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v3.22.1

Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Schedule of fair value of financial instruments | Schedule of fair value of financial instruments
|  |  |  | 12.31.2021 |  | 12.31.2020
| Note | Level | Book value | Fair value | Book value | Fair value
Financial assets |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |
Cash and cash equivalents (a) | 5 | 1 | 3,472,845 | 3,472,845 | 3,222,768 | 3,222,768
Bonds and securities (b) | 6 | 1 | 14,571 | 14,571 | 751 | 751
Bonds and securities (b) | 6 | 2 | 346,487 | 346,487 | 299,779 | 299,779
Accounts receivable - distribution concession (c) | 10.1 and 10.2 | 3 | 1,433,734 | 1,433,734 | 1,149,934 | 1,149,934
Accounts receivable - generation concession (d) | 10.4 | 3 | 102,220 | 102,220 | 81,202 | 81,202
Derivatives fair value - forward contracts (e) | 12 | 3 | 2,907 | 2,907 | 23,308 | 23,308
Fair value in the purchase and sale of power (e) | 12 | 3 | 855,775 | 855,775 | 689,531 | 689,531
Other temporary investments (f) |  | 1 | 14,072 | 14,072 | 14,910 | 14,910
Other temporary investments (f) |  | 2 | 5,913 | 5,913 | 7,475 | 7,475
|  |  | 6,248,524 | 6,248,524 | 5,489,658 | 5,489,658
Amortized cost |  |  |  |  |  |
Collaterals and escrow accounts (a) |  |  | 182 | 182 | 197 | 197
Collateral and escrow deposits - STN (g) | 22.1 |  | 142,764 | 115,643 | 133,521 | 113,477
Trade accounts receivable (a) | 7 |  | 4,515,426 | 4,515,426 | 3,819,680 | 3,819,680
CRC Transferred to the Paraná State Government (h) | 8 |  | - | - | 1,392,624 | 1,496,016
Sectorial financial assets (a) | 9 |  | 767,480 | 767,480 | 346,930 | 346,930
Accounts receivable - concessions - bonus from |  |  |  |  |  |
the grant (i) | 10.3 |  | 730,851 | 828,673 | 671,204 | 763,070
|  |  | 6,156,703 | 6,227,404 | 6,364,156 | 6,539,370
Total financial assets |  |  | 12,405,227 | 12,475,928 | 11,853,814 | 12,029,028
Financial liabilities |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |
Fair value in the purchase and sale of power (e) | 29 | 3 | 545,468 | 545,468 | 343,406 | 343,406
|  |  | 545,468 | 545,468 | 343,406 | 343,406
Amortized cost |  |  |  |  |  |
Sectorial financial liabilities (a) | 9 |  | 293,179 | 293,179 | 188,709 | 188,709
Special Tax Regularization Program - Pert (g) | 13.2 |  | 421,694 | 361,080 | 459,303 | 377,375
PIS and Cofins to be refunded to consumers (a) | 13.2.1 |  | 3,326,795 | 3,326,795 | 3,927,823 | 3,927,823
Accounts payable to suppliers (a) | 21 |  | 2,710,984 | 2,710,984 | 2,436,452 | 2,436,452
Loans and financing (g) | 22 |  | 3,738,269 | 3,313,645 | 3,214,249 | 2,956,696
Debentures (j) | 23 |  | 8,240,769 | 8,240,769 | 6,837,819 | 6,837,819
Accounts payable related to concession (k) | 27 |  | 903,959 | 1,009,867 | 731,864 | 811,329
|  |  | 19,635,649 | 19,256,319 | 17,796,219 | 17,536,203
Total financial liabilities |  |  | 20,181,117 | 19,801,787 | 18,139,625 | 17,879,609
Different levels are defined as follows:
Level 1: Obtained from quoted prices (not adjusted) in active markets for identical assets and liabilities;
Level 2: obtained through other variables in addition to quoted prices included in Level 1, which are observable for the assets or liabilities;
Level 3: obtained through assessment techniques which include variables for the assets or liabilities, which however are not based on observable market data.
