38 | 2011 Annual Report - Camargo Corrêa S.A.
Camargo Corrêa Group is the major private shareholder in the controlling block of CPFL Energia, the largest private company of the electric power industry in Brazil. The Group’s shareholding interest is 25.6% of total stock. In April 2011, CPFL Energia entered a joint venture agreement with Energias Renováveis S.A. (Ersa) for renewable energy projects (units of wind energy, biomass, and small hydro plants). The venture resulted in CPFL Renováveis and was one of the major highlights of the Group in this business division. The new company was born as the largest of its industry in Latin America, with 1,417 MW of installed capacity in operation and construction, and 3,037 MW under development.
CPFL Energia is an integrated company, and through subsidiaries it distributes, generates, and sells electric power in Brazil on the captive and free markets. It is the industry’s largest private company and a leader in distribution, with a market share of 13%. It operates through eight distributors in the states of São Paulo and Rio Grande do Sul, serving 7 million customers. In energy generation, its assets amount to an installed capacity of 2,750 MW.
In sales, its operations are all over the Brazilian territory by means of the subsidiary CPFL Brasil. In services, it has CPFL Serviços, CPFL Atende, and Chumpitaz Serviços.
In the year, the net revenue related to the shareholding interest held at CPFL Energia was R$ 3,262 million, up 2.6% over the previous year. Cash flow (EBITDA) reached R$ 1,021 million, with a 31.3% margin over the net revenue. The net profit was R$ 298 million.