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Condensed individual financial information of Companhia Paranaense de Energia - Copel | 12 Months Ended
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Dec. 31, 2023
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. This 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.
| 41.1 | Condensed statements of financial position
Schedule of condensed statements of financial position |  |
ASSETS | 12.31.2023 | 12.31.2022
Current assets |  |
Cash and cash equivalents | 2,231,413 | 199,877
Bonds and securities | 93 | 93
Dividends receivables (41.5.3) | 1,942,406 | 824,143
Other current receivables | 2,431 | 977
Income tax and social contribution | 113,532 | 107,523
Prepaid expenses | 1,897 | 855
Receivable from related parties (41.5.1) | 54 | 47,404
Other | 4,291,826 | 1,180,872
Assets held for sale | 528,195 | -
Total current assets | 4,820,021 | 1,180,872
Noncurrent assets |  |
Other temporary investments | 31,728 | 25,619
Judicial deposits | 143,371 | 138,747
Other current receivables | 18 | 18
Deferred tax assets | 359,485 | 333,877
Other noncurrent recoverable taxes | 41,078 | 39,810
Receivables from related parties (41.5.1) | 35,507 | -
Other non current assets | 611,187 | 538,071
Investments (41.5.2) | 19,906,237 | 20,339,344
Property, Plant and Equipment, net | 8,424 | 7,948
Intangible Assets | 6,336 | 4,724
Right-of-use asset | 6,692 | 4,586
Total non current assets | 20,538,876 | 20,894,673
Total assets | 25,358,897 | 22,075,545
LIABILITIES | 12.31.2023 | 12.31.2022
Current liabilities |  |
Payroll, social charges and accruals | 30,608 | 6,605
Related parties (41.5.1) | 1,838 | 1,838
Suppliers (41.5.6) | 4,530 | 5,373
Income tax and social contribution | 183 | -
Other taxes payable | 476 | 28,690
Dividends payable | 464,147 | 344,251
Post employment benefits | 3,842 | 2,957
Lease liability | 405 | 436
Other accounts payable | 15,136 | 558
Provisions for legal claims | 336,000 | -
Total current liabilities | 857,165 | 390,708
Noncurrent liabilities |  |
Related parties (41.5.1) | 5,851 | 5,851
Other taxes due | 4,030 | 3,676
Post employment benefits | 47,537 | 23,890
Lease liability | 6,681 | 4,373
Other accounts payable | 25,297 | 25,241
Provisions for legal claims (41.5.4) | 526,183 | 804,442
Total noncurrent liabilities | 615,579 | 867,473
Equity |  |
Share capital | 12,821,758 | 10,800,000
Equity valuation adjustments | 307,050 | 593,382
Legal reserves | 1,625,628 | 1,512,687
Retained earnings | 9,000,506 | 7,911,295
Additional dividends proposed | 131,211 | -
Accumulated profit | - | -
Total Equity | 23,886,153 | 20,817,364
Total liabilities and equity | 25,358,897 | 22,075,545
| 41.2 | Condensed statements of income
Schedule of condensed statements of income |  |  |
|  | Restated | Restated
| 12.31.2023 | 12.31.2022 | 12.31.2021
Operating revenues (expenses) |  |  |
General and administrative expenses | (177,097) | (111,665) | (126,172)
Other revenues (expenses), net | (38,990) | (441,601) | (86,344)
Result of equity in investees | 2,332,609 | 1,746,263 | 3,364,033
Total Operating revenues (expenses) | 2,116,522 | 1,192,997 | 3,151,517
Operating income before financial results | 2,116,522 | 1,192,997 | 3,151,517
Financial income (expenses) |  |  |
Financial revenues | 145,881 | 57,658 | 304,809
Financial expenses | (115,669) | (177,375) | (112,332)
Total Financial income (expenses) | 30,212 | (119,717) | 192,477
Operating income | 2,146,734 | 1,073,280 | 3,343,994
Income tax and social contribution |  |  |
Income tax and social contribution | (5,737) | - | 67,641
Deferred income tax and social contribution | 17,080 | 164,539 | 30,250
Total Income tax and social contribution | 11,343 | 164,539 | 97,891
Net income from continuing operations | 2,158,077 | 1,237,819 | 3,441,885
Discontinued operations |  |  |
Net income (loss) from discontinued operations | 100,733 | (125,812) | 1,510,688
