At CPFL, the solution of the 20 -year case – and the r $ 4.7 billion surprise
A case of practically sleeping already CPFL power He brought the R $ 4.7 billion surprise to shareholders in today’s trading session – one of those episodes insisting on emphasizing the slowdown of Brazilian justice.
In the middle of the session, the company has announced that it has earned credits for this amount -to send over 10% of the market value -to send it to the Sunnets, for a reason that runs by 2004, over 20 years, against the National Electric Energy Agency (Aneel).
It is enough to cut off the distributor’s action, which has increased by 5% to 3.39% – a significant percentage in A The sour day for Ibovespa.
The case dated 2003, when Anil decided to cancel the energy purchase agreements that the CPFL Palesta, which was distributed in the interior of Sao Paulo, had CPFL energy.
Prior to the current model, distributors are likely to buy power from the relevant parts using the transfer limit when the distributors buy power through the auction in 2004.
The CPFL questioned in the court and the case was already a res Judicata, which shows that Anil’s decision was arbitrary. Now, the value of the table is clear: R $ 4.7 billion, for the updated values for March this year.
The matter was released as the Regulatory Agency Board was discussed today as part of the annual regestation of CPFL Palesta. Without the CPFL energy, the original proposal of the Registration fell 3.66%.
If the full value is applied simultaneously, the effect will be 25.95%. The CPFL’s proposal – and Anil Technical Team supports – disagreeing with the Registration in five years and is corrected by selic, resulting in 4.56% of the regestation this year.
The three directors voted in favor, but Fernando Mosna asked for more (!) Time to assess this.
Despite the slowdown, the market is already taking the opportunity to get approved.
“Considering three votes in favor, we will see that less probability is not guaranteed to decrease compensation,” said Antonio Junkura, analyst of the BTG Pactual (from the same test control group).
In its accounts, the net income tax amount should be 3 billion per CPFL – R $ 2.70 or 7.2% per share above yesterday’s closure price. (Ie, today’s reaction is not yet high.)
For Junkura, there is a good impact on dividends – it must be followed by the cashier calendar. Since this profit has only come in five years, 2025 dividends will not change.
But from 2026 to 2029, the credits can support additional income to another MILLION 900 million, which gives an additional 2% dividend yield per year.
