according to the expected requirements by the Company related to purchase or sale. The transactions are generally long-term and are never settled by the net cash amount or another financial instrument and, even if some contract has a certain flexibility, the strategy of the Group’s portfolio is not changed for this reason. - Financial liabilities Financial liabilities are initially recognized on the date that they are originated or on the trade date at which the Company or its subsidiaries become a party to the contractual provisions of the instrument. The classification of financial liabilities are as follows: i. Measured at fair value through profit or loss: these are financial liabilities that are: (i) designated at fair value in order to match the effects of recognition of income and expenses to obtain more relevant and consistent accounting information, or (ii) derivatives. These liabilities are measured at fair value, which changes are recognized in profit or loss and any subsequent change in their fair value attributable to credit risk in liabilities is subsequently recognized in comprehensive income. ii. Measured at amortized cost: these are other financial liabilities not classified into the previous category. They are measured initially at fair value net of any cost attributable to the transaction and subsequently measured at amortized cost using the effective interest rate method. The Group recognizes financial guarantees when these are granted to non-controlled entities or when the financial guarantee is granted at a percentage higher than the Company's interest to cover commitments of joint ventures. Such financial guarantees are initially measured at fair value, by recognizing (i) a liability corresponding to the risk of non-payment of the debt, which is amortized against finance income simultaneously and in proportion to amortization of the debt, and (ii) an asset equivalent to the right to compensation by the guaranteed party or a prepaid expense under the guarantees, which is amortized by receipt of cash from other shareholders or at the effective interest rate over the term of the guarantee. After initial recognition, guarantees are measured periodically at the higher of the amount determined in accordance with IAS 37 and the amount initially recognized less accumulated amortization. Financial assets and liabilities are offset and presented at their net amount when, and only when, there is a legal right to offset the amounts and the intent to realize the asset and settle the liability simultaneously. The classifications of financial instruments (assets and liabilities) are described in note 35. - Issued Capital Common shares are classified as equity. Additional costs directly attributable to share issues and share options are recognized as a deduction from equity, net of any tax effects. |
Property, plant and equipment | 3.4 Property, plant and equipment Items of property, plant and equipment are measured at acquisition, construction or formation cost less accumulated depreciation and, if applicable, accumulated impairment losses. Cost also includes any other costs attributable to bringing the assets to the place and in a condition to operate as intended by Management, the cost of dismantling and restoring the site on which they are located and capitalized borrowing costs on qualifying assets. The replacement cost of items of property, plant and equipment is recognized if it is probable that it will involve economic benefits for the subsidiaries and if the cost can be reliably measured, and the value of the replaced item is written off. Maintenance costs are recognized in profit or loss as they are incurred. Depreciation is calculated on a straight-line basis, at annual rates of 2% to 20%, taking into consideration the estimated useful life of the assets, as instructed and defined by the granting authority. Gains and losses on disposal/ write-off of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the residual value of the asset, and are recognized net within other operating income/expenses. Assets and facilities used in the electric generation, transmission and distribution activities are tied to these services and may not be removed, donated, disposed of, assigned or pledged in mortgage without the prior and express authorization of ANEEL. ANEEL, through Resolution No. 20 of February 3, 1999, amended by Normative Resolution No. 691 of December 8, 2015, releases Public Electric Energy Utility concessionaires from prior authorization for release of assets of no use to the concession, but determines that the proceeds from the disposal be deposited in a restricted bank account for use in the acquisition of new assets related to electric energy services. |
Intangible assets and contract assets | 3.5 Intangible assets and contract assets Includes rights related to non-physical assets such as goodwill and concession exploration rights, software and rights-of-way. Goodwill that arises on the acquisition of subsidiaries is measured based on the difference between the fair value of the consideration transferred for acquisition of a business, adding the portion of noncontrolling interests, and the net fair value of the assets and liabilities of the subsidiary acquired. Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill and other intangible assets with indefinite useful lives, if any, are not subject to amortization and are tested annually for impairment. A bargain purchase is recognized as a gain in the statement of profit or loss in the year of the business acquisition. Intangible assets corresponding to the right to operate concessions may have three origins, as follows: i. Acquisitions through business combinations: the portion arising from business combinations that corresponds to the right to operate the concession amortized over the remaining period of the concessions, on a straight-line basis; ii. Investments in infrastructure in service (application of IFRIC 12 - Concession Agreements): under the electric energy distribution concession agreements with the subsidiaries, the recognized intangible asset corresponds to the concessionaires' right to charge the consumers for use of the concession infrastructure. Since the exploration term is defined in the agreement, intangible assets with defined useful lives are amortized over the concession period in proportion to a curve that reflects the consumption pattern in relation to the economic benefits. For further information see note 3.2. Items comprised in the infrastructure are directly tied to the Group’s electric energy distribution operation and shall comply with the same regulatory rules described in item 3.4. iii. Use of Public Asset: upon certain generation concessions were granted with the condition of payments to the federal government for Use of Public Asset. The Company records this obligation at present value, on the signing date, and the corresponding intangible assets. This intangible assets balance, comprising the interests capitalized until the operation date, is being amortized on a straight-line basis over the period of each concession. From January 1, 2018, the concession infrastructure assets of the distribution companies were classified as contract assets during the construction or improvement period in accordance with the criteria of IFRS 15. |
Impairment | 3.6 Impairment Policy applicable from January 1, 2018 - Financial assets The Groups assesses evidence of impairment for certain receivables at both an individual and a collective level. Receivables that are not individually significant are collectively assessed for impairment. Collective assessment is carried out by grouping together assets with similar risk characteristics. The Group recognizes loss allowances for ECLs on: (i) financial assets measured at amortized cost; (ii) debt investments measured at FVOCI, when applicable; and (iii) contract assets. The Group measures loss allowances, using the simplified recognition approach, at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information. The Group considers a financial asset to be in default when the borrower has not complied with its contractual payment obligations and is unlikely to pay its obligations. The Group uses an allowance matrix based on its historical default rates observed along the expected lifetime of the trade receivables to estimate the expected credit losses for the lifetime of the asset where the history of losses is adjusted to consider the effects of the current conditions and its forecasts of future conditions that did not affect the period in which the historical data were based. The methodology developed by the Group resulted in a percentage of expected loss for bills of consumers, concessionaires and licensees that is in compliance with IFRS 9 described as expected credit losses, comprising in a single percentage the probability of loss weighted by the expected loss and possible results, that is, comprising the Probability of Default (“PD”), Exposure At Default (“EAD”) and Loss Given Default (“LGD”). At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI, when applicable, are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: o significant financial difficulty of the borrower or issuer; o a breach of contractual clauses; o the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; o it is probable that the borrower will enter bankruptcy or other financial reorganization; or o the disappearance of an active market for a security because of financial difficulties. Impairment losses related to consumers, concessionaires and licensees recognized in financial assets and other receivables, including contract assets, are recognized in profit or loss. - Non-financial assets Non-financial assets that have indefinite useful lives, such as goodwill, are tested annually for impairment to assess whether the asset's carrying amount does not exceed its recoverable amount. Other assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may be impaired. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount, which is the greater of (i) its fair value less costs to sell and (ii) its value in use. The assets ( e.g. |
Provisions | 3.7 Provisions A provision is recognized if, as a result of a past event, there is a legal or constructive obligation that can be estimated reliably, and it is probable (more likely than not) that an outflow of economic benefits will be required to settle the obligation. When applicable, provisions are determined by discounting the expected future cash outflows at a rate that reflects current market assessment and the risks specific to the liability. |
Employee benefits | 3.8 Employee benefits Certain subsidiaries have post-employment benefits and pension plans and are regarded as Sponsors of these plans. Although the plans have particularities, they have the following characteristics: i. Defined contribution plan: a post-employment benefit plan under which the Sponsor pays fixed contributions into a separate entity and will have no liability for the actuarial deficits of the plan. The obligations are recognized as an expense in the statement of profit or loss in the periods during which the services are rendered. ii. Defined benefit plan: The net obligation is calculated as the difference between the present value of the actuarial obligation based on assumptions, biometric studies and interest rates in line with market rates, and the fair value of the plan assets as of the reporting date. The actuarial liability is calculated annually by independent actuaries, under the responsibility of Management, using the projected unit credit method. Actuarial gains and losses are recognized in other comprehensive income when they occur. Net Interest (income or expense) is calculated by applying the discount rate at the beginning of the period to the net amount of the defined benefit asset or liability. When applicable, the cost of past services is recognized immediately in profit or loss. If the plan records a surplus and it becomes necessary to recognize an asset, the recognition is limited to the present value of future economic benefits available in the form of reimbursements or future reductions in contributions to the plan. |
Dividends and Interest on capital | 3.9 Dividends and Interest on capital Under Brazilian law, the Company is required to distribute a mandatory minimum annual dividend of 25% of profit adjusted in accordance with the Company´s bylaws. A provision may only be made for the minimum mandatory dividend, and dividends declared but not yet approved are only recognized as a liability in the financial statements after approval by the competent body. According to Law 6,404/76, they will therefore be held in equity, in the “additional dividend proposed” account, as they do not meet the present obligation criteria at the reporting date. On May 21, 2019, the Company's Board of Directors approved a Dividend Policy that establishes the Company’s annual dividend distribution of at least 50% of the adjusted profit in accordance with Law 6,404/76. This policy establishes factors that will influence the distribution amounts, such as the Company's financial condition, future prospects, macroeconomic conditions, tariff reviews and adjustments, regulatory changes and the Company's growth strategy. It also highlights that certain obligations specified in financial contracts may limit the amount to be distributed. The approved policy is merely indicative in order to signal to the market the treatment the Company intends to give to the dividend distribution and, therefore, it has a programmatic nature and is not binding on the Company or its managing bodies. As established in the Company's bylaws and in accordance with current corporate law, the Board of Directors is responsible for declaring an interim dividend and interest on capital determined in a half-yearly statement of income. An interim dividend and interest on capital declared at the base date of June 30 is only recognized as a liability in the Company's financial statement after the date of the Board of Directors' decision. Interest on capital is treated in the same way as dividends and is also stated in changes in equity. The withholding income tax on interest on capital is always recognized as a charge to equity with a balancing item in liabilities upon the proposal for its payment, even if not yet approved, since it meets the criterion of obligation at the time of Management’s proposal. |
Revenue recognition | 3.10 Revenue recognition The operating revenue in the normal course of the subsidiaries’ activities is measured at the consideration received or receivable. The operating revenue is recognized when it represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. IFRS 15 establishes a revenue recognition model that considers five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Thus, revenue is recognized only when (or if) the performance obligation is satisfied, that is, when the “control” of the goods or services of a certain transaction is actually transferred to the customer. The revenue from electric energy distribution is recognized when the energy is supplied. The energy distribution subsidiaries perform the reading of the consumption of their customers based on a reading routine (calendar and reading route) and invoice monthly the consumption of MWh based on the reading performed for each consumer. As a result, part of the energy distributed during the month is not billed at the end of the month and, consequently, an estimate is developed by Management and recorded as “Unbilled”. This unbilled revenue estimate is calculated using as a base the total volume of energy of each distributor made available in the month and the annualized rate of technical and commercial losses. The revenue from energy generation sales is recognized based on the assured energy and at tariffs specified in the terms of the supply contracts or the current market price, as appropriate. The revenue from energy trading is recognized based on bilateral contracts with market agents and properly registered with the Electric Energy Trading Chamber – CCEE. The revenue from services provided is recognized when the service is provided, under a service agreement between the parties. The revenue from construction contracts is recognized based on the reach of the performance obligation over time, considering the fulfillment of one of the following criteria: (a) the customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs; (b) the entity’s performance creates or enhances an asset (for example, work in progress) that the customer controls as the asset is created or enhanced; (c) the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. The provision of infrastructure construction services is recognized in accordance with IFRS 15, against a contract asset. The revenues of the transmission companies, recognized as operating revenue, are: · Construction revenue: Refers to the services of construction of electric energy transmission facilities. These are recognized according to the percentage of completion of the construction works. · Financing component: Refers to the interest recognized under the accrual basis on the amount receivable from the construction revenue. · Revenue from operation and maintenance: Refers to the services of operation and maintenance of electric energy transmission facilities aimed at non-interruption of availability of these facilities, recognized based on incurred costs. No single consumer accounts for 10% or more of the Group’s total revenue. |
Income tax and social contribution | 3.11 Income tax and social contribution Income tax and social contribution expenses are calculated and recognized in accordance with the legislation in force and comprise current and deferred taxes. Income tax and social contribution are recognized in the statement of profit or loss except to the extent that they relate to items recognized directly in equity or other comprehensive income, when the net amounts of these tax effects are already recognized, and those arising from the initial recognition in business combinations. Current taxes are the expected taxes payable or receivable/recoverable on the taxable profit or loss, which reflects the uncentanties related to the calculation, if any. Deferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the equivalent amounts used for tax purposes and for tax loss carryforwards and reflects the uncertainty related to the income tax, if any. The Company and certain subsidiaries recognize in their financial statements the effects of tax loss carryforwards and deductible temporary differences, based on projections of future taxable profits, approved annually by the Boards of Directors and examined by the Fiscal Council. The subsidiaries also recognized tax credits relating to the tax benefits created by the corporate restructuring, which are amortized on a straight line basis for the remaining period of each concession agreement. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity. Deferred income tax and social contribution assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related taxes benefit will be realized. |
Earnings per share | 3.12 Earnings per share Basic earnings per share are calculated by dividing the profit or loss for the year attributable to the Group’s controlling shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit or loss for the year attributable to the controlling shareholders, adjusted by the effects of instruments that potentially would have impacted the profit or loss for the year by the weighted average of the number of shares outstanding, adjusted by the effects of all dilutive potential convertible notes for the reporting periods, in accordance with IAS 33. |
Government grants - CDE (Energy Development Account) | 3.13 Government grants – CDE (Energy Development Account) Government grants are only recognized when it is reasonably certain that these amounts will be received by the Group. They are recognized in profit or loss for the periods in which the Group recognizes as income the discounts granted in relation to the low-income subsidy and other tariff discounts. The subsidies received through funds from the CDE (note 25) have the main purpose of offsetting discounts granted in order to provide immediate financial support to the distribution companies, in accordance with IAS 20. |
Sector financial asset and liability | 3.14 Sector financial asset and liability According to the tariff pricing mechanism applicable to distribution companies, the energy tariffs should be set at a price level (price cap) that ensures the economic and financial equilibrium of the concession, therefore, the concessionaires and licensees are authorized to charge their consumers (after review and ratification by ANEEL) for: (i) the annual tariff increase; and (ii) every four or five years, according to each concession agreement, the periodic review for purposes of reconciliation of part of Parcel B (controllable costs) and adjustment of Parcel A (non-controllable costs).s The distributors' revenue is mainly comprised of the sale of electric energy and for the delivery (transport) of the electric energy via the distribution infrastructure (network). The distribution concessionaires' revenue is affected by the volume of energy delivered and the tariff. The electric energy tariff is comprised of two parcels which reflect a breakdown of the revenue: · Parcel A (non-controllable costs): this parcel should be neutral in relation to the entity's performance, i.e. · Parcel B (controllable costs) – comprised of capital expenditure on investments in infrastructure, operational costs and maintenance and remuneration to the providers of capital. It is this parcel that actually affects the entity's performance, since it has no guarantee of tariff neutrality and thus involves an intrinsic business risk. This tariff pricing mechanism can cause temporary differences arising from the difference between the expected costs (Parcel A and other financial components) included in the tariff at the beginning of the tariff period and those actually incurred while it is in effect. This difference constitutes a right of the concessionaire to receive cash when the expected costs included in the tariff are lower than those actually incurred, or an obligation to pay if the expected costs are higher than those actually incurred. |
Business combination | 3.15 Business combination Business combinations are accounted for by applying the acquisition method. The consideration transferred in a business combination is measured at fair value, calculated as the sum of the fair values of the assets transferred by the acquirer, the liabilities incurred and the equity interests issued by the Company and subsidiaries in exchange for control of the acquiree. Costs related to the acquisition are recognized in profit or loss, when incurred. At the acquisition date, assets and liabilities are recognized at fair value, except for: (i) deferred taxes, (ii) employee benefits and (iii) share-based payments. The noncontrolling interests are initially measured either at fair value or at the noncontrolling interests’ proportionate share of the acquiree’s identifiable net assets. The measurement method is chosen on a transaction-by-transaction basis. The excess of the consideration transferred, added to the portion of noncontrolling interests, over the fair value of the identifiable assets (including the concession intangible asset) and net liabilities assumed at the acquisition date are recognized as goodwill. In the event that the fair value of the identifiable assets and net liabilities assumed exceeds the consideration transferred, a bargain purchase is identified and the gain is recognized in the statement of profit or loss at the acquisition date. |
Basis of consolidation | 3.16 Basis of consolidation (i) Business combinations The Company measures goodwill as the fair value of the consideration transferred including the recognized amount of any noncontrolling interest in the acquiree, less the recognized fair value of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. (ii) Subsidiaries and joint ventures The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Joint ventures are accounted for using the equity method of accounting from the moment joint control is established. The accounting policies of subsidiaries and joint ventures taken into consideration for purposes of consolidation and/or equity method of accounting, as applicable, are aligned with the Group's accounting policies. The consolidated financial statements include the balances and transactions of the Company and its subsidiaries. The balances and transactions of assets, liabilities, income and expenses have been fully consolidated for the subsidiaries. Intragroup balances and transactions, and any income and expenses derived from these transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. In the case of subsidiaries, the portion related to noncontrolling interests is stated in equity and in the statements of profit or loss and comprehensive income in each period presented. The balances of joint ventures, as well as the Company’s interest in each of them are described in note 13.2. (iii) Acquisition of noncontrolling interests Accounted for as transaction among shareholders. Consequently, no asset or goodwill is recognized as a result of such transaction. |
New standards and interpretations issued and effective | 3.17 New standards and interpretations issued and effective A number of IASB standards were issued or revised and are mandatory for accounting periods beginning on January 1, 2019: a) IFRS 16 Leasing Issued on January 13, 2016, establishes, in the lessee’s view, a new form for accounting for leases currently classified as operating leases, which are now recognized similarly to leases classified as finance leases. As regards the lessors, it virtually retains the requirements of IAS 17, including only some additional disclosure aspects. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019. IFRS 16 introduces a single model of accounting for leases in the statement of financial position for lessees, eliminating the prior classification between finance and operating leases. The lessee shall recognize an asset relating to the right to use the leased asset and a lease liability that represents the obligation to make lease payments. Exemptions are available for short-term leases (contracts with a maximum term of 12 months) and low-value items (fair value of the identified leased asset is less than US$ 5,000). The standard defines that a contract is or contains a lease if it conveys the right to control the use of the identified asset over a period of time in exchange for a certain consideration. The Company and its subsidiaries assessed the standard, mainly for the land lease agreements of the wind farms of CPFL Renováveis’ indirect subsidiaries, as they involve material amounts and are long-term. As most of these agreements involve variable considerable payable to lessor based on the energy generated by each wind farm, IFRS 16 does not allow the recognition of the lease liability and, consequently, of the right of use relating to these agreements. For other agreements in which lessor is entitled to receive fixed consideration, the Group assessed the standard and concluded that there was no material impact on its adoption. For other agreements in which the Company and/or its subsidiaries act as lessees, as a result of the initial application of IFRS 16, with respect to leases that were previously classified as operating, the amounts resulting from the right-of-use asset and from the lease liability were considered immaterial and were not recorded. b) IFRIC 23 – Uncertainty over Income Tax Treatments Issued in May 2017 in order to clarify the accounting for tax positions that may not be accepted by the tax authorities in regard to IRPJ and CSLL matters. In general lines, the main point of analysis of the interpretation refers to the probability of acceptance by the tax authorities of the tax treatment chosen by the Group. IFRIC 23 / ICPC 22 is effective for annual reporting periods beginning on or after January 1, 2019. The Group assessed the interpretation and the impact of adopting the standard was the reclassification of the balance of provision for tax risks related to income taxes to the line item Corporate income tax (Note 22). |
New standards and interpretations not yet effective and not early adopted | 3.18 New standards and interpretations not yet effective and not early adopted New standards and amendments to standards and IFRS interpretations were issued by the IASB and are not yet effective for the year ended December 31, 2019. The Group has not adopted these amendments in preparing these financial statements: Definition of a business (amendment to IFRS 3) Disclosure Initiative - Definition of Material (Amendments to IAS 1 and IAS 8): Based on a preliminary assessment, Management believes that application of these amendments will not have a material effect on the disclosures and amounts recognized in its consolidated financial statements. |
(1) OPERATIONS (Tables)
(1) OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operations [Abstract] | |
Schedule of direct and indirect interests of subsidiaries and joint ventures | The Company has direct and indirect interests in the following subsidiaries and joint ventures: Energy distribution Company type Equity interest Location (state) Number of municipalities Approximate number of consumers (in thousands) Concession period End of the concession Companhia Paulista de Força e Luz ("CPFL Paulista") Publicly-held corporation Direct Interior of 234 4,581 30 years November 2027 Companhia Piratininga de Força e Luz ("CPFL Piratininga") Publicly-held corporation Direct Interior and coast of São Paulo 27 1,789 30 years October 2028 RGE Sul Distribuidora de Energia S.A. ("RGE") (f) Publicly-held corporation Direct and Indirect Interior of 381 2,922 30 years November 2027 Companhia Jaguari de Energia ("CPFL Santa Cruz") Privately-held corporation Direct Interior of São Paulo, Paraná and Minas Gerais 45 466 30 years July 2045 Installed power (MW) Energy generation Company type Equity interest Location (state) Number of plants / type of energy Total CPFL share CPFL Geração de Energia S.A. ("CPFL Geração") Publicly-held corporation Direct 100% São Paulo and Goiás 3 Hydropower plants (a) 1,295 678 CERAN - Companhia Energética Rio das Antas ("CERAN") Privately-held corporation Indirect 65% Rio Grande do Sul 3 Hydropower plants 360 234 Foz do Chapecó Energia S.A. ("Foz do Chapecó") Privately-held corporation Indirect 51% (d) Santa Catarina and 1 Hydropower plant 855 436 Campos Novos Energia S.A. ("ENERCAN") Privately-held corporation Indirect 48.72% Santa Catarina 1 Hydropower plant 880 429 BAESA - Energética Barra Grande S.A. ("BAESA") Privately-held corporation Indirect 25.01% Santa Catarina and 1 Hydropower plant 690 173 Centrais Elétricas da Paraíba S.A. ("EPASA") Privately-held corporation Indirect 53.34% Paraíba 2 Thermal plants 342 182 Paulista Lajeado Energia S.A. ("Paulista Lajeado") Privately-held corporation Indirect 59.93% (b) Tocantins 1 Hydropower plant 903 38 CPFL Energias Renováveis S.A. ("CPFL Renováveis") Publicly-held corporation Direct and Indirect 99.94% (c) (c) (c) (c) CPFL Centrais Geradoras Ltda ("CPFL Centrais Geradoras") Limited liability company Direct 100% São Paulo and Minas Gerais 6 small hydropower plants 4 4 CPFL Transmissão de Energia Piracicaba Ltda. ("CPFL Piracicaba") Limited liability company (h) Indirect 100% São Paulo n/a n/a n/a CPFL Transmissão de Energia Morro Agudo Ltda. ("CPFL Morro Agudo") Limited liability company (h) Indirect 100% São Paulo n/a n/a n/a CPFL Transmissão de Energia Maracanaú Ltda. ("CPFL Maracanaú") (e) Limited liability company (h) Indirect 100% Ceará n/a n/a n/a CPFL Transmissão de Energia Sul I Ltda. ("CPFL Sul I") (e) Limited liability company (h) Indirect 100% Santa Catarina n/a n/a n/a CPFL Transmissão de Energia Sul II Ltda. ("CPFL Sul II") (e) Limited liability company (h) Indirect 100% Rio Grande do Sul n/a n/a n/a Energy commercialization Company type Core activity Equity interest CPFL Comercialização Brasil S.A. ("CPFL Brasil") Privately-held corporation Energy commercialization Direct Clion Assessoria e Comercialização de Energia Elétrica Ltda. Limited liability company Commercialization and provision of energy services Indirect CPFL Comercialização de Energia Cone Sul Ltda. ("CPFL Cone Sul") Limited liability company (h) Energy commercialization and participation in the capital of other companies Indirect CPFL Planalto Ltda. ("CPFL Planalto") Limited liability company Energy commercialization Direct CPFL Brasil Varejista de Energia S.A. ("CPFL Brasil Varejista") Limited liability company (h) Energy commercialization Indirect Provision of services Company type Core activity Equity interest CPFL Serviços, Equipamentos, Industria e Comércio S.A. Privately-held corporation Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision Direct Nect Serviços Administrativos de Infraestrutura Ltda. ("CPFL Infra") (g) Limited liability company Provision of infrasctructure services Direct Nect Serviços Administrativos de Recursos Humanos Ltda. ("CPFL Pessoas") (g) Limited liability company Provision of human resources services Direct Nect Serviços Administrativos Financeiros Ltda. ("CPFL Finanças") (g) Limited liability company Provision of finance services Direct Nect Serviços Adm de Suprimentos Ltda. ("CPFL Supre") (g) Limited liability company Provision of supply and logistics services Direct CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") Limited liability company Provision of call center services Direct CPFL Total Serviços Administrativos Ltda. ("CPFL Total") Limited liability company Collection services Direct CPFL Eficiência Energética S.A ("CPFL Eficiência") Limited liability company (h) Energy efficiency management Direct TI Nect Serviços de Informática Ltda. ("Authi") Limited liability company Provision of IT services Direct CPFL Geração Distribuída de Energia Ltda. ("CPFL GD") Limited liability company (h) Provision of maintenance services for energy generation companies Indirect Others Company type Core activity Equity interest CPFL Jaguari de Geração de Energia Ltda ("Jaguari Geração") Limited liability company Holding company Direct Chapecoense Geração S.A. ("Chapecoense") Privately-held corporation Holding company Indirect Sul Geradora Participações S.A. ("Sul Geradora") Privately-held corporation Holding company Indirect CPFL Telecom S.A ("CPFL Telecom") Limited liability company (h) Telecommunication services Direct a) CPFL Geração has 51.54% of assured energy and power of the Serra da Mesa hydropower plant, whose concession is controlled by Furnas. b) Paulista Lajeado has a 7% share in the installed power of Investco S.A. (5.94% interest in total capital). c) CPFL Renováveis has operations in the states of São Paulo, Minas Gerais, Mato Grosso, Santa Catarina, Ceará, Rio Grande do Norte, Paraná and Rio Grande do Sul and its main activities are: (i) holding investments in companies of the renewable energy segment; (ii) identification, development, and exploration of generation potentials; and (iii) sale of electric energy. At December 31, 2019, CPFL Renováveis had a portfolio of 107 projects with installed capacity of 2,446.3 MW (2,132.7 MW in operation), as follows: . Hydropower generation: 41 SHP’s (481.1 MW) with 40 SHPs (small hydroelectric power plants) in operation (453.1 MW) and 1 SHPs under development (28 MW); . Wind power generation: 57 projects (1,594.1 MW) with 45 projects in operation (1,308.5 MW) and 12 projects under construction/development (285.6 MW); . Biomass power generation: 8 plants in operation (370 MW); . Solar power generation: 1 solar plant in operation (1.1 MW). d) The joint venture Chapecoense has as its direct subsidiary Foz do Chapecó and fully consolidates its financial statements. e) Created in March 2019, whose objective is the exploration of electric power transmission concessions, including the construction, operation and maintenance of basic network transmission facilities. f) As described in note 13.5 of the December 2018 Financial Statements, the merger of RGE with RGE Sul was approved by ANEEL. Since January 1, 2019, the operations of these subsidiaries have been carried out only by RGE Sul, which adopted the trade name “RGE”. g) On September 30, 2019, the partial spin-off of Nect Serviços Administrativos de Infraestrutura Ltda. - “CPFL Infra” (formerly Nect Serviços Administrativos Ltda.) into four specific business segments (Supplies, Human Resources, Financial Services and Infrastructure) was approved, together with the merger of the spun-off portion into the three new companies; namely, CPFL Supre, CPFL Finanças and CPFL Pessoas. The purpose of the transaction is to optimize the operating and administrative structure of the companies. The net assets in this transaction were appraised at R$16,746 and did not have any effect on the consolidated financial statements of the group or result in any change in the equity interest of the companies. h) Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. |
(2) PRESENTATION OF THE CONSO_2
(2) PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation Of Consolidated Financial Statements [Abstract] | |
Schedule of impacts of reclassifications performed on comparative information of the financial statements | The following table summarizes the impacts on financial statements: 2018 2017 Originally disclosed Reclassification for presentation purposes New presentation Originally disclosed Reclassification for presentation purposes New presentation Net operating revenue 28,136,627 - 28,136,627 26,744,905 - 26,744,905 Cost of electric energy services Cost of electric energy (17,838,165) - (17,838,165) (16,901,518) - (16,901,518) Cost of operation (2,733,754) - (2,733,754) (2,771,145) - (2,771,145) Depreciation and amortization - (1,237,627) (1,237,627) - (1,143,795) (1,143,795) Other operating costs - (1,496,127) (1,496,127) - (1,627,350) (1,627,350) Cost of services rendered to third parties (1,775,339) - (1,775,339) (2,074,611) (2,074,611) Gross profit 5,789,369 - 5,789,369 4,997,631 - 4,997,631 Operating expenses Sales expenses (608,184) - (608,184) (590,232) - (590,232) Depreciation and amortization - (4,260) (4,260) - (5,403) (5,403) Allowance for doubtful accounts (169,259) - (169,259) (155,097) - (155,097) Other sales expenses (438,925) 4,260 (434,665) (435,135) 5,403 (429,732) General and administrative expenses (987,291) - (987,291) (947,072) - (947,072) Depreciation and amortization - (65,319) (65,319) - (93,639) (93,639) Other general and administrative expenses - (921,972) (921,972) - (853,433) (853,433) Other operating expenses (485,427) - (485,427) (438,494) - (438,494) Amortization of concession intangible assets - (286,858) (286,858) - (286,215) (286,215) Other operating expenses - (198,569) (198,569) - (152,279) (152,279) Income from electric energy services 3,708,467 - 3,708,467 3,021,833 - 3,021,833 Equity interests in subsidiaries, associates and joint ventures 334,198 - 334,198 312,390 - 312,390 Finance income (expenses) Finance income 762,413 - 762,413 880,314 - 880,314 Finance expenses (1,865,100) - (1,865,100) (2,367,868) - (2,367,868) (1,102,687) - (1,102,687) (1,487,554) - (1,487,554) Profit before taxes 2,939,977 - 2,939,977 1,846,669 - 1,846,669 Social contribution (213,673) - (213,673) (168,728) - (168,728) Income tax (560,310) - (560,310) (434,901) - (434,901) (773,982) - (773,982) (603,629) (603,629) Profit for the year 2,165,995 2,165,995 1,243,040 1,243,040 Profit attributable to the owners of the Company 2,058,040 2,058,040 1,179,750 1,179,750 Profit attributable to noncontrolling interests 107,955 107,955 63,292 63,292 Basic earnings per share attributable to owners of the Company (R$): 2.02 2.02 1.16 1.16 Diluted earnings per share attributable to owners of the Company (R$): 2.01 2.01 1.16 1.16 |
(5) CASH AND CASH EQUIVALENTS (
(5) CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents components | Dec 31, 2019 Dec 31, 2018 Bank balances 450,622 422,968 Short-term financial investments 1,486,541 1,468,489 Overnight investment (a) - 66 Bank certificates of deposit (b) 1,279,740 639,601 Investment funds (c) 206,801 828,822 Total 1,937,163 1,891,457 (a) Current account balances, which earn daily interest by investment in repurchase agreements secured on Bank Certificate Deposit (CDB) and interest of 15% of the variation in the Interbank Certificate of Deposit (CDI). (b) Short-term investments in (i) Bank Certificates of Deposit (CDB) R$ 994,521 in December 31, 2019 and R$ 462,551 in December 31, 2018, (ii) secured debentures R$ 284,863 and R$ 177,050 in December 31, 2018 and (iii) leasing notes (R$356), with major financial institutions that operate in the Brazilian financial market, with daily liquidity, short term maturity, low credit risk and interest equivalent, on average, to 94.13% of the CDI. (c) Investments funds, with high liquidity and interest equivalent, on average, to 92.26% of the CDI, subject to floating rates tied to the CDI linked to federal government bonds, CDBs, financial bills and secured debentures of major financial institutions, with low credit risk and short term maturity. |
(6) SECURITIES (Tables)
(6) SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Securities [Abstract] | |
Schedule of securities | Securities Dec 31, 2019 Investment funds (a) 449,786 Direct application (b) 401,218 Total 851,004 (a) This refers to amounts invested in government securities, Financial Bills ("LF") and Financial Treasury Bills ("LFT"), through investment fund quotas, yielding on average 99.87% of the CDI, with maturity date as from September 2020. (b) This refers to amounts invested in government securities and LFT, yielding on average 100% of the CDI, with maturity date in September 2020. |
(7) CONSUMERS, CONCESSIONAIRE_2
(7) CONSUMERS, CONCESSIONAIRES AND LICENSEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Consumers Concessionaires And Licensees [Abstract] | |
Schedule of consumers, concessionaires and licensees | The balance derives mainly from the supply of electric energy. The following table shows the breakdown at December 31, 2019 and 2018: Amounts coming due Past due Total until 90 days > 90 days Dec 31, 2019 Dec 31, 2018 Current Consumer classes Residential 862,310 623,993 74,327 1,560,630 1,459,186 Industrial 338,849 77,400 87,829 504,078 480,184 Commercial 365,729 96,886 35,884 498,499 466,483 Rural 110,692 27,253 11,919 149,864 123,392 Public administration 87,233 28,149 4,007 119,389 99,051 Public lighting 66,735 6,890 5,747 79,373 77,868 Public utilities 99,803 19,536 5,317 124,655 121,840 Billed 1,931,351 880,107 225,030 3,036,488 2,828,004 Unbilled 1,230,883 - - 1,230,883 1,158,106 Financing of consumers' debts 172,992 37,469 36,970 247,431 224,903 CCEE transactions 319,728 2,313 28,313 350,354 175,176 Concessionaires and licensees 387,444 3,838 12,346 403,628 428,361 Others 50,191 - - 50,191 34,002 4,092,589 923,727 302,659 5,318,975 4,848,552 Allowance for doubtful accounts (333,396) (300,601) Total 4,985,578 4,547,951 Noncurrent Financing of consumers' debts 179,045 - - 179,045 196,635 Free Energy 6,739 - - 6,739 6,360 CCEE transactions 221,382 305,901 - 527,284 549,800 Total 407,166 305,901 - 713,068 752,795 |
Schedule of movements in allowance for doubtful accounts | Movements in the allowance for doubtful accounts are shown below: Consumers, concessionaires and licensees Other Total As of December 31, 2016 (261,525) (27,992) (289,517) Allowance - reversal (recognition) (263,668) (1,439) (265,107) Recovery of revenue 110,008 - 110,008 Write-off of accrued receivables 148,309 52 148,361 As of December 31, 2017 (266,876) (29,379) (296,255) Allowance - reversal (recognition) (277,802) 1,419 (276,383) Recovery of revenue 107,122 - 107,122 Effects on first adoption of IFRS 9 (72,687) (738) (73,426) Write-off of accrued receivables 209,641 - 209,641 As of December 31, 2018 (300,601) (28,698) (329,299) Allowance - reversal (recognition) (433,224) (320) (433,543) Recovery of revenue 200,046 73 200,119 Write-off of accrued receivables 200,382 (73) 200,309 As of December 31, 2019 (333,396) (29,019) (362,415) |
(8) TAXES RECOVERABLE (Tables)
(8) TAXES RECOVERABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxes Recoverable [Abstract] | |
Schedule of taxes recoverable | Dec 31, 2019 Dec 31, 2018 Current Prepayments of social contribution - CSLL 5,088 12,373 Prepayments of income tax - IRPJ 12,522 36,972 Income tax and social contribution to be offset 70,088 74,395 Income tax and social contribution recoverable 87,698 123,739 Withholding income tax - IRRF on interest on capital 40,432 8,163 Withholding income tax - IRRF 80,499 92,210 State VAT - ICMS to be offset 144,415 125,669 Social Integration Program - PIS 10,958 9,970 Contribution for Social Security Funding - COFINS 51,084 46,741 Others 4,039 4,764 Other taxes recoverable 331,428 287,517 Total current 419,126 411,256 Noncurrent Social contribution to be offset - CSLL 65,589 62,458 Income tax to be offset - IRPJ 35,939 5,508 Income tax and social contribution recoverable 101,528 67,966 State VAT - ICMS to be offset 191,523 174,596 Social Integration Program - PIS 30,987 1,060 Contribution for Social Security Funding - COFINS 142,779 4,885 Others 5,306 5,185 Other taxes recoverable 370,595 185,725 Total noncurrent 472,123 253,691 |
(9) SECTOR FINANCIAL ASSETS A_2
(9) SECTOR FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Sector Financial Assets And Liabilities [Abstract] | |
Schedule of sector financial assets and liabilities | The breakdown and changes for the year in the balances of Sector financial asset and liability is as follows: As of December 31, 2018 Operating revenue (note 27) Finance results (note 30) As of December 31, 2019 Deferred Approved Total Constitution Realization Monetary adjustment Deferred Approved Total Parcel "A" 1,306,751 592,281 1,899,031 753,571 (1,367,194) 103,815 891,247 497,977 1,389,225 CVA (*) CDE (**) 208,156 (7,275) 200,881 50,609 (149,085) 16,954 1,277 118,083 119,360 Electric energy cost 586,027 634,599 1,220,626 130,313 (925,376) 49,173 294,291 180,446 474,737 ESS and EER (***) (562,800) (450,230) (1,013,030) (441,381) 857,459 (45,704) (341,381) (301,275) (642,656) Proinfa 246 3,129 3,375 43,537 (24,907) 2,236 881 23,361 24,242 Basic network charges 36,256 23,526 59,782 180,488 (55,344) 3,728 180,686 7,967 188,654 Pass-through from Itaipu 1,141,254 465,184 1,606,438 902,954 (1,200,945) 82,886 848,587 542,747 1,391,334 Transmission from Itaipu 31,784 12,439 44,222 37,098 (35,857) 2,575 29,275 18,763 48,038 Neutrality of industry charges (40,763) (8,370) (49,133) (42,280) 67,696 (971) 9,636 (34,324) (24,688) Overcontracting (93,409) (80,721) (174,130) (107,768) 99,164 (7,062) (132,005) (57,791) (189,796) Other financial components (275,550) (115,325) (390,875) (86,443) 97,605 (15,737) (285,566) (109,885) (395,451) Total 1,031,201 476,956 1,508,156 667,128 (1,269,589) 88,079 605,681 388,092 993,775 Current assets 1,330,981 1,093,588 Noncurrent assets 223,880 2,748 Noncurrent liabilities (46,703) (102,561) As of December 31, 2017 Operating revenue Finance income /expense Receipt As of December 31, 2018 Deferred Approved Total Constitution Realization Monetary adjustment Tariff flag Deferred Approved Total Parcel "A" 924,943 (235,916) 689,026 1,416,031 656 90,658 (297,340) 1,306,751 592,281 1,899,031 CVA (*) CDE (**) (235,901) (263,520) (499,422) 352,202 358,731 (10,630) - 208,156 (7,275) 200,881 Electric energy cost 1,625,759 (18,280) 1,607,479 416,476 (599,527) 93,538 (297,340) 586,027 634,599 1,220,626 ESS and EER (***) (974,091) (167,048) (1,141,139) (686,829) 878,350 (63,412) - (562,800) (450,230) (1,013,030) Proinfa (610) (17,961) (18,572) 8,456 13,411 80 - 246 3,129 3,375 Basic network charges (20,163) 23,387 3,224 69,335 (16,318) 3,540 - 36,256 23,526 59,782 Pass-through from Itaipu 959,518 125,860 1,085,378 1,222,806 (781,341) 79,596 - 1,141,254 465,184 1,606,438 Transmission from Itaipu 7,802 7,806 15,608 38,876 (11,909) 1,648 - 31,784 12,439 44,222 Neutrality of industry charges 32,566 112,084 144,651 (81,435) (110,305) (2,044) - (40,763) (8,370) (49,133) Overcontracting (469,937) (38,244) (508,181) 76,143 269,565 (11,657) - (93,409) (80,721) (174,130) Other financial components (193,496) 21,812 (171,685) (327,883) 119,112 (10,419) - (275,550) (115,325) (390,875) Total 731,447 (214,104) 517,341 1,088,148 119,768 80,240 (297,340) 1,031,201 476,956 1,508,156 Current assets 210,834 1,330,981 Noncurrent assets 355,003 223,880 Current liabilities (40,111) - Noncurrent liabilities (8,385) (46,703) (*) Deferred tariff costs and gains variations from Parcel “A” items |
(10) DEFERRED TAX ASSETS AND _2
(10) DEFERRED TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred tax assets and liabilities [abstract] | |
Schedule of deferred tax assets and liabilities | 10.1 Breakdown of tax assets and liabilities Dec 31, 2019 Dec 31, 2018 Social contribution credit (debit) Tax losses carryforwards 124,852 137,577 Tax benefit of merged intangible 89,511 97,288 Temporarily nondeductible/taxable differences (218,616) (292,257) Subtotal (4,254) (57,392) Income tax credit (debit) Tax losses carryforwards 345,462 382,359 Tax benefit of merged goodwill 288,754 315,189 Temporarily nondeductible/taxable differences (602,934) (809,917) Subtotal 31,282 (112,369) PIS and COFINS credit (debit) Temporarily nondeductible/taxable differences (10,380) (10,086) Total 16,647 (179,847) Total tax credit 1,064,716 956,380 Total tax debit (1,048,069) (1,136,227) |
Schedule of tax benefit of merged intangible asset | The benefit is realized proportionally to the tax amortization of the merged intangible that gave rise to it, during the remaining concessions period, as shown in note 14. December 31, 2019 December 31, 2018 Social contribution Income tax Social contribution Income tax CPFL Paulista 36,620 101,723 41,246 114,572 CPFL Piratininga 9,145 31,385 10,180 34,938 RGE Sul (RGE) 43,746 144,878 45,863 153,618 CPFL Geração - 10,769 - 12,061 Total 89,511 288,754 97,288 315,189 |
Schedule of accumulated balances of nondeductible temporary differences | 10.3 Accumulated balances of temporarily nondeductible/nontaxable differences December 31, 2019 December 31, 2018 Social contribution Income tax PIS/COFINS Social contribution Income tax PIS/COFINS Temporarily nondeductible differences Provision for tax, civil and labor risks 41,817 116,158 - 57,635 160,096 - Private pension fund 4,006 11,127 - 2,913 8,093 - Allowance for doubtful debts 33,288 92,466 - 30,316 84,211 - Free energy supply 9,632 26,756 - 9,166 25,462 - Research and development and energy efficiency programs 33,289 92,468 - 27,506 76,405 - Personnel-related provisions 6,225 17,293 - 5,208 14,467 - Depreciation rate difference 4,097 11,380 - 4,764 13,235 - Derivatives (46,344) (128,733) - (58,698) (163,051) - Recognition of concession - adjustment of intangible asset (IFRS) (5,352) (14,867) - (6,399) (17,775) - Recognition of concession - adjustment of financial asset (IFRS) (171,599) (476,664) - (148,561) (410,608) - Actuarial losses (IFRS) 25,567 71,020 - 26,001 72,223 - Fair value adjustment - Derivatives (8,670) (24,082) - 2,711 7,532 - Fair value adjustment - Debts 9,440 26,222 - (1,854) (5,147) - Others (28,477) (77,238) (10,380) (18,030) (50,236) (10,086) Temporarily nondeductible differences - accumulated comprehensive income: Property, plant and equipment - adjustment of deemed cost (IFRS) (45,568) (126,578) - (48,806) (135,572) - Actuarial losses (IFRS) 137,853 382,925 - 58,071 161,307 - Fair value adjustment - Derivatives (318) (883) - (89) (247) Fair value adjustment - Debts (6,638) (18,439) - (6,683) (18,567) Temporarily nondeductible differences - Business combination - CPFL Renováveis Deferred taxes - asset: Provision for tax, civil and labor risks 10,748 29,855 - 11,620 32,277 - Fair value of property, plant and equipment (negative value added of assets) 18,344 50,955 - 19,817 55,047 - Deferred taxes - liability: Value added derived from determination of deemed cost (19,177) (53,270) - (24,690) (68,584) - Intangible asset - exploration right/authorization in indirect subsidiaries acquired (216,651) (601,809) - (227,199) (631,106) - Other temporary differences (4,128) (8,995) - (6,976) (19,379) - Total (218,616) (602,934) (10,380) (292,257) (809,917) (10,086) |
Schedule of reconciliation of income tax and social contribution amounts recognized | 10.4 Reconciliation of the income tax and social contribution amounts recognized in the statements of income for the years ended December 31, 2019, 2018 and 2017 2019 2018 2017 Social contribution Income tax Social contribution Income tax Social contribution Income tax Profit before taxes 3,986,293 3,986,293 2,939,977 2,939,977 1,846,670 1,846,670 Reconciliation to reflect effective rate: Equity interest in associates and joint ventures (349,090) (349,090) (334,198) (334,198) (312,390) (312,390) Amortization of intangible asset acquired 48,649 62,756 48,649 62,756 48,649 62,756 Effect of presumed profit regime (383,968) (444,168) (242,700) (289,923) (352,101) (430,296) Adjustment of revenue from excess demand and excess reactive power 162,438 162,438 153,302 153,302 134,778 134,778 Tax incentive - operating profit - - - (52,336) - (71,340) Other permanent additions (exclusions), net 103,889 50,343 101,581 87,162 74,015 82,631 Tax base 3,568,211 3,468,572 2,666,611 2,566,740 1,439,621 1,312,809 Statutory rate 9% 25% 9% 25% 9% 25% Tax credit (debit) (321,139) (867,143) (239,995) (641,685) (129,566) (328,202) Recognized (unrecognized) tax credit, net (12,903) (29,148) 26,323 81,375 (39,162) (106,699) Provision for tax risks (2,570) (5,097) - - - - Total (336,610) (901,386) (213,673) (560,310) (168,728) (434,901) Current (303,332) (804,994) (227,464) (578,381) (153,543) (387,076) Deferred (33,279) (96,392) 13,791 18,071 (15,185) (47,825) |
