6-K 1 elpitr1q11_6k.htm ITR 1Q11 elpitr1q11_6k.htm - provide by MZ Technologies
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 September, 2011
Commission File Number 1-14668
 

 
COMPANHIA PARANAENSE DE ENERGIA
(Exact name of registrant as specified in its charter)
 
Energy Company of Paraná
(Translation of Registrant's name into English)
 
Rua Coronel Dulcídio, 800
80420-170 Curitiba, Paraná
Federative Republic of Brazil
(5541) 3222-2027
(Address of principal executive offices)
 

Indicate by check mark whether the registrant files or will file annual reports under cover 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____
 

 

 

 

 

 

 

 

 

Companhia Paranaense de Energia - Copel

CNPJ/MF 76.483.817/0001-20

Inscrição Estadual 10146326-50

Companhia de Capital Aberto - CVM 1431-1

www.copel.com    copel@copel.com

Rua Coronel Dulcídio, 800, Batel - Curitiba - PR

CEP 80420-170

 

 

 

 

 

 

 

 

Quarterly Financial Information

ITR

 

 

 

 

 

 

 

 

 

March / 2011

 

 


 

 

 

 

SUMMARY

QUARTERLI FINANCIAL INFORMATION 
Balance Sheets   
Balance Sheets    4 
Statements of Income    5 
Statements of Comprehensive Income    6 
Statements of Changes in Shareholders’ Equity    7 
Statements of Cash Flows    8 
Statements of Added Value    10 
Statements of Added Value    11 
NOTES TO THE QUARTERLY FINANCIAL INFORMATION    12 
IN THOUSANDS OF REAIS - R$    12 
1  General Information    12 
2  Critical Accounting Policies    12 
3  Cash and Cash Equivalents    14 
4  Financial Investments 
5  Trade accounts receivable 
6  Recoverable Rate Deficit (CRC) transferred to the Government of the State of Paraná 17 
7  Accounts receivable related to the concession    18 
8  Other Receivables    20 
9  Inventories    20 
10  Income Taxes, Social Contribution and Other Taxes    21 
11  Prepayments 
12  Judicial Deposits    25 
13  Receivable from related parties    25 
14  Investments    26 
15  Property, Plant and Equipment    33 
16  Intangible Assets    37 
17  Payroll, social charges and labor accruals    40 
18  Suppliers    41 
19  Loans and Financing    42 
20  Debentures    49 
21  Post-Employment Benefits    50 
22  Regulatory Charges    52 
23  Research and Development and Energy Efficiency    52 
24  Accounts payable related to concessions –use of public assets    53 
25  Other Accounts Payable    55 
26  Reserve for Contingencies    55 
27  Shareholders' Equity    59 
28  Operating Revenues    62 
29  Operating Costs and Expenses    63 
30  Interest Income (Expenses), Net    69 
31  Operational Segments    69 
32  Operational leasing contracts    71 
33  Financial Instruments    72 
34  Related-Party Transactions    82 
35  Insurance    85 
36  Subsequent Events    85 
COMMENTS ON PERFORMANCE FOR THE QUARTER    86 
COMPOSITION OF GROUPS RESPONSIBLE FOR GOVERNANCE  95 
INDEPENDENT AUDITORS’ REVIEW REPORT    96 
INDEPENDENT AUDITORS’ REVIEW REPORT    96 
 

 


 

 

QUARTERLY FINANCIAL INFORMATION

 

Balance Sheets

March 31, 2011

In thousands of Reais - R$

 

 

Code

Description

Note

Parent Company

Consolidated

   

 

3.31.2011

12.31.2010

3.31.2011

12.31.2010

1

Total assets

 

12,949,068

12,654,419

18,206,241

17,859,432

1.01

Current assets

 

1,029,332

1,102,815

4,161,095

4,157,790

1.01.01

Cash and Cash Equivalents

3

47,709

89,822

1,791,920

1,794,416

1.01.02

Financial Investments

 

176

175

524,517

598,173

1.01.02.01

Financial Investments Stated at Fair Value

4

176

175

490,943

536,677

1.01.02.01.02

Bonds and Securities

 

176

175

490,487

472,599

1.01.02.01.03

Collaterals and escrow accounts

 

-

-

456

64,078

1.01.02.02

Financial Investments Stated at Amortized Cost

4

-

-

33,574

61,496

1.01.02.02.01

Bonds and Securities

 

-

-

33,574

61,496

1.01.03

Accounts Receivable

 

889,210

889,823

1,548,568

1,443,063

1.01.03.01

Trade Accounts Receivable

 

-

-

1,234,958

1,162,627

1.01.03.01.01

Trade Accounts Receivable

5

-

-

1,234,958

1,162,627

1.01.03.02

Other Accounts Receivable

 

889,210

889,823

313,610

280,436

1.01.02.03.01

Dividends Receivable

13

889,208

889,823

4,968

5,851

1.01.02.03.02

CRC transferred to the State Government of Paraná

6

-

-

60,163

58,816

1.01.02.03.03

Account Receivable related to concession

7

-

-

60,292

54,700

1.01.02.03.04

Other Receivables

8

2

-

188,187

161,069

1.01.04

Inventories

9

-

-

125,784

121,424

1.01.06

Taxes Recoverable

 

92,237

122,995

157,917

195,749

1.01.06.01

Current Taxes Recoverable

 

92,237

122,995

157,917

195,749

1.01.06.01.01

Income Tax and Social Contribution

10.1

92,237

122,995

120,471

158,213

1.01.06.01.02

Other current recoverable taxes

10.3

-

-

37,446

37,536

1.01.07

Prepaid expenses

11

-

-

12,389

4,965

1.02

Noncurrent assets

 

