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Condensed individual financial information of Companhia Paranaense de Energia - Copel | 12 Months Ended
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Dec. 31, 2021
Individual Financial Information Of Companhia Paranaense De Energia - Copel |
Condensed individual financial information of Companhia Paranaense de Energia - Copel |
43. | 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, 2021 and 2020 Schedule of condensed statements of financial position
ASSETS | 12.31.2021 | 12.31.2020
Current assets |  |
Cash and cash equivalents | 626,052 | 42,700
Bonds and securities | 91 | 90
Dividends receivables | 1,558,212 | 1,290,114
CRC transferred to the State Government of Paraná | - | 287,789
Other current receivables | 1,150 | 1,025
Income tax and social contribution | 3,991 | 12,171
Prepaid expenses | 528 | 150
Receivable from related parties | 5,374 | 40,298
| 2,195,398 | 1,674,337
Assets classified as held for sale | - | 758,742
Subtotal | 2,195,398 | 2,433,079
Noncurrent assets |  |
Other temporary investments | 19,985 | 22,385
CRC transferred to the State Government of Paraná | - | 1,104,835
Judicial deposits | 131,519 | 125,738
Other current receivables | 7,658 | 7,443
Income Tax and Social Contribution | 30,000 | 117,682
Deferred tax assets | 165,484 | 282,132
Other noncurrent recoverable taxes | 38,659 | 88,331
Receivables from related parties | 150,572 | 140,337
| 543,877 | 1,888,883
Investments | 21,144,478 | 18,807,102
Property, Plant and Equipment, net | 4,112 | 2,725
Intangible Assets | 3,473 | 2,041
Right-of-use asset | 3,165 | 962
Total non current asset | 21,699,105 | 20,701,713
Total assets | 23,894,503 | 23,134,792
LIABILITIES | 12.31.2021 | 12.31.2020
Current liabilities |  |
Payroll, social charges and accruals | 36,454 | 16,759
Related parties | 2,292 | 283,650
Suppliers | 3,353 | 3,184
Income tax and social contribution | 1,813 | -
Other taxes payable | 34,956 | 952
Loans and financing | 321,157 | 512,086
Debentures | 501,716 | 301,972
Dividends payable | 260,995 | 944,274
Post employment benefits | 229 | 226
Lease liability | 301 | 279
Other accounts payable | 548 | 567
Total current liabilities | 1,163,814 | 2,063,949
Noncurrent liabilities |  |
Related parties | 5,851 | 5,851
Other taxes due | 3,260 | 2,978
Loans and financing | 468,970 | 266,682
Debentures | - | 499,317
Post employment benefits | 13,922 | 9,929
Lease liability | 2,957 | 707
Other accounts payable | 50,943 | 1,936
Provisions for legal claims | 347,762 | 324,332
Noncurrent liabilities | 893,665 | 1,111,732
Equity |  |
Share capital | 10,800,000 | 10,800,000
Equity valuation adjustments | 426,170 | 353,349
Legal reserves | 1,457,087 | 1,209,458
Retained earnings | 7,785,092 | 6,088,855
Additional dividend from non-capitalized earnings reserve | 1,368,675 | 1,507,449
TOTAL EQUITY | 21,837,024 | 19,959,111
Total liabilities and equity | 23,894,503 | 23,134,792
(b) Condensed statements of income for the years ended December 31, 2021, 2020 and 2019
| 12.31.2021 | 12.31.2020 | 12.31.2019
Operating revenues (expenses) |  |  |
General and administrative expenses | (126,172) | (79,762) | (59,907)
Other revenues (expenses), net | (86,344) | (24,423) | 1,244
Result of equity in investees | 3,689,345 | 3,551,254 | 2,177,629
| 3,476,829 | 3,447,069 | 2,118,966
Operating income before financial results | 3,476,829 | 3,447,069 | 2,118,966
Financial income (expenses) |  |  |
Financial revenues | 304,809 | 335,485 | 209,679
Financial expenses | (112,332) | (86,076) | (235,033)
| 192,477 | 249,409 | (25,354)
Operating income | 3,669,306 | 3,696,478 | 2,093,612