Determining fair values
a) | Equivalent to their respective carrying values due to their nature and terms of realization.
b) | Fair value is calculated based on information made available by the financial agents and the market values of the bonds issued by the Brazilian government
c) | The criteria are disclosed in Note 4.4 to these financial statements.
d) | The fair values of generation assets approximate their carrying amounts, according to Note 4.4 to these financial statements.
e) | The fair values of assets and liabilities are equivalent to their carrying amounts according to Note 4.15 to these financial statements.
f) | Investments in other companies, stated at fair value, which is calculated according to the price quotations published in an active market, for assets classified as level 1 and determined in view of the comparative assessment model for assets classified as level 2.
g) | The cost of the last issue of Copel’s debentures, CDI + 1.38%, is used as a basic assumption for discount of the expected payment flows.
h) | The Company based its calculation on the comparison with a long-term and post-fixed National Treasury Bond (NTN-B) maturing on August 15, 2026, which yields approximately 3.87% p.a. plus the IPCA inflation index.
i) | Receivables related to the concession agreement for providing electricity generation services under quota arrangements, having their fair value calculated by expected cash inflows, discounted at the rate established by ANEEL auction notice 12/2015 (9.04%).
j) | Calculated from the Unit Price quotation (PU) for December 31, 2021, obtained from the Brazilian Association of Financial and Capital Markets (ANBIMA), net of unamortized financial cost.
k) | Actual net discount rate of 8.75% p.a., in line with the Company’s estimated rate for long-term projects.
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. | 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 | 12.31.2021 | 12.31.2020
Cash and cash equivalents (a) | 3,472,845 | 3,222,768
Bonds and securities (a) | 361,058 | 300,530
Pledges and restricted deposits linked (a) | 142,946 | 133,718
Trade accounts receivable (b) | 4,515,426 | 3,819,680
CRC Transferred to the Paraná State Government (c) | - | 1,392,624
Sectorial financial assets (d) | 767,480 | 346,930
Accounts receivable - distribution concession (e) | 1,433,734 | 1,149,934
Accounts receivable - concessions - Bonus from the grant (f) | 730,851 | 671,204
Accounts receivable - generation concessions (g) | 102,220 | 81,202
Other temporary investments (h) | 19,985 | 22,385
| 11,546,545 | 11,140,975
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 the classes of consumers most likely to default, 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) | There is no risk considering that the balance was settled in 2021.
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 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.
g) | 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), for the purposes of indemnification. In July 2021, Normative Resolution No. 942/2021 was published, regulating the calculation of these amounts through the presentation of appraisal reports to be prepared by accredited companies. Management’s expectation of indemnification for these assets supports recoverability of the balances recorded.
h) | 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 | Schedule of liquidity risk
|  | Less than | 1 to 3 | 3 months | 1 to 5 | Over |
| Interest (a) | 1 month | months | to 1 year | years | 5 years | Total
12.31.2021 |  |  |  |  |  |  |
Loans and financing | Note 22 | 37,039 | 97,025 | 729,794 | 2,047,981 | 2,234,468 | 5,146,307
Debentures | Note 23 | 65,956 | 56,696 | 2,727,331 | 6,362,806 | 2,029,487 | 11,242,276
Accounts payable related | Rate of return + |  |  |  |  |  |
to concession | IGP-M and IPCA | 8,948 | 17,904 | 82,977 | 500,875 | 2,431,666 | 3,042,370
Accounts payable to suppliers | - | 2,355,760 | 236,941 | 51,322 | 66,961 | - | 2,710,984
PIS and Cofins to be refunded |  |  |  |  |  |  |
to consumers | - | - | - | - | 3,363,440 | - | 3,363,440
Special Tax Regularization Program - Pert | Selic | 4,375 | 8,829 | 41,411 | 258,120 | 232,257 | 544,992
Sectorial financial liabilities | Selic | 11,736 | 23,760 | 112,857 | 182,395 | - | 330,748
Lease liability | Note 28 | 5,444 | 10,919 | 48,886 | 119,212 | 207,099 | 391,560
|  | 2,489,258 | 452,074 | 3,794,578 | 12,901,790 | 7,134,977 | 26,772,677
(a) Effective interest rate - weighted average.