Schedule of income tax and social contribution amounts recognized in equity | The deferred income tax and social contribution recognized directly in equity (other comprehensive income) in 2019, 2018 and 2017 were as follows: 2019 2018 2017 Social Contribution Income tax Social Contribution Income tax Social Contribution Income tax Actuarial losses (gains) 1,122,747 1,122,747 313,243 313,243 (166,857) (166,857) Limits on the asset ceiling 44,058 44,058 6,617 6,617 21,399 21,399 Basis of calculation 1,166,805 1,166,805 319,860 319,860 (145,458) (145,458) Statutory rate 9% 25% 9% 25% 9% 25% Calculated taxes (105,012) (291,701) (28,786) (79,964) 13,092 36,365 Limitation on recognition (reversal) of tax credits 25,229 70,080 7,325 20,347 - - Taxes recognized in other comprehensive income (79,783) (221,621) (21,461) (59,617) 13,092 36,365 Credit risk fair value measurement of financial liabilities 1,662 1,662 (78,953) (78,953) - - Deemed cost of property, plant and equipment 38,897 38,897 38,057 38,057 39,202 39,202 Subtotal 40,559 40,559 (40,896) (40,896) 39,202 39,202 Statutory rate 9% 25% 9% 25% 9% 25% Calculated taxes (3,650) (10,140) 3,681 10,224 (3,528) (9,801) Total taxes recognized in other comprehensive income (83,434) (231,760) (17,780) (49,393) 9,564 26,564 |
(11) CONCESSION FINANCIAL ASS_2
(11) CONCESSION FINANCIAL ASSET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Concession Financial Asset [Abstract] | |
Schedule of concession financial assets | Distribution Transmission Consolidated As of December 31, 2016 5,193,511 180,333 5,373,844 Current - 10,700 10,700 Noncurrent 5,193,511 169,633 5,363,144 Additions 972,254 52,211 1,024,465 Adjustment of expected cash flow 212,294 - 212,294 Adjustment - financial asset measured at amortized cost - 27,807 27,807 Cash inputs - RAP - (15,677) (15,677) Disposals (35,039) - (35,039) Business combination (12,338) - (12,338) As of December 31, 2017 6,330,681 238,723 6,569,404 Current - 23,736 23,736 Noncurrent 6,330,681 214,987 6,545,668 Transfer - contract assets 836,516 - 836,516 Transfer - intangible assets (52,803) - (52,803) Adjustment - fair value 362,073 - 362,073 Disposals (46,318) - (46,318) Adoption IFRS 15 - (238,723) (238,723) As of December 31, 2018 7,430,149 - 7,430,149 Noncurrent 7,430,149 - 7,430,149 Transfer - contract assets 1,090,393 - 1,090,393 Transfer - intangible assets (3,502) - (3,502) Adjustment - fair value 296,037 - 296,037 Disposals (33,361) - (33,361) As of December 31, 2019 8,779,717 - 8,779,717 Noncurrent 8,779,717 - 8,779,717 |
(12) OTHER ASSETS (Tables)
(12) OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of other receivables | Current Noncurrent Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Advances - FUNCESP 13,562 3,929 6,797 6,797 Advances to suppliers 43,587 4,031 - - Pledges, funds and restricted deposits 1,431 77,442 569,733 524,461 Orders in progress 130,954 142,708 9,448 6,844 Services rendered to third parties 23,388 9,281 - - Energy pre-purchase agreements - - 10,432 25,390 Prepaid expenses 76,756 172,155 4,608 6,367 GSF Insurance Premium 6,488 13,701 - 5,782 Receivables - CDE 147,470 183,710 - - Advances to employees 20,640 22,287 - - Contract asset of transmission - 23,535 - 226,117 Others 212,904 186,923 135,000 125,681 (-) Allowance for doubtful accounts (note 7) (29,019) (28,698) - - Total 648,161 811,005 736,019 927,440 |
(13) EQUITY METHOD INVESTEES (T
(13) EQUITY METHOD INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investees [Abstract] | |
Schedule of permanent equity interests - equity method | Dec 31, 2019 Dec 31, 2018 Equity interests - equity method By equity method of the Joint Venture 988,516 970,302 Fair value of assets, net 9,481 10,060 Total 997,997 980,362 |
Schedule of investment balances relate to interests in entities | In the financial statements, the investment balances relate to interests in entities accounted for by the equity method: Share of equity Share of profit (loss) Joint ventures Dec 31, 2019 Dec 31, 2018 2019 2018 2017 Baesa 156,185 175,189 750 791 11,849 Enercan 207,868 175,122 123,240 101,392 85,808 Chapecoense 381,219 378,558 140,949 127,250 120,651 EPASA 243,244 241,433 84,730 105,343 94,663 Fair value adjustments of assets, net 9,481 10,060 (579) (579) (579) 997,997 980,362 349,090 334,198 312,390 |
Schedule of receivable from the joint ventures, relating to dividends and interest on capital | At December 31, 2019 and 2018, the Group has the following amounts receivable from the joint ventures below, relating to dividends and interest on capital: Dividend Interest on own capital Total Investments Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Investco - - 415 1,436 415 1,436 EPASA - - - - - - Baesa 3,504 3 - - 3,504 3 Enercan 59,289 65,010 - - 59,289 65,010 Chapecoense 37,090 33,733 - - 37,090 33,733 Total 99,883 98,746 415 1,436 100,297 100,182 |
Schedule of joint venture | Summarized financial information on joint ventures at December 31, 2019 and 2018 and income statement for the years ended December 31, 2019, 2018 and 2017 is as follows: December 31, 2019 Joint venture Enercan Baesa Chapecoense Epasa Current assets 219,117 66,863 379,359 294,877 Cash and cash equivalents 77,290 18,315 240,645 96,130 Noncurrent assets 982,032 915,379 2,472,085 470,864 Current liabilities 390,817 72,383 451,803 93,512 Borrowings and debentures 133,548 - 138,759 35,660 Other financial liabilities 7,131 35,944 75,668 1,416 Noncurrent liabilities 383,699 285,269 1,652,152 216,233 Borrowings and debentures 255,756 - 913,308 115,842 Other financial liabilities 25,513 271,267 731,113 - Equity 426,632 624,591 747,489 455,996 Net operating revenue 650,900 286,378 881,458 560,203 Operational costs and expenses (192,780) (201,494) (195,973) (319,024) Depreciation and amortization (49,110) (50,832) (124,244) (34,690) Interest income 5,573 1,850 16,309 3,990 Interest expense (33,399) (31,533) (163,977) (13,972) Income tax expense (126,313) (1,124) (136,830) (38,983) Profit (loss) for the year 252,941 2,999 276,370 158,839 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% December 31, 2018 Joint venture Enercan Baesa Chapecoense Epasa Current assets 208,326 68,956 345,737 327,084 Cash and cash equivalents 66,519 17,425 184,002 18,269 Noncurrent assets 1,033,320 966,664 2,604,162 502,618 Current liabilities 385,271 50,639 424,635 152,168 Borrowings and debentures 137,225 - 138,706 34,473 Other financial liabilities 5,869 34,832 74,156 1,346 Noncurrent liabilities 496,953 284,391 1,782,993 224,933 Borrowings and debentures 383,358 - 1,045,402 151,964 Other financial liabilities 26,936 272,079 734,630 - Equity 359,422 700,590 742,271 452,601 Net operating revenue 591,875 321,142 863,861 840,005 Operational costs and expenses (188,756) (214,448) (191,749) (562,097) Depreciation and amortization (50,051) (50,609) (117,858) (34,525) Interest income 4,793 4,176 15,729 5,106 Interest expense (46,042) (53,946) (191,818) (17,491) Income tax expense (101,484) (1,229) (124,284) (38,740) Profit (loss) for the year 208,100 3,164 249,510 197,481 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% December 31, 2017 Joint venture Enercan Baesa Chapecoense Epasa Net operating revenue 580,430 412,329 829,525 789,402 Operational costs and expenses (273,339) (265,955) (186,638) (518,352) Depreciation and amortization (52,773) (50,621) (126,811) (35,640) Interest income 32,849 4,906 24,639 6,102 Interest expense (31,135) (27,986) (183,237) (26,197) Income tax expense (88,229) (25,442) (123,307) (39,892) Profit (loss) for the year 176,113 47,385 236,570 177,458 Equity Interests and voting capital 48.72% 25.01% 51.00% 53.34% |
(14) PROPERTY, PLANT AND EQUI_2
(14) PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Land Reservoirs, dams and water mains Buildings, construction and improvements Machinery and equipment Vehicles Furniture and fittings In progress Total At December 31, 2016 176,145 1,394,162 1,153,220 6,655,391 76,217 7,562 250,302 9,712,998 Historical cost 206,330 2,060,191 1,652,934 9,066,408 106,920 21,507 250,302 13,364,592 Accumulated depreciation (30,185) (666,028) (499,714) (2,411,017) (30,704) (13,945) - (3,651,594) Additions - - - 772 2,978 - 753,137 756,887 Disposals (22) (132) (140) (32,336) (2,248) (635) (8,332) (43,845) Transfers 2,950 400 154,737 574,944 20,434 1,484 (754,948) - Transfers from/to other assets - cost (1,893) 6,393 (154,880) 98,579 (126) (330) 11,033 (41,224) Depreciation (8,004) (79,276) (59,736) (431,393) (18,055) (1,332) - (597,795) Write-off of depreciation 2 124 120 9,529 1,379 387 - 11,540 Transfers from/to other assets - depreciation (683) (2,413) 1,930 9,690 (8) 108 - 8,624 Business combination - - - - (4,800) - - (4,800) Imparment - - (474) (14,787) - - - (15,261) At December 31, 2017 168,494 1,319,257 1,094,777 6,870,389 75,771 7,245 251,192 9,787,125 Historical cost 207,365 2,066,850 1,652,178 9,693,512 122,540 22,026 251,192 14,015,662 Accumulated depreciation (38,870) (747,593) (557,400) (2,823,123) (46,769) (14,782) - (4,228,537) Additions - - - - - - 296,165 296,165 Disposals (8) - (7,908) (16,434) (3,517) (31) (8,478) (36,376) Transfers 20,181 151,754 41,464 101,468 12,250 793 (327,908) - Transfers from/to other assets - cost (2,755) - (100,720) 106,775 - 6 (6,584) (3,279) Depreciation (8,082) (79,237) (61,540) (432,524) (19,402) (546) - (601,329) Write-off of depreciation 2 - - 8,180 2,032 44 - 10,259 Transfers from/to other assets - depreciation (994) - 20,714 (22,706) (2) - - (2,987) Others - - 15 645 - - 6,373 7,033 At December 31, 2018 176,839 1,391,775 986,800 6,615,793 67,135 7,512 210,760 9,456,614 Historical cost 224,783 2,218,604 1,585,723 9,905,396 131,549 23,039 210,760 14,299,854 Accumulated depreciation (47,944) (826,829) (598,923) (3,289,603) (64,415) (15,527) - (4,843,240) Additions - - - - - - 301,459 301,459 Disposals - (5) (31,080) (31,033) (33,045) - (8) (95,171) Transfers 603 15,882 51,413 111,804 7,358 449 (187,510) - Transfers from/to other assets - cost (1,333) (8,249) (6,952) 12,987 - (40) 1,924 (1,662) Depreciation (8,880) (84,660) (61,634) (446,046) (17,156) (851) - (619,228) Write-off of depreciation - 5 2,231 17,616 21,846 - - 41,698 At December 31, 2019 167,228 1,314,749 940,779 6,281,123 46,136 7,070 326,625 9,083,710 Historical cost 224,053 2,226,232 1,599,104 9,999,155 105,863 23,447 326,625 14,504,478 Accumulated depreciation (56,825) (911,483) (658,325) (3,718,031) (59,727) (16,377) - (5,420,768) Average depreciation rate 2019 3.86% 3.89% 3.94% 4.54% 13.77% 5.80% Average depreciation rate 2018 3.86% 3.65% 3.96% 4.45% 13.89% 3.70% Average depreciation rate 2017 3.86% 3.93% 3.69% 4.53% 13.09% 8.31% |
(15) INTANGIBLE ASSETS (Tables)
(15) INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets and goodwill [abstract] | |
Schedule of reconciliation of changes in intangible assets | 15.1 Intangible asset Concession right Goodwill Acquired in business combinations Distribution infrastructure - operational Distribution infrastructure - in progress Public utilities Other intangible assets Total As of December 31, 2016 6,115 4,466,516 5,550,502 666,008 27,324 59,147 10,775,613 Historical cost 6,152 7,602,941 11,987,109 666,008 35,840 183,138 20,481,188 Accumulated Amortization (37) (3,136,425) (6,436,607) - (8,516) (123,990) (9,705,576) Additions - - - 1,898,434 - 9,344 1,907,778 Amortization - (286,215) (639,292) - (1,419) (9,390) (936,318) Transfer - intangible assets - - 814,643 (814,643) - - - Transfer - financial asset - - 131 (972,385) - - (972,254) Disposal and transfer - other assets - (16,244) (91,214) 48,061 - 1,723 (57,674) Corporate restructuring - note 12.6.1 - (26,766) (73,215) - - - (99,981) Business combination - (5,129) - - - (47) (5,176) Impairment losses - (15,057) (7,108) - - - (22,165) As of December 31, 2017 6,115 4,117,105 5,554,447 825,476 25,904 60,777 10,589,824 Historical cost 6,152 7,558,645 11,442,528 825,476 35,840 174,407 20,043,048 Accumulated Amortization (37) (3,441,540) (5,888,080) - (9,936) (113,630) (9,453,223) Additions - - - - - 18,670 18,670 Amortization - (286,858) (703,511) - (1,419) (8,989) (1,000,777) Transfer - intangible assets - - 723,813 - - - 723,813 Transfer - financial asset - - 52,803 - - - 52,803 Disposal and transfer - other assets - (63,187) (43,419) - - 5,504 (101,102) IFRS 15 adoption (note 3) - - - (825,476) - - (825,476) Others - 5,130 - - - 47 5,177 As of December 31, 2018 6,115 3,772,188 5,584,136 - 24,485 76,009 9,462,935 Historical cost 6,152 7,495,458 11,909,149 - 35,840 217,542 19,664,141 Accumulated Amortization (37) (3,723,270) (6,325,012) - (11,355) (141,532) (10,201,206) Additions - - - - - 19,147 19,147 Amortization - (288,438) (761,884) - (1,419) (16,840) (1,068,581) Transfer - contract assets - - 949,548 - - - 949,548 Transfer - financial asset - - 3,502 - - - 3,502 Disposal and transfer - other assets - - (47,263) - - 1,663 (45,600) As of December 31, 2019 6,115 3,483,750 5,728,040 - 23,065 79,981 9,320,953 Historical cost 6,152 7,495,458 12,814,937 - 35,840 238,352 20,590,739 Accumulated Amortization (37) (4,011,708) (7,086,896) - (12,774) (158,372) (11,269,787) |
Schedule of intangible asset acquired in business combinations | The breakdown of the intangible asset related to the right to operate the concessions acquired in business combinations is as follows: Dec 31, 2019 Dec 31, 2018 Annual amortization rate Historical cost Accumulated amortization Net value Net value 2019 2018 2017 Intangible asset - acquired in business combinations Intangible asset acquired, not merged Parent company CPFL Paulista 304,861 (226,974) 77,888 87,873 3.28% 3.28% 3.28% CPFL Piratininga 39,065 (27,629) 11,435 12,730 3.31% 3.32% 3.31% RGE Sul (RGE) 3,768 (2,369) 1,399 1,575 4.68% 4.70% 4.25% CPFL Geração 54,555 (39,179) 15,376 17,221 3.38% 3.38% 3.38% Jaguari Geração 7,896 (4,391) 3,505 3,775 3.41% 3.41% 3.41% CPFL Renováveis 3,653,906 (1,210,510) 2,443,397 2,602,622 4.36% 5.90% 5.39% Subtotal 4,064,052 (1,511,051) 2,553,000 2,725,797 Intangible asset acquired and merged – Deductible Subsidiaries RGE Sul (RGE) 1,433,007 (1,023,268) 409,739 461,795 3.63% 3.63% 3.63% CPFL Geração 426,450 (343,396) 83,053 93,020 2.34% 2.34% 2.34% Subtotal 1,859,457 (1,366,664) 492,792 554,816 Intangible asset acquired and merged – Reassessed Parent company CPFL Paulista 1,074,026 (819,075) 254,952 287,156 3.00% 3.00% 3.00% CPFL Piratininga 115,762 (81,875) 33,887 37,723 3.31% 3.31% 3.31% Jaguari Geração 15,275 (9,296) 5,978 6,438 3.01% 3.01% 3.01% RGE Sul (RGE) 366,887 (223,746) 143,141 160,256 4.67% 4.67% 4.67% Subtotal 1,571,949 (1,133,992) 437,958 491,574 Total 7,495,458 (4,011,708) 3,483,750 3,772,188 |
(16) CONTRACT ASSETS (Tables)
(16) CONTRACT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contract assets [abstract] | |
Schedule of contract asset - in progress | Distribution Transmission Total At December 31, 2017 Adoption of IFRS 15 825,476 - 825,476 Additions 1,787,588 - 1,787,588 Transfer - intangible assets in service (723,813) - (723,813) Transfer - financial assets (836,516) - (836,516) Disposal and transfer - other assets (6,303) - (6,303) At December 31, 2018 1,046,433 - 1,046,433 Reclassification from other assets - 249,652 249,652 Additions 2,061,715 20,970 2,082,685 Transfer - intangible assets in service (949,548) - (949,548) Transfer - financial assets (1,090,393) - (1,090,393) Monetary adjustment - 31,725 31,725 Cash inputs - RAP - (23,344) (23,344) At December 31, 2019 1,068,207 279,003 1,347,210 Current - 24,387 24,387 Noncurrent 1,068,207 254,616 1,322,822 |
(17) TRADE PAYABLES (Tables)
(17) TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade Payables [Abstract] | |
Schedule of trade payables | Dec 31, 2019 Dec 31, 2018 Current System service charges 2,707 62,674 Energy purchased 2,288,441 1,607,116 Electricity network usage charges 250,600 205,656 Materials and services 554,940 368,344 Energy from the Free Market 163,492 154,296 Total 3,260,180 2,398,085 Noncurrent Energy purchased 359,944 333,036. |
(18) BORROWINGS (Tables)
(18) BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Schedule of movements on borrowings | The movements in borrowings are as follows: At December 31, 2017 Raised Repayment Interest, inflation adjustment and Fair value adjustment Exchange rates Interest paid At December 31, 2018 Measured at cost Local currency Fixed Rate 900,257 166,404 (173,528) 53,283 - (53,641) 892,776 Floating Rate TJLP and TLP 3,449,468 1,315,898 (442,504) 288,171 - (262,744) 4,348,289 Selic 140,099 - (33,875) 11,251 - (3,358) 114,117 CDI 1,541,278 23,359 (1,112,713) 72,957 - (138,609) 386,272 IGP-M 57,291 - (10,511) 9,788 - (4,679) 51,889 UMBNDES 2,293 - (500) 515 - (156) 2,152 Others 74,740 32,418 (45,807) 6,477 - (1,426) 66,403 Total at cost 6,165,427 1,538,079 (1,819,438) 442,442 - (464,613) 5,861,896 Borrowing costs (*) (31,816) (35,984) - 10,607 - - (57,193) Measured at fair value Foreign currency Dollar 4,698,184 2,666,880 (3,289,857) 170,383 774,483 (164,965) 4,855,108 Euro 218,814 879,500 (215,824) 3,348 (1,873) (4,466) 879,499 Fair value adjustment (58,552) - - (44,799) - - (103,351) Total at fair value 4,858,446 3,546,380 (3,505,681) 128,932 772,610 (169,431) 5,631,255 Total 10,992,057 5,048,475 (5,325,119) 581,980 772,610 (634,044) 11,435,958 Current 3,589,607 2,446,113 Noncurrent 7,402,450 8,989,846 At December 31, 2018 Raised Repayment Interest, inflation adjustment and Fair value adjustment Exchange rates Interest paid At December 31, 2019 Measured at cost Local currency Fixed Rate 892,776 - (177,669) 48,661 - (52,370) 711,398 Floating Rate TJLP 3,158,119 - (435,016) 243,332 - (222,102) 2,744,332 TLP (IPCA) 1,190,169 379,000 - 102,519 - (62,650) 1,609,038 Selic 114,117 - (36,830) 8,441 - (2,655) 83,073 CDI 386,272 476,000 (679,021) 46,756 - (49,995) 180,012 IGP-M 51,889 - (11,142) 5,935 - (4,077) 42,605 UMBNDES 2,152 - (540) 213 - (131) 1,694 Others 66,403 - (26,354) 2,209 - (2,482) 39,777 Total at cost 5,861,896 855,000 (1,366,572) 458,066 - (396,462) 5,411,928 Borrowing costs (*) (57,193) (8,747) - 8,256 - - (57,684) Measured at fair value Foreign currency Dollar 4,855,108 726,314 (1,542,785) 148,189 142,957 (151,366) 4,178,417 Euro 879,499 - (47,004) 6,824 14,217 (6,844) 846,692 Fair value adjustment (103,351) - - 87,295 - - (16,056) Total at fair value 5,631,255 726,314 (1,589,789) 242,308 157,174 (158,210) 5,009,052 Total 11,435,958 1,572,567 (2,956,361) 708,630 157,174 (554,672) 10,363,296 Current 2,446,113 2,776,193 Noncurrent 8,989,846 7,587,102 (*) In accordance with IFRS 9, this refers to the fundraising costs attributable to issuance of the respective debts. |
Schedule of borrowings | The detail on borrowings are as follows: Category Annual interest December 31, 2019 December 31, 2018 Maturity range Collateral Measured at cost - Local Currency Fixed rate FINEM Fixed rate from 2.5% to 8% (a) 264,093 418,336 2011 to 2024 (i) CPFL Energia guarantee (ii) Liens on equipment and receivables (iii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iv) guarantee of Bioenergia S.A., CPFL Renováveis, CPFL Energia and State Grid. FINAME Fixed rate from 2.5% to 10% (a) 54,328 48,672 2012 to 2025 (i) Liens on equipment (ii) Guarantee of CPFL Renováveis(iii) CPFL Energia guarantee (iv) Liens on assets FINEP Fixed rate from 3.5% to 5% 944 6,576 2013 to 2021 Bank guarantee BNB Fixed rate of 9.5% to 10.14% 392,033 419,191 2027 to 2037 (i) Liens on equipment and receivables (ii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iii) SIIF Énergies do Brasil and BVP S.A guarantee 711,398 892,776 Floating rate TJLP FINEM TJLP and TJLP + from 1.72% to 5.5% (b) 2,721,358 3,128,625 2009 to 2033 (i) Pledge of receivables, equipment and assignment of credit and concession rights authorized by ANEEL and shares of SPE (ii) Liens on equipment and receivables (iii) guarantee of CPFL Renováveis, CPFL Energia and State Grid; (viii) Bank guarantee FINAME TJLP + 2.2% to 4.2% (b) 14,853 20,935 2017 to 2027 CPFL Energia guarantee, Liens on equipment and receivables FINEP TJLP and TJLP + 5% 4,284 3,491 2016 to 2024 Bank guarantee Bank loans TJLP + 2.99% to 3.1% 3,837 5,069 2005 to 2023 CPFL Energia guarantee 2,744,331 3,158,119 IPCA FINEM IPCA + 4.74% to 4.80% 1,609,038 1,190,169 2020 to 2028 CPFL Energia guarantee and receivables SELIC FINEM SELIC + 2.19% to 2.66% (c) 79,131 108,752 2015 to 2022 SGBP and CPFL Energia guarantee and receivables FINAME SELIC + 2.70% to 3.90% 3,943 5,365 2016 to 2022 CPFL Energia guarantee and liens on equipment and receivables 83,073 114,117 CDI Bank loans (i) 105% of CDI (c) 180,012 208,384 2012 to 2023 (i) CPFL Energia and CPFL Renováveis guarantee (ii) Redeemable preferred shares Promissory note 103,4% CDI (c) - 177,888 2019 CPFL Energia guarantee 180,012 386,272 IGPM Bank loans IGPM + 8.63% 42,605 51,889 2023 (i) Liens on equipment and receivables (ii) Pledge of shares of SPE and rights authorized by ANEEL and receivables of operation contracts UMBNDES Bank loans UMBNDES + from 1.99% to 5% 1,694 2,152 2006 to 2023 CPFL Energia guarantee Other Other RGR 39,777 66,403 2007 to 2023 Promissory notes, bank guarantee and receivables Total - Local currency 5,411,928 5,861,897 Borrowing costs (*) (57,684) (57,193) Measured at fair value - Foreign currency Dollar Bank loans (Law 4.131) US$ + Libor 3 months + from 0.80% to 1.55% 975,333 1,866,418 2017 to 2022 CPFL Energia guarantee and promissory notes Bank loans (Law 4.131) US$ + from 1.96% to 4.32% 3,203,083 2,988,689 2017 to 2022 CPFL Energia guarantee and promissory notes 4,178,417 4,855,108 Euro Bank loans (Law 4.131) Euro + from 0.42% to 0.96% 846,692 879,499 2019 to 2022 CPFL Energia guarantee and promissory notes Fair value adjustment (16,056) (103,351) Total in foreign currency 5,009,052 5,631,255 Total 10,363,296 11,435,958 (*) In accordance with IFRS 9, this refers to borrowing costs directly attributable to the issuance of the respective debts., measured at cost. |
Schedule of maturities principal borrowings | The maturities of the principal of borrowings recorded in noncurrent liabilities are scheduled as follows: 2021 2,587,780 2022 1,521,850 2023 894,184 2024 495,832 2025 471,073 2026 to 2030 1,319,711 2030 to 2034 227,898 2035 to 2039 66,074 Subtotal 7,584,402 Fair value adjustment 2,700 Total 7,587,102 |
Schedule of borrowings by type of interest rates | The main ratios used for inflation adjustment of the borrowings and the indebtedness profile in local and foreign currency, already considering the effects of the derivative instruments, are shown below: Accumulated variation (%) Index 2019 2018 Dec 31, 2019 Dec 31, 2018 IGP-M 7.30 7.54 0.2 0.5 TJLP and TLP 6.3 and 7.69 6.72 and 7.42 26.0 38.0 CDI 5.97 6.40 62.1 52.6 Others 11.7 8.9 100.00 100.00 |
Schedule of main borrowings raised in the period | Main borrowings in the year: Bank / credit issue Total approved Released in 2019 Released net of fundraising costs Interest Repayment Utilization Interest rate Annual efective rate Local Currency: CDI - promissory note CPFL Paulista 351,000 351,000 350,649 Single installment Single installment in december 2019 Working capital 103.4% of CDI 104.95% of CDI CPFL Piratininga 125,000 125,000 124,818 Single installment Single installment in december 2019 Working capital 103.4% of CDI 104.95% of CDI IPCA - BNDES CPFL Paulista 953,392 100,000 98,124 Monthly Monthly from april 2020 Investment plan IPCA + 4.74% IPCA + 5.43% CPFL Piratininga 347,264 55,000 53,968 Monthly Monthly from april 2020 Investment plan IPCA + 4.80% IPCA + 5.45% RGE 1,133,024 154,000 151,110 Monthly Monthly from april 2020 Investment plan IPCA + 4.74% IPCA + 5.43% CPFL Santa Cruz 174,954 70,000 68,686 Monthly Monthly from april 2020 Investment plan IPCA + 4.80% IPCA + 5.53% Foreign currency Dollar Law 4131 CPFL Santa Cruz 28,000 28,000 28,000 Biannual Single installment in march 2022 Working capital USD + 3.06% USD + 3.06% CPFL Geração 13,500 13,500 13,500 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Santa Cruz 14,000 14,000 14,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Piratininga 43,000 43,000 43,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% CPFL Paulista 309,814 309,814 309,814 Biannual Single installment in september 2020 Working capital USD + 2.17% USD + 2.17% CPFL Paulista 318,000 318,000 318,000 Biannual Single installment in september 2020 Working capital USD + 1.96% USD + 1.96% 3,810,948 1,581,314 1,573,670 (a) the agreement has no restrictive covenants |
(19 DEBENTURES (Tables)
(19 DEBENTURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debentures [Abstract] | |
Schedule of movements in debentures | The movements in debentures are as follows: At December 31, 2017 Raised Repayment Interest, inflation adjustment and market to mark Exchange rates At December 31, 2018 Category Measured at cost - Floating rate TJLP 495,408 - (46,768) 37,539 (5,080) 481,099 CDI 7,446,556 4,163,000 (4,832,370) 592,746 (652,185) 6,717,747 IPCA 1,311,432 - - 118,026 (62,030) 1,367,428 Total at cost 9,253,396 4,163,000 (4,879,138) 748,311 (719,295) 8,566,274 Borrowing costs (*) (76,870) (17,261) - 34,334 - (59,796) Measured at fair value - Floating rate IPCA - 416,600 - 10,389 - 426,989 Fair value adjustment - - - 7,378 - 7,378 Total at fair value - 416,600 - 17,767 - 434,367 Total 9,176,527 4,562,339 (4,879,138) 800,412 (719,295) 8,940,845 Current 1,703,073 917,352 Noncurrent 7,473,454 8,023,493 At December 31, 2018 Raised Repayment Interest, inflation adjustment and market to mark Exchange rates At December 31, 2019 Category Measured at cost - Floating rate TJLP 481,099 - (70,761) 33,384 (4,732) 438,990 CDI 6,717,747 3,688,000 (4,000,383) 421,070 (489,966) 6,336,467 IPCA 1,367,428 - (109,106) 123,090 (60,504) 1,320,909 Total at cost 8,566,274 3,688,000 (4,180,250) 577,544 (555,202) 8,096,368 Borrowing costs (*) (59,796) (3,541) - 21,122 - (42,215) Measured at fair value - Floating rate IPCA 426,989 - - 40,556 (22,606) 444,939 Fair value adjustment 7,378 - - 39,808 - 47,186 Total at fair value 434,367 - - 80,364 (22,606) 492,125 Total 8,940,845 3,684,459 (4,180,250) 679,030 (577,808) 8,546,278 Current 917,352 682,582 Noncurrent 8,023,493 7,863,696 (*) In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. |
Schedule of debentures | The detail on debentures are as follows : Category Annual Interest December 31, 2019 December 31, 2018 Maturity range Collateral Measured at cost - Floating rate TJLP TJLP + 1% (c) 438,990 481,099 2009 to 2029 Liens CDI (i) From 103.6% to 109.5% of CDI (a) 5,339,824 5,858,319 2018 to 2025 CPFL Energia guarantee From 104.75% to 110% of CDI (a) 996,644 859,428 2015 to 2022 No guarantee IPCA IPCA + from 4.42% to 5.8% (b) 1,320,909 1,367,428 2019 to 2027 CPFL Energia guarantee 8,096,368 8,566,274 Borrowing costs (*) (42,215) (59,796) Measured at fair value - Floating rate IPCA IPCA + 5.80% (b) 444,939 426,989 2024 to 2026 CPFL Energia guarantee Fair value adjustment 47,186 7,378 Total consolidated 8,546,278 8,940,845 Some debentures hold swaps converting IPCA variation to CDI variation. For further information about the considered rates, see note 35. Effective rates: (a) From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% (b) IPCA + 4.84% to 6.31% (c) TJLP + 3.48% (*) In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. |
Schedule of debentures maturities | The maturities of the debentures’ principal recognized in noncurrent liabilities are scheduled as follows: 2021 1,191,059 2022 1,732,136 2023 2,321,213 2024 1,932,174 2025 404,271 2026 to 2030 235,657 Subtotal 7,816,510 Fair value adjustment 47,186 Total 7,863,696 |
Schedule of debentures obtained | Main debentures issuances during the year R$ thousand Category Issue Quantity issued Released in 2019 Released net of fundraising costs Interests Repayment Annual interests Effective annual rate Local currency - CDI CPFL Brasil 5th issue 105,000 105,000 104,834 Biannual single installment in december 2019 103.6% of CDI 106.82% of CDI CPFL Brasil 5th issue 220,000 220,000 219,652 Biannual 2 annual installments from january 2023 108.25% of CDI 109.06% of CDI CPFL Paulista 10th issue 1,380,000 1,380,000 1,378,596 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Piratininga 11th issue 215,000 215,000 214,697 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Santa Cruz 3rd issue 190,000 190,000 189,703 Biannual Single installment in may 2022 107% of CDI 107.84% of CDI RGE 10th issue 740,000 740,000 739,206 Biannual 2 annual installments from may 2023 107% of CDI 107.84% of CDI CPFL Renováveis 9th issue 30,000 300,000 299,955 Biannual Single installment in november 2022 104.75% of CDI 105.45% of CDI CPFL Renováveis 9th issue 53,800 538,000 537,815 Biannual 3 semiannual installments from november 2022 106% of CDI 106.66% of CDI 3,688,000 3,684,459 |
(20) PRIVATE PENSION PLAN (Tabl
(20) PRIVATE PENSION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Private Pension Plan [Abstract] | |
Schedule of net defined benefit liability | 20.2 Changes in the defined benefit plans December 31, 2019 CPFL CPFL Piratininga CPFL RGE Sul (RGE) Total Plan 1 Plan 2 Present value of actuarial obligations 6,164,035 1,773,089 152,254 464,335 681,363 9,235,076 Fair value of plan's assets (4,517,265) (1,353,050) (105,914) (466,390) (503,867) (6,946,486) Present value of net obligations (fair value of assets) 1,646,770 420,039 46,340 (2,055) 177,496 2,288,590 Effect of asset ceiling 74,849 - - 2,055 - 76,904 Net actuarial liability recognized in the statement of financial position 1,721,619 420,039 46,340 - 177,496 2,365,494 December 31, 2018 CPFL CPFL Piratininga CPFL RGE RGE Sul (RGE) Total Plan 1 Plan 2 Present value of net obligations (fair value of assets) 5,123,238 1,416,391 119,964 382,993 553,493 7,596,079 Fair value of plan's assets (4,215,431) (1,205,647) (98,836) (413,043) (463,571) (6,396,529) Net actuarial liability recognized in the statement of financial position 907,807 210,744 21,129 (30,050) 89,922 1,199,550 Effect of asset ceiling - - - 30,050 - 30,050 Net actuarial liability recognized in the statement of financial position 907,807 210,744 21,129 - 89,922 1,229,600 |
Schedule for changes in the present value of the actuarial obligations and the fair value of the plan's assets | The changes in the present value of the actuarial obligations and the fair value of the plan’s assets are as follows: CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Present value of actuarial obligations at December 31, 2016 4,524,008 1,202,596 108,486 352,879 480,081 6,668,050 Gross current service cost 707 3,153 73 270 2,153 6,356 Interest on actuarial obligations 476,613 127,561 11,431 37,395 50,927 703,927 Participants' contributions transferred during the year 37 2,044 - 302 990 3,373 Actuarial loss: effect of changes in demographic assumptions 225 328 14 326 16,490 17,383 Actuarial loss: effect of changes in financial assumptions (6,993) (3,586) (372) (45) 8,153 (2,843) Benefits paid during the year (379,536) (84,634) (8,831) (25,203) (34,501) (532,705) Present value of actuarial obligations at December 31, 2017 4,615,061 1,247,462 110,801 365,924 524,293 6,863,541 Gross current service cost 835 4,365 78 175 2,790 8,243 Interest on actuarial obligations 421,083 114,628 10,109 33,552 48,218 627,590 Participants' contributions transferred during the year 24 2,078 - 395 842 3,339 Actuarial loss: effect of changes in demographic assumptions - - - - 345 345 Actuarial loss: effect of changes in financial assumptions 485,142 135,540 8,409 8,921 12,774 650,786 Benefits paid during the year (398,907) (87,682) (9,433) (25,974) (35,769) (557,765) Present value of actuarial obligations at December 31, 2018 5,123,238 1,416,391 119,964 382,993 553,493 7,596,079 Gross current service cost 925 5,449 84 185 2,352 8,995 Interest on actuarial obligations 449,173 125,059 10,507 34,342 48,796 667,877 Participants' contributions transferred during the year - 1,886 - 620 1,136 3,642 Actuarial loss: effect of changes in demographic assumptions (2,900) (77) (165) - - (3,142) Actuarial loss: effect of changes in financial assumptions 1,037,048 321,011 31,516 73,759 113,836 1,577,170 Benefits paid during the year (443,449) (96,628) (9,652) (27,564) (38,250) (615,543) Present value of actuarial obligations at December 31, 2019 6,164,035 1,773,089 152,254 464,335 681,363 9,235,076 CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Fair value of actuarial assets at December 31, 2016 (3,723,563) (1,062,638) (89,533) (347,906) (405,251) (5,628,892) Expected return during the year (392,819) (113,470) (9,437) (37,412) (43,258) (596,396) Participants' contributions transferred during the year (37) (2,044) - (302) (990) (3,373) Sponsors' contributions (50,308) (17,296) (753) (7,296) (6,169) (81,822) Actuarial loss (gain): return on assets (137,870) 5,076 (3,486) (19,610) (25,503) (181,393) Benefits paid during the year 379,536 84,634 8,831 25,203 34,501 532,705 Fair value of actuarial assets at December 31, 2017 (3,925,061) (1,105,738) (94,378) (387,322) (446,670) (5,959,170) Expected return during the year (359,588) (102,621) (8,634) (35,950) (41,166) (547,959) Participants' contributions transferred during the year (24) (2,078) - (395) (842) (3,339) Sponsors' contributions (65,096) (25,460) (1,027) (7,643) (6,712) (105,938) Actuarial loss (gain): return on assets (264,569) (57,432) (4,230) (7,707) (3,950) (337,888) Benefits paid during the year 398,907 87,682 9,433 25,974 35,769 557,765 Fair value of actuarial assets at December 31, 2018 (4,215,431) (1,205,647) (98,836) (413,043) (463,571) (6,396,529) Expected return during the year (372,121) (107,795) (8,699) (37,500) (40,947) (567,063) Participants' contributions transferred during the year - (1,886) - (620) (1,136) (3,643) Sponsors' contributions (92,756) (34,444) (1,604) (7,748) (6,959) (143,512) Actuarial loss (gain): return on assets (280,404) (99,905) (6,426) (35,042) (29,504) (451,281) Benefits paid during the year 443,449 96,628 9,652 27,564 38,250 615,543 Fair value of actuarial assets at December 31, 2019 (4,517,265) (1,353,050) (105,914) (466,390) (503,867) (6,946,486) (*) Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. |
Schedule for changes in net liability | The changes in net liability are as follows: CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Net actuarial liability at December 31, 2016 800,445 139,958 18,954 4,972 74,830 1,039,158 Expenses (income) recognized in the statement of profit or loss 84,501 17,244 2,067 253 9,822 113,887 Sponsors' contributions transferred during the year (50,308) (17,296) (753) (7,296) (6,169) (81,822) Actuarial loss (gain): effect of changes in demographic assumptions 225 328 14 326 16,490 17,383 Actuarial loss (gain): effect of changes in financial assumptions (6,993) (3,586) (372) (45) 8,153 (2,843) Actuarial loss (gain): return on assets (137,870) 5,076 (3,486) (19,610) (25,503) (181,393) Effect of asset ceiling - - - 21,399 - 21,399 Net actuarial liability at December 31, 2017 690,000 141,724 16,424 - 77,623 925,770 Other contributions 15,391 Total liability 941,160 Current 60,801 Noncurrent 880,360 CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Net actuarial liability at December 31, 2017 690,000 141,724 16,424 - 77,623 925,770 Expenses (income) recognized in the statement of profit or loss 62,330 16,372 1,553 (188) 9,842 89,909 Sponsors' contributions transferred during the year (65,096) (25,460) (1,027) (7,643) (6,712) (105,938) Actuarial loss (gain): effect of changes in demographic assumptions - - - - 345 345 Actuarial loss (gain): effect of changes in financial assumptions 485,142 135,540 8,409 8,921 12,774 650,786 Actuarial loss (gain): return on assets (264,569) (57,432) (4,230) (7,707) (3,950) (337,888) Effect of asset ceiling - - - 6,617 - 6,617 Net actuarial liability at December 31, 2018 907,807 210,744 21,129 - 89,922 1,229,600 Other contributions 13,662 Total liability 1,243,263 Current 86,623 Noncurrent 1,156,639 CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Net actuarial liability at December 31, 2018 907,807 210,744 21,129 - 89,922 1,229,600 Expenses (income) recognized in the statement of profit or loss 77,977 22,711 1,892 (178) 10,201 112,602 Sponsors' contributions transferred during the year (92,756) (34,444) (1,604) (7,748) (6,959) (143,512) Actuarial loss (gain): effect of changes in demographic assumptions (2,900) (77) (165) - - (3,143) Actuarial loss (gain): effect of changes in financial assumptions 1,037,048 321,011 31,516 73,759 113,836 1,577,170 Actuarial loss (gain): return on actuarial assets (280,404) (99,905) (6,426) (35,042) (29,504) (451,281) Effect of asset ceiling 74,849 - - (30,791) - 44,058 Net actuarial liability at December 31, 2019 1,721,619 420,039 46,340 - 177,496 2,365,494 Other contributions 12,683 Total liability 2,378,178 Current 224,851 Noncurrent 2,153,327 (*) Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. |
Schedule for expected contributions to the plans | The expected contributions to the plans for 2020 are shown below: 2020 CPFL Paulista 121,055 CPFL Piratininga 40,263 CPFL Geração 2,481 RGE Sul (RGE) - Plan 1 7,393 RGE Sul (RGE) - Plan 2 6,102 Total 177,294 |
Schedule for expected benefits to be paid by the plan administrators in the next 10 years | The expected benefits to be paid in the next 10 years are shown below: 2020 2021 2022 2023 2024 to 2029 Total CPFL Paulista 436,163 448,553 460,445 471,438 3,017,325 4,833,924 CPFL Piratininga 99,957 104,651 108,695 113,023 774,546 1,200,872 CPFL Geração 10,728 10,992 11,238 11,494 73,016 117,468 RGE Sul (RGE) - Plan 1 28,695 29,642 30,980 32,025 213,150 334,492 RGE Sul (RGE) - Plan 2 38,642 40,078 41,785 43,447 293,489 457,441 Total 614,185 633,916 653,143 671,427 4,371,526 6,944,197 |
Schedule for external actuary's estimate of the expenses (income) to be recognized and the expense (income) recognized | Supported by on the opinion of external actuarial, the Group’s management presents the estimate of the expenses (income) to be recognized in 2020 and the expense (income) recognized in 2019, 2018 and 2017 is as follows: 2020 Estimated CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 Plan 2 Service cost 1,533 9,135 124 (308) 2,244 12,728 Interest on actuarial obligations 441,784 128,027 10,914 33,434 49,190 663,349 Expected return on plan assets (323,926) (98,386) (7,563) (33,885) (36,272) (500,032) Effect of asset ceiling 5,561 - - 153 - 5,714 Total expense (income) 124,952 38,776 3,475 (606) 15,162 181,759 2019 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE Sul (RGE) Total Plan 1 (*) Plan 2 Service cost 925 5,449 84 185 2,352 8,993 Interest on actuarial obligations 449,173 125,059 10,507 34,342 48,796 667,877 Expected return on plan assets (372,121) (107,795) (8,699) (37,500) (40,947) (567,062) Effect of asset ceiling - - - 2,795 - 2,795 Total expense (income) 77,977 22,711 1,892 (178) 10,201 112,603 2018 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2 Service cost 835 4,365 78 175 2,790 8,243 Interest on actuarial obligations 421,083 114,628 10,109 33,552 48,218 627,590 Expected return on plan assets (359,587) (102,622) (8,634) (35,950) (41,166) (547,959) Effect of asset ceiling - - - 2,035 - 2,035 Total expense (income) 62,330 16,372 1,553 (188) 9,842 89,909 2017 Actual CPFL Paulista CPFL Piratininga CPFL Geração RGE RGE Sul (RGE) Total Plan 1 Plan 2* Service cost 707 3,153 73 270 2,153 6,356 Interest on actuarial obligations 476,613 127,561 11,431 37,395 50,927 703,927 Expected return on plan assets (392,819) (113,470) (9,437) (37,412) (43,258) (596,396) Total expense (income) 84,501 17,244 2,067 253 9,822 113,887 |
Schedule for main assumptions taken into consideration in the actuarial calculation at the end of the reporting period | Assets managed by the plans are as follows: CPFL Paulista, CPFL Geração and CPFL Piratininga RGE (Plans 1 and 2) Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Nominal discount rate for actuarial liabilities: 7.43% p.a. 9.10% p.a. 9.51% p.a. 7.43% p.a. 9.10% p.a. 9.51% p.a. Nominal Return Rate on Assets: 7.43% p.a. 9.10% p.a. 9.51% p.a. 7.43% p.a. 9.10% p.a. 9.51% p.a. Estimated Rate of nominal salary increase: 5.56% p.a.(*) 5.56% p.a.(*) 6.08% p.a.(*) 5.97% p.a.(**) 5.97% p.a.(**) 6.10% p.a. (**) Estimated Rate of nominal benefits increase: 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. Estimated long-term inflation rate (basis for determining the nominal rates above) 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. 4.00% p.a. General biometric mortality table: AT-2000 (-10) AT-2000 (-10) AT-2000 (-10) BR-EMS sb v.2015 BR-EMS sb v.2015 BR-EMS sb v.2015 Biometric table for the onset of disability: Low Light (-30) Low Light (-30) Low Light (-30) Medium Light Medium Light Medium Light Expected turnover table: ExpR_2012 ExpR_2012 ExpR_2012 Null Null Null Likelihood of reaching retirement age: After 15 years of membership and 35 years of service for men and 30 years for women After 15 years of membership and 35 years of service for men and 30 years for women After 15 years of membership and 35 years of service for men and 30 years for women 100% on first eligibility to a full retirement benefit 100% on first eligibility to a full retirement benefit 100% on first eligibility to a full retirement benefit (*) Estimated rate of nominal salary increase for CPFL Piratininga was 6.39% on December 31, 2019, 2018 and 2017. (**) Estimated rate of nominal salary increase for RGE (plan 1) was 5.15% on December 31, 2019 and 2018 and 6.13%¨on December 31, 2017. |
Schedule for assets managed by the plans | Assets managed by FUNCESP Assets managed by Fundação Família Previdência CEEE CPFL Paulista and CPFL Geração CPFL Piratininga RGE Sul (RGE) Plan 1 Plan 2 2019 2018 2019 2018 2019 2018 2019 2018 Fixed rate 75% 77% 76% 81% 76% 78% 74% 77% Federal governament bonds 61% 55% 58% 53% 66% 68% 64% 67% Corporate bonds (financial institutions) 1% 3% 2% 5% 5% 5% 5% 5% Corporate bonds (non financial institutions) 0% 1% 0% 1% 2% 3% 3% 3% Multimarket funds 4% 4% 4% 4% 2% 2% 2% 2% Other fixed income investments 9% 15% 12% 18% - - - - Variable income 17% 15% 17% 13% 21% 18% 21% 18% Investiment funds - shares 17% 15% 17% 13% 21% 18% 21% 18% Structured investments 4% 2% 4% 2% - 1% 1% 1% Equity funds - - - - - 0% 0% 1% Real estate funds - - - - - 1% 1% 1% Multimarket fund 4% 2% 4% 2% - - - - Total quoted in an active market 96% 94% 97% 97% 96% 96% 96% 96% Real estate 3% 3% 2% 2% 2% 2% 2% 2% Transactions with participants 1% 1% 1% 2% 1% 2% 2% 2% Other investments 0% 1% - - - - - - Escrow deposits and others 0% 1% - - - - - - Total not quoted in an active market 4% 6% 3% 3% 4% 4% 4% 4% |
Schedule for investment target of plan assets | The plan assets do not hold any properties occupied or assets used by the Company. Target for 2020 Fundação CESP Fundação Família Previdência CPFL Paulista and CPFL Geração CPFL Piratininga RGE Sul (RGE) Plan 1 Plan 2 Fixed income investments 61.3% 51.6% 76.0% 76.0% Variable income investments 24.9% 35.5% 9.0% 11.0% Real estate 3.6% 1.8% 2.0% 3.0% Transactions with participants 1.9% 2.7% 2.0% 2.0% Structured investments - - 11.0% 8.0% Investments abroad 8.4% 8.4% - - Total 100% 100% 100% 100% |
Schedule for effects on the defined benefit obligation | See below the effects on the defined benefit obligation if the discount rate were 0.25 percentage points lower (higher) and if life expectancy were to decrease (increase) in one year: RGE Sul (RGE) Increase (Decrease) CPFL Paulista CPFL Piratininga CPFL Geração Plan 1 Plan 2 Total Nominal discount (p.a.)* -0.25 p.p. 160,456 56,441 4,116 13,297 21,548 255,858 +0.25 p.p. (153,552) (53,580) (3,928) (12,683) (20,456) (244,199) General biometric mortality table** +1 year (169,890) (40,984) (4,005) (11,057) (15,957) (241,893) -1 year 169,223 40,473 3,993 10,917 15,743 240,349 * The Company´s assumption based on the actuarial report for the nominal discount rate was 7.43% p.a.. The projected rates are increased or decreased by 0.25 p.p. to 7.18% p.a. and 7.68% p.a.. ** The Company´s assumption based on in the actuarial report for the mortality table was AT-2000 (-10) for Fundação CESP and BREMS sb v.2015 for Fundação Família Previdência. The projections were performed with 1 year of aggravation or softening on the respective mortality tables. |
(21) REGULATORY CHARGES (Tables
(21) REGULATORY CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Charges [Abstract] | |
Schedule of regulatory charges | Dec 31, 2019 Dec 31, 2018 Fee for the use of water resources 1,265 1,701 Global reversal reserve - RGR 17,260 17,288 ANEEL inspection fee - TFSEE 7,375 5,470 Tariff flags and others 206,352 126,196 Total 232,251 150,656 |
(22) TAXES, FEES AND CONTRIBU_2
(22) TAXES, FEES AND CONTRIBUTIONS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxes Fees And Contributions Payable [Abstract] | |
Schedule of taxes fees and contributions | Dec 31, 2019 Dec 31, 2018 Current IRPJ (corporate income tax) 156,240 73,058 CSLL (social contribution on net income) 62,721 27,392 Income tax and social contribution 218,961 100,450 ICMS (State VAT) 435,155 430,149 PIS (tax on revenue) 36,657 30,760 COFINS (tax on revenue) 168,195 152,945 PIS/COFINS installments 9,323 - Income tax withholding on interest on capital 40,099 - Others 52,105 51,135 Other taxes 741,536 664,989 Total current 960,497 765,438 Noncurrent Income Tax - IRPJ 156,198 - ICMS (State VAT) 805 722 PIS/COFINS installments - 8,919 Other taxes 805 9,691 Total noncurrent 157,003 9,691 |
(23) PROVISION FOR TAX, CIVIL_2
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provision For Tax Civil And Labor Risks And Escrow Deposits [Abstract] | |
Schedule of provision for tax, civil and labor risks & escrow deposits | December 31, 2019 December 31, 2018 Provision for tax, civil and labor risks Escrow Provision for tax, civil and labor risks Escrow Labor 235,085 96,094 219,314 103,760 Civil 245,464 66,243 281,304 99,604 Tax FINSOCIAL - - 39,727 99,146 Income Tax 7,571 417,664 154,717 401,381 Others 46,255 177,369 195,379 150,472 53,825 595,033 389,823 650,999 Others 66,401 1 88,920 12 Total 600,775 757,370 979,360 854,374 |
Schedule of changes in the provision for tax, civil, labor and other risks | The changes in the provision for tax, civil, labor and other risks are shown below: December 31, 2018 Additions Reversals Payments Monetary Restatements Adjustment (note 22) December 31, 2019 Labor 219,314 86,735 (29,967) (68,927) 27,932 - 235,085 Civil 281,304 107,671 (43,679) (123,054) 23,223 - 245,464 Tax 389,823 121,146 (55,221) (276,652) 30,927 (156,198) 53,825 Others 88,920 6,571 (16,420) (15,518) 2,849 - 66,401 Total 979,360 322,121 (145,288) (484,153) 84,932 (156,198) 600,775 |
Schedule of possible losses | The claims relating to possible losses, at December 31, 2019 and 2018 were as follows: Dec 31, 2019 Dec 31, 2018 Main reasons for claims Labor 583,348 786,901 Work accidents, risk premium for dangerousness at workplace and overtime Civil 1,815,143 1,630,630 Personal injury, environmental impacts and overfed tariffs Tax 4,350,740 3,822,488 Social Contributions and Income tax (note 22) Tax - others 2,654,331 2,377,101 ICMS, FINSOCIAL, PIS and COFINS Regulatory 76,404 139,593 Technical, commercial and economic-financial supervisions Total 9,479,966 8,756,713 |
(24) OTHER PAYABLES (Tables)
(24) OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Payables [Abstract] | |
Schedule of other payables | Current Noncurrent Dec 31, 2019 Dec 31, 2018 Dec 31, 2019 Dec 31, 2018 Consumers and concessionaires 114,610 93,612 183,938 47,831 Energy efficiency program - PEE 230,451 183,225 89,522 120,563 Research & Development - P&D 93,658 110,495 125,111 72,941 EPE/FNDCT/PROCEL (*) 49,275 38,052 - - Reversion fund 1,712 1,712 12,615 14,327 Advances 234,556 197,470 43,263 48,724 Tariff discounts - CDE 76,632 96,819 - - Provision for socio-environmental costs and asset retirement obligation 24,485 22,489 203,844 110,261 Payroll 18,004 15,674 - - Profit sharing 98,713 95,502 29,631 20,575 Collections agreement 93,740 85,018 - - Business combination 7,901 7,598 - - Others 50,533 31,630 71,406 40,174 Total 1,094,269 979,296 759,331 475,396 (*) EPE – Energy Research Company; FNDCT - National Fund for Scientific Development; PROCEL - National Electricity Conservation Program. |
(25) EQUITY (Tables)
(25) EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
Schedule of shareholders interest | The shareholders’ interest in the Company’s equity at December 31, 2019 and 2018 is shown below: Number of shares December 31, 2019 December 31, 2018 Shareholders Common shares Interest % Common shares Interest % State Grid Brazil Power Participações S.A. 730,435,698 63.39% 730,435,698 71.76% ESC Energia S.A. 234,086,204 20.32% 234,086,204 23.00% Members of the Executive Board 189 0.00% 189 0.00% Other shareholders 187,732,349 16.29% 53,392,655 5.25% Total 1,152,254,440 100.00% 1,017,914,746 100.00% |
Schedule of profit allocation | The proposed allocation of profit for the year is shown below: 2019 Profit for the year - Parent company 2,702,671 Realization of comprehensive income 25,672 Time-barred dividends 765 Profit base for allocation 2,729,108 Legal reserve (135,134) Statutory reserve - working capital (518,795) Mandatory dividend (641,884) Additional dividend (1,433,295) |
Schedule of changes in noncontrolling interests | 25.9.1 Changes in noncontrolling interests CERAN CPFL Renováveis Paulista Lajeado Total As of December 31, 2016 263,719 2,060,963 77,966 2,402,648 Equity interests and voting capital 35.00% 48.40% 40.07% Equity attributable to noncontrolling interests 37,949 13,720 11,623 63,292 Dividends (92,832) (16,619) (8,769) (118,220) Capital increase (reduction) (122,806) 15 - (122,791) Other movements - - (113) (113) As of December 31, 2017 86,031 2,058,079 80,707 2,224,816 Equity interests and voting capital 35.00% 48.40% 40.07% Equity attributable to noncontrolling interests 34,731 62,470 10,754 107,955 Dividends (44,314) (13,511) (10,860) (68,685) Other movements - 5,656 (108) 5,548 As of December 31, 2018 76,448 2,112,693 80,493 2,269,634 Equity interests and voting capital 35.00% 48.44% 40.07% Equity attributable to noncontrolling interests 36,914 950 7,762 45,625 Gain in equity without change in control - 75,298 - 75,298 Acquisition of non-controlling interests - (2,072,635) (1) - (2,072,635) Dividends (9,228) (11,895) (7,986) (29,109) Other movements - 122 (77) 45 As of December 31, 2019 104,134 104,532 80,191 288,857 Equity interests and voting capital 35.00% 0.06% 40.07% (1) Refers to acquisition of 46.76% interest in subsidiary CPFL Renováveis by the Company from the controlling shareholder State Grid. |
Schedule of financial information of subsidiaries which have noncontrolling interests | The summarized financial information on subsidiaries in which there is noncontrolling interests at December 31, 2019 and 2018, and for income statement for the years ended December 31, 2019, 2018 and 2017 are as follows: December 31, 2019 CERAN CPFL Renováveis Paulista Lajeado Current assets 78,836 1,312,372 19,734 Cash and cash equivalents 33,140 412,579 9,564 Noncurrent assets 751,546 10,496,351 141,185 Current liabilities 215,198 1,545,741 35,374 Borrowings and debentures 106,128 617,030 - Other financial liabilities 13,256 430,257 250 Noncurrent liabilities 317,660 5,616,562 782 Borrowings and debentures 211,051 4,387,676 - Other financial liabilities 91,181 - - Equity 297,523 4,646,421 124,763 Attributable to owners of the Company 297,523 4,544,434 124,763 Attributable to noncontrolling interests - 101,987 - 2019 Net operating revenue 339,041 1,928,011 42,206 Operational costs and expenses (102,685) (724,479) (25,224) Depreciation and amortization (43,033) (645,722) (4) Interest income 4,821 73,216 679 Interest expense (39,623) (420,775) - Income tax expense (52,197) (47,152) (2,814) Profit (loss) for the year 105,468 107,024 19,370 Attributable to owners of the Company 105,468 96,628 19,370 Attributable to noncontrolling interests - 10,396 - December 31, 2018 CERAN CPFL Renováveis Paulista Lajeado Current assets 80,367 1,330,819 15,499 Cash and cash equivalents 32,729 876,571 5,687 Noncurrent assets 799,390 10,845,036 144,863 Current liabilities 246,482 1,396,120 33,883 Borrowings and debentures 106,556 819,993 - Other financial liabilities 13,406 7,670 282 Noncurrent liabilities 414,852 6,528,563 1,033 Borrowings and debentures 316,581 4,738,841 - Other financial liabilities 89,965 - - Equity 218,423 4,251,172 125,446 Attributable to owners of the Company 218,423 4,147,795 125,446 Attributable to noncontrolling interests - 103,377 - 2018 Net operating revenue 333,289 1,936,319 52,510 Operational costs and expenses (95,321) (727,557) (26,114) Depreciation and amortization (41,378) (623,106) (4) Interest income 6,191 93,076 691 Interest expense (53,629) (517,403) (614) Income tax expense (48,239) 37,276 (3,145) Profit (loss) for the year 99,230 118,805 26,838 Attributable to owners of the Company 99,230 109,264 26,838 Attributable to noncontrolling interests - 9,542 - 2017 CERAN CPFL Renováveis Paulista Lajeado Net operating revenue 321,743 1,959,084 38,278 Operational costs and expenses (103,671) (737,472) (10,566) Depreciation and amortization (45,212) (617,017) (4) Interest income 30,489 126,041 2,089 Interest expense 2,029 (648,571) (4,050) Income tax expense (40,202) (74,125) (2,911) Profit (loss) for the year 108,427 19,645 29,006 Attributable to owners of the Company 108,427 11,484 29,006 Attributable to noncontrolling interests - 8,162 - |
(26) EARNINGS PER SHARE (Tables
(26) EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Basic and diluted earnings per share [abstract] | |
Schedule of diluted earnings per share considering dilutive effects of instruments convertible into shares | For diluted earnings per share, the calculation considered the dilutive effects of instruments convertible into shares, as shown below: 2019 2018 2017 Numerator Profit attributable to controlling shareholders 2,702,671 2,058,040 1,179,750 Denominator Weighted average number of shares held by shareholders 1,087,828,995 (**) 1,017,914,746 1,017,914,746 Earnings per share - basic 2.48 2.02 1.16 Numerator Profit attributable to controlling shareholders 2,702,671 2,058,040 1,179,750 Dilutive effect of convertible debentures of subsidiary CPFL Renováveis (*) (13,764) (7,525) (11,966) Profit attributable to controlling shareholders 2,688,907 2,050,515 1,167,783 Denominator Weighted average number of shares held by shareholders 1,087,828,995 (**) 1,017,914,746 1,017,914,746 Earnings per share - diluted 2.47 2.01 1.15 (*) Proportional to the percentage of the Company's interest in the subsidiary in each period presented. (**) Considers the events that took place on June 12 and 28, 2019, related to the Public Offering process of the Company (note 25.2) (*)The dilutive effect of the numerator in the calculation of diluted earnings per share considers the dilutive effects of the debentures convertible into shares issued by by indirect subsidiaries of the Company (note 19). These financial instruments reduce the amount of earnings available to the Company’s controlling shareholders. The effects were calculated taking into account the assumption that said debentures would be converted into common shares of the subsidiaries at the beginning of each year. |