11,919,736

11,551,604

14,045,146

13,701,642

1.02.01

Long Term Assets

 

1,458,307

1,442,994

5,093,108

4,805,293

1.02.01.01

Financial Investments Stated at Fair Value

 

-  

-

25,688

26,280

1.02.01.01.03

Collaterals and escrow accounts

4

-

-

25,688

26,280

1.02.01.02

Financial Investments Stated at Amortized Cost

 

-  

-

7,340

7,151

1.02.01.02.01

Bonds and Securities

4

 

 

7,340

7,151

1.02.01.03

Accounts Receivable

 

-

-

42,619

43,729

1.02.01.03.01

Trade Accounts Receivable

5

-

-

42,619

43,729

1.02.01.06

Deferred Taxes

 

144,488

144,757

605,264

507,710

1.02.01.06.01

Deferred Income Tax and Social Contribution

10.2

144,488

144,757

605,264

507,710

1.02.01.08

Receivable from Related Parties

 

1,090,604

1,068,002

1,575

1,575

1.02.01.08.02

Receivable from Subsidiaries

13

1,090,604

1,068,002

-

-

1.02.01.08.04

Receivable from Other Related Parties

13

-

-

1,575

1,575

1.02.01.09

Other Noncurrent Assets

 

223,215

230,235

4,410,622

4,218,848

1.02.01.09.03

Account Receivable related to concession

7

-

-

2,603,388

2,423,345

1.02.01.09.04

CRC transferred to the State Government of Paraná

6

-

-

1,299,584

1,282,377

1.02.01.09.05

Judicial Deposits

12

223,215

230,235

394,149

400,699

1.02.01.09.06

Income Tax and Social Contribution

10.1

-

-

12,907

12,341

1.02.01.09.07

Other noncurrent recoverable taxes

10.3

-

-

85,293

84,862

1.02.01.09.08

Other Receivables

8

-

-

15,301

15,224

1.02.02

Investments

14

10,461,429

10,108,610

494,885

483,450

1.02.02.01

Investments Interests

 

10,461,429

10,108,610

494,885

483,450

1.02.02.01.01

Investments in Associated Companies

 

144,519

141,428

476,676

465,242

1.02.02.01.02

Investments in Subsidiaries

 

9,970,853

9,629,368

-

-

1.02.02.01.03

Investments in Joint Venture

 

333,585

325,342

-

-

1.02.02.01.04

Other Investment Interests

 

12,472

12,472

18,209

18,208

1.02.03

Property, Plant and Equipment, net

15

-

-

6,724,893

6,663,945

1.02.03.01

Property, Plant and Equipment in Operation

 

-  

-

5,934,457

6,015,235

1.02.03.02

Property, Plant and Equipment in Progress

 

-  

-

790,436

648,710

1.02.04

Intangible Assets

16

-

-

1,732,260

1,748,954

1.02.04.01

Intangible Assets

 

-

-

1,732,260

1,748,954

1.02.04.01.01

Concession Contract

 

-

-

1,680,960

1,699,506

1.02.04.01.02

Authorization and Concession of Subsidiaries

 

-  

-

18,855

19,043

1.02.04.01.03

Others

 

-

-

32,445

30,405

See the accompanying notes to the quarterly information

 

3

 


 

 

BLANCE SHEETS

Balance Sheets

March 31, 2011 (continued)

In thousands of Reais - R$

 

 

Code

Description

Note

Parent Company

Consolidated

   

 

3.31.2011

12.31.2010

3.31.2011

12.31.2010

2

Total liabilities

 

12,949,068

12,654,419

18,206,241

17,859,432

2.01

Current liabilities

 

821,584

895,791

2,497,463

2,536,801

2.01.01

Payroll, social charges and accruals

17

188

293

188,739

175,584

2.01.01.01

Social charges and accruals

 

188

293

41,017

48,853

2.01.01.02

Payroll and accruals

 

-

-

147,722

126,731

2.01.02

Suppliers

 

753

333

641,724

612,568

2.01.02.01

Domestic Suppliers

18

753

333

641,724

612,568

2.01.03

Tax Liabilities

 

46,528

97,113

478,198

532,120

2.01.03.01

Federal Taxes

 

46,528

97,113

300,571

356,723

2.01.03.01.01

Income Tax and Social Contribution Payable

10.1

-

14,985

176,593

153,249

2.01.03.01.02

Other Federal Taxes

10.3

46,528

82,128

123,978

203,474

2.01.03.02

State Taxes

10.3

-

-

176,203

173,988

2.01.03.03

Municipal Taxes

10.3

-

-

1,424

1,409

2.01.04

Loans and Financing

 

614,894

639,017

673,738

704,252

2.01.04.01

Loans and Financing

19

9,435

17,860

68,279

83,095

2.01.04.01.01

In Domestic Currency

 

3,638

12,582

62,477

68,579

2.01.04.01.02

In Foreign Currency

 

5,797

5,278

5,802

14,516

2.01.04.02

Debentures

20

605,459

621,157

605,459

621,157

2.01.05

Other Liabilities

 

159,221

159,035

515,064

512,277

2.01.05.02

Others

 

159,221

159,035

515,064

512,277

2.01.05.02.02

Minimum Compulsary Dividend Payable

 

