-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lkkp8NFcQ/mDZFC6p3JpneBDJqot1Jrdn00dfHKXBYx78Xu/AckGcf3uTP53ZiPC ofRz6CTEEEoh97uxl8qfRQ== 0000903423-03-000454.txt : 20030516 0000903423-03-000454.hdr.sgml : 20030516 20030516165848 ACCESSION NUMBER: 0000903423-03-000454 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030516 FILED AS OF DATE: 20030516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERGY CO OF PARANA CENTRAL INDEX KEY: 0001041792 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14668 FILM NUMBER: 03709020 BUSINESS ADDRESS: STREET 1: RUA CORONEL DULCIDIO 800 STREET 2: 80420 170 CURITIBA PARANA CITY: FEDERATIVE REPUBLIC STATE: D5 ZIP: 00000 MAIL ADDRESS: STREET 1: CT CORPORATION SYSTEM STREET 2: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 6-K 1 copel-6k_0516.txt SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 OF the Securities Exchange Act of 1934 For the month of May 2003 (Commission File No. 1-14668) Energy Company of Parana (Translation of registrant's name in English) Rua Coronel Dulcidio, 800 80420-170 Curitiba, Parana Federative Republic of Brazil (5541) 322-3535 (Address of Principal Executive Offices) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F X Form 40-F ----- ------- (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X ----- ----- [Logo of Companhia Paranaense de Energia] FOR IMMEDIATE RELEASE COPEL ANNOUNCES FIRST QUARTER 2003 RESULTS Curitiba, Brazil, May 15, 2003 - Companhia Paranaense de Energia - COPEL (NYSE: ELP / LATIBEX: XCOP / BOVESPA: CPL3, CPL6), a leading Brazilian utility company that generates, transmits, and distributes electric power to the State of Parana, today announced its operating results for the first quarter of 2003. All figures included in this report are in reais (R$) and were prepared in accordance with Brazilian GAAP (corporate law). - -------------------------------------------------------------------------------- HIGHLIGHTS - -------------------------------------------------------------------------------- (comparisons refer to 1Q02) >> Net revenues rose by 12.8%, to R$ 713.8 million >> Operating results decrease to R$ -20.0 million >> YTD net loss of R$ -15.5 million (R$ -0.06 per lot of 1,000 shares) >> YTD total power consumption throughout direct distribution area and free customers increases 3.7% >> EBITDA of R$ -3.8 million Management Commentary "The Company's bottom-line results basically reflect the expenses related to the power purchased for resale from Araucaria and CIEN. With the renegotiation of these contracts, we expect to reverse this loss." Ronald Thadeu Ravedutti, CFO. Contacts in Brazil Contacts in New York Ricardo Portugal Alves Richard Huber 011-5541-331-4311 212-807-5026 ricardo.portugal@copel.com richard.huber@tfn.com Solange Maueler Isabel Vieira 011-5541-331-4359 212-807-5110 solange@copel.com isabel.vieira@tfn.com Companhia Paranaense de Energia - COPEL First Quarter 2003 Results - -------------------------------------------------------------------------------- KEY EVENTS - -------------------------------------------------------------------------------- - - Net Income/Loss: From January through March 2003, COPEL accrued R$15.5 million in losses, or R$ -0.06 per lot of one thousand shares. - - Market Expansion: From January through March 2003, total power consumption throughout COPEL's direct distribution area plus consumption by unregulated ("free") customers amounted to 4,647 GWh, a growth of 3.7% over the first quarter of 2002, due mostly to the significant expansion rates recorded by the residential (5.2%), commercial (9.2%), and rural (8.0%) customer segments. - - Supply Rates: Under ANEEL Resolution no. 129, dated March 27th 2003, the rate for sales of power by COPEL to COCEL increased by 24.5% over the previous rate. Under ANEEL Resolution 048, dated January 31st 2003, rates for sales of power to CFLO and Companhia Luz e Forca Santa Cruz were increased by 23.2%. - - New Board of Officers: On January 7th 2003, COPEL's