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v3.23.2

Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments |
Schedule of fair value of financial instruments |
Schedule of fair value of financial instruments |  |  |  |  |  |
|  |  |  | 12.31.2022 |  | 12.31.2021
| 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 | 2,678,457 | 2,678,457 | 3,472,845 | 3,472,845
Bonds and securities (b) | 6 | 1 | - | - | 14,571 | 14,571
Bonds and securities (b) | 6 | 2 | 431,056 | 431,056 | 346,487 | 346,487
Accounts receivable - distribution concession (c) | 9.1 and 9.2 | 3 | 1,442,819 | 1,442,819 | 1,433,734 | 1,433,734
Accounts receivable - generation concession (c) | 9.4 | 3 | 68,642 | 68,642 | 102,220 | 102,220
Derivatives fair value - forward contracts (d) | 11 | 3 | - | - | 2,907 | 2,907
Fair value in the purchase and sale of power (d) | 11 | 3 | 1,081,758 | 1,081,758 | 855,775 | 855,775
Other temporary investments (e) |  | 1 | 15,372 | 15,372 | 14,072 | 14,072
Other temporary investments (e) |  | 2 | 10,247 | 10,247 | 5,913 | 5,913
|  |  | 5,728,351 | 5,728,351 | 6,248,524 | 6,248,524
Amortized cost |  |  |  |  |  |
Collaterals and escrow accounts (a) |  |  | 157 | 157 | 182 | 182
Collateral and escrow deposits - STN |  |  | - | - | 142,764 | 115,643
Trade accounts receivable (a) | 7 |  | 3,451,869 | 3,451,869 | 4,515,426 | 4,515,426
Sectorial financial assets (a) | 8 |  | 381,398 | 381,398 | 767,480 | 767,480
Accounts receivable - concessions - bonus from |  |  |  |  |  |
the grant (g) | 9.3 |  | 766,832 | 866,653 | 730,851 | 828,673
|  |  | 4,600,256 | 4,700,077 | 6,156,703 | 6,227,404
Fair value through other comprehensive income |  |  |  |  |  |
Certified Emission Reductions - CERs (j) | 29.4 |  | 10,295 | 10,295 | - | -
|  |  | 10,295 | 10,295 | - | -
Total financial assets |  |  | 10,338,902 | 10,438,723 | 12,405,227 | 12,475,928
Financial liabilities |  |  |  |  |  |
Fair value through profit or loss |  |  |  |  |  |
Fair value in the purchase and sale of power (d) | 27 | 3 | 738,703 | 738,703 | 545,468 | 545,468
|  |  | 738,703 | 738,703 | 545,468 | 545,468
Amortized cost |  |  |  |  |  |
Sectorial financial liabilities (a) | 8 |  | 483,255 | 483,255 | 293,179 | 293,179
ICMS installment payment (f) | 12.2.4 |  | 48,320 | 43,419 | - | -
Special Tax Regularization Program - Pert (f) | 12.2 |  | 404,075 | 340,025 | 421,694 | 361,080
PIS and Cofins to be refunded to consumers (a) | 12.2.1 |  | 1,995,158 | 1,995,158 | 3,326,795 | 3,326,795
Accounts payable to suppliers (a) | 19 |  | 2,215,470 | 2,215,470 | 2,710,984 | 2,710,984
Loans and financing (f) | 20 |  | 4,694,957 | 4,171,789 | 3,738,269 | 3,313,645
Debentures (h) | 21 |  | 7,887,077 | 7,688,396 | 8,240,769 | 8,240,769
Accounts payable related to concession (i) | 25 |  | 937,542 | 1,051,710 | 903,959 | 1,009,867
|  |  | 18,665,854 | 17,989,222 | 19,635,649 | 19,256,319
Total financial liabilities |  |  | 19,404,557 | 18,727,925 | 20,181,117 | 19,801,787
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 book 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) | Financial assets with fair values ​​similar to book values ​​(Note 4.4).
| d) | The fair values of assets and liabilities are equivalent to their book values (Note 4.15).
| e) | 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.
| f) | The cost of the highest value of the last funding carried out by the Company, CDI + spread of 1.22%, is used as a basic assumption for the discount of the expected payment flows.
| g) | 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%).
| h) | Calculated according to the quotation of the last trade in the secondary market through the average price of the Unit Price - PU on December 31, 2022, obtained from the Brazilian Association of Financial and Capital Market Entities - Anbima.
| i) | The actual pre-tax discount rate of 8.65% p.a. was used, compatible with the rate estimated by the Company for long-term projects.
| j) | Financial assets with fair values ​​similar to book values ​​(Note 4.2).
