Cash Flow


		Controlling	Consolidated
	2008	2007	2008
Cash flow from operating activities	748.98	373.498	748.294
Cash flow from investment activities	-323.66	-439.307	-313.761
Cash flow from financing activities	-512.738	-257.155	-503.156
Variation in cash and cash equivalents	-87.418	-322.964	-68.623

In 2008, CTEEP made a fine payment to the total of R$ 2,121.00, being the difference of a fine resulting from the disposal of solid waste in an environmental protection area under the Henry Borden – Sul transmission line. GRI EN28
The company also received a fine to the value of R$ 885,508.07 for failing to meet the date set for the Guarulhos – Anhanguera transmission line to come into operation, under Authorizing Resolution nº 064/2005, dated January 31, 2005. GRI PR9
CTEEP received no significant financial assistance from the government in 2008. GRI EC4

Economic Indicators
Other indicators	2008		2007
	Thousand R$	%	Thousand R$
Investments
Expansion of Distribution/ Transmission (expansion reinforcement)	327,200	-61,14	841,907
Other indicators
Gross Operating Revenue	1,802,439	15.3	1,563,294
Revenue Deductions	-238,371	-3,84	247,880
Net Operating Revenue	1,564,068	18,9	1,315,414
Service Operating Costs and Expenses	-311,453	-0,54	313,158
Service Income	1,136,392	18,84	956,216
Financial Income	-293,413	93,16	-151,903
Corporate Income Tax (IRPJ) / Social Contribution on Net Profits (CSSL)	258,747	-2.65	265,778
Net Profit	827,065	-3.32	855,483
Interest on Own Capital	239,898	0.49	238,737
Dividends Paid	495,002	-15.2	583,758
Wealth (net value added) per Employee	1,134	3.85	1,092
Wealth (value to distribute) / Operating Revenue (%)	85.90%	-11.8 y.y	97.70%
EBITDA	1,316,680	16.64	1,128,878
EBITDA Margin (%)	84.20%	-1.6 y.y	85.80%
Current Liquidity	0.77	-45	1.4
Overall Liquidity	0.87	3.57	0.84
Gross Margin (net profit / gross operating revenue) (%)	45.89	-8.83 y.y	54.72
Net Margin (net profit / net operating revenue) (%)	52.88	-12.16 y.y	65.04
Return on Equity (net profit / net equity) (%)	14.59	-2.09 y.y	16.68
Capital Structure
Own capital (%)	83.60%	-4.5 y.y	88.10%
Third-party capital at interest (%) (loans and financing)	16.40%	4.5 y.y	11.90%

Distribution of Wealth – By Stakeholder	2008		2007
	Thousand R$	%	Thousand R$	%
Personnel	73,547	5.05%	85,086	6.42%
Government (taxes, charges, contributions and energy sector charges)	547,056	37.53%	558,769	42.18%
Financiers	102,088	7.00%	28,438	2.15%
Shareholders	734,901	50.42%	652,495	49.25%
Added Value Distributed (Total)	1,457,592	100.00%	1,324,788	100.00%

Distribution of Wealth Government and Energy Sector Charges	2008		2007
	Thousand R$	%	Thousand R$	%
Taxes, Charges and Contributions Social Integration Program / Public Service Assistance Program Contribution (PIS/PASEP)	15,747	4.53%	17,283	4.97%
Contribution for Financing Social Security (COFINS)	73,043	21.00%	64,723	18.61%
Tax on Services (ISS)	306	0.09%	22	0.01%
Corporate Income Tax (IRPJ) payable for period	190,472	54.76%	199,981	57.50%
Social Contribution on Net Profits (CSSL) payable for period	68,275	19.63%	65,797	18.92%
	347,843	100.00%	347,806	100.00%
Regulatory Charges	32,306	22.57%	56,413	34.06%
Fuel Consumption Account (CCC)	35,272	24.65%	41,922	25.31%
Energy Development Account (CDE)	50,314	35.16%	35,706	21.55%
Global Reversal Reserve (RGR)	14,934	10.43%	21,437	12.94%
Research and Development (P&D)	10,289	7.19%	10,174	6.14%
Alternative Electricity Source Incentive Program (PROINFA)	143,115	100.00%	165,652	100.00%