158,912

158,916

163,630

163,634

2.01.05.02.04

Post Employment Benefits

21

78

119

23,417

24,255

2.01.05.02.05

Custumer charges due

22

-

-

57,173

56,105

2.01.05.02.06

Research and Development and Energy Efficiency

23

-

-

149,718

155,991

2.01.05.02.07

Payables related to Concession - Use of Public Property

24

-

-

41,186

40,984

2.01.05.02.08

Other Accounts Payable

25

231

-

79,940

71,308

2.02

Noncurrent liabilities

 

719,522

728,505

4,038,789

4,026,805

2.02.01

Loans and Financing

 

379,840

380,997

1,275,555

1,280,982

2.02.01.01

Loans and Financing

19

379,840

380,997

1,275,555

1,280,982

2.02.01.01.01

In Domestic Currency

 

329,600

329,600

1,225,300

1,229,570

2.02.01.01.02

In Foreign Currency

 

50,240

51,397

50,255

51,412

2.02.02

Other Liabilities

 

24,832

23,751

1,009,792

992,227

2.02.02.01

Payable to Related Parties

 

3,675

3,675

-

-

2.02.02.01.02

Payable to Subsidiaries

 

3,675

3,675

-

-

2.02.02.02

Others

 

21,157

20,076

1,009,792

992,227

2.02.02.02.03

Suppliers

18

-

-

136,367

144,936

2.02.02.02.04

Tax Liabilities

10.3

21,157

20,076

24,619

32,252

2.02.02.02.05

Post Employment Benefits

21

-

-

393,899

384,208

2.02.02.02.06

Research and Development and Energy Efficiency

23

-

-

104,061

90,732

2.02.02.02.07

Payables related to Concession - Use of Public Property

24

-

-

350,682

340,099

2.02.02.02.08

Other Accounts Payable

25

-

-

164

-

2.02.03

Deferred Taxes

 

25,297

25,297

901,820

887,218

2.02.01.06.02

Deferred Income Tax and Social Contribution

10.2

25,297

25,297

901,820

887,218

2.02.04

Provisions

26

289,553

298,460

851,622

866,378

2.02.04.01

Tax, Social Security, Labor and Civil Provisions

 

279,257  

288,164

817,404

827,489

2.02.04.01.01

Provisions for Taxes

 

270,148

280,281

298,647

321,479

2.02.04.01.02

Labor and Social Security Provisions

 

-  

-

143,453

146,348

2.02.04.01.03

Provisions for Employee Benefits

 

-

-

55,821

53,245

2.02.04.01.04

Civil Provisions

 

9,109

7,883

319,483

306,417

2.02.04.02

Other Provisions

 

10,296

10,296

34,218

38,889

2.02.04.02.01

Provisions for Environmental and Deactivation Liabilities

 

-  

-

42

42

2.02.04.02.02

Provisions for Regulatory Liabilities

 

10,296

10,296

34,176

38,847

2.03

Consolidated shareholders' equity

27

11,407,962

11,030,123

11,669,989

11,295,826

2.03.01

Share capital

 

6,910,000

6,910,000

6,910,000

6,910,000

2.03.04

Profit Reserves

 

2,560,607

2,560,607

2,560,607

2,560,607

2.03.04.01

Legal Reserves

 

478,302

478,302

478,302

478,302

2.03.04.02

Retaindes earnings

 

2,056,526

2,056,526

2,056,526

2,056,526

2.03.04.08

Additional Dividend Proposed

 

25,779

25,779

25,779

25,779

2.03.05

Accumulated Profit

 

400,650

-

400,650

-

2.03.06

Equity Evaluation Adjustments

 

1,536,705

1,559,516

1,536,705

1,559,516

2.03.06

Attributable Non Controlling Interest

27.2

-

-

262,027

265,703

See the accompanying notes to the quarterly information

 

 

4

 


 

 

Statements of Income

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

Code

Description

Note

Parent Company

Consolidated

   

 

3.31.2011

3.31.2010

3.31.2011

3.31.2010

3

Statement of income

 

 

 

 

 

3.01

Income from sale of goods and/or services

28

-

-

1,826,230

1,641,226

3.01.01

Eletrecity sales to final customers

 

-  

-

571,175

553,663

3.01.02

Eletrecity sales to distributors

 

-

-

361,254

338,433

3.01.03

Use of main distribution and transmission grid

 

-  

-

659,793

504,958

3.01.04

Construction revenues

 

-

-

120,566

143,317

3.01.05

Telecomunications

 

-

-

28,239

22,746

3.01.06

Distribution of Piped Gas

 

-

-

56,954

56,048

3.01.07

Other Operating Income

 

-

-

28,249

22,061

3.02

Cost of goods and/or services sold

29

-

-

(1,229,477)

(1,153,650)

3.02.01

Electricity Purchased for Resale

 

-

-

(544,821)

(466,079)

3.02.02

Charges for the Use of the Main Transmition Grid

 

-  

-

(154,184)

(142,111)

3.02.03

Personnel

 

-

-

(143,898)

(140,462)

3.02.04

Private Pension and Health Plans

 

-  

-

(24,389)

(20,580)

3.02.05

Materials

 

-

-

(18,457)

(15,137)

3.02.06

Raw Material and Supplies for Electrical Energy Production

 

-  

-

(6,633)

(5,559)

3.02.07

Natural Gas and Supplies for Gas Operations

 

-  

-

(34,499)

(34,151)

3.02.08

Third Party Services

 

-

-

(58,669)

(52,221)

3.02.09

Depreciation and Amortization

 

-

-

(126,821)

(132,813)

3.02.10

Construction Cost

 

 

 

(120,082)

(143,307)

3.02.11

Other Costs

 

-

-

2,976

(1,230)

3.03

Gross profit

 

-

-

596,753

487,576

3.04

Operational expenses / income

 

