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42 Condensed individual financial information of Companhia Paranaense de Energia - Copel | 12 Months Ended
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Dec. 31, 2020
Condensed Unconsolidated Financial Information Of Companhia Paranaense De Energia - Copel [Abstract] |
Condensed individual financial information of Companhia Paranaense de Energia - Copel |
42 | Condensed individual financial information of Companhia Paranaense de Energia - Copel
In order to attend Rule 12-04 of Regulation S-X of the Securities and Exchange Commission (the “SEC”), Management has incorporated the condensed individual financial information of Companhia Paranaense de Energia - Copel in these financial statements, as part of the Form 20-F. These information 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, 2020 and 2019
ASSETS | 12.31.2020 | 12.31.2019
Current assets |  |
Cash and cash equivalents | 42,700 | 25,304
Bonds and securities | 90 | 90
Dividends receivables | 1,290,114 | 760,719
CRC transferred to the State Government of Paraná | 287,789 | 219,236
Other current receivables | 1,025 | 1,068
Income tax and social contribution | 12,171 | 5,876
Prepaid expenses | 150 | 95
Receivable from related parties | 40,298 | 6,039
| 1,674,337 | 1,018,427
Assets classified as held for sale | 758,742 | -
| 2,433,079 | 1,018,427
Noncurrent assets |  |
Other temporary investments | 22,385 | 27,734
CRC transferred to the State Government of Paraná | 1,104,835 | 1,131,449
Judicial deposits | 125,738 | 124,219
Other current receivables | 7,443 | 7,444
Income Tax and Social Contribution | 117,682 | 123,951
Deferred tax assets | 282,132 | 154,364
Other noncurrent recoverable taxes | 88,331 | 87,597
Receivables from related parties | 140,337 | 108,983
| 1,888,883 | 1,765,741
Investments | 18,807,102 | 17,286,220
Property, Plant and Equipment, net | 2,725 | 1,143
Intangible Assets | 2,041 | 1,321
Right-of-use asset | 962 | 271
| 20,701,713 | 19,054,696
Total assets | 23,134,792 | 20,073,123
LIABILITIES | 12.31.2020 | 12.31.2019
Current liabilities |  |
Payroll, social charges and accruals | 16,759 | 8,437
Related parties | 283,650 | 696
Suppliers | 3,184 | 3,956
Income tax and social contribution | - | 1,811
Other taxes payable | 952 | 120
Loans and financing | 512,086 | 39,628
Debentures | 301,972 | 315,008
Dividends payable | 944,274 | 588,563
Post employment benefits | 226 | 378
Lease liability | 279 | 158
Other accounts payable | 567 | 116
| 2,063,949 | 958,871
Noncurrent liabilities |  |
Related parties | 5,851 | 145
Other taxes due | 2,978 | 2,817
Loans and financing | 266,682 | 746,075
Debentures | 499,317 | 797,713
Post employment benefits | 9,929 | 8,658
Lease liability | 707 | 125
Other accounts payable | 1,936 | 1,434
Provisions for legal claims | 324,332 | 304,871
| 1,111,732 | 1,861,838
Equity |  |
Share capital | 10,800,000 | 10,800,000
Equity valuation adjustments | 353,349 | 591,927
Legal reserves | 1,209,458 | 1,014,248
Retained earnings | 6,088,855 | 4,846,239
Additional dividend from non-capitalized earnings reserve | 1,507,449 | -
| 19,959,111 | 17,252,414
Total liabilities and equity | 23,134,792 | 20,073,123
(b) Condensed statements of income for the years ended December 31, 2020, 2019 and 2018
|  | Restated | Restated
| 12.31.2020 | 12.31.2019 | 12.31.2018
Operating revenues (expenses) |  |  |
General and administrative expenses | (79,762) | (59,907) | (67,292)
Other revenues (expenses), net | (24,423) | 1,244 | 11,696
Result of equity in investees | 3,551,254 | 2,177,629 | 1,258,213
| 3,447,069 | 2,118,966 | 1,202,617
Operating income before financial results | 3,447,069 | 2,118,966 | 1,202,617
Financial income (expenses) |  |  |
Financial revenues | 335,485 | 209,679 | 301,729
Financial expenses | (86,076) | (235,033) | (238,355)
