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Condensed individual financial information of Companhia Paranaense de Energia - Copel
 12 Months Ended
Dec. 31, 2022
Individual Financial Information Of Companhia Paranaense De Energia - Copel  
Condensed individual financial information of Companhia Paranaense de Energia - Copel

 

41.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. Investments in subsidiaries are recognized in the individual financial statements based on the equity method. Initially recorded at cost, their carrying amount is increased or decreased by the recognition of the investor's interest in profit, loss and other comprehensive income generated by subsidiaries after acquisition. When required, for the calculation of equity in earnings of investees, the subsidiaries financial statements are adjusted to align their policies with the Parent Company's accounting policies.

41.1Condensed statements of financial position
     
ASSETS 12.31.2022 12.31.2021
Current assets    
Cash and cash equivalents  199,877  626,052
Bonds and securities  93  91
Dividends receivables (41.5.3)  824,143  1,558,212
Other current receivables 977  1,150
Income tax and social contribution  107,523  3,991
Prepaid expenses 855 528
Receivable from related parties (41.5.1)  47,404  5,374
Total current assets  1,180,872  2,195,398
     
Noncurrent assets    
Other temporary investments  25,619  19,985
Judicial deposits  138,747  131,519
Other current receivables  18  7,658
Income Tax and Social Contribution -   30,000
Deferred tax assets  333,877  165,484
Other noncurrent recoverable taxes  39,810  38,659
Receivables from related parties (41.5.1) -   150,572
 Other non current assets  538,071  543,877
     
Investments (41.5.2)  20,339,344  21,144,478
Property, Plant and Equipment, net  7,948  4,112
Intangible Assets  4,724  3,473
Right-of-use asset  4,586  3,165
     
 Total non current assets   20,894,673  21,699,105
     
Total assets  22,075,545  23,894,503
     
LIABILITIES 12.31.2022 12.31.2021
Current liabilities    
Payroll, social charges and accruals  6,605  36,454
Related parties (41.5.1)  1,838  2,292
Suppliers (41.5.6)  5,373  3,353
Income tax and social contribution -   1,813
Other taxes payable  28,690  34,956
Loans and financing -   321,157
Debentures -   501,716
Dividends payable  344,251  260,995
Post employment benefits  2,957 229
Lease liability 436 301
Other accounts payable 558 548
 Total current liabilities  390,708  1,163,814
     
Noncurrent liabilities    
Related parties (41.5.1)  5,851  5,851
Other taxes due  3,676  3,260
Loans and financing -   468,970
Post employment benefits  23,890  13,922
Lease liability  4,373  2,957
Other accounts payable  25,241  50,943
Provisions for legal claims (41.5.4)  804,442  347,762
 Noncurrent liabilities  867,473  893,665
     
Equity    
Share capital  10,800,000  10,800,000
Equity valuation adjustments  593,382  426,170
Legal reserves  1,512,687  1,457,087
Retained earnings  7,911,295  7,785,092
Additional dividends proposed  -   1,368,675
 TOTAL EQUITY  20,817,364  21,837,024
     
Total liabilities and equity  22,075,545  23,894,503

 

41.2Condensed statements of income
       
       
  12.31.2022 12.31.2021 12.31.2020
Operating revenues (expenses)      
General and administrative expenses (111,665) (126,172) (79,762)
Other revenues (expenses), net (441,601) (86,344) (24,423)
Result of equity in investees 1,620,451 3,689,345 3,551,254
Total Operating revenues (expenses) 1,067,185 3,476,829 3,447,069
       
Operating income before financial results 1,067,185 3,476,829 3,447,069
       
Financial income (expenses)      
Financial revenues  57,658  304,809  335,485
Financial expenses (177,375) (112,332) (86,076)
Total Financial income (expenses) (119,717)  192,477  249,409
       
Operating income  947,468 3,669,306 3,696,478
       
Income tax and social contribution      
Income tax and social contribution -   67,641 - 
Deferred income tax and social contribution  164,539  30,250  127,503
Total Income tax and social contribution  164,539  97,891  127,503
       
Net income from continuing operations 1,112,007 3,767,197 3,823,981
       
Discontinued operations      
Net income (loss) from discontinued operations -  1,185,376  80,221
       
Net income 1,112,007 4,952,573 3,904,202
       
Basic and diluted net earning per share attributed to controlling shareholders - continuing operations - expressed in Brazilian Reais      
Common shares  0.38839  1.20448  0.72523
Class A preferred shares  0.50343  1.41173  0.89086
Class B preferred shares  0.41745  1.50668  0.79778
       
Basic and diluted net earning per share attributed to controlling shareholders - expressed in Brazilian Reais      
Common shares  0.38839  1.61429  0.69440
Class A preferred shares  0.50343  1.86252  0.85790
Class B preferred shares  0.41745  1.95747  0.76388

41.3Condensed statement of comprehensive income
       
       
  12.31.2022 12.31.2021 12.31.2020
NET INCOME 1,112,007 4,952,573 3,904,202
 Other comprehensive income       
Items that will never be reclassified to profit or loss       
Gain (losses) on actuarial liabilities       
 Post employment benefits  (11,336) (3,257) (779)
 Post employment benefits - equity   209,991  154,751 (178,434)
Taxes on other comprehensive income   3,854  1,107  265
Items that may be reclassified to profit or loss      
Adjustments related to financial assets - equity 4,757 - -
 Total comprehensive income, net of taxes   207,266  152,601 (178,948)
TOTAL COMPREHENSIVE INCOME  1,319,273 5,105,174 3,725,254