377,649

305,954

(128,976)

(103,908)

3.04.01

Selling Expenses

29

-

-

(13,287)

(13,773)

3.04.01.01

Personnel

 

-

-

(1,538)

(1,183)

3.04.01.02

Private Pension and Health Plans

 

-  

-

(169)

(138)

3.04.01.03

Materials

 

-

-

(64)

(463)

3.04.01.04

Third Party Services

 

-

-

(7,730)

(7,534)

3.04.01.05

Depreciation and Amortization

 

-

-

(10)

(2)

3.04.01.06

Allowances (reversal) for doubtful debts

 

-  

-

(5,093)

(5,714)

3.04.01.07

Other selling expenses

 

-

-

1,317

1,261

3.04.02

General and Administrative Expenses

29

(10,027)

(2,940)

(95,785)

(71,428)

3.04.02.01

Personnel

 

(1,652)

(1,568)

(39,833)

(33,938)

3.04.02.02

Private Pension and Health Plans

 

(133) 

(62)

(6,894)

(5,348)

3.04.02.03

Materials

 

(11)

(3)

(2,343)

(1,790)

3.04.02.04

Third Party Services

 

(823)

(867)

(17,437)

(14,498)

3.04.02.05

Depreciation and Amortization

 

-

-

(6,796)

(5,986)

3.04.02.06

Other General and Administrative Expenses

 

(7,408) 

(440)

(22,482)

(9,868)

3.04.04

Other Operational Income

29

-

-

175

1,668

3.04.05

Other Operational Income

29

8,718

(7,984)

(34,679)

(61,889)

3.04.05.01

Provisions for legal claims

 

8,907

(7,795)

7,327

(16,976)

3.04.05.03

Amortization of Goodwill

 

(189)

(189)

(371)

(957)

3.04.05.04

Other operational expenses

 

-

-

(41,635)

(43,956)

3.04.06

Equity in Income of Subsidiaries

 

378,958  

316,878

14,600

41,514

3.05

Profit before financial results and taxes

 

377,649  

305,954

467,777

383,668

3.06

Financial Results

30

2,101

8,093

110,360

85,867

3.06.01

Financial Income

 

30,101

30,535

184,029

147,506

3.06.02

Financial Expenses

 

(28,000)

(22,442)

(73,669)

(61,639)

3.07

Profit before tax and social contribution

 

379,750  

314,047

578,137

469,535

3.08

Income Tax and Social Contribution on Profit

10.5

(269)

968

(193,308)

(150,176)

3.08.01

Current

 

-

(997)

(274,966)

(149,422)

3.08.02

Deferred

 

(269)

1,965

81,658

(754)

3.09

Net income for de period

 

379,481

315,015

384,829

319,359

3.11

Consolidated net income for the quarter

 

379,481  

315,015

384,829

319,359

3.11.01

Attributed to Controlling Shareholders

 

-

-

379,481

315,015

3.11.02

Attributed to Non-Controlling Interest

27.2

-

-

5,348

4,344

3.99

Basic and diluted net earning per share attributed

 

 

 

 

 

 

To parent company shareholders - in reais

 

 

 

 

 

 

Class "A" Preferred shares

 

1.4568

1.2106

1.4568

1.2106

 

Class "B" Preferred shares

 

1.4569

1.2094

1.4569

1.2094

 

Ordinary shares

 

1.3245

1.0995

1.3245

1.0995

See the accompanying notes to the quarterly information

 

 

5

 


 

 

Statements of Comprehensive Income

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

 

 

 

Parent Company

 

Consolidated

 

3.31.2011

3.31.2010

3.31.2011

3.31.2010

 

 

 

 

 

Net income for the quarter

379,481  

315,015

384,829

319,359

 

 

 

 

 

Adjustments related to Financial Assets classified as

 

 

 

 

available for sale - distribution concession

-  

-

(2,488)

(1,974)

(-) Taxes on adjustments to financial assets

-  

-

846

671

Investment interest in subsidiaries' comprehensive income

(2,488) 

(1,974)

-

-

(-) Taxes on investment interest in subsidiaries' comprehensive income

846  

671

 

 

 

 

 

 

 

Total comprehensive income for the quarter

377,839  

313,712

383,187

318,056

 

 

 

 

 

Attributed to Parent Company

 

 

377,839

313,712

Attributed to non controlling interests

-  

-

5,348

4,344

 

 

 

 

 

         

 

 

6

 


 

 

 

Statements of Changes in Shareholders’ Equity

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

 

 

 

Attributable to owners of the company

 

Attributable

 

 

 

 

 

 

Profit reserves

 

to

 

 

 

 

 

Equity

 

Profit

Additional

 

 

non

 

 

NE nº

Capital

Capital

evaluation

Legal

retention

dividends

Accumulated

 

controlling

Total

 

 

reserve

adjustments

reserve

reserve

proposed

profit

Total

interests

Consolidated

Balance as of December 31, 2009

 

4,460,000

838,340

1,660,634

428,912

2,908,112

-

-

10,295,998

228,365

10,524,363

Net profit for the period

 

-  

-

-

-

-

-

987,807

987,807

22,474

1,010,281

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Adjustments related to financial assets classified as

 

 

 

 

 

 

 

 

 

 

 

available for sale, net of taxes

 

-  

-

1,999

-

-

-

-

1,999

-

1,999

Total comprehensive income for the period

 

-  

-

1,999

-

-

-

987,807

989,806

22,474

1,012,280

Realization of equity evaluation adjustments

29

-

-

(103,117)

-

-

-

103,117

-

-

-

Capital increase

 

