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22. Borrowings
 12 Months Ended
Dec. 31, 2018
Borrowings  
Borrowings

 

                     
      Issue Number of Final Annual rate p.y. Finance   12.31.2018 12.31.2017
  Contracts Company Date installment maturity (interest + commission) charges Principal
Foreign currency                  
 National Treasury Department - STN                  
 (Secretaria do Tesouro Nacional)                  
(1) Par Bond Copel 05.20.1998 1 04.11.2024 6.0% + 0.20% Half-yearly  17,315  42,914  52,768
(1) Discount Bond Copel 05.20.1998 1 04.11.2024 3.3125% + 0.20% Half-yearly  12,082  61,837  36,502
Total foreign currency                104,751  89,270
                     
Local currency                  
  Banco do Brasil                  
(2) 21/02155-4 Copel DIS 09.10.2010 2 08.15.2018 109.0% of DI Half-yearly  116,667  -  60,049
(3) 21/02248-8 Copel DIS 06.22.2011 2 05.16.2018 109.0% of DI Half-yearly  150,000  -  75,601
(4) CCB 21/11062X Copel DIS 08.26.2013 3 07.27.2018 106.0% of DI Half-yearly  151,000  -  51,932
(5) CCB 330.600.773 Copel DIS 07.11.2014 3 07.11.2019 111.8% of DI Half-yearly  116,667  40,023  80,699
(6) CFX 17/35959-7 Copel DIS 05.16.2017 2 05.06.2019 12.0% Quarterly  75,000  37,973  75,291
(7) CCB 21/00851-5 Copel DIS 06.30.2017 2 06.13.2019 11.0% Quarterly  38,889  19,340  38,241
(8) CCB 17/35960-0 Copel DIS 07.27.2017 2 07.17.2019 11.0% Quarterly  50,333  51,473  51,073
(9) CFX 17/35958-9 Copel DIS 08.15.2017 2 08.05.2019 11.0% Quarterly  58,333  59,102  58,636
(10) NCI 330.600.132 Copel HOL 02.28.2007 3 02.28.2019 107.8% of DI Half-yearly  231,000  78,669  157,707
(11) CCB 306.401.381 Copel HOL 06.21.2018 4 07.21.2021 120.0% of DI Quarterly  640,005  641,530  660,949
(12) NCI 306.401.445 Copel HOL 02.24.2017 2 02.15.2020 124.5% of DI Half-yearly  77,000  78,435  78,186
                   1,006,545  1,388,364
  Eletrobras                  
(13) 980/95 Copel DIS 12.22.1994 80 11.15.2018 8.0% Quarterly  11  -  3
(13) 981/95 Copel DIS 12.22.1994 80 08.15.2019 8.0% Quarterly  1,169  49  115
(13) 982/95 Copel DIS 12.22.1994 80 11.15.2019 8.0% Quarterly  1,283  24  48
(13) 983/95 Copel DIS 12.22.1994 80 11.15.2020 8.0% Quarterly  11  51  77
(13) 984/95 Copel DIS 12.22.1994 80 11.15.2020 8.0% Quarterly  14  22  33
(13) 985/95 Copel DIS 12.22.1994 80 08.15.2021 8.0% Quarterly  61  17  23
(14) 142/06 Copel DIS 05.11.2006 120 09.30.2018 5.0% + 1.0% Monthly  74,340  -  2,730
(14) 206/07 Copel DIS 03.03.2008 120 08.30.2020 5.0% + 1.0% Monthly  109,642  14,839  23,746
(14) 273/09 Copel DIS 02.18.2010 120 12.30.2022 5.0% + 1.0% Monthly  63,944  6,577  8,222
                   21,579  34,997
  Caixa Econômica Federal                  
(14) 415.855-22/14 Copel DIS 03.31.2015 120 12.08.2026 6.0% Monthly  16,984  15,298  5,087
(15) 3153-352 Copel DIS 11.01.2016 36 12.15.2021 5.5 % above TJLP Quarterly  489  496  498