new Board of Officers took office. The new officers are: Paulo Cruz Pimentel (Chief Executive Officer); Ronald Thadeu Ravedutti (Chief Financial and Investor Relations Officer); Gilberto Serpa Griebeler (Chief Administrative and Partnership Officer); Ivo Augusto de Abreu Pugnaloni (Chief Planning Officer); Jose Ivan Morozowski (Chief Marketing Officer); and Assis Correa (Chief Government Relations Officer). The Company's new Board of Directors, headed by Ary Veloso Queiroz, was also appointed on that occasion. - - Corporate Restructuring: The Company set off its corporate restructuring program aimed at reverting it to an integrated utility company. This program relies on the support of about 300 employees who have been contributing proposals to COPEL's new organizational structure. - - Renegotiation of power purchase agreements: The new Administration has felt compelled to renegotiate some power purchase agreements, particularly those that it holds with CIEN and the Araucaria Thermal Power Plant. - - CIEN: In December 1999, the Company signed two power purchase agreements (for 400 MW each) with Argentina's CIEN. On May 1st 2002, CIEN's first supply line (400 MW) entered commercial operation. The second line, which supplies COPEL with an additional 400 MW, became operational on August 1st, 2002. Since January 2003, COPEL's new Administration has withheld payments under these contracts and begun renegotiating them. Negotiations are well under way and a settlement is expected to be reached soon. - - Araucaria Thermal Power Plant: In May 2000, COPEL signed a power purchase agreement with the Araucaria Thermal Power Plant for 480 MW. In January 2003, the Company decided it should try to renegotiate the terms and conditions of this PPA. However, since an agreement has not been reached to resolve the dispute between the parties, the issue might be submitted to a court of law. The El Paso Corporation (the majority shareholder of the Araucaria facility) has notified COPEL that it has filed an application for arbitration by the Arbitration Chamber of Paris (Chambre Arbitrale de Paris). - -------------------------------------------------------------------------------- FINANCIAL AND OPERATING PERFORMANCE - -------------------------------------------------------------------------------- Market Expansion From January through March 2003, total power consumption throughout COPEL's direct distribution area and free customers amounted to 4,647 GWh, representing an increase of 3.7% over the same period last year. This consumption growth reflects the significant expansion rates recorded by some segments -- residential (5.2%), commercial (9.2%) -- the latter caused by the establishment of several hypermarkets throughout the State -- and rural (8.0%) -- due to bigger crops production and new connections in the rural class. COPEL's total customers as of March 31, 2003 reached 3,029,645 - a 2.6% increase when compared to the same period of the previous year. [Graphic description: Pie Chart: "Consumption by Class: Residential - 24%, Industrial - 44%, Commercial - 16%, Rural - 7%, Other - 9%"] CONSUMPTION BY CLASS In GWh - ------------------------------------------------------------------------------ Class 1Q 2003 1Q 2002 % - ------------------------------------------------------------------------------ Residential 1,117 1,062 5.2 Industrial 2,050 2,042 0.4 Commercial 740 678 9.2 Rural 327 303 8.0 Other 413 395 4.5 Total 4,647 4,480 3.7 - ------------------------------------------------------------------------------ Revenues Net revenues reached R$ 713.8 million in 1Q03, compared to the R$ 632.7 million reported in same period of 2002. This 12.8% increase reflects the 10.96% increase in retail tariffs effective June 24th, 2002, the 3.7% growth in consumption and the growth in revenues from the use of assets linked to the basic network, from R$ 10.9 million in 1Q2002 to R$ 26.4 million in this quarter. EBITDA reached R$ -3.8 million, a 101.3% decrease from R$ 