2,450,000

(838,340)

-

-

(1,611,660)

-

-

-

-

-

Advances for future capital increase

 

-  

-

-

-

-

-

-

-

30,812

30,812

Allocations proposed to GSM

 

 

 

 

 

 

 

 

 

 

 

Legal reserve

 

-

-

-

49,390

-

-

(49,390)

-

-

-

Interest on own capital

 

-

-

-

-

-

-

(200,000)

(200,000)

-

(200,000)

Dividends

 

-

-

-

-

-

25,779

(81,460)

(55,681)

(15,948)

(71,629)

Profit retention reserve

 

-

-

-

-

760,074

-

(760,074)

-

-

-

Balance as of December 31. 2010

 

6,910,000

-

1,559,516

478,302

2,056,526

25,779

-

11,030,123

265,703

11,295,826

Net profit for the period

 

-  

-

-

-

-

-

379,481

379,481

5,348

384,829

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Adjustments related to financial assets classified as

 

 

 

 

 

 

 

 

 

 

 

available for sale, net of taxes

 

-  

-

(1,642)

-

-

-

-

(1,642)

-

(1,642)

Total comprehensive income for the period

 

-  

-

(1,642)

-

-

-

379,481

377,839

5,348

383,187

Realization of equity evaluation adjustments

29

-

-

(21,169)

-

-

-

21,169

-

-

-

Reimbursement of advances for future capital increase

 

-  

-

-

-

-

-

-

-

(9,024)

(9,024)

Balance as of March 31, 2011

 

6,910,000

-

1,536,705

478,302

2,056,526

25,779

400,650

11,407,962

262,027

11,669,989

See the accompanying notes to the quarterly information

 

 

 

7

 


 

 

 

Statements of Cash Flows

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

 

 

Parent Company

 

Consolidated

 

3.31.2011

 

3.31.2010

 

3.31.2011

 

3.31.2010

 

 

 

 

 

 

 

 

Cash flows from operational activities

 

 

 

 

 

 

 

Net income for the period

379,481  

 

315,015

 

384,829

 

319,359

 

 

 

 

 

 

 

 

Adjustments for reconciliation of the net income for the period with cash generated from the operational activities

 

 

 

 

 

 

 

Depreciation  

-

 

-

 

82,347

 

87,973

Amortization of intangible assets - concessions

-  

 

-

 

51,131

 

50,609

Amortization of intangible assets - others

-  

 

-

 

520

 

1,176

Unrealized monetary and exchange variations - net

4,946  

 

4,639

 

(20,863)

 

(36,860)

Remuneration of Accounts Receivable related to concession

-  

 

-

 

(107,638)

 

(64,840)

Equity in income of subsidiaries

(378,958) 

 

(316,878)

 

(14,600)

 

(41,514)

Income tax and social contribution

-  

 

-

 

274,966

 

149,422

Deferred income tax and social contribution

269  

 

(1,965)

 

(81,658)

 

754

Provision for losses from Accounts Receivable related to concession

-  

 

-

 

867

 

2,815

Provision for doubtful debts

-

 

-

 

5,093

 

5,714

Provision (reversal) for legal demands

(8,907) 

 

7,795

 

(7,327)

 

16,976

Provision for post employment benefits

-  

 

-

 

33,179

 

27,777

Provision for research and development and energy efficiency

-  

 

-

 

16,415

 

15,323

Write off of Accounts Receivable related to concession

-  

 

-

 

5,333

 

1,957

Write off of investments

-

 

6

 

-

 

6

Property, plant and equipment written off

-  

 

-

 

388

 

1,264

Intangible assets written off

-

 

-

 

380

 

6,655

 

 

 

 

 

 

 

 

Decrease (increase) in assets

 

 

 

 

 

 

 

Trade accounts receivable

-

 

-

 

(30,018)

 

1,001

Dividends and interest on own capital received

3,978  

 

2,789

 

3,976

 

2,789

CRC transferred to the Government of the State of Paraná

-  

 

-

 

35,921

 

32,274

Legal deposits

7,020

 

742

 

6,550

 

(13,216)

Other receivables

(2)

 

1

 

(27,100)

 

(11,867)

Inventories

-

 

-

 

(4,360)

 

(10,861)

Income tax and social contribution

30,758  

 

7,063

 

37,176

 

68,603

Other current taxes recoverable

-

 

-

 

2,471

 

(1,696)

Prepaid expenses

-

 

-

 

(7,424)

 

(7,840)

 

 

 

 

 

 

 

 

Increase (decrease) in liabilities

 

 

 

 

 

 

 

Payroll, social charges and accruals

(105) 

 

(113)

 

13,155

 

(33,652)

Suppliers

420

 

85

 

501

 

(5,729)

Income tax and social contribution paid

(14,985) 

 

-

 

(251,622)

 

(196,831)

Other taxes

(36,320)

 

(27,339)

 

(88,185)

 

(63,242)

Interest on loans and financing

(18,352) 

 

(14,587)

 

(35,576)

 

(33,762)

Debenture interest

(32,487)

 

(25,541)

 

(32,487)

 

(41,223)

Post employment benefits

(41)

 

(16)

 

(24,326)

 

(25,886)

Customer charges due

-

 

-

 

1,068

 

17,303

Research and development and energy efficiency

-  

 

-

 

(13,549)

 

(15,195)

Payable related to the concession - use of public property

-  

 

-

 

(10,246)

 

-

Other accounts payable

231

 

(10)

 

8,796

 

(4,595)

Provisions for legal claims

-

 

-

 

(12,313)

 

(4,862)

 

 

 