Schedule of sensitivity analysis of foreign currency risk | Schedule of sensitivity analysis of foreign currency risk
. |  | Baseline | Projected scenarios
Foreign exchange risk | Risk | 12.31.2021 | Probable | Scenario 1 | Scenario 2
. |  |  |  |  |
Financial assets |  |  |  |  |
Collaterals and escrow accounts - STN | USD depreciation | 142,764 | (14,967) | (a) | (a)
. |  | 142,764 | (14,967) |  |
Financial liabilities |  |  |  |  |
Loans and financing - STN | USD appreciation | (150,572) | 13,425 | (a) | (a)
Suppliers |  |  |  |  |
Eletrobras (Itaipu) | USD appreciation | (304,215) | 4,388 | (70,568) | (145,525)
Acquisition of gas | USD appreciation | (60,121) | 867 | (13,946) | (28,759)
|  | (514,908) | 18,680 | (84,514) | (174,284)
(a) Projected scenarios not evaluated. Probable value reflects the settlement value of the transaction, which took place on March 10, 2022.
Schedule of gains (losses) on operations with derivative financial instruments | Schedule of gains (losses) on operations with derivative financial instruments
| Exchange | Baseline | Projected scenarios
| rate variation | 12.31.2021 | Probable | Scenario 1 | Scenario 2
Gains (losses) on operations with derivative financial instruments | Increase | 2,907 | 996 | (a) | (a)
| Decrease | 2,907 | 996 | (a) | (a)
(a) Projected scenarios not evaluated. Probable value reflects the settlement value of the transaction, which took place on March 10, 2022.
Schedule of sensitivity analysis of interest rate and monetary variation risk | Schedule of sensitivity analysis of interest rate and monetary variation risk
. |  | Baseline | Projected scenarios
Interest rate risk and monetary variation | Risk | 12.31.2021 | Probable | Scenario 1 | Scenario 2
. |  |  |  |  |
Financial assets |  |  |  |  |
Bonds and securities | Low CDI/SELIC | 361,058 | 41,522 | 31,159 | 20,760
Collaterals and escrow accounts | Low CDI/SELIC | 182 | 21 | 15 | 11
Sectorial financial assets | Low Selic | 767,480 | 94,016 | 70,512 | 47,008
Accounts receivable - concessions | Low IPCA | 2,164,585 | 120,351 | 90,263 | 60,175
Accounts receivable - generation concessions | Undefined (a) | 102,220 | - | - | -
|  | 3,395,525 | 255,910 | 191,949 | 127,954
Financial liabilities |  |  |  |  |
Loans and financing |  |  |  |  |
Banco do Brasil | High CDI | (641,207) | (78,548) | (98,185) | (117,822)
BNDES | High TJLP | (1,864,177) | (122,023) | (152,529) | (183,035)
BNDES | High IPCA | (348,305) | (19,366) | (24,207) | (29,049)
Banco do Nordeste | High IPCA | (626,043) | (76,690) | (95,863) | (115,035)
Banco do Brasil - BNDES Transfer | High TJLP | (72,109) | (4,720) | (5,900) | (7,080)
Other | No risk | (35,856) | - | - | -
Debentures | High CDI/SELIC | (5,627,350) | (689,350) | (861,688) | (1,034,026)
Debentures | High IPCA | (2,513,179) | (139,733) | (174,666) | (209,599)
Debentures | High TJLP | (100,240) | (6,561) | (8,202) | (9,842)
Sectorial financial liabilities | High Selic | (293,179) | (35,914) | (44,893) | (53,872)
Special Tax Regularization Program - Pert | High Selic | (421,694) | (51,658) | (64,572) | (77,486)
Accounts payable related to concession | High IGP-M | (844,599) | (68,581) | (85,727) | (102,872)
Accounts payable related to concession | High IPCA | (59,360) | (3,300) | (4,125) | (4,951)
. |  | (13,447,298) | (1,296,444) | (1,620,557) | (1,944,669)
(a) Risk assessment still requires ruling by the Concession grantor.