41.4Condensed statements of cash flows for the years ended December 31, 2021, 2020 and 2019
       
  12.31.2022 12.31.2021 12.31.2020
Net cash generated from operating activities 3,079,427 2,892,312  761,050
       
Cash flow from investing activities      
Financial investments   (5,636) 2,399 5,349
Loans and financing granted to related parties  (146,063)  -   (40,000)
Receipt of loans and financing granted to related parties 100,000 33,899 7,015
Additions in investments  (4,829)  (503,202)  (68,127)
Capital reduction of investees.  -  82,330  228
Additions to property, plant and equipment   (4,436)  (1,847)  (1,800)
Additions to intangible  (1,592)  (1,771)  (1,045)
       
     
Net cash used in investing activities from continuing operations   (62,556)  (388,192)  (98,380)
       
     
Net cash generated by investment activities from discontinued operations  -  2,506,837  - 
       
Net cash generated (used) from investing activities  (62,556) 2,118,645  (98,380)
       
Cash flow from financing activities      
Issue of loans with related parties  -   -   280,000
Amortization of principal - loans and financing  (774,899)  -   (38,500)
Amortization of principal - debentures  (500,000)  (300,000) (300,000)
Amortization of principal - Lease liabilities (378) (317) (329)
Amortization of principal of related parties liabilities  -   (280,000)  - 
Dividends and interest on capital paid  (2,167,769)  (3,847,288) (586,445)
       
Net cash used in financing activities  (3,443,046)  (4,427,605) (645,274)
       
Total effects on cash and cash equivalents  (426,175) 583,352 17,396
       
Cash and cash equivalents at the beginning of the period 626,052 42,700 25,304
Cash and cash equivalents at the end of the period 199,877 626,052 42,700
       
Change in cash and cash equivalents  (426,175) 583,352 17,396

41.5Additional individual information related to Companhia Paranaense de Energia - Copel
41.5.1Related Parties
     
  12.31.2022 12.31.2021
Assets    
Jandaíra wind complex - loan agreement (a)  47,404 - 
Structure sharing (b) -   5,374
Copel Distribuição (c) -  150,572
   47,404 155,946
Liabilities    
Structure sharing (b)  1,838  2,292
Elejor advance  5,851  5,851
   7,689  8,143

a)Loan agreement - Jandaíra Complex

On May 17, 2022, a loan agreement was signed between Copel and the companies of the Jandaíra Wind Complex, with the approval of limits plus IOF and interest of CDI + 1.38% per year, to provide resources for financing the company activities and business. The contracts are valid until May 17, 2024. Of the overall approved amount of R$49,400, the amount of R$46,063 was transferred, and the financial income for the year ended December 31, 2022 is R$1,313.

b)Structure sharing

Balances mainly refer to contracts for sharing personnel and management expenses entered between Copel and its direct and indirect subsidiaries.

c)Copel DIS - Financing transferred - STN

Refers to the National Treasury Department - STN financing, signed by Copel and transferred to Copel DIS, settled on March 10, 2022.

41.5.2Investments
     
  12.31.2022 12.31.2021
Copel Geração e Transmissão 12,790,070 12,662,224
Copel Distribuição 6,610,274 7,558,556
Copel Comercialização 418,780 389,863
Compagas 284,135 259,031
UEG Araucária 55,414 109,737
Elejor 9,990 10,744
Copel Serviços 8,635  - 
Other investments (a) 162,046 154,323
  20,339,344 21,144,478
(a)The information regarding joint ventures, associates and other investments are presented in Note 15.

41.5.3Dividends receivable
     
  12.31.2022 12.31.2021
Subsidiaries    
Copel Geração e Transmissão  372,899  638,378
Copel Distribuição  265,574  824,833
Copel Comercialização  39,626  20,785
Compagas  136,246  65,821
UEG Araucária 7,746 7,251
     
Joint Ventures and Associates    
Voltália 1,032 1,032
Dona Francisca  831  86
Solar Paraná  48  - 
     
Other investments  141  26
   824,143 1,558,212

41.5.4Provisions for legal claims
     
  12.31.2022 12.31.2021
Tax Claim 159,235 144,208
Labor 3,514 2,437
Employee benefits   745  587
Civil 640,948 175,356
Regulatory  -  25,174
  804,442 347,762

41.5.5Restriction 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 the regulator. This regulatory restriction does not apply to cash dividends determined in accordance with the Brazilian Corporate Law. Total restricted subsidiaries net assets are composed as follows:

     
  12.31.2022 12.31.2021
Copel Geração e Transmissão 12,790,070 12,662,224
Copel Distribuição 6,610,274 7,558,556
Compagas 557,130 507,901
UEG Araucária  272,981 540,577
  20,230,455 21,269,258

41.5.6Liquidity

The following table shows the expected undiscounted settlement values of the Copel liabilities, in each time range:

           
  Less than
1 month		 1 to 3 months 3 months to 1 year 1 to 5 years Over
5 years		 Total
12.31.2022            
Suppliers 5,351 22  -   -   -  5,373
  5,351 22  -   -   -  5,373