307.7 in the first quarter of 2002. The operating results reached R$ -20.0 million, a 108.9% decrease over the same period last year. [Graphic description: Pie Chart: "Revenues by Class: Residential - 36%, Industrial - 31%, Commercial - 20%, Rural - 5%, Other - 8%"] GROSS REVENUE (R$ thousands) - -------------------------------------------------------------------------------- Revenues 1Q2003 1Q2002 % change - -------------------------------------------------------------------------------- Residential 334,261 281,786 18.6 Industrial 279,865 222,776 25.6 Commercial 182,823 146,755 24.6 Rural 42,637 33,880 25.8 Other classes 71,949 66,039 8.9 Total Retail 911,534 744,235 22.5 Supply 43,860 91,966 (52.3) Use of Transmission Lines 26,424 10,874 143.0 Telecom 7,840 9,618 (18.5) Other 21,789 14,072 54.8 Total 1,011,448 870,766 16.2 - -------------------------------------------------------------------------------- * (with ICMS tax) Expenses At the end of March 31, 2003, total operating expenses reached R$ 790.3 million, a 100.0% increase over the same period last year (R$ 395.2 million). The main reasons for this increase are: >> The 22.1% increase in personnel expenses basically reflects the payroll adjustment implemented in October 2002 (9%) and the accounting provisions for labor-related lawsuits. >> The increase in material, reflects the purchase of gas, in the amount of R$ 43.5 million, and the capacity purchase provision from Araucaria Thermal Plant, in the amount of R$ 70.4 million. In terms of cash, the latter was retained. >> The 198.9% increase in "electricity purchased for resale" basically reflects the purchase of energy from ITAIPU (R$ 102.4 million) and the provision for CIEN (R$181.3 million), since the energy is priced in dollars. The CIEN contracts have not been paid for, since they are in the middle of the renegotiation process. >> Other operating expenses reached R$18.7 million. This increase, when compared to the first quarter 2002, is mainly due to: o The increase in insurance costs from Araucaria power plant in the amount of R$ 4.0 million; o The provision in the amount of R$ 4.0 million allowance for doubtful accounts; o The recovery of non-recurring expenses was R$ 9.1 million higher in the first quarter of 2002. [Graphic description: Pie Chart: "Expenses: Personnel and Pension Fund - 14%, Energy Purchased - 40%, Depreciation - 9%, Regulatory Charges - 7%, Material - 16%, Other - 14%"] - -------------------------------------------------------------------------------- Operating Expenses 1Q2003 1Q2002 % change - -------------------------------------------------------------------------------- Personnel 84,363 69,118 22.1 Pension plan and other benefits 25,913 29,511 (12.2) Materials and supplies 127,487 10,669 1,094.9 Third-party services 38,277 32,575 17.5 Energy purchased for resale 309,771 103,642 198.9 Transmission of electricity purchased 4,132 3,364 22.8 Use of transmission system 51,696 33,546 54.1 Depreciation and amortization 72,734 70,171 3.7 Regulatory charges 57,236 41,606 37.6 Other expenses 18,729 952 1,867.3 Total 790,338 395,154 100.0 - -------------------------------------------------------------------------------- Financial Results The increase in financial results, compared to the first quarter of 2002, reflects basically the valuation of the Real when compared to the US dollar and the higher IGP-DI index variation, which in turn adjusts the CRC transferred to State Government. Net Result COPEL's net loss was R$ 15.5 million for the first quarter of 2003, mainly due to the accounted provisions for the energy purchased for resale from CIEN and Araucaria, in the amount of R$ 251.7 million. DEBT PROFILE R$ 1,000 - -------------------------------------------------------------- FOREIGN CURRENCY Short Term Long Term Total - -------------------------------------------------------------- EUROBONDS 20,569 502,965 523,534 BID 32,313 213,795 246,108 NATIONAL TREASURY 11,288 203,318 214,606 ELETROBRAS 2,689 121 2,810 