6-K 1 elppr3q12_6k.htm 9M12 RESULTS elppr3q12_6k.htm - Generated by SEC Publisher for SEC Filing
 
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 November, 2012
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____
 

 

9M12 Results

Curitiba, Brazil, November 13, 2012 - Companhia Paranaense de Energia - Copel (NYSE: ELP / LATIBEX: XCOP / BOVESPA: CPLE3, CPLE5, CPLE6), a company that generates, transmits, distributes and sells power to the State of Paraná, announces its results for the first nine months of 2012 (9M12).

Copel’s consolidated balance sheet presents, in addition to the figures of its wholly-owned subsidiaries (Copel Geração e Transmissão, Copel Distribuição and Copel Telecomunicações), those of Compagas, Elejor, UEG Araucária, Caiuá Transmissora, Costa Oeste Transmissora, Integração Maranhense Transmissora, Marumbi Transmissora, Transmissora Sul Brasileira, Cutia Empreendimentos Eólicos and Dominó Holdings. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with accounting practices adopted in Brazil.

Highlights

> Net Operating Revenue: R$ 6,109 million.

> Operating Income: R$ 1,168 million.

> Net Income: R$ 824 million.

> EPS (Earnings per Share): R$ 3.01.

> EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization): R$ 1,441 million.

> Return on Shareholders’ Equity: 7.0% in the period.

> Growth in Power Supply: 5.0%.

The Company’s shares and main indexes presented the following variations in the period:

 

 

Ticker Price
09/28/2012
Var. %
year
Index Points
09/28/2012
Var. %
year
CPLE3 (common/ BM&FBovespa) R$ 27.79 (15.8)      
      Ibovespa 59,175 4.3
CPLE6 (preferred B/ BM&FBovespa) R$ 33.10 (14.9)      
           
ELP (ADS/ Nyse) US$ 16.42 (21.7) Dow Jones 13,437 10.0
           
XCOP (preferred B/ Latibex) € 12.71 (21.5) LATIBEX 2,781 (4.3)

 

 


 

 

Earnings Release - 9 M12      
        
       

 

 

LIST OF CONTENTS  
1. General Information 3
2. Income Statement 5
2.1 Net Operating Revenue 5
2.2 Operating Costs and Expenses 6
2.3 EBITDA 8
2.4 Equity in the Results of Investees  8
2.5 Financial Results 8

2.6 Consolidated Net Income

8
3. Balance Sheet and Investment Program 9
3.1 Assets 9
3.1.1 Cash, Cash Equivalents and Financial Investments 9
3.1.2 CRC Transferred to the State of Paraná 9
3.1.3 Accounts Receivable related to Concession 9
3.1.4 Property, Plant and Equipment 9
3.1.5 Intangible Assets 9
3.2 Liabilities and Controller’s Shareholders’ Equity 10
3.2.1 Debt10  
3.2.2 Payables related to the Concession Use of Public Property (UBP) 11
3.2.3 Reserve for Litigation 11
    3.3 Investment Program  12  
4. Shareholding Structure 13
5. Consolidated Financial Statements 14
5.1 Assets 14
5.2 Liabilities 15
5.3 Income Statement 16
5.4 Cash Flow 17
6. Financial Statements Wholly-owned Subsidiaries 18
6.1 Assets 18
6.2 Liabilities 19
6.3 Income Statement 20
7. Power Market 21
7.1 Captive Market 21
7.2 Grid Market (TUSD) 22
7.3 Energy Flow 22
8. Supplementary Information 24
8.1 Tariffs 24
8.2 Main Operational and Financial Indicators 25
8.3 3Q12 Results Conference Call 26

 

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Earnings Release - 9 M12      
        
       

 

1. General Information

Copel’s net income totaled R$824.0 million in 9M12, 16.6% down from R$988.1 million in 9M11, due to:

(i) adjustments to the balance sheet of COPEL Distribuição as determined by the electricity sector regulatory agency, Aneel, related to the 3rd Cycle of the Tariff Revision (net negative impact of R$134.2 million), leading to an average tariff reduction of 0.65% for customers, and compliance with Aneel Resolution 474/12 (net negative impact of R$28.1 million), extending the useful life of energy assets; and

(ii) the impact of regulatory assets and liabilities not recognized by IFRS (negative impact of R$102.5 million).