Income tax and social contribution |  |  |
Income tax and social contribution | 67,641 | - | (21,195)
Deferred income tax and social contribution | 30,250 | 127,503 | 5,850
| 97,891 | 127,503 | (15,345)
Net income from continuing operations | 3,767,197 | 3,823,981 | 2,078,267
Discontinued operations |  |  |
Net income (loss) from discontinued operations | 1,185,376 | 80,221 | (88,321)
Net income | 4,952,573 | 3,904,202 | 1,989,946
Basic and diluted net earning per share attributed to controlling shareholders - continuing operations - expressed in Brazilian Reais |  |  |
Common shares | 1.20448 | 1.33430 | 0.72523
Class A preferred shares | 1.41173 | 1.76982 | 0.89086
Class B preferred shares | 1.50668 | 1.46773 | 0.79778
Basic and diluted net earning per share attributed to controlling shareholders - expressed in Brazilian Reais |  |  |
Common shares | 1.61429 | 1.36229 | 0.69440
Class A preferred shares | 1.86252 | 1.80062 | 0.85790
Class B preferred shares | 1.95747 | 1.49852 | 0.76388
(c) Condensed statement of comprehensive income for the years ended December 31, 2021, 2020 and 2019 Schedule of condensed statements of comprehensive income
| 12.31.2021 | 12.31.2020 | 12.31.2019
NET INCOME | 4,952,573 | 3,904,202 | 1,989,946
Other comprehensive income |  |  |
Items that will never be reclassified to profit or loss |  |  |
Gain (losses) on actuarial liabilities |  |  |
Post employment benefits | (3,257) | (779) | (3,371)
Post employment benefits - equity | 154,751 | (178,434) | (120,358)
Taxes on other comprehensive income | 1,107 | 265 | 1,146
Items that are or maybe reclassified to profit or loss |  |  |
Subsidiary loss with interest variation | - | - | (4,874)
Total comprehensive income, net of taxes | 152,601 | (178,948) | (127,457)
TOTAL COMPREHENSIVE INCOME | 5,105,174 | 3,725,254 | 1,862,489
(d) Condensed statements of cash flows for the years ended December 31, 2021, 2020 and 2019 Schedule of condensed statements of cash flows
| 12.31.2021 | 12.31.2020 | 12.31.2019
Net cash generated from operating activities | 2,892,312 | 761,050 | 688,443
Cash flow from investing activities |  |  |
Financial investments | 2,399 | 5,349 | 115,376
Loans and financing granted to related parties | - | (40,000) | (24,410)
Receipt of loans and financing granted to related parties | 33,899 | 7,015 | 24,512
Additions in investments | (503,202) | (68,127) | (271,968)
Capital reduction of investees. | 82,330 | 228 | -
Additions to property, plant and equipment | (1,847) | (1,800) | (285)
Additions to intangible | (1,771) | (1,045) | (271)
Net cash used in investing activities |  |  |
from continuing operations | (388,192) | (98,380) | (157,046)
Net cash generated by investment activities |  |  |
from discontinued operations | 2,506,837 | - | -
Net cash generated (used) from investing activities | 2,118,645 | (98,380) | (157,046)
Cash flow from financing activities |  |  |
Issue of Debentures | - | - | 500,000
Issue of loans with related parties | - | 280,000 | 48,000
Amortization of principal - loans and financing | - | (38,500) | (115,500)
Amortization of principal - debentures | (300,000) | (300,000) | (853,400)
Amortization of loans obtained from related parties | (280,000) | - | (48,000)
Amortization of principal - Lease liabilities | (317) | (329) | (141)
Dividends and interest on capital paid | (3,847,288) | (586,445) | (352,055)
Net cash used in financing activities | (4,427,605) | (645,274) | (821,096)
Total effects on cash and cash equivalents | 583,352 | 17,396 | (289,699)
Cash and cash equivalents at the beginning of the period | 42,700 | 25,304 | 315,003
Cash and cash equivalents at the end of the period | 626,052 | 42,700 | 25,304