                   15,794  5,585
  Finep                    
(16) 21120105-00 Copel Tel 07.17.2012 81 10.15.2020 4.0% Monthly  35,095  5,730  8,855
(16) 21120105-00 Copel Tel 07.17.2012 81 10.15.2020 3.5% + TR Monthly  17,103  4,842  7,482
                   10,572  16,337
  BNDES                    
(17) 820989.1 Copel GeT 03.17.2009 179 01.15.2028 1.63% above TJLP Monthly  169,500  107,326  118,370
(18) 1120952.1-A Copel GeT 12.16.2011 168 04.15.2026 1.82% above TJLP Monthly  42,433  23,098  26,078
(19) 1120952.1-B Copel GeT 12.16.2011 168 04.15.2026 1.42% above TJLP Monthly  2,290  1,246  1,407
(20) 1220768.1 Copel GeT 09.28.2012 192 07.15.2029 1.36% above TJLP Monthly  73,122  50,908  55,357
(21) 13211061 Copel GeT 12.04.2013 192 10.15.2031 0% and 1.49% above TJLP Monthly  1,041,155  841,871  871,022
(22) 13210331 Copel GeT 12.03.2013 168 08.15.2028 1.49% and 1.89%  above TJLP Monthly  17,644  12,659  13,878
(23) 15206041 Copel GeT 12.28.2015 168 06.15.2030 2.42% above TJLP Monthly  34,265  23,984  25,899
(24) 15205921 Copel GeT 12.28.2015 168 12.15.2029 2.32% above TJLP Monthly  21,584  14,518  15,734
(25) 18205101 Copel GeT 11.22.2018 192 06.15.2035 1.94% above TJLP Monthly  194,000  158,659  -
(26) 14205611-A Copel DIS 12.15.2014 72 01.15.2021 2.09% above TJLP Annual  41,583  14,450  21,267
(26) 14205611-B Copel DIS 12.15.2014 6 02.15.2021 2.09 above TR BNDES Monthly  17,821  11,992  15,384
(27) 14205611-C Copel DIS 12.15.2014 113 06.15.2024 6.0% Monthly  78,921  43,097  50,949
(28) 14205611-D Copel DIS 12.15.2014 57 02.15.2021 TJLP Monthly  750  20  29
(29) 14.2.1271.1 Santa Maria 06.01.2015 192 08.15.2031 1.66% above TJLP Monthly  59,462  48,125  51,578
(29) 14.2.1272.1 Santa Helena 06.01.2015 192 08.15.2031 1.66% above TJLP Monthly  64,520  52,188  55,932
(30) 11211521 GE Farol 03.19.2012 192 06.15.2030 2.34% above TJLP Monthly  54,100  45,158  48,741
(30) 11211531 GE Boa Vista 03.19.2012 192 06.15.2030 2.34% above TJLP Monthly  40,050  33,385  36,034
(30) 11211541 GE S.B. do Norte 03.19.2012 192 06.15.2030 2.34% above TJLP Monthly  90,900  75,715  81,723
(30) 11211551 GE Olho D'Água 03.19.2012 192 06.15.2030 2.34% above TJLP Monthly  97,000  80,863  87,278
(31) 18204611 Cutia 10.25.2018 192 07.15.2035 2.04% above TJLP Monthly  619,405  505,368  -
(32) 13212221 - A Costa Oeste 12.03.2013 168 11.30.2028 1.95% + TJLP Monthly  23,634  21,291  -
(33) 13212221 - B Costa Oeste 12.03.2013 106 09.30.2023 3.5% Monthly  9,086  3,789  -
(34) 14205851 - A Marumbi 07.08.2014 168 06.30.2029 2.00% + TJLP Monthly  33,460  27,134  -
(35) 14205851 - B Marumbi 07.08.2014 106 04.30.2024 6.00% Monthly  21,577  12,076  -
                   2,208,920  1,576,660
(36) Promissory notes Copel GeT 05.12.2017 1 05.12.2019 117% of DI Single
installment		  500,000  571,822  529,919
                     