 

 

 

 

 

Net cash generated from (used in) operational activities

(63,054) 

 

(48,314)

 

195,770

 

196,079

(continued)

 

 

 

 

 

 

 

 

 

 

8

 


 

 

 

Statements of Cash Flows

For the quarter ended March 31, 2011 (continued)

In thousands of Reais - R$

 

(continued)

 

 

 

 

 

 

 

 

Parent Company

 

Consolidated

 

3.31.2011

 

3.31.2010

 

3.31.2011

 

3.31.2010

 

 

 

 

 

 

 

 

Cash flows from investment activities

 

 

 

 

 

 

 

Financial investments

(1)

 

78,955

 

73,607

 

3,381

Additions in investments

20,946

 

(126,028)

 

(111)

 

(30)

Additions to property, plant and equipment

-  

 

-

 

(123,640)

 

(43,308)

Additions to intangible assets related to the concession

-  

 

-

 

(140,337)

 

(171,827)

Additions to other intangible assets

-  

 

-

 

(2,205)

 

(11,509)

Financial participation of customers

-

 

-

 

18,144

 

16,807

 

 

 

 

 

 

 

 

Net cash generated from (used in) investments activities

20,945  

 

(47,073)

 

(174,542)

 

(206,486)

 

 

 

 

 

 

 

 

Cash flows from financial activities

 

 

 

 

 

 

 

Payment (reimbursement) of capital in subsidiaries by non controlling interests

-  

 

-

 

(9,024)

 

54,000

Loans and financing obtained from third parties

-  

 

-

 

284

 

80,059

Loans and financing obtained from related parties

-  

 

-

 

-

 

-

Amortization of principal loans and financing

-  

 

-

 

(14,980)

 

(10,491)

Amortization of principal debentures

-

 

-

 

-

 

(177,908)

Dividends and interest on own capital paid

(4) 

 

-

 

(4)

 

-

 

 

 

 

 

 

 

 

Net cash used in the financing activities

(4) 

 

-

 

(23,724)

 

(54,340)

 

 

 

 

 

 

 

 

Total effects on cash and cash equivalents

(42,113) 

 

(95,387)

 

(2,496)

 

(64,747)

 

 

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

89,822  

 

479,044

 

1,794,416

 

1,518,523

Cash and cash equivalents at the end of the period

47,709  

 

383,657

 

1,791,920

 

1,453,776

 

 

 

 

 

 

 

 

Change in cash and cash equivalents

(42,113) 

 

(95,387)

 

(2,496)

 

(64,747)

See the accompanying notes to the quarterly information

 

 

 

9

 


 

 

 

Statements of Added Value

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

 

 

 

Parent Company

Consolidated

   

3.31.2011

3.31.2010

3.31.2011

3.31.2010

   

 

 

 

 

Income

 

 

 

 

 

Sale of energy, services and other income

 

-  

-

2,697,888

2,357,396

Other operational income

 

-

-

(87)

(6,452)

Construction income

 

-

-

120,566

143,317

Allowance for doubtful debts

 

-

-

(5,093)

(5,714)

Total

 

-

-

2,813,274

2,488,547

   

 

 

 

 

( - ) Supplies acquired from third parties

 

 

 

 

 

Energy purchased for resale

 

-

-

582,473

518,203

Charges for use of the main transmission grid ( - ) ESS

 

-  

-

159,180

156,155

Materials, supplies and third parties services

 

834  

870

115,172

100,308

Natural gas and supplies for gas operations

 

-  

-

43,803

43,359

Construction costs

 

-

-

120,082

143,307

Other charges

 

-

-

3,444

3,022

Other supplies

 

(1,544)

8,175

1,277

19,198

Total

 

(710)

9,045

1,025,431

983,552

   

 

 

 

 

( = ) Gross added value

 

710

(9,045)

1,787,843

1,504,995

   

 

 

 

 

( - ) Depreciation and amortization

 

189

189

133,998

139,758

   

 

 

 

 

( = ) Net added value

 

521

(9,234)

1,653,845

1,365,237

   

 

 

 

 

( + ) Transferred added value

 

 

 

 

 

Financial income

 

30,101

30,535

184,029

147,506

Results from investment interests

 

378,958

316,878

14,600

41,514

   

 

 

 

 

Total

 

409,059

347,413

198,629

189,020

   

 

 

 

 

Value added to distribute

 

409,580

338,179

1,852,474

1,554,257

(continued)

         

 

 

 

10

 


 

 

Statements of Added Value

For the quarter ended March 31, 2011 (continued)

In thousands of Reais - R$

 

 

(continued)

 

 

 

 

 

 

 

 

 

Parent

Consolidated

 

3.31.2011

%

3.31.2010

%

3.31.2011

%

3.31.2010

%

Distribution of added value:

 

 

 

 

 

 

   
 

 

 

 

 

 

 

   

Personnel

 

 

 

 

 

 

   

Remuneration and fees

1,305

 

1,241

 

131,629

 

119,634

 

Private pension and health plans

132  

 

62

 

31,452

 

26,066

 

Meal and education assistance

-

 

-

 

16,629

 

14,881

 

Social security charges - FGTS

87

 

79

 

11,143

 

10,138

 

Labor indemnities (reversals)

-

 

-

 

1,821

 

1,260

 

Profit sharing

-

 

-

 

16,507

 

16,259

 

Transfers to property, plant and equipment in progress

-  

 

-

 

(28,282)

 

(19,763)

 

Total

1,524

0.4

1,382

0.4

180,899

9.8

168,475

10.8

 

 

 

 

 

 

 

   

Government

 