(27) NET OPERATING REVENUE (Tab
(27) NET OPERATING REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Net Operating Revenue [Abstract] | |
Schedule of net operating revenue | Number of Consumers In GWh R$ thousand Revenue from Eletric Energy Operations 2019 2018 2017 2019 2018 2017 2019 2018 2017 Consumer class Residential 8,721,256 8,544,035 8,330,237 20,355 19,618 16,473 15,356,697 13,549,879 11,663,084 Industrial 57,116 58,241 59,825 13,198 13,834 13,022 5,222,522 5,188,778 5,095,840 Commercial 529,815 532,592 545,095 10,700 10,211 9,720 6,674,870 6,038,086 5,498,867 Rural 363,500 361,908 359,106 3,231 3,583 2,474 1,430,315 1,334,868 1,173,569 Public administration 61,868 60,685 60,639 1,468 1,459 1,271 957,935 879,910 787,967 Public lighting 11,809 11,659 11,230 2,039 2,003 1,746 838,116 767,246 654,950 Public services 10,512 10,194 9,790 2,348 2,348 1,840 1,241,696 1,150,227 978,286 (-) Adjustment of revenues from excess demand and excess reactive power - - - - - - - - (65,991) Billed 9,755,876 9,579,314 9,375,922 53,339 53,057 46,546 31,722,151 28,908,995 25,786,572 Own comsuption - - - 36 34 32 - - - Unbilled (net) - - - - - - 39,477 112,441 (89,575) (-) Transfer or revenue related to the network availability for Captive Consumers - - - - - - (12,769,168) (11,095,762) (9,273,840) Electricity sales to final consumers 9,755,876 9,579,314 9,375,922 53,375 53,091 46,578 18,992,460 17,925,674 16,423,157 Furnas Centrais Elétricas S.A. 2,875 2,875 3,026 578,603 544,342 565,592 Other concessionaires and licensees 18,351 17,757 16,337 4,215,041 3,825,201 3,240,571 (-) Transfer or revenue related to the network availability for Captive Consumers - - - (133,073) (96,717) (56,528) Spot market energy 4,208 3,828 8,194 1,309,117 1,082,945 2,340,463 Electricity sales to wholesalers 25,435 24,459 27,557 5,969,688 5,355,771 6,090,098 Revenue due to Network Usage Charge - TUSD - Captive Consumers 12,902,241 11,192,479 9,330,368 Revenue due to Network Usage Charge - TUSD - Free Consumers 3,359,298 2,650,565 2,137,566 (-) Compensation paid for failure to comply with the limits of continuity (84,461) (57,630) - (-) Adjustment of revenues from excess demand and excess reactive power - - (21,861) Revenue from construction of concession infrastructure 2,087,995 1,772,222 2,073,423 Sector financial asset and liability (Note 9) (602,461) 1,207,917 1,900,837 Concession financial asset - Adjustment of expected cash flow (note 11) 280,632 345,015 204,443 Energy development account - CDE - Low-income, tariff discounts - judicial injunctions and other tariff discounts 1,516,077 1,536,366 1,419,128 Other revenues and income 587,668 697,878 496,340 Other operating revenues 20,046,989 19,344,812 17,540,244 Total gross operating revenue 45,009,138 42,626,257 40,053,498 Deductions from operating revenue ICMS (6,936,560) (6,188,323) (5,455,718) PIS (676,174) (659,352) (603,050) COFINS (3,173,715) (3,037,164) (2,777,626) ISS (19,830) (16,871) (15,929) Global reversal reserve - RGR - - (2,952) Energy development account - CDE (3,642,384) (4,016,362) (3,185,693) Research and development and energy efficiency programs (224,642) (207,653) (191,997) PROINFA (175,283) (151,718) (166,743) Tariff flags and others (180,572) (178,536) (878,460) Financial compensation for the use of water resources (9,359) - - IPI - - (102) FUST e FUNTEL - - (19) Others (38,145) (33,651) (30,304) (15,076,664) (14,489,630) (13,308,593) Net operating revenue 29,932,474 28,136,627 26,744,905 |
Schedule of periodic tariff review ("RTP") and annual tariff adjustment ("RTA") | 2019 2018 2017 Subsidiary Month RTA / RTP Effect perceived by consumers (a) RTA / RTP Effect perceived by consumers (a) RTA / RTP Effect perceived by consumers (a) CPFL Paulista April 12.02% 8.66% 12.68% 16.90% -0.80% -10.50% CPFL Piratininga October 1.88% -7.80% 20.01% 19.25% 7.69% 17.28% RGE June 10.05% (c) 8.63% 21.27% 20.58% 3.57% 5.00% RGE Sul (RGE) June 10.05% (c) 1.72% 18.45% 22.47% -0.20% -6.43% CPFL Santa Cruz March 13.7% 13.31% (b) (b) -1.28% -8.42% (a) Represents the average effect perceived by consumers, as a result of the elimination from the tariff base of financial components that had been added in the prior tariff adjustment. (b) In 2018, the average annual tariff adjustment of CPFL Santa Cruz was at 5.71%, 4.41% regarding the economic tariff adjustment and 1.30% regarding relevant financial components. The average effect to be perceived by consumers of the original concessions are: Jaguari Mococa Leste Paulista Sul Paulista Santa Cruz Effect perceived by consumers 21.15% 3.40% 7.03% 7.50% 5.32% |
(28) COST OF ELECTRIC ENERGY (T
(28) COST OF ELECTRIC ENERGY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cost Of Electric Energy [Abstract] | |
Summary of cost of electric energy | In GWh R$ thousand 2019 2018 2017 2019 2018 2017 Electricity purchased for resale Itaipu Binacional 11,021 11,117 11,779 2,793,901 2,668,346 2,350,858 PROINFA 1,102 1,111 3,595 397,242 330,638 560,153 Energy purchased through auction in the regulated market, bilateral contracts and spot market 66,283 61,461 62,600 14,199,139 13,969,953 14,269,265 PIS and COFINS credit - - - (1,483,542) (1,502,673) (1,562,779) Subtotal 78,406 73,689 77,974 15,906,740 15,466,264 15,617,498 Electricity network usage charge Basic network charges 2,080,667 2,114,720 1,541,629 Transmission from Itaipu 281,185 266,153 159,896 Connection charges 173,593 162,852 122,536 Charges for use of the distribution system 47,828 48,811 39,451 System service charges - ESS, net of transfers from CONER 4,385 (106,002) (452,978) Reserve energy charges - EER 122,553 134,824 (303) PIS and COFINS credit (245,958) (249,458) (126,213) Subtotal 2,464,254 2,371,901 1,284,020 Total 18,370,994 17,838,165 16,901,518 |
(29) OPERATING COSTS AND EXPE_2
(29) OPERATING COSTS AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Costs And Expenses [Abstract] | |
Schedule of operating cost and expenses | 2019 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 945,628 2 173,133 361,787 - 1,480,550 Private pension plans 112,603 - - - - 112,603 Materials 256,423 1,039 13,708 8,118 - 279,288 Third party services 219,464 2,641 173,376 319,403 - 714,884 Cost of infrastructure construction - 2,086,057 - - - 2,086,057 Others 81,776 (7) 101,057 228,789 198,555 610,169 Collection fees - - 99,520 - - 99,520 Rentals 50,974 - - 22,397 - 73,371 Publicity and advertising 55 - - 21,272 - 21,327 Legal, judicial and indemnities - - - 172,495 - 172,495 Donations, contributions and subsidies 1,687 - - 3,849 - 5,536 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 189,566 189,566 Amortization of premium paid - GSF 13,470 - - - - 13,470 Others 15,589 (7) 1,537 8,776 8,989 34,884 Total 1,615,893 2,089,732 461,275 918,099 198,555 5,283,551 2018 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 901,333 - 172,700 340,442 - 1,414,476 Private pension plans 89,909 - - - - 89,909 Materials 228,001 888 9,089 20,100 - 258,078 Third party services 210,234 2,294 166,693 312,533 - 691,754 Cost of infrastructure construction - 1,772,162 - - - 1,772,162 Others 66,650 (6) 86,183 248,897 198,569 600,293 Collection fees - - 87,432 - - 87,432 Rentals 43,898 - - 22,898 - 66,796 Publicity and advertising 21 - 15 19,155 - 19,191 Legal, judicial and indemnities - - - 186,686 - 186,686 Donations, contributions and subsidies 2,053 - - 5,108 - 7,161 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 210,840 210,840 Amortization of premium paid - GSF 13,413 - - - - 13,413 Others 7,265 (6) (1,264) 15,049 (12,271) 8,773 Total 1,496,127 1,775,339 434,665 921,972 198,569 4,826,672 2017 Cost of operation Cost of services rendered to third parties Operating Expenses Total Selling General and administrative Others Personnel 882,150 2 170,859 324,147 - 1,377,158 Private pension plans 113,887 - - - - 113,887 Materials 222,650 1,061 2,444 23,818 - 249,973 Third party services 251,549 1,856 186,525 287,221 - 727,151 Cost of infrastructure construction - 2,071,698 - - - 2,071,698 Others 157,113 (7) 69,903 218,247 152,279 597,535 Collection fees 11,710 - 68,757 - - 80,467 Rentals 52,734 - (148) 19,740 - 72,326 Publicity and advertising 202 - 1 17,412 - 17,615 Legal, judicial and indemnities - - - 188,355 - 188,355 Donations, contributions and subsidies 88 - 2 3,924 - 4,014 Gain (loss) on disposal, retirement and other noncurrent assets - - - - 132,195 132,195 Amotization of the risk premium paid -GSF 9,594 - - - - 9,594 Financial compensation for use of water resources 8,656 - - - - 8,656 Impairment - - - - 20,437 20,437 Others 74,130 (7) 1,291 (11,184) (353) 63,877 Total 1,627,350 2,074,611 429,732 853,433 152,279 5,137,405 |
(30) FINANCE INCOME (EXPENSES)
(30) FINANCE INCOME (EXPENSES) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Income Expenses [Abstract] | |
Schedule of finance income (expenses) | 2019 2018 2017 Finance Income Income from financial investments 263,241 222,773 457,255 Late payment interest and fines 312,450 276,350 265,455 Adjustment for inflation of tax credits 35,328 14,819 19,623 Adjustment for inflation of escrow deposits 33,721 37,322 49,502 Adjustment for inflation and exchange rate changes 62,969 70,201 60,999 Discount on purchase of ICMS credit 23,605 33,779 16,386 Adjustments to the sector financial asset (note 8) 88,079 80,240 - PIS and COFINS on other finance income (46,035) (46,217) (48,322) PIS and COFINS on interest on capital (32,040) (39,355) (27,798) Other 162,285 112,503 87,214 Total 903,575 762,413 880,314 Finance expenses Interest on debts (1,130,447) (1,328,693) (1,661,060) Adjustment for inflation and exchange rate changes (295,189) (368,141) (540,053) (-) Capitalized interest 25,641 28,606 50,543 Adjustments to the sector financial liability (note 8) - - (82,333) Use of public asset (12,911) (17,759) (8,048) Others (216,916) (179,114) (126,917) Total (1,629,822) (1,865,100) (2,367,868) Finance expenses, net (726,247) (1,102,687) (1,487,554) |
(31) SEGMENT INFORMATION (Table
(31) SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information [Abstract] | |
Schedule of information segregated by segment | The information segregated by segment is presented below, in accordance with the criteria established by Executive Officers: 2019 Distribution Generation (conventional source) Generation Commercialization Services Subtotal Other (*) Elimination Total Net operating revenue 24,217,986 710,730 1,426,648 3,487,008 87,791 29,930,163 2,311 - 29,932,474 (-) Intersegment revenues 42,311 502,151 501,363 3,696 526,574 1,576,095 - (1,576,095) - Cost of electric energy (15,623,488) (133,035) (319,634) (3,342,502) - (19,418,659) - 1,047,664 (18,370,994) Operating costs and expenses (4,940,793) (122,509) (404,845) (48,710) (476,006) (5,992,863) (52,544) 528,431 (5,516,977) Depreciation and amortization (820,206) (118,573) (645,722) (7,048) (26,511) (1,618,061) (62,992) - (1,681,053) Income from electric energy service 2,875,809 838,765 557,810 92,443 111,848 4,476,675 (113,225) - 4,363,450 Equity - 349,090 - - - 349,090 - - 349,090 Finance income 624,459 45,323 172,658 33,461 6,062 881,963 49,578 (27,966) 903,575 Finance expenses (821,739) (197,998) (576,292) (56,160) (4,270) (1,656,459) (1,329) 27,966 (1,629,822) Profit (loss) before taxes 2,678,529 1,035,180 154,176 69,744 113,639 4,051,269 (64,976) - 3,986,293 Income tax and social contribution (843,954) (171,594) (47,152) (22,269) (30,357) (1,115,326) (122,671) - (1,237,996) Profit (loss) for the year 1,834,575 863,586 107,024 47,475 83,282 2,935,943 (187,647) - 2,748,297 Purchases of PP&E and intangible assets 2,033,342 32,536 126,158 8,577 52,058 2,252,671 1,778 - 2,254,449 2018 Distribution Generation (conventional source) Generation Commercialization Services Total Other (*) Elimination Total Net operating revenue 22,457,079 661,831 1,468,254 3,491,300 58,163 28,136,627 - - 28,136,627 (-) Intersegment revenues 10,238 482,548 468,065 5,152 474,646 1,440,650 - (1,440,650) - Cost of electric energy (15,022,304) (102,421) (320,346) (3,352,745) - (18,797,816) - 959,650 (17,838,165) Operating costs and expenses (4,440,783) (104,606) (407,211) (47,287) (437,709) (5,437,597) (39,333) 481,000 (4,995,931) Depreciation and amortization (766,796) (116,372) (623,106) (2,346) (22,521) (1,531,143) (209) - (1,531,351) Income from electric energy service 2,237,434 820,979 585,655 94,074 72,579 3,810,721 (39,542) - 3,771,179 Equity - 334,198 - - - 334,198 - - 334,198 Finance income 574,685 75,844 131,694 46,102 5,782 834,107 (22,092) (49,602) 762,413 Finance expenses (884,583) (324,121) (635,820) (59,128) (5,908) (1,909,559) (5,143) 49,602 (1,865,100) Profit (loss) before taxes 1,927,537 906,899 81,530 81,049 72,453 3,069,467 (66,778) - 3,002,690 Income tax and social contribution (495,120) (137,089) 37,276 (27,945) (29,529) (652,408) (121,575) - (773,982) Profit (loss) for the year 1,432,416 769,810 118,805 53,104 42,924 2,417,060 (188,352) - 2,228,707 Purchases of PP&E and intangible assets 1,769,569 11,517 225,202 2,926 52,855 2,062,069 353 - 2,062,422 2017 Distribution Generation (conventional source) Generation Commercialization Services Total Other (*) Elimination Total Net operating revenue 21,068,435 741,842 1,489,932 3,402,804 40,611 26,743,625 1,281 - 26,744,905 (-) Intersegment revenues 8,182 448,427 469,152 11,297 444,935 1,381,993 - (1,381,993) - Cost of electric energy (14,146,739) (147,380) (348,029) (3,196,028) - (17,838,176) - 936,658 (16,901,518) Operating costs and expenses (4,695,445) (156,345) (389,443) (47,296) (398,188) (5,686,717) (51,121) 445,336 (5,292,502) Depreciation and amortization (703,601) (120,554) (617,017) (3,054) (19,760) (1,463,986) (65,066) - (1,529,052) Income from electric energy service 1,530,833 765,990 604,596 167,724 67,598 3,136,740 (114,906) - 3,021,834 Equity - 312,390 - - - 312,390 - - 312,390 Finance income 597,203 108,433 137,765 25,895 11,349 880,644 20,505 (20,835) 880,314 Finance expenses (1,163,689) (437,009) (648,571) (58,801) (7,101) (2,315,170) (73,532) 20,835 (2,367,868) Profit (loss) before taxes 964,347 749,805 93,789 134,818 71,846 2,014,605 (167,933) - 1,846,670 Income tax and social contribution (299,510) (95,688) (74,125) (44,527) (16,994) (530,845) (72,784) - (603,629) Profit (loss) for the year 664,837 654,117 19,665 90,290 54,852 1,483,761 (240,717) - 1,243,042 Purchases of PP&E and intangible assets 1,882,502 8,973 621,046 2,927 54,149 2,569,598 835 - 2,570,433 (*) Others – refer basically to assets and transactions which are not related to any of the identified segments. |
(32) RELATED PARTY TRANSACTIO_2
(32) RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Schedule of transactions between related parties | Transactions involving controlling shareholders, entities under common control or with significant influence and joint ventures: ASSETS LIABILITIES INCOME EXPENSES December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 2019 2018 2017 2019 2018 2017 Advances BAESA – Energética Barra Grande S.A. - - - 657 - - - - - - Foz do Chapecó Energia S.A. - - - 930 - - - - - - ENERCAN - Campos Novos Energia S.A. - - - 1,155 - - - - - - EPASA - Centrais Elétricas da Paraiba - - - 418 - - - - - - Energy purchases and sales, and charges Entities under common control (Subsidiaries of State Grid Corporation of China)* - - 2,998 16 - - - 200,771 152,369 91,302 BAESA – Energética Barra Grande S.A. 3,082 - 6,544 2,993 3,095 12 - 33,792 44,575 80,362 Foz do Chapecó Energia S.A. 1,773 - 45,009 41,850 20,901 18 - 495,111 490,713 381,193 ENERCAN - Campos Novos Energia S.A. 1,017 943 62,330 78,639 11,674 10,338 8,763 364,383 354,430 281,530 EPASA - Centrais Elétricas da Paraiba - - 6,737 13,397 - 19 - 79,701 143,845 137,376 Intangible assets, property, plant and equipment, materials and services rendered Entities under common control (Subsidiaries of the State Grid Corporation of China) - - - - - - - 77 - - BAESA – Energética Barra Grande S.A. 198 2 - - 2,240 2,225 1,582 - - - Foz do Chapecó Energia S.A. 11 15 - - 2,148 2,143 1,726 - - - ENERCAN - Campos Novos Energia S.A. 2 2 - - 1,991 1,902 1,665 - - - EPASA - Centrais Elétricas da Paraíba S.A. - 534 - - 392 3 (469) - - - Dividend and interest on own capital BAESA – Energética Barra Grande S.A. 3,504 3 - - - - - - - - Chapecoense Geração S.A. 37,090 33,733 - - - - - - - - ENERCAN - Campos Novos Energia S.A. 59,289 65,010 - - - - - - - - Others Instituto CPFL - - - - - - - 3,711 4,151 3,613 |
(33) INSURANCE (Tables)
(33) INSURANCE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance [Abstract] | |
Schedule of main insurance policies | The amounts are considered sufficient to cover any significant losses on assets and/or responsibilities. The main insurancedw coverages are as follows: Description Type of cover Dec. 31, 2019 Concession financial asset / Intangible assets Fire, lightning, explosion, machinery breakdown, electrical damage and engineering risk 3,054,310 Transport National and international transport 700,408 Stored materials Fire, lightning, explosion and robbery - Automobiles Comprehensive cover 3,396 Civil liability Electric energy distributors, enviroment risks and others 255,000 Personnel Group life and personal accidents 877,387 Warranties Insurance guarantee 3,995,725 Others Civil liability of administrators and others 310,237 Total 9,196,463 |
(35) FINANCIAL INSTRUMENTS (Tab
(35) FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of financial instruments classification | The main financial instruments, at fair value and/or the carrying amount is significantly different of the respective fair value, classified in accordance with the Group’s accounting practices, are: December 31, 2019 Note Category / Measurement Level (*) Carrying amount Fair value Asset Cash and cash equivalent 5 (a) Level 2 1,937,163 1,937,163 Investment assets 6 (a) Level 1 851,004 851,004 Derivatives 35 (a) Level 2 645,674 645,674 Derivatives - zero-cost collar 35 (a) Level 3 5,419 5,419 Concession financial asset - distribution 11 (a) Level 3 8,779,717 8,779,717 Total 12,218,977 12,218,977 Liability Borrowings - principal and interest 18 (b) Level 2 (***) 5,354,243 5,350,030 Borrowings - principal and interest (**) 18 (a) Level 2 5,009,052 5,009,052 Debentures - Principal and interest 19 (b) Level 2 (***) 8,054,153 8,056,757 Debentures - Principal and interest (**) 19 (a) Level 2 492,125 492,125 Derivatives 35 (a) Level 2 35,557 35,557 18,945,130 18,943,521 (*) Refers to the hierarchy for fair value measurement (**) As a result of the initial designation of this financial liability, the consolidated balances reported a loss of R$ 127,102 in 2019 (a gain of R$ 37,421 in 2018). (***) Only for disclosure purposes, in accordance with IFRS 7 |
Schedule of derivative transactions | At December 31, 2019, the Group had the following swap transactions, all traded on the over-the-counter market: Fair values (carrying amounts) Strategy Assets Liabilities Fair value, net Values at cost, net (1) Gain (loss) on Fair value adjustment Currency / debt index Currency /swap index Maturity range Notional Derivatives to hedge debts designated at fair value Exchange rate hedge Bank Loans - Law 4.131 542,278 (29,231) 513,047 487,030 26,017 US$ + (Libor 3 months + 0.8% to 1.55%) or (1.96% to 3.65%) 99.80% to 116% of CDI or CDI + 0.12% October 2018 to March 2022 3,838,488 Bank Loans - Law 4.131 13,391 (6,157) 7,234 9,074 (1,840) Euro + 0.42% to 0.96% 102% to 105.8% of CDI April 2019 to March 2022 834,630 555,670 (35,388) 520,282 496,104 24,178 Hedge variation price index Debêntures 90,004 - 90,004 19,486 70,517 IPCA + 5.8% 100.15% to 104.3% of CDI August 2025 416,600 Subtotal debt hedge 645,673 (35,388) 610,285 515,591 94,695 Other (2): Index / currency Maturity range Notional in US$ Zero cost collar 5,419 - 5,419 - 5,419 US$ from jul/18 to sep/20 22,174 Term of product (aluminum) - (16) (16) - (16) aluminum (US$/ton) Jul-20 3,889 NDF - aluminum - (153) (153) 52 (205) US$ Jul-20 6,296 Subtotal other 5,419 (169) 5,250 52 5,198 Total 651,093 (35,557) 615,536 515,643 99,893 Current 281,326 (29,400) Noncurrent 369,767 (6,157) (1) (2) |
Schedule of derivatives | Changes in derivatives are stated below: December 31, 2018 Interests and monetary restatements Repayments of principal December 31, 2019 Derivatives to hedge debts designated at fair value 631,368 75,241 (191,018) 515,591 to hedge debts not designated at fair value 21,548 (857) (20,691) - Others - 7,600 (7,548) 52 Mark-to-market (*) (27,722) 127,615 - 99,893 625,194 209,599 (219,257) 615,536 December 31, 2017 Interests and monetary restatements Repayments of principal December 31, 2018 Derivatives to hedge debts designated at fair value 526,148 662,147 (556,927) 631,368 to hedge debts not designated at fair value 17,881 (21,817) 25,484 21,548 Others - 11,984 (11,984) - Mark-to-market (*) 9,095 (36,817) - (27,722) 553,124 615,497 (543,427) 625,194 December 31, 2016 Interests and monetary restatements Repayments of principal December 31, 2017 Derivatives to hedge debts designated at fair value 602,476 (189,466) 113,138 526,148 to hedge debts not designated at fair value 7,181 (1,175) 11,875 17,881 Others (zero cost collar) - 22,372 (22,372) - Mark-to-market (*) 76,679 (67,584) - 9,095 686,336 (235,853) 102,641 553,124 (*) The effects on profit or loss and OCI for the year ended December 31, 2019 related to the fair value adjustments (MTM) of the derivatives are: (i) a gain of R$ 139,361 for debts designated at fair value, (ii) a loss of R$ 577 for debts not designated at fair value and (iii) a loss of R$ 11,169 for other derivatives. |
Schedule of gains or losses due to derivative instruments | The Group have recognized gains and losses on their derivatives. However, as these derivatives are used as a hedge, these gains and losses minimized the impact of variations in exchange and interest rates on the hedged debts. For the years 2019, 2018 and 2017, the derivatives resulted in the following impacts on the result, recognized in the line item of finance costs on adjustment for inflation and exchange rate changes and in the consolidated comprehensive income in the credit risk in the fair value adjustment, the last one related to debts at fair value: Gain (Loss) on Profit or Loss Hedged risk / transaction 2019 2018 2017 2019 2018 Interest rate variation 16,559 (19,747) 1,446 - - Fair value adjustment 46,243 13,135 8,960 2,685 272 Exchange variation 65,424 672,061 (169,714) - - Fair value adjustment 78,829 (47,904) (76,544) (148) (2,025) 207,055 617,545 (235,852) 2,537 (1,753) |
Schedule of call and put options for zero-cost collar instruments | The following table reconciles the opening and closing balances of the call and put options for the year ended December 31, 2019, as required by IFRS 13: Assets Liabilities Net As of December 31, 2016 57,715 - 57,715 Measurement at fair value 16,715 - 16,715 Net cash received from settlement of flows (22,372) - (22,372) As of December 31, 2017 52,058 - 52,058 Measurement at fair value (23,707) - (23,707) Net cash received from settlement of flows (11,984) - (11,984) As of December 31, 2017 16,367 - 16,367 Measurement at fair value (3,400) - (3,400) Net cash received from settlement of flows (7,548) - (7,548) As of December 31, 2018 5,419 - 5,419 |
Schedule of financial instrument type | Considering the level of net exchange rate exposure at December 31, 2019 is maintained, the simulation of the effects by type of financial instrument for three different scenarios would be: Income (expense) - R$ thousand Instruments Exposure Risk Currency depreciation (b) Currency appreciation / depreciation of 25% Currency appreciation / depreciation of 50% Financial liability instruments (4,174,769) (87,520) 978,052 2,043,624 Derivatives - Plain Vanilla Swap 4,221,801 88,506 (989,071) (2,066,647) 47,032 drop in the dollar 986 (11,019) (23,023) Financial liability instruments (835,977) (34,709) 182,963 400,634 Derivatives - Plain Vanilla Swap 847,774 35,198 (185,545) (406,288) 11,797 drop in the euro 489 (2,582) (5,654) Total 58,829 1,475 (13,601) (28,677) Effects in the accumulated comprehensive income 1,271 (11,312) (23,896) Effects in the profit or loss for the year 204 (2,289) (4,781) Income (expense) - R$ thousand Instruments Exposure Risk Currency depreciation (b) Currency appreciation / depreciation of 25%(c) Currency appreciation / depreciation of 50%(c) Derivatives - Zero-cost collar 22,174 (d) dollar apprec. (682) (8,989) (17,296) Term of product (aluminum) 3,889 (d) drop in the aluminum (US$/ton) - (2,891) (3,852) NDF - aluminum 6,296 (d) drop in the dollar - (6,255) (12,511) (a) The exchange rates considered as of December 31, 2019 were R$ 4.03 per US$ 1.00 and R$ 4.53 per € 1.00. (b) As per the exchange curves obtained from information made available by B3 S.A. Brasil, Bolsa, Balcão, with the exchange rate being considered at R$ 4.12 and R$ 4.72, and exchange depreciation at 2.10% and 4.15%, for the US$ and €, respectively, as of December 31, 2019. (c) As required by CVM Instruction 475/2008, the percentage increases in the ratios applied refer to the information made available by the B3 S.A. Brasil, Bolsa, Balcão. (d) Owing to the characteristics of these derivatives, the notional amount is presented in US$. |
Schedule of interest rate variation | Assuming that the scenario of net exposure of the financial instruments indexed to variable interest rates at December 31, 2019 is maintained, the net finance cost for the next 12 months for each of the three scenarios defined, would be: Income (expense) - R$ thousand Instruments Exposure Risk Rate in the period Most likely scenario (a) Likely scenario Raise/drop of Raise/drop of Financial asset instruments 2,919,915 132,564 165,705 198,846 Financial liability instruments (6,516,480) (295,848) (369,810) (443,772) Derivatives - Plain Vanilla Swap (4,976,115) (225,916) (282,395) (338,873) (8,572,680) raise of CDI 5.97% 4.54% (389,200) (486,500) (583,799) Financial liability instruments (145,558) (4,469) (5,586) (6,703) (145,558) raise of IGP-M 7.3% 3.07% (4,469) (5,586) (6,703) Financial liability instruments (3,183,323) (162,031) (202,539) (243,047) (3,183,323) raise of TJLP 6.3% 5.09% (162,031) (202,539) (243,047) Financial liability instruments (3,422,062) (156,388) (117,291) (78,194) Derivatives - Plain Vanilla Swap 516,826 23,619 17,714 11,809 Concession financial asset 8,779,717 401,233 300,925 200,617 5,874,481 drop in the IPCA 4.2% 4.57% 268,464 201,348 134,232 Sector financial asset and liability 993,775 45,316 33,987 22,658 Financial liability instruments (83,073) (3,788) (2,841) (1,894) 910,702 drop in the SELIC 5.97% 4.56% 41,528 31,146 20,764 Total (5,116,378) (245,708) (462,131) (678,553) Effects in the accumulated comprehensive income 1,289 1,047 804 Effects in the profit or loss for the year (246,997) (463,178) (679,357) (a) The indexes were obtained from information available in the market. (b) In compliance with CVM Instruction 475/08, the percentages of increase were applied to the indexes in the probable scenario. |
Schedule of interval currently used in the allowance guided by the regulatory parameters | According to the interval currently used in the allowance guided by the regulatory parameters as follows: Class Days Period Residential 90 Revenue of 3 months prior to the current month Commercial and other revenues 180 Revenue of 6 months prior to the current month Industrial, rural, public power in general 360 Revenue of 12 months prior to the current month Unbilled - Uses revenue of the same month |
Schedule of liquidity analysis | The table below sets out details of the contractual maturities of the financial liabilities at December 31, 2019, taking into account principal and future interest, and is based on the undiscounted cash flow, considering the earliest date on which the Group have to settle their respective obligations. December 31, 2019 Note Less than 1 month 1-3 months 3 months to 1 year 1-3 years 4-5 years More than 5 years Total Trade payables 17 3,238,843 21,258 78 211,697 - 148,247 3,620,123 Borrowings - principal and interest 18 222,237 580,245 2,842,610 4,941,612 1,890,206 2,845,013 13,321,923 Derivatives 35 - 9,332 45,060 9,572 - - 63,964 Debentures - principal and interest 19 10,811 101,704 770,047 3,691,282 4,053,800 1,592,045 10,219,689 Regulatory charges 21 231,130 1,122 - - - - 232,252 Use of public asset 981 1,962 8,828 17,096 28,494 45,591 102,952 Others 24 103,808 110,173 45,357 3,423 3,423 189,707 455,891 Consumers and concessionaires 57,182 57,429 - - - 183,938 298,549 EPE / FNDCT / PROCEL (*) 44 5,158 44,073 - - - 49,275 Collections agreement 46,439 47,301 - - - - 93,740 Reversal fund 143 285 1,284 3,423 3,423 5,769 14,327 Total 3,807,810 825,796 3,711,980 8,874,682 5,975,923 4,820,603 28,016,794 |
(36) NON-CASH TRANSACTIONS (Tab
(36) NON-CASH TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-cash Transaction | |
Schedule of non cash transactions | December 31, 2019 December 31, 2018 Interest capitalized 25,641 28,606 Repayment of intercompany loans with of noncontrolling shareholders' dividends 81 377 Provision for environmental costs capitalized in property, plant and equipment 83,334 1,684 Transfers between property, plant and equipment, intangible and other assets 1,662 5,515 |
(37) COMMITMENTS (Tables)
(37) COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments | |
Schedule of commitments | The Group’s commitments, mainly related to long term agreements for energy purchases and power plant constructions, at December 31, 2019, are as follows: Subsidiaries Consolidated Commitments at December 31, 2019 Duration Less than 1 year 1-3 years 4-5 years More than 5 years Total Rentals Up to 13 years 38,223 71,906 68,779 82,430 261,338 Energy purchase agreements (except Itaipu) Up to 25 years 11,988,989 21,701,899 22,211,015 41,829,746 97,731,649 Energy purchase from Itaipu Up to 25 years 2,896,696 5,642,618 6,097,490 15,803,644 30,440,448 Energy system service charges Up to 29 years 2,762,294 7,192,517 9,172,126 25,725,396 44,852,333 GSF renegotiation Up to 28 years 16,468 37,886 36,484 228,865 319,703 Power plant constrution projects Up to 14 years 757,367 654,777 239,322 1,119,285 2,770,751 Total 18,460,037 35,301,603 37,825,216 84,789,366 176,376,222 Joinv Venture Consolidated Commitments at December 31, 2019 Duration Less than 1 year 1-3 years 4-5 years More than 5 years Total Power plant constrution projects Up to 5 years 3,502,439 5,321,975 693,788 - 9,518,202 GSF renegotiation Up to 17 years 33,566 132,856 132,965 396,102 695,489 3,536,005 5,454,831 826,754 396,102 10,213,692 |
(38) SUBSEQUENT EVENTS (Tables)
(38) SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Schedule of borrowings obtained by subsidiaries after the end of the reporting period | From January 1, 2020 to the date of approval of these financial statements, the Company’s subsidiaries obtained borrowings with the following conditions and details: R$ thousand Category Subsidiary Released until March Interest Repayment Utilization Annual finance charges Annual effective rate Effective rate with derivatives Foreign currency - Law 4.131 US$ CPFL Paulista 174,960 Quarterly Annual from february 2023 Working capital reinforcement USD + 2.39% USD + 2.39% CDI + 0.85% CPFL Paulista 196,567 Quarterly Single installment in february 2025 Working capital reinforcement USD + 2.40% USD + 2.40% CDI + 0.89% RGE 100,000 Semiannual Single installment in january 2025 Working capital reinforcement USD + 2.64% USD + 2.64% CDI + 0.90% CPFL Brasil 107,000 Semiannual Single installment in february 2023 Working capital reinforcement USD + 1.83% USD + 1.83% CDI + 0.61% CPFL Renováveis 120,000 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% CPFL Santa Cruz 108,000 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% RGE 418,280 Semiannual Annual from february 2023 Working capital reinforcement USD + 2.07% USD + 2.07% CDI + 0.80% RGE 185,000 Quarterly Annual from february 2023 Working capital reinforcement USD + Libor 3M + 0.87% USD + Libor 3M + 0.87% CDI + 0.83% RGE 225,497 Quarterly Annual from february 2023 Working capital reinforcement USD + 1.84% (1.94% in Mar/2021) USD + 1.84% (1.94% in Mar/2021) CDI + 0.85% CPFL Paulista 274,046 Quarterly Annual from february 2023 Working capital reinforcement USD + Libor 3M + 0.99% USD + Libor 3M + 0.99% CDI + 0.80% Euro CPFL Piratininga 419,760 Quarterly Single installment in march 2025 Working capital reinforcement EURO + 0.70% EURO + 0.70% CDI + 0.83% CPFL Paulista 534,880 Quarterly Single installment in february 2023 Working capital reinforcement EURO + 0.43% EURO + 0.43% CDI + 0.58% CPFL Paulista 566,000 Quarterly Single installment in march 2023 Working capital reinforcement EURO + 0.57% EURO + 0.57% CDI + 1,10% 3,429,989 |
(39) CONDENSED UNCONSOLIDATED_2
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Unconsolidated Financial Information [Abstract] | |
Schedule of condensed unconsolidated financial information | The condensed unconsolidated financial information of CPFL Energia, as of December 31, 2019 and December 31, 2018 and income statements for the years ended on December 31, 2019, 2018 and 2017 presented herein was prepared considering the same accounting policies as described in note 3 to Company’s consolidated financial statements. UNCONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASSETS December 31, 2019 December 31, 2018 Cash and cash equivalents 33,909 79,364 Dividends and interest on capital 816,205 701,731 Income tax and social contribution recoverable 78 9,441 Other taxes recoverable 58,947 8,646 Other receivables 400 417 Total current assets 909,539 799,599 Intragroup loans 424,387 72,933 Escrow deposits 453 703 Deferred tax assets 85,474 112,522 Other receivables 3,960 4,863 Investments 12,327,132 9,816,139 Property, Plant and Equipment 2,226 1,087 Intangible assets 120 110 Total noncurrent assets 12,843,753 10,008,356 Total assets 13,753,291 10,807,954 LIABILITIES December 31, 2019 December 31, 2018 Trade payables 4,698 2,854 Income tax and social contribution payable 40,629 8,261 Other taxes, fees and contributions 25,315 5,258 Dividends 645,737 491,602 Other payables 22,318 23,405 Total current liabilities 738,697 531,380 Provision for tax, civil and labor risks 123 241 Other payables 20,090 13,584 Total noncurrent liabilities 20,213 13,825 Equity 12,994,381 10,262,749 Total liabilities and equity 13,753,291 10,807,954 UNCONSOLIDATED STATEMENTS OF PROFIT OR LOSS FOR THE YEAR 2019 2018 2017 Net operating revenue 2,309 1 1 General and administrative expenses (52,712) (43,930) (42,771) Depreciation and amortization (273) (201) Other general and administrative expenses (52,439) (43,729) Other operating expenses - 9 - Income from electric energy service (50,403) (43,920) (42,770) Equity interests in subsidiaries, associates and joint ventures 2,827,718 2,250,835 1,349,766 Profit before finance results 2,777,315 2,206,915 1,306,996 Finance income (expenses) 48,019 (27,300) (56,471) Profit before taxes 2,825,333 2,179,616 1,250,525 Social contribution and income tax (122,662) (121,575) (70,775) Profit for the year 2,702,671 2,058,040 1,179,750 UNCONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR 2019 2018 2017 OPERATING CASH FLOW Profit before taxes 2,825,333 2,179,616 1,250,525 ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES Depreciation and amortization 273 201 217 Provision for tax, civil and labor risks 408 (117) 61 Interest on debts, inflation adjustment and exchange rate changes (6,318) 2,932 61,520 Equity interests in subsidiaries, associates and joint ventures (2,827,718) (2,250,835) (1,349,766) (8,022) (68,204) (37,443) DECREASE (INCREASE) IN OPERATING ASSETS AND LIABILITIES Dividends and interest on capital received 1,295,427 596,100 1,172,336 Taxes recoverable (5,388) 109,719 65,182 Escrow deposits 260 (25) 68 Other operating assets and liabilities 6,689 7,554 (16,792) Trade payables 1,845 1,210 (2,116) Tax, labor and civil suits paid (542) (259) (466) Other taxes, fees and contributions 19,815 4,541 263 CASH FLOWS PROVIDED BY OPERATIONS 1,310,084 650,636 1,181,032 Interest paid on debts and debentures - (4,235) (71,844) Income tax and social contribution paid (21,388) (80,234) (47,438) NET CASH FROM OPERATING ACTIVITIES 1,288,696 566,167 1,061,750 INVESTING ACTIVITIES Capital reduce (increase) in investees (4,107,555) - (9,400) Purchases of property, plant and equipment (1,763) (286) (185) Purchases of intangible assets (15) (42) (51) Advance for future capital increases (14,160) (82,415) (383,340) Securities, pledges and restricted deposits - (250) - Intercompany loan - granted (424,371) (80,512) (72,199) Intercompany loan - received 78,391 135,222 - NET CASH USED IN INVESTING ACTIVITIES (4,469,473) (28,283) (465,175) FINANCING ACTIVITIES Capital increase by noncontrolling shareholders 3,622,305 - - Repayment of principal of borrowings and debentures - (186,000) (434,000) Dividends and interest on capital paid (486,984) (279,101) (220,966) NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES 3,135,321 (465,101) (654,966) NET INCREASE IN CASH AND CASH EQUIVALENTS (45,456) 72,783 (58,390) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 79,364 6,581 64,973 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 33,909 79,364 6,581 |
Schedule of cash and cash equivalents | December 31, 2019 December 31, 2018 Bank balances 2,195 2,824 Investment funds 31,714 76,540 Total 33,909 79,364 |
Schedule of dividends and interest on own capital | Dividend Interest on own capital Total Subsidiary December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 CPFL Paulista 504,789 92,596 115,928 110,214 620,717 202,810 CPFL Piratininga 32,172 6,226 35,254 31,708 67,426 37,934 CPFL Santa Cruz - - 39,728 19,160 39,728 19,160 CPFL Leste Paulista - - - - - - CPFL Sul Paulista - - - - - - CPFL Jaguari 3,473 - - - 3,473 - CPFL Mococa - - - - - - RGE Sul (RGE) - 26,795 - 94,312 - 121,107 CPFL Geração - 71,099 53,937 102,436 53,937 173,535 CPFL Centrais Geradoras 815 815 - - 815 815 CPFL Jaguari Geração 10,194 3,398 - - 10,194 3,398 CPFL Brasil - 111,083 1,200 2,451 1,200 113,534 CPFL Planalto - - - - - - CPFL Serviços 3,193 - - - 3,193 - CPFL Atende - - 343 876 343 876 Nect Serviços - - - - - - CPFL Total - - - - - - CPFL Telecom - 1,111 - - - 1,111 CPFL Eficiência 2,630 12,195 2,550 15,104 5,179 27,299 AUTHI 10,000 151 - - 10,000 151 567,266 325,469 248,940 376,261 816,205 701,731 |
Schedule of deferred tax assets | December 31, 2019 December 31, 2018 Social contribution credit (debit) Tax losses carryforwards 22,174 29,750 Temporarily nondeductible differences 553 (355) Subtotal 22,727 29,395 Income tax credit (debit) Tax losses carryforwards 61,209 84,113 Temporarily nondeductible differences 1,537 (986) Subtotal 62,747 83,127 Total 85,474 112,522 2019 2018 Social contribution Income tax Social contribution Income tax Income before taxes 2,825,333 2,825,333 2,179,615 2,179,615 Adjustments to reflect effective rate: Equity in subsidiaries (2,827,718) (2,827,718) (2,250,835) (2,250,835) Amortization of intangible asset acquired (13,528) - (13,528) - Interest on capital income 345,484 345,484 424,892 424,892 Other permanent additions (exclusions), net 12,959 24,239 14,840 22,449 Tax base 342,530 367,338 354,984 376,121 Statutory rate 9% 25% 9% 25% Tax credit/(debit) (30,828) (91,834) (31,949) (94,030) Recorded (unrecognizad) Tax credit,net - - 1,134 3,270 Total (30,828) (91,835) (30,814) (90,760) Current (17,677) (53,445) (22,401) (65,916) Deferred (13,151) (38,390) (8,413) (24,844) |
Schedule of investments | The financial information of subsidiaries and joint ventures are accounted for using the equity method of accounting. December 31, 2019 December 31, 2019 December 31, 2018 2019 2018 2017 Investment Total assets Issued capital Equity Profit or loss for the period Share of equity of investees Share of profit (loss) of investees CPFL Paulista 10,917,071 1,308,373 1,522,421 837,604 1,522,421 1,910,866 837,604 649,516 280,354 CPFL Piratininga 4,073,042 249,321 564,024 281,634 564,024 516,235 281,634 182,654 152,080 CPFL Santa Cruz 1,463,945 170,413 465,625 101,228 465,625 392,040 101,228 81,191 23,447 CPFL Leste Paulista - - - - - - - - 9,589 CPFL Sul Paulista - - - - - - - - 10,545 Companhia Jaguari de Energia (CPFL Santa Cruz) - - - - - - - - 11,720 CPFL Mococa - - - - - - - - 6,999 RGE - - - - - - - 232,731 117,700 RGE Sul (RGE) 9,997,093 2,809,820 4,000,469 614,109 3,489,745 3,286,587 559,783 255,854 57,305 CPFL Geração 5,401,315 1,043,922 3,068,752 862,726 3,068,752 2,625,465 862,726 766,451 594,026 CPFL Renováveis (*) 8,662,437 3,698,060 4,544,433 96,628 2,125,023 - 52,388 - CPFL Jaguari Geração 68,518 40,108 58,310 9,849 58,310 58,656 9,849 13,592 15,709 CPFL Brasil 1,394,345 3,000 86,651 109,090 86,651 72,680 109,090 91,502 94,455 CPFL Planalto 6,706 630 6,466 4,022 6,466 2,444 4,022 3,567 3,550 CPFL Serviços 238,200 120,929 131,181 13,445 131,181 120,929 13,445 (24,076) (12,863) CPFL Atende 31,513 13,991 24,296 11,266 24,296 19,363 11,266 9,527 7,128 Nect - - - - - - - - 17,392 CPFL Infra (**) 20,598 38 14,025 17,643 14,025 16,558 17,643 19,087 - CPFL Pessoas (**) 7,260 811 4,517 2,047 4,517 - 2,047 - - CPFL Finanças (**) 9,123 385 5,566 3,982 5,566 - 3,982 - - CPFL Supre (**) 5,432 826 3,267 1,232 3,267 - 1,232 - - CPFL Total 39,793 9,005 35,348 25,665 5,348 19,953 25,665 21,690 20,865 CPFL Jaguariuna - - - - - - - - (8,360) CPFL Telecom 4,381 1,928 4,188 113 4,188 5,465 113 4,442 (14,021) CPFL Centrais Geradoras 19,746 16,128 16,020 22 16,020 15,998 22 618 735 CPFL Eficiência 143,512 76,073 118,189 (3,835) 118,189 85,744 (3,835) (11,908) (2,582) AUTHI 23,473 10 11,846 11,836 11,846 21,463 11,836 28,604 24,912 Subtotal - by subsidiary's equity 11,725,460 9,170,444 2,901,740 2,325,042 1,410,685 Amortization of fair value adjustment of assets - - (74,023) (74,207) (60,918) Total 11,725,460 9,170,444 2,827,719 2,250,835 1,349,766 Investment 11,711,300 9,088,049 Advances for future capital increases 14,160 82,395 (*) See note 1.h (**) See note 1.g |
Schedule of dividends received | The dividends received are comprised as follows: 2019 2018 2017 CPFL Brasil 197,474 2,859 166,695 CPFL Planalto - 5,304 1,471 CPFL Paulista 178,214 100,120 2,228 CPFL Piratininga 37,935 28,445 112,638 CPFL Santa Cruz - - 8,427 CPFL Leste Paulista - - 4,449 CPFL Santa Cruz - 45,770 - RGE - 23,525 24,672 RGE Sul (RGE) 409,670 - - CPFL Geração 423,553 298,511 779,533 CPFL Jaguari Geração 3,398 2,508 11,061 CPFL Atende 6,723 10,094 5,666 CPFL Infra 14,087 22,392 13,424 CPFL Total 10,270 22,361 17,810 CPFL Telecom 2,500 CPFL Eficiência - 2,300 - AUTHI 11,603 31,912 24,264 TOTAL 1,295,427 596,100 1,172,336 |
(1) OPERATIONS (Details)
(1) OPERATIONS (Details) | 12 Months Ended | |
Dec. 31, 2019ConsumerMunicipality | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Publicly-held corporation | |
Equity interest | Direct 100% | |
Location (state) | Interior of S?o Paulo | |
Number of municipalities | Municipality | 234 | |
Approximate number of consumers | Consumer | 4,581 | |
Concession period | 30 years | |
End of the concession | Nov. 1, 2027 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Publicly-held corporation | |
Equity interest | Direct 100% | |
Location (state) | Interior and coast of S?o Paulo | |
Number of municipalities | Municipality | 27 | |
Approximate number of consumers | Consumer | 1,789 | |
Concession period | 30 years | |
End of the concession | Oct. 1, 2028 | |
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Publicly-held corporation | [1] |
Equity interest | Direct and Indirect 100% | [1] |
Location (state) | Interior of Rio Grande do Sul | [1] |
Number of municipalities | Municipality | 381 | [1] |
Approximate number of consumers | Consumer | 2,922 | [1] |
Concession period | 30 years | [1] |
End of the concession | Nov. 1, 2027 | [1] |
CPFL Santa Cruz [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Direct 100% | |
Location (state) | Interior of S?o Paulo, Paran? and Minas Gerais | |
Number of municipalities | Municipality | 45 | |
Approximate number of consumers | Consumer | 466 | |
Concession period | 30 years | |
End of the concession | Jul. 1, 2045 | |
[1] | As described in note 13.5 of the December 2018 Financial Statements, the merger of RGE with RGE Sul was approved by ANEEL. Since January 1, 2019, the operations of these subsidiaries have been carried out only by RGE Sul, which adopted the trade name RGE. |
(1) OPERATIONS (Details 1)
(1) OPERATIONS (Details 1) | 12 Months Ended | |
Dec. 31, 2019GWshares | ||
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Publicly-held corporation | |
Equity interest | Direct 100% | |
Location (state) | S?o Paulo and Goi?s | |
Number of plants / type of energy | 3 Hydropower plants | [1] |
Total installed power (MW) | GW | 1,295 | |
CPFL share installed power (MW) | shares | 678 | |
CERAN - Companhia Energetica Rio das Antas ("CERAN") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 65% | |
Location (state) | Rio Grande do Sul | |
Number of plants / type of energy | 3 Hydropower plants | |
Total installed power (MW) | GW | 360 | |
CPFL share installed power (MW) | shares | 234 | |
Foz do Chapeco Energia S.A. ("Foz do Chapeco") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 51% | [2] |
Location (state) | Santa Catarina and Rio Grande do Sul | |
Number of plants / type of energy | 1 Hydropower plant | |
Total installed power (MW) | GW | 855 | |
CPFL share installed power (MW) | shares | 436 | |
Campos Novos Energia S.A. ("ENERCAN") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 48.72% | |
Location (state) | Santa Catarina | |
Number of plants / type of energy | 1 Hydropower plant | |
Total installed power (MW) | GW | 880 | |
CPFL share installed power (MW) | shares | 429 | |
BAESA - Energetica Barra Grande S.A. [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 25.01% | |
Location (state) | Santa Catarina and Rio Grande do Sul | |
Number of plants / type of energy | 1 Hydropower plant | |
Total installed power (MW) | GW | 690 | |
CPFL share installed power (MW) | shares | 173 | |
Centrais Eletricas da Paraiba S.A. ("EPASA") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 53.34% | |
Location (state) | Para?ba | |
Number of plants / type of energy | 2 Thermal plants | |
Total installed power (MW) | GW | 342 | |
CPFL share installed power (MW) | shares | 182 | |
Paulista Lajeado Energia S.A. ("Paulista Lajeado") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Equity interest | Indirect 59.93% | [3] |
Location (state) | Tocantins | |
Number of plants / type of energy | 1 Hydropower plant | |
Total installed power (MW) | GW | 903 | |
CPFL share installed power (MW) | shares | 38 | |
CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Publicly-held corporation | |
Equity interest | Direct and Indirect 99.94% | |
CPFL Centrais Geradoras Ltda. ("CPFL Centrais Geradoras") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Equity interest | Direct 100% | |
Location (state) | S?o Paulo and Minas Gerais | |
Number of plants / type of energy | 6 small hydropower plants | |
Total installed power (MW) | GW | 4 | |
CPFL share installed power (MW) | shares | 4 | |
CPFL Transmissao de Energia Piracicaba Ltda. ("CPFL Piracicaba") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [4] |
Equity interest | Indirect 100% | |
Location (state) | São Paulo | |
CPFL Transmissao de Energia Morro Agudo Ltda. ("CPFL Morro Agudo") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [4] |
Equity interest | Indirect 100% | |
Location (state) | São Paulo | |
CPFL Transmissao de Energia Maracanau Ltda. ("CPFL Maracanau") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [4],[5] |
Equity interest | Indirect 100% | [5] |
Location (state) | Ceará | [5] |
CPFL Transmissao de Energia Sul I Ltda. ("CPFL Sul I") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [4],[5] |
Equity interest | Indirect 100% | [5] |
Location (state) | Santa Catarina | [5] |
CPFL Transmissao de Energia Sul II Ltda. ("CPFL Sul II") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [4],[5] |
Equity interest | Indirect 100% | [5] |
Location (state) | Rio Grande do Sul | [5] |
[1] | CPFL Geracao has 51.54% of assured energy and power of the Serra da Mesa hydropower plant, whose concession is controlled by Furnas. | |
[2] | The joint venture Chapecoense has as its direct subsidiary Foz do Chapeco and fully consolidates its financial statements. | |
[3] | Paulista Lajeado has a 7% share in the installed power of Investco S.A. (5.94% interest in total capital). | |
[4] | Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. | |
[5] | Created in March 2019, whose objective is the exploration of electric power transmission concessions, including the construction, operation and maintenance of basic network transmission facilities. |
(1) OPERATIONS (Details 2)
(1) OPERATIONS (Details 2) | 12 Months Ended | |
Dec. 31, 2019 | ||
CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Core activity | Energy commercialization | |
Equity interest | Direct 100% | |
Clion Assessoria e Comercializacao de Energia Eletrica Ltda. ("CPFL Meridional") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Core activity | Commercialization and provision of energy services | |
Equity interest | Indirect 100% | |
CPFL Comercializacao de Energia Cone Sul Ltda. ("CPFL Cone Sul") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Energy commercialization and participation in the capital of other companies | |
Equity interest | Indirect 100% | |
CPFL Planalto Ltda. ("CPFL Planalto") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Core activity | Energy commercialization | |
Equity interest | Direct 100% | |
CPFL Brasil Varejista de Energia S.A. ("CPFL Brasil Varejista") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Energy commercialization | |
Equity interest | Indirect 100% | |
[1] | Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. |
(1) OPERATIONS (Details 3)
(1) OPERATIONS (Details 3) | 12 Months Ended | |
Dec. 31, 2019 | ||
CPFL Servicos, Equipamentos, Industria e Comercio S.A. ("CPFL Servicos") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Core activity | Manufacturing, commercialization, rental and maintenance of electro-mechanical equipment and service provision | |
Equity interest | Direct 100% | |
Nect Servicos Administrativos de Infraestrutura Ltda. ("CPFL Infra") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Provision of infrasctructure services | [1] |
Equity interest | Direct 100% | [1] |
Nect Servicos Administrativos de Recursos Humanos Ltda. ("CPFL Pessoas") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Provision of human resources services | [1] |
Equity interest | Direct 100% | [1] |
Nect Servicos Administrativos Financeiros Ltda. ("CPFL Financas") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Provision of finance services | [1] |
Equity interest | Direct 100% | [1] |
Nect Servicos Adm de Suprimentos Ltda. ("CPFL Supre") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Provision of supply and logistics services | [1] |
Equity interest | Direct 100% | [1] |
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende")[Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Provision of call center services | [1] |
Equity interest | Direct 100% | [1] |
CPFL Total Servicos Administrativos Ltda. ("CPFL Total") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Core activity | Collection services | |
Equity interest | Direct 100% | |
CPFL Eficiencia Energetica S.A ("CPFL Eficiencia")[Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [2] |
Core activity | Energy efficiency management | |
Equity interest | Direct 100% | |
TI Nect Servicos de Informatica Ltda. ("Authi") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Core activity | Provision of IT services | |
Equity interest | Direct 100% | |
CPFL Geracao Distribuida de Energia Ltda. ("CPFL GD") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [2] |
Core activity | Provision of maintenance services for energy generation companies | |
Equity interest | Indirect 100% | |
[1] | On September 30, 2019, the partial spin-off of Nect Servicos Administrativos de Infraestrutura Ltda. - CPFL Infra (formerly Nect Servicos Administrativos Ltda.) into four specific business segments (Supplies, Human Resources, Financial Services and Infrastructure) was approved, together with the merger of the spun-off portion into the three new companies; namely, CPFL Supre, CPFL Financas and CPFL Pessoas. The purpose of the transaction is to optimize the operating and administrative structure of the companies. The net assets in this transaction were appraised at R$16,746 and did not have any effect on the consolidated financial statements of the group or result in any change in the equity interest of the companies. | |
[2] | Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. |
(1) OPERATIONS (Details 4)
(1) OPERATIONS (Details 4) | 12 Months Ended | |
Dec. 31, 2019 | ||
CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | |
Core activity | Holding company | |
Equity interest | Direct 100% | |
Chapecoense Geracao S.A. ("Chapecoense") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Core activity | Holding company | |
Equity interest | Indirect 51% | |
Sul Geradora Participacoes S.A. ("Sul Geradora") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Privately-held corporation | |
Core activity | Holding company | |
Equity interest | Indirect 99.95% | |
CPFL Telecom S.A ("CPFL Telecom") [Member] | ||
DisclosureOfOperationsLineItems [Line Items] | ||
Company type | Limited liability company | [1] |
Core activity | Telecommunication services | |
Equity interest | Direct 100% | |
[1] | Subsidiaries that were transformed from corporations to limited liability companies, as decided in shareholders meetings held in January 2020. |
(1) OPERATIONS (Details Narrrat
(1) OPERATIONS (Details Narrrative) - CPFL Renovaveis [Member] - BRL (R$) R$ in Thousands | 1 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
DisclosureOfOperationsLineItems [Line Items] | ||||
Description of acquisition interest | The Company entered into a share purchase and sale agreement with its parent company State Grid Brazil Power Participações S.A. (“State Grid”) thereby purchasing 243,771,824 shares of subsidiary CPFL Renováveis, thus increasing its total (direct and indirect) equity interest from 51.60% to 99.94% in CPFL Renováveis. The amount paid in cash was R$ 16.85 per share, totaling R$ 4,107,555. The related effects were a decrease of R$ 2,072,635 in the shareholders equity attributable to noncontrolling interests and a decrease of R$ 2,034,920 in the capital reserve account. | |||
