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41 Condensed Unconsolidated Financial Information of Companhia Paranaense de Energia - Copel | 12 Months Ended
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Dec. 31, 2019
Condensed Unconsolidated Financial Information Of Companhia Paranaense De Energia - Copel [Abstract] |
Condensed Unconsolidated Financial Information of Companhia Paranaense de Energia - Copel | 41 Condensed unconsolidated financial information of Companhia Paranaense de Energia - Copel Since the condensed unconsolidated financial information required by Rule 12-04 of Regulation S-X is not required under IFRS issued by the International Accounting Standards Board - IASB, such information was not included in the original financial statements filed with the Brazilian Securities and Exchange Commissions – CVM in March, 25, 2020. In order to attend the specific requirements of the Securities and Exchange Commission (the “SEC”), Management has incorporated the condensed unconsolidated information in these financial statements as part of the Form 20-F. The condensed unconsolidated financial information of Companhia Paranaense de Energia - Copel, presented herein were prepared considering the same accounting policies as described in Note 3 and 4 to Company’s consolidated financial statements. (a) Condensed statements of financial position as of December 31, 2019 and 2018
ASSETS | 12.31.2019 | 12.31.2018
CURRENT ASSETS |  |
Cash and cash equivalents | 25,304 | 315,003
Bonds and securities | 90 | 123,560
Collaterals and escrow accounts | - | 129
Dividends receivable | 760,719 | 519,100
CRC transferred to the Paraná State Government | 219,236 | 190,876
Other current receivables | 1,068 | 7,027
Income tax and social contribution receivable | 5,876 | 6,130
Other current recoverable taxes | - | 321
Prepaid expenses | 95 | 40
Receivable from related parties | 6,039 | 8,134
| 1,018,427 | 1,170,320
NONCURRENT ASSETS |  |
Long Term Assets |  |
Other temporary investments | 27,734 | 19,511
CRC transferred to the Paraná State Government | 1,131,449 | 1,254,166
Judicial deposits | 124,219 | 131,840
Other noncurrent receivables | 7,444 | 7,444
Income tax and social contribution receivable | 123,951 | 148,140
Deferred income tax and social contribution | 154,364 | 147,368
Other noncurrent recoverable taxes | 87,597 | 86,110
Receivable from related parties | 108,983 | 104,751
| 1,765,741 | 1,899,330
Investments | 17,286,220 | 16,070,567
Property, plant and equipment | 1,143 | 996
Intangible assets | 1,321 | 1,593
Right-of-use asset | 271 | -
| 19,054,696 | 17,972,486
TOTAL ASSETS | 20,073,123 | 19,142,806
LIABILITIES | 12.31.2019 | 12.31.2018
CURRENT LIABILITIES |  |
Payroll, social charges and accruals | 8,437 | 6,747
Accounts payable to related parties | 696 | 755
Accounts payable to suppliers | 3,956 | 2,731
Income tax and social contribution payable | 1,811 | -
Other taxes due | 120 | 152
Loans and financing | 39,628 | 129,401
Debentures | 315,008 | 941,677
Dividend payable | 588,563 | 354,203
Post-employment benefits | 378 | 87
Lease liability | 158 | -
Other accounts payable | 116 | 135
| 958,871 | 1,435,888
NONCURRENT LIABILITIES |  |
Accounts payable to related parties | 145 | -
Other taxes due | 2,817 | 2,602
Loans and financing | 746,075 | 773,984
Debentures | 797,713 | 596,403
Post-employment benefits | 8,658 | 4,867
Lease liability | 125 | -
Other accounts payable | 1,434 | 3,957
Provisions for legal claims | 304,871 | 292,180
| 1,861,838 | 1,673,993
EQUITY |  |
Attributable to controlling shareholders |  |
Capital | 10,800,000 | 7,910,000
Equity valuation adjustments | 591,927 | 785,610
Legal reserve | 1,014,248 | 914,751
Profit retention reserve | 4,846,239 | 6,422,564
| 17,252,414 | 16,032,925
TOTAL LIABILITIES & EQUITY | 20,073,123 | 19,142,806