Net income | 2,258,810 | 1,112,007 | 4,952,573
Basic and diluted net earning per share attributed to controlling shareholders - continuing operations - expressed in Brazilian Reais |  |  |
Common shares | 0.75215 | 0.43170 | 1.09201
Class A preferred shares | 0.87237 | 0.55106 | 1.28802
Class B preferred shares | 0.76906 | 0.46509 | 1.38297
Basic and diluted net earning per share attributed to controlling shareholders - expressed in Brazilian Reais |  |  |
Common shares | 0.78574 | 0.38839 | 1.61429
Class A preferred shares | 0.90931 | 0.50343 | 1.86252
Class B preferred shares | 0.80600 | 0.41745 | 1.95747
| 41.3 | Condensed statement of comprehensive income
Schedule of condensed statements of comprehensive income |  |  |
|  | Restated | Restated
| 12.31.2023 | 12.31.2022 | 12.31.2021
NET INCOME | 2,258,810 | 1,112,007 | 4,952,573
Other comprehensive income |  |  |
Items that will never be reclassified to profit or loss |  |  |
Gain (losses) on actuarial liabilities |  |  |
Post employment benefits | (25,082) | (11,336) | (3,257)
Post employment benefits - equity | (234,283) | 209,991 | 154,751
Taxes on other comprehensive income | 8,528 | 3,854 | 1,107
Items that may be reclassified to profit or loss |  |  |
Adjustments related to financial assets - equity | (2,942) | 4,757 | -
Total comprehensive income, net of taxes | (253,779) | 207,266 | 152,601
TOTAL COMPREHENSIVE INCOME | 2,005,031 | 1,319,273 | 5,105,174
| 41.4 | Condensed statements of cash flows
Schedule of condensed statements of cash flows |  |  |
|  | Restated | Restated
| 12.31.2023 | 12.31.2022 | 12.31.2021
Net cash generated from operating activities | 811,605 | 3,079,427 | 2,892,312
Cash flow from investing activities |  |  |
Financial investments | (6,109) | (5,636) | 2,399
Loans and financing granted to related parties | (236,024) | (146,063) | -
Receipt of loans and financing granted to related parties | 282,087 | 100,000 | 33,899
Additions in investments | (61,950) | (4,829) | (503,202)
Capital reduction of investees. | - | - | 82,330
Additions to property, plant and equipment | (1,659) | (4,436) | (1,847)
Additions to intangible | (1,742) | (1,592) | (1,771)
Net cash used in investing activities from continuing operations | (25,397) | (62,556) | (388,192)
Net cash generated by investment activities from discontinued operations | (35,000) | - | 2,506,837
Net cash used from investing activities | (60,397) | (62,556) | 2,118,645
Cash flow from financing activities |  |  |
Amortization of principal - loans and financing | - | (774,899) | -
Amortization of principal - debentures | - | (500,000) | (300,000)
Amortization of principal - Lease liabilities | (512) | (378) | (317)
Amortization of principal of related parties liabilities | - | - | (280,000)
Dividends and interest on capital paid | (750,371) | (2,167,769) | (3,847,288)
Net cash used in financing activities | (750,883) | (3,443,046) | (4,427,605)
Total effects on cash and cash equivalents | 325 | (426,175) | 583,352
Cash and cash equivalents at the beginning of the period | 199,877 | 626,052 | 42,700
Cash and cash equivalents at the end of the period | 2,231,413 | 199,877 | 626,052
Change in cash and cash equivalents | 2,031,536 | (426,175) | 583,352
| 41.5 | Additional individual information related to Companhia Paranaense de Energia - Copel
| 41.5.1 | Related Parties
Schedule of outstanding balances with related parties |  |
| 12.31.2023 | 12.31.2022
Assets |  |
Structure sharing (a) | 54 | -
Jandaíra Wind Complex - loan agreement (b) | - | 47,404
UEGA - loan agreement (c) | 35,507 | -
| 35,561 | 47,404
Liabilities |  |
Structure sharing (a) | 1,838 | 1,838
Elejor advance | 5,851 | 5,851
| 7,689 | 7,689
| a) | Structure sharing
Balances mainly refer to contracts for sharing personnel and management expenses entered between Copel and its direct and indirect subsidiaries.