Cash amount | R$ 4107555 | |||
Shareholders equity attributable to noncontrolling interests | 2,072,635 | |||
Capital reserve account | R$ 2034920 | |||
Equity interest | 48.44% | 48.40% | 48.40% | |
Bottom Of Range [member] | ||||
DisclosureOfOperationsLineItems [Line Items] | ||||
Equity interest | 51.60% | |||
Top of range [member] | ||||
DisclosureOfOperationsLineItems [Line Items] | ||||
Equity interest | 99.94% |
(2) PRESENTATION OF THE CONSO_3
(2) PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfPresentationOfConsolidatedFinancialStatementsLineItems [Line Items] | |||
Net operating revenue | R$ 29932474 | R$ 28136627 | R$ 26744905 |
Cost of electric energy services | |||
Cost of electric energy | (18,370,994) | (17,838,165) | (16,901,518) |
Cost of operation | (2,894,165) | (2,733,754) | (2,771,145) |
Cost of services rendered to third parties | (2,089,732) | (1,775,339) | (2,074,611) |
Gross profit | 6,577,583 | 5,789,369 | 4,997,632 |
Operating expenses | |||
Sales expenses | (608,184) | (590,232) | |
General and administrative expenses | (1,027,230) | (987,291) | (947,072) |
Other Operating Expense | (486,993) | (485,427) | (438,494) |
Income from electric energy services | 4,363,450 | 3,708,467 | 3,021,834 |
Equity interests in subsidiaries, associates and joint ventures | 349,090 | 334,198 | 312,390 |
Finance income (expenses) | |||
Finance income | 903,575 | 762,413 | 880,314 |
Finance expenses | (1,629,822) | (1,865,100) | (2,367,868) |
Finance income (expenses) | (726,247) | (1,102,687) | (1,487,554) |
Profit before taxes | 3,986,293 | 2,939,977 | 1,846,670 |
Social contribution | (336,610) | (213,673) | (168,728) |
Income tax | (901,386) | (560,310) | (434,901) |
Total income tax and social contributions | (1,237,996) | (773,982) | (603,629) |
Profit for the year | 2,748,297 | 2,165,995 | 1,243,042 |
Profit attributable to the owners of the Company | 2,702,671 | 2,058,040 | 1,179,750 |
Profit attributable to noncontrolling interests | R$ 45626 | R$ 107955 | R$ 63292 |
Basic earnings per share attributable to owners of the Company (in R$ per shares): | R$ 2.48 | R$ 2.02 | R$ 1.16 |
Diluted earnings per share attributable to owners of the Company (in R$ per shares): | R$ 2.47 | R$ 2.01 | R$ 1.16 |
Originally Disclosed [Member] | |||
DisclosureOfPresentationOfConsolidatedFinancialStatementsLineItems [Line Items] | |||
Net operating revenue | R$ 28136627 | R$ 26744905 | |
Cost of electric energy services | |||
Cost of electric energy | (17,838,165) | (16,901,518) | |
Cost of operation | (2,733,754) | (2,771,145) | |
Cost of services rendered to third parties | (1,775,339) | (2,074,611) | |
Gross profit | 5,789,369 | 4,997,631 | |
Operating expenses | |||
Sales expenses | (608,184) | (590,232) | |
General and administrative expenses | (987,291) | (947,072) | |
Other Operating Expense | (485,427) | (438,494) | |
Income from electric energy services | 3,708,467 | 3,021,833 | |
Equity interests in subsidiaries, associates and joint ventures | 334,198 | 312,390 | |
Finance income (expenses) | |||
Finance income | 762,413 | 880,314 | |
Finance expenses | (1,865,100) | (2,367,868) | |
Finance income (expenses) | (1,102,687) | (1,487,554) | |
Profit before taxes | (2,939,977) | (1,846,669) | |
Social contribution | (213,673) | (168,728) | |
Income tax | (560,310) | (434,901) | |
Total income tax and social contributions | (773,982) | (603,629) | |
Profit for the year | 2,165,995 | 1,243,040 | |
Profit attributable to the owners of the Company | 2,058,040 | 1,179,750 | |
Profit attributable to noncontrolling interests | R$ 107955 | R$ 63292 | |
Basic earnings per share attributable to owners of the Company (in R$ per shares): | R$ 2.02 | R$ 1.16 | |
Diluted earnings per share attributable to owners of the Company (in R$ per shares): | R$ 2.01 | R$ 1.16 | |
Reclassification For Presentation Purposes [Member] | |||
DisclosureOfPresentationOfConsolidatedFinancialStatementsLineItems [Line Items] | |||
Net operating revenue | |||
Cost of electric energy services | |||
Cost of electric energy | |||
Cost of operation | |||
Cost of services rendered to third parties | |||
Gross profit | |||
Operating expenses | |||
Sales expenses | |||
General and administrative expenses | |||
Other Operating Expense | |||
Income from electric energy services | |||
Equity interests in subsidiaries, associates and joint ventures | |||
Finance income (expenses) | |||
Finance income | |||
Finance expenses | |||
Finance income (expenses) | |||
Profit before taxes | |||
Social contribution | |||
Income tax | |||
Total income tax and social contributions | |||
Other Operating Costs [Member] | |||
Cost of electric energy services | |||
Cost of operation | R$ 1615893 | (1,496,127) | (1,627,350) |
Other Operating Costs [Member] | Originally Disclosed [Member] | |||
Cost of electric energy services | |||
Cost of operation | |||
Other Operating Costs [Member] | Reclassification For Presentation Purposes [Member] | |||
Cost of electric energy services | |||
Cost of operation | (1,496,127) | (1,627,350) | |
Allowance For Doubtful Accounts [Member] | |||
Operating expenses | |||
Sales expenses | (169,259) | (155,097) | |
Allowance For Doubtful Accounts [Member] | Originally Disclosed [Member] | |||
Operating expenses | |||
Sales expenses | (169,259) | (155,097) | |
Allowance For Doubtful Accounts [Member] | Reclassification For Presentation Purposes [Member] | |||
Operating expenses | |||
Sales expenses | |||
Other Sales Expenses [Member] | |||
Operating expenses | |||
Sales expenses | (434,665) | (429,732) | |
Other Sales Expenses [Member] | Originally Disclosed [Member] | |||
Operating expenses | |||
Sales expenses | (438,925) | (435,135) | |
Other Sales Expenses [Member] | Reclassification For Presentation Purposes [Member] | |||
Operating expenses | |||
Sales expenses | (4,260) | (5,403) | |
Other General And Administrative Expenses [Member] | |||
Operating expenses | |||
General and administrative expenses | (918,098) | (921,972) | (853,433) |
Other General And Administrative Expenses [Member] | Originally Disclosed [Member] | |||
Operating expenses | |||
General and administrative expenses | |||
Other General And Administrative Expenses [Member] | Reclassification For Presentation Purposes [Member] | |||
Operating expenses | |||
General and administrative expenses | (921,972) | (853,433) | |
Amortization of concession intangible assets [Member] | |||
Operating expenses | |||
Other Operating Expense | (286,858) | (286,215) | |
Amortization of concession intangible assets [Member] | Originally Disclosed [Member] | |||
Operating expenses | |||
Other Operating Expense | |||
Amortization of concession intangible assets [Member] | Reclassification For Presentation Purposes [Member] | |||
Operating expenses | |||
Other Operating Expense | (286,858) | (286,215) | |
Other Operating Expenses [Member] | |||
Operating expenses | |||
Other Operating Expense | (198,569) | (152,279) | |
Other Operating Expenses [Member] | Originally Disclosed [Member] | |||
Operating expenses | |||
Other Operating Expense | |||
Other Operating Expenses [Member] | Reclassification For Presentation Purposes [Member] | |||
Operating expenses | |||
Other Operating Expense | (198,569) | (152,279) | |
Depreciation And Amortization [Member] | |||
Cost of electric energy services | |||
Cost of operation | (1,278,272) | (1,237,627) | (1,143,795) |
Operating expenses | |||
Sales expenses | (4,260) | (5,403) | |
General and administrative expenses | R$ 109132 | 65,319 | 93,639 |
Depreciation And Amortization [Member] | Originally Disclosed [Member] | |||
Cost of electric energy services | |||
Cost of operation | |||
Operating expenses | |||
Sales expenses | |||
General and administrative expenses | |||
Depreciation And Amortization [Member] | Reclassification For Presentation Purposes [Member] | |||
Cost of electric energy services | |||
Cost of operation | (1,237,627) | (1,143,795) | |
Operating expenses | |||
Sales expenses | (4,260) | (5,403) | |
General and administrative expenses | R$ 65319 | R$ 93639 |
(3) SUMMARY OF SIGNIFICANT AC_3
(3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
SummaryOfSignificantAccountingPoliciesLineItems [Line Items] | |
Annual dividend percentage of profit | 50.00% |
Fair value of the identified leased asset | R$ 5000 |
Bottom Of Range [member] | |
SummaryOfSignificantAccountingPoliciesLineItems [Line Items] | |
Depreciation rate, property, plant and equipment | 2.00% |
Annual dividend percentage of profit | 25.00% |
Top of range [member] | |
SummaryOfSignificantAccountingPoliciesLineItems [Line Items] | |
Depreciation rate, property, plant and equipment | 20.00% |
Short-term leases contracts term | 1 year 57 minutes 36 seconds |
(5) CASH AND CASH EQUIVALENTS_2
(5) CASH AND CASH EQUIVALENTS (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents [abstract] | |||||
Bank balances | R$ 450622 | R$ 422968 | |||
Short-term financial investments | 1,486,541 | 1,468,489 | |||
Overnight investment | [1] | 66 | |||
Bank certificates of deposit | [2] | 1,279,740 | 639,601 | ||
Investment funds | [3] | 206,801 | 828,822 | ||
Total | R$ 1937163 | R$ 1891457 | R$ 3249642 | R$ 6164997 | |
[1] | Current account balances, which earn daily interest by investment in repurchase agreements secured on Bank Certificate Deposit (CDB) and interest of 15% of the variation in the Interbank Certificate of Deposit (CDI). | ||||
[2] | Short-term investments in (i) Bank Certificates of Deposit (CDB) R$ 994,521 in December 31, 2019 and R$ 462,551 in December 31, 2018, (ii) secured debentures R$ 284,863 and R$ 177,050 in December 31, 2018 and (iii) leasing notes (R$356), with major financial institutions that operate in the Brazilian financial market, with daily liquidity, short term maturity, low credit risk and interest equivalent, on average, to 94.13% of the CDI. | ||||
[3] | Investments funds, with high liquidity and interest equivalent, on average, to 92.26% of the CDI, subject to floating rates tied to the CDI linked to federal government bonds, CDBs, financial bills and secured debentures of major financial institutions, with low credit risk and short term maturity. |
(5) CASH AND CASH EQUIVALENTS_3
(5) CASH AND CASH EQUIVALENTS (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | ||
Bank certificates of deposit | R$ 994521 | R$ 462551 |
Secured debentures | 682,582 | R$ 917352 |
Leasing notes | R$ 356 | |
Interest on Bank certificate deposit (CDB) | 15.00% | |
Average interest of interbank certificate of deposit (CDI) | 94.13% | |
Investments interest rate | 92.26% | 8.74% |
(6) SECURITIES (Details)
(6) SECURITIES (Details) R$ in Thousands | Dec. 31, 2019BRL (R$) | |
DisclosureOfSecuritiessLineItems [Line Items] | ||
Securities | R$ 851004 | |
Investment Funds [Member] | ||
DisclosureOfSecuritiessLineItems [Line Items] | ||
Securities | 449,786 | [1] |
Direct Application [Member] | ||
DisclosureOfSecuritiessLineItems [Line Items] | ||
Securities | R$ 401218 | [2] |
[1] | This refers to amounts invested in government securities, Financial Bills ("LF") and Financial Treasury Bills ("LFT"), through investment fund quotas, yielding on average 99.87% of the CDI, with maturity date as from September 2020. | |
[2] | This refers to amounts invested in government securities and LFT, yielding on average 100% of the CDI, with maturity date in September 2020. |
(6) SECURITIES (Details Narrtiv
(6) SECURITIES (Details Narrtive) | 12 Months Ended |
Dec. 31, 2019 | |
DisclosureOfSecuritiessLineItems [Line Items] | |
Average interest of interbank certificate of deposit (CDI) | 94.13% |
Investment Funds [Member] | |
DisclosureOfSecuritiessLineItems [Line Items] | |
Average interest of interbank certificate of deposit (CDI) | 99.87% |
Securities maturity date | September 2020 |
Direct Application [Member] | |
DisclosureOfSecuritiessLineItems [Line Items] | |
Average interest of interbank certificate of deposit (CDI) | 100.00% |
Securities maturity date | September 2020 |
(7) CONSUMERS, CONCESSIONAIRE_3
(7) CONSUMERS, CONCESSIONAIRES AND LICENSEES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | R$ 5318975 | R$ 4848552 |
Allowance for doubtful accounts | (333,396) | (300,601) |
Total | 4,985,578 | 4,547,951 |
Current Assets [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 4,092,589 | |
Current Assets [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 923,727 | |
Current Assets [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 302,659 | |
Current Assets [Member] | Residential [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 1,560,630 | 1,459,186 |
Current Assets [Member] | Residential [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 862,310 | |
Current Assets [Member] | Residential [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 623,993 | |
Current Assets [Member] | Residential [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 74,327 | |
Current Assets [Member] | Industrial [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 504,078 | 480,184 |
Current Assets [Member] | Industrial [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 338,849 | |
Current Assets [Member] | Industrial [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 77,400 | |
Current Assets [Member] | Industrial [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 87,829 | |
Current Assets [Member] | Commercial [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 498,499 | 466,483 |
Current Assets [Member] | Commercial [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 365,729 | |
Current Assets [Member] | Commercial [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 96,886 | |
Current Assets [Member] | Commercial [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 35,884 | |
Current Assets [Member] | Rural [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 149,864 | 123,392 |
Current Assets [Member] | Rural [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 110,692 | |
Current Assets [Member] | Rural [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 27,253 | |
Current Assets [Member] | Rural [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 11,919 | |
Current Assets [Member] | Public Administration [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 119,389 | 99,051 |
Current Assets [Member] | Public Administration [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 87,233 | |
Current Assets [Member] | Public Administration [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 28,149 | |
Current Assets [Member] | Public Administration [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 4,007 | |
Current Assets [Member] | Public Lighting [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 79,373 | 77,868 |
Current Assets [Member] | Public Lighting [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 66,735 | |
Current Assets [Member] | Public Lighting [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 6,890 | |
Current Assets [Member] | Public Lighting [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 5,747 | |
Current Assets [Member] | Public Utilities [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 124,655 | 121,840 |
Current Assets [Member] | Public Utilities [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 99,803 | |
Current Assets [Member] | Public Utilities [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 19,536 | |
Current Assets [Member] | Public Utilities [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 5,317 | |
Current Assets [Member] | Billed [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 3,036,488 | 2,828,004 |
Current Assets [Member] | Billed [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 1,931,351 | |
Current Assets [Member] | Billed [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 225,030 | |
Current Assets [Member] | Unbilled [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 1,230,883 | 1,158,106 |
Current Assets [Member] | Unbilled [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 1,230,883 | |
Current Assets [Member] | Unbilled [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | ||
Current Assets [Member] | Unbilled [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | ||
Current Assets [Member] | Financing Of Consumers' Debts [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 247,431 | 224,903 |
Current Assets [Member] | Financing Of Consumers' Debts [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 172,992 | |
Current Assets [Member] | Financing Of Consumers' Debts [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 37,469 | |
Current Assets [Member] | Financing Of Consumers' Debts [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 36,970 | |
Current Assets [Member] | CCEE Transactions [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 350,354 | 175,176 |
Current Assets [Member] | CCEE Transactions [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 319,728 | |
Current Assets [Member] | CCEE Transactions [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 2,313 | |
Current Assets [Member] | CCEE Transactions [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 28,313 | |
Current Assets [Member] | Concessionaires And Licensees [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 403,628 | 428,361 |
Current Assets [Member] | Concessionaires And Licensees [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 387,444 | |
Current Assets [Member] | Concessionaires And Licensees [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 3,838 | |
Current Assets [Member] | Concessionaires And Licensees [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 12,346 | |
Current Assets [Member] | Others [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 50,191 | 34,002 |
Current Assets [Member] | Others [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 50,191 | |
Current Assets [Member] | Others [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | ||
Current Assets [Member] | Others [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | ||
Current [Member] | Billed [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Current | 880,107 | |
Non Current Assets [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 713,068 | 752,795 |
Non Current Assets [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 407,166 | |
Non Current Assets [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 305,901 | |
Non Current Assets [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | ||
Non Current Assets [Member] | Financing Of Consumers' Debts [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 179,045 | 196,635 |
Non Current Assets [Member] | Financing Of Consumers' Debts [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 179,045 | |
Non Current Assets [Member] | Financing Of Consumers' Debts [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | ||
Non Current Assets [Member] | Financing Of Consumers' Debts [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | ||
Non Current Assets [Member] | CCEE Transactions [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 527,284 | 549,800 |
Non Current Assets [Member] | CCEE Transactions [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 221,382 | |
Non Current Assets [Member] | CCEE Transactions [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 305,901 | |
Non Current Assets [Member] | CCEE Transactions [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | ||
Non Current Assets [Member] | Free Energy [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 6,739 | R$ 6360 |
Non Current Assets [Member] | Free Energy [Member] | Current [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | 6,739 | |
Non Current Assets [Member] | Free Energy [Member] | Past Due Until 90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent | ||
Non Current Assets [Member] | Free Energy [Member] | Past Due >90 Days [Member] | ||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | ||
Noncurrent |
(7) CONSUMERS, CONCESSIONAIRE_4
(7) CONSUMERS, CONCESSIONAIRES AND LICENSEES (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effects In The Accumulated Comprehensive Income [Member] | |||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | |||
Allowance - reversal (recognition) | R$ 276383 | ||
Recovery of revenue | 107,122 | ||
Effects on first adoption of IFRS 9 | (73,426) | ||
Write-off of accrued receivables | 209,641 | ||
Allowance For Doubtful Accounts [Member] | |||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | |||
Allowance - reversal (recognition) | R$ 433543 | ||
Recovery of revenue | 200,119 | ||
Write-off of accrued receivables | 200,309 | ||
Allowance For Credit Loss [Member] | |||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | |||
Allowance for doubtful accounts, balance at beginning | (329,299) | (296,255) | R$ 289517 |
Allowance - reversal (recognition) | (265,107) | ||
Recovery of revenue | 110,008 | ||
Write-off of accrued receivables | 148,361 | ||
Allowance for doubtful accounts, balance at end | (362,415) | (329,299) | (296,255) |
Allowance For Credit Loss [Member] | Consumers Concessionaires And Licensees [Member] | |||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | |||
Allowance for doubtful accounts, balance at beginning | (300,601) | (266,876) | (261,525) |
Allowance - reversal (recognition) | (433,224) | (277,802) | (263,668) |
Recovery of revenue | 200,046 | 107,122 | 110,008 |
Effects on first adoption of IFRS 9 | (72,687) | ||
Write-off of accrued receivables | 200,382 | 209,641 | 148,309 |
Allowance for doubtful accounts, balance at end | (333,396) | (300,601) | (266,876) |
Allowance For Credit Loss [Member] | Other Receivables [Member] | |||
DisclosureOfConsumersConcessionairesAndLicenseesLineItems [Line Items] | |||
Allowance for doubtful accounts, balance at beginning | (28,698) | (29,379) | (27,992) |
Allowance - reversal (recognition) | (320) | 1,419 | (1,439) |
Recovery of revenue | 73 | ||
Effects on first adoption of IFRS 9 | (738) | ||
Write-off of accrued receivables | (73) | 52 | |
Allowance for doubtful accounts, balance at end | R$ 29019 | R$ 28698 | R$ 29379 |
(8) TAXES RECOVERABLE (Details)
(8) TAXES RECOVERABLE (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | R$ 419126 | R$ 411256 |
Current [Member] | Prepayments Of Social Contribution CSLL [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 5,088 | 12,373 |
Current [Member] | Prepayments Of Income Tax IRPJ [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 12,522 | 36,972 |
Current [Member] | Income Tax And Social Contribution To Be Offset [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 70,088 | 74,395 |
Current [Member] | Income Tax And Social Contribution Recoverable [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 87,698 | 123,739 |
Current [Member] | Withholding Income Tax IRRF On Interest On Capital [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 40,432 | 8,163 |
Current [Member] | Withholding Income Tax IRRF [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 80,499 | 92,210 |
Current [Member] | State VAT ICMS To Be Offset [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 144,415 | 125,669 |
Current [Member] | Social Integration Program PIS [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 10,958 | 9,970 |
Current [Member] | Contribution For Social Security Funding COFINS [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 51,084 | 46,741 |
Current [Member] | Others [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 4,039 | 4,764 |
Current [Member] | Other Taxes Recoverable [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total current | 331,428 | 287,517 |
Non Current [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 472,123 | 253,691 |
Non Current [Member] | Income Tax And Social Contribution Recoverable [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 101,528 | 67,966 |
Non Current [Member] | State VAT ICMS To Be Offset [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 191,523 | 174,596 |
Non Current [Member] | Social Integration Program PIS [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 30,987 | 1,060 |
Non Current [Member] | Contribution For Social Security Funding COFINS [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 142,779 | 4,885 |
Non Current [Member] | Others [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 5,306 | 5,185 |
Non Current [Member] | Other Taxes Recoverable [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 370,595 | 185,725 |
Non Current [Member] | Social Contribution To Be Offset CSLL [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | 65,589 | 62,458 |
Non Current [Member] | Income Tax To Be Offset IRPJ [Member] | ||
DisclosureOfTaxesRecoverableLineItems [Line Items] | ||
Total noncurrent | R$ 35939 | R$ 5508 |
(8) TAXES RECOVERABLE (Details
(8) TAXES RECOVERABLE (Details Narrative) - CPFL Santa Cruz [Memer] R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfTaxesRecoverableLineItems [Line Items] | |
Description term of refunds of tax credits to consumers | Period of three, five or ten years |
Recognized tax credit | R$ 166870 |
Increase in taxes recoverable | 167,777 |
Increase in other payable | 132,607 |
Deduction from operating revenues | 34,495 |
Financial adjustment of taxes recoverable | R$ 675 |
Top of range [member] | |
DisclosureOfTaxesRecoverableLineItems [Line Items] | |
Tax credit refund term | 10 years |
(9) SECTOR FINANCIAL ASSETS A_3
(9) SECTOR FINANCIAL ASSETS AND LIABILITIES (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | R$ 605681 | R$ 1031201 | R$ 731447 | |
Approved | 388,092 | 476,956 | (214,104) | |
Total | 993,775 | 1,508,156 | 517,341 | |
Operating revenue, Constitution | 667,128 | 1,088,148 | ||
Operating revenue, Realization | (1,269,589) | 119,768 | ||
Finance result (income/expense), Monetary adjustment | 88,079 | 80,240 | ||
Receipt Tariff flag | (297,340) | |||
Current assets | 1,093,588 | 1,330,981 | 210,834 | |
Noncurrent assets | 2,748 | 223,880 | 355,003 | |
Current liabilities | (40,111) | |||
Noncurrent liabilities | (102,561) | (46,703) | (8,385) | |
Deferred Tariff Costs And Gains Variations ("Parcel A") [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | [1] | 891,247 | 1,306,751 | 924,943 |
Approved | [1] | 497,977 | 592,281 | (235,916) |
Total | [1] | 1,389,225 | 1,899,031 | 689,026 |
Operating revenue, Constitution | [1] | 753,571 | 1,416,031 | |
Operating revenue, Realization | [1] | (1,367,194) | 656 | |
Finance result (income/expense), Monetary adjustment | 103,815 | 90,658 | ||
Receipt Tariff flag | [1] | (297,340) | ||
Energy Development Account - CDE [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | [2] | 1,277 | 208,156 | (235,901) |
Approved | [2] | 118,083 | (7,275) | (263,520) |
Total | [2] | 119,360 | 200,881 | (499,422) |
Operating revenue, Constitution | [2] | 50,609 | 352,202 | |
Operating revenue, Realization | [2] | (149,085) | 358,731 | |
Finance result (income/expense), Monetary adjustment | 16,954 | (10,630) | ||
Receipt Tariff flag | [2] | |||
Electric Energy Cost [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 294,291 | 586,027 | 1,625,759 | |
Approved | 180,446 | 634,599 | (18,280) | |
Total | 474,737 | 1,220,626 | 1,607,479 | |
Operating revenue, Constitution | 130,313 | 416,476 | ||
Operating revenue, Realization | (925,376) | (599,527) | ||
Finance result (income/expense), Monetary adjustment | 49,173 | 93,538 | ||
Receipt Tariff flag | (297,340) | |||
System Service Charge (ESS) And Reserve Energy Charge (EER) [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | [3] | (341,381) | (562,800) | (974,091) |
Approved | [3] | (301,275) | (450,230) | (167,048) |
Total | [3] | (642,656) | (1,013,030) | (1,141,139) |
Operating revenue, Constitution | [3] | (441,381) | (686,829) | |
Operating revenue, Realization | [3] | 857,459 | 878,350 | |
Finance result (income/expense), Monetary adjustment | (45,704) | (63,412) | ||
Receipt Tariff flag | [3] | |||
Proinfa [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 881 | 246 | (610) | |
Approved | 23,361 | 3,129 | (17,961) | |
Total | 24,242 | 3,375 | (18,572) | |
Operating revenue, Constitution | 43,537 | 8,456 | ||
Operating revenue, Realization | (24,907) | 13,411 | ||
Finance result (income/expense), Monetary adjustment | 2,236 | 80 | ||
Receipt Tariff flag | ||||
Basic Network Charges [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 180,686 | 36,256 | (20,163) | |
Approved | 7,967 | 23,526 | 23,387 | |
Total | 188,654 | 59,782 | 3,224 | |
Operating revenue, Constitution | 180,488 | 69,335 | ||
Operating revenue, Realization | (55,344) | (16,318) | ||
Finance result (income/expense), Monetary adjustment | 3,728 | 3,540 | ||
Receipt Tariff flag | ||||
Pass Through From Itaipu [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 848,587 | 1,141,254 | 959,518 | |
Approved | 542,747 | 465,184 | 125,860 | |
Total | 1,391,334 | 1,606,438 | 1,085,378 | |
Operating revenue, Constitution | 902,954 | 1,222,806 | ||
Operating revenue, Realization | (1,200,945) | (781,341) | ||
Finance result (income/expense), Monetary adjustment | 82,886 | 79,596 | ||
Receipt Tariff flag | ||||
Transmission From Itaipu [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 29,275 | 31,784 | 7,802 | |
Approved | 18,763 | 12,439 | 7,806 | |
Total | 48,038 | 44,222 | 15,608 | |
Operating revenue, Constitution | 37,098 | 38,876 | ||
Operating revenue, Realization | (35,857) | (11,909) | ||
Finance result (income/expense), Monetary adjustment | 2,575 | 1,648 | ||
Receipt Tariff flag | ||||
Neutrality Of Industry Charges [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | 9,636 | (40,763) | 32,566 | |
Approved | (34,324) | (8,370) | 112,084 | |
Total | (24,688) | (49,133) | 144,651 | |
Operating revenue, Constitution | (42,280) | (81,435) | ||
Operating revenue, Realization | 67,696 | (110,305) | ||
Finance result (income/expense), Monetary adjustment | (971) | (2,044) | ||
Receipt Tariff flag | ||||
Overcontracting [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | (132,005) | (93,409) | (469,937) | |
Approved | (57,791) | (80,721) | (38,244) | |
Total | (189,796) | (174,130) | (508,181) | |
Operating revenue, Constitution | (107,768) | 76,143 | ||
Operating revenue, Realization | 99,164 | 269,565 | ||
Finance result (income/expense), Monetary adjustment | (7,062) | (11,657) | ||
Receipt Tariff flag | ||||
Other Financial Components [Member] | ||||
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | ||||
Deferred | (285,566) | (275,550) | (193,496) | |
Approved | (109,885) | (115,325) | 21,812 | |
Total | (395,451) | (390,875) | R$ 171685 | |
Operating revenue, Constitution | (86,443) | (327,883) | ||
Operating revenue, Realization | 97,605 | 119,112 | ||
Finance result (income/expense), Monetary adjustment | R$ 15737 | (10,419) | ||
Receipt Tariff flag | ||||
[1] | Deferred tariff costs and gains variations from Parcel "A" items | |||
[2] | Energy Development Account CDE | |||
[3] | System Service Charge (ESS) and Reserve Energy Charge (EER) |
(9) SECTOR FINANCIAL ASSETS A_4
(9) SECTOR FINANCIAL ASSETS AND LIABILITIES (Details Narrative) - Energy Overcontracting [Member] | 12 Months Ended |
Dec. 31, 2019 | |
DisclosureOfSectorFinancialAssetsAndLiabilitiesLineItems [Line Items] | |
Contract term obligations | Electric energy distribution concessionaires are required to guarantee 100% of their energy market through contracts approved. |
Limitation of overcontracting | 5.00% |
(10) DEFERRED TAX ASSETS AND _3
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | R$ 16647 | R$ 179847 |
Total tax credit | 1,064,716 | 956,380 |
Total tax debit | (1,048,069) | (1,136,227) |
Social Contribution Credit (Debit) [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Tax losses carryforwards | 124,852 | 137,577 |
Tax benefit of merged intangible | 89,511 | 97,288 |
Temporarily nondeductible/taxable differences | (218,616) | (292,257) |
Subtotal | (4,254) | (57,392) |
Income Tax Credit (Debit) [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Tax losses carryforwards | 345,462 | 382,359 |
Tax benefit of merged intangible | 288,754 | 315,189 |
Temporarily nondeductible/taxable differences | (602,934) | (809,917) |
Subtotal | 31,282 | (112,369) |
PIS And COFINS Credit (Debit) [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Temporarily nondeductible/taxable differences | R$ 10380 | R$ 10086 |
(10) DEFERRED TAX ASSETS AND _4
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | R$ 16647 | R$ 179847 |
Social Contribution [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 89,511 | 97,288 |
Social Contribution [Member] | CPFL Paulista [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 36,620 | 41,246 |
Social Contribution [Member] | CPFL Piratininga [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 9,145 | 10,180 |
Social Contribution [Member] | RGE Sul Distribuidora De Energia S.A. ("RGE") [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 43,746 | 45,863 |
Social Contribution [Member] | CPFL Geracao De Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | ||
Income Tax [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 288,754 | 315,189 |
Income Tax [Member] | CPFL Paulista [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 101,723 | 114,572 |
Income Tax [Member] | CPFL Piratininga [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 31,385 | 34,938 |
Income Tax [Member] | RGE Sul Distribuidora De Energia S.A. ("RGE") [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | 144,878 | 153,618 |
Income Tax [Member] | CPFL Geracao De Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | ||
Total | R$ 10769 | R$ 12061 |
(10) DEFERRED TAX ASSETS AND _5
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details 2) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Social Contribution Credit (Debit) [Member] | ||
Temporarily nondeductible differences | ||
Provision for tax, civil and labor risks | R$ 41817 | R$ 57635 |
Private pension fund | 4,006 | 2,913 |
Allowance for doubtful debts | 33,288 | 30,316 |
Free energy supply | 9,632 | 9,166 |
Research and development and energy efficiency programs | 33,289 | 27,506 |
Personnel-related provisions | 6,225 | 5,208 |
Depreciation rate difference | 4,097 | 4,764 |
Derivatives | (46,344) | (58,698) |
Recognition of concession - adjustment of intangible asset (IFRS) | (5,352) | (6,399) |
Recognition of concession - adjustment of financial asset (IFRS) | (171,599) | (148,561) |
Actuarial losses (IFRS) | 25,567 | 26,001 |
Fair value adjustment - Derivatives | (8,670) | 2,711 |
Fair value adjustment - Debts | 9,440 | (1,854) |
Others | (28,477) | (18,030) |
Temporarily nondeductible differences - accumulated comprehensive income: | ||
Property, plant and equipment - adjustment of deemed cost (IFRS) | (45,568) | (48,806) |
Actuarial losses (IFRS) | 137,853 | 58,071 |
Fair value adjustment - Derivatives | (318) | (89) |
Fair value adjustment - Debts | (6,638) | (6,683) |
Deferred taxes - asset: | ||
Provision for tax, civil and labor risks | 10,748 | 11,620 |
Fair value of property, plant and equipment (negative value added of assets) | 18,344 | 19,817 |
Deferred taxes - liability: | ||
Value added derived from determination of deemed cost | (19,177) | (24,690) |
Intangible asset - exploration right/authorization in indirect subsidiaries acquired | (216,651) | (227,199) |
Other temporary differences | (4,128) | (6,976) |
Total | (218,616) | (292,257) |
Income Tax Credit (Debit) [Member] | ||
Temporarily nondeductible differences | ||
Provision for tax, civil and labor risks | 116,158 | 160,096 |
Private pension fund | 11,127 | 8,093 |
Allowance for doubtful debts | 92,466 | 84,211 |
Free energy supply | 26,756 | 25,462 |
Research and development and energy efficiency programs | 92,468 | 76,405 |
Personnel-related provisions | 17,293 | 14,467 |
Depreciation rate difference | 11,380 | 13,235 |
Derivatives | (128,733) | (163,051) |
Recognition of concession - adjustment of intangible asset (IFRS) | (14,867) | (17,775) |
Recognition of concession - adjustment of financial asset (IFRS) | (476,664) | (410,608) |
Actuarial losses (IFRS) | 71,020 | 72,223 |
Fair value adjustment - Derivatives | (24,082) | 7,532 |
Fair value adjustment - Debts | 26,222 | (5,147) |
Others | (77,238) | (50,236) |
Temporarily nondeductible differences - accumulated comprehensive income: | ||
Property, plant and equipment - adjustment of deemed cost (IFRS) | (126,578) | (135,572) |
Actuarial losses (IFRS) | 382,925 | 161,307 |
Fair value adjustment - Derivatives | (883) | (247) |
Fair value adjustment - Debts | (18,439) | (18,567) |
Deferred taxes - asset: | ||
Provision for tax, civil and labor risks | 29,855 | 32,277 |
Fair value of property, plant and equipment (negative value added of assets) | 50,955 | 55,047 |
Deferred taxes - liability: | ||
Value added derived from determination of deemed cost | (53,270) | (68,584) |
Intangible asset - exploration right/authorization in indirect subsidiaries acquired | (601,809) | (631,106) |
Other temporary differences | (8,995) | (19,379) |
Total | (602,934) | (809,917) |
PIS And COFINS Credit (Debit) [Member] | ||
Temporarily nondeductible differences | ||
Provision for tax, civil and labor risks | ||
Private pension fund | ||
Allowance for doubtful debts | ||
Free energy supply | ||
Research and development and energy efficiency programs | ||
Personnel-related provisions | ||
Depreciation rate difference | ||
Derivatives | ||
Recognition of concession - adjustment of intangible asset (IFRS) | ||
Recognition of concession - adjustment of financial asset (IFRS) | ||
Actuarial losses (IFRS) | ||
Fair value adjustment - Derivatives | ||
Fair value adjustment - Debts | ||
Others | (10,380) | (10,086) |
Temporarily nondeductible differences - accumulated comprehensive income: | ||
Property, plant and equipment - adjustment of deemed cost (IFRS) | ||
Actuarial losses (IFRS) | ||
Fair value adjustment - Derivatives | ||
Fair value adjustment - Debts | ||
Deferred taxes - asset: | ||
Provision for tax, civil and labor risks | ||
Fair value of property, plant and equipment (negative value added of assets) | ||
Deferred taxes - liability: | ||
Value added derived from determination of deemed cost | ||
Intangible asset - exploration right/authorization in indirect subsidiaries acquired | ||
Other temporary differences | ||
Total | R$ 10380 | R$ 10086 |
(10) DEFERRED TAX ASSETS AND _6
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Social Contribution [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit before taxes | R$ 3986293 | R$ 2939977 | R$ 1846670 |
Reconciliation to reflect effective rate: | |||
Equity interest in associates and joint ventures | (349,090) | (334,198) | (312,390) |
Amortization of intangible asset acquired | 48,649 | 48,649 | 48,649 |
Effect of presumed profit regime | (383,968) | (242,700) | (352,101) |
Adjustment of revenue from excess demand and excess reactive power | 162,438 | 153,302 | 134,778 |
Tax incentive - operating profit | |||
Other permanent additions (exclusions), net | 103,889 | 101,581 | 74,015 |
Tax base | R$ 3568211 | R$ 2666611 | R$ 1439621 |
Statutory rate | 9.00% | 9.00% | 9.00% |
Tax credit (debit) | R$ 321139 | R$ 239995 | R$ 129566 |
Recognized (unrecognized) tax credit, net | (12,903) | 26,323 | (39,162) |
Provision for tax risks | (2,570) | ||
Total | (336,610) | (213,673) | (168,728) |
Current | (303,332) | (227,464) | (153,543) |
Deferred | (33,279) | 13,791 | (15,185) |
Income Tax [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit before taxes | 3,986,293 | 2,939,977 | 1,846,670 |
Reconciliation to reflect effective rate: | |||
Equity interest in associates and joint ventures | (349,090) | (334,198) | (312,390) |
Amortization of intangible asset acquired | 62,756 | 62,756 | 62,756 |
Effect of presumed profit regime | (444,168) | (289,923) | (430,296) |
Adjustment of revenue from excess demand and excess reactive power | 162,438 | 153,302 | 134,778 |
Tax incentive - operating profit | (52,336) | (71,340) | |
Other permanent additions (exclusions), net | 50,343 | 87,162 | 82,631 |
Tax base | R$ 3468572 | R$ 2566740 | R$ 1312809 |
Statutory rate | 25.00% | 25.00% | 25.00% |
Tax credit (debit) | R$ 867143 | R$ 641685 | R$ 328202 |
Recognized (unrecognized) tax credit, net | (29,148) | 81,375 | (106,699) |
Provision for tax risks | (5,097) | ||
Total | (901,386) | (560,310) | (434,901) |
Current | (804,994) | (578,381) | (387,076) |
Deferred | R$ 96392 | R$ 18071 | R$ 47825 |
(10) DEFERRED TAX ASSETS AND _7
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details 4) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Social Contribution [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Actuarial losses (gains) | R$ 1122747 | R$ 313243 | R$ 166857 |
Limits on the asset ceiling | 44,058 | 6,617 | 21,399 |
Basis of calculation | R$ 1166805 | R$ 319860 | R$ 145458 |
Statutory rate | 9.00% | 9.00% | 9.00% |
Calculated taxes | R$ 105012 | R$ 28786 | R$ 13092 |
Limitation on recognition (reversal) of tax credits | 25,229 | 7,325 | |
Taxes recognized in other comprehensive income | (79,783) | (21,461) | 13,092 |
Credit risk fair value measurement of financial liabilities | 1,662 | (78,953) | |
Deemed cost of property, plant and equipment | 38,897 | 38,057 | 39,202 |
Subtotal | R$ 40559 | R$ 40896 | R$ 39202 |
Statutory rate | 9.00% | 9.00% | 9.00% |
Calculated taxes | R$ 3650 | R$ 3681 | R$ 3528 |
Total taxes recognized in other comprehensive income | (83,434) | (17,780) | 9,564 |
Income Tax [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Actuarial losses (gains) | 1,122,747 | 313,243 | (166,857) |
Limits on the asset ceiling | 44,058 | 6,617 | 21,399 |
Basis of calculation | R$ 1166805 | R$ 319860 | R$ 145458 |
Statutory rate | 25.00% | 25.00% | 25.00% |
Calculated taxes | R$ 291701 | R$ 79964 | R$ 36365 |
Limitation on recognition (reversal) of tax credits | 70,080 | 20,347 | |
Taxes recognized in other comprehensive income | (221,621) | (59,617) | 36,365 |
Credit risk fair value measurement of financial liabilities | 1,662 | (78,953) | |
Deemed cost of property, plant and equipment | 38,897 | 38,057 | 39,202 |
Subtotal | R$ 40559 | R$ 40896 | R$ 39202 |
Statutory rate | 25.00% | 25.00% | 25.00% |
Calculated taxes | R$ 10140 | R$ 10224 | R$ 9801 |
Total taxes recognized in other comprehensive income | R$ 231760 | R$ 49393 | R$ 26564 |
(10) DEFERRED TAX ASSETS AND _8
(10) DEFERRED TAX ASSETS AND LIABILITIES (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit or loss | R$ 2748297 | R$ 2165995 | R$ 1243042 |
Revenue | 29,932,474 | 28,136,627 | 26,744,905 |
Tax benefit | 45,257 | 45,778 | |
Non-recognized tax credits on tax loss carryforwards | 82,573 | ||
CPFL Renovaveis [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit or loss | 96,628 | ||
Revenue | 1,928,011 | 1,936,319 | R$ 1959084 |
Non-recognized tax credits on tax loss carryforwards | 748,435 | ||
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Non-recognized tax credits on tax loss carryforwards | 71,894 | ||
Sul Geradora Participacoes S.A. ("Sul Geradora") [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Non-recognized tax credits on tax loss carryforwards | 72,711 | ||
CPFL Telecom S.A ("CPFL Telecom") [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit or loss | 113 | ||
Non-recognized tax credits on tax loss carryforwards | 32,978 | ||
CPFL Servicos, Equipamentos, Industria e Comercio S.A. ("CPFL Servicos") [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Non-recognized tax credits on tax loss carryforwards | 6,188 | ||
CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Non-recognized tax credits on tax loss carryforwards | 2,467 | ||
Deferred Income Tax And Social Contribution [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Profit or loss | 129,671 | ||
Revenue | 31,863 | ||
Income Tax And Social Contribution [Member] | |||
DisclosureOfDeferredTaxAssetsAndLiabilitiessLineItems [Line Items] | |||
Revenue | R$ 112491 | ||
Expense | R$ 49703 |
(11) CONCESSION FINANCIAL ASS_3
(11) CONCESSION FINANCIAL ASSET (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfConcessionFinancialAssetLineItems [Line Items] | |||
Balance at the beginning of the period | R$ 7430149 | R$ 6569404 | R$ 5373844 |
Current | 23,736 | 10,700 | |
Noncurrent | 7,430,149 | 6,545,668 | 5,363,144 |
Increase (decrease) in financial assets [abstract] | |||
Additions | 2,082,685 | 1,787,588 | 1,024,465 |
Adjustment of expected cash flow | 212,294 | ||
Adjustment - financial asset measured at amortized cost | 27,807 | ||
Cash inputs - RAP | (23,344) | (15,677) | |
Transfer - contract assets | 1,090,393 | 836,516 | |
Transfer - intangible assets | (3,502) | (52,803) | |
Adjustment - fair value | 296,037 | 362,073 | |
Disposals | (33,361) | (6,303) | (35,039) |
Business combination | (12,338) | ||
Adoption IFRS 15 | 825,476 | ||
Balance at the end of the period | 8,779,717 | 7,430,149 | 6,569,404 |
Current | 23,736 | 10,700 | |
Noncurrent | 7,430,149 | 6,545,668 | 5,363,144 |
Electricity Distribution [Member] | |||
DisclosureOfConcessionFinancialAssetLineItems [Line Items] | |||
Balance at the beginning of the period | 7,430,149 | 6,330,681 | 5,193,511 |
Current | |||
Noncurrent | 7,430,149 | 6,330,681 | 5,193,511 |
Increase (decrease) in financial assets [abstract] | |||
Additions | 2,061,715 | 1,787,588 | 972,254 |
Adjustment of expected cash flow | 972,254 | ||
Adjustment - financial asset measured at amortized cost | |||
Cash inputs - RAP | |||
Transfer - contract assets | 1,090,393 | 836,516 | |
Transfer - intangible assets | (3,502) | (52,803) | |
Adjustment - fair value | 296,037 | 362,073 | |
Disposals | (33,361) | (6,303) | (35,039) |
Business combination | (12,338) | ||
Adoption IFRS 15 | 825,476 | ||
Balance at the end of the period | 8,779,717 | 7,430,149 | 6,330,681 |
Current | |||
Noncurrent | 7,430,149 | 6,330,681 | 5,193,511 |
Electricity Transmission [Member] | |||
DisclosureOfConcessionFinancialAssetLineItems [Line Items] | |||
Balance at the beginning of the period | 238,723 | 180,333 | |
Current | 23,736 | 10,700 | |
Noncurrent | 214,987 | 169,633 | |
Increase (decrease) in financial assets [abstract] | |||
Additions | 20,970 | 52,211 | |
Adjustment of expected cash flow | |||
Adjustment - financial asset measured at amortized cost | 27,807 | ||
Cash inputs - RAP | (23,344) | (15,677) | |
Adjustment - fair value | |||
Disposals | |||
Business combination | |||
Adoption IFRS 15 | (238,723) | ||
Balance at the end of the period | 238,723 | ||
Current | 23,736 | 10,700 | |
Noncurrent | R$ 214987 | R$ 169633 |
(12) OTHER ASSETS (Details)
(12) OTHER ASSETS (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current [Member] | ||
DisclosureOfOtherAssetLineItems [Line Items] | ||
Advances - FUNCESP | R$ 13562 | R$ 3929 |
Advances to suppliers | 43,587 | 4,031 |
Pledges, funds and restricted deposits | 1,431 | 77,442 |
Orders in progress | 130,954 | 142,708 |
Services rendered to third parties | 23,388 | 9,281 |
Energy pre-purchase agreements | ||
Prepaid expenses | 76,756 | 172,155 |
GSF Insurance Premium | 6,488 | 13,701 |
Receivables - CDE | 147,470 | 183,710 |
Advances to employees | 20,640 | 22,287 |
Contract asset of transmission | 23,535 | |
Others | 212,904 | 186,923 |
(-) Allowance for doubtful accounts (note 7) | (29,019) | (28,698) |
Total | 648,161 | 811,005 |
Non Current Assets [Member] | ||
DisclosureOfOtherAssetLineItems [Line Items] | ||
Advances - FUNCESP | 6,797 | 6,797 |
Advances to suppliers | ||
Pledges, funds and restricted deposits | 569,733 | 524,461 |
Orders in progress | 9,448 | 6,844 |
Services rendered to third parties | ||
Energy pre-purchase agreements | 10,432 | 25,390 |
Prepaid expenses | 4,608 | 6,367 |
GSF Insurance Premium | 5,782 | |
Receivables - CDE | ||
Advances to employees | ||
Contract asset of transmission | 226,117 | |
Others | 135,000 | 125,681 |
(-) Allowance for doubtful accounts (note 7) | ||
Total | R$ 736019 | R$ 927440 |
(12) OTHER ASSETS (Details Narr
(12) OTHER ASSETS (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Assets [Abstract] | ||
Low income subsidies, receivables - CDE | R$ 16944 | R$ 12536 |
Other tariff discounts granted to consumers, receivables - CDE | 130,516 | 170,858 |
Tariff discounts from judicial injunctions | R$ 9 | R$ 317 |
(13) EQUITY METHOD INVESTEES (D
(13) EQUITY METHOD INVESTEES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity interests - equity method | ||
By equity method of the Joint Venture | R$ 988516 | R$ 970302 |
Fair value of assets, net | 9,481 | 10,060 |
Investments by equity | R$ 997997 | R$ 980362 |
(13) EQUITY METHOD INVESTEES _2
(13) EQUITY METHOD INVESTEES (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | R$ 997997 | R$ 980362 | |
Share of profit (loss) | 349,090 | 334,198 | R$ 312390 |
At Fair Value [member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | 243,244 | 10,060 | |
Share of profit (loss) | (579) | (579) | (579) |
BAESA - Energetica Barra Grande S.A. [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | 156,185 | 175,189 | |
Share of profit (loss) | 750 | 791 | 11,849 |
Campos Novos Energia S.A. ("ENERCAN") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | 207,868 | 175,122 | |
Share of profit (loss) | 123,240 | 101,392 | 85,808 |
Chapecoense Geracao S.A. ("Chapecoense") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | 381,219 | 378,558 | |
Share of profit (loss) | 140,949 | 127,250 | 120,651 |
Centrais Eletricas da Paraiba S.A. ("EPASA") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Share of equity | 9,481 | 241,433 | |
Share of profit (loss) | R$ 84730 | R$ 105343 | R$ 94663 |
(13) EQUITY METHOD INVESTEES _3
(13) EQUITY METHOD INVESTEES (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | R$ 99883 | R$ 98746 | |
Interest on own capital | 415 | 1,436 | |
Total | 100,297 | 100,182 | |
Centrais Eletricas da Paraiba S.A. ("EPASA") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | |||
Interest on own capital | |||
Total | |||
Investco S.A [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | |||
Interest on own capital | 415 | 1,436 | |
Total | 415 | 1,436 | |
BAESA - Energetica Barra Grande S.A. [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | 3,504 | 3 | |
Interest on own capital | |||
Total | 3,504 | 3 | |
Campos Novos Energia S.A. ("ENERCAN") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | 59,289 | 65,010 | |
Interest on own capital | |||
Total | 59,289 | 65,010 | |
Chapecoense Geracao S.A. ("Chapecoense") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Dividend | 37,090 | 33,733 | |
Interest on own capital | |||
Total | R$ 37090 | R$ 33733 |
(13) EQUITY METHOD INVESTEES _4
(13) EQUITY METHOD INVESTEES (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Campos Novos Energia S.A. ("ENERCAN") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Current assets | R$ 219117 | R$ 208326 | |
Cash and cash equivalents | 77,290 | 66,519 | |
Noncurrent assets | 982,032 | 1,033,320 | |
Current liabilities | 390,817 | 385,271 | |
Borrowings and debentures | 133,548 | 137,225 | |
Other financial liabilities | 7,131 | 5,869 | |
Noncurrent liabilities | 383,699 | 496,953 | |
Borrowings and debentures | 255,756 | 383,358 | |
Other financial liabilities | 25,513 | 26,936 | |
Equity | 426,632 | 359,422 | |
Net operating revenue | 650,900 | 591,875 | R$ 580430 |
Operational costs and expenses | (192,780) | (188,756) | (273,339) |
Depreciation and amortization | (49,110) | (50,051) | (52,773) |
Interest income | 5,573 | 4,793 | 32,849 |
Interest expense | (33,399) | (46,042) | (31,135) |
Income tax expense | (126,313) | (101,484) | (88,229) |
Profit (loss) for the year | R$ 252941 | R$ 208100 | R$ 176113 |
Equity Interests and voting capital | 48.72% | 48.72% | 48.72% |
BAESA - Energetica Barra Grande S.A. [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Current assets | R$ 66863 | R$ 68956 | |
Cash and cash equivalents | 18,315 | 17,425 | |
Noncurrent assets | 915,379 | 966,664 | |
Current liabilities | 72,383 | 50,639 | |
Borrowings and debentures | 0 | ||
Other financial liabilities | 35,944 | 34,832 | |
Noncurrent liabilities | 285,269 | 284,391 | |
Borrowings and debentures | 0 | ||
Other financial liabilities | 271,267 | 272,079 | |
Equity | 624,591 | 700,590 | |
Net operating revenue | 286,378 | 321,142 | R$ 412329 |
Operational costs and expenses | (201,494) | (214,448) | (265,955) |
Depreciation and amortization | (50,832) | (50,609) | (50,621) |
Interest income | 1,850 | 4,176 | 4,906 |
Interest expense | (31,533) | (53,946) | (27,986) |
Income tax expense | (1,124) | (1,229) | (25,442) |
Profit (loss) for the year | R$ 2999 | R$ 3164 | R$ 47385 |
Equity Interests and voting capital | 25.01% | 25.01% | 25.01% |
Centrais Eletricas da Paraiba S.A. ("EPASA") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Current assets | R$ 294877 | R$ 327084 | |
Cash and cash equivalents | 96,130 | 18,269 | |
Noncurrent assets | 470,864 | 502,618 | |
Current liabilities | 93,512 | 152,168 | |
Borrowings and debentures | 35,660 | 34,473 | |
Other financial liabilities | 1,416 | 1,346 | |
Noncurrent liabilities | 216,233 | 224,933 | |
Borrowings and debentures | 115,842 | 151,964 | |
Other financial liabilities | 0 | ||
Equity | 455,996 | 452,601 | |
Net operating revenue | 560,203 | 840,005 | R$ 789402 |
Operational costs and expenses | (319,024) | (562,097) | (518,352) |
Depreciation and amortization | (34,690) | (34,525) | (35,640) |
Interest income | 3,990 | 5,106 | 6,102 |
Interest expense | (13,972) | (17,491) | (26,197) |
Income tax expense | (38,983) | (38,740) | (39,892) |
Profit (loss) for the year | R$ 158839 | R$ 197481 | R$ 177458 |
Equity Interests and voting capital | 53.34% | 53.34% | 53.34% |
Chapecoense Geracao S.A. ("Chapecoense") [Member] | |||
DisclosureOfEquityMethodInvesteesLineItems [Line Items] | |||
Current assets | R$ 379359 | R$ 345737 | |
Cash and cash equivalents | 240,645 | 184,002 | |
Noncurrent assets | 2,472,085 | 2,604,162 | |
Current liabilities | 451,803 | 424,635 | |
Borrowings and debentures | 138,759 | 138,706 | |
Other financial liabilities | 75,668 | 74,156 | |
Noncurrent liabilities | 1,652,152 | 1,782,993 | |
Borrowings and debentures | 913,308 | 1,045,402 | |
Other financial liabilities | 731,113 | 734,630 | |
Equity | 747,489 | 742,271 | |
Net operating revenue | 881,458 | 863,861 | R$ 829525 |
Operational costs and expenses | (195,973) | (191,749) | (186,638) |
Depreciation and amortization | (124,244) | (117,858) | (126,811) |
Interest income | 16,309 | 15,729 | 24,639 |
Interest expense | (163,977) | (191,818) | (183,237) |
Income tax expense | (136,830) | (124,284) | (123,307) |