(b) Condensed statements of operations for the years ended December 31, 2019, 2018 e 2017
| 12.31.2019 | 12.31.2018 | 12.31.2017
Operational expenses / income |  |  |
General and administrative expenses | (59,907) | (67,292) | (59,601)
Other operational income (expenses) | 1,244 | 11,696 | (68,788)
Equity in earnings of investees | 2,089,308 | 1,356,375 | 1,291,434
| 2,030,645 | 1,300,779 | 1,163,045
PROFIT BEFORE FINANCIAL RESULTS AND TAXES | 2,030,645 | 1,300,779 | 1,163,045
Financial results |  |  |
Financial income | 209,679 | 301,729 | 181,312
Financial expenses | (235,033) | (238,355) | (327,855)
| (25,354) | 63,374 | (146,543)
OPERATING PROFIT | 2,005,291 | 1,364,153 | 1,016,502
INCOME TAX AND SOCIAL CONTRIBUTION |  |  |
Current | (21,195) | (2,083) | (36,803)
Deferred | 5,850 | 44,993 | 53,927
| (15,345) | 42,910 | 17,124
NET INCOME | 1,989,946 | 1,407,063 | 1,033,626
BASIC AND DILUTED NET EARNING PER SHARE ATTRIBUTED TO |  |  |
CONTROLLING SHAREHOLDERS - Expressed in Brazilian Reais |  |  |
Common shares | 6.94344 | 4.91091 | 3.60754
Class "A" Preferred shares | 9.11525 | 5.40201 | 3.96830
Class "B" Preferred shares | 7.63812 | 5.40201 | 3.96830
(c) Condensed statement of comprehensive income for the years ended December 31, 2019, 2018 e 2017
| 12.31.2019 | 12.31.2018 | 12.31.2017
NET INCOME | 1,989,946 | 1,407,063 | 1,033,626
Other comprehensive income |  |  |
Items that will never be reclassified to profit or loss |  |  |
Gain (losses) on actuarial liabilities |  |  |
Post employment benefits | (3,371) | (408) | 18
Post employment benefits - equity | (120,358) | (38,245) | (29,567)
Taxes on other comprehensive income | 1,146 | 139 | (7)
Items that may be reclassified to profit or loss |  |  |
Adjustments related to financial assets | - | - | 11,661
Adjustments related to financial assets - equity | - | - | 9,554
Taxes on other comprehensive income | - | - | (3,965)
Realization - gain on financial assets, net of tax | - | - | (9,355)
Realization - gain on financial assets - equity | - | - | (9,554)
Subsidiary loss with interest variation | (4,874) | - | -
Total comprehensive income, net of taxes | (127,457) | (38,514) | (31,215)
TOTAL COMPREHENSIVE INCOME | 1,862,489 | 1,368,549 | 1,002,411
(d) Condensed statements of cash flows for the years ended December 31, 2019, 2018 and 2017
| 12.31.2019 | 12.31.2018 | 12.31.2017
CASH FLOWS FROM INVESTMENT ACTIVITIES | 688,443 | 653,230 | 440,406
CASH FLOWS FROM INVESTMENT ACTIVITIES |  |  |
Financial investments | 115,376 | (124,254) | 24
Loans and financing granted to related parties | (24,410) | (192,445) | (251,856)
Receipt of loans and financing granted to related parties | 24,512 | 560,877 | 124,122
Disposal of investments | - | - | 397,572
Additions in investments | (271,968) | (608,934) | (574,347)
Capital reduction of investees | - | 45,000 | 170,000
Additions to property, plant and equipment | (285) | (267) | (282)
Additions to intangible assets | (271) | (3) | (499)
NET CASH USED IN INVESTING ACTIVITIES | (157,046) | (320,026) | (135,266)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
Loans and financing obtained from third parties | - | - | 77,000
Issue of Debentures | 500,000 | 600,000 | 520,000
Issue of loans with related parties | 48,000 | - | -
Amortization of principal - loans and financing | (115,500) | (77,000) | (83,000)
Amortization of principal - debentures | (853,400) | (333,300) | (333,300)
Amortization of loans obtained from related parties | (48,000) | - | -
Amortization of principal - Lease liabilities | (141) | - | -
Dividends and interest on own capital paid | (352,055) | (264,734) | (475,103)
NET CASH USED IN FINANCING ACTIVITIES | (821,096) | (75,034) | (294,403)
TOTAL EFFECTS ON CASH AND CASH EQUIVALENTS | (289,699) | 258,170 | 10,737