BANCO DO BRASIL S/A 7,101 38,677 45,778 TOTAL 73,960 958,876 1,032,836 - -------------------------------------------------------------- - -------------------------------------------------------------- DOMESTIC CURRENCY Short Term Long Term Total - -------------------------------------------------------------- ELETROBRAS 43,565 397,045 440,610 BNDES 5,029 8,686 13,715 DEBENTURES 7,159 597,471 604,630 FINEP 2,590 - 2,590 TURNKEY 1,321 - 1,321 PENSION FUND 11,581 - 11,581 OTHER 1,092 2,156 3,248 TOTAL 72,337 1,005,358 1,077,695 - -------------------------------------------------------------- - -------------------------------------------------------------- TOTAL 146,297 1,964,234 2,110,531 - -------------------------------------------------------------- Balance Sheet and Capex (Assets) As of March 31, 2003, COPEL's total assets were R$ 8.762 billion. The capital expenditures for the first quarter of 2003 amounted to R$ 47.7 million. Of this amount, R$ 1.3 million was invested in power generation, R$ 13.0 million in transmission, R$ 31.7 million in distribution and R$ 1.7 million in telecom. Balance Sheet (Liabilities) COPEL's debt amounted to R$ 2.111 billion at the end of the first quarter of 2003, with a net debt-to-equity ratio of 44.8%. COPEL's net equity is R$ 4.711 billion, representing R$ 17.21 per lot of thousand shares, and is 9.2% lower than the amount registered in March 2002. - -------------------------------------------------------------------------------- ADDITIONAL OPERATING INFORMATION - -------------------------------------------------------------------------------- 1. Main Operational and Financial Highlights (As of March 31, 2003) Generation Number of power plants: 18 (17 hydroplants and 1 thermal plant) Total installed capacity: 4,550 MW Number of automated power plants: 10 Number of step up substations: 15 Number of automated step up substations: 12 Transforming capacity: 2,244 MVA Transmission Transmission lines: 6,773 km Number of substations: 124 Number of automated substations: 124 Transforming capacity: 14,727 MVA Distribution Distribution lines: 162,616 km Number of substations: 226 Number of automated substations: 143 Transforming capacity: 1,321 MVA Number of consumers: 3,029,645 DEC (outage duration by consumer): 4:23 hours FEC (outage frequency by consumer): 4.16 outages Telecom OPGW optical cables: 2,800 km Self-sustained optical cables: 1,200 km Served cities: 65 Number of clients: 124 (260 if those served by other operators are included) Administration Number of employees: 5,851 Consumer/employee ratio in the distribution branch is 756 Financial Book Value: R$ 17.21/ per lot of one thousand shares EBITDA: R$ -3.8 million Liquidity: 1.04 2. Tariffs (R$/MWh) - -------------------------------------------------------------------------------- TARIFFS March 2003 March 2002 % change - -------------------------------------------------------------------------------- Retail 145.83 126.79 15.0 Supply to small power utilities 61.90 52.63 17.6 Itaipu (purchase) * 102.94 82.67 24.5 - -------------------------------------------------------------------------------- (*) Furnas transmission tariff included RETAIL TARIFFS (R$/MWh) - -------------------------------------------------------------------------------- TARIFFS March 2003 March 2002 % change - -------------------------------------------------------------------------------- Residential 206.26 194.23 6.2 Industrial 105.45 83.73 25.9 Commercial 171.95 156.74 9.7 Rural 123.83 110.89 11.7 Other 127.42 113.96 11.8 Total Retail 145.83 126.79 15.0 - -------------------------------------------------------------------------------- 3. Energy Flow (GWh) - ------------------------------------------------------------------------------ Source 1Q 2003 - ------------------------------------------------------------------------------ Own Generation 5,309 Purchased Energy 3,351 Itaipu 1,350 CIEN 1,629 Other 372 - ------------------------------------------------------------------------------ COPEL's Total Available Power 8,660 - ------------------------------------------------------------------------------ State Demand 4,459 Retail 4,344 Wholesale 115 Free Customers 302 Initial Supply Contracts 27 Bilateral Contracts 587 Other 2,845 Losses 440 - ------------------------------------------------------------------------------ 4. Shareholder Structure (Millions of shares) As of March 31, 2003