Profit (loss) for the year | R$ 276370 | R$ 249510 | R$ 236570 |
Equity Interests and voting capital | 51.00% | 51.00% | 51.00% |
(14) PROPERTY, PLANT AND EQUI_3
(14) PROPERTY, PLANT AND EQUIPMENT (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 9456614 | R$ 9787125 | R$ 9712998 |
Additions | 301,459 | 296,165 | 756,887 |
Disposals | (95,171) | (36,376) | (43,845) |
Transfers | 0 | 0 | |
Transfers from/to other assets - cost | (1,662) | (3,279) | (41,224) |
Depreciation | (619,228) | (601,329) | (597,795) |
Write-off of depreciation | 41,698 | 10,259 | 11,540 |
Transfers from/to other assets - depreciation | (2,987) | 8,624 | |
Impairment losses | (15,261) | ||
Business combinations | (4,800) | ||
Others | 7,033 | ||
End Balance | 9,083,710 | 9,456,614 | 9,787,125 |
Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 176,839 | 168,494 | 176,145 |
Additions | |||
Disposals | (8) | (22) | |
Transfers | 603 | 20,181 | 2,950 |
Transfers from/to other assets - cost | (1,333) | (2,755) | (1,893) |
Depreciation | (8,880) | (8,082) | (8,004) |
Write-off of depreciation | 2 | 2 | |
Transfers from/to other assets - depreciation | (994) | (683) | |
Impairment losses | |||
Business combinations | |||
Others | |||
End Balance | R$ 167228 | R$ 176839 | R$ 168494 |
Average depreciation rate | 3.86% | 3.86% | 3.86% |
Reservoirs, dams and water mains [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 1391775 | R$ 1319257 | R$ 1394162 |
Additions | |||
Disposals | (5) | (132) | |
Transfers | 15,882 | 151,754 | 400 |
Transfers from/to other assets - cost | (8,249) | 6,393 | |
Depreciation | (84,660) | (79,237) | (79,276) |
Write-off of depreciation | 5 | 124 | |
Transfers from/to other assets - depreciation | (2,413) | ||
Impairment losses | |||
Business combinations | |||
Others | |||
End Balance | R$ 1314749 | R$ 1391775 | R$ 1319257 |
Average depreciation rate | 3.93% | 3.65% | 3.93% |
Buildings, construction and improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 986800 | R$ 1094777 | R$ 1153220 |
Additions | |||
Disposals | (31,080) | (7,908) | (140) |
Transfers | 51,413 | 41,464 | 154,737 |
Transfers from/to other assets - cost | (6,952) | (100,720) | (154,880) |
Depreciation | (61,634) | (61,540) | (59,736) |
Write-off of depreciation | 2,231 | 120 | |
Transfers from/to other assets - depreciation | 20,714 | 1,930 | |
Impairment losses | (474) | ||
Business combinations | |||
Others | 15 | ||
End Balance | R$ 940779 | R$ 986800 | R$ 1094777 |
Average depreciation rate | 3.94% | 3.96% | 3.69% |
Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 6615793 | R$ 6870389 | R$ 6655391 |
Additions | 772 | ||
Disposals | (31,033) | (16,434) | (32,336) |
Transfers | 111,804 | 101,468 | 574,944 |
Transfers from/to other assets - cost | 12,987 | 106,775 | 98,579 |
Depreciation | (446,046) | (432,524) | (431,393) |
Write-off of depreciation | 17,616 | 8,180 | 9,529 |
Transfers from/to other assets - depreciation | (22,706) | 9,690 | |
Impairment losses | (14,787) | ||
Business combinations | |||
Others | 645 | ||
End Balance | R$ 6281123 | R$ 6615793 | R$ 6870389 |
Average depreciation rate | 4.54% | 4.45% | 4.53% |
Vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 67135 | R$ 75771 | R$ 76217 |
Additions | 2,978 | ||
Disposals | (33,045) | (3,517) | (2,248) |
Transfers | 7,358 | 12,250 | 20,434 |
Transfers from/to other assets - cost | (126) | ||
Depreciation | (17,156) | (19,402) | (18,055) |
Write-off of depreciation | 21,846 | 2,032 | 1,379 |
Transfers from/to other assets - depreciation | (2) | (8) | |
Impairment losses | |||
Business combinations | (4,800) | ||
Others | |||
End Balance | R$ 46136 | R$ 67135 | R$ 75771 |
Average depreciation rate | 13.77% | 13.89% | 13.09% |
Furniture and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 7512 | R$ 7245 | R$ 7562 |
Additions | |||
Disposals | (31) | (635) | |
Transfers | 449 | 793 | 1,484 |
Transfers from/to other assets - cost | (40) | 6 | (330) |
Depreciation | (851) | (546) | (1,332) |
Write-off of depreciation | 44 | 387 | |
Transfers from/to other assets - depreciation | 108 | ||
Impairment losses | |||
Business combinations | |||
Others | |||
End Balance | R$ 7070 | R$ 7512 | R$ 7245 |
Average depreciation rate | 5.80% | 3.70% | 8.31% |
In progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | R$ 210760 | R$ 251192 | R$ 250302 |
Additions | 301,459 | 296,165 | 753,137 |
Disposals | (8) | (8,478) | (8,332) |
Transfers | (187,510) | (327,908) | (754,948) |
Transfers from/to other assets - cost | 1,924 | (6,584) | 11,033 |
Depreciation | |||
Write-off of depreciation | |||
Transfers from/to other assets - depreciation | |||
Impairment losses | |||
Business combinations | |||
Others | 6,373 | ||
End Balance | 326,625 | 210,760 | 251,192 |
Gross carrying amount [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 14,299,854 | 14,015,662 | 13,364,592 |
Additions | |||
End Balance | 14,504,478 | 14,299,854 | 14,015,662 |
Gross carrying amount [Member] | Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 224,783 | 207,365 | 206,330 |
Additions | |||
End Balance | 224,053 | 224,783 | 207,365 |
Gross carrying amount [Member] | Reservoirs, dams and water mains [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 2,218,604 | 2,066,850 | 2,060,191 |
Additions | |||
End Balance | 2,226,232 | 2,218,604 | 2,066,850 |
Gross carrying amount [Member] | Buildings, construction and improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 1,585,723 | 1,652,178 | 1,652,934 |
Additions | |||
End Balance | 1,599,104 | 1,585,723 | 1,652,178 |
Gross carrying amount [Member] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 9,905,396 | 9,693,512 | 9,066,408 |
Additions | |||
End Balance | 9,999,155 | 9,905,396 | 9,693,512 |
Gross carrying amount [Member] | Vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 131,549 | 122,540 | 106,920 |
Additions | |||
End Balance | 105,863 | 131,549 | 122,540 |
Gross carrying amount [Member] | Furniture and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 23,039 | 22,026 | 21,507 |
Additions | |||
End Balance | 23,447 | 23,039 | 22,026 |
Gross carrying amount [Member] | In progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 210,760 | 251,192 | 250,302 |
Additions | |||
End Balance | 326,625 | 210,760 | 251,192 |
Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (4,843,240) | (4,228,537) | (3,651,594) |
Additions | |||
End Balance | (5,420,768) | (4,843,240) | (4,228,537) |
Accumulated depreciation, amortisation and impairment [Member] | Land [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (47,944) | (38,870) | (30,185) |
Additions | |||
End Balance | (56,825) | (47,944) | (38,870) |
Accumulated depreciation, amortisation and impairment [Member] | Reservoirs, dams and water mains [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (826,829) | (747,593) | (666,028) |
Additions | |||
End Balance | (911,483) | (826,829) | (747,593) |
Accumulated depreciation, amortisation and impairment [Member] | Buildings, construction and improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (598,923) | (557,400) | (499,714) |
Additions | |||
End Balance | (658,325) | (598,923) | (557,400) |
Accumulated depreciation, amortisation and impairment [Member] | Machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (3,289,603) | (2,823,123) | (2,411,017) |
Additions | |||
End Balance | (3,718,031) | (3,289,603) | (2,823,123) |
Accumulated depreciation, amortisation and impairment [Member] | Vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (64,415) | (46,769) | (30,704) |
Additions | |||
End Balance | (59,727) | (64,415) | (46,769) |
Accumulated depreciation, amortisation and impairment [Member] | Furniture and fittings [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | (15,527) | (14,782) | (13,945) |
Additions | |||
End Balance | (16,377) | (15,527) | (14,782) |
Accumulated depreciation, amortisation and impairment [Member] | In progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning Balance | 251,192 | ||
Additions | |||
End Balance | R$ 251192 |
(14) PROPERTY, PLANT AND EQUI_4
(14) PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment pledged as collateral for borrowings | R$ 3957132 | ||
Borrowing Costs Capitalised | 25,641 | R$ 10591 | R$ 29817 |
Capitalisation rate | 8.74% | 8.80% | |
Impairment on property, plant and equipment | R$ 15261 | ||
CPFL Renovaveis [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment pledged as collateral for borrowings | 3,908,099 | ||
Impairment on property, plant and equipment | 15,261 | ||
Construction In Progress [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment on property, plant and equipment | |||
Construction In Progress [Member] | CPFL Renovaveis [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment pledged as collateral for borrowings | R$ 248018 | R$ 139614 |
(15) INTANGIBLE ASSETS (Details
(15) INTANGIBLE ASSETS (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | R$ 9462935 | R$ 10589824 | R$ 10775613 |
Additions | 19,147 | 18,670 | 1,907,778 |
Amortization | (1,068,581) | (1,000,777) | (936,318) |
Transfer - intangible assets | 949,548 | 723,813 | |
Transfer - financial asset | 3,502 | 52,803 | (972,254) |
Disposal and transfer - other assets | (45,600) | (101,102) | (57,674) |
Corporate restructuring - note 14.4.1 | (99,981) | ||
Business combination | (22,165) | ||
Impairment losses | (5,176) | ||
IFRS 15 adoption (note 3) | (825,476) | ||
Others | 5,177 | ||
Ending balance | 9,320,953 | 9,462,935 | 10,589,824 |
Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (10,201,206) | (9,453,223) | (9,705,576) |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (11,269,787) | (10,201,206) | (9,453,223) |
Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 19,664,141 | 35,840 | 35,840 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 20,590,739 | 19,664,141 | 35,840 |
Concession right Distribution infrastructure - operational [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 5,584,136 | 5,554,447 | 5,550,502 |
Additions | |||
Amortization | (761,884) | (703,511) | (639,292) |
Transfer - intangible assets | 723,813 | 814,643 | |
Transfer - financial asset | 949,548 | 52,803 | 131 |
Transfers from concession financial asset - extended concessions | 3,502 | ||
Disposal and transfer - other assets | (47,263) | (43,419) | (91,214) |
Corporate restructuring - note 14.4.1 | (73,215) | ||
Business combination | (7,108) | ||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 5,728,040 | 5,584,136 | 5,554,447 |
Concession right Distribution infrastructure - operational [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (6,325,012) | 5,554,447 | 5,550,502 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (7,086,896) | (6,325,012) | 5,554,447 |
Concession right Distribution infrastructure - operational [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 5,554,447 | 5,550,502 | |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 5,554,447 | ||
Other Intangible Assets [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 76,009 | 60,777 | 59,147 |
Additions | 19,147 | 18,670 | 9,344 |
Amortization | (16,840) | (8,989) | (9,390) |
Transfer - intangible assets | |||
Transfer - financial asset | |||
Disposal and transfer - other assets | 1,663 | 5,504 | 1,723 |
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | (47) | ||
IFRS 15 adoption (note 3) | |||
Others | 47 | ||
Ending balance | 79,981 | 76,009 | 60,777 |
Other Intangible Assets [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (141,532) | 60,777 | 59,147 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (158,372) | (141,532) | 60,777 |
Other Intangible Assets [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 217,542 | 174,407 | 59,147 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 238,352 | 217,542 | 174,407 |
Goodwill [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,115 | 6,115 | 6,115 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 6,115 | 6,115 | 6,115 |
Goodwill [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (37) | 6,115 | 6,115 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (37) | (37) | 6,115 |
Goodwill [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,152 | 6,115 | 6,115 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 6,152 | 6,152 | 6,115 |
Public Utilities [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 25,904 | 27,324 | |
Additions | |||
Amortization | (1,419) | (1,419) | |
Transfer - intangible assets | |||
Transfer - financial asset | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 25,904 | ||
Public Utilities [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (11,355) | 25,904 | 27,324 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (11,355) | 25,904 | |
Public Utilities [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 35,840 | 25,904 | 27,324 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 35,840 | 35,840 | 25,904 |
Concession right Distribution infrastructure - in progress [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 825,476 | 666,008 | |
Additions | 1,898,434 | ||
Amortization | |||
Transfer - intangible assets | (814,643) | ||
Transfer - financial asset | (972,385) | ||
Disposal and transfer - other assets | 48,061 | ||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | (825,476) | ||
Others | |||
Ending balance | 825,476 | ||
Concession right Distribution infrastructure - in progress [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 825,476 | 666,008 | |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 825,476 | ||
Concession right Distribution infrastructure - in progress [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 825,476 | 666,008 | |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | 825,476 | ||
Concession right Acquired in business combinations [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 3,772,188 | 4,117,105 | 4,466,516 |
Additions | |||
Amortization | (288,438) | (286,858) | (286,215) |
Transfer - intangible assets | |||
Transfer - financial asset | |||
Disposal and transfer - other assets | (63,187) | (16,244) | |
Corporate restructuring - note 14.4.1 | (26,766) | ||
Business combination | (15,057) | ||
Impairment losses | (5,129) | ||
IFRS 15 adoption (note 3) | |||
Others | 5,130 | ||
Ending balance | 3,483,750 | 3,772,188 | 4,117,105 |
Concession right Acquired in business combinations [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (3,723,270) | 4,117,105 | 4,466,516 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (4,011,708) | (3,723,270) | 4,117,105 |
Concession right Acquired in business combinations [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (3,723,270) | 4,117,105 | 4,466,516 |
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Transfers from concession financial asset - extended concessions | |||
Disposal and transfer - other assets | |||
Corporate restructuring - note 14.4.1 | |||
Business combination | |||
Impairment losses | |||
IFRS 15 adoption (note 3) | |||
Others | |||
Ending balance | (4,011,708) | (3,723,270) | R$ 4117105 |
Public utilities | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 24,485 | ||
Additions | |||
Amortization | (1,419) | ||
Ending balance | 23,065 | 24,485 | |
Public utilities | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (11,355) | ||
Additions | |||
Amortization | |||
Transfer - intangible assets | |||
Transfer - financial asset | |||
Disposal and transfer - other assets | |||
Ending balance | R$ 12774 | R$ 11355 |
(15) INTANGIBLE ASSETS (Detai_2
(15) INTANGIBLE ASSETS (Details 1) - Concession right Acquired in business combinations [Member] - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 3483750 | R$ 3772188 | |
Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 7,495,458 | R$ 2725797 | |
Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 4011708 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.28% | 3.28% | 3.28% |
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.31% | 3.32% | 3.31% |
Intangible asset acquired, not merged [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 4.68% | 4.70% | 4.25% |
Intangible asset acquired, not merged [Member] | Parent [Member] | Rio Grande Energia S.A. [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 4.70% | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.38% | 3.38% | |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 4.36% | 5.90% | 5.39% |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.41% | 3.41% | 3.41% |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.38% | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 2553000 | R$ 2725797 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 4,064,052 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (1,511,051) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 77,888 | 87,873 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 304,861 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (226,974) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 11,435 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 39,065 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (27,629) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,399 | 1,575 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 3,768 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (2,369) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | Rio Grande Energia S.A. [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,575 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 15,376 | 17,221 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 54,555 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (39,179) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 2,443,397 | 2,602,622 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 3,653,906 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (1,210,510) | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 3,505 | R$ 3775 | |
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 7,896 | ||
Intangible asset acquired, not merged [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 4391 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.00% | 3.00% | 3.00% |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.31% | 3.31% | 3.31% |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 4.67% | 4.67% | 4.67% |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Rio Grande Energia S.A. [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 4.67% | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 6438 | ||
Annual amortization rate | 3.01% | 3.01% | |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 366887 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 437,958 | R$ 491574 | |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,571,949 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (1,133,992) | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 287,156 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,074,026 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (819,075) | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 33,887 | 37,723 | |
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 115,762 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (81,875) | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 143,141 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (223,746) | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | Rio Grande Energia S.A. [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 160,256 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 15,275 | ||
Intangible asset acquired and merged - Reassessed [Member] | Parent [Member] | CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 9296 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 554,816 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 461795 | ||
Annual amortization rate | 3.63% | 3.63% | 3.63% |
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | Rio Grande Energia S.A. [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Annual amortization rate | 3.63% | 3.63% | |
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 93020 | ||
Annual amortization rate | 2.34% | 2.34% | 2.34% |
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 492792 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,859,457 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (1,366,664) | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 409,739 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 1,433,007 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | (1,023,268) | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 83,053 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Gross carrying amount [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | 426,450 | ||
Intangible asset acquired and merged [Member] | Subsidiaries [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Accumulated depreciation, amortisation and impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total | R$ 343396 |
(15) INTANGIBLE ASSETS (Detai_3
(15) INTANGIBLE ASSETS (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible assets and goodwill [abstract] | |||
Capitalized interest on borrowings | R$ 25641 | R$ 10591 | R$ 29817 |
Percentage of capitalized interest rate on borrowings | 8.09% | 7.99% | |
Impairment of intangible asset | R$ 5176 | ||
Net assets | R$ 44078293 | R$ 42211530 |
(16) CONTRACT ASSETS (Details)
(16) CONTRACT ASSETS (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfContractAssetsLineItems [Line Items] | |||
Balance at the beginning of the period | |||
Reclassification from other assets | 249,652 | ||
Adoption of IFRS 15 (note 3) | 825,476 | ||
Additions | 2,082,685 | 1,787,588 | |
Transfer - intangible assets in service | (949,548) | (723,813) | |
Transfer - financial assets | (1,090,393) | (836,516) | |
Monetary adjustment | 31,725 | ||
Cash inputs - RAP | (23,344) | R$ 15677 | |
Disposal and transfer - other assets | (33,361) | (6,303) | (35,039) |
Balance at the end of the period | 1,347,210 | 1,046,433 | |
Current | 24,387 | ||
Noncurrent | 1,322,822 | ||
Electricity Distribution [Member] | |||
DisclosureOfContractAssetsLineItems [Line Items] | |||
Balance at the beginning of the period | |||
Adoption of IFRS 15 (note 3) | 825,476 | ||
Additions | 2,061,715 | 1,787,588 | |
Transfer - intangible assets in service | (949,548) | (723,813) | |
Transfer - financial assets | (1,090,393) | (836,516) | |
Cash inputs - RAP | |||
Disposal and transfer - other assets | (33,361) | (6,303) | (35,039) |
Balance at the end of the period | 1,068,207 | 1,046,433 | |
Noncurrent | 1,068,207 | ||
Electricity Transmission [Member] | |||
DisclosureOfContractAssetsLineItems [Line Items] | |||
Balance at the beginning of the period | |||
Reclassification from other assets | 249,652 | ||
Adoption of IFRS 15 (note 3) | (238,723) | ||
Additions | 20,970 | ||
Transfer - intangible assets in service | |||
Transfer - financial assets | |||
Monetary adjustment | 31,725 | ||
Cash inputs - RAP | (23,344) | (15,677) | |
Disposal and transfer - other assets | |||
Balance at the end of the period | 279,003 | ||
Current | 24,387 | ||
Noncurrent | R$ 254616 |
(17) TRADE PAYABLES (Details)
(17) TRADE PAYABLES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
System service charges | R$ 2707 | R$ 62674 |
Energy purchased | 2,288,441 | 1,607,116 |
Electricity network usage charges | 250,600 | 205,656 |
Materials and services | 554,940 | 368,344 |
Energy from the Free Market | 163,492 | 154,296 |
Total | 3,260,180 | 2,398,085 |
Noncurrent | ||
Energy purchased | R$ 359944 | R$ 333036 |
(18) BORROWINGS (Details)
(18) BORROWINGS (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | R$ 11435958 | R$ 10992057 | ||
Borrowings raised | 1,572,567 | 5,048,475 | ||
Repayments of principal | (2,956,361) | (5,325,119) | ||
Interests, restatements and mark to market | 708,630 | 581,980 | ||
Exchange rate variations | 157,174 | 772,610 | ||
Interests paid | (554,672) | (634,044) | ||
Borrowings, ending | 11,435,958 | 11,435,958 | ||
Current | 2,776,193 | 2,446,113 | R$ 3589607 | |
Noncurrent | 7,587,102 | 8,989,846 | R$ 7402450 | |
Borrowing Costs [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | [1] | (57,193) | (31,816) | |
Borrowings raised | [1] | (8,747) | (35,984) | |
Repayments of principal | [1] | |||
Interests, restatements and mark to market | [1] | 8,256 | 10,607 | |
Exchange rate variations | [1] | |||
Interests paid | ||||
Borrowings, ending | [1] | (57,684) | (57,193) | |
Measured At Amortized Cost [Member] | Local Currency [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 5,861,896 | 6,165,427 | ||
Borrowings raised | 855,000 | 1,538,079 | ||
Repayments of principal | (1,366,572) | (1,819,438) | ||
Interests, restatements and mark to market | 458,066 | 442,442 | ||
Exchange rate variations | ||||
Interests paid | (396,462) | (464,613) | ||
Borrowings, ending | 5,411,928 | 5,861,896 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 892,776 | 900,257 | ||
Borrowings raised | 166,404 | |||
Repayments of principal | (177,669) | (173,528) | ||
Interests, restatements and mark to market | 48,661 | 53,283 | ||
Exchange rate variations | ||||
Interests paid | (52,370) | (53,641) | ||
Borrowings, ending | 711,398 | 892,776 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Others [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 66,403 | 74,740 | ||
Borrowings raised | 32,418 | |||
Repayments of principal | (26,354) | (45,807) | ||
Interests, restatements and mark to market | 2,209 | 6,477 | ||
Exchange rate variations | ||||
Interests paid | (2,482) | (1,426) | ||
Borrowings, ending | 39,777 | 66,403 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | TJLP And TLP [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 4,348,289 | 3,449,468 | ||
Borrowings raised | 1,315,898 | |||
Repayments of principal | (442,504) | |||
Interests, restatements and mark to market | 288,171 | |||
Exchange rate variations | ||||
Interests paid | (262,744) | |||
Borrowings, ending | 4,348,289 | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | SELIC [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 114,117 | 140,099 | ||
Borrowings raised | ||||
Repayments of principal | (36,830) | (33,875) | ||
Interests, restatements and mark to market | 8,441 | 11,251 | ||
Exchange rate variations | ||||
Interests paid | (2,655) | (3,358) | ||
Borrowings, ending | 83,073 | 114,117 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | CDI [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 386,272 | 1,541,278 | ||
Borrowings raised | 476,000 | 23,359 | ||
Repayments of principal | (679,021) | (1,112,713) | ||
Interests, restatements and mark to market | 46,756 | 72,957 | ||
Exchange rate variations | ||||
Interests paid | (49,995) | (138,609) | ||
Borrowings, ending | 180,012 | 386,272 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | IGPM [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 51,889 | 57,291 | ||
Borrowings raised | ||||
Repayments of principal | (11,142) | (10,511) | ||
Interests, restatements and mark to market | 5,935 | 9,788 | ||
Exchange rate variations | ||||
Interests paid | (4,077) | (4,679) | ||
Borrowings, ending | 42,605 | 51,889 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | UMBNDES [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 2,152 | 2,293 | ||
Borrowings raised | ||||
Repayments of principal | (540) | (500) | ||
Interests, restatements and mark to market | 213 | 515 | ||
Exchange rate variations | ||||
Interests paid | (131) | (156) | ||
Borrowings, ending | 1,694 | 2,152 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | TJLP [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 3,158,119 | |||
Borrowings raised | ||||
Repayments of principal | (435,016) | |||
Interests, restatements and mark to market | 243,332 | |||
Exchange rate variations | ||||
Interests paid | (222,102) | |||
Borrowings, ending | 2,744,332 | 3,158,119 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | TLP (IPCA) [Member] | Floating Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 1,190,169 | |||
Borrowings raised | 379,000 | |||
Repayments of principal | ||||
Interests, restatements and mark to market | 102,519 | |||
Exchange rate variations | ||||
Interests paid | (62,650) | |||
Borrowings, ending | 1,609,038 | 1,190,169 | ||
At Fair Value [member] | Foreign Currency [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 5,631,255 | 4,858,446 | ||
Borrowings raised | 726,314 | 3,546,380 | ||
Repayments of principal | (1,589,789) | (3,505,681) | ||
Interests, restatements and mark to market | 242,308 | 128,932 | ||
Exchange rate variations | 157,174 | 772,610 | ||
Interests paid | (158,210) | (169,431) | ||
Borrowings, ending | 5,009,052 | 5,631,255 | ||
At Fair Value [member] | Foreign Currency [Member] | Dollar [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 4,855,108 | 4,698,184 | ||
Borrowings raised | 726,314 | 2,666,880 | ||
Repayments of principal | (1,542,785) | (3,289,857) | ||
Interests, restatements and mark to market | 148,189 | 170,383 | ||
Exchange rate variations | 142,957 | 774,483 | ||
Interests paid | (151,366) | (164,965) | ||
Borrowings, ending | 4,178,417 | 4,855,108 | ||
At Fair Value [member] | Foreign Currency [Member] | Euro [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | 879,499 | 218,814 | ||
Borrowings raised | 879,500 | |||
Repayments of principal | (47,004) | (215,824) | ||
Interests, restatements and mark to market | 6,824 | 3,348 | ||
Exchange rate variations | 14,217 | (1,873) | ||
Interests paid | (6,844) | (4,466) | ||
Borrowings, ending | 846,692 | 879,499 | ||
At Fair Value [member] | Foreign Currency [Member] | Fair Value Adjustment [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings, beginning | (103,351) | (58,552) | ||
Borrowings raised | ||||
Repayments of principal | ||||
Interests, restatements and mark to market | 87,295 | (44,799) | ||
Exchange rate variations | ||||
Interests paid | ||||
Borrowings, ending | R$ 16056 | R$ 103351 | ||
[1] | In accordance with IFRS 9, this refers to the fundraising costs attributable to issuance of the respective debts. |
(18) BORROWINGS (Details 1)
(18) BORROWINGS (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 11435958 | R$ 11435958 | R$ 10992057 | |
TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | TJLP + 3.48% | |||
CDI [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% | |||
IPCA [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | IPCA + 4.84% to 6.31% | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 5411928 | 5,861,896 | 6,165,427 | |
Borrowing costs | (57,684) | (57,193) | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 711,398 | 892,776 | 900,257 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 711398 | 892,776 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | FINEM [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | Fixed rate from 2.5% to 8% | |||
Borrowings | R$ 264093 | 418,336 | ||
Maturity range | 2011 to 2024 | |||
Collateral | (i) CPFL Energia guarantee (ii) Liens on equipment and receivables (iii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iv) guarantee of Bioenergia S.A., CPFL Renováveis, CPFL Energia and State Grid. | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | FINAME [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | Fixed rate from 2.5% to 10% | |||
Borrowings | R$ 54328 | 48,672 | ||
Maturity range | 2012 to 2025 | |||
Collateral | (i) Liens on equipment (ii) Guarantee of CPFL Renováveis(iii) CPFL Energia guarantee (iv) Liens on assets | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | FINEP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | Fixed rate from 3.5% to 5% | |||
Borrowings | R$ 944 | 6,576 | ||
Maturity range | 2013 to 2021 | |||
Collateral | Bank guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Fixed Rate [Member] | BNB [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | Fixed rate of 9.5% to 10.14% | |||
Borrowings | R$ 392033 | 419,191 | ||
Maturity range | 2027 to 2037 | |||
Collateral | (i) Liens on equipment and receivables (ii) Pledge of shares of SPE, authorized by ANEEL and receivables of operation contracts (iii) SIIF Énergies do Brasil and BVP S.A guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 2744332 | 3,158,119 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | TJLP And TLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 4,348,289 | 3,449,468 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | SELIC [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 83,073 | 114,117 | 140,099 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | CDI [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 180,012 | 386,272 | 1,541,278 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | IGPM [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 42,605 | 51,889 | 57,291 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | UMBNDES [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 1,694 | 2,152 | 2,293 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Other [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 39,777 | 66,403 | ||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Others [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 39777 | 66,403 | 74,740 | |
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINEM [Member] | TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | TJLP and TJLP + from 1.72% to 5.5% | |||
Borrowings | R$ 2721358 | 3,128,625 | ||
Maturity range | 2009 to 2033 | |||
Collateral | (i) Pledge of receivables, equipment and assignment of credit and concession rights authorized by ANEEL and shares of SPE (ii) Liens on equipment and receivables (iii) guarantee of CPFL Renováveis, CPFL Energia and State Grid; (viii) Bank guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINEM [Member] | SELIC [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | SELIC + 2.19% to 2.66% | |||
Borrowings | R$ 79131 | 108,752 | ||
Maturity range | 2015 to 2022 | |||
Collateral | SGBP and CPFL Energia guarantee and receivables | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINEM [Member] | IPCA [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | IPCA + 4.74% to 4.80% | |||
Borrowings | R$ 1609038 | 1,190,169 | ||
Maturity range | 2020 to 2028 | |||
Collateral | CPFL Energia guarantee and receivables | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINAME [Member] | TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | TJLP + 2.2% to 4.2% | |||
Borrowings | R$ 14853 | 20,935 | ||
Maturity range | 2017 to 2027 | |||
Collateral | CPFL Energia guarantee, Liens on equipment and receivables | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINAME [Member] | SELIC [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | SELIC + 2.70% to 3.90% | |||
Borrowings | R$ 3943 | 5,365 | ||
Maturity range | 2016 to 2022 | |||
Collateral | CPFL Energia guarantee and liens on equipment and receivables | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | FINEP [Member] | TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | TJLP and TJLP + 5% | |||
Borrowings | R$ 4284 | 3,491 | ||
Maturity range | 2016 to 2024 | |||
Collateral | Bank guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Bank Loans [Member] | TJLP [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | TJLP + 2.99% to 3.1% | |||
Borrowings | R$ 3837 | 5,069 | ||
Maturity range | 2005 to 2023 | |||
Collateral | CPFL Energia guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Bank Loans [Member] | CDI [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | (i) 105% of CDI (ii) CDI - 1,25% to + 1,90% | |||
Borrowings | R$ 180012 | 208,384 | ||
Maturity range | 2012 to 2023 | |||
Collateral | (i) CPFL Energia and CPFL Renováveis guarantee (ii) Redeemable preferred shares | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Bank Loans [Member] | IGPM [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | IGPM + 8.63% | |||
Borrowings | R$ 42605 | 51,889 | ||
Maturity range | 2023 | |||
Collateral | (i) Liens on equipment and receivables (ii) Pledge of shares of SPE and rights authorized by ANEEL and receivables of operation contracts | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Bank Loans [Member] | UMBNDES [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | UMBNDES + from 1.99% to 5% | |||
Borrowings | R$ 1694 | 2,152 | ||
Maturity range | 2006 to 2023 | |||
Collateral | CPFL Energia guarantee | |||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | BankLoans2Member | CDI [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | ||||
Measured At Amortized Cost [Member] | Local Currency [Member] | Floating Rate [Member] | Promissory Note [Member] | CDI [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | 103,4% CDI | |||
Borrowings | 177,888 | |||
Maturity range | 2019 | |||
Collateral | CPFL Energia guarantee | |||
At Fair Value [member] | Foreign Currency [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 5009052 | 5,631,255 | 4,858,446 | |
At Fair Value [member] | Foreign Currency [Member] | Dollar [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 4,178,417 | 4,855,108 | 4,698,184 | |
At Fair Value [member] | Foreign Currency [Member] | Euro [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | 846,692 | 879,499 | 218,814 | |
At Fair Value [member] | Foreign Currency [Member] | Fair Value Adjustment [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | R$ 16056 | (103,351) | ||
At Fair Value [member] | Foreign Currency [Member] | Bank Loans (Law 4.131) [Member] | Dollar [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | US$ + Libor 3 months + from 0.80% to 1.55% | |||
Borrowings | R$ 975333 | 1,866,418 | ||
Maturity range | 2017 to 2022 | |||
Collateral | CPFL Energia guarantee and promissory notes | |||
At Fair Value [member] | Foreign Currency [Member] | Bank Loans (Law 4.131) [Member] | Euro [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | Euro + from 0.42% to 0.96% | |||
Borrowings | R$ 846692 | 879,499 | ||
Maturity range | 2019 to 2021 | |||
Collateral | CPFL Energia guarantee and promissory notes | |||
At Fair Value [member] | Foreign Currency [Member] | Bank Loans (Law 4.131) [Member] | Dollar [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Annual interests rate | US$ + from 1.96% to 4.32% | |||
Borrowings | R$ 3203083 | 2,988,689 | ||
Maturity range | 2017 to 2022 | |||
Collateral | CPFL Energia guarantee and promissory notes | |||
Borrowing Costs [Member] | ||||
DisclosureOfBorrowingsLineItems [Line Items] | ||||
Borrowings | [1] | R$ 57684 | R$ 57193 | R$ 31816 |
[1] | In accordance with IFRS 9, this refers to the fundraising costs attributable to issuance of the respective debts. |
(18) BORROWINGS (Details 2)
(18) BORROWINGS (Details 2) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | R$ 7587102 | R$ 8989846 | R$ 7402450 |
2024 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 495,832 | ||
2035 to 2039 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 66,074 | ||
2025 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 471,073 | ||
2021 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 2,587,780 | ||
2022 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 1,521,850 | ||
2023 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 894,184 | ||
2030 to 2034 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 227,898 | ||
Subtotal [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 7,584,402 | ||
2026 To 2030 [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | 1,319,711 | ||
Fair Value Adjustment [Member] | |||
DisclosureOfBorrowingsLineItems [Line Items] | |||
Noncurrent borrowings | R$ 2700 |
(18) BORROWINGS (Details 3)
(18) BORROWINGS (Details 3) | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfBorrowingsLineItems [Line Items] | ||
% of debt | 100.00% | 100.00% |
Others [Member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
% of debt | 11.70% | 8.90% |
TJLP And TLP [Member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
% of debt | 26.00% | 38.00% |
TJLP And TLP [Member] | Bottom Of Range [member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
Accumulated variation | 6.30% | 6.72% |
TJLP And TLP [Member] | Top of range [member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
Accumulated variation | 7.69% | 7.42% |
CDI [Member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
Accumulated variation | 5.97% | 6.40% |
% of debt | 62.10% | 52.60% |
IGP-M [Member] | ||
DisclosureOfBorrowingsLineItems [Line Items] | ||
Accumulated variation | 7.30% | 7.54% |
% of debt | 0.20% | 0.50% |
(18) BORROWINGS (Details 4)
(18) BORROWINGS (Details 4) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 3810948 |
Released in 2019 | 1,581,314 |
Released net of fundraising costs | 1,573,670 |
Local Currency [Member] | CDI - Promissory Note [Member] | CPFL Paulista [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | 351,000 |
Released in 2019 | 351,000 |
Released net of fundraising costs | R$ 350649 |
Interest | Single installment |
Repayment | Single installment in december 2019 |
Utilization | Working capital |
Annual interests rate | 103.4% of CDI |
Annual efective rate | 104.95% of CDI |
Local Currency [Member] | CDI - Promissory Note [Member] | CPFL Piratininga [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 125000 |
Released in 2019 | 125,000 |
Released net of fundraising costs | R$ 124818 |
Interest | Single installment |
Repayment | Single installment in december 2019 |
Utilization | Working capital |
Annual interests rate | 103.4% of CDI |
Annual efective rate | 104.95% of CDI |
Local Currency [Member] | IPCA - BNDES [Member] | CPFL Paulista [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 953392 |
Released in 2019 | 100,000 |
Released net of fundraising costs | R$ 98124 |
Interest | Monthly |
Repayment | Monthly from april 2020 |
Utilization | Investment plan |
Annual interests rate | IPCA + 4.74% |
Annual efective rate | IPCA + 5.43% |
Local Currency [Member] | IPCA - BNDES [Member] | CPFL Piratininga [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 347264 |
Released in 2019 | 55,000 |
Released net of fundraising costs | R$ 53968 |
Interest | Monthly |
Repayment | Monthly from april 2020 |
Utilization | Investment plan |
Annual interests rate | IPCA + 4.80% |
Annual efective rate | IPCA + 5.45% |
Local Currency [Member] | IPCA - BNDES [Member] | RGE [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 1133024 |
Released in 2019 | 154,000 |
Released net of fundraising costs | R$ 151110 |
Interest | Monthly |
Repayment | Monthly from april 2020 |
Utilization | Investment plan |
Annual interests rate | IPCA + 4.74% |
Annual efective rate | IPCA + 5.43% |
Local Currency [Member] | IPCA - BNDES [Member] | CPFL Santa Cruz [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 174954 |
Released in 2019 | 70,000 |
Released net of fundraising costs | R$ 68686 |
Interest | Monthly |
Repayment | Monthly from april 2020 |
Utilization | Investment plan |
Annual interests rate | IPCA + 4.80% |
Annual efective rate | IPCA + 5.53% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Paulista [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 309814 |
Released in 2019 | 309,814 |
Released net of fundraising costs | R$ 309814 |
Interest | Biannual |
Repayment | Single installment in september 2020 |
Utilization | Working capital |
Annual interests rate | USD + 2.17% |
Annual efective rate | USD + 2.17% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Piratininga [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 43000 |
Released in 2019 | 43,000 |
Released net of fundraising costs | R$ 43000 |
Interest | Biannual |
Repayment | Single installment in september 2020 |
Utilization | Working capital |
Annual interests rate | USD + 1.96% |
Annual efective rate | USD + 1.96% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Santa Cruz [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 28000 |
Released in 2019 | 28,000 |
Released net of fundraising costs | R$ 28000 |
Interest | Biannual |
Repayment | Single installment in march 2022 |
Utilization | Working capital |
Annual interests rate | USD + 3.06% |
Annual efective rate | USD + 3.06% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Geracao [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 13500 |
Released in 2019 | 13,500 |
Released net of fundraising costs | R$ 13500 |
Interest | Biannual |
Repayment | Single installment in september 2020 |
Utilization | Working capital |
Annual interests rate | USD + 1.96% |
Annual efective rate | USD + 1.96% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Santa Cruz [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 14000 |
Released in 2019 | 14,000 |
Released net of fundraising costs | R$ 14000 |
Interest | Biannual |
Repayment | Single installment in september 2020 |
Utilization | Working capital |
Annual interests rate | USD + 1.96% |
Annual efective rate | USD + 1.96% |
Foreign Currency [Member] | Dollar Law 4131 [Member] | CPFL Paulista [Member] | |
DisclosureOfBorrowingsLineItems [Line Items] | |
Total approved | R$ 318000 |
Released in 2019 | 318,000 |
Released net of fundraising costs | R$ 318000 |
Interest | Biannual |
Repayment | Single installment in september 2020 |
Utilization | Working capital |
Annual interests rate | USD + 1.96% |
Annual efective rate | USD + 1.96% |
(18) BORROWINGS (Details Narrat
(18) BORROWINGS (Details Narrative) - At Fair Value [member] - Foreign Currency [Member] - Fair Value Adjustment [Member] - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
DisclosureOfBorrowingsLineItems [Line Items] | ||
Mark-to-market of borrowings at fair value | R$ 16056 | R$ 103351 |
Mark-to-market of derivatives | 24,178 | 65,678 |
Mark-to-market, net | R$ 40234 | R$ 37673 |
(19) DEBENTURES (Details)
(19) DEBENTURES (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | R$ 8940845 | R$ 9176527 | ||
Debentures raised | 3,684,459 | 4,562,339 | ||
Repayment | (4,180,250) | (4,879,138) | ||
Interest, inflation adjustment and mark to market | 679,030 | 800,412 | ||
Exchange rates | (577,808) | (719,295) | ||
Borrowings, ending | 8,546,278 | 8,940,845 | ||
Current | 682,582 | 917,352 | ||
Noncurrent | 7,863,696 | 8,023,493 | ||
Fair Value Adjustment [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Noncurrent | 47,186 | |||
Measured At Amortized Cost [Member] | Floating Rate [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 8,566,274 | 9,253,396 | ||
Debentures raised | 3,688,000 | 4,163,000 | ||
Repayment | (4,180,250) | (4,879,138) | ||
Interest, inflation adjustment and mark to market | 577,544 | 748,311 | ||
Exchange rates | (555,202) | (719,295) | ||
Borrowings, ending | 8,096,368 | 8,566,274 | ||
Measured At Amortized Cost [Member] | Floating Rate [Member] | TJLP [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 481,099 | [1] | 495,408 | |
Debentures raised | ||||
Repayment | (70,761) | (46,768) | ||
Interest, inflation adjustment and mark to market | 33,384 | 37,539 | ||
Exchange rates | (4,732) | (5,080) | ||
Borrowings, ending | [1] | 438,990 | 481,099 | |
Measured At Amortized Cost [Member] | Floating Rate [Member] | CDI [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 6,717,747 | [2] | 7,446,556 | |
Debentures raised | 3,688,000 | 4,163,000 | ||
Repayment | (4,000,383) | (4,832,370) | ||
Interest, inflation adjustment and mark to market | 421,070 | 592,746 | ||
Exchange rates | (489,966) | (652,185) | ||
Borrowings, ending | [2] | 6,336,467 | 6,717,747 | |
Measured At Amortized Cost [Member] | Floating Rate [Member] | IPCA [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 1,367,428 | [3] | 1,311,432 | |
Debentures raised | ||||
Repayment | (109,106) | |||
Interest, inflation adjustment and mark to market | 123,090 | 118,026 | ||
Exchange rates | (60,504) | (62,030) | ||
Borrowings, ending | [3] | 1,320,909 | 1,367,428 | |
Borrowing Costs [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | [4] | (59,796) | (76,870) | |
Debentures raised | [4] | (3,541) | (17,261) | |
Repayment | [4] | |||
Interest, inflation adjustment and mark to market | [4] | 21,122 | 34,334 | |
Exchange rates | [4] | |||
Borrowings, ending | [4] | (42,215) | (59,796) | |
At Fair Value [member] | Floating Rate [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 434,367 | |||
Debentures raised | 416,600 | |||
Repayment | ||||
Interest, inflation adjustment and mark to market | 80,364 | 17,767 | ||
Exchange rates | (22,606) | |||
Borrowings, ending | 492,125 | 434,367 | ||
At Fair Value [member] | Floating Rate [Member] | IPCA [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 426,989 | [3] | ||
Debentures raised | 416,600 | |||
Repayment | ||||
Interest, inflation adjustment and mark to market | 40,556 | 10,389 | ||
Exchange rates | (22,606) | |||
Borrowings, ending | [3] | 444,939 | 426,989 | |
At Fair Value [member] | Floating Rate [Member] | Fair Value Adjustment [Member] | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||
Borrowings, beginning | 7,378 | |||
Debentures raised | ||||
Repayment | ||||
Interest, inflation adjustment and mark to market | 39,808 | 7,378 | ||
Exchange rates | ||||
Borrowings, ending | R$ 47186 | R$ 7378 | ||
[1] | TJLP + 3.48% | |||
[2] | From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% | |||
[3] | IPCA + 4.84% to 6.31% | |||
[4] | In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. |
(19) DEBENTURES (Details 1)
(19) DEBENTURES (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Debentures | R$ 8546278 | R$ 8940845 | R$ 9176527 | |||
Measured At Amortized Cost [Member] | Floating Rate [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Debentures | R$ 8096368 | 8,566,274 | 9,253,396 | |||
Measured At Amortized Cost [Member] | Floating Rate [Member] | TJLP [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Annual interest | TJLP + 1% | |||||
Debentures | R$ 438990 | [1] | 481,099 | [1] | 495,408 | |
Maturity range | [1] | 2009 to 2029 | ||||
Collateral | [1] | Liens | ||||
Measured At Amortized Cost [Member] | Floating Rate [Member] | CDI [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Annual interest | (i) From 103.6% to 109.5% of CDI (ii) CDI + 0.75% to 0.83% | |||||
Debentures | R$ 6336467 | [2] | 6,717,747 | [2] | 7,446,556 | |
Maturity range | [2] | 2018 to 2025 | ||||
Collateral | [2] | CPFL Energia guarantee | ||||
Measured At Amortized Cost [Member] | Floating Rate [Member] | CDI [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Annual interest | From 104.75% to 110% of CDI | |||||
Debentures | [2] | R$ 996644 | 859,428 | |||
Maturity range | [2] | 2015 to 2022 | ||||
Collateral | [2] | No guarantee | ||||
Measured At Amortized Cost [Member] | Floating Rate [Member] | IPCA [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Annual interest | IPCA + from 4.42% to 5.8% | |||||
Debentures | R$ 1320909 | [3] | 1,367,428 | [3] | 1,311,432 | |
Maturity range | [3] | 2019 to 2027 | ||||
Collateral | [3] | CPFL Energia guarantee | ||||
At Fair Value [member] | Floating Rate [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Debentures | R$ 492125 | 434,367 | ||||
At Fair Value [member] | Floating Rate [Member] | IPCA [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Annual interest | IPCA + 5.80% | |||||
Debentures | R$ 444939 | [3] | 426,989 | [3] | ||
Maturity range | [3] | 2024 to 2026 | ||||
Collateral | [3] | CPFL Energia guarantee | ||||
At Fair Value [member] | Floating Rate [Member] | Fair Value Adjustment [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Debentures | R$ 47186 | 7,378 | ||||
Borrowing Costs [Member] | ||||||
DisclosureOfDebenturesLineItems [Line Items] | ||||||
Debentures | [4] | R$ 42215 | R$ 59796 | R$ 76870 | ||
[1] | TJLP + 3.48% | |||||
[2] | From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% | |||||
[3] | IPCA + 4.84% to 6.31% | |||||
[4] | In accordance with IFRS 9 this refers to borrowing costs directly attributable to the issuance of the respective debts. |
(19) DEBENTURES (Details 2)
(19) DEBENTURES (Details 2) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | R$ 7863696 | R$ 8023493 |
Fair Value Adjustment [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 47,186 | |
2021 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 1,191,059 | |
2022 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 1,732,136 | |
2023 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 2,321,213 | |
2024 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 1,932,174 | |
2025 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 404,271 | |
2026 To 2030 [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | 235,657 | |
Subtotal [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Noncurrent debentures | R$ 7816510 |
(19) DEBENTURES (Details 3)
(19) DEBENTURES (Details 3) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfDebenturesLineItems [Line Items] | |
Released in 2019 | R$ 3688000 |
Released net of fundraising costs | R$ 3684459 |
CDI [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Annual interests rate | From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% |
Floating Rate [Member] | CDI [Member] | CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 5th issue 1st serie |
Quantity issued | R$ 105000 |
Released in 2019 | 105,000 |
Released net of fundraising costs | R$ 104834 |
Interest | Biannual |
Repayment | single installment in december 2019 |
Annual interests rate | 103.6% of CDI |
Annual efective rate | 106.82% of CDI |
Floating Rate [Member] | CDI [Member] | CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 5th issue 2nd serie |
Quantity issued | R$ 220000 |
Released in 2019 | 220,000 |
Released net of fundraising costs | R$ 219652 |
Interest | Biannual |
Repayment | 2 annual installments from january 2023 |
Annual interests rate | 108.25% of CDI |
Annual efective rate | 109.06% of CDI |
Floating Rate [Member] | CDI [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 10th issue |
Quantity issued | R$ 1380000 |
Released in 2019 | 1,380,000 |
Released net of fundraising costs | R$ 1378596 |
Interest | Biannual |
Repayment | 2 annual installments from may 2023 |
Annual interests rate | 107% of CDI |
Annual efective rate | 107.84% of CDI |
Floating Rate [Member] | CDI [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 11th issue |
Quantity issued | R$ 215000 |
Released in 2019 | 215,000 |
Released net of fundraising costs | R$ 214697 |
Interest | Biannual |
Repayment | 2 annual installments from may 2023 |
Annual interests rate | 107% of CDI |
Annual efective rate | 107.84% of CDI |
Floating Rate [Member] | CDI [Member] | Companhia Luz e Forca Santa Cruz ("CPFL Santa Cruz") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 3rd issue |