                   571,822  529,919
  Banco do Brasil                  
      BNDES Transfer                  
(37) 21/02000-0 Copel GeT 04.16.2009 179 01.15.2028 2.13% above TJLP Monthly  169,500  107,324  118,373
                   107,324  118,373
Total local currency                3,942,556  3,670,235
                   4,047,307  3,759,505
                Current  1,113,047  784,666
                Noncurrent  2,934,260  2,974,839

Allocation:
(1) The restructuring of medium and long-term debt in connection w ith the financing received under Law No. 4,131/1962.
(2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) Working capital.
(13) National Program for Watering - Proni.
(14) Rural Electricity Program - Luz para Todos.
(15)  Operation for the acquisition of machinery and/or equipment and IT and automation equipment.
(16) BEL project - ultra wide band intranet service (Ultra Wide Band - UWB).
(17) (37) Construction of the Mauá Hydroelectric Power Plant and its transmission system, in consortium with Eletrosul.
(18) Implementation of transmission line between substations Foz do Iguaçu and Cascavel Oeste.
(19) Purchase of machinery and equipment for implementation of the transmission line described above.
(20) Implementation of Cavernoso II SHP.
(21) Implementation of HPP Colíder and associated transmission system.
(22) Implementation of the 230/138kV Cerquilho III Substation.
(23) Implementation of transmission line Assis – Paraguaçu Paulista II.
(24) Implementation of transmission lines Londrina – Figueira and Salto Osório – Foz do Chopim C2.
(25)  Implementation of HPP Baixo Iguaçu and associated transmission system.
(26) Investment in preservation of businesses, improvements, operational support and general investments in expansion.
(27) National machinery and equipment accredited by BNDES.
(28) Implementation, expansion and consolidation of projects and  Enterprises Social Investment Programs (ISE).
(29) (30) (31) Construction and implementation of wind generating plant.
(32) Implementation of Transmission Line 230 kV between SE Cascavel Oeste and SE Umuarama Sul and
implementation of SE Umuarama Sul 230/138 kV
(33) Acquisition of domestic machinery and equipment for implementation of the aforementioned project.
(34) Implementation of Transmission Line 525 kV between SE Curitiba Leste and implementation of SE Curitiba Leste 525/230 kV
(35) Acquisition of domestic machinery and equipment for implementation of the aforementioned project.
(36) Payment of the first installment of debentures and cash enhancement of Copel Get.
Guarantees:
(1) Company’s centralized revenues account. Deposited Collateral (23.1).
(2) (3) Pledge until 360 days.
(2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (19) Credit assignment.
(13) (14) Own revenue, supported by power of attorney granted by a public instrument, and the issue of promissory notes and commercial duplicates equal to the number of installments falling due.
(15) Fiduciary assignment of trade notes.
(16) Withhold the amounts from the checking account in which revenues are deposited.
(17) (20) (37) Total revenue from the sale and/or transaction of CCEAR energy, related to the project, through Concession Agreement of
Attachment of Revenues, Account Management and Other Covenants.
(18) (19) Fiduciary assignment of rights under the Concession Agreement No. 027/2009-ANEEL, Transmission Service Provision Contract No.
09/2010-ONS and contracts for use of Transmission System, signed by the ONS, the Dealerships and the Transmission System users, including the total income from the provision of transmission services.
(21) Fiduciary assignment of rights under the Concession Agreement No. 01/2011MME-HPP Colíder and fiduciary assignment due to the Purchase and Sale of Electricity (CCVEE) between Copel and BRF - Brasil Foods S.A.
(22) Fiduciary assignment of rights under the Public Service Concession Agreement for Electric Power Transmission No. 015/2010-ANEEL, signed between Copel and the Federal Government.
(23) Assignment of credit rights deriving from Concession Agreement No. 002/2013 - ANEEL.
(24) Assignment of credit rights deriving from Concession Agreement No. 022/2012 - ANEEL.
(25)  Fiduciary assignment, pursuant to paragraph 3 of article 66-B of Law 4,728, dated July 7, 1965, (i) of its share of the rights from the concession it holds as a result of the Concession Agreement of Use of Public Property for the generation of Electric Energy nº 02/2012-MME-UHE Baixo Iguaçu, of August 20, 2012.
(26) (27) (28) Surety of Companhia Paranaense de Energia; fiduciary assignment of income and indemnity rights of the concession.
(29) Guarantee from Companhia Paranaense de Energia; pledge of shares; assignment of credit rights deriving from Electricity Agreement Reservation No. 153/2011; assignment of revenues arising from the project.
(30) Pledge of shares (GE Farol, GE Boa Vista, GE São Bento do Norte and GE Olho D'Água); assignment of receivables arising from the sale of electricity produced by the project; assignment of machinery and equipment assembled or built with the funds pegged to it.
(31) Pledge of shares; assignment of fiduciary receivables.
(32) (33) Fiduciary Assignment of the rights arising from the Concession Agreement 001/2012 and 100% of the shares seized in favor of the BNDES until the loan is discharged.
(34) (35)  Fiduciary Assignment of the rights arising from the Concession Agreement 008/2012 and 100% of the shares seized in favor of the BNDES until the loan is discharged.
(36) Surety of Companhia Paranaense de Energia.