Milhoes de acoes/Millions of shares - ----------------------------- ----------- ------ ----------------- ------ -------------- ------ ---------- ------ Acionistas On % PNA % PNB % Total % Shareholders Common Preferred "A" Preferred "B" - ----------------------------- ----------- ------ ----------------- ------ -------------- ------ ---------- ------ Estado do Parana 85,028 58.6 - - - - 85,028 31.1 Eletrobras 1,531 1.1 - - - - 1,531 0.6 BNDESPAR 38,299 26.4 - - 28,211 22.0 66,510 24.2 Custodia Bolsa (Free Float) 19,576 13.5 122 30.0 99,859 77.9 119,557 43.7 No Brasil 19,219 13.3 122 30.0 51,971 40.5 71,312 26.1 ADS's 358 0.2 - - 47,888 37.3 48,246 17.6 Outros (Other) 597 0.4 285 70.0 147 0.1 1,029 0.4 - ----------------------------- ----------- ------ ----------------- ------ -------------- ------ ---------- ------ Total 145,031 100.0 407 100.0 128,217 100.0 273,655 100.0 ============================= =========== ====== ================= ====== ============== ====== ========== ======
[Graphic omitted. Description: Pie Charts: "On/Common: ESTADO DO PARANA, BNDESPAR, ELETROBRAS, CUSTODIA BOLSA (Free Float), OUTROS" and "TOTAL: ESTADO DO PARANA, BNDESPAR, ELETROBRAS, CUSTODIA BOLSA (Free Float), OUTROS" QUARTERLY FINANCIAL STATEMENTS As of March 31, 2003 Translation from the original in Portuguese (amounts expressed in thousands of Brazilian reais)
ASSETS GER TRA DIS TELECOM PAR - -------------------------------------------------------------------------------------------------------------------- Current Assets Cash and cash equivalents 54,981 69,596 76,012 7,262 198 Customers and resale (net) 219,452 27,477 533,197 - - Other accounts receivable 140 115 8,988 2,945 3,031 Services in progress 703 804 470 - 289 Recoverable Rate Deficit (CRC) - - 63,990 - - Taxes and other constributions paid in advance 29,685 8,995 119,494 1,717 1,327 Materials and supplies - 5,805 8,691 1,905 - Deferred rate costs - - 3,964 - - Prepaid expenses and other 12,530 3,768 6,240 805 120 317,491 116,560 821,046 14,634 4,965 Long-Term Assets Customers and resale 28,343 - - - - Recoverable Rate Deficit (CRC) - - 908,858 - - Taxes and social constribution 66,538 39,843 357,700 9,222 3,814 Judicial deposits 2,957 7,639 18,667 79 - Intercompany receivable 121,010 22,222 - - - Deferred rate costs - - 120,395 - - Other non-current assets 4,439 6,562 46,001 - 1,695 223,287 76,266 1,451,621 9,301 5,509 Permanent Investments 6,045 2,266 480 - 471,785 Property, plant, and equipment 3,149,743 923,362 1,728,865 138,060 277 ( - ) Special obligations - (7,139) (634,706) - - 3,155,788 918,489 1,094,639 138,060 472,062 Total Assets 3,696,566 1,111,315 3,367,306 161,995 482,536 ====================================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY GER TRA DIS TELECOM PAR - ------------------------------------------------------------------------------------------------------------------------- Current Liabilities Loans and financing 89,087 19,295 30,756 - - Debenture - - 5,354 - - Suppliers 128,721 2,677 614,477 578 11 Taxes and social constribution 1,845 9,633 134,159 995 2 Interest on own capital - 41,467 - 2,690 9,859 Accrued payroll costs 8,553 7,699 26,861 2,418 456 Pension plan and other post-retirement benefits 19,272 13,083 38,869 2,842 67 Regulatory charges 10,780 761 33,284 14 - Customers and other liabilities 106 68 28,540 3 1 258,364 94,683 912,300 9,540 10,396 Long-Term Liabilities Loans and financing 1,045,324 146,026 175,413 - - Debenture - - 497,471 - - Pension plan and other post-retirement benefits 109,473 104,999 350,253 22,907 1,023 Taxes and social