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Assets held for sale and Discontinued operations | 12 Months Ended
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Dec. 31, 2023
Assets Held For Sale And Discontinued Operations |
Assets held for sale and Discontinued operations |
| 39. | Assets held for sale and Discontinued operations
In compliance with the guidelines of Copel Strategic Business Planning - Vision 2030 regarding the decarbonization of its asset portfolio and prioritization of investments and actions directly linked to its core business (electric energy), Copel began the divestment processes of Copel's shares in Companhia Paranaense de Gás – Compagas and UEG Araucária S.A. (UEGA). The UEGA process began in 2022, with the intention of selling it by Copel together with the other partner, Petrobras. On September 04, 2023, after a period of interruption, the process was resumed, according to Notice to the Market 21/23. On October 27, 2023, the binding proposal phase began, as per Notice to the Market 25/23. On December 14, 2023, after withdrawing from the Joint Sale Agreement with Petróleo Brasileiro S.A. - Petrobras, Copel and Copel GeT signed the Share Purchase and Sale Agreement (“CCVA”) for the equity interest in UEGA with Âmbar Energia S.A., as stated in Material Fact 20/23, and the value of the transaction on the base date of September 30, 2023, equivalent to the Equity Value referring to Copel's 81.2% participation in the investment, was R$290,662. Also on December 14, 2023, Copel and Copel GeT received R$14,533 and R$43,599, respectively, as a payment signal. On February 26, 2024, according to Notice to the Market 04/24, Copel received from Petrobras information about the effective exercise of the right to tag along (joint sale) in the divestment in UEGA, in accordance with the terms of the “CCVA”, so that the thermoelectric plant will be sold in its entirety. The completion of the operation, estimated to occur by March 31, 2024, is still subject to the implementation of precedent conditions common in this type of business, such as approval by the Administrative Council for Economic Defense (“CADE”). As for the divestment of Compagas, on September 20, 2023, Material Fact 16/23 was published, announcing that Copel's Board of Directors approved the engagement of the necessary advisors for structuring and executing the project. In December 2023, the phase of receiving non-binding proposals was completed and the phase of receiving binding proposals is underway. As of the September 2023 financial statements, Management assessed the sale of the assets as highly probable, with the process expected to be completed within 12 months and, therefore, the Company understood that the criteria determined by IFRS 5 to classify the asset as held for sale and to disclose an operation as discontinued were met. Also in compliance with IFRS 5, item 25, as of October 1, 2023, the depreciation and amortization of assets that will be sold were stopped, after their reclassification to current assets, under Assets classified as held for sale. Additionally, on August 3, 2021, the sale of 100% of the shares issued by Copel Telecomunicações S.A. to Bordeaux Participações S.A. was completed, as reported in Material Fact 13/21, with the receipt of the updated amount of R$2,506,837, share transfer registration, signature of the closing agreement for the deal and the resignation of the administrators at the time of the operation. We present below the balances of assets and liabilities that were reclassified on December 31, 2023, because of the ongoing divestment processes of Compagas and UEGA, which are presented in a specific line in the balance sheet. In compliance with accounting standards, balances are measured at book values, considering that they are lower than fair values minus selling expenses.
Schedule of balance sheet |  |  |
|  |  | 12.31.2023
Assets classified as held for sale |  |  |
Cash and cash equivalents |  |  | 123,791
Trade accounts receivable |  |  | 82,954
Inventories |  |  | 5,383
Current recoverable taxes and deferred taxes |  |  | 117,359
Judicial deposits |  |  | 102
Other receivables |  |  | 74,400
Contract assets |  |  | 44,039
Property, plant and equipment |  |  | 293,751
Intangible assets |  |  | 709,661
Right-of-use asset |  |  | 11,489
Assets held for sale |  |  | 1,462,929
Liabilities associated with assets classified as held for sale |  |  |
Payroll, social charges and accruals |  |  | 10,154
Accounts payable to suppliers |  |  | 61,618
Taxes due |  |  | 51,602
Debentures |  |  | 284,202
Dividend payable |  |  | 20,023
Post-employment benefits |  |  | 9,326
Lease liability |  |  | 11,573
Provisions for legal claims |  |  | 27,366
Other accounts payable |  |  | 57,400
Liabilities associated with assets classified as held for sale |  |  | 533,264
The reclassified balances include the values of the assets and liabilities of Compagas and UEGA already adjusted by the amounts that are eliminated in Copel's consolidated balance sheet and, also, by the cessation of depreciation and amortization of assets as of October 1, 2023. The reclassified assets and liabilities are part of the energy generation and gas distribution segments. With the divestment of Compagas, the gas segment will be discontinued at Copel. The contingent liabilities of Compagas and UEGA, totaling R$300,727, are not included in the published total in Note 28.2, as well as the commitments of gas purchase contracts by Compagas, in the amount of R$5,179,773, are not presented in Note 36. UEGA did not recognize income tax and social contribution credits on tax losses and negative bases in the amount of R$149,391 for not having a reasonable assurance of generation of future taxable profits sufficient to allow the utilization of these tax credit. The revenues, costs and expenses as well as the cash flow movement resulting from these assets and liabilities were presented in separate lines, as a discontinued operation, both in the Statements of Income and Statements of Comprehensive Income as weel as in the Statements of Cash Flows and in the Statements of Added Value. The details of these values are presented in the tables below.
