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

 

41.1Condensed 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

 

41.2Condensed 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

 

  

41.3Condensed statement 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

 

 

41.4Condensed 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

  

41.5Additional individual information related to Companhia Paranaense de Energia - Copel

 

41.5.1Related 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.

 

 

41.5.2Investments

 

     
  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.

 

41.5.3Dividends 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

 

 

41.5.4Provisions for legal claims

 

     
  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

  

41.5.5Restriction 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:

     
  12.31.2023 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

 

41.5.6Liquidity

 

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
12.31.2023            
Suppliers          4,522                 8                -                   -                   -             4,530
           4,522                 8                -                   -                   -             4,530