| 249,409 | (25,354) | 63,374
Operating income | 3,696,478 | 2,093,612 | 1,265,991
Income tax and social contribution |  |  |
Income tax and social contribution | - | (21,195) | (2,083)
Deferred income tax and social contribution | 127,503 | 5,850 | 44,993
| 127,503 | (15,345) | 42,910
Net income from continuing operations | 3,823,981 | 2,078,267 | 1,308,901
Discontinued operations |  |  |
Net income (loss) from discontinued operations | 80,221 | (88,321) | 98,162
Net income | 3,904,202 | 1,989,946 | 1,407,063
Basic and diluted net earning per share attributed to controlling shareholders - continuing operations - expressed in Brazilian Reais |  |  |
Common shares | 1.33430 | 0.72523 | 0.45683
Class A preferred shares | 1.76982 | 0.89086 | 0.50251
Class B preferred shares | 1.46773 | 0.79778 | 0.50251
Basic and diluted net earning per share attributed to controlling shareholders - expressed in Brazilian Reais |  |  |
Common shares | 1.36229 | 0.69440 | 0.49109
Class A preferred shares | 1.80062 | 0.85790 | 0.54020
Class B preferred shares | 1.49852 | 0.76388 | 0.54020
As described in Note 30.1, on March 11, 2021, the General Meeting approved the share split of the Company, in the proportion of one share for ten shares, so that, for every one share issued by the Company, nine new shares of the same class and type will be credited. The values of basic and diluted net profit per share in the table above already consider the new number of shares, after the split. (c) Condensed statement of comprehensive income for the years ended December 31, 2020, 2019 e 2018
| 12.31.2020 | 12.31.2019 | 12.31.2018
NET INCOME | 3,904,202 | 1,989,946 | 1,407,063
Other comprehensive income |  |  |
Items that will never be reclassified to profit or loss |  |  |
Gain (losses) on actuarial liabilities |  |  |
Post employment benefits | (779) | (3,371) | (408)
Post employment benefits - equity | (178,434) | (120,358) | (38,245)
Taxes on other comprehensive income | 265 | 1,146 | 139
Items that are or maybe reclassified to profit or loss |  |  |
Subsidiary loss with interest variation | - | (4,874) | -
Total comprehensive income, net of taxes | (178,948) | (127,457) | (38,514)
TOTAL COMPREHENSIVE INCOME | 3,725,254 | 1,862,489 | 1,368,549
(d) Condensed statements of cash flows for the years ended December 31, 2020, 2019 and 2018
| 12.31.2020 | 12.31.2019 | 12.31.2018
Net cash generated from operating activities | 761,050 | 688,443 | 653,230
Cash flow from investing activities |  |  |
Financial investments | 5,349 | 115,376 | (124,254)
Loans and financing granted to related parties | (40,000) | (24,410) | (192,445)
Receipt of loans and financing granted to related parties | 7,015 | 24,512 | 560,877
Additions in investments | (68,127) | (271,968) | (608,934)
Capital reduction of investees. | 228 | - | 45,000
Additions to property, plant and equipment | (1,800) | (285) | (267)
Additions to intangible | (1,045) | (271) | (3)
Net cash used in investing activities | (98,380) | (157,046) | (320,026)
Cash flow from financing activities |  |  |
Issue of Debentures | - | 500,000 | 600,000
Issue of loans with related parties | 280,000 | 48,000 | -
Amortization of principal - loans and financing | (38,500) | (115,500) | (77,000)
Amortization of principal - debentures | (300,000) | (853,400) | (333,300)
Amortization of loans obtained from related parties | - | (48,000) | -
Amortization of principal - Lease liabilities | (329) | (141) | -
Dividends and interest on capital paid | (586,445) | (352,055) | (264,734)
Net cash used in financing activities | (645,274) | (821,096) | (75,034)
Total effects on cash and cash equivalents | 17,396 | (289,699) | 258,170
Cash and cash equivalents at the beginning of the period | 25,304 | 315,003 | 56,833
Cash and cash equivalents at the end of the period | 42,700 | 25,304 | 315,003