Quantity issued | R$ 190000 |
Released in 2019 | 190,000 |
Released net of fundraising costs | R$ 189703 |
Interest | Biannual |
Repayment | Single installment in may 2022 |
Annual interests rate | 107% of CDI |
Annual efective rate | 107.84% of CDI |
Floating Rate [Member] | CDI [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 10th issue |
Quantity issued | R$ 740000 |
Released in 2019 | 740,000 |
Released net of fundraising costs | R$ 739206 |
Interest | Biannual |
Repayment | 2 annual installments from may 2023 |
Annual interests rate | 107% of CDI |
Annual efective rate | 107.84% of CDI |
Floating Rate [Member] | CDI [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 9th issue 1st serie |
Quantity issued | R$ 30000 |
Released in 2019 | 300,000 |
Released net of fundraising costs | R$ 299955 |
Interest | Biannual |
Repayment | Single installment in november 2022 |
Annual interests rate | 104.75% of CDI |
Annual efective rate | 105.45% of CDI |
Floating Rate [Member] | CDI [Member] | CPFL Energias Renovaveis S.A. ("CPFL Renovaveis") [Member] | |
DisclosureOfDebenturesLineItems [Line Items] | |
Issue Number | 9th issue 2nd serie |
Quantity issued | R$ 53800 |
Released in 2019 | 538,000 |
Released net of fundraising costs | R$ 537815 |
Interest | Biannual |
Repayment | 3 semiannual installments from november 2022 |
Annual interests rate | 106% of CDI |
Annual efective rate | 106.66% of CDI |
(19) DEBENTURES (Details Narrat
(19) DEBENTURES (Details Narrative) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019BRL (R$) | Dec. 31, 2018BRL (R$) | |
DisclosureOfDebenturesLineItems [Line Items] | ||
Accumulated gains (losses) on borrowings at fair value | R$ 47186 | R$ 7378 |
Offset by the gains (losses) from the fair value adjustment of the derivative instruments | 70,517 | 21,012 |
Total gain (loss) on debentures at fair value | 23,331 | 13,634 |
Prepayment paid of Issue of debentures | R$ 3506174 | R$ 3247401 |
Net indebtedness divided by EBITDA maximum | 3.75 | |
EBITDA divided by the financial income (expenses) minimum | 2.25 | |
CDI [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Annual interests rate | From 104.68% to 110.77% of CDI | CDI + from 0.76% to 0.89% | |
IPCA [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Annual interests rate | IPCA + 4.84% to 6.31% | |
TJLP [Member] | ||
DisclosureOfDebenturesLineItems [Line Items] | ||
Annual interests rate | TJLP + 3.48% |
(20) PRIVATE PENSION PLAN (Deta
(20) PRIVATE PENSION PLAN (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | R$ 2365494 | R$ 1229600 |
Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 9,235,076 | 7,596,079 |
Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (6,946,486) | (6,396,529) |
Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 2,288,590 | 1,199,550 |
Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 76,904 | 30,050 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 1,721,619 | 907,807 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 6,164,035 | 5,123,238 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (4,517,265) | (4,215,431) |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 1,646,770 | 907,807 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 74,849 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 420,039 | 210,744 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 1,773,089 | 1,416,391 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (1,353,050) | (1,205,647) |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 420,039 | 210,744 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | ||
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 46,340 | 21,129 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 152,254 | 119,964 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (105,914) | (98,836) |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 46,340 | 21,129 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | ||
Rio Grande Energia S.A. [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | ||
Rio Grande Energia S.A. [Member] | Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 464,335 | 382,993 |
Rio Grande Energia S.A. [Member] | Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (466,390) | (413,043) |
Rio Grande Energia S.A. [Member] | Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (2,055) | (30,050) |
Rio Grande Energia S.A. [Member] | Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 2,055 | 30,050 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 177,496 | 89,922 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Present Value Of Actuarial Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 681,363 | 553,493 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fair Value Of Plan's Assets [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | (503,867) | (463,571) |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Present Value of Net Obligations [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position | 177,496 | 89,922 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Effect Of Asset Ceiling [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Net actuarial liability recognized in the statement of financial position |
(20) PRIVATE PENSION PLAN (De_2
(20) PRIVATE PENSION PLAN (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Changes In Net Defined Benefit Liability (Asset) | |||||
Gross current service cost | R$ 12728 | R$ 8993 | R$ 8243 | R$ 6356 | |
Interest on actuarial obligations | 663,349 | 667,877 | 627,590 | 703,927 | |
Actuarial loss: effect of changes in demographic assumptions | (3,143) | 345 | 17,383 | ||
Actuarial loss: effect of changes in financial assumptions | 1,577,170 | 650,786 | (2,843) | ||
Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | 7,596,079 | 6,863,541 | 6,668,050 | ||
Gross current service cost | 8,995 | 8,243 | 6,356 | ||
Interest on actuarial obligations | 667,877 | 627,590 | 703,927 | ||
Participants' contributions transferred during the year | 3,642 | 3,339 | 3,373 | ||
Actuarial loss: effect of changes in demographic assumptions | (3,142) | 345 | 17,383 | ||
Actuarial loss: effect of changes in financial assumptions | 1,577,170 | 650,786 | (2,843) | ||
Benefits paid during the year | (615,543) | (557,765) | (532,705) | ||
Present value of actuarial obligations, ending balance | 9,235,076 | 7,596,079 | 6,863,541 | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Gross current service cost | (1,533) | (925) | (835) | (707) | |
Interest on actuarial obligations | 441,784 | 449,173 | 421,083 | 476,613 | |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | 5,123,238 | 4,615,061 | 4,524,008 | ||
Gross current service cost | 925 | 835 | 707 | ||
Interest on actuarial obligations | 449,173 | 421,083 | 476,613 | ||
Participants' contributions transferred during the year | 24 | 37 | |||
Actuarial loss: effect of changes in demographic assumptions | (2,900) | 225 | |||
Actuarial loss: effect of changes in financial assumptions | 1,037,048 | 485,142 | (6,993) | ||
Benefits paid during the year | (443,449) | (398,907) | (379,536) | ||
Present value of actuarial obligations, ending balance | 6,164,035 | 5,123,238 | 4,615,061 | ||
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Gross current service cost | (9,135) | (5,449) | (4,365) | (3,153) | |
Interest on actuarial obligations | 128,027 | 125,059 | 114,628 | 127,561 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | 1,416,391 | 1,247,462 | 1,202,596 | ||
Gross current service cost | 5,449 | 4,365 | 3,153 | ||
Interest on actuarial obligations | 125,059 | 114,628 | 127,561 | ||
Participants' contributions transferred during the year | 1,886 | 2,078 | 2,044 | ||
Actuarial loss: effect of changes in demographic assumptions | (77) | 328 | |||
Actuarial loss: effect of changes in financial assumptions | 321,011 | 135,540 | (3,586) | ||
Benefits paid during the year | (96,628) | (87,682) | (84,634) | ||
Present value of actuarial obligations, ending balance | 1,773,089 | 1,416,391 | 1,247,462 | ||
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Gross current service cost | (124) | (84) | (78) | (73) | |
Interest on actuarial obligations | R$ 10914 | 10,507 | 10,109 | 11,431 | |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | 119,964 | 110,801 | 108,486 | ||
Gross current service cost | 84 | 78 | 73 | ||
Interest on actuarial obligations | 10,507 | 10,109 | 11,431 | ||
Participants' contributions transferred during the year | |||||
Actuarial loss: effect of changes in demographic assumptions | (165) | 14 | |||
Actuarial loss: effect of changes in financial assumptions | 31,516 | 8,409 | (372) | ||
Benefits paid during the year | (9,652) | (9,433) | (8,831) | ||
Present value of actuarial obligations, ending balance | 152,254 | 119,964 | 110,801 | ||
Rio Grande Energia S.A. [Member] | Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | [1] | 382,993 | 365,924 | 352,879 | |
Gross current service cost | 185 | 175 | 270 | ||
Interest on actuarial obligations | [1] | 34,342 | 33,552 | 37,395 | |
Participants' contributions transferred during the year | 620 | 395 | 302 | ||
Actuarial loss: effect of changes in demographic assumptions | 326 | ||||
Actuarial loss: effect of changes in financial assumptions | 73,759 | 8,921 | (45) | ||
Benefits paid during the year | [1] | (27,564) | (25,974) | (25,203) | |
Present value of actuarial obligations, ending balance | [1] | 464,335 | 382,993 | 365,924 | |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Present Value Of Actuarial Obligations [Member] | |||||
Changes In Net Defined Benefit Liability (Asset) | |||||
Present value of actuarial obligations, beginning balance | 553,493 | 524,293 | 480,081 | ||
Gross current service cost | 2,352 | 2,790 | 2,153 | ||
Interest on actuarial obligations | 48,796 | 48,218 | 50,927 | ||
Participants' contributions transferred during the year | 1,136 | 842 | 990 | ||
Actuarial loss: effect of changes in demographic assumptions | 345 | 16,490 | |||
Actuarial loss: effect of changes in financial assumptions | 113,836 | 12,774 | 8,153 | ||
Benefits paid during the year | (38,250) | (35,769) | (34,501) | ||
Present value of actuarial obligations, ending balance | R$ 681363 | R$ 553493 | R$ 524293 | ||
[1] | Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. |
(20) PRIVATE PENSION PLAN (De_3
(20) PRIVATE PENSION PLAN (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Expected return during the year | R$ 500032 | R$ 567062 | R$ 547959 | R$ 596396 | |
Sponsors' contributions | 143,512 | 105,938 | 81,822 | ||
Actuarial loss (gain): return on assets | (451,281) | (337,888) | (181,393) | ||
Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | (6,396,529) | (5,959,171) | (5,628,892) | ||
Expected return during the year | (567,063) | (547,959) | (596,396) | ||
Participants' contributions transferred during the year | (3,643) | (3,339) | (3,373) | ||
Sponsors' contributions | (143,512) | (105,938) | (81,822) | ||
Actuarial loss (gain): return on assets | (451,281) | (337,888) | (181,393) | ||
Benefits paid during the year | 615,543 | 557,765 | 532,705 | ||
Fair value of actuarial assets, ending balance | (6,946,486) | (6,396,529) | (5,959,170) | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Expected return during the year | (323,926) | (372,121) | (359,588) | (392,819) | |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | (4,215,431) | (3,925,061) | (3,723,563) | ||
Expected return during the year | (372,121) | (359,588) | (392,819) | ||
Participants' contributions transferred during the year | (24) | (37) | |||
Sponsors' contributions | (92,756) | (65,096) | (50,308) | ||
Actuarial loss (gain): return on assets | (280,404) | (264,569) | (137,870) | ||
Benefits paid during the year | 443,449 | 398,907 | 379,536 | ||
Fair value of actuarial assets, ending balance | (4,517,265) | (4,215,431) | (3,925,061) | ||
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Expected return during the year | (98,386) | (107,797) | (102,621) | (113,470) | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | (1,205,647) | (1,105,738) | (1,062,638) | ||
Expected return during the year | (107,795) | (102,621) | (113,470) | ||
Participants' contributions transferred during the year | (1,886) | (2,078) | (2,044) | ||
Sponsors' contributions | (34,444) | (25,460) | (17,296) | ||
Actuarial loss (gain): return on assets | (99,905) | (57,432) | 5,076 | ||
Benefits paid during the year | 96,628 | 87,682 | 84,634 | ||
Fair value of actuarial assets, ending balance | (1,353,050) | (1,205,647) | (1,105,738) | ||
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Expected return during the year | R$ 7563 | (8,699) | (8,634) | (9,437) | |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | (98,836) | (94,378) | (89,533) | ||
Expected return during the year | (8,699) | (8,634) | (9,437) | ||
Participants' contributions transferred during the year | |||||
Sponsors' contributions | (1,604) | (1,027) | (753) | ||
Actuarial loss (gain): return on assets | (6,426) | (4,230) | (3,486) | ||
Benefits paid during the year | 9,652 | 9,433 | 8,831 | ||
Fair value of actuarial assets, ending balance | (105,914) | (98,836) | (94,378) | ||
Rio Grande Energia S.A. [Member] | Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | [1] | (413,043) | (387,322) | (347,906) | |
Expected return during the year | [1] | (37,500) | (35,950) | (37,412) | |
Participants' contributions transferred during the year | (620) | (395) | (302) | ||
Sponsors' contributions | (7,748) | (7,643) | (7,296) | ||
Actuarial loss (gain): return on assets | (35,042) | (7,707) | (19,610) | ||
Benefits paid during the year | [1] | 27,564 | 25,974 | 25,203 | |
Fair value of actuarial assets, ending balance | [1] | (466,390) | (413,043) | (387,322) | |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fair Value Of Plan's Assets [Member] | |||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||||
Fair value of actuarial assets, beginning balance | (463,571) | (446,670) | (405,251) | ||
Expected return during the year | (40,947) | (41,166) | (43,258) | ||
Participants' contributions transferred during the year | (1,136) | (842) | (990) | ||
Sponsors' contributions | (6,959) | (6,712) | (6,169) | ||
Actuarial loss (gain): return on assets | (29,504) | (3,950) | (25,503) | ||
Benefits paid during the year | 38,250 | 35,769 | 34,501 | ||
Fair value of actuarial assets, ending balance | R$ 503867 | R$ 463571 | R$ 446670 | ||
[1] | Plan 1 was recorded at the dissolved RGE until the merger of the distribution companies. |
(20) PRIVATE PENSION PLAN (De_4
(20) PRIVATE PENSION PLAN (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | R$ 224851 | R$ 86623 | R$ 925770 | R$ 1039158 |
Expenses (income) recognized in the statement of profit or loss | 181,759 | 112,602 | 89,909 | 113,887 |
Sponsors' contributions transferred during the year | (143,512) | (105,938) | (81,822) | |
Actuarial loss (gain): effect of changes in demographic assumptions | (3,143) | 345 | 17,383 | |
Actuarial loss (gain): effect of changes in financial assumptions | 1,577,170 | 650,786 | (2,843) | |
Actuarial loss (gain): return on assets | (451,281) | (337,888) | (181,393) | |
Effect of asset ceiling | 44,058 | 6,617 | 21,399 | |
Net actuarial liability, ending balance | 224,851 | 86,623 | 925,770 | |
Other contributions | 12,683 | 13,662 | 15,391 | |
Total liability | 2,378,178 | 1,243,263 | 941,160 | |
Current | 224,851 | 86,623 | 60,801 | |
Noncurrent | 2,153,327 | 1,156,639 | 880,360 | |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Expenses (income) recognized in the statement of profit or loss | 124,952 | 77,977 | 62,330 | 84,501 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | Net Actuarial Liability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | 1,721,619 | 907,807 | 690,000 | 800,445 |
Expenses (income) recognized in the statement of profit or loss | 77,977 | 62,330 | 84,501 | |
Sponsors' contributions transferred during the year | (92,756) | (65,096) | (50,308) | |
Actuarial loss (gain): effect of changes in demographic assumptions | (2,900) | 225 | ||
Actuarial loss (gain): effect of changes in financial assumptions | 1,037,048 | 485,142 | (6,993) | |
Actuarial loss (gain): return on assets | (280,404) | (264,569) | (137,870) | |
Effect of asset ceiling | 74,849 | |||
Net actuarial liability, ending balance | 1,721,619 | 907,807 | 690,000 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Expenses (income) recognized in the statement of profit or loss | 38,776 | 22,711 | 16,372 | 17,244 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Net Actuarial Liability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | 420,039 | 210,744 | 141,724 | 139,958 |
Expenses (income) recognized in the statement of profit or loss | 22,711 | 16,372 | 17,244 | |
Sponsors' contributions transferred during the year | (34,444) | (25,460) | (17,296) | |
Actuarial loss (gain): effect of changes in demographic assumptions | (77) | 328 | ||
Actuarial loss (gain): effect of changes in financial assumptions | 321,011 | 135,540 | (3,586) | |
Actuarial loss (gain): return on assets | (99,905) | (57,432) | 5,076 | |
Effect of asset ceiling | ||||
Net actuarial liability, ending balance | 420,039 | 210,744 | 141,724 | |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Expenses (income) recognized in the statement of profit or loss | 3,475 | 1,892 | 1,553 | 2,067 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Net Actuarial Liability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | 46,340 | 21,129 | 16,424 | 18,954 |
Expenses (income) recognized in the statement of profit or loss | 1,892 | 1,553 | 2,067 | |
Sponsors' contributions transferred during the year | (1,604) | (1,027) | (753) | |
Actuarial loss (gain): effect of changes in demographic assumptions | (165) | 14 | ||
Actuarial loss (gain): effect of changes in financial assumptions | 31,516 | 8,409 | (372) | |
Actuarial loss (gain): return on assets | (6,426) | (4,230) | (3,486) | |
Effect of asset ceiling | ||||
Net actuarial liability, ending balance | 46,340 | 21,129 | 16,424 | |
Rio Grande Energia S.A. [Member] | Net Actuarial Liability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | 4,972 | |||
Expenses (income) recognized in the statement of profit or loss | (178) | (188) | 253 | |
Sponsors' contributions transferred during the year | (7,748) | (7,643) | (7,296) | |
Actuarial loss (gain): effect of changes in demographic assumptions | 326 | |||
Actuarial loss (gain): effect of changes in financial assumptions | 73,759 | 8,921 | (45) | |
Actuarial loss (gain): return on assets | (35,042) | (7,707) | (19,610) | |
Effect of asset ceiling | (30,791) | 6,617 | 21,399 | |
Net actuarial liability, ending balance | ||||
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Net Actuarial Liability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Net actuarial liability, beginning balance | R$ 177496 | 89,922 | 77,623 | 74,830 |
Expenses (income) recognized in the statement of profit or loss | 10,201 | 9,842 | 9,822 | |
Sponsors' contributions transferred during the year | (6,959) | (6,712) | (6,169) | |
Actuarial loss (gain): effect of changes in demographic assumptions | 345 | 16,490 | ||
Actuarial loss (gain): effect of changes in financial assumptions | 113,836 | 12,774 | 8,153 | |
Actuarial loss (gain): return on assets | (29,504) | (3,950) | (25,503) | |
Effect of asset ceiling | ||||
Net actuarial liability, ending balance | R$ 177496 | R$ 89922 | R$ 77623 |
(20) PRIVATE PENSION PLAN (De_5
(20) PRIVATE PENSION PLAN (Details 4) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | R$ 177294 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 121,055 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 40,263 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 2,481 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 7,393 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | R$ 6102 |
(20) PRIVATE PENSION PLAN (De_6
(20) PRIVATE PENSION PLAN (Details 5) R$ in Thousands | Dec. 31, 2019BRL (R$) |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | R$ 614185 |
2021 | 633,916 |
2022 | 653,143 |
2023 | 671,427 |
2024 to 2029 | 4,371,526 |
Total | 6,944,197 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | 436,163 |
2021 | 448,553 |
2022 | 460,445 |
2023 | 471,438 |
2024 to 2029 | 3,017,325 |
Total | 4,833,924 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | 99,957 |
2021 | 104,651 |
2022 | 108,695 |
2023 | 113,023 |
2024 to 2029 | 774,546 |
Total | 1,200,872 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | 10,728 |
2021 | 10,992 |
2022 | 11,238 |
2023 | 11,494 |
2024 to 2029 | 73,016 |
Total | 117,468 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 1 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | 28,695 |
2021 | 29,642 |
2022 | 30,980 |
2023 | 32,025 |
2024 to 2029 | 213,150 |
Total | 334,492 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
2020 | 38,642 |
2021 | 40,078 |
2022 | 41,785 |
2023 | 43,447 |
2024 to 2029 | 293,489 |
Total | R$ 457441 |
(20) PRIVATE PENSION PLAN (De_7
(20) PRIVATE PENSION PLAN (Details 6) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | R$ 12728 | R$ 8993 | R$ 8243 | R$ 6356 |
Interest on actuarial obligations | 663,349 | 667,877 | 627,590 | 703,927 |
Expected return on plan assets | (500,032) | (567,062) | (547,959) | (596,396) |
Effect of asset ceiling | 5,714 | 2,795 | 2,035 | |
Total expense (income) | 181,759 | 112,602 | 89,909 | 113,887 |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | 1,533 | 925 | 835 | 707 |
Interest on actuarial obligations | 441,784 | 449,173 | 421,083 | 476,613 |
Expected return on plan assets | (323,926) | (372,121) | (359,588) | (392,819) |
Effect of asset ceiling | 5,561 | |||
Total expense (income) | 124,952 | 77,977 | 62,330 | 84,501 |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | 9,135 | 5,449 | 4,365 | 3,153 |
Interest on actuarial obligations | 128,027 | 125,059 | 114,628 | 127,561 |
Expected return on plan assets | (98,386) | (107,797) | (102,621) | (113,470) |
Effect of asset ceiling | ||||
Total expense (income) | 38,776 | 22,711 | 16,372 | 17,244 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | 124 | 84 | 78 | 73 |
Interest on actuarial obligations | 10,914 | 10,507 | 10,109 | 11,431 |
Expected return on plan assets | (7,563) | (8,699) | (8,634) | (9,437) |
Effect of asset ceiling | ||||
Total expense (income) | 3,475 | 1,892 | 1,553 | 2,067 |
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | (308) | 185 | 175 | 270 |
Interest on actuarial obligations | 33,434 | 34,342 | 33,552 | 37,395 |
Expected return on plan assets | (33,885) | (37,500) | (35,950) | (37,412) |
Effect of asset ceiling | 153 | 2,795 | 2,035 | |
Total expense (income) | (606) | (178) | (188) | 253 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Service cost | 2,244 | 2,352 | 2,790 | 2,153 |
Interest on actuarial obligations | 49,190 | 48,796 | 48,218 | 50,927 |
Expected return on plan assets | (36,272) | (40,947) | (41,166) | (43,258) |
Effect of asset ceiling | ||||
Total expense (income) | R$ 15162 | R$ 10201 | R$ 9842 | R$ 9822 |
(20) PRIVATE PENSION PLAN (De_8
(20) PRIVATE PENSION PLAN (Details 7) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Nominal Discount Rate For Actuarial Liabilities [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 7.43% | 9.10% | 9.51% | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Nominal Return Rate On Assets [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 7.43% | 9.10% | 9.51% | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Estimated Rate Of Nominal Salary Increase [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 5.56% | 5.56% | [1] | 6.08% |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Estimated Rate Of Nominal Benefits Increase [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 4.00% | 4.00% | 4.00% | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Estimated Long-Term Inflation Rate (Basis For Determining The Nominal Rates Above) [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 4.00% | 4.00% | 4.00% | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | General Biometric Mortality [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | AT-2000 (-10) | AT-2000 (-10) | AT-2000 (-10) | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Biometric Table For The Onset Of Disability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | Low Light (-30) | Low Light | Low Light (-30) | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Expected Turnover Rate [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | ExpR_2012 | ExpR_2012 | ExpR_2012 | |
Companhia Paulista de Forca e Luz ("CPFL Paulista"), Companhia Piratininga de Forca e Luz ("CPFL Piratininga") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Likelihood Of Reaching Retirement Age [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | After 15 years of membership and 35 years of service for men and 30 years for women | After 15 years of membership and 35 years of service for men and 30 years for women | After 15 years of membership and 35 years of service for men and 30 years for women | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Nominal Discount Rate For Actuarial Liabilities [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 7.43% | 9.10% | 9.51% | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Nominal Return Rate On Assets [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 7.43% | 9.10% | 9.51% | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Estimated Rate Of Nominal Salary Increase [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 5.97% | 5.97% | [2] | 6.10% |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Estimated Rate Of Nominal Benefits Increase [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 4.00% | 4.00% | 4.00% | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Estimated Long-Term Inflation Rate (Basis For Determining The Nominal Rates Above) [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Financial assumptions | 4.00% | 4.00% | 4.00% | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | General Biometric Mortality [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | BR-EMS sb v.2015 | BR-EMS sb v.2015 | BR-EMS sb v.2015 | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Biometric Table For The Onset Of Disability [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | Medium Light | Medium Light | Medium Light | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Expected Turnover Rate [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | Null | Null | Null | |
RGE Sul Distribuidora de Energia S.A. ("RGE") (Plan 1 & 2) [Member] | Likelihood Of Reaching Retirement Age [Member] | ||||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||||
Demographic assumptions | 100% on first eligibility to a full retirement benefit | 100% on first eligibility to a full retirement benefit | 100% on first eligibility to a full retirement benefit | |
[1] | Estimated rate of nominal salary increase for CPFL Piratininga was 6.39% on December 31, 2019, 2018 and 2017. | |||
[2] | Estimated rate of nominal salary increase for RGE (plan 1) was 5.15% on December 31, 2019 and 2018 and 6.13% on December 31, 2017. |
(20) PRIVATE PENSION PLAN (De_9
(20) PRIVATE PENSION PLAN (Details 8) | Dec. 31, 2019 | Dec. 31, 2018 |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 96.00% | 94.00% |
Total not quoted in an active market | 4.00% | 6.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Real Estate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 3.00% | 3.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Transactions With Participants [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 1.00% | 1.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Other Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 1.00% | |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Other Investments Escrow Deposits And Others [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 0.00% | 1.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 75.00% | 77.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | Federal Government Bonds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 61.00% | 55.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | Corporate Bonds (Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 1.00% | 3.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | Corporate Bonds (Non Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 0.00% | 1.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | Multimarket Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 4.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Rate [Member] | Other Fixed Income Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 9.00% | 15.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Variable Income [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 17.00% | 15.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Investiment Funds - Shares [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 17.00% | 15.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Structured Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 2.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Structured Investments [Member] | Real Estate Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | ||
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Structured Investments [Member] | Equity Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | ||
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Structured Investments [Member] | Multimarket Fund [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 2.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 97.00% | 97.00% |
Total not quoted in an active market | 3.00% | 3.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Real Estate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 2.00% | 2.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Transactions With Participants [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 1.00% | 2.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 76.00% | 81.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | Federal Government Bonds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 58.00% | 53.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | Corporate Bonds (Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 2.00% | 5.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | Corporate Bonds (Non Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 0.00% | 1.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | Multimarket Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 4.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Rate [Member] | Other Fixed Income Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 12.00% | 18.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Variable Income [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 17.00% | 13.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Variable Income [Member] | Investiment Funds - Shares [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 17.00% | 13.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Structured Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 2.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Structured Investments [Member] | Equity Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | ||
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Structured Investments [Member] | Multimarket Fund [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 4.00% | 2.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Structured Investments [Member] | Equity Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | ||
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 96.00% | 96.00% |
Total not quoted in an active market | 4.00% | 4.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Real Estate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 2.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Transactions With Participants [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 1.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Rate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 76.00% | 78.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Rate [Member] | Federal Government Bonds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 66.00% | 68.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Rate [Member] | Corporate Bonds (Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 5.00% | 5.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Rate [Member] | Corporate Bonds (Non Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 2.00% | 3.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Rate [Member] | Multimarket Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 2.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Variable Income [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 21.00% | 18.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Variable Income [Member] | Investiment Funds - Shares [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 21.00% | 18.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Structured Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 1.00% | |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Structured Investments [Member] | Real Estate Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 1.00% | |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 96.00% | 96.00% |
Total not quoted in an active market | 4.00% | 4.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Real Estate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 2.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Transactions With Participants [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total not quoted in an active market | 2.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 74.00% | 77.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | Federal Government Bonds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 64.00% | 67.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | Corporate Bonds (Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 5.00% | 5.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | Corporate Bonds (Non Financial Institutions) [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 3.00% | 3.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | Multimarket Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 2.00% | 2.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Rate [Member] | Other Fixed Income Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 0.00% | |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Variable Income [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 21.00% | 18.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Variable Income [Member] | Investiment Funds - Shares [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 21.00% | 18.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Structured Investments [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 1.00% | 1.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Structured Investments [Member] | Real Estate Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 1.00% | 1.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Structured Investments [Member] | Equity Funds [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market | 0.00% | 1.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Structured Investments [Member] | Multimarket Fund [Member] | ||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | ||
Total quoted in an active market |
(20) PRIVATE PENSION PLAN (D_10
(20) PRIVATE PENSION PLAN (Details 9) | Dec. 31, 2019 |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 100.00% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Fixed Income investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 61.30% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Variable Income Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 24.90% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Real Estate [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 3.60% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Transactions With Participants [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 1.90% |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Structured Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | |
FUNCESP [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") & CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | Investments Abroad [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 8.40% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 100.00% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Fixed Income investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 51.60% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Variable Income Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 35.50% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Real Estate [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 1.80% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Transactions With Participants [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 2.70% |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Structured Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | |
FUNCESP [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | Investments Abroad [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 8.40% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 100.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Fixed Income investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 76.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Variable Income Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 9.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Real Estate [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 2.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Transactions With Participants [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 2.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Structured Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 11.00% |
Assets Managed by Fundacao CEEE [Member] | Rio Grande Energia S.A. [Member] | Investments Abroad [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 100.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Fixed Income investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 76.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Variable Income Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 11.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Real Estate [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 3.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Transactions With Participants [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 2.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Structured Investments [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total | 8.00% |
Assets Managed by Fundacao CEEE [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | Investments Abroad [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Total |
(20) PRIVATE PENSION PLAN (D_11
(20) PRIVATE PENSION PLAN (Details 10) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (Decrease) | +1 year |
Increase (decrease) in total defined benefit plan obligation | R$ 241893 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (169,890) |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (40,984) |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Rio Grande Energia S.A. [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (11,057) |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | R$ 15975 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (Decrease) | -1 year |
Increase (decrease) in total defined benefit plan obligation | R$ 240349 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 169,223 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 40,473 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 3,993 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | Rio Grande Energia S.A. [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 10,917 |
Actuarial Assumption Of Expected Rates Of General Biometric Mortality Table [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | R$ 15743 |
Nominal Discount [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (Decrease) | +0.25 p.p. |
Increase (decrease) in total defined benefit plan obligation | R$ 244199 |
Nominal Discount [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (153,552) |
Nominal Discount [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (53,580) |
Nominal Discount [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (3,928) |
Nominal Discount [Member] | Rio Grande Energia S.A. [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | (12,683) |
Nominal Discount [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | R$ 20456 |
Nominal Discount [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (Decrease) | -0.25 p.p. |
Increase (decrease) in total defined benefit plan obligation | R$ 255858 |
Nominal Discount [Member] | Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 160,456 |
Nominal Discount [Member] | Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 56,441 |
Nominal Discount [Member] | CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 4,116 |
Nominal Discount [Member] | Rio Grande Energia S.A. [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | 13,297 |
Nominal Discount [Member] | RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |
Increase (decrease) in total defined benefit plan obligation | R$ 21548 |
(20) PRIVATE PENSION PLAN (D_12
(20) PRIVATE PENSION PLAN (Details Narrative) - Number | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Reasonably possible increase or decrease of time in actuarial assumption | 1 year | ||
Actuarial assumption of discount rates | 7.43% | ||
Percentage of reasonably possible increase or decrease in actuarial assumption | 0.25 | ||
Actuarial assumption of mortality table | AT-2000 (-10) | ||
Projections performed on the respective mortality tables | 1 year | ||
Bottom Of Range [member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Actuarial assumption of discount rates | 7.18% | ||
Top of range [member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Actuarial assumption of discount rates | 7.68% | ||
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Estimated rate of nominal salary increase | 6.39% | 6.39% | 6.39% |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Average duration of the defined benefit obligation | 11 years 3 months 18 days | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Average duration of the defined benefit obligation | 10 years 3 months 18 days | ||
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Average duration of the defined benefit obligation | 10 years 8 months 12 days | ||
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Average duration of the defined benefit obligation | 12 years 6 months | ||
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 1 [Member] | |||
DisclosureOfPrivatePensionPlanLineItems [Line Items] | |||
Estimated rate of nominal salary increase | 5.15% | 5.15% | 6.13% |
(21) REGULATORY CHARGES (Detail
(21) REGULATORY CHARGES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Charges [Abstract] | ||
Fee for the use of water resources | R$ 1265 | R$ 1701 |
Global reversal reserve - RGR | 17,260 | 17,288 |
ANEEL inspection fee - TFSEE | 7,375 | 5,470 |
Tariff flags and others | 206,352 | 126,196 |
Total | R$ 232251 | R$ 150656 |
(22) TAXES, FEES AND CONTRIBU_3
(22) TAXES, FEES AND CONTRIBUTIONS PAYABLE (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Current | |||
IRPJ (corporate income tax) | R$ 156240 | R$ 73058 | R$ 482734 |
CSLL (social contribution on net income) | 62,721 | 27,392 | |
Income tax and social contribution | 218,961 | 100,450 | |
ICMS (State VAT) | 435,155 | 430,149 | |
PIS (tax on revenue) | 36,657 | 30,760 | |
COFINS (tax on revenue) | 168,195 | 152,945 | |
PIS/COFINS installments | 9,323 | ||
Income tax withholding on interest on capital | 40,099 | ||
Others | 52,105 | 51,135 | |
Other taxes | 741,536 | 664,989 | |
Total current | 960,497 | 765,438 | |
Noncurrent | |||
Income Tax - IRPJ | 156,198 | ||
ICMS (State VAT) | 805 | 722 | |
PIS/COFINS installments | 8,919 | ||
Other taxes | 805 | 9,691 | |
Total noncurrent | R$ 157003 | R$ 9691 |
(23) PROVISION FOR TAX, CIVIL_3
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | R$ 600775 | R$ 979360 |
Escrow Deposits | 757,370 | 854,374 |
Miscellaneous Other Provisions [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 66,401 | 88,920 |
Escrow Deposits | 1 | 12 |
Labor [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 235,085 | 219,314 |
Labor [Member] | Labor Various [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 235,085 | 219,314 |
Escrow Deposits | 96,094 | 103,760 |
Tax [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 53,825 | 389,823 |
Escrow Deposits | 595,033 | 650,999 |
Tax [Member] | Tax Others [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 46,255 | 195,379 |
Escrow Deposits | 177,369 | 150,472 |
Tax [Member] | Tax FINSOCIAL [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 39,727 | |
Escrow Deposits | 99,146 | |
Tax [Member] | Tax Income Tax [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 7,571 | 154,717 |
Escrow Deposits | 417,664 | 401,381 |
Civil [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 245,464 | 281,304 |
Civil [Member] | Civil Various [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Provision for tax, civil and labor risks | 245,464 | 281,304 |
Escrow Deposits | R$ 66243 | R$ 99604 |
(23) PROVISION FOR TAX, CIVIL_4
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS (Details 1) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | |
Beginning balance of provisions | R$ 979360 |
Additions | 322,121 |
Reversals | (145,288) |
Payments | (484,153) |
Monetary adjustments | 84,932 |
Adjustment (note 22) | (156,198) |
Ending balance of provisions | 600,775 |
Labor [Member] | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | |
Beginning balance of provisions | 219,314 |
Additions | 86,735 |
Reversals | (29,967) |
Payments | (68,927) |
Monetary adjustments | 27,932 |
Ending balance of provisions | 235,085 |
Civil [Member] | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | |
Beginning balance of provisions | 281,304 |
Additions | 107,671 |
Reversals | (43,679) |
Payments | (123,054) |
Monetary adjustments | 23,223 |
Ending balance of provisions | 245,464 |
Tax [Member] | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | |
Beginning balance of provisions | 389,823 |
Additions | 121,146 |
Reversals | (55,221) |
Payments | (276,652) |
Monetary adjustments | 30,927 |
Adjustment (note 22) | (156,198) |
Ending balance of provisions | 53,825 |
Miscellaneous Other Provisions [Member] | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | |
Beginning balance of provisions | 88,920 |
Additions | 6,571 |
Reversals | (16,420) |
Payments | (15,518) |
Monetary adjustments | 2,849 |
Ending balance of provisions | R$ 66401 |
(23) PROVISION FOR TAX, CIVIL_5
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 9479966 | R$ 8756713 |
Labor [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 583348 | 786,901 |
Main reasons for claims | Work accidents, risk premium for dangerousness at workplace and overtime | |
Miscellaneous Other Provisions [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 2654331 | 2,377,101 |
Main reasons for claims | ICMS, FINSOCIAL, PIS and COFINS | |
Tax [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 4350740 | 3,822,488 |
Main reasons for claims | Social Contributions and Income tax (note 22) | |
Civil [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 1815143 | 1,630,630 |
Main reasons for claims | Personal injury, environmental impacts and overfed tariffs | |
Regulatory [Member] | ||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||
Total possible losses | R$ 76404 | R$ 139593 |
Main reasons for claims | Technical, commercial and economic-financial supervisions |
(23) PROVISION FOR TAX, CIVIL_6
(23) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS (Details Narrative) - BRL (R$) R$ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||||
escrow deposit | R$ 22264 | |||
Income Tax - IRRF | R$ 327547 | |||
IRPJ (corporate income tax) | 156,240 | R$ 73058 | R$ 482734 | |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||||
DisclosureOfProvisionForTaxCivilAndLaborRisksAndEscrowDepositsLineItems [Line Items] | ||||
Deductibility for income tax expense recognized | 1,478,266 | |||
escrow deposit | R$ 248725 |
(24) OTHER PAYABLES (Details)
(24) OTHER PAYABLES (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Payables [Abstract] | ||
Consumers and concessionaires, current | R$ 114610 | R$ 93612 |
Energy efficiency program - PEE, current | 230,451 | 183,225 |
Research & Development - P&D, current | 93,658 | 110,495 |
EPE/FNDCT/PROCEL (*), current | 49,275 | 38,052 |
Reversion fund, current | 1,712 | 1,712 |
Advances, current | 234,556 | 197,470 |
Tariff discounts - CDE, current | 76,632 | 96,819 |
Provision for socio environmental costs and asset retirement, current | 24,485 | 22,489 |
Payroll, current | 18,004 | 15,674 |
Profit sharing, current | 98,713 | 95,502 |
Collections agreement, current | 93,740 | 85,018 |
Business combination, current | 7,901 | 7,598 |
Others, current | 50,533 | 31,630 |
Total, current | 1,094,269 | 979,296 |
Consumers and concessionaires, noncurrent | 183,938 | 47,831 |
Energy efficiency program - PEE, noncurrent | 89,522 | 120,563 |
Research & Development - P&D, noncurrent | 125,111 | 72,941 |
EPE/FNDCT/PROCEL (*), noncurrent | ||
Reversion fund, noncurrent | 12,615 | 14,327 |
Advances, noncurrent | 43,263 | 48,724 |
Tariff discounts - CDE, noncurrent | ||
Provision for socio environmental costs and asset retirement, noncurrent | 203,844 | 110,261 |
Payroll, noncurrent | ||
Profit sharing, noncurrent | 29,631 | 20,575 |
Collections agreement, noncurrent | ||
Business combination, noncurrent | ||
Others, noncurrent | 71,406 | 40,174 |
Total, noncurrent | R$ 759331 | R$ 475396 |
(24) OTHER PAYABLES (Details Na
(24) OTHER PAYABLES (Details Narrative) | Dec. 31, 2019 |
Other Payables [Abstract] | |
Discount rate | 3.22% |
(25) EQUITY (Details)
(25) EQUITY (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Equity [Line Items] | ||
Number of common shares | 1,152,254,440 | 1,017,914,746 |
Percentage of interest | 100.00% | 100.00% |
State Grid Brazil Power Participacoes S.A. [Member] | ||
Disclosure Of Equity [Line Items] | ||
Number of common shares | 730,435,698 | 730,435,698 |
Percentage of interest | 63.39% | 71.76% |
ESC Energia S.A. [Member] | ||
Disclosure Of Equity [Line Items] | ||
Number of common shares | 234,086,204 | 234,086,204 |
Percentage of interest | 20.32% | 23.00% |
Executive Officers [Member] | ||
Disclosure Of Equity [Line Items] | ||
Number of common shares | 189 | 189 |
Percentage of interest | 0.00% | 0.00% |
Other Shareholders [Member] | ||
Disclosure Of Equity [Line Items] | ||
Number of common shares | 187,732,349 | 53,392,655 |
Percentage of interest | 16.29% | 5.25% |
(25) EQUITY (Details 1)
(25) EQUITY (Details 1) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
EQUITY | |
Profit for the year - Parent company | R$ 2702671 |
Realization of comprehensive income | 25,672 |
Time-barred dividends | 765 |
Profit base for allocation | 2,729,108 |
Legal reserve | (135,134) |
Statutory reserve - working capital reinforcement | (518,795) |
Mandatory dividend | (641,884) |
Additional dividend | R$ 1433295 |
(25) EQUITY (Details 2)
(25) EQUITY (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure Of Equity [Line Items] | ||||
Equity attributable to noncontrolling interests, beginning balance | R$ 2269634 | R$ 2224816 | R$ 2402648 | |
Equity attributable to noncontrolling interests | 45,626 | 107,955 | 63,292 | |
Gain in equity without change in control | 75,298 | |||
Acquisition of non-controlling interests | (2,072,635) | |||
Dividends | (29,109) | (68,685) | (118,220) | |
Other movements | 45 | 5,548 | (113) | |
Capital increase (reduction) | (122,791) | |||
Equity attributable to noncontrolling interests, ending balance. | 288,857 | 2,269,634 | 2,224,816 | |
CERAN [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Equity attributable to noncontrolling interests, beginning balance | R$ 76448 | R$ 86031 | R$ 263719 | |
Equity interests and voting capital (Beginning) | 35.00% | 35.00% | 35.00% | |
Equity attributable to noncontrolling interests | R$ 36914 | R$ 34731 | R$ 37949 | |
Dividends | (9,228) | (44,314) | (92,832) | |
Other movements | ||||
Capital increase (reduction) | (122,806) | |||
Equity attributable to noncontrolling interests, ending balance. | R$ 104134 | R$ 76448 | R$ 86031 | |
Equity attributable to noncontrolling interests, ending balance | 35.00% | 35.00% | 35.00% | |
CPFL Renovaveis [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Equity attributable to noncontrolling interests, beginning balance | R$ 2112693 | R$ 2058079 | R$ 2060963 | |
Equity interests and voting capital (Beginning) | 48.44% | 48.40% | 48.40% | |
Equity attributable to noncontrolling interests | R$ 950 | R$ 62470 | R$ 13720 | |
Gain in equity without change in control | 75,298 | |||
Acquisition of non-controlling interests | [1] | (2,072,635) | ||
Dividends | (11,895) | (13,511) | (16,619) | |
Other movements | 122 | 5,656 | ||
Capital increase (reduction) | 15 | |||
Equity attributable to noncontrolling interests, ending balance. | R$ 104532 | R$ 2112693 | R$ 2058079 | |
Equity attributable to noncontrolling interests, ending balance | 0.06% | 48.44% | 48.40% | |
Paulista Lajeado [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Equity attributable to noncontrolling interests, beginning balance | R$ 80493 | R$ 80707 | R$ 77966 | |
Equity interests and voting capital (Beginning) | 40.07% | 40.07% | 40.07% | |
Equity attributable to noncontrolling interests | R$ 7762 | R$ 10754 | R$ 11623 | |
Dividends | (7,986) | (10,860) | (8,769) | |
Other movements | (77) | (108) | (113) | |
Capital increase (reduction) | ||||
Equity attributable to noncontrolling interests, ending balance. | R$ 80191 | R$ 80493 | R$ 80707 | |
Equity attributable to noncontrolling interests, ending balance | 40.07% | 40.07% | 40.07% | |
[1] | Refers to acquisition of 46.76% interest in subsidiary CPFL Renovaveis by the Company from the controlling shareholder State Grid. |
(25) EQUITY (Details 3)
(25) EQUITY (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Equity [Line Items] | ||||