Cash and cash equivalents at the beginning of the period | 315,003 | 56,833 | 46,096
Cash and cash equivalents at the end of the period | 25,304 | 315,003 | 56,833
CHANGE IN CASH AND CASH EQUIVALENTS | (289,699) | 258,170 | 10,737
During the years ended December 31, 2019, 2018 and 2017, we received R$ 777,651 (of which R$ 650.830 by consolidated subsidiaries and R$ 126,821 of unconsolidated investees), R$ 609,219 (of which R$ 588,540 by consolidated subsidiaries and R$ 20,679 of unconsolidated investees), R$ 669,179 (of which R$ 639,796 by consolidated subsidiaries and R$ 29,463 of unconsolidated investees), respectively, from dividends and interest on own capital paid by our investees. · Related Parties: The Company has the following balances outstanding with related parties:
| 12.31.2019 | 12.31.2018
Assets |  |
Copel Distribuição | 108,983 | 104,751
Investees and Subsidiaries - Structure sharing | 6,039 | 8,134
| 115,022 | 112,885
Liabilities |  |
Investees and Subsidiaries - Structure sharing | 696 | 755
Elejor advance | 145 | -
| 841 | 755
· Investments - As of December 31, 2019 and 2018, investments in subsidiaries are comprised as follows:
| 12.31.2019 | 12.31.2018
Copel Geração e Transmissão | 9,749,705 | 8,911,964
Copel Distribuição | 6,012,246 | 5,908,755
Copel Telecomunicações | 710,128 | 638,873
Copel Energia | 243,123 | 83,468
Compagas | 284,747 | 221,654
UEG Araucária | 64,094 | 74,132
Other investments | 71,431 | 79,542
| 17,135,474 | 15,918,388
The information regarding joint ventures, associates and other investments are presented in note 16.1 – Changes in investments. · Dividends receivable - The dividends receivable is comprised as follows:
| 12.31.2019 | 12.31.2018
Investees and subsidiaries |  |
Copel Geração e Transmissão | 464,450 | 368,950
Copel Distribuição | 266,050 | 89,486
Copel Telecomunicações | - | 29,260
Copel Comercialização | 88 | -
Compagas | 22,531 | 9,996
Elejor | - | 13,358
UEG Araucária | 6,143 | 6,143
Joint Ventures |  |
Voltália | 1,032 | 1,032
Other investments | 425 | 875
| 760,719 | 519,100
· Reserve for risks - Companhia Paranaense de Energia - Copel recorded reserves for risks mainly related to Cofins and PIS/PASEP. The provisions for risks are shown below:
| 12.31.2019 | 12.31.2018
Regulatory | 17,357 | 16,176
Labor | 1,957 | 588
Civil | 150,529 | 142,773
Tax Claim | 135,028 | 132,643
| 304,871 | 292,180
Restriction of transfer of funds from subsidiaries - The subsidiaries described below qualify as either concessionaires of public services or independent power producers. As such, any transfer of funds to the respective parent company, in the form of loans or advances, requires approval by ANEEL. This regulatory restriction does not apply to cash dividends determined in accordance with the Brazilian Corporate Law. As of December 31, 2019 and 2018, total restricted subsidiaries net assets are composed as follows:
| 12.31.2019 | 12.31.2018
Copel Geração e Transmissão S.A. | 9,749,705 | 8,911,964
Copel Distribuição S.A. | 6,012,244 | 5,908,755
UEG Araucária Ltda. | 315,740 | 370,662
Centrais Elétricas Rio Jordão - Elejor | 42,859 | 53,977
| 16,120,548 | 15,245,358
The following table shows the expected undiscounted settlement values of the liabilities, in each time range:
| Interest (a) | Less than 1 month | 1 to 3 months | 3 months to a year | 1 to 5 years | Over 5 years | Total
12.31.2019 |  |  |  |  |  |  |
Loans and financing | Note 21 | - | 47,209 | 27,273 | 800,135 | - | 874,617
Debentures | Note 22 | 318,774 | - | 28,433 | 840,228 | - | 1,187,435
Suppliers |  | 3,956 | - | - | - | - | 3,956
Lease liabilities | Note 27 | 15 | 29 | 131 | 142 | - | 317
|  | 322,745 | 47,238 | 55,837 | 1,640,505 | - | 2,066,325
(a) Effective interest rate - weighted average.

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