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 | 12.31.2022 | 12.31.2021
Cash and cash equivalents (a) | 2,678,457 | 3,472,845
Bonds and securities (a) | 431,056 | 361,058
Pledges and restricted deposits linked (a) | 157 | 142,946
Trade accounts receivable (b) | 3,451,869 | 4,515,426
Sectorial financial assets (c) | 381,398 | 767,480
Accounts receivable - distribution concession (c) | 1,442,819 | 1,433,734
Accounts receivable - concessions - bonus from the grant (d) | 766,832 | 730,851
Accounts receivable - generation concessions (e) | 68,642 | 102,220
Other temporary investments (f) | 25,619 | 19,985
| 9,246,849 | 11,546,545
| 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) | Risk of losses resulting from difficulties to receive amounts billed to customers related to internal and external factors. 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) | 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 Granting Authority, corresponding to the costs and investments not recovered through the tariff.
| d) | 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.
| e) | 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. In August 2022, Copel filed with Aneel the assessment reports related to the residual values, with a base date of July 2015, for the HPP Governador Parigot de Souza - GPS and HPP Mourão - MOU, which are awaiting inspection and subsequent validation by the regulatory agency. Management's expectation of indemnification for these assets supports recoverability of the balances recorded.
| f) | Risk arising from the possibility of the Company incurring losses due to stock market volatility. This type of risk involves external factors and is being managed through periodic assessments of the variations 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
12.31.2022 |  |  |  |  |  |  |
Loans and financing | Note 20 | 39,138 | 176,621 | 474,493 | 3,593,649 | 2,481,487 | 6,765,388
Debentures | Note 21 | 95,407 | 42,366 | 1,928,303 | 6,695,007 | 2,333,033 | 11,094,116
Accounts payable related | Rate of return + |  |  |  |  |  |
to concession | IGP-M and IPCA | 9,674 | 19,371 | 87,865 | 508,869 | 2,258,292 | 2,884,071
Accounts payable to suppliers | - | 1,919,501 | 206,735 | 23,031 | 66,203 | - | 2,215,470
PIS and Cofins to be refunded |  |  |  |  |  |  |
to consumers | Note 12.2.1 | - | - | 387,721 | 1,365,327 | 357,912 | 2,110,960
Special Tax Regularization Program - Pert | Selic | 4,776 | 9,665 | 45,279 | 282,820 | 170,426 | 512,966
ICMS installment payment | Selic | 874 | 1,767 | 8,259 | 46,722 | - | 57,622
Sectorial financial liabilities | Selic | 36,543 | 74,240 | 353,022 | 59,037 | - | 522,842
Lease liability | Note 26 | 8,146 | 15,893 | 67,566 | 174,725 | 364,729 | 631,059
|  | 2,114,059 | 546,658 | 3,375,539 | 12,792,359 | 7,965,879 | 26,794,494
(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 | 12.31.2022 | Probable | Scenario 1 | Scenario 2
. |  |  |  |  |
Financial liabilities |  |  |  |  |
Suppliers |  |  |  |  |
Itaipu | USD appreciation | (284,930) | (1,764) | (73,437) | (145,111)
Acquisition of gas | USD appreciation | (93,696) | (580) | (24,149) | (47,718)
|  | (378,626) | (2,344) | (97,586) | (192,829)
Schedule of gains (losses) on operations with derivative financial instruments |
Schedule of gains (losses) on operations with derivative financial instruments |  |  |  |  |
. |  | Baseline | Projected scenarios
Interest rate risk and monetary variation | Risk | 12.31.2022 | Probable | Scenario 1 | Scenario 2
. |  |  |  |  |
Financial assets |  |  |  |  |
Bonds and securities | Low CDI/SELIC | 431,056 | 53,883 | 40,433 | 26,942
Collaterals and escrow accounts | Low CDI/SELIC | 157 | 19 | 14 | 10
Sectorial financial assets | Low Selic | 381,398 | 47,675 | 35,756 | 23,837
Accounts receivable - concessions | Low IPCA | 2,209,651 | 127,718 | 95,788 | 63,859
Accounts receivable - generation concessions | Undefined (a) | 68,642 | - | - | -
|  | 3,090,904 | 229,295 | 171,991 | 114,648
Financial liabilities |  |  |  |  |
Loans and financing |  |  |  |  |
Banco do Brasil | High CDI | (751,673) | (93,959) | (117,449) | (140,939)
Banco Itaú | High CDI | (1,037,946) | (129,743) | (162,179) | (194,615)
BNDES | High TJLP | (1,712,943) | (120,787) | (150,983) | (181,180)
BNDES | High IPCA | (389,801) | (22,530) | (28,163) | (33,796)
Banco do Nordeste | High IPCA | (718,835) | (41,549) | (51,936) | (62,323)
Banco do Brasil - BNDES Transfer | High TJLP | (60,720) | (4,282) | (5,352) | (6,422)
Other | No risk | (23,039) | - | - | -
Debentures | High CDI/SELIC | (4,953,884) | (619,235) | (774,044) | (928,853)
Debentures | High IPCA | (2,841,725) | (164,252) | (205,315) | (246,378)
Debentures | High TJLP | (91,468) | (6,450) | (8,062) | (9,675)
Sectorial financial liabilities | High Selic | (483,255) | (60,407) | (75,509) | (90,610)
ICMS installment payment | High Selic | (48,320) | (6,040) | (7,550) | (9,060)
Special Tax Regularization Program - Pert | High Selic | (404,075) | (50,509) | (63,137) | (75,764)
Accounts payable related to concession | High IGP-M | (874,187) | (40,213) | (50,266) | (60,319)
Accounts payable related to concession | High IPCA | (63,355) | (3,662) | (4,577) | (5,493)
. |  | (14,455,226) | (1,363,618) | (1,704,522) | (2,045,427)
(a) | Risk assessment still requires ruling by the Concession grantor.