Current assets | R$ 10340630 | R$ 9402316 | ||
Cash and cash equivalents | 1,937,163 | 1,891,457 | R$ 3249642 | R$ 6164997 |
Noncurrent assets | 33,737,664 | 32,809,214 | ||
Current liabilities | 10,065,908 | 8,415,132 | ||
Noncurrent liabilities | 20,729,147 | 21,264,015 | ||
Equity | 13,283,238 | 12,532,383 | 11,186,344 | R$ 10372668 |
Attributable to owners of the Company | 12,994,381 | 10,262,749 | ||
Net operating revenue | 29,932,474 | 28,136,627 | 26,744,905 | |
Depreciation and amortization | 1,681,053 | (1,531,351) | (1,529,052) | |
Profit attributable to controlling shareholder | 2,702,671 | 2,058,040 | 1,179,750 | |
Paulista Lajeado [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Current assets | 19,734 | 15,499 | ||
Cash and cash equivalents | 9,564 | 5,687 | ||
Noncurrent assets | 141,185 | 144,863 | ||
Current liabilities | 35,374 | 33,883 | ||
Borrowings and debentures | ||||
Other financial liabilities | 250 | 282 | ||
Noncurrent liabilities | 782 | 1,033 | ||
Borrowings and debentures | ||||
Other financial liabilities | ||||
Equity | 124,763 | 125,446 | ||
Attributable to owners of the Company | 124,763 | 125,446 | ||
Attributable to noncontrolling interests | ||||
Net operating revenue | 42,206 | 52,510 | 38,278 | |
Operational costs and expenses | (25,224) | (26,115) | (10,566) | |
Depreciation and amortization | (4) | (4) | (4) | |
Interest income | 679 | 691 | 2,089 | |
Interest expense | (614) | (4,050) | ||
Income tax expense | (2,814) | (3,145) | (2,911) | |
Profit (loss) for the year | 19,370 | 26,838 | 29,006 | |
Profit attributable to controlling shareholder | 19,370 | 26,838 | 29,006 | |
Attributable to noncontrolling interests | ||||
CPFL Renovaveis [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Current assets | 1,312,372 | 1,330,819 | ||
Cash and cash equivalents | 412,579 | 876,571 | ||
Noncurrent assets | 10,496,351 | 10,845,036 | ||
Current liabilities | 1,545,741 | 1,396,120 | ||
Borrowings and debentures | 617,030 | 819,993 | ||
Other financial liabilities | 430,257 | 7,671 | ||
Noncurrent liabilities | 5,616,562 | 6,528,563 | ||
Borrowings and debentures | 4,387,676 | 4,738,841 | ||
Other financial liabilities | ||||
Equity | 4,646,421 | 4,251,172 | ||
Attributable to owners of the Company | 4,544,434 | 4,147,795 | ||
Attributable to noncontrolling interests | 101,987 | 103,377 | ||
Net operating revenue | 1,928,011 | 1,936,319 | 1,959,084 | |
Operational costs and expenses | (724,479) | (727,557) | (737,472) | |
Depreciation and amortization | (645,722) | (623,106) | (617,017) | |
Interest income | 73,216 | 93,076 | 126,041 | |
Interest expense | (420,775) | (517,403) | (648,571) | |
Income tax expense | (47,152) | 37,276 | (74,125) | |
Profit (loss) for the year | 107,024 | 118,805 | 19,645 | |
Profit attributable to controlling shareholder | 96,628 | 109,264 | 11,484 | |
Attributable to noncontrolling interests | 10,396 | 9,542 | 8,162 | |
CERAN [Member] | ||||
Disclosure Of Equity [Line Items] | ||||
Current assets | 78,836 | 80,367 | ||
Cash and cash equivalents | 33,140 | 32,729 | ||
Noncurrent assets | 751,546 | 799,390 | ||
Current liabilities | 215,198 | 246,482 | ||
Borrowings and debentures | 106,128 | 106,555 | ||
Other financial liabilities | 13,256 | 13,406 | ||
Noncurrent liabilities | 317,660 | 414,852 | ||
Borrowings and debentures | 211,051 | 316,581 | ||
Other financial liabilities | 91,181 | 89,965 | ||
Equity | 297,523 | 218,423 | ||
Attributable to owners of the Company | 297,523 | 218,423 | ||
Attributable to noncontrolling interests | ||||
Net operating revenue | 339,041 | 333,289 | 321,743 | |
Operational costs and expenses | (102,685) | (95,321) | (103,671) | |
Depreciation and amortization | (43,033) | (41,378) | (45,212) | |
Interest income | 4,821 | 6,191 | 30,489 | |
Interest expense | (39,623) | (53,629) | 2,029 | |
Income tax expense | (52,197) | (48,239) | (40,202) | |
Profit (loss) for the year | 105,468 | 99,230 | 108,427 | |
Profit attributable to controlling shareholder | 105,468 | 99,230 | 108,427 | |
Attributable to noncontrolling interests |
(25) EQUITY (Details Narrative)
(25) EQUITY (Details Narrative) R$ / shares in Units, R$ in Thousands | Jun. 28, 2019BRL (R$) | Jun. 28, 2019 | Jun. 12, 2019BRL (R$)R$ / sharesshares | Dec. 31, 2019BRL (R$)R$ / shares | Dec. 19, 2019shares | Apr. 30, 2019BRL (R$) | Dec. 31, 2018BRL (R$) |
Disclosure Of Equity [Line Items] | |||||||
Breakdown of Earnings Reserves | The balance of earnings reserve at December 31, 2019 is R$ 5,082,430 that refers to: i) Legal Reserve of R$ 1,036,125; and ii) statutory reserve - working capital reinforcement of R$ 4,046,305. | ||||||
Approved dividends | R$ 1433295 | ||||||
Share price of dividend (in dollar per shares) | R$ / shares | R$ 0.557068261 | ||||||
Percentage of minimum dividend profit | 25.00% | ||||||
Statutory reserve | R$ 518795 | ||||||
Issue cost | 47,544 | ||||||
Dividends paid | 486,906 | ||||||
Credit Risk [Member] | IFRS 9 [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Fair value adjustment of financial liabilities | 51,012 | ||||||
Accumulated comprehensive income / Private pension plan / Credit risk in Fair value adjustment [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Private pension plan | 1,674,527 | ||||||
Property Plant And Equipment [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Fair value adjustments of deemed cost | 355,049 | ||||||
Common Shares [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Description of supplementary lot of shares | On June 27, 2019, the number of shares was increased by a supplementary lot of 15% of the total shares initially offered (without considering the Additional Lot), i.e., 17,522,568 common Company-issued shares under the same conditions and price of the shares initially offered, increasing the total number of shares to 1,152,254,440. | ||||||
Common Shares [Member] | Top of range [member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Change in capital | 9,435,626 | ||||||
Common Shares [Member] | Bottom Of Range [member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Change in capital | R$ 481871 | ||||||
Retained Earnings [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Termination of statutory reserve - concession financial asset | R$ 826600 | ||||||
CPFL Energias Renovaveis [Member] | Debt [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Leverage ratio | The Company’s net debt reached 2.52 times the EBITDA at the end of 2019. | ||||||
Maximum leverage ratio | 3.5 | ||||||
Breakdown of Capital Reserves | (i) business combination in 2011 (R$ 228,322); (ii) public offering of shares in 2013 (R$ 59,308); (iii) association with DESA in 2014 (R$ 180,297); decrease due to: (iv) acquisition, by the Company, of equity interest previously held by the parent company State Grid in 2019 (R$ 2,034,920) (Note 1.c) and (v) change in equity interest without change in control in 2019 (R$ 75,298). | ||||||
Board Of Directors [Member] | IPO [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Price per share - Mandatory Tender Offer (MTO) | R$ / shares | R$ 27.50 | ||||||
Proceeds from issuance of shares | R$ 3212471 | ||||||
Number of shares issued (in shares) | shares | 116,817,126 | ||||||
Board Of Directors [Member] | IPO [Member] | Common Shares [Member] | Top of range [member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Number of shares issued (in shares) | shares | 1,134,731,872 | ||||||
Change in capital | R$ 8953755 | ||||||
Board Of Directors [Member] | IPO [Member] | Common Shares [Member] | Bottom Of Range [member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Number of shares issued (in shares) | shares | 1,017,914,746 | ||||||
Change in capital | R$ 5741284 | ||||||
CPFL Energias Renovaveis [Member] | Common Shares [Member] | |||||||
Disclosure Of Equity [Line Items] | |||||||
Number of shares to be acquired in a future MTO (in shares) | shares | 291,550 | ||||||
Equity interest to be acquired | 0.056% |
(26) EARNINGS PER SHARE (Detail
(26) EARNINGS PER SHARE (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Numerator | ||||
Profit attributable to controlling shareholder | R$ 2702671 | R$ 2058040 | R$ 1179750 | |
Denominator | ||||
Weighted average number of shares held by shareholders | 1,087,828,995 | [1] | 1,017,914,746 | 1,017,914,746 |
Earnings per share - basic | R$ 2.48 | R$ 2.02 | R$ 1.16 | |
Numerator | ||||
Profit attributable to controlling shareholder | R$ 2702671 | R$ 2058040 | R$ 1179750 | |
Dilutive effect of convertible debentures of subsidiary CPFL Renovaveis | (13,764) | [2] | (7,525) | (11,966) |
Total profit attributable to controlling shareholders | R$ 2688907 | R$ 2050515 | R$ 1167783 | |
Denominator | ||||
Weighted average number of shares held by shareholders | 1,087,828,995 | [1] | 1,017,914,746 | 1,017,914,746 |
Earnings per share - diluted | R$ 2.47 | R$ 2.01 | R$ 1.16 | |
[1] | Considers the events that took place on June 12 and 28, 2019, related to the Public Offering process of the Company (note 25.2) | |||
[2] | Proportional to the percentage of the Company's interest in the subsidiary in each period presented. |
(27) NET OPERATING REVENUE (Det
(27) NET OPERATING REVENUE (Details) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019BRL (R$)NumberGW | Dec. 31, 2018BRL (R$)NumberGW | Dec. 31, 2017BRL (R$)NumberGW | |
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Billed | R$ 31722151 | R$ 28908995 | R$ 25786572 |
Billed consumers | Number | 9,755,876 | 9,579,314 | 9,375,922 |
Billed In GWh | GW | 53,339 | 53,057 | 46,546 |
Own comsuption in GWh | GW | 36 | 34 | 32 |
Unbilled (net) | R$ 39477 | R$ 112441 | R$ 89575 |
Transfer or revenue related to the network availability for Captive Consumers | R$ 12769168 | R$ 11095762 | R$ 9273840 |
Electricity sold consumers | Number | 9,755,876 | 9,579,314 | 9,375,922 |
Electricity sales to final consumers | R$ 18992460 | R$ 17925674 | R$ 16423157 |
Electricity sales to final consumers In GWh | GW | 53,375 | 53,091 | 46,578 |
Furnas Centrais Eletricas S.A. | R$ 578603 | R$ 544342 | R$ 565592 |
Furnas Centrais Eletricas S.A. In GWh | GW | 2,875 | 2,875 | 3,026 |
Other concessionaires and licensees | R$ 4215041 | R$ 3825201 | R$ 3240571 |
Other concessionaires and licensees | GW | 18,351 | 17,757 | 16,337 |
Transfer or revenue related to the network availability for Captive Consumers | R$ 133073 | R$ 96717 | R$ 56528 |
Spot market energy | R$ 1309117 | R$ 1082945 | R$ 2340463 |
Spot market energy In GWh | GW | 4,208 | 3,828 | 8,194 |
Electricity sales to wholesalers | R$ 5969688 | R$ 5355771 | R$ 6090098 |
Electricity sales to wholesalers In GWh | GW | 25,435 | 24,459 | 27,557 |
Revenue due to Network Usage Charge - TUSD - Captive Consumers | R$ 12902241 | R$ 11192479 | R$ 9330368 |
Revenue due to Network Usage Charge - TUSD - Free Consumers | 3,359,298 | 2,650,565 | 2,137,566 |
Compensation paid for failure to comply with the limits of continuity | (84,461) | (57,630) | |
Adjustment of revenues from excess demand and excess reactive power | (21,861) | ||
Revenue from construction of concession infrastructure | 2,087,995 | 1,772,222 | 2,073,423 |
Sector financial asset and liability (Note 9) | (602,461) | 1,207,917 | 1,900,837 |
Concession financial asset - Adjustment of expected cash flow (note 11) | 280,632 | 345,015 | 204,443 |
Energy development account - CDE - Low-income, tariff discounts - judicial injunctions and other tariff discounts | 1,516,077 | 1,536,366 | 1,419,128 |
Other revenues and income | 587,668 | 697,878 | 496,340 |
Other operating revenues | 20,046,989 | 19,344,812 | 17,540,244 |
Total gross operating revenue | 45,009,138 | 42,626,257 | 40,053,498 |
Deductions from operating revenue | (15,076,664) | (14,489,630) | (13,308,593) |
Net operating revenue | R$ 29932474 | R$ 28136627 | R$ 26744905 |
Residential [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 8,721,256 | 8,544,035 | 8,330,237 |
Sale of electricity In GWh | GW | 20,355 | 19,618 | 16,473 |
Revenue from electric energy operations | R$ 15356697 | R$ 13549879 | R$ 11663084 |
Others Customer [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (38,145) | (33,651) | (30,304) |
Tariff Flags And Others [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 180572 | R$ 178536 | R$ 878460 |
Industrial [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 57,116 | 58,241 | 59,825 |
Sale of electricity In GWh | GW | 13,198 | 13,834 | 13,022 |
Revenue from electric energy operations | R$ 5222522 | R$ 5188778 | R$ 5095840 |
PROINFA [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (175,283) | (151,718) | (166,743) |
Research And Development And Energy Efficiency Programs [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 224642 | R$ 207653 | R$ 191997 |
Commercial [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 529,815 | 532,592 | 545,095 |
Sale of electricity In GWh | GW | 10,700 | 10,211 | 9,720 |
Revenue from electric energy operations | R$ 6674870 | R$ 6038086 | R$ 5498867 |
Energy Development Account - CDE [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (3,642,384) | (4,016,362) | (3,185,693) |
Global Reversal Reserve - RGR [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 2952 | ||
Rural [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 363,500 | 361,908 | 359,106 |
Sale of electricity In GWh | GW | 3,231 | 3,583 | 2,474 |
Revenue from electric energy operations | R$ 1430315 | R$ 1334868 | R$ 1173569 |
ISS [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (19,830) | (16,871) | (15,929) |
COFINS [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 3173715 | R$ 3037164 | R$ 2777626 |
Public Administration [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 61,868 | 60,685 | 60,639 |
Sale of electricity In GWh | GW | 1,468 | 1,459 | 1,271 |
Revenue from electric energy operations | R$ 957935 | R$ 879910 | R$ 787967 |
PIS [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (676,174) | (659,352) | (603,050) |
ICMS [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 6936560 | R$ 6188323 | R$ 5455718 |
Public Lighting [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 11,809 | 11,659 | 11,230 |
Sale of electricity In GWh | GW | 2,039 | 2,003 | 1,746 |
Revenue from electric energy operations | R$ 838116 | R$ 767246 | R$ 654950 |
Public Services [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Number of consumers | Number | 10,512 | 10,194 | 9,790 |
Sale of electricity In GWh | GW | 2,348 | 2,348 | 1,840 |
Revenue from electric energy operations | R$ 1241696 | R$ 1150227 | R$ 978286 |
Adjustment of revenues from excess demand and excess reactive power | (65,991) | ||
Financial Compensation For The Use Of Water Resources [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 9359 | ||
IPI [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | (102) | ||
FUST E FUNTEL [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Deductions from operating revenue | R$ 19 |
(27) NET OPERATING REVENUE (D_2
(27) NET OPERATING REVENUE (Details 1) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Month | April | |||
RTA / RTP | 12.02% | 12.68% | (0.80%) | |
Effect perceived by consumers | [1] | 8.66% | 16.90% | (10.50%) |
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Month | June | |||
RTA / RTP | 10.05% | 18.45% | (0.20%) | |
Effect perceived by consumers | [1] | 1.72% | 22.47% | (6.43%) |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Month | October | |||
RTA / RTP | 1.88% | 20.01% | 7.69% | |
Effect perceived by consumers | [1] | (7.80%) | 19.25% | 17.28% |
Rio Grande Energia S.A. [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Month | June | |||
RTA / RTP | 10.05% | 21.27% | 3.57% | |
Effect perceived by consumers | [1] | 8.63% | 20.58% | 5.00% |
Companhia Luz e Forca Santa Cruz [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Month | March | |||
RTA / RTP | 13.70% | (1.28%) | ||
Effect perceived by consumers | [1] | 13.31% | (8.42%) | |
Companhia Luz e Forca de Mococa ("CPFL Mococa") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Average effect perceived by consumers | 3.40% | |||
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Average effect perceived by consumers | 7.03% | |||
CPFL Santa Cruz [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Average effect perceived by consumers | 5.32% | |||
Companhia Sul Paulista de Energia ("CPFL Sul Paulista") [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Average effect perceived by consumers | 7.50% | |||
Companhia Jaguari de Energia [Member] | ||||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | ||||
Average effect perceived by consumers | 21.15% | |||
[1] | Represents the average effect perceived by consumers, as a result of the elimination from the tariff base of financial components that had been added in the prior tariff adjustment. |
(27) NET OPERATING REVENUE (D_3
(27) NET OPERATING REVENUE (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Recognized income | R$ 1536366 | R$ 1516077 | R$ 1419128 |
Recognized income relates to low-income subsidy | 78,081 | 78,277 | 96,882 |
Recognized income relates to other tariff discounts | 1,354,845 | 1,255,000 | 1,226,777 |
Recognized income relates to tariff discounts | R$ 103440 | R$ 182800 | R$ 95469 |
CPFL Santa Cruz [Member] | |||
DisclosureOfNetOperatingRevenueLineItems [Line Items] | |||
Percentage of average annual tariff adjustment | 5.71% | ||
Percentage of economic tariff adjustment | 4.41% | ||
Percentage of relevant financial components | 1.30% |
(28) COST OF ELECTRIC ENERGY (D
(28) COST OF ELECTRIC ENERGY (Details) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019BRL (R$)GW | Dec. 31, 2018BRL (R$)GW | Dec. 31, 2017BRL (R$)GW | |
DisclosureOfCostOfElectricEnergyLineItems [Line Items] | |||
Electricity purchased for resale In GWh | GW | 78,406 | 73,689 | 77,974 |
Electricity purchased for resale | R$ 15906740 | R$ 15466265 | R$ 15617498 |
Electricity network usage charge | |||
Basic network charges | 2,080,667 | 2,114,720 | 1,541,629 |
Transmission from Itaipu | 281,185 | 266,153 | 159,896 |
Connection charges | 173,593 | 162,852 | 122,536 |
Charges for use of the distribution system | 47,828 | 48,811 | 39,451 |
System service charges - ESS, net of transfers froM CONER | 4,385 | (106,002) | (452,978) |
Reserve energy charges - EER | 122,553 | 134,824 | (303) |
PIS and COFINS credit | (245,958) | (249,458) | (126,213) |
Subtotal | 2,464,254 | 2,371,901 | 1,284,020 |
Total | R$ 18370994 | R$ 17838165 | R$ 16901518 |
Energy Purchased Through Auction In The Regulated Market Bilateral Contracts And Spot Market [Member] | |||
DisclosureOfCostOfElectricEnergyLineItems [Line Items] | |||
Electricity purchased for resale In GWh | GW | 66,283 | 61,461 | 62,600 |
Electricity purchased for resale | R$ 14199139 | R$ 13969953 | R$ 14269265 |
Proinfa [Member] | |||
DisclosureOfCostOfElectricEnergyLineItems [Line Items] | |||
Electricity purchased for resale In GWh | GW | 1,102 | 1,111 | 3,595 |
Electricity purchased for resale | R$ 397242 | R$ 330638 | R$ 560153 |
Itaipu Binacional [Member] | |||
DisclosureOfCostOfElectricEnergyLineItems [Line Items] | |||
Electricity purchased for resale In GWh | GW | 11,021 | 11,117 | 11,779 |
Electricity purchased for resale | R$ 2793901 | R$ 2668346 | R$ 2350858 |
PIS And COFINS Credit [Member] | |||
DisclosureOfCostOfElectricEnergyLineItems [Line Items] | |||
Electricity purchased for resale In GWh | GW | |||
Electricity purchased for resale | R$ 1483542 | R$ 1502673 | R$ 1562779 |
(29) OPERATING COSTS AND EXPE_3
(29) OPERATING COSTS AND EXPENSES (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | R$ 1615893 | R$ 1496127 | R$ 1627350 |
Cost of services rendered to third parties | 2,089,732 | 1,775,339 | 2,074,611 |
Selling expenses | 461,275 | 434,665 | 429,732 |
General and administrative expenses | 918,099 | 921,972 | 853,433 |
Other operating expense | 198,555 | 198,569 | 152,279 |
Operating cost and expense | 5,283,551 | 4,826,672 | 5,137,405 |
Financial Compensation For Use Of Water Resources [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 8,656 | ||
Operating cost and expense | 8,656 | ||
Rentals Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 50,974 | 43,898 | 52,734 |
Cost of services rendered to third parties | |||
Selling expenses | (148) | ||
General and administrative expenses | 22,397 | 22,898 | 19,740 |
Other operating expense | |||
Operating cost and expense | 73,371 | 66,796 | 72,326 |
Personnel Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 945,628 | 901,333 | 882,150 |
Cost of services rendered to third parties | 2 | 2 | |
Selling expenses | 173,133 | 172,700 | 170,859 |
General and administrative expenses | 361,787 | 340,442 | 324,147 |
Other operating expense | |||
Operating cost and expense | 1,480,550 | 1,414,476 | 1,377,158 |
Private Pension Plans Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 112,603 | 89,909 | 113,887 |
Cost of services rendered to third parties | |||
Selling expenses | |||
General and administrative expenses | |||
Other operating expense | |||
Operating cost and expense | 112,603 | 89,909 | 113,887 |
Materials Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 256,423 | 228,001 | 222,650 |
Cost of services rendered to third parties | 1,039 | 888 | 1,061 |
Selling expenses | 13,708 | 9,089 | 2,444 |
General and administrative expenses | 8,118 | 20,100 | 23,818 |
Other operating expense | |||
Operating cost and expense | 279,288 | 258,078 | 249,973 |
Third Party Services Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 219,464 | 210,234 | 251,549 |
Cost of services rendered to third parties | 2,641 | 2,294 | 1,856 |
Selling expenses | 173,376 | 166,693 | 186,525 |
General and administrative expenses | 319,403 | 312,533 | 287,221 |
Other operating expense | |||
Operating cost and expense | 714,884 | 691,754 | 727,151 |
Cost Of Infrastructure Construction Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | |||
Cost of services rendered to third parties | 2,086,057 | 1,772,162 | 2,071,698 |
Selling expenses | |||
General and administrative expenses | |||
Other operating expense | |||
Operating cost and expense | 2,086,057 | 1,772,162 | 2,071,698 |
Others Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 81,776 | 66,650 | 157,113 |
Cost of services rendered to third parties | (7) | (6) | (7) |
Selling expenses | 101,057 | 86,183 | 69,903 |
General and administrative expenses | 228,789 | 248,897 | 218,247 |
Other operating expense | 198,555 | 198,569 | 152,279 |
Operating cost and expense | 610,169 | 600,293 | 597,535 |
Rentals Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 11,710 | ||
Cost of services rendered to third parties | |||
Selling expenses | 99,520 | 87,432 | 68,757 |
General and administrative expenses | |||
Other operating expense | |||
Operating cost and expense | 99,520 | 87,432 | 80,467 |
Publicity And Advertising Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 55 | 21 | 202 |
Cost of services rendered to third parties | |||
Selling expenses | 15 | 1 | |
General and administrative expenses | 21,272 | 19,155 | 17,412 |
Other operating expense | |||
Operating cost and expense | 21,327 | 19,191 | 17,615 |
Legal Judicial And Indemnities Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | |||
Cost of services rendered to third parties | |||
Selling expenses | |||
General and administrative expenses | 172,495 | 186,686 | 188,355 |
Other operating expense | |||
Operating cost and expense | 172,495 | 186,686 | 188,355 |
Donations Contributions And Subsidies Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 1,687 | 2,053 | 88 |
Cost of services rendered to third parties | |||
Selling expenses | 2 | ||
General and administrative expenses | 3,849 | 5,108 | 3,924 |
Other operating expense | |||
Operating cost and expense | 5,536 | 7,161 | 4,014 |
Gain Loss on Disposal Retirement And Other Noncurrent Assets Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | |||
Cost of services rendered to third parties | |||
Selling expenses | |||
General and administrative expenses | |||
Other operating expense | 189,566 | 210,840 | 132,195 |
Operating cost and expense | 189,566 | 210,840 | 132,195 |
Amortization Of Premium Paid - GSF Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 13,470 | 13,413 | 9,594 |
Cost of services rendered to third parties | |||
Selling expenses | |||
General and administrative expenses | |||
Other operating expense | |||
Operating cost and expense | 13,470 | 13,413 | 9,594 |
Others Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | 15,589 | 7,265 | 74,130 |
Cost of services rendered to third parties | (7) | (6) | (7) |
Selling expenses | 1,537 | (1,264) | 1,291 |
General and administrative expenses | 8,776 | 15,049 | (11,184) |
Other operating expense | 8,989 | (12,271) | (353) |
Operating cost and expense | R$ 34884 | R$ 8773 | 63,877 |
Impairment Operating Expense [Member] | |||
DisclosureOfOperatingCostsAndExpensesLineItems [Line Items] | |||
Cost of operation | |||
Cost of services rendered to third parties | |||
Selling expenses | |||
General and administrative expenses | |||
Other operating expense | 20,437 | ||
Operating cost and expense | R$ 20437 |
(30) FINANCE INCOME (EXPENSES_2
(30) FINANCE INCOME (EXPENSES) (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance Income | |||
Income from financial investments | R$ 263241 | R$ 222773 | R$ 457255 |
Late payment interest and fines | 312,450 | 276,350 | 265,455 |
Adjustment for inflation of tax credits | 35,328 | 14,819 | 19,623 |
Adjustment for inflation of escrow deposits | 33,721 | 37,322 | 49,502 |
Adjustment for inflation and exchange rate changes | 62,969 | 70,201 | 60,999 |
Discount on purchase of ICMS credit | 23,605 | 33,779 | 16,386 |
Adjustments to the sector financial asset (note 8) | 88,079 | 80,240 | |
PIS and COFINS on other finance income | (46,035) | (46,217) | (48,322) |
PIS and COFINS on interest on capital | (32,040) | (39,355) | (27,798) |
Other | 162,285 | 112,503 | 87,214 |
Total | 903,575 | 762,413 | 880,314 |
Finance expenses | |||
Interest on debts | (1,130,447) | (1,328,693) | (1,661,060) |
Adjustment for inflation and exchange rate changes | (295,189) | (368,141) | (540,053) |
Capitalized interest | 25,641 | 28,606 | 50,543 |
Adjustments to the sector financial liability (note 8) | (82,333) | ||
Use of public asset | (12,911) | (17,759) | (8,048) |
Others | (216,916) | (179,114) | (126,917) |
Total | (1,629,822) | (1,865,100) | (2,367,868) |
Finance expenses, net | R$ 726247 | R$ 1102687 | R$ 1487554 |
(30) FINANCE INCOME (COSTS) (De
(30) FINANCE INCOME (COSTS) (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance Income Expenses [Abstract] | |||
Average rate interests capitalized | 8.09% | 8.27% | 8.54% |
Gain (loss) on derivative instruments | R$ 207055 | R$ 617545 | R$ 235852 |
(31) SEGMENT INFORMATION (Detai
(31) SEGMENT INFORMATION (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | R$ 29932474 | R$ 28136627 | R$ 26744905 | |
Intersegment revenues | ||||
Cost of electric energy | (18,370,994) | (17,838,165) | (16,901,518) | |
Operating costs and expenses | (5,516,977) | (4,995,931) | (5,292,502) | |
Depreciation and amortization | 1,681,053 | (1,531,351) | (1,529,052) | |
Income from electric energy service | 4,363,450 | 3,708,467 | 3,021,834 | |
Equity | 349,090 | 334,198 | 312,390 | |
Finance income | 903,575 | 762,413 | 880,314 | |
Finance expenses | (1,629,822) | (1,865,100) | (2,367,868) | |
Profit (loss) before taxes | (3,986,293) | (2,939,977) | (1,846,670) | |
Income tax and social contribution | (1,237,996) | (773,982) | (603,629) | |
Profit (loss) for the year | 2,748,297 | 2,165,995 | 1,243,042 | |
Purchases of PP&E and intangible assets | 2,254,449 | 2,062,422 | 2,570,433 | |
Generation (renewable source) [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 1,426,648 | 1,468,254 | 1,489,932 | |
Intersegment revenues | 501,363 | 468,065 | 469,152 | |
Cost of electric energy | (319,634) | (320,346) | (348,029) | |
Operating costs and expenses | (404,845) | (407,211) | (389,443) | |
Depreciation and amortization | 645,722 | (623,106) | (617,017) | |
Income from electric energy service | 557,810 | 585,655 | 604,596 | |
Equity | ||||
Finance income | 172,658 | 131,694 | 137,765 | |
Finance expenses | (576,292) | (635,820) | (648,571) | |
Profit (loss) before taxes | 154,176 | 81,530 | 93,789 | |
Income tax and social contribution | (47,152) | 37,276 | (74,125) | |
Profit (loss) for the year | 107,024 | 118,805 | 19,665 | |
Purchases of PP&E and intangible assets | 126,158 | 225,202 | 621,046 | |
Total [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 29,930,163 | 28,136,627 | 26,743,625 | |
Intersegment revenues | 1,576,095 | 1,440,650 | 1,381,993 | |
Cost of electric energy | (19,418,659) | (18,797,816) | (17,838,176) | |
Operating costs and expenses | (5,992,863) | (5,437,597) | (5,686,717) | |
Depreciation and amortization | 1,618,061 | (1,531,143) | (1,463,986) | |
Income from electric energy service | 4,476,675 | 3,810,721 | 3,136,740 | |
Equity | 349,090 | 334,198 | 312,390 | |
Finance income | 881,963 | 834,107 | 880,644 | |
Finance expenses | (1,656,459) | (1,909,559) | (2,315,170) | |
Profit (loss) before taxes | 4,051,269 | 3,069,467 | 2,014,605 | |
Income tax and social contribution | (1,115,326) | (652,408) | (530,845) | |
Profit (loss) for the year | 2,935,943 | 2,417,060 | 1,483,761 | |
Purchases of PP&E and intangible assets | 2,252,671 | 2,062,069 | 2,569,598 | |
Others [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | [1] | 2,311 | 1,281 | |
Intersegment revenues | [1] | |||
Cost of electric energy | [1] | |||
Operating costs and expenses | [1] | (52,544) | (39,333) | (51,121) |
Depreciation and amortization | [1] | (62,992) | (209) | (65,066) |
Income from electric energy service | [1] | (113,225) | (102,255) | (114,906) |
Equity | [1] | |||
Finance income | [1] | 49,578 | (22,092) | 20,505 |
Finance expenses | [1] | (1,329) | (5,143) | (73,532) |
Profit (loss) before taxes | [1] | (64,976) | (66,778) | (167,933) |
Income tax and social contribution | [1] | (122,671) | (121,575) | (72,784) |
Profit (loss) for the year | [1] | (187,647) | (188,352) | (240,717) |
Purchases of PP&E and intangible assets | [1] | 1,778 | 353 | 835 |
Distribution [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 24,217,986 | 22,457,079 | 21,068,435 | |
Intersegment revenues | 42,311 | 10,238 | 8,182 | |
Cost of electric energy | (15,623,488) | (15,022,304) | (14,146,739) | |
Operating costs and expenses | (4,940,793) | (4,440,783) | (4,695,445) | |
Depreciation and amortization | 820,206 | (766,796) | (703,601) | |
Income from electric energy service | 2,875,809 | 2,237,434 | 1,530,833 | |
Equity | ||||
Finance income | 624,459 | 574,685 | 597,203 | |
Finance expenses | (821,739) | (884,583) | (1,163,689) | |
Profit (loss) before taxes | 2,678,529 | 1,927,537 | 964,347 | |
Income tax and social contribution | (843,954) | (495,120) | (299,510) | |
Profit (loss) for the year | 1,834,575 | 1,432,416 | 664,837 | |
Purchases of PP&E and intangible assets | 2,033,342 | 1,769,569 | 1,882,502 | |
Generation (conventional source) [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 710,730 | 661,831 | 741,842 | |
Intersegment revenues | 502,151 | 482,548 | 448,427 | |
Cost of electric energy | (133,035) | (102,421) | (147,380) | |
Operating costs and expenses | (122,509) | (104,606) | (156,345) | |
Depreciation and amortization | 118,573 | (116,372) | (120,554) | |
Income from electric energy service | 838,765 | 820,979 | 765,990 | |
Equity | 349,090 | 334,198 | 312,390 | |
Finance income | 45,323 | 75,844 | 108,433 | |
Finance expenses | (197,998) | (324,121) | (437,009) | |
Profit (loss) before taxes | 1,035,180 | 906,899 | 749,805 | |
Income tax and social contribution | (171,594) | (137,089) | (95,688) | |
Profit (loss) for the year | 863,586 | 769,810 | 654,117 | |
Purchases of PP&E and intangible assets | 32,536 | 11,517 | 8,973 | |
Elimination [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | ||||
Intersegment revenues | (1,576,095) | (1,440,650) | (1,381,993) | |
Cost of electric energy | 1,047,664 | 959,650 | 936,658 | |
Operating costs and expenses | 528,431 | 481,000 | 445,336 | |
Depreciation and amortization | ||||
Income from electric energy service | ||||
Equity | ||||
Finance income | (27,966) | (49,602) | (20,835) | |
Finance expenses | 27,966 | 49,602 | 20,835 | |
Profit (loss) before taxes | ||||
Income tax and social contribution | ||||
Profit (loss) for the year | ||||
Purchases of PP&E and intangible assets | ||||
Commercialization [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 3,487,008 | 3,491,300 | 3,402,804 | |
Intersegment revenues | 3,696 | 5,152 | 11,297 | |
Cost of electric energy | (3,342,502) | (3,352,745) | (3,196,028) | |
Operating costs and expenses | (48,710) | (47,287) | (47,296) | |
Depreciation and amortization | 7,048 | (2,346) | (3,054) | |
Income from electric energy service | 92,443 | 94,074 | 167,724 | |
Equity | ||||
Finance income | 33,461 | 46,102 | 25,895 | |
Finance expenses | (56,160) | (59,128) | (58,801) | |
Profit (loss) before taxes | 69,744 | 81,049 | 134,818 | |
Income tax and social contribution | (22,269) | (27,945) | (44,527) | |
Profit (loss) for the year | 47,475 | 53,104 | 90,290 | |
Purchases of PP&E and intangible assets | 8,577 | 2,926 | 2,927 | |
Services [Member] | ||||
DisclosureOfSegmentInformationLineItems [Line Items] | ||||
Net operating revenue | 87,791 | 58,163 | 40,611 | |
Intersegment revenues | 526,574 | 474,646 | 444,935 | |
Cost of electric energy | ||||
Operating costs and expenses | (476,006) | (437,709) | (398,188) | |
Depreciation and amortization | (26,511) | (22,521) | (19,760) | |
Income from electric energy service | 111,848 | 72,579 | 67,598 | |
Equity | ||||
Finance income | 6,062 | 5,782 | 11,349 | |
Finance expenses | (4,270) | (5,908) | (7,101) | |
Profit (loss) before taxes | 113,639 | 72,453 | 71,846 | |
Income tax and social contribution | (30,357) | (29,529) | (16,994) | |
Profit (loss) for the year | 83,282 | 42,924 | 54,852 | |
Purchases of PP&E and intangible assets | R$ 52058 | R$ 52855 | R$ 54149 | |
[1] | Others refer basically to assets and transactions which are not related to any of the identified segments. |
(32) RELATED PARTY TRANSACTIO_3
(32) RELATED PARTY TRANSACTIONS (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Advances [Member] | BAESA - Energetica Barra Grande S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | 657 | ||
INCOME | |||
EXPENSES | |||
Advances [Member] | Foz do Chapeco Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | 930 | ||
INCOME | |||
EXPENSES | |||
Advances [Member] | ENERCAN - Campos Novos Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 0 | ||
TOTAL LIABILITIES | 1,155 | ||
INCOME | |||
EXPENSES | |||
Advances [Member] | EPASA - Centrais Eletricas da Paraiba [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | 418 | ||
INCOME | |||
EXPENSES | |||
Others [Member] | Instituto CPFL [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | |||
INCOME | |||
EXPENSES | 3,711 | 4,151 | 3,613 |
Dividend and interest on capital [Member] | BAESA - Energetica Barra Grande S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 198 | 3 | |
TOTAL LIABILITIES | |||
INCOME | |||
EXPENSES | |||
Dividend and interest on capital [Member] | ENERCAN - Campos Novos Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 59,289 | 65,010 | |
TOTAL LIABILITIES | |||
INCOME | |||
EXPENSES | |||
Dividend and interest on capital [Member] | Chapecoense Geracao S.A. ("Chapecoense") [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 37,090 | 33,733 | |
TOTAL LIABILITIES | |||
INCOME | |||
EXPENSES | |||
Intangible assets, property, plant and equipment, materials and services rendered [Member] | BAESA - Energetica Barra Grande S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 3,504 | 2 | |
TOTAL LIABILITIES | |||
INCOME | 2,240 | 2,225 | 1,582 |
EXPENSES | |||
Intangible assets, property, plant and equipment, materials and services rendered [Member] | Foz do Chapeco Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 11 | 15 | |
TOTAL LIABILITIES | |||
INCOME | 2,148 | 2,143 | 1,726 |
EXPENSES | |||
Intangible assets, property, plant and equipment, materials and services rendered [Member] | ENERCAN - Campos Novos Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 2 | 2 | |
TOTAL LIABILITIES | |||
INCOME | 1,991 | 1,902 | 1,665 |
EXPENSES | |||
Intangible assets, property, plant and equipment, materials and services rendered [Member] | EPASA - Centrais Eletricas da Paraiba [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 534 | ||
TOTAL LIABILITIES | |||
INCOME | 392 | 3 | (469) |
EXPENSES | |||
Intangible assets, property, plant and equipment, materials and services rendered [Member] | Entities under common control [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
INCOME | |||
EXPENSES | 77 | ||
Energy purchases and sales, and charges [Member] | BAESA - Energetica Barra Grande S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 3,082 | ||
TOTAL LIABILITIES | 6,544 | 2,993 | |
INCOME | 3,095 | 12 | |
EXPENSES | 33,792 | 44,575 | 80,362 |
Energy purchases and sales, and charges [Member] | Foz do Chapeco Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 1,773 | ||
TOTAL LIABILITIES | 45,009 | 41,850 | |
INCOME | 20,901 | 18 | |
EXPENSES | 495,111 | 490,713 | 381,193 |
Energy purchases and sales, and charges [Member] | ENERCAN - Campos Novos Energia S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | 1,017 | 943 | |
TOTAL LIABILITIES | 62,330 | 78,639 | |
INCOME | 11,674 | 10,338 | 8,763 |
EXPENSES | 364,383 | 354,430 | 281,530 |
Energy purchases and sales, and charges [Member] | EPASA - Centrais Eletricas da Paraiba [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | 6,737 | 13,397 | |
INCOME | 19 | ||
EXPENSES | 79,701 | 143,845 | 137,376 |
Energy purchases and sales, and charges [Member] | Entities under common control [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL ASSETS | |||
TOTAL LIABILITIES | |||
INCOME | |||
EXPENSES | 200,771 | ||
Energy purchases and sales, and charges [Member] | Subsidiaries of State Grid Corporation of China [Member] | |||
Disclosure of transactions between related parties [line items] | |||
TOTAL LIABILITIES | 2,998 | 16 | |
EXPENSES | R$ 200771 | R$ 152369 | R$ 91302 |
(32) RELATED PARTY TRANSACTIO_4
(32) RELATED PARTY TRANSACTIONS (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transactions [abstract] | |||
Total compensation of key management personnel | R$ 100588 | R$ 90783 | R$ 73670 |
Short-term benefits of post | 83,636 | 78,335 | 64,516 |
Post-employment benefits | 2,251 | 2,160 | 1,516 |
Other long-term benefits | R$ 14701 | R$ 10288 | R$ 7638 |
(33) INSURANCE (Details)
(33) INSURANCE (Details) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfInsuranceLineItems [Line Items] | |
Principal insurance policies | R$ 9196463 |
Transport Policies [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | National and international transport |
Principal insurance policies | R$ 700408 |
Stored Materials [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Fire, lightning, explosion and robbery |
Principal insurance policies | |
Automobiles [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Comprehensive cover |
Principal insurance policies | R$ 3396 |
Civil Liability [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Electric energy distributors, enviroment risks and others |
Principal insurance policies | R$ 255000 |
Personnel [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Group life and personal accidents |
Principal insurance policies | R$ 877387 |
Concession Financial Asset / Intangible Assets Policies [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Fire, lightning, explosion, machinery breakdown, electrical damage and engineering risk |
Principal insurance policies | R$ 3054310 |
Others [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Civil liability of administrators and others |
Principal insurance policies | R$ 310237 |
Warranties [Member] | |
DisclosureOfInsuranceLineItems [Line Items] | |
Type of coverage | Insurance guarantee |
Principal insurance policies | R$ 3995725 |
(34) RISK MANAGEMENT (Details N
(34) RISK MANAGEMENT (Details Narrative) | 12 Months Ended |
Dec. 31, 2019 | |
Risk Management [Abstract] | |
Description of electric energy purchases situations | volume of energy contracted above 105% of the energy demanded by consumers and (ii) level of contracts lower than 100% of such demanded energy. |
Percentage of sold energy contracted | 105.00% |
(35) FINANCIAL INSTRUMENTS (Det
(35) FINANCIAL INSTRUMENTS (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset | |||||
Cash and cash equivalents | R$ 1937163 | R$ 1891457 | R$ 3249642 | R$ 6164997 | |
Investment assets | 851,004 | ||||
Derivatives | 615,536 | ||||
Financial assets | 8,779,717 | R$ 7430149 | R$ 6569404 | R$ 5373844 | |
Carrying Amount [Member] | |||||
Asset | |||||
Financial assets | 12,218,977 | ||||
Liability | |||||
Financial liability | 18,945,130 | ||||
At Fair Value [member] | |||||
Asset | |||||
Financial assets | 12,218,977 | ||||
Liability | |||||
Financial liability | 18,943,521 | ||||
Level 2 [Member] | Carrying Amount [Member] | |||||
Asset | |||||
Cash and cash equivalents | [1] | 1,937,163 | |||
Derivatives | 645,674 | ||||
Liability | |||||
Borrowings - principal and interest | [1],[2] | 5,354,243 | |||
Borrowings - principal and interest | [1],[3] | 5,009,052 | |||
Debentures - Principal and interest | 8,054,153 | ||||
Debentures - Principal and interest | [1],[3] | 492,125 | |||
Derivatives | 35,557 | ||||
Level 2 [Member] | At Fair Value [member] | |||||
Asset | |||||
Cash and cash equivalents | [1] | 1,937,163 | |||
Derivatives | 645,674 | ||||
Liability | |||||
Borrowings - principal and interest | 5,350,030 | ||||
Borrowings - principal and interest | [1],[3] | 5,009,052 | |||
Debentures - Principal and interest | 8,056,757 | ||||
Debentures - Principal and interest | [1],[3] | 492,125 | |||
Derivatives | 35,557 | ||||
Level 3 [Member] | Carrying Amount [Member] | |||||
Asset | |||||
Derivatives - zero-cost collar | [1] | 5,419 | |||
Concession financial asset - distribution | 8,779,717 | ||||
Level 3 [Member] | At Fair Value [member] | |||||
Asset | |||||
Derivatives - zero-cost collar | [1] | 5,419 | |||
Concession financial asset - distribution | 8,779,717 | ||||
Level 1 [Member] | Carrying Amount [Member] | |||||
Asset | |||||
Investment assets | 851,004 | ||||
Level 1 [Member] | At Fair Value [member] | |||||
Asset | |||||
Investment assets | R$ 851004 | ||||
[1] | Refers to the hierarchy for fair value measurement | ||||
[2] | Only for disclosure purposes, in accordance with IFRS 7 | ||||
[3] | As a result of the initial designation of this financial liability, the consolidated balances reported a loss of R$ 127,102 in 2019 (a gain of R$ 37,421 in 2018). |
(35) FINANCIAL INSTRUMENTS (D_2
(35) FINANCIAL INSTRUMENTS (Details 1) R$ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019BRL (R$) | Dec. 31, 2019USD ($) | Dec. 31, 2018BRL (R$) | ||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | R$ 369767 | R$ 347507 | ||
Current Financial Assets | 281,326 | 309,484 | ||
Current Financial Liabilities | 29,400 | 8,139 | ||
Noncurrent Financial Liabilities | 6,157 | R$ 23659 | ||
Designated as Hedging Instrument [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 651,093 | |||
Fair value (carrying amounts) - liabilities | (35,557) | |||
The net fair value of financial assets and liabilities | 615,536 | |||
The net value of derivative instruments at cost | [1] | 515,643 | ||
Gain (loss) on marking to market | 99,893 | |||
Current Financial Assets | 281,326 | |||
Current Financial Liabilities | (29,400) | |||
Noncurrent Financial Assets | 369,767 | |||
Noncurrent Financial Liabilities | (6,157) | |||
Designated as Hedging Instrument [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 555,670 | |||
Fair value (carrying amounts) - liabilities | (35,388) | |||
The net fair value of financial assets and liabilities | 520,282 | |||
The net value of derivative instruments at cost | [1] | 496,104 | ||
Gain (loss) on marking to market | 24,178 | |||
Designated as Hedging Instrument [Member] | Exchange Rate Hedge [Member] | Bank Loans - Law 4.131 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 542,278 | |||
Fair value (carrying amounts) - liabilities | (29,231) | |||
The net fair value of financial assets and liabilities | 513,047 | |||
The net value of derivative instruments at cost | [1] | 487,030 | ||
Gain (loss) on marking to market | R$ 26017 | |||
Currency / debt index | US$ + (Libor 3 months + 0.8% to 1.55%) or (1.96% to 3.65%) | |||
Currency /swap index | 99.80% to 116% of CDI or CDI + 0.12% | |||
Maturity range | October 2018 to March 2022 | |||
Notional | R$ 3838488 | |||
Designated as Hedging Instrument [Member] | Exchange Rate Hedge [Member] | Bank Loans - Law 4.131 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 13,391 | |||
Fair value (carrying amounts) - liabilities | (6,157) | |||
The net fair value of financial assets and liabilities | 7,234 | |||
The net value of derivative instruments at cost | [1] | 9,074 | ||
Gain (loss) on marking to market | R$ 1840 | |||
Currency / debt index | Euro + 0.42% to 0.96% | |||
Currency /swap index | 102% to 105.8% of CDI | |||
Maturity range | April 2019 to March 2022 | |||
Notional | R$ 834630 | |||
Designated as Hedging Instrument [Member] | Hedge Variation Price Index [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 645,673 | |||
Fair value (carrying amounts) - liabilities | (35,388) | |||
The net fair value of financial assets and liabilities | 610,285 | |||
The net value of derivative instruments at cost | [1] | 515,591 | ||
Gain (loss) on marking to market | 94,695 | |||
Designated as Hedging Instrument [Member] | Hedge Variation Price Index [Member] | Debentures [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | 90,004 | |||
Fair value (carrying amounts) - liabilities | ||||
The net fair value of financial assets and liabilities | 90,004 | |||
The net value of derivative instruments at cost | [1] | 19,486 | ||
Gain (loss) on marking to market | R$ 70517 | |||
Currency / debt index | IPCA + 5.8% | |||
Currency /swap index | 100.15% to 104.3% of CDI | |||
Maturity range | August 2025 | |||
Notional | R$ 416600 | |||
Designated as Hedging Instrument [Member] | Other [Member] | Zero cost collar [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | [2] | 5,419 | ||
Fair value (carrying amounts) - liabilities | [2] | |||
The net fair value of financial assets and liabilities | [2] | 5,419 | ||
The net value of derivative instruments at cost | [1],[2] | |||
Gain (loss) on marking to market | R$ 5419 | |||
Currency /swap index | US$ | |||
Maturity range | from jul/18 to sep/20 | |||
Designated as Hedging Instrument [Member] | Other [Member] | Zero cost collar [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional | $ | [2] | $ 22,174 | ||
Designated as Hedging Instrument [Member] | Other [Member] | Term Of Product (Aluminum) [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | [2] | |||
Fair value (carrying amounts) - liabilities | [2] | (16) | ||
The net fair value of financial assets and liabilities | [2] | (16) | ||
The net value of derivative instruments at cost | [1],[2] | |||
Gain (loss) on marking to market | R$ 16 | |||
Currency /swap index | aluminum (US$/ton) | |||
Maturity range | Jul-20 | |||
Designated as Hedging Instrument [Member] | Other [Member] | Term Of Product (Aluminum) [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional | $ | [2] | 3,889 | ||
Designated as Hedging Instrument [Member] | Other [Member] | NDF (Aluminum) [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | [2] | |||
Fair value (carrying amounts) - liabilities | [2] | (153) | ||
The net fair value of financial assets and liabilities | [2] | (153) | ||
The net value of derivative instruments at cost | [1],[2] | |||
Gain (loss) on marking to market | R$ 205 | |||
Currency /swap index | US$ | |||
Maturity range | Jul-20 | |||
Designated as Hedging Instrument [Member] | Other [Member] | NDF (Aluminum) [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional | $ | [2] | $ 6,296 | ||
Designated as Hedging Instrument [Member] | Other [Member] | Subtotal other [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value (carrying amounts) - assets | [2] | R$ 5419 | ||
Fair value (carrying amounts) - liabilities | [2] | (169) | ||
The net fair value of financial assets and liabilities | [2] | 5,250 | ||
The net value of derivative instruments at cost | [1],[2] | 52 | ||
Notional | [2] | R$ 5198 | ||
[1] | The value at cost are the derivative amount without the respective fair value adjustment, while the notional refers to the balance of the debt and is reduced according to the respective amortization; | |||
[2] | Due to the characteristics of these derivatives, the notional amount is presented in U.S. dollar. |
(35) FINANCIAL INSTRUMENTS (D_3
(35) FINANCIAL INSTRUMENTS (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives, beginning balance | R$ 625194 | R$ 553124 | R$ 686336 | |
Interests and monetary restatements | 209,599 | 615,497 | (235,853) | |
Repayments of principal | (219,257) | (543,427) | 102,641 | |
Derivatives, ending balance | 615,536 | 625,194 | 553,124 | |
Hedge Debts Designated at Fair Value [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives, beginning balance | 631,368 | 526,148 | 602,476 | |
Interests and monetary restatements | 75,241 | 662,147 | (189,466) | |
Repayments of principal | (191,018) | (556,927) | 113,138 | |
Derivatives, ending balance | 515,591 | 631,368 | 526,148 | |
Hedge Debts Not Designated at Fair Value [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives, beginning balance | 21,548 | 17,881 | 7,181 | |
Interests and monetary restatements | (857) | (21,817) | (1,175) | |
Repayments of principal | (20,691) | 25,484 | 11,875 | |
Derivatives, ending balance | 21,548 | 17,881 | ||
Others ([Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives, beginning balance | ||||
Interests and monetary restatements | 7,600 | 11,984 | 22,372 | |
Repayments of principal | (7,548) | (11,984) | (22,372) | |
Derivatives, ending balance | 52 | |||
Fair Value Adjustment [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives, beginning balance | [1] | (27,722) | 9,095 | 76,679 |
Interests and monetary restatements | [1] | 127,615 | (36,817) | (67,584) |
Repayments of principal | [1] | |||
Derivatives, ending balance | [1] | R$ 99893 | R$ 27722 | R$ 9095 |
[1] | The effects on profit or loss and OCI for the year ended December 31, 2019 related to the fair value adjustments (MTM) of the derivatives are: (i) a gain of R$ 139,361 for debts designated at fair value, (ii) a loss of R$ 577 for debts not designated at fair value and (iii) a loss of R$ 11,169 for other derivatives. |
(35) FINANCIAL INSTRUMENTS (D_4
(35) FINANCIAL INSTRUMENTS (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gain (Loss) on Profit or Loss | R$ 207055 | R$ 617545 | R$ 235852 |
Gain (Loss) on Comprehensive Income | 2,537 | (1,753) | |
Interest Rate Variation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (Loss) on Profit or Loss | 16,559 | (19,747) | 1,446 |
Gain (Loss) on Comprehensive Income | |||
Fair Value Adjustment [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (Loss) on Profit or Loss | 46,243 | 13,135 | 8,960 |
Gain (Loss) on Comprehensive Income | 2,685 | 272 | |
Exchange Variation [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (Loss) on Profit or Loss | 65,424 | 672,061 | (169,714) |
Gain (Loss) on Comprehensive Income | |||
Fair Value Adjustment [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (Loss) on Profit or Loss | 78,829 | (47,904) | R$ 76544 |
Gain (Loss) on Comprehensive Income | R$ 148 | R$ 2025 |
(35) FINANCIAL INSTRUMENTS (D_5
(35) FINANCIAL INSTRUMENTS (Details 4) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
As of Beginning Year | R$ 16367 | R$ 52058 | R$ 57715 |
Measurement at fair value | (3,400) | (23,707) | 16,715 |
Net cash received from settlement of flows | (7,548) | (11,984) | (22,372) |
As of Ending Year | 5,419 | 16,367 | 52,058 |
Assets [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
As of Beginning Year | 16,367 | 52,058 | 57,715 |
Measurement at fair value | (3,400) | (23,707) | 16,715 |
Net cash received from settlement of flows | (7,548) | (11,984) | (22,372) |
As of Ending Year | 5,419 | 16,367 | 52,058 |
Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
As of Beginning Year | |||
Measurement at fair value | |||
Net cash received from settlement of flows | |||
As of Ending Year |
(35) FINANCIAL INSTRUMENTS (D_6
(35) FINANCIAL INSTRUMENTS (Details 5) - 12 months ended Dec. 31, 2019 R$ in Thousands, $ in Thousands | BRL (R$) | USD ($) | USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | R$ 58829 | ||
Decrease (increase) Currency depreciation | [2] | 1,475 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (13,601) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | (28,677) | |||
Effects In The Accumulated Comprehensive Income [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Decrease (increase) Currency depreciation | [2] | 1,271 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (11,312) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | (23,896) | |||
Effects In The Profit Or Loss For The Year [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Decrease (increase) Currency depreciation | [2] | 204 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (2,289) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | (4,781) | |||
Interest Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | (5,116,378) | ||
Financial Liability Instruments And Derivatives Plain Vanilla Swap [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | R$ 47032 | ||
Risk | drop in the dollar | drop in the dollar | ||
Decrease (increase) Currency depreciation | [2] | R$ 986 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (11,019) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | R$ 23023 | |||
Derivatives - Zero-Cost Collar [Member] | Exchange Rate Hedge [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | $ | [3] | $ 22,174 | ||
Risk | dollar apprec. | dollar apprec. | ||
Decrease (increase) Currency depreciation | $ | [2] | $ (682) | ||
Decrease (increase) Currency appreciation / depreciation of 25% | $ | [4] | (8,989) | ||
Decrease (increase) Currency appreciation / depreciation of 50% | $ | [4] | $ (17,296) | ||
