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35 Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Financial Instruments [Abstract] |
Schedule of fair value of financial instruments | 35.1 Categories and determination of fair value of financial instruments
| Note | Level | 12.31.2019 | 12.31.2018
| Book value | Fair value | Book value | Fair value
Financial assets |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |
Cash and cash equivalents (a) | 5 | 1 | 2,941,727 | 2,941,727 | 1,948,409 | 1,948,409
Bonds and securities (b) | 6 | 1 | 2,429 | 2,429 | 696 | 696
Bonds and securities (b) | 6 | 2 | 279,652 | 279,652 | 343,600 | 343,600
Accounts receivable - distribution concession (c) | 10.1 and 10.2 | 3 | 1,161,203 | 1,161,203 | 1,105,282 | 1,105,282
Accounts receivable - generation concession (d) | 10.5 | 3 | 69,182 | 69,182 | 65,811 | 65,811
Fair value in the purchase and sale of power in the active market (e) | 12 | 3 | 460,635 | 460,635 | 14,793 | 14,793
Other temporary investments (f) |  | 1 | 15,566 | 15,566 | 11,557 | 11,557
Other temporary investments (f) |  | 2 | 12,168 | 12,168 | 7,954 | 7,954
|  |  | 4,942,562 | 4,942,562 | 3,498,102 | 3,498,102
Amortized cost |  |  |  |  |  |
Collaterals and escrow accounts (a) |  |  | 147 | 147 | 203 | 203
Collateral and escrow deposits - STN (g) | 21.1 |  | 98,433 | 102,733 | 89,555 | 76,524
Trade accounts receivable (a) | 7 |  | 3,182,567 | 3,182,567 | 3,107,006 | 3,107,006
CRC Transferred to the Paraná State Government (h) | 8 |  | 1,350,685 | 1,479,683 | 1,445,042 | 1,546,469
Sectorial financial assets (a) | 9 |  | 473,989 | 473,989 | 678,819 | 678,819
Accounts receivable - concessions - RBSE (c) | 10.4 |  | 739,269 | 739,269 | 753,826 | 753,826
Accounts receivable - concessions - bonus from the grant (i) | 10.3 |  | 647,984 | 738,483 | 625,772 | 714,880
|  |  | 6,493,074 | 6,716,871 | 6,700,223 | 6,877,727
Total financial assets |  |  | 11,435,636 | 11,659,433 | 10,198,325 | 10,375,829
Financial liabilities |  |  |  |  |  |
Fair value in the purchase and sale of power (e) | 28 | 3 | 251,973 | 251,973 | 11,007 | 11,007
Derivatives fair value - forward contracts | 28 | 3 | 1,203 | 1,203 | - | -
|  |  | 253,176 | 253,176 | 11,007 | 11,007
Amortized cost |  |  |  |  |  |
Sectorial financial liabilities (a) | 9 |  | 102,284 | 102,284 | 96,531 | 96,531
Ordinary financing of taxes with the federal tax authorities (g) | 13.2 |  | 18,063 | 18,001 | 86,632 | 84,383
Special Tax Regularization Program - Pert (g) | 13.2 |  | 497,207 | 446,448 | 518,442 | 469,304
Accounts payable to suppliers (a) | 20 |  | 1,873,193 | 1,873,193 | 1,469,199 | 1,469,199
Loans and financing (g) | 21 |  | 3,168,710 | 3,204,188 | 4,047,307 | 4,012,621
Debentures (J) | 22 |  | 8,540,366 | 8,540,366 | 7,518,131 | 7,518,133
Accounts payable related to concession (k) | 26 |  | 612,587 | 694,742 | 584,163 | 687,869
Lease liabilities (a) | 27 |  | 96,604 | 96,604 | - | -
|  |  | 14,909,014 | 14,975,826 | 14,320,405 | 14,338,040
Total financial liabilities |  |  | 15,162,190 | 15,229,002 | 14,331,412 | 14,349,047
Schedule of credit risk | Credit risk is the risk of the Company incurring losses due to a customer or counterparty in a financial instrument, resulting from failure in complying with their contractual obligations.