Schedule of statements of income |  |  |
Statements of Income |  |  |
from discontinued operations | 12.31.2023 | 12.31.2022 | 12.31.2021
Net operating revenue | 977,149 | 1,392,380 | 3,236,450
Operating costs | (692,718) | (1,322,823) | (2,430,995)
Gross profit | 284,431 | 69,557 | 805,455
Selling expenses | (11,451) | (11,071) | (25,061)
General and administrative expenses | (59,410) | (70,026) | (69,916)
Other operational income (expenses) | (14,903) | (20,996) | (44,656)
Total expenses | (85,764) | (102,093) | (139,633)
Profit (loss) before financial results and taxes | 198,667 | (32,536) | 665,822
Financial results | 455 | 39,847 | (6,744)
Operating profit (loss) | 199,122 | 7,311 | 659,078
Income tax and social contribution | (7,621) | (81,977) | (128,756)
Net income (loss) | 191,501 | (74,666) | 530,322
Gain on the share sales operation | - | - | 1,723,913
Income tax on sales gains | - | - | (446,716)
Deferred income tax on sales gains | - | - | (160,818)
Net income (loss) from discontinued operations | 191,501 | (74,666) | 1,646,701
Other comprehensive income from discontinued operations | 1,650 | 1,330 | (152)
Comprehensive income from discontinued operations | 193,151 | (73,336) | 1,646,549
The variation in the result of discontinued operations is mainly due to the reversal of the impairment of UEGA, considering that the sales price agreed in the “CCVA” indicates in an observable way the fair value of the asset, so that on December 31, 2023, there is no impairment loss recognized in previous periods. The table below shows the reconciliation of the results of the discontinued operation. The amounts of elimination of intercompany costs and expenses refer mainly to the operation and maintenance services of UEGA provided by Copel GET, and the monetary adjustment of dividends from Compagas and UEGA.
Schedule of statements of comprehensive income |  |  |
12.31.2023 | 12.31.2022 | 12.31.2021
Re sult of discontinued operations attributed to shareholders of the parent co m pany | 100,733 | (125,812) | 1,510,688
Re sult of discontinued operations attributed to non-controlling shareholders | 67,485 | 37,521 | 112,360
Total discontinued operation | 168,218 | (88,291) | 1,623,048
( + ) Elimination of interco m pany costs/e x penses | 23,283 | 13,625 | 23,653
C onsolidat ed results of discontinued opera tions | 191,501 | (74,666) | 1,646,701
Schedule of cash flows from discontinued operations |  |  |
Statements of Cash Flows |  |  |
from discontinued operations | 12.31.2023 | 12.31.2022 | 12.31.2021
Net income | 191,501 | (74,666) | 1,646,701
Adjustments to reconcile net income | (12,547) | 306,736 | (1,267,411)
Changes in assets and liabilities | 14,108 | (2,709) | 82,575
Debentures - interest due and paid | (10,423) | - | (17,549)
Taxes and charges paid | (57,165) | (51,534) | 83,579
Cash flows from operational activities | 125,474 | 177,827 | 527,895
Financial investments | (144) | 22,967 | (14,846)
Additions to contract assets, property, plant and equipment and intangible assets | (35,380) | (580,969) | (76,762)
Disposal Copel Telecom receipt | - | - | 2,506,837
Cash flows from investment activities | (35,524) | (558,002) | 2,415,229
Issue of Debentures | 294,045 | - | (20,239)
Payments of principal - debentures | (18,437) | - | (2,485)
Amortization of principal of lease liabilities | (3,041) | (2,988) | (1,850)
Dividends and interest on own capital paid | (195,890) | - | (26,755)
Cash flows from financing activities | 76,677 | (2,988) | (51,329)
Changes in cash and cash equivalents | 166,627 | (383,163) | 2,891,795

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