Financial Liability Instruments [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | R$ 4174769 | ||
Decrease (increase) Currency depreciation | [2] | (87,520) | ||
Decrease (increase) Currency appreciation / depreciation of 25% | 978,052 | |||
Decrease (increase) Currency appreciation / depreciation of 50% | 2,043,624 | |||
Derivatives - Plain Vanilla Swap [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | 4,221,801 | ||
Decrease (increase) Currency depreciation | [2] | 88,506 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (989,071) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | (2,066,647) | |||
Financial Liability Instruments [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | (835,977) | ||
Decrease (increase) Currency depreciation | [2] | (34,709) | ||
Decrease (increase) Currency appreciation / depreciation of 25% | 182,963 | |||
Decrease (increase) Currency appreciation / depreciation of 50% | 400,634 | |||
Derivatives - Plain Vanilla Swap [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | 847,774 | ||
Decrease (increase) Currency depreciation | [2] | 35,198 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (185,545) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | (406,288) | |||
Financial Liability Instruments & Derivatives - Plain Vanilla Swap [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | [1] | R$ 11797 | ||
Risk | drop in the euro | drop in the euro | ||
Decrease (increase) Currency depreciation | [2] | R$ 489 | ||
Decrease (increase) Currency appreciation / depreciation of 25% | (2,582) | |||
Decrease (increase) Currency appreciation / depreciation of 50% | R$ 5654 | |||
Term Of Product (Aluminum) [Member] | Exchange Rate Hedge [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Risk | drop in the aluminum (US$/ton) | drop in the aluminum (US$/ton) | ||
Decrease (increase) Currency depreciation | [2] | |||
Decrease (increase) Currency appreciation / depreciation of 25% | [4] | (2,891) | ||
Decrease (increase) Currency appreciation / depreciation of 50% | [4] | R$ 3852 | ||
Term Of Product (Aluminum) [Member] | Exchange Rate Hedge [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | $ | [3] | 3,889 | ||
NDF (Aluminum) [Member] | Exchange Rate Hedge [Member] | United States of America, Dollars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Exposure | $ | [3] | $ 6,296 | ||
Risk | drop in the dollar | drop in the dollar | ||
Decrease (increase) Currency depreciation | $ | [2] | |||
Decrease (increase) Currency appreciation / depreciation of 25% | $ | [4] | (6,255) | ||
Decrease (increase) Currency appreciation / depreciation of 50% | $ | [4] | $ (12,511) | ||
[1] | The exchange rates considered as of December 31, 2019 were R$ 4.03 per US$ 1.00 and R$ 4.53 per E 1.00. | |||
[2] | As per the exchange curves obtained from information made available by B3 S.A. Brasil, Bolsa, Balcao, with the exchange rate being considered at R$ 4.12 and R$ 4.72, and exchange depreciation at 2.10% and 4.15%, for the US$ and E, respectively, as of December 31, 2019. | |||
[3] | Owing to the characteristics of these derivatives, the notional amount is presented in US$. | |||
[4] | As required by CVM Instruction 475/2008, the percentage increases in the ratios applied refer to the information made available by the B3 S.A. Brasil, Bolsa, Balcao. |
(35) FINANCIAL INSTRUMENTS (D_7
(35) FINANCIAL INSTRUMENTS (Details 6) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019BRL (R$) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 58829 | [1] |
Effects In The Accumulated Comprehensive Income [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Decrease (increase) Scenario I | 1,289 | |
Decrease (increase) Raise/drop of index by 25% | 1,047 | [2] |
Decrease (increase) Raise/drop of index by 50% | 804 | [2] |
Effects In The Profit Or Loss For The Year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Decrease (increase) Scenario I | (246,997) | |
Decrease (increase) Raise/drop of index by 25% | (463,178) | [2] |
Decrease (increase) Raise/drop of index by 50% | (679,357) | [2] |
Interest Rate Hedge [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (5,116,378) | [1] |
Decrease (increase) Scenario I | (245,708) | |
Decrease (increase) Raise/drop of index by 25% | (462,131) | [2] |
Decrease (increase) Raise/drop of index by 50% | (678,553) | [2] |
Interest Rate Hedge [Member] | IGP-M [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 145558 | |
Risk | raise of IGP-M | |
Rate in the period | 7.30% | |
Most likely scenario | 3.07% | [3] |
Decrease (increase) Scenario I | R$ 4469 | |
Decrease (increase) Raise/drop of index by 25% | (5,586) | [2] |
Decrease (increase) Raise/drop of index by 50% | (6,703) | [2] |
Interest Rate Hedge [Member] | IGP-M [Member] | Financial Liability Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (145,558) | |
Decrease (increase) Scenario I | (4,469) | |
Decrease (increase) Raise/drop of index by 25% | (5,586) | [2] |
Decrease (increase) Raise/drop of index by 50% | (6,703) | [2] |
Interest Rate Hedge [Member] | TJLP [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 3183323 | |
Risk | raise of TJLP | |
Rate in the period | 6.30% | |
Most likely scenario | 5.09% | [3] |
Decrease (increase) Scenario I | R$ 162031 | |
Decrease (increase) Raise/drop of index by 25% | (202,539) | [2] |
Decrease (increase) Raise/drop of index by 50% | (243,047) | [2] |
Interest Rate Hedge [Member] | TJLP [Member] | Financial Liability Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (3,183,323) | |
Decrease (increase) Scenario I | (162,031) | |
Decrease (increase) Raise/drop of index by 25% | (202,539) | [2] |
Decrease (increase) Raise/drop of index by 50% | (243,047) | [2] |
Interest Rate Hedge [Member] | CDI [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 8572680 | |
Risk | raise of CDI | |
Rate in the period | 5.97% | |
Most likely scenario | 4.54% | [3] |
Decrease (increase) Scenario I | R$ 389200 | |
Decrease (increase) Raise/drop of index by 25% | (486,500) | [2] |
Decrease (increase) Raise/drop of index by 50% | (583,799) | [2] |
Interest Rate Hedge [Member] | CDI [Member] | Financial Liability Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (6,516,480) | |
Decrease (increase) Scenario I | (295,848) | |
Decrease (increase) Raise/drop of index by 25% | (369,810) | [2] |
Decrease (increase) Raise/drop of index by 50% | (443,772) | [2] |
Interest Rate Hedge [Member] | CDI [Member] | Derivatives - Plain Vanilla Swap [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (4,976,115) | |
Decrease (increase) Scenario I | (225,916) | |
Decrease (increase) Raise/drop of index by 25% | (282,395) | [2] |
Decrease (increase) Raise/drop of index by 50% | (338,873) | [2] |
Interest Rate Hedge [Member] | CDI [Member] | Financial Asset Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | 2,919,915 | |
Decrease (increase) Scenario I | 132,564 | |
Decrease (increase) Raise/drop of index by 25% | 165,705 | [2] |
Decrease (increase) Raise/drop of index by 50% | 198,846 | [2] |
Interest Rate Hedge [Member] | IPCA [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 5874481 | |
Risk | drop in the IPCA | |
Rate in the period | 4.20% | |
Most likely scenario | 4.57% | [3] |
Decrease (increase) Scenario I | R$ 268464 | |
Decrease (increase) Raise/drop of index by 25% | 201,348 | [2] |
Decrease (increase) Raise/drop of index by 50% | 134,232 | [2] |
Interest Rate Hedge [Member] | IPCA [Member] | Financial Liability Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (3,422,062) | |
Decrease (increase) Scenario I | (156,388) | |
Decrease (increase) Raise/drop of index by 25% | (117,291) | [2] |
Decrease (increase) Raise/drop of index by 50% | (78,194) | [2] |
Interest Rate Hedge [Member] | IPCA [Member] | Derivatives - Plain Vanilla Swap [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | 516,826 | |
Decrease (increase) Scenario I | 23,619 | |
Decrease (increase) Raise/drop of index by 25% | 17,714 | [2] |
Decrease (increase) Raise/drop of index by 50% | 11,809 | [2] |
Interest Rate Hedge [Member] | IPCA [Member] | Concession Financial Asset [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | 8,779,717 | |
Decrease (increase) Scenario I | 401,233 | |
Decrease (increase) Raise/drop of index by 25% | 300,925 | [2] |
Decrease (increase) Raise/drop of index by 50% | 200,617 | [2] |
Interest Rate Hedge [Member] | SELIC [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | R$ 910702 | |
Risk | drop in the SELIC | |
Rate in the period | 5.97% | |
Most likely scenario | 4.56% | [3] |
Decrease (increase) Scenario I | R$ 41528 | |
Decrease (increase) Raise/drop of index by 25% | 31,146 | [2] |
Decrease (increase) Raise/drop of index by 50% | 20,764 | [2] |
Interest Rate Hedge [Member] | SELIC [Member] | Financial Liability Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | (83,073) | |
Decrease (increase) Scenario I | (3,788) | |
Decrease (increase) Raise/drop of index by 25% | (2,841) | [2] |
Decrease (increase) Raise/drop of index by 50% | (1,894) | [2] |
Interest Rate Hedge [Member] | SELIC [Member] | Sector Financial Asset and Liability [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure | 993,775 | |
Decrease (increase) Scenario I | 45,316 | |
Decrease (increase) Raise/drop of index by 25% | 33,987 | [2] |
Decrease (increase) Raise/drop of index by 50% | R$ 22658 | [2] |
[1] | The exchange rates considered as of December 31, 2019 were R$ 4.03 per US$ 1.00 and R$ 4.53 per E 1.00. | |
[2] | In compliance with CVM Instruction 475/08, the percentages of increase were applied to the indexes in the probable scenario. | |
[3] | The indexes were obtained from information available in the market. |
(35) FINANCIAL INSTRUMENTS (D_8
(35) FINANCIAL INSTRUMENTS (Details 7) | 12 Months Ended |
Dec. 31, 2019 | |
Residential [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Class | Residential |
Days | 90 days |
Period | Revenue of 3 months prior to the current month |
Commercial And Other Revenues [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Class | Commercial and other revenues |
Days | 180 days |
Period | Revenue of 6 months prior to the current month |
Industrial, Rural, Public Power In General [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Class | Industrial, rural, public power in general |
Days | 360 days |
Period | Revenue of 12 months prior to the current month |
Unbilled [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Class | Unbilled |
Days | |
Period | Uses revenue of the same month |
(35) FINANCIAL INSTRUMENTS (D_9
(35) FINANCIAL INSTRUMENTS (Details 8) - Liquidity Risk [Member] R$ in Thousands | Dec. 31, 2019BRL (R$) |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | R$ 28016794 |
Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,807,810 |
More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 4,820,603 |
4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 5,975,923 |
1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 825,796 |
3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,711,980 |
1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 8,874,682 |
Trade payables [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,620,123 |
Trade payables [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,238,843 |
Trade payables [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 148,247 |
Trade payables [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Trade payables [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 21,258 |
Trade payables [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 78 |
Trade payables [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 211,697 |
Borrowings - Principal and Interest [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 13,321,923 |
Borrowings - Principal and Interest [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 222,237 |
Borrowings - Principal and Interest [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 2,845,013 |
Borrowings - Principal and Interest [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 1,890,206 |
Borrowings - Principal and Interest [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 580,245 |
Borrowings - Principal and Interest [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 2,842,610 |
Borrowings - Principal and Interest [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 4,941,612 |
Derivatives [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 63,964 |
Derivatives [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Derivatives [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Derivatives [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Derivatives [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 9,332 |
Derivatives [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 45,060 |
Derivatives [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 9,572 |
Debentures - Principal and Interest [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 10,219,689 |
Debentures - Principal and Interest [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 10,811 |
Debentures - Principal and Interest [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 1,592,045 |
Debentures - Principal and Interest [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 4,053,800 |
Debentures - Principal and Interest [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 101,704 |
Debentures - Principal and Interest [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 770,047 |
Debentures - Principal and Interest [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,691,282 |
Regulatory Charges [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 232,252 |
Regulatory Charges [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 231,130 |
Regulatory Charges [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Regulatory Charges [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Regulatory Charges [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 1,122 |
Regulatory Charges [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Regulatory Charges [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Use of Public Asset [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 102,952 |
Use of Public Asset [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 981 |
Use of Public Asset [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 45,591 |
Use of Public Asset [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 28,494 |
Use of Public Asset [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 1,962 |
Use of Public Asset [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 8,828 |
Use of Public Asset [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 17,096 |
Consumers and Concessionaires [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 298,549 |
Consumers and Concessionaires [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 57,182 |
Consumers and Concessionaires [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 183,938 |
Consumers and Concessionaires [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Consumers and Concessionaires [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 57,429 |
Consumers and Concessionaires [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Consumers and Concessionaires [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
EPE / FNDCT / PROCEL [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 49,275 |
EPE / FNDCT / PROCEL [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 44 |
EPE / FNDCT / PROCEL [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
EPE / FNDCT / PROCEL [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
EPE / FNDCT / PROCEL [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 5,158 |
EPE / FNDCT / PROCEL [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 44,073 |
EPE / FNDCT / PROCEL [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Collections Agreement [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 93,740 |
Collections Agreement [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 46,439 |
Collections Agreement [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Collections Agreement [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Collections Agreement [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 47,301 |
Collections Agreement [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Collections Agreement [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | |
Reversal Fund [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 14,327 |
Reversal Fund [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 143 |
Reversal Fund [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 5,769 |
Reversal Fund [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,423 |
Reversal Fund [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 285 |
Reversal Fund [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 1,284 |
Reversal Fund [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,423 |
Others [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 455,891 |
Others [Member] | Less than 1 Month [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 103,808 |
Others [Member] | More than 5 years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 189,707 |
Others [Member] | 4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 3,423 |
Others [Member] | 1-3 Months [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 110,173 |
Others [Member] | 3 Months To 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | 45,357 |
Others [Member] | 1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities | R$ 3423 |
(35) FINANCIAL INSTRUMENTS (_10
(35) FINANCIAL INSTRUMENTS (Details Narrative) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019BRL (R$)Exchangeshares | Dec. 31, 2018BRL (R$) | Dec. 31, 2017BRL (R$) | |
Disclosure of detailed information about financial instruments [line items] | |||
Gain and loss on financial liabilities | R$ 127102 | R$ 37421 | |
Exchange rate | Exchange | 4.03 | ||
Net financial costs for debts exposed to fixed indexes | R$ 52075 | ||
Paulista Lajeado Energia S.A [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of equity interest | 5.94% | ||
Paulista Lajeado Energia S.A [Member] | Common Shares [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Number of shares issued (in shares) | shares | 28,154,140 | ||
Paulista Lajeado Energia S.A [Member] | Preferred Shares [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Number of shares issued (in shares) | shares | 18,593,070 | ||
Zero Cost Collar Derivative [Member] | CPFL Geracao [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Description of maturity date | Due dates between October 1, 2015 and September 30, 2020. | ||
Description of exercise prices | The exercise prices of the dollar options vary from R$ 4.20 to R$ 4.40 for the put options and from R$ 5.40 to R$ 7.50 for the call options. | ||
At Fair Value [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on fair value adjustments on Other Comprehensive Income - Derivatives related to debts measured at fair value | R$ 139361 | ||
Gain (loss) on fair value adjustments on Other Comprehensive Income - Derivatives related to debts not measured at fair value | 577 | ||
Gain (loss) on fair value adjustments on Other Comprehensive Income - Other derivatives | 11,169 | ||
At Fair Value [member] | Level 3 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain and loss on financial liabilities | R$ 281340 | 345,015 | R$ 204443 |
At Fair Value [member] | IFRS 9 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Description of significant unobservable inputs | Volatility determined based on the average market pricing calculations, future dollar and other variables applicable to this specific transaction, with average variation of 13.22%. | ||
Description of unobservable inputs and fair value (sensitivity) | A slight rise in long-term volatility, analyzed on an isolated basis, would result in an insignificant increase in fair value. If the volatility were 10% higher and all the other variables remained constant, the net carrying amount (asset) would increase by R$ 203, resulting in a net asset of R$ 5,623. | ||
United States of America, Dollars | S.A. Brasil Bolsa Balcao [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | Exchange | 4.12 | ||
Percentage of exchange rate depreciation | 2.10% | ||
United States of America, Dollars | Zero Cost Collar Derivative [Member] | CPFL Geracao [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative notional amount | R$ 111817 | R$ 22174 | |
Euro Member Countries, Euro | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | Exchange | 1 | ||
Euro Member Countries, Euro | S.A. Brasil Bolsa Balcao [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | Exchange | 4.72 | ||
Percentage of exchange rate depreciation | 4.15% |
(36) NON-CASH TRANSACTIONS (Det
(36) NON-CASH TRANSACTIONS (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash Transaction | ||
Interest capitalized | R$ 25641 | R$ 28606 |
Repayment of intercompany loans with of noncontrolling shareholders' dividends | 81 | 377 |
Provision for environmental costs capitalized in property, plant and equipment | 83,334 | 1,684 |
Transfers between property, plant and equipment, intangible and other assets | R$ 1662 | R$ 5515 |
(37) COMMITMENTS (Details)
(37) COMMITMENTS (Details) R$ in Thousands | 12 Months Ended |
Dec. 31, 2019BRL (R$) | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 176376222 |
JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 10,213,692 |
Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 18,460,037 |
Less than 1 year [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 3,536,005 |
1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 35,301,603 |
1-3 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 5,454,831 |
4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 37,825,216 |
4-5 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 826,754 |
MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 84,789,366 |
MoreThanFiveYearsMember | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 396102 |
Energy purchase agreements (except Itaipu) [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 25 years |
Total | R$ 97731649 |
Energy purchase agreements (except Itaipu) [Member] | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 11,988,989 |
Energy purchase agreements (except Itaipu) [Member] | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 21,701,899 |
Energy purchase agreements (except Itaipu) [Member] | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 22,211,015 |
Energy purchase agreements (except Itaipu) [Member] | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 41829746 |
Energy purchase from Itaipu [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 25 years |
Total | R$ 30440448 |
Energy purchase from Itaipu [Member] | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 2,896,696 |
Energy purchase from Itaipu [Member] | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 5,642,618 |
Energy purchase from Itaipu [Member] | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 6,097,490 |
Energy purchase from Itaipu [Member] | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 15803644 |
Energy system service charges [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 29 years |
Total | R$ 44852333 |
Energy system service charges [Member] | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 2,762,294 |
Energy system service charges [Member] | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 7,192,517 |
Energy system service charges [Member] | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 9,172,126 |
Energy system service charges [Member] | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 25725396 |
GSF renegotiation [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 28 years |
Total | R$ 319703 |
GSF renegotiation [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 695,489 |
GSF renegotiation [Member] | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 16,468 |
GSF renegotiation [Member] | Less than 1 year [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 33,566 |
GSF renegotiation [Member] | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 37,886 |
GSF renegotiation [Member] | 1-3 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 132,856 |
GSF renegotiation [Member] | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 36,484 |
GSF renegotiation [Member] | 4-5 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 132,965 |
GSF renegotiation [Member] | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 228,865 |
GSF renegotiation [Member] | MoreThanFiveYearsMember | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 396102 |
Power plant construction projects [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 14 years |
Total | R$ 2770751 |
Power plant construction projects [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 9,518,202 |
Power plant construction projects [Member] | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 757,367 |
Power plant construction projects [Member] | Less than 1 year [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 3,502,439 |
Power plant construction projects [Member] | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 654,777 |
Power plant construction projects [Member] | 1-3 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 5,321,975 |
Power plant construction projects [Member] | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 239,322 |
Power plant construction projects [Member] | 4-5 years [Member] | JointVentures [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 693,788 |
Power plant construction projects [Member] | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 1119285 |
Rentals | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Duration | Up to 13 years |
Total | R$ 261338 |
Rentals | Less than 1 year [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 38,223 |
Rentals | 1-3 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 71,906 |
Rentals | 4-5 years [Member] | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | 68,779 |
Rentals | MoreThanFiveYearsMember | |
DisclosureOfCommitmentsLineItems [Line Items] | |
Total | R$ 82430 |
(38) SUBSEQUENT EVENTS (Detail
(38) SUBSEQUENT EVENTS (Details) - BRL (R$) R$ in Thousands | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 11435958 | R$ 11435958 | R$ 10992057 | |
Events After Reporting Period [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 3429989 | |||
Events After Reporting Period [Member] | CPFL Paulista [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 174960 | |||
Interest | Quarterly | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.39% | |||
Annual effective rate | USD + 2.39% | |||
Effective rate with derivatives | CDI + 0.85% | |||
Events After Reporting Period [Member] | CPFL Paulista [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 196567 | |||
Interest | Quarterly | |||
Repayment | Single installment in february 2025 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.40% | |||
Annual effective rate | USD + 2.40% | |||
Effective rate with derivatives | CDI + 0.89% | |||
Events After Reporting Period [Member] | RGE [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 100000 | |||
Interest | Semiannual | |||
Repayment | Single installment in january 2025 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.64% | |||
Annual effective rate | USD + 2.64% | |||
Effective rate with derivatives | CDI + 0.90% | |||
Events After Reporting Period [Member] | CPFL Brasil [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 107000 | |||
Interest | Semiannual | |||
Repayment | Single installment in february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 1.83% | |||
Annual effective rate | USD + 1.83% | |||
Effective rate with derivatives | CDI + 0.61% | |||
Events After Reporting Period [Member] | CPFL Renovaveis [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 120000 | |||
Interest | Semiannual | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.07% | |||
Annual effective rate | USD + 2.07% | |||
Effective rate with derivatives | CDI + 0.80% | |||
Events After Reporting Period [Member] | CPFL Santa Cruz [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 108000 | |||
Interest | Semiannual | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.07% | |||
Annual effective rate | USD + 2.07% | |||
Effective rate with derivatives | CDI + 0.80% | |||
Events After Reporting Period [Member] | RGE [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 418280 | |||
Interest | Semiannual | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 2.07% | |||
Annual effective rate | USD + 2.07% | |||
Effective rate with derivatives | CDI + 0.80% | |||
Events After Reporting Period [Member] | RGE [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 185000 | |||
Interest | Quarterly | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + Libor 3M + 0.87% | |||
Annual effective rate | USD + Libor 3M + 0.87% | |||
Effective rate with derivatives | CDI + 0.83% | |||
Events After Reporting Period [Member] | RGE [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 225497 | |||
Interest | Quarterly | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + 1.84% (1.94% in Mar/2021) | |||
Annual effective rate | USD + 1.84% (1.94% in Mar/2021) | |||
Effective rate with derivatives | CDI + 0.85% | |||
Events After Reporting Period [Member] | CPFL Paulista [Member] | Foreign Currency - Law 4.131 [Member] | US$ [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 274046 | |||
Interest | Quarterly | |||
Repayment | Annual from february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | USD + Libor 3M + 0.99% | |||
Annual effective rate | USD + Libor 3M + 0.99% | |||
Effective rate with derivatives | CDI + 0.80% | |||
Events After Reporting Period [Member] | CPFL Paulista [Member] | Foreign Currency - Law 4.131 [Member] | Euro [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 534880 | |||
Interest | Quarterly | |||
Repayment | Single installment in february 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | EURO + 0.43% | |||
Annual effective rate | EURO + 0.43% | |||
Effective rate with derivatives | CDI + 0.58% | |||
Events After Reporting Period [Member] | CPFL Piratininga [Member] | Foreign Currency - Law 4.131 [Member] | Euro [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 419760 | |||
Interest | Quarterly | |||
Repayment | Single installment in march 2025 | |||
Utilization | Working capital improvement | |||
Annual finance charges | EURO + 0.70% | |||
Annual effective rate | EURO + 0.70% | |||
Effective rate with derivatives | CDI + 0.83% | |||
Events After Reporting Period [Member] | CPFL Paulista [Member] | Foreign Currency - Law 4.131 [Member] | Euro [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | R$ 566000 | |||
Interest | Quarterly | |||
Repayment | Single installment in march 2023 | |||
Utilization | Working capital improvement | |||
Annual finance charges | EURO + 0.57% | |||
Annual effective rate | EURO + 0.57% | |||
Effective rate with derivatives | CDI + 1.10% |
(39) CONDENSED UNCONSOLIDATED_3
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | R$ 1937163 | R$ 1891457 | R$ 3249642 | R$ 6164997 |
Income tax and social contribution recoverable | 101,528 | 67,966 | ||
Other taxes recoverable | 331,428 | 287,517 | ||
Other receivables | 648,161 | 811,005 | ||
Total current assets | 10,340,630 | 9,402,316 | ||
Escrow deposits | 757,370 | 854,374 | ||
Deferred tax assets | 1,064,716 | 956,380 | ||
Other receivables | 736,019 | 927,440 | ||
Investments | 997,997 | 980,362 | ||
Property, plant and equipment | 9,083,710 | 9,456,614 | 9,787,125 | 9,712,998 |
Intangible assets | 9,320,953 | 9,462,935 | 10,589,824 | 10,775,613 |
Total noncurrent assets | 33,737,664 | 32,809,214 | ||
Total assets | 44,078,293 | 42,211,530 | ||
LIABILITIES | ||||
Trade payables | 3,260,180 | 2,398,085 | ||
Income tax and social contribution payable | 218,961 | 100,450 | ||
Other taxes, fees and contributions | 741,536 | 664,989 | ||
Dividends | 668,859 | 532,608 | ||
Other payables | 1,094,269 | 979,296 | ||
Total current liabilities | 10,065,908 | 8,415,132 | ||
Debentures | 7,863,696 | 8,023,493 | ||
Other payables | 759,331 | 475,396 | ||
Total noncurrent liabilities | 20,729,147 | 21,264,015 | ||
Equity | 12,994,381 | 10,262,749 | ||
Total liabilities and equity | 44,078,293 | 42,211,530 | ||
Unconsolidated [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 33,909 | 79,364 | R$ 6581 | R$ 64973 |
Dividends and interest on capital | 816,205 | 701,731 | ||
Income tax and social contribution recoverable | 78 | 9,441 | ||
Other taxes recoverable | 58,947 | 8,646 | ||
Other receivables | 400 | 417 | ||
Total current assets | 909,539 | 799,599 | ||
Intragroup loans | 424,387 | 72,933 | ||
Escrow deposits | 453 | 703 | ||
Deferred tax assets | 85,474 | 112,522 | ||
Other receivables | 3,960 | 4,863 | ||
Investments | 12,327,132 | 9,816,139 | ||
Property, plant and equipment | 2,226 | 1,087 | ||
Intangible assets | 120 | 110 | ||
Total noncurrent assets | 12,843,753 | 10,008,356 | ||
Total assets | 13,753,291 | 10,807,954 | ||
LIABILITIES | ||||
Trade payables | 4,698 | 2,854 | ||
Income tax and social contribution payable | 40,629 | 8,261 | ||
Other taxes, fees and contributions | 25,315 | 5,258 | ||
Dividends | 645,737 | 491,602 | ||
Other payables | 22,318 | 23,405 | ||
Total current liabilities | 738,697 | 531,380 | ||
Debentures | 123 | 241 | ||
Provision for tax, civil and labor risks | 20,090 | 13,584 | ||
Other payables | 20,213 | 13,825 | ||
Total noncurrent liabilities | 12,994,381 | 10,262,749 | ||
Equity | R$ 13753291 | R$ 10807954 |
(39) CONDENSED UNCONSOLIDATED_4
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
Net operating revenue | R$ 29932474 | R$ 28136627 | R$ 26744905 |
General and administrative expenses | 1,027,230 | 987,291 | 947,072 |
Other operating expenses | 486,993 | 485,427 | 438,494 |
Income from electric energy service | 4,363,450 | 3,708,467 | 3,021,834 |
Equity interests in subsidiaries, associates and joint ventures | 349,090 | 334,198 | 312,390 |
Finance income (expenses) | (726,247) | (1,102,687) | (1,487,554) |
Profit before taxes | (3,986,293) | (2,939,977) | (1,846,670) |
Profit attributable to controlling shareholder | 2,702,671 | 2,058,040 | 1,179,750 |
Unconsolidated [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
Net operating revenue | 2,309 | 1 | 1 |
General and administrative expenses | (52,712) | (43,930) | (42,771) |
Depreciation and amortization | (273) | (201) | |
Other general and administrative expenses | (52,439) | (43,729) | |
Other operating expenses | 9 | ||
Income from electric energy service | (50,403) | (43,920) | (42,770) |
Equity interests in subsidiaries, associates and joint ventures | 2,827,718 | 2,250,835 | 1,349,766 |
Profit before finance results | 2,777,315 | 2,206,915 | 1,306,996 |
Finance income (expenses) | 48,019 | (27,300) | (56,471) |
Profit before taxes | 2,825,333 | 2,179,616 | 1,250,525 |
Social contribution and income tax | (122,662) | (121,575) | (70,775) |
Profit attributable to controlling shareholder | R$ 2702671 | R$ 2058040 | R$ 1179750 |
(39) CONDENSED UNCONSOLIDATED_5
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING CASH FLOW | |||
Profit before taxes | R$ 3986293 | R$ 2939977 | R$ 1846670 |
ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES | |||
Depreciation and amortization | 1,681,053 | 1,594,064 | 1,529,052 |
Interest on debts, inflation adjustment and exchange rate changes | 919,836 | 1,117,742 | 1,863,311 |
ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES | 6,978,359 | 5,919,953 | 5,506,768 |
DECREASE (INCREASE) IN OPERATING ASSETS AND LIABILITIES | |||
Dividends and interest on capital received | 331,754 | 311,347 | 730,178 |
Escrow deposits | 130,725 | 22,926 | (248,128) |
Trade payables | 889,002 | (848,880) | 565,945 |
Other taxes, fees and contributions | 10,344 | (59,102) | (261,194) |
CASH FLOWS PROVIDED BY OPERATIONS | 7,884,817 | 3,026,428 | 4,218,652 |
Interest paid on debts and debentures | (1,132,479) | (1,353,339) | (1,846,453) |
Income tax and social contribution paid | (963,806) | (816,402) | (338,175) |
NET CASH FROM OPERATING ACTIVITIES | 5,788,530 | 856,686 | 2,034,024 |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (188,994) | (275,986) | (685,856) |
Purchases of intangible assets | (19,147) | (16,864) | (1,884,577) |
Securities, pledges and restricted deposits | (1,184,804) | (554,669) | (93,933) |
NET CASH USED IN INVESTING ACTIVITIES | (3,068,691) | (1,850,688) | (2,509,321) |
FINANCING ACTIVITIES | |||
Capital increase by noncontrolling interests | 3,622,305 | 7,994 | (122,791) |
Dividends and interest on capital paid | 534,061 | 322,163 | 336,934 |
NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES | (2,674,135) | (364,185) | (2,440,057) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 45,704 | (1,358,187) | (2,915,354) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 1,891,457 | 3,249,642 | 6,164,997 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 1,937,163 | 1,891,457 | 3,249,642 |
Unconsolidated [Member] | |||
OPERATING CASH FLOW | |||
Profit before taxes | 2,825,333 | 2,179,616 | 1,250,525 |
ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES | |||
Depreciation and amortization | 273 | 201 | 217 |
Provision for tax, civil and labor risks | 408 | (117) | 61 |
Interest on debts, inflation adjustment and exchange rate changes | (6,318) | 2,932 | 61,520 |
Equity interests in subsidiaries, associates and joint ventures | (2,827,718) | (2,250,835) | (1,349,766) |
ADJUSTMENT TO RECONCILE PROFIT TO CASH FROM OPERATING ACTIVITIES | (8,022) | (68,204) | (37,443) |
DECREASE (INCREASE) IN OPERATING ASSETS AND LIABILITIES | |||
Dividends and interest on capital received | 1,295,427 | 596,100 | 1,172,336 |
Taxes recoverable | (5,388) | 109,719 | 65,182 |
Escrow deposits | 260 | (25) | 68 |
Other operating assets and liabilities | 6,689 | 7,554 | (16,792) |
Trade payables | 1,845 | 1,210 | (2,116) |
Tax, labor and civil suits paid | (542) | (259) | (466) |
Other taxes, fees and contributions | 19,815 | 4,541 | 263 |
CASH FLOWS PROVIDED BY OPERATIONS | 1,310,084 | 650,636 | 1,181,032 |
Interest paid on debts and debentures | (4,235) | (71,844) | |
Income tax and social contribution paid | (21,388) | (80,234) | (47,438) |
NET CASH FROM OPERATING ACTIVITIES | 1,288,696 | 566,167 | 1,061,750 |
INVESTING ACTIVITIES | |||
Capital increase in investees | (4,107,555) | (9,400) | |
Purchases of property, plant and equipment | (1,763) | (286) | (185) |
Purchases of intangible assets | (15) | (42) | (51) |
Advance for future capital increases | (14,160) | (82,415) | (383,340) |
Securities, pledges and restricted deposits | (250) | ||
Intercompany loan - granted | (424,371) | (80,512) | (72,199) |
Intercompany loan - received | 78,391 | 135,222 | |
NET CASH USED IN INVESTING ACTIVITIES | (4,469,473) | (28,283) | (465,175) |
FINANCING ACTIVITIES | |||
Capital increase by noncontrolling interests | 3,622,305 | ||
Repayment of principal of borrowings and debentures | (186,000) | (434,000) | |
Dividends and interest on capital paid | (486,984) | (279,101) | (220,966) |
NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES | 3,135,321 | (465,101) | (654,966) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (45,456) | 72,783 | (58,390) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 79,364 | 6,581 | 64,973 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | R$ 33909 | R$ 79364 | R$ 6581 |
(39) CONDENSED UNCONSOLIDATED_6
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 3) - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Bank balances | R$ 450622 | R$ 422968 | ||
Total | 1,937,163 | 1,891,457 | R$ 3249642 | R$ 6164997 |
Unconsolidated [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Bank balances | 2,195 | 2,824 | ||
Investment funds | 31,714 | 76,540 | ||
Total | R$ 33909 | R$ 79364 | R$ 6581 | R$ 64973 |
(39) CONDENSED UNCONSOLIDATED_7
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 4) - Unconsolidated [Member] - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | R$ 567266 | R$ 325469 |
Interest on capital | 248,940 | 376,261 |
Total | 816,205 | 701,731 |
CPFL Telecom SA [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 1,111 | |
Interest on capital | ||
Total | 1,111 | |
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 504,789 | 92,596 |
Interest on capital | 115,928 | 110,214 |
Total | 620,717 | 202,810 |
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 26,795 | |
Interest on capital | 94,312 | |
Total | 121,107 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 32,172 | 6,226 |
Interest on capital | 35,254 | 31,708 |
Total | 67,426 | 37,934 |
Companhia Luz e Forca Santa Cruz [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | ||
Interest on capital | 39,728 | 19,160 |
Total | 39,728 | 19,160 |
CPFL Centrais Geradoras ("CPFL Centrais Geradoras") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 815 | 815 |
Interest on capital | ||
Total | 815 | 815 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 71,099 | |
Interest on capital | 53,937 | 102,436 |
Total | 53,937 | 173,535 |
TI Nect Servicos de Informatica Ltda. ("Authi") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 10,000 | 151 |
Interest on capital | ||
Total | 10,000 | 151 |
CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 10,194 | 3,398 |
Interest on capital | ||
Total | 10,194 | 3,398 |
CPFL Eficiencia Energetica S.A (CPFL Eficiencia) [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 2,630 | 12,195 |
Interest on capital | 2,550 | 15,104 |
Total | 5,179 | 27,299 |
CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 111,083 | |
Interest on capital | 1,200 | 2,451 |
Total | 1,200 | 113,534 |
NECT Servicos Administrativos Ltda ("Nect") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | ||
Interest on capital | ||
Total | ||
CPFL Planalto Ltda. ("CPFL Planalto") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | ||
Interest on capital | ||
Total | ||
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 0 | |
Interest on capital | 343 | 876 |
Total | 343 | R$ 876 |
CPFL Jaguari [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 3,473 | |
Interest on capital | ||
Total | 3,473 | |
CPFL Servicos [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Dividend | 3,193 | |
Interest on capital | ||
Total | R$ 3193 |
(39) CONDENSED UNCONSOLIDATED_8
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 5) - Unconsolidated [Member] - BRL (R$) R$ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | R$ 85474 | R$ 112522 |
Income Tax Subtotal [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | 62,747 | 83,127 |
Tax losses carryforwards [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | 22,174 | 2,950 |
Temporary nondeductible differences [member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | 553 | (355) |
Subtotal [member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | 22,727 | 29,395 |
Income Tax Credit Tax Losses Carryforwards [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | 61,209 | 84,113 |
Income Tax Temporarily Nondeductible Differences [Member] | ||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||
Total | R$ 1537 | R$ 986 |
(39) CONDENSED UNCONSOLIDATED_9
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 6) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
Income before taxes | R$ 3986293 | R$ 2939977 | R$ 1846670 |
Social Contribution [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
Income before taxes | 2,825,333 | 2,179,615 | |
Adjustments to reflect effective rate: | |||
Equity in subsidiaries | (2,827,718) | (2,250,835) | |
Amortization of intangible asset acquired | 48,649 | 48,649 | 48,649 |
Interest on capital income | 345,484 | 424,892 | |
Other permanent additions (exclusions), net | 103,889 | 101,581 | 74,015 |
Tax base | R$ 342530 | R$ 354984 | |
Statutory rate | 9.00% | 9.00% | |
Tax credit/(debit) | R$ 30828 | R$ 31949 | |
Recorded (unrecognizad) Tax credit,net | 1,134 | ||
Total | (30,828) | (30,814) | |
Current | (17,677) | (22,401) | |
Deferred | (13,151) | (8,413) | |
Income Tax [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
Income before taxes | 2,825,333 | 2,179,615 | |
Adjustments to reflect effective rate: | |||
Equity in subsidiaries | (2,827,718) | (2,250,835) | |
Amortization of intangible asset acquired | 62,756 | 62,756 | 62,756 |
Interest on capital income | 345,484 | 424,892 | |
Other permanent additions (exclusions), net | 50,343 | 87,162 | R$ 82631 |
Tax base | R$ 367338 | R$ 376121 | |
Statutory rate | 25.00% | 25.00% | |
Tax credit/(debit) | R$ 91834 | R$ 94030 | |
Recorded (unrecognizad) Tax credit,net | 3,270 | ||
Total | (91,835) | (90,760) | |
Current | (53,445) | (65,916) | |
Deferred | R$ 38390 | R$ 24844 |
(39) CONDENSED UNCONSOLIDATE_10
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 7) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | R$ 44078293 | R$ 42211530 | ||
Issued capital | 9,388,081 | 5,741,284 | ||
Equity | 13,283,238 | 12,532,383 | R$ 11186344 | R$ 10372668 |
Profit or loss for the period | 2,748,297 | 2,165,995 | 1,243,042 | |
Amortization of fair value adjustments of assets | (74,023) | (74,207) | (60,918) | |
Share of profit (loss) of investees, net of amortization of fair value adjustments of assets | 2,827,719 | 2,250,835 | 1,349,766 | |
Investment | 11,711,300 | 9,088,049 | ||
Advances for future capital increases | 14,160 | 82,395 | ||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 10,917,071 | |||
Issued capital | 1,308,373 | |||
Equity | 1,522,421 | |||
Profit or loss for the period | 837,604 | |||
Equity interest | 1,522,421 | 1,910,866 | ||
Share of profit (loss) of investees | 837,604 | 649,516 | 280,354 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 4,073,042 | |||
Issued capital | 249,321 | |||
Equity | 564,024 | |||
Profit or loss for the period | 281,634 | |||
Equity interest | 564,024 | 516,235 | ||
Share of profit (loss) of investees | 281,634 | 182,654 | 152,080 | |
Companhia Luz e Forca Santa Cruz [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 1,463,945 | |||
Issued capital | 170,413 | |||
Equity | 465,625 | |||
Profit or loss for the period | 101,228 | |||
Equity interest | 465,625 | 392,040 | ||
Share of profit (loss) of investees | 101,228 | 81,191 | 23,447 | |
RGE Sul Distribuidora de Energia S.A. ("RGE") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 9,997,093 | |||
Issued capital | 2,809,820 | |||
Equity | 4,000,469 | |||
Profit or loss for the period | 614,109 | |||
Equity interest | 3,489,745 | 3,286,587 | ||
Share of profit (loss) of investees | 559,783 | 255,854 | 57,305 | |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 5,401,315 | |||
Issued capital | 1,043,922 | |||
Equity | 3,068,752 | |||
Profit or loss for the period | 862,726 | |||
Equity interest | 3,068,752 | 2,625,465 | ||
Share of profit (loss) of investees | 862,726 | 766,451 | 594,026 | |
CPFL Renovaveis [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 8,662,437 | |||
Issued capital | 3,698,060 | |||
Equity | 4,646,421 | 4,251,172 | ||
Profit or loss for the period | 96,628 | |||
Equity interest | 2,125,023 | |||
Share of profit (loss) of investees | 52,388 | |||
CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 68,518 | |||
Issued capital | 40,108 | |||
Equity | 58,310 | |||
Profit or loss for the period | 9,849 | |||
Equity interest | 58,310 | 58,656 | ||
Share of profit (loss) of investees | 9,849 | 13,592 | 15,709 | |
CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 1,394,345 | |||
Issued capital | 3,000 | |||
Equity | 86,651 | |||
Profit or loss for the period | 109,090 | |||
Equity interest | 86,651 | 72,680 | ||
Share of profit (loss) of investees | 109,090 | 91,502 | 94,455 | |
CPFL Planalto Ltda. ("CPFL Planalto") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 6,706 | |||
Issued capital | 630 | |||
Equity | 6,466 | |||
Profit or loss for the period | 4,022 | |||
Equity interest | 6,466 | 2,444 | ||
Share of profit (loss) of investees | 4,022 | 3,567 | 3,550 | |
CPFL Servicos, Equipamentos, Industria e Comercio S.A. ("CPFL Servicos") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 238,200 | |||
Issued capital | 120,929 | |||
Equity | 131,181 | |||
Profit or loss for the period | 13,445 | (24,076) | (12,863) | |
Equity interest | 131,181 | 120,929 | ||
Share of profit (loss) of investees | 13,445 | |||
CPFL Telecom S.A ("CPFL Telecom") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Profit or loss for the period | 13,445 | |||
Equity interest | 131,181 | |||
Share of profit (loss) of investees | 13,445 | |||
CPFL Total Servicos Administrativos Ltda. ("CPFL Total") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Equity interest | 120,929 | |||
Share of profit (loss) of investees | (24,076) | (12,863) | ||
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende")[Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 31,513 | |||
Issued capital | 13,991 | |||
Equity | 24,296 | |||
Profit or loss for the period | 11,266 | |||
Equity interest | 24,296 | 19,363 | ||
Share of profit (loss) of investees | 11,266 | 9,527 | 7,128 | |
Companhia Sul Paulista de Energia ("CPFL Sul Paulista") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Share of profit (loss) of investees | 10,545 | |||
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Share of profit (loss) of investees | 9,589 | |||
CPFL Santa Cruz [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Share of profit (loss) of investees | 11,720 | |||
Companhia Luz e Forca de Mococa ("CPFL Mococa") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Share of profit (loss) of investees | 6,999 | |||
Rio Grande Energia S.A. [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Share of profit (loss) of investees | 117,700 | |||
RGE Sul Distribuidora de Energia S.A. ("RGE") Plan 2 [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 9,997,093 | |||
Issued capital | 2,809,820 | |||
Equity | 4,000,469 | |||
CPFL Infra [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 20,598 | |||
Issued capital | 38 | |||
Equity | 14,025 | |||
Profit or loss for the period | 17,643 | |||
Equity interest | 14,025 | 16,558 | ||
Share of profit (loss) of investees | 17,643 | 19,087 | ||
CPFL Pessoas [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 7,260 | |||
Issued capital | 811 | |||
Equity | 4,517 | |||
Profit or loss for the period | 2,047 | |||
Equity interest | 4,517 | |||
Share of profit (loss) of investees | 2,047 | |||
CPFL Financas [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 9,123 | |||
Issued capital | 385 | |||
Equity | 5,566 | |||
Profit or loss for the period | 3,982 | |||
Equity interest | 5,566 | |||
Share of profit (loss) of investees | 3,982 | |||
CPFL Supre [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 5,432 | |||
Issued capital | 826 | |||
Equity | 3,267 | |||
Profit or loss for the period | 1,232 | |||
Equity interest | 3,267 | |||
Share of profit (loss) of investees | 1,232 | |||
CPFL Total [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 39,793 | |||
Issued capital | 9,005 | |||
Equity | 35,348 | |||
Profit or loss for the period | 25,665 | |||
Equity interest | 5,348 | 19,953 | ||
Share of profit (loss) of investees | 25,665 | 21,690 | 20,865 | |
CPFL Telecom S.A ("CPFL Telecom") [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 4,381 | |||
Issued capital | 1,928 | |||
Equity | 4,188 | |||
Profit or loss for the period | 113 | |||
Equity interest | 4,188 | 5,465 | ||
Share of profit (loss) of investees | 113 | 4,442 | (14,021) | |
CPFL Centrais Geradoras [Member] | ||||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | ||||
Total assets | 19,746 | |||
Issued capital | 16,128 | |||
Equity | 16,020 | |||
Profit or loss for the period | 22 | |||
Equity interest | 16,020 | 15,998 | ||
Share of profit (loss) of investees | R$ 22 | R$ 618 | R$ 735 |
(39) CONDENSED UNCONSOLIDATE_11
(39) CONDENSED UNCONSOLIDATED FINANCIAL INFORMATION (Details 8) - Unconsolidated [Member] - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | R$ 1295427 | R$ 596100 | R$ 1172336 |
TI Nect Servicos de Informatica Ltda. ("Authi") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 11,603 | 31,912 | 24,264 |
CPFL Eficiencia Energetica S.A (CPFL Eficiencia) [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 2,300 | ||
Companhia Jaguari de Energia ("CPFL Jaguari") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 45,770 | ||
CPFL Servicos, Equipamentos, Industria e Comercio S.A. ("CPFL Servicos") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | |||
Companhia Paulista de Forca e Luz ("CPFL Paulista") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 178,214 | 100,120 | 2,228 |
CPFL Centrais Geradoras Ltda. ("CPFL Centrais Geradoras") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | |||
NECT Servicos Administrativos Ltda ("Nect") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 22,392 | 13,424 | |
Companhia Piratininga de Forca e Luz ("CPFL Piratininga") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 37,935 | 28,445 | 112,638 |
CPFL Total Servicos Administrativos Ltda. ("CPFL Total") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 10,270 | 22,361 | 17,810 |
CPFL Atende Centro de Contatos e Atendimento Ltda. ("CPFL Atende") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 6,723 | 10,094 | 5,666 |
Companhia Luz e Forca Santa Cruz ("CPFL Santa Cruz") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 8,427 | ||
CPFL Planalto Ltda. ("CPFL Planalto") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 5,304 | 1,471 | |
CPFL Jaguari de Geracao de Energia Ltda ("CPFL Jaguari Geracao") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 3,398 | 2,508 | 11,061 |
Companhia Leste Paulista de Energia ("CPFL Leste Paulista") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 4,449 | ||
CPFL Comercializacao Brasil S.A. ("CPFL Brasil") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 197,474 | 2,859 | 166,695 |
CPFL Geracao de Energia S.A. ("CPFL Geracao") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 423,553 | 298,511 | 779,533 |
Rio Grande Energia S.A. [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 23,525 | 24,672 | |
Companhia Luz e Forca de Mococa ("CPFL Mococa") [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | |||
RGE Sul (RGE) [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | 409,670 | ||
CPFL Telecom [Member] | |||
DisclosureOfCondensedUnconsolidatedFinancialInformationLineItems [Line Items] | |||
TOTAL | R$ 2500 |