Indicators and penalties |
Indicators and penalties |  |  |
Year | Indicator | Criteria | Penalties
From 2021 | Economic - financial efficiency | in the base year | Capital Increase (a)
Limitation on distribution of dividends and interest on capital
Restrictive regime for contracts with related parties
2 consecutive years | Concession termination
Quality Indicators | in the base year | Results plan
2 consecutive years | Limitation on distribution of dividends and interest on capital
3 consecutive years | Concession termination
(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 |
Schedule of targets set |  |  |  |  |  |
|  |  | Quality - limits | Quality - performed
Year | Economic and Financial Management | Realized | DECi | FECi | DECi | FECi
2021 | {Net Debt / [EBITDA (-) QRR ≥ 0]} ≤ 1 / (1,11 * Selic) | Achieved | 9.29 | 6.84 | 7.20 | 4.76
Year | Economic and Financial Management | Realized | DEC | FEC | DEC | FEC
2022 | {Net Debt / [EBITDA (-) QRR ≥ 0]} ≤ 1 / (1,11 * Selic) | - | 9.19 | 6.80 | 7.98 | 5.29
Net Debt: Gross Debt deducted from Financial Assets, with the exception of Financial Assets and Financial Liabilities in administrative or judicial discussion. The accounts that make up the Gross Debt and Financial Assets are defined in the attachment VIII to Aneel Resolution No 948/2021.
QRR: Regulatory Reinstatement Share or Regulatory Depreciation Expense. This value will be the one defined in the last Periodic Tariff Review, updated by the variation of the Regulatory Portion B and calculated on a pro rata basis.
Recurring EBITDA: Earnings Before Interest (Financial Result), Taxes (Income Taxes), Depreciation and Amortization.
Targets for Copel Distribuion from 2016 to 2020 |
Targets for Copel Distribuion from 2016 to 2020 |  |
. | Purchase | Sale
2023 | 606,571 | 645,966
2024 | 752,615 | 810,145
2025 | 742,114 | 794,957
2026 | 738,024 | 734,063
2027 | 673,274 | 620,858
2028 to 2040 | 4,130,827 | 4,577,941
| 7,643,425 | 8,183,930
Schedule of deadline for manifestation |
Schedule of deadline for manifestation |  |  |
| Assets | Liabilities | Net
Current | 288,419 | (244,064) | 44,355
Noncurrent | 793,339 | (494,639) | 298,700
| 1,081,758 | (738,703) | 343,055
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 | 12.31.2022 | Probable | Scenario 1 | Scenario 2
Unrealized gains (losses) on energy purchase and sale operations | Increase | 343,055 | 343,055 | 369,579 | 396,104
| Decrease | 343,055 | 343,055 | 316,528 | 290,003
Schedule of capital monitored by index |
Schedule of capital monitored by index |  |
| 12.31.2022 | 12.31.2021
Loans and financing | 4,650,363 | 3,678,444
Debentures | 7,803,855 | 8,147,617
(-) Cash and cash equivalents | (2,678,457) | (3,472,845)
(-) Bonds and securities (current) | (93) | (16,121)
(-) Bonds and securities (noncurrent) - debt contract guarantees | (290,602) | (237,183)
(-) Collaterals and escrow accounts STN | - | (142,764)
Adjusted net debt | 9,485,066 | 7,957,148
Net income from continuing operations | 1,149,321 | 3,859,045
Equity in earnings of investees | (478,577) | (366,314)
Deferred IRPJ and CSLL | (628,389) | 790,406
Provision for IRPJ and CSLL | 429,267 | 469,226
Financial expenses (income), net | 1,966,037 | 327,361
Depreciation and amortization | 1,300,982 | 1,082,539
Hydrological Risk Renegotiation - GSF | - | (1,570,543)
Provision for allocation of PIS and Cofins credits | 810,563 | -
(-/+) Impairment | 84,387 | (134,854)
Ebitda from discontinued operations | - | 1,872,381
Adjusted ebitda | 4,633,591 | 6,329,247
Adjusted net debt/Adjusted ebitda | 2.05 | 1.26
Debt to equity ratio |
Debt to equity ratio |  |
Indebtedness | 12.31.2022 | 12.31.2021
Loans and financing | 4,694,957 | 3,738,269
Debentures | 7,887,077 | 8,240,769
(-) Cash and cash equivalents | (2,678,457) | (3,472,845)
(-) Bonds and securities | (431,056) | (361,058)
Net debt | 9,472,521 | 8,145,135
Equity | 21,131,225 | 22,175,235
Debt to equity ratio | 0.45 | 0.37

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