 

 

 

 

 

   

Federal

575

 

(678)

 

647,689

 

516,915

 

State

-

 

-

 

561,811

 

487,117

 

Municipal

-

 

-

 

1,116

 

1,064

 

Total

575

0.1

(678)

-0.2

1,210,616

65.3

1,005,096

64.8

 

 

 

 

 

 

 

   

Third Parties

 

 

 

 

 

 

   

Interest and fines

28,000

 

22,442

 

71,738

 

58,155

 

Leasing and rent

-

 

18

 

4,328

 

2,797

 

Donations, subsidies and contributions

-

 

-

 

64

 

375

 

Total

28,000

6.8

22,460

6.6

76,130

4.1

61,327

3.9

 

 

 

 

 

 

 

   

Shareholders

 

 

 

 

 

 

   

Non controlling interests

-

 

-

 

5,348

 

4,344

 

Retained profits

379,481

 

315,015

 

379,481

 

315,015

 

Total

379,481

92.7

315,015

93.2

384,829

20.8

319,359

20.5

 

 

 

 

 

 

 

   

 

409,580

100.0

338,179

100.0

1,852,474

100.0

1,554,257

100.0

See the accompanying notes to the quarterly information

 

11

 


 

 

 

NOTES TO THE QUARTERLY FINANCIAL INFORMATION

For the quarter ended March 31, 2011

In thousands of Reais - R$

 

1                    General Information

 

Companhia Paranaense de Energia - Copel (Copel, the Company or the Parent Company), with headquarters at Rua Coronel Dulcídio, 800, Batel, Curitiba, Estado do Paraná, is a public company with shares traded on Corporate Governance Level 1 of BM&FBOVESPA’s Special Listings and on stock exchanges in the United States of America and Spain. Copel is a mixed capital company, controlled by the Government of the State of Paraná, engaged, through its subsidiaries, in researching, studying, planning, building, and exploiting the production, transformation, transportation, distribution, and sale of energy, in any form, but particularly electric energy. These activities are regulated by the National Electric Energy Agency - ANEEL, which reports to the Ministry of Mines and Energy - MME. Additionally, Copel takes part in consortiums, private enterprises, or mixed capital companies in order to operate mostly in the areas of energy, telecommunications, natural gas, and water supply and sanitation.

 

The direct and indirect subsidiaries of the Company are described in note 14.

 

 

2                    Main Accounting Policies

 

2.1 Statement of Compliance

 

The Company’s quarterly financial information includes:

 

·         The consolidated quarterly financial information prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB and also in accordance with accounting practices adopted in Brazil;

 

·         The individual quarterly financial information of the parent company prepared in accordance with accounting practices adopted in Brazil.

 

Accounting practices adopted in Brazil include those in Brazilian Corporate Legislation and the pronouncements, orientations and interpretations issued by the Accounting Pronouncements Committee – CPC and approved by the Securities and Exchange Comission - CVM (Comissão de Valores Mobiliários).

 

The individual quarterly financial information present the values for investments in subsidiaries, joint ventures and associated companies using the equity method, in accordance with Brazilian legislation in force. Thus, these individual quarterly financial information are not in compliance with the IFRSs, which require that these investments reported in the parent company’s individual statements be stated at fair value or cost.

 

Given that there is no difference between the consolidated shareholders´ equity and the consolidated profit attributed to the owners of the parent company, stated in the consolidated quarterly financial information prepared in accordance with the IFRSs and the accounting practices adopted in Brazil and the shareholders’ equity and net profit of the parent company, stated in the individual quarterly financial information prepared in accordance with accounting practices adopted in Brazil, the Company opted to present these individual and consolidated quarterly financial information side by side, in one set of accounts.

 

This quarterly information is presented considering the rulings included in CPC 21 and IAS 34 - Interim Information and the CVM SNC/SEP Official Circular 03/11.

 

12

 


 

 

Consequently, certain information disclosed in the notes to the financial statements for the year ended December 31, 2010 which did not alter during the quarter has not been presented. Therefore, this quarterly information should be read together with the financial statements at December 31 , 2010.

 

2.2 Basis of Presentation

 

Authorization for the completion of these quarterly financial information was granted at the Meeting of the Board of Officers held on May 09, 2011.

 

The quarterly financial information were prepared based on historic cost, except for certain financial instruments which were stated at fair values, as disclosed in the accounting practices below. The historic cost is generally based on the fair value of the consideration paid in exchange for the assets at the time of initial recognition.

 

2.3 Basis for consolidation and investments in subsidiaries

 

The consolidated quarterly financial information include the quarterly financial information of the Company, those of its subsidiaries and the exclusive investment funds.

 

The reporting dates of the quarterly financial information of the investments in subsidiaries, joint ventures and associated companies used to calculate the equity values and for consolidation coincide with that of the parent company dates.

 

The individual components of the quarterly financial information of the joint ventures are consolidated in proportion to the investment interest held.

 

When necessary, the quarterly financial information of the subsidiaries are adjusted to adapt the accounting policies established by the Group. All of the transactions, balances, income and expenses between the Group companies are eliminated in the consolidated quarterly financial information.

 

2.4 Significant accounting policies

 

The significant accounting policies used for preparing this quarterly information are consistent with those presented in Note 2 of the Annual Financial Statements at December 31, 2010, available in the CVM and Copel’s sites.

 

2.5 Significant accounting judgments and estimates

 

In applying the Group’s accounting policies, Management has to make judgments and prepare estimates for the accounting values of assets and liabilities which are not easily obtained from other sources. These estimates and respective assumptions are based on historic experience and other factors considered relevant. The actual results could differ from these estimates.