| b) | 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$49,087 was transferred. The settlement was made on July 31, 2023, and the financial income in 2023 was R$4,327 (R$1,313 in 2022).
| c) | Loan Agreement - UEG Araucária
On July 4, 2023, a loan agreement was signed between Copel and UEG Araucária, with the approval of limits plus IOF and interest of CDI + 1.40% p.a., to provide resources for financing the company activities and business. On March 15, 2024, an addendum contract was signed with an increase of R$14,500 in the global amount. The contract is valid until July 4, 2025. Of the approved global amount of R$49,500, R$15,000 was transferred in October 2023 and R$20,000 in December 2023, and the financial income in 2023 was R$410.
| d) | Loan agreement - Copel DIS
On February 27, 2023, a loan agreement was signed between Copel and Copel DIS, with the approval of limits plus IOF and interest of CDI + 1.40% p.a., to provide resources for financing the company activities and business. The contract is valid until February 27, 2025. Of the overall approved amount of R$400,000, the amount of R$233,000 was transferred. The settlement was made on June 29, 2023, and the financial income in 2023 was R$9,659.
| e) | Loan agreement - Copel SER
On March 15, 2024, a loan agreement was signed between Copel and Copel SER, with the approval of limits plus IOF and interest of CDI + 1.40% p.a., to provide resources for financing the company activities and business. The contract is valid until March 15, 2026. Of the overall approved amount of R$48,000, the amount of R$2,200 was transferred in March 2024.
| 41.5.2 | Investments
Schedule of investments in subsidiaries |  |
| 12.31.2023 | 12.31.2022
Copel Geração e Transmissão | 12,551,604 | 12,790,070
Copel Distribuição | 6,782,865 | 6,610,274
Copel Serviços | 54,323 | 8,635
Copel Comercialização | 342,204 | 418,780
UEG Araucária | - | 55,414
Compagas | - | 284,135
Elejor | 9,235 | 9,990
Other investments (a) | 166,006 | 162,046
| 19,906,237 | 20,339,344
(a) |  | The information regarding joint ventures, associates and other investments are presented in Note 15.
| 41.5.3 | Dividends receivable
Schedule of dividends receivable |  |
| 12.31.2023 | 12.31.2022
Subsidiaries |  |
Copel Geração e Transmissão | 1,274,433 | 372,899
Copel Distribuição | 460,904 | 265,574
Copel Comercialização | 185,341 | 39,626
Compagas | 12,400 | 136,246
UEG Araucária | 8,756 | 7,746
Joint ventures and Associates |  |
Voltália | - | 1,032
Dona Francisca | 514 | 831
Solar Paraná | - | 48
Other investments | 58 | 141
| 1,942,406 | 824,143
| 41.5.4 | Provisions for legal claims
Schedule of provisions for risks |  |
| 12.31.2023 | 12.31.2022
Tax Claim | 167,062 | 159,235
Labor | 4,812 | 3,514
Employee benefits | 290 | 745
Civil | 690,019 | 640,948
| 862,183 | 804,442
| 41.5.5 | 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 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:
Schedule of restricted subsidiaries net assets |  |
| 12.31.2023 | 12.31.2022
Copel Geração e Transmissão | 12,748,168 | 12,790,070
Copel Distribuição | 6,782,866 | 6,610,274
Compagas | 514,666 | 557,130
UEG Araucária | 317,611 | 272,981
| 20,363,311 | 20,230,455
| 41.5.6 | Liquidity
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 |  |  |  |  |  |
| Less than 1 month | 1 to 3 months | 3 months to 1 year | 1 to 5 years | Over 5 years | Total
12.31.2023 |  |  |  |  |  |
Suppliers | 4,522 | 8 | - | - | - | 4,530
| 4,522 | 8 | - | - | - | 4,530

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