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) | Concession termination
Quality Indicators | 2 consecutive years or 3 times in 5 years | Limitation of dividend and interest on equity distribution
Economic - financial efficiency | in the base year | Capital Increase (a)
Limitation of dividend and interest on equity distribution
Restrictive regime for contracts with related parties
From the 6th year of (2021) | Economic - 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 for Copel Distribuição in 2021 Schedule of targets set The criterion of efficiency in relation to economic-financial management will not be complied when what is determined in the table below is not achieved, or even when the EBITDA is lower than the QRR. The calculation of results occurs at the end of each year, when the results are disclosed in the Regulatory Financial Statements.
|  |  | Quality - limits | Quality (Performed)
Year | Economic and Financial Management | Realized | DECi | FECi | DECi | FECi
2021 | {Net Debt / [EBITDA (-) QRR ≥ 0]} ≤ 1 / (1,11 * Selic) | - | 9.29 | 6.84 | 7.20 | 4.76
Targets for Copel Distribui??o from 2016 to 2020 | Targets for Copel Distribuição from 2016 to 2020
|  |  | 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 | EBTIDA ≥ 0 (c) | 661,391 | 12.54 | 8.74 | 10.41 | 6.79
2018 | EBTIDA (-) QRR ≥ 0 (d) | 550,675 | 11.23 | 8.24 | 10.29 | 6.20
2019 | {Net Debt / [EBTIDA (-) QRR]} ≤ 1 / (0.8 * SELIC) (d) | 822,386 | 10.12 | 7.74 | 9.10 | 6.00
2020 | {Net Debt / [EBTIDA (-) QRR]} ≤ 1 / (1.11 * SELIC) (e) | 1,624,821 | 9.83 | 7.24 | 7.81 | 5.55
(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.a.
Schedule of deadline for manifestation | The balances referring to these outstanding transactions at the date of these financial statements are stated below. Schedule of deadline for manifestation
| Assets | Liabilities | Net
Current | 112,057 | (106,889) | 5,168
Noncurrent | 743,718 | (438,579) | 305,139
| 855,775 | (545,468) | 310,307
Schedule of sensitivity analysis on the power purchase and sale transactions in the active market | Schedule of sensitivity analysis on the power purchase and sale transactions in the active market
| Price | Baseline | Projected scenarios
| variation | 12.31.2021 | Probable | Scenario 1 | Scenario 2
Unrealized gains (losses) on purchase and sale of energy | Increase | 310,307 | 299,404 | 347,905 | 396,407
| Decrease | 310,307 | 299,404 | 250,900 | 202,398
Schedule of capital monitored by index | As of December 31, 2021 and 2020, the ratio attained is shown below: Schedule of capital monitored by index
| 12.31.2021 | 12.31.2020
Loans and financing | 3,678,444 | 3,188,531
Debentures | 8,147,617 | 6,757,481
(-) Cash and cash equivalents | (3,472,845) | (3,222,768)
(-) Bonds and securities (current) | (16,121) | (1,465)
(-) Bonds and securities (noncurrent) - debt contract guarantees | (237,183) | (175,901)
(-) Collaterals and escrow accounts STN | (142,764) | (133,521)
Adjusted net debt | 7,957,148 | 6,412,357
Net income from continuing operations | 3,859,045 | 3,834,172
Equity in earnings of investees | (366,314) | (193,547)
Deferred IRPJ and CSLL | 790,406 | 24,896
Provision for IRPJ and CSLL | 469,226 | 1,260,469
Financial expenses (income), net | 327,361 | (866,271)
Depreciation and amortization | 1,082,539 | 1,009,913
Ebitda from discontinued operations | 1,872,381 | 259,560
Adjusted ebitda | 8,034,644 | 5,329,192
Adjusted net debt/Adjusted ebitda | 0.99 | 1.20
Debt to equity ratio: |
36.3.1 | Debt to equity ratio:
Indebtedness | 12.31.2021 | 12.31.2020
Loans and financing | 3,738,269 | 3,168,710
Debentures | 8,240,769 | 8,540,366
(-) Cash and cash equivalents | 3,472,845 | 3,222,768
(-) Bonds and securities | 361,058 | 300,530
Net debt | 8,145,135 | 8,185,778
Equity | 22,175,235 | 20,250,518
Debt to equity ratio | 0.37 | 0.40

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