Change in cash and cash equivalents | 583,352 | 17,396 | (289,699)
Additional individual information related to Companhia Paranaense de Energia - Copel are presented below: · Related Parties: Copel has the following balances outstanding with related parties: Schedule of outstanding balances with related parties
| 12.31.2021 | 12.31.2020
Assets |  |
Copel Distribuição (a) | 150,572 | 140,337
UEG Araucária - mutual | - | 33,572
Investees and Subsidiaries - Structure sharing | 5,374 | 6,726
| 155,946 | 180,635
Liabilities |  |
Copel CTE - mutual | - | 282,817
Investees and Subsidiaries - Structure sharing | 2,292 | 833
Elejor advance | 5,851 | 5,851
| 8,143 | 289,501
(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 22) and shown as obligations for loans and financing at Copel DIS. On March 10, 2022, seeking to reduce costs and improve the Company’s leverage, the debt was redeemed in advance, in the amount of R$9,350, corresponding to the principal plus interest incurred, net of the collateral and escrow deposits (Note 22.1). · Investments - As of December 31, 2021 and 2020, investments in subsidiaries are comprised as follows: Schedule of investments in subsidiaries
|  | 12.31.2021 | 12.31.2020
Copel Geração e Transmissão |  | 12,662,224 | 10,732,734
Copel Distribuição |  | 7,558,556 | 7,212,915
Copel Telecomunicações |  | - | 757,799
Copel TEL - Reclassification (a) |  | - | (758,742)
Copel Energia |  | 389,863 | 356,922
Compagas |  | 259,031 | 252,481
UEG Araucária |  | 109,737 | 48,355
Other investments |  | 10,744 | 50,328
|  | 20,990,155 | 18,652,792
(a) Reclassification to Assets classified as held for sale. |  |  |
The information regarding joint ventures, associates and other investments are presented in note 17.1 – Changes in investments. · Dividends receivable - The dividends receivable is comprised as follows: Schedule of dividends receivable
| 12.31.2021 | 12.31.2020
Investees and subsidiaries |  |
Copel Geração e Transmissão | 638,378 | 769,108
Copel Distribuição | 824,833 | 440,368
Copel Comercialização | 20,785 | 29,803
Compagas | 65,821 | 43,164
UEG Araucária | 7,251 | 6,143
Joint Ventures and Associates |  |
Voltália | 1,032 | 1,032
Dona Francisca | 86 | 97
Other investments | 26 | 399
| 1,558,212 | 1,290,114
· | Provisions for Legal Claims - Copel recorded provisions for Legal Claims, as follows:
Schedule of provisions for risks
| 12.31.2021 | 12.31.2020
Regulatory | 25,174 | 21,373
Labor | 2,437 | 2,466
Employee benefits | 587 | -
Civil | 175,356 | 163,940
Tax Claim | 144,208 | 136,553
| 347,762 | 324,332
· 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, 2021, total restricted subsidiaries net assets amount to R$20,720,412 composed as follows: Schedule of restricted subsidiaries net assets
| 12.31.2021 | 12.31.2020
Copel Geração e Transmissão S.A. | 12,662,224 | 10,732,735
Copel Distribuição S.A. | 7,558,556 | 7,212,914
UEG Araucária Ltda. | 540,577 | 238,211
Centrais Elétricas Rio Jordão - Elejor | (40,945) | 13,490
| 20,720,412 | 18,197,350
The following table shows the expected undiscounted settlement values of the Copel liabilities, in each time range: Schedule of expected undiscounted settlement values of the liabilities
| Interest (a) | Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Total
12.31.2021 |  |  |  |  |  |  |
Loans and financing | Note 21 | - | 19,661 | 393,857 | 487,755 | - | 901,273
Debentures | Note 22 | 14 | - | 531,219 | - | - | 531,233
Suppliers | - | 3,331 | 22 | - | - | - | 3,353
|  | 3,345 | 19,683 | 925,076 | 487,755 | - | 1,435,859
(a) Effective interest rate - weighted average.

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