Exposure to credit risk | 12.31.2019 | 12.31.2018
Cash and cash equivalents (a) | 2,941,727 | 1,948,409
Bonds and securities (a) | 282,081 | 344,296
Pledges and restricted deposits linked (a) | 98,580 | 89,758
Trade accounts receivable (b) | 3,182,567 | 3,107,006
CRC Transferred to the Paraná State Government (c) | 1,350,685 | 1,445,042
Sectorial financial assets (d) | 473,989 | 678,819
Accounts receivable - distribution concession (e) | 1,161,203 | 1,105,282
Accounts receivable - concessions - RBSE (f) | 739,269 | 753,826
Accounts receivable - concessions - Bonus from the grant (g) | 647,984 | 625,772
Accounts receivable - generation concessions (h) | 69,182 | 65,811
Other temporary investments (i) | 27,734 | 19,511
| 10,975,001 | 10,183,532
a) The Company manages the credit risk of its assets in accordance with the Management’s policy of investing virtually all of its funds in federal banking institutions. As a result of legal and/or regulatory requirements, in exceptional circumstances the Company may invest funds in prime private banks. b) The risk arises from the possibility that the Company might incur losses resulting from difficulties to receive its billings to customers. This risk is directly related to internal and external factors to Copel. To mitigate this type of risk, the Company manages its accounts receivable, detecting defaulting consumers, implementing specific collection policies and suspending the supply and/or recording of energy and the provision of service, as established in contract and regulatory standards. c) Management believes this credit risk is low because repayments are secured by resources from dividends. d) Management considers the risk of this credit to be reduced, since the agreements signed guarantee the unconditional right to receive cash at the end of the concession to be paid by the Concession Grantor, corresponding to the costs not recovered through the tariff. e) Management considers the risk of this credit to be reduced, since the agreements signed guarantee the unconditional right to receive cash at the end of the concession to be paid by the Concession Grantor, referring to investments in infrastructure not recovered through the tariff. f) Management considers the credit risk reduced to the balance of RBSE assets, even in light of the injunctions that temporarily reduced the RAP to be received, as described in Note 10.4. g) Management considers the risk of such credit to be low, as the contract for the sale of energy by quotas guarantees the receipt of an Annual Generation Revenue - RAG, which includes the annual amortization of this amount during the concession term. h) For the generation concession assets, ANEEL published Normative Resolution 596/2013, which deals with the definition of criteria for calculating the New replacement value (Valor novo de reposição – VNR, in Portuguese), for the purposes of indemnification. Management's expectation of indemnification for these assets supports recoverability of the balances recorded, as described in Note 10.5. i) This risk arises from the possibility that the Company might incur losses resulting from the volatility on the stock market. This type of risk involves external factors and has been managed through periodic assessment of the variations occurred in the market
Schedule of liquidity risk | The following table shows the expected undiscounted settlement amounts in each time range. Projections were based on financial indicators linked to the related financial instruments and forecast according to average market expectations as disclosed in the Central Bank of Brazil's Focus Report, which provides the average expectations of market analysts for these indicators for the current year and for the next 3 years. As from 2024, 2023 indicators are repeated on an unaltered basis throughout the forecast period.
|  | Less than | 1 to 3 | 3 months | 1 to 5 | Over |
| Interest (a) | 1 month | months | to 1 year | years | 5 years | Total
12.31.2019 |  |  |  |  |  |  |
Loans and financing | Note 21 | 31,783 | 115,995 | 308,094 | 2,063,354 | 1,666,502 | 4,185,728
Debentures | Note 22 | 391,329 | 61,304 | 1,049,225 | 7,256,323 | 1,655,253 | 10,413,434
Accounts payable related | Rate of return + |  |  |  |  |  |
to concession | IGP-M and IPCA | 6,099 | 12,198 | 56,222 | 336,027 | 1,389,334 | 1,799,880
Accounts payable to suppliers | - | 1,313,913 | 291,700 | 127,030 | 140,550 | - | 1,873,193
Ordinary financing of taxes |  |  |  |  |  |  |
with the federal tax authorities | Selic | 6,037 | 12,117 | - | - | - | 18,154
Special Tax Regularization Program - Pert | Selic | 4,122 | 8,282 | 37,820 | 219,788 | 335,681 | 605,693
Sectorial financial liabilities | Selic | - | - | - | 108,367 | - | 108,367
Lease liabilities | Note 27 | 3,485 | 6,980 | 31,793 | 73,515 | 11,226 | 126,999
|  | 1,756,769 | 508,576 | 1,610,184 | 10,197,923 | 5,057,996 | 19,131,448
(a) Effective interest rate - weighted average.
Schedule of sensitivity analysis of foreign currency risk | The baseline scenario takes into account the existing balances in each account as of December 31, 2019 and the probable scenario assumes a variation in the foreign exchange rate - prevailing at the end of the period (R$/US$ 4.60) based on the median market expectation for 2020 reported in the Central Bank's Focus report of April 9, 2020. For the scenarios 1 and 2, deteriorations of 25% and 50%, respectively, were considered for the main risk factor for the financial instrument compared to the rate used in the probable scenario.