Change in cash and cash equivalents | 17,396 | (289,699) | 258,170
During the years ended December 31, 2020, 2019 and 2018, we received R$710,798 (of which R$661,639 by consolidated subsidiaries and R$49,159 of unconsolidated investees), R$777,651 (of which R$650.830 by consolidated subsidiaries and R$126,821 of unconsolidated investees), and R$609,219 (of which R$588,540 by consolidated subsidiaries and R$20,679 of unconsolidated investees), respectively, from dividends and interest on own capital paid by our investees. Additional individual information related to Companhia Paranaense de Energia - Copel are presented above : · Related Parties: Copel has the following balances outstanding with related parties:
| 12.31.2020 | 12.31.2019
Assets |  |
Copel Distribuição (a) | 140,337 | 108,983
UEG Araucária - mutual | 33,572 | -
Investees and Subsidiaries - Structure sharing | 6,726 | 6,039
| 180,635 | 115,022
Liabilities |  |
Copel CTE - mutual | 282,817 | -
Investees and Subsidiaries - Structure sharing | 833 | 696
Elejor advance | 5,851 | 145
| 289,501 | 841
(a) Copel DIS - Financing transferred - STN Copel transferred loans and financing to its wholly-owned subsidiaries at the time of its establishment in 2001. However, since the contracts for the transfers to the subsidiaries were not subject to formalization with the financial institutions, these commitments are also recorded in the Parent company. The balance with Copel DIS refers to the National Treasury Department - STN financing, transferred with the same levy of charges assumed by the Company (Note 21) and shown as obligations for loans and financing at Copel DIS. · Investments - As of December 31, 2020 and 2019, investments in subsidiaries are comprised as follows:
| 12.31.2020 | 12.31.2019
Copel Geração e Transmissão | 10,732,734 | 9,749,705
Copel Distribuição | 7,212,915 | 6,012,246
Copel Telecomunicações | 757,799 | 710,128
Copel TEL - Reclassification (a) | (758,742) | -
Copel Energia | 356,922 | 243,123
Compagas | 252,481 | 284,747
UEG Araucária | 48,355 | 64,094
Other investments | 50,328 | 71,431
| 18,652,792 | 17,135,474
(a)Reclassification to Assets classified as held for sale.
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:
| 12.31.2020 | 12.31.2019
Investees and subsidiaries |  |
Copel Geração e Transmissão | 769,108 | 464,450
Copel Distribuição | 440,368 | 266,050
Copel Comercialização | 29,803 | 88
Compagas | 43,164 | 22,531
UEG Araucária | 6,143 | 6,143
Joint Ventures and Associates |  |
Voltália | 1,032 | 1,032
Dona Francisca | 97 | -
Other investments | 399 | 425
| 1,290,114 | 760,719
· Provisions for Legal Claims - Copel recorded provisions for Legal Claims, as follows:
| 12.31.2020 | 12.31.2019
Regulatory | 21,373 | 17,357
Labor | 2,466 | 1,957
Civil | 163,940 | 150,529
Tax Claim | 136,553 | 135,028
| 324,332 | 304,871
· 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, 2020, total restricted subsidiaries net assets amount to R$ 18,197,350 composed as follows:
| 12.31.2020 | 12.31.2019
Copel Geração e Transmissão S.A. | 10,732,735 | 9,749,705
Copel Distribuição S.A. | 7,212,914 | 6,012,244
UEG Araucária Ltda. | 238,211 | 315,740
Centrais Elétricas Rio Jordão - Elejor | 13,490 | 42,859
| 18,197,350 | 16,120,548
The following table shows the expected undiscounted settlement values ​​of the Copel liabilities, in each time range:
| Interest (a) | Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Total
12.31.2020 |  |  |  |  |  |  |
Loans and financing | Note 21 | - | 131,547 | 400,876 | 279,030 | - | 811,453
Debentures | Note 22 | 303,640 | - | 15,199 | 511,799 | - | 830,638
Suppliers | - | 3,183 | 1 | - | - | - | 3,184
|  | 306,823 | 131,548 | 416,075 | 790,829 | - | 1,645,275
(a) Effective interest rate - weighted average.

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