constribution - - 40,934 - - Intercompany payable - - 60,298 19,166 144,409 Provision for contingencies and other liabilities 22,481 19,273 123,103 348 - Regulatory charges 687 - 2,286 - - 1,177,965 270,298 1,249,758 42,421 145,432 Shareholders' Equity Capital stock 2,338,932 751,989 1,607,168 120,650 330,718 Capital reserve - - - 701 - Income reserve - - - - - Accrued loss (78,695) (5,655) (401,920) (11,317) (4,010) 2,260,237 746,334 1,205,248 110,034 326,708 Total Liabilities 3,696,566 1,111,315 3,367,306 161,995 482,536 =========================================================================================================================
INCOME STATEMENT As of March 31, 2003 Translation from the original in Portuguese (amounts expressed in thousands of Brazilian reais)
INCOME STATEMENT GER TRA DIS TELECOM PAR - ------------------------------------------------------------------------------------------------------------------- Operating Revenues Electricity sales to final customers 24,715 - 887,450 - - Electricy sales to distributors 154,559 - 34,663 - - Use of transmission plant - 67,077 90 - - Telecom revenues - - - 14,953 - Other revenues 6,087 592 15,291 - - Deductions from operating revenues (11,514) (5,217) (278,823) (2,139) - Net Sales 173,847 62,452 658,671 12,814 - Operating Expenses Personnel, pension plan, and other benefits 20,605 15,671 68,170 4,514 666 Materials, supplies, and third-party services 128,323 2,124 41,602 1,327 336 Electricity purchased for resale 2,974 - 452,159 - - Charges from the use of transmission plant 11,156 - 85,414 - - Depreciation and amortization 25,000 8,672 34,395 4,655 12 Regulatory charges and other expenses 21,772 1,794 51,562 522 16 209,830 28,261 733,302 11,018 1,030 Gross Profit from Energy Services (35,983) 34,191 (74,631) 1,796 (1,030) Equity in results of investees - - - - 10,098 Financial Income (including exchange rate variation) Income of temporary cash investments 11,577 3,737 84,162 266 55 Interest and commissions 2,709 654 (54,127) (74) (11) 14,286 4,391 30,035 192 44 Operating income (21,697) 38,582 (44,596) 1,988 9,112 Non-operating income 593 (30) (2,017) (85) 53 Income/Loss before taxes (21,104) 38,552 (46,613) 1,903 9,165 Income Tax and social contribution 6,003 (14,150) 13,039 (806) 726 Net Income/Loss for the period (15,101) 24,402 (33,574) 1,097 9,891 ===================================================================================================================
QUARTERLY FINANCIAL STATEMENTS As of March 31, 2003 and 2002 Translation from the original in Portuguese (amounts expressed in thousands of Brazilian reais)
ASSETS Company Consolidated - ----------------------------------------------------------------------------------------------------- 2003 2002 2003 2002 Current Assets Cash 21,654 64,516 229,703 216,115 Customers and resale - - 625,031 705,690 Allowance for doubtful accounts - - (40,487) (3,475) Other accounts receivable, net 54,016 37,130 12,849 23,715 Service in progress 1,252 1,362 3,518 11,873 Recoverable Rate Deficit (CRC) - - 63,990 52,471 Taxes and social contributions paid in advance 22,530 7,684 157,203 12,861 Materials and supplies - - 16,401 18,333 Deferred rate costs - - 3,964 145,800 Pagamentos antecipados - - 9,464 1,604 Other credits, net 2,050 154 16,049 17,365 101,502 110,846 1,097,685 1,202,352 Long-Term Assets Customers and resale - - 28,343 19,562 Recoverable Rate Deficit (CRC) - - 908,858 700,353 Taxes and social contributions 107,034 92,459 584,151 309,270 Judicial deposits 72,219 43,180 101,561 60,926 Intercompany receivable 1,358,346 785,571 36,668 40,571 Deferred rate costs - - 120,395 169,787 Other credits 2,465 - 61,162 54,709 1,540,064 921,210 1,841,138 1,355,178 Permanent Investments 4,692,489 5,192,691 524,504 477,150 Property, plant, and equipment In service - - 5,436,581 5,464,654 Constructions in progress - - 503,726 450,067 ( - ) Special obligations - - (641,845) (605,927) - - 5,298,462 5,308,794 4,692,489 5,192,691 5,822,966 5,785,944 Total Assets 6,334,055 6,224,747 8,761,789 8,343,474 =====================================================================================================