. |  | Baseline | Projected scenarios - Dec.2020
Foreign exchange risk | Risk | 12.31.2019 | Probable | Scenario 1 | Scenario 2
Financial assets |  |  |  |  |
Collaterals and escrow accounts - STN | USD depreciation | 98,433 | 13,903 | (14,181) | (42,265)
. |  | 98,433 | 13,903 | (14,181) | (42,265)
Financial liabilities |  |  |  |  |
Loans and financing - STN | USD appreciation | (108,983) | (15,393) | (46,487) | (77,581)
Suppliers |  |  |  |  |
Eletrobras (Itaipu) | USD appreciation | (222,431) | (31,416) | (94,878) | (158,340)
Acquisition of gas | USD appreciation | (79,174) | (11,183) | (33,772) | (56,361)
|  | (410,588) | (57,992) | (175,137) | (292,282)
Schedule of gains (losses) on operations with derivative financial instruments | The sensitivity analyses were prepared in accordance with CVM Instruction 475/08, For the probable scenario, the balances were updated with the market price curve, the credit risk rate and the NTN-B rate on April 7, 2020. For scenarios 1 and 2, the increase or decrease of 25% and 50% in future prices, applied to market prices of December 31, 2019. The results obtained are as follows:
| Exchange rate variation | Baseline | Projected scenarios
|  | 12.31.2019 | Scenario 1 | Scenario 2
Gains (losses) on operations with derivative financial instruments | Increase | (1,203) | 23,777 | 48,757
| Decrease | (1,203) | (26,183) | (51,163)
Schedule of sensitivity analysis of interest rate and monetary variation risk | For the scenarios 1 and 2, deteriorations of 25% and 50%, respectively, were considered for the main risk factor for the financial instrument compared to the rate used in the probable scenario.
. |  | Baseline | Projected scenarios - Dec.2020
Interest rate risk and monetary variation | Risk | 12.31.2019 | Probable | Scenario 1 | Scenario 2
Financial assets |  |  |  |  |
Bonds and securities | Low CDI/SELIC | 282,081 | 9,168 | 6,876 | 4,584
Collaterals and escrow accounts | Low CDI/SELIC | 147 | 5 | 4 | 2
CRC Transferred to the Paraná State Government | Low IGP-DI | 1,350,685 | 66,589 | 49,942 | 33,294
Sectorial financial assets | Low Selic | 473,989 | 15,405 | 11,553 | 7,702
Accounts receivable - concessions | Low IPCA | 2,548,456 | 64,221 | 48,166 | 32,111
Accounts receivable - generation concessions | Undefined (a) | 69,182 | - | - | -
|  | 4,724,540 | 155,387 | 116,540 | 77,693
Financial liabilities |  |  |  |  |
Loans and financing |  |  |  |  |
Banco do Brasil | High CDI | (679,976) | (22,099) | (27,624) | (33,149)
BNDES | High TJLP | (2,198,064) | (114,299) | (142,874) | (171,449)
BNDES | High IPCA | (8,288) | (209) | (261) | (313)
Banco do Brasil - BNDES Transfer | High TJLP | (95,807) | (4,982) | (6,227) | (7,473)
Caixa Econômica Federal | High TJLP | (331) | (17) | (22) | (26)
Other | No risk | (77,261) | - | - | -
Debentures | High CDI/SELIC | (6,464,603) | (210,100) | (262,624) | (315,149)
Debentures | High IPCA | (1,950,591) | (49,155) | (61,444) | (73,732)
Debentures | High TJLP | (125,172) | (6,509) | (8,136) | (9,763)
Sectorial financial liabilities | High Selic | (102,284) | (3,324) | (4,155) | (4,986)
Ordinary financing of taxes with the federal tax authorities | High Selic | (18,063) | (587) | (734) | (881)
Special Tax Regularization Program - Pert | High Selic | (497,207) | (16,159) | (20,199) | (24,239)
Accounts payable related to concession | High IGP-M | (563,756) | (27,793) | (34,741) | (41,690)
Accounts payable related to concession | High IPCA | (48,831) | (1,231) | (1,538) | (1,846)
. |  | (12,830,234) | (456,464) | (570,580) | (684,697)
(a) Risk assessment still requires ruling by the Granting Authority.