 

22.1Collateral and escrow deposits - STN

 

These are guarantees provided in the form of cash deposits, Par Bonds of R$ 52,717 (R$ 44,548 in 2017) and Discount Bonds in the amount of R$ 36,838 (R$ 31,117 in 2017), to be used to repay amounts of principal corresponding to STN contracts, when these payments are due on April 11, 2024. The amounts are updated by applying the weighted average percentage changes of United States Treasury Zero Coupon bond prices, by the share of each series of the instrument in the portfolio of collateral for principal, provided in the context of the Brazilian Financing Plan enacted in 1992.

 

22.2Breakdown of borrowings by currency and index

 

           
           
    12.31.2018     % 12.31.2017     %
Foreign currency - change in currencies in the period (%)          
U.S. Dollar 17.13  104,751  2.59  89,270  2.37
     104,751  2.59  89,270  2.37
Local currency - accumulated index in the period (%)          
CDI 6.40  1,410,479  34.85  1,695,042  45.09
TJLP 7.03  2,245,786  55.49  1,629,198  43.34
TR 0.00  4,842  0.12  7,482  0.20
IPCA 3.75  11,992  0.30  15,384  0.41
Without indexer (annual fixed rate) -  269,457  6.65  323,129  8.59
     3,942,556  97.41  3,670,235  97.63
     4,047,307  100.00  3,759,505  100.00

 

22.3Maturity of non-current installments

 

       
12.31.2018 Foreign currency Local currency Total
2020  -  558,069  558,069
2021  -  503,246  503,246
2022  -  190,244  190,244
2023  -  188,586  188,586
2024  103,646  184,691  288,337
After 2024  -  1,205,778  1,205,778
   103,646  2,830,614  2,934,260

 

22.4Changes in borrowings

 

       
  Foreign currency Local currency Total
Balance as of January 1, 2017  90,505  3,955,788  4,046,293
Funding  -  800,044  800,044
Charges    3,868  395,081  398,949
Monetary and exchange variations  (1,184)  18,623  17,439
Amortization - principal  -  (971,187)  (971,187)
Payment - charges  (3,919)  (528,114)  (532,033)
Balance as of December 31, 2017  89,270  3,670,235  3,759,505
Effect of acquisition of control of Costa Oeste and Marumbi  -  66,775  66,775
Funding  -  1,314,766  1,314,766
Charges    5,038  289,365  294,403
Monetary and exchange variations  15,161  11,936  27,097
Amortization - principal  -  (1,126,144)  (1,126,144)
Payment - charges  (4,718)  (284,377)  (289,095)
Balance as of December 31, 2018  104,751  3,942,556  4,047,307

 

 

22.5Covenants

 

The Company and its subsidiaries signed borrowings agreements containing covenants that require economic and financial ratios to be maintained within pre-determined parameters, requiring annual fulfillment and other conditions to be complied with, such as not changing the Company’s interest in the capital stock of subsidiaries that would represent change of control without prior consent. Failing to fulfill these conditions may lead to accelerated debt repayment and/or fines.

As of December 31, 2018, the Company is in  compliance with all covenants.

The financial covenants contained in the borrowings agreements are presented below: 

       
Company Contract Annual financial index Limit
Copel GeT BNDES Finem nº 820989.1 - Mauá EBITDA /  Net financial results ≥ 1.3
Banco do Brasil nº 21/02000-0 - Mauá
3rd issue of Promissory Notes Consolidated net debt / Consolidated EBITDA ≤  3.5
Copel DIS BNDES Finem nº 14205611 Financial indebtedness / adjusted EBITIDA ≤ 4.0
Santa Maria BNDES Finem nº 14212711 Debt service coverage ratio ≥ 1.3
Santa Helena BNDES Finem nº 14212721
São Bento Energia, Investimento e Participações BNDES Assignment Agreement Debt service coverage ratio ≥ 1.3
GE Boa Vista S.A. BNDES Finem nº 11211531
GE Farol S.A. BNDES Finem nº 11211521
GE Olho D´Água S.A. BNDES Finem nº 11211551
GE São Bento do Norte S.A. BNDES Finem nº 11211541
Cutia BNDES Finem nº 18204611 Debt service coverage ratio ≥ 1.2
Costa Oeste BNDES Finem nº 14205851 - A Debt service coverage ratio ≥ 1.3
Marumbi BNDES Finem nº 14205851 - B Debt service coverage ratio ≥ 1.3
Financing for businesses - Finem