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Condensed individual financial information of Companhia Paranaense de Energia - Copel
 12 Months Ended
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

     
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

 

       
  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

       
  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:

     
  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:

       
    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:

     
  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:

     
  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:

 

     
     
  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:

 

               
  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.