 

The underlying estimates and assumptions are continually revised. The effects from the reviews of the accounting estimates are recognized in the period in which the estimates are revised, if the review affects only this period, and also in subsequent periods if the review affects the present period and future periods.

 

The main judgments from applying the accounting policies, used in preparing this quarterly information, are consistent with those presented in Note 3 of the Annual Financial Statements at December 31 , 2010, available in the CVM and Copel’s sites.

13

 


 

 

3                    Cash and Cash Equivalents

 

 

.

 

 

 

 

 

Parent Company

Consolidated

 

3.31.2011

12.31.2010

3.31.2011

12.31.2010

Cash and bank accounts

896

456

53,291

58,958

Financial investments with immediate liquidity

46,813  

89,366

1,738,629

1,735,458

 

47,709

89,822

1,791,920

1,794,416

         

 

Financial investments with immediate liquidity are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value. These short-term investments comprise Certificates of Deposit (CDs) issued by official banks and also financial investments in Government Bonds with repurchase agreements with the issuer banks, in which the Bank has the obligation to repurchase these bonds from Copel on request. These investments have yielded on average 100% of the variation of the Interbank Deposit Rate as of March 31, 2011 and December 31, 2010.

 

4                    Bonds and securities

 

 

 

Parent Company

Consolidated

 

3.31.2011

12.31.2010

3.31.2011

12.31.2010

Current assets

 

 

 

 

Bonds and securities (4.1)

176

175

524,061

534,095

Collaterals and escrow accounts

-

-

456

64,078

 

176

175

524,517

598,173

Noncurrent assets

 

 

 

 

Bonds and securities (4.1)

-

-

7,340

7,151

Collaterals and escrow accounts (STN - Note 19.2)

-  

-

25,688

26,280

 

-

-

33,028

33,431

.

 

 

 

 

 

 

4.1 Securities

 

 

Category

 

Consolidated

 

 

3.31.2011

12.31.2010

Securities available for sale

 

 

 

CDB (1 and 2)

CDI

94,728

100,785

Committed Operation (3)

CDI

32,043

17,328

Committed Operation (2)

Selic

2,962

2,961

Committed Operation (2)

PRE-FIXED

107,086

98,552

Quotas in Funds (3 and 4)

CDI

126

124

NTN - F

CDI

26,747

27,309

LFT (2)

Selic

175,058

175,043

LTN (2)

PRE-FIXED

45,555

44,482

LFBB

CDI

6,182

6,015

 

 

490,487

472,599

Securities held to maturity

 

 

 

LFT (2)

Selic

39,019

60,662

LTN (2)

PRE-FIXED

-

6,140

Quotas in Funds (3 and 4)

CDI

1,895

1,845

 

 

40,914

68,647

 

 

531,401

541,246

 

Current

524,061

534,095

 

NonCurrent - NC

7,340

7,151

Financial Treasury Bonds - LFT

     

National Treasury Bonds - LTN

     

National Treasury Bill - Series F - NTN-F

     

Financial Bills Committed to Banco do Brasil - LFBB

     

 

14

 


 

 

 

Category

 

Parent Company

 

 

3.31.2011

12.31.2010

Securities available for sale

 

 

 

CDB

CDI

75

76

Fund Quotas

CDI

101

99

 

 

176

175

 

Current

176

175

 

Noncurrent - NC

-

-

 

 

Copel holds securities with variable interest rates. The maturity of these securities varies between 1 and 48 months, as from the reporting date of this report.  The counter parties for these securities are classified with at least the credit rating A. None of these assets was overdue or presented recovery problems or impairment losses at the end of the period.

 

1)       The main amounts invested include:

 

·         The amount of R$ 67,345 has been invested with Banco do Brasil, corrected to March 31, 2011, (R$ 65,612 as of December 31, 2010), remunerated at the rate of 100% of the DI rate, as guarantee provided to Aneel to comply with the construction of the Hydro electric plant at Mauá, by Copel Geração e Transmissão;

 

2)       Constitute a guarantee for the Aneel auction by Copel Geração e Transmissão e Copel Distribuição for the amount of R$ 57,155 at March 31, 2011 (R$ 67,162 as of December 31, 2010);

 

3)       Constitute a guarantee for the Contracts for the Sale of Energy in the Regulated Environment - CCEARs in CCEE R$ 28,894 at. March 31, 2011 (R$ 27,146 as of December 31, 2010); and

 

4)       An allowance related to a financing contract agreedment signed with BNDES in 2001 by UEG Araucária in the amount of R$ 27 at March 31, 2011 (R$ 26 as of December 31, 2010).

 

 

15

 


 

 

 

5                    Trade accounts receivable

 

 

 

Balances

Overdue

Overdue for

 

Total

 

falling due

up to 90 days

more than 90 days

Consolidated

 

 

 

 

3.31.2011

12.31.2010

Customers

 

 

 

 

 

Residential

116,004

87,304

5,821

209,129

199,649

Industrial

129,821

19,716

35,539

185,076

184,039

Commercial

90,460

27,546

5,565

123,571

118,540

Rural

18,286

9,020

1,942

29,248

24,004

Public Entities

19,680

16,917

15,296

51,893

43,266

Public lighting

15,328

260

175

15,763

15,673

Public service

14,473

515

99

15,087

14,335

Unbilled

201,750

-

-

201,750

198,363

Energy installments plan

85,175

4,714

12,799

102,688

101,841

Energy installments plan - Non Current

40,165  

-

-

40,165

40,498

Low income subsidy - Eletrobrás

28,926