Schedule of indicators and penalties | Indicators and penalties
Year | Indicator | Criteria | Penalties |
Until 2020 | Economic - financial efficiency and quality | 2 consecutive years or at the end of the 5-year period (2020) | Extinction of the dividend |
Quality Indicators | 2 consecutive years or 3 times | Distribution limitation concession and interest on equity |
Economic - financial efficiency | In 5 years in the base year | Capital Increase (a) |
From the 6th year of (2021) | Economic and financial efficiency | 2 consecutive years | Concession termination |
Quality Indicators | 3 consecutive years |
(a) Within 180 days from the end of each fiscal year, in the totality of the insufficiency that occurs to reach the Minimum Economic and Financial Sustainability Parameter. |
Schedule of targets set | Targets defined for Copel Distribuição in the first five years after extension of the concession agreement
|  |  | Quality - limits (a) | Quality (Performed)
Year | Economic and Financial Management | Realized | DECi (b) | FECi (b) | DECi | FECi
2016 |  |  | 13.61 | 9.24 | 10.80 | 7.14
2017 | EBITDA = 0 (c) | 661,391 | 12.54 | 8.74 | 10.41 | 6.79
2018 | EBITDA (-) QRR = 0 (d) | 550,675 | 11.23 | 8.24 | 10.29 | 6.20
2019 | {Net Debt / [EBITDA (-) QRR]} ≤ 1 / (0.8 * SELIC) (e) |  | 10.12 | 7.74 | 9,10(f) | 6,00(f)
2020 | {Net Debt / [EBITDA (-) QRR]} ≤ 1 / (1.11 * SELIC) (e) |  | 9.83 | 7.24 | - | -
(a) According to Aneel’s Technical Note No. 0335/2015.
(b) DECi - Equivalent Time of Interruption Caused by Internal Source per Consumer Unit; and FECi - Equivalent Frequency of Interruption Caused by Internal Source per Consumer Unit.
(c) Regulatory EBTIDA adjusted for non-recurring events (Voluntary retirement program, post-employment benefit, provisions and reversals) according to sub-clause six, of the Fifth Amendment to the Concession Agreement.
(d) QRR: Regulatory Reintegration Quota or Regulatory Depreciation Expense. This is the value defined in the most recent Periodical Tariff Review (RTP), plus General Market Price Index (IGPM) variation between the month preceding the RTP and the month preceding the twelve-month period of the economic and financial sustainability measurement.
(e) Selic: limited to 12.87% p.y.
(f) DECi / FECi in 2019: preliminary data
Schedule of deadline for manifestation | The variation in relation to the net balance of R$ 3,786, on December 31, 2018, results from the increase in the level of contracting in the free energy market.
| Assets | Liabilities | Net
Current | 13,540 | (7,152) | 6,388
Noncurrent | 447,095 | (244,821) | 202,274
| 460,635 | (251,973) | 208,662
Schedule of sensitivity analysis on the power purchase and sale transactions in the active market | The results obtained are as follows:
| Price | Baseline | Projected scenarios |  |
| variation | 12.31.2019 | Probable | Scenario 1 | Scenario 2
Gains (losses) on purchase and sale of energy in active market | Increase | 208,662 | 192,103 | 270,953 | 349,803
| Decrease | 208,662 | 192,103 | 113,253 | 34,402
Schedule of capital monitored by index | As of December 31, 2019, the ratio attained is shown below:
| 31.12.2019 | 31.12.2018
Loans and financing | 3,142,383 | 4,047,307
Debentures | 8,429,710 | 7,518,131
(-) Cash and cash equivalents | (2,941,727) | (1,948,409)
(-) Bonds and securities (current) | (3,112) | (124,862)
(-) Bonds and securities (noncurrent) | (121,617) | (112,604)
(-) Collaterals and escrow accounts STN | (98,433) | (89,555)
Adjusted net debt | 8,407,204 | 9,290,008
Net Income | 2,062,869 | 1,444,004
Equity in earnings of investees | (106,757) | (135,888)
Deferred IRPJ and CSLL | 205,771 | (68,072)
Provision for IRPJ and CSLL | 433,555 | 580,065
Financial expenses (income), net | 488,486 | 438,050
Depreciation and amortization | 1,093,836 | 749,179
Adjusted ebitda | 4,177,760 | 3,007,338
Adjusted net debt / Adjusted ebitda | 2.01 | 3.09
Schedule of equity indebtedness | 35.3.1 The equity to debt ratio is shown below:
Indebtedness | 12.31.2019 | 12.31.2018
Loans and financing | 3,168,710 | 4,047,307
Debentures | 8,540,366 | 7,518,131
(-) Cash and cash equivalents | 2,941,727 | 1,948,409
(-) Bonds and securities | 282,081 | 344,296
Net debt | 8,485,268 | 9,272,733
Equity | 17,598,212 | 16,336,214
Equity indebtedness | 0.48 | 0.57

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