QUARTERLY FINANCIAL STATEMENTS As of March 31, 2003 and 2002 Translation from the original in Portuguese (amounts expressed in thousands of Brazilian reais)
LIABILITIES AND SHAREHOLDERS' EQUITY Company Consolidated - -------------------------------------------------------------------------------------------------- 2003 2002 2003 2002 Current Liabilities Loans and financing 31,857 176,943 139,138 299,831 Debentures 7,159 - 7,159 - Suppliers 495 403 549,222 277,041 Taxes and social contributions 45,859 40,240 165,948 188,467 Interest on own capital 638 56,080 638 56,080 Accrued payroll costs 197 3,035 46,184 61,330 Pension plan and other post-retirement benefits - - 74,133 36,406 Regulatory charges - - 44,839 29,198 Customers and other current liabilities 114 150 28,545 33,891 86,319 276,851 1,055,806 982,244 Long-Term Liabilities Loans and financing 706,283 493,787 1,366,763 1,122,358 Debentures 597,471 - 597,471 - Suppliers - - - - Pension plan and other post-retirement benefits - - 588,655 641,920 Taxes and social contributions - 40,222 40,934 57,801 Provisions for contingencies 233,429 226,653 398,634 348,944 Regulatory charges - - 2,973 2,973 1,537,183 760,662 2,995,430 2,173,996 Shareholders' Equity Capital stock 2,900,000 1,620,247 2,900,000 1,620,247 Capital reserves 817,292 1,548,328 817,292 1,548,328 Income reserves 993,261 2,018,659 993,261 2,018,659 4,710,553 5,187,234 4,710,553 5,187,234 Total Liabilities and Shareholders' Equity 6,334,055 6,224,747 8,761,789 8,343,474 ==================================================================================================
INCOME STATEMENT As of March 31, 2003 and 2002 Translation from the original in Portuguese (amounts expressed in thousands of Brazilian reais)
Company Consolidated - --------------------------------------------------------------------------------------------------------- 2003 2002 2003 2002 Operating Revenues Electricity sales to final customers - - 911,534 744,235 Electricity sales to distributors - - 43,860 91,966 Use of transmission plant - - 26,425 10,874 Telecom revenues - - 7,840 9,618 Other revenues - - 21,790 14,073 - - 1,011,449 870,766 Deductions from Operating Revenues - - (297,693) (238,110) Net Operating Revenues - - 713,756 632,656 Operating Expenses Personnel 650 647 84,363 69,118 Pension plan and other post-retirement benefits - - 25,913 29,511 Materials and supplies 1 1 127,487 10,669 Third-party services 37 2,415 38,277 32,575 Electricity purchased for resale - - 309,771 103,642 Transmission of electricity purchased - - 4,132 3,364 Use of transmission system - - 51,696 33,546 Depreciation and amortization - - 72,734 70,171 Regulatory charges - - 57,236 41,606 Other expenses 237 22 18,729 952 925 3,085 790,338 395,154 Gross Profit from Energy Services (925) (3,085) (76,582) 237,502 Equity in results of investees (13,283) 187,160 10,100 783 Financial Income Income of temporary cash investments 5,184 4,884 93,571 31,410 Interest and commissions (7,642) (6,897) (47,081) (45,464) (2,458) (2,013) 46,490 (14,054) Operating Income/Loss (16,666) 182,062 (19,992) 224,231 Non-operating results (14) (3) (1,500) (13,473) Income/Loss before taxes (16,680) 182,059 (21,492) 210,758 Income Tax 849 (29,551) 4,396 (50,298) Social contribution 306 (10,671) 1,571 (18,623) 1,155 (40,222) 5,967 (68,921) Earnings/Losses (15,525) 141,837 (15,525) 141,837 Earnings/Losses per thousand outstanding shares (0.0567) 0.5183 (0.0567) 0.5183 =========================================================================================================
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COMPANHIA PARANAENSE DE ENERGIA - COPEL Date: May 16, 2003 By: /s/ Ricardo Portugal Alves ----------------------------------------- Name: Ricardo Portugal Alves Title: Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----