The table below summarizes the highlights for the period:

 

Operational Data 9M12 9M11 Var. %
Energy Sold (GWh) 31,031 30,592 1.4
Copel Distribuição 17,905 17,547 2.0
Copel Geração 13,126 13,045 0.6
       
Average Rates (BRL / MWh)
Power Purchase Average Rate - Copel Distribuição 115.61 107.56 8.1
Retail Average Rate - Copel Distribuição 243.80 252.17 (3.3)
Sales to Distributors Average Rate - Copel GeT 97.70 92.77 5.3
       
Economic and Financial Result (R$ thousand) 9M12 9M11 Var. %
Operating Income 1,168,064 1,360,980 (14.2)
EBITDA 1,441,234 1,555,018 (7.3)
Adjusted EBITDA by Regulatory Assets and Liabilities 1,543,762 1,423,870 8.4
Net Income 824,009 988,090 (16.6)
Capex 1,043,667 967,300 7.9
Net Debt 1,006,664 939,348 7.2
Controlling Shareholders' Net Equity 12,540,889 11,752,763 6.7
       
Indicators 9M12 9M11 Var. %
EBITDA Margin 23.6% 27.4% (13.8)
Adjusted EBITDA Margin 25.3% 25.1% 0.9
Controlling Shareholders' ROE 6.8% 8.8% (22.9)
Operating Margin 19.1% 23.9% (20.2)
Net Margin 13.5% 17.4% (22.4)
Net Debt / EBITDA (annualized) 0.52 0.45 15.6
Book Value per Share 45.83 42.95 6.7
Operating Margin 19.1% 23.9% (20.2)
Netdebt / Controlling Shareholders' Net Equity 17.7% 20.1% (11.7)
Current Liquidity 1.55 2.07 (25.2)
Earnings per Share (EPS) 3.01 3.61 (16.6)

 

* Values subjected to rounding adjustments

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Earnings Release - 9 M12      
        
       
 

 

Renewal of Concessions

On September 11, the federal government enacted the Provisional Measure (MP) 579/2012, which provides for the renewal of power generation, transmission and distribution concessions, the reduction of industry charges and tariff affordability.    

In the generation segment, only 5.0% of Copel’s total installed capacity - or 271.9 MW – expires by 2017. Ordinance MME/MF 580 established a nil amount for the indemnification of these assets, while the amount recorded in the Company's balance sheet at the end quarter came to R$ 133.9 million. The table below presents the tariffs disclosed by the government agency.  The next generation concessions will expire in 2023, 2029 and 2030.

 

Hydroeletrict Power Plants Capacity
(MW)
Tariff
(R$/kW.year)
Governador Pedro Viriato Parigot de Souza (Capivari/ Cachoeira) 260.0 57.11
Mourão I 8.2 163.57
Chopim I 2.0 249.13
Rio dos Patos 1.7 237.49

 

In the distribution segment, the Company passed through the 3rd Tariff Revision Cycle in June, with an average decrease of 0.65% for customers. Regarding MP 579, COPEL Distribuição will undergo an extraordinary Tariff Revision in February 2013 to adjust tariffs based on the impact of lower industry charges and energy purchase and transmission costs.

Finally, in the transmission segment, COPEL currently has 2,023 km of transmission lines and 10,902 MVA of substation capacity. These assets’ annual permitted revenue for the 2012/2013 cycle is R$328.7 million, 93% of which, equivalent to R$ 304.8 million, is subject to MP 579 (Contract 060/2001). Ordinance MME/MF 580 established an indemnification of R$ 893.9 million for these assets, while the amount recorded in COPEL’s balance sheet at the end of the quarter came to R$ 1,072.3 million (including the facilities under construction authorized by Aneel). If the concession renewal is anticipated, annual permitted revenue will be R$ 116.1 million.

The Company’s management is conducting several internal studies and projections to decide on the ratification of the extension of concession terms, with a final answer expected by December 4, 2012. The Company called an Extraordinary Shareholders’ Meeting for November 30, 2012 to resolve on the extension of generation and transmission concessions in accordance with MP 579. Following this decision, the pertinent accounting effects will be recognized.

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Earnings Release - 9 M12      
        
       
 

 

  

 2. Income Statement

 

2.1 Net Operating Revenue

In 9M12, “net operating revenue” reached R$ 6,109.1 million, 7.5% up on the R$ 5,682.6 million recorded in 9M11. The most  mportant variations were:

(i) the 5.0% increase in revenue from “electricity sales to final customers”, which reflects only actual sales revenues, excluding the distribution grid tariff (TUSD), basically due to the 3.2% upturn in captive market


consumption and the tariff increase as of June 24, 2011 (positive average perceived effect of 2.99%), partially offset by the periodic tariff revision as of June 24, 2012 (negative average perceived effect of 0.65%);

(ii) the 16.4% increase in revenue from “electricity sales to distributors”, due to (a) price increases under power purchase agreements in the regulated market (CCEAR) and bilateral agreements, and (b) increase in spot market prices (PLD), which pushed up revenue from the spot market (CCEE);

(iii) the 7.8% upturn in “use of the main transmission grid” item (TUSD and TUST revenue), due to: (a) market growth, (b) Copel Distribuição’s tariff adjustment as of June 24, 2011, partially offset by the periodic tariff revision in effect as of June 24, 2012, and (c) higher interest revenue from transmission assets;

(iv) the “construction revenue” was 19.6% down and account reflects the booking of investments in construction services and improvements to electricity distribution and transmission infrastructure;

(v) the 6.2% increase in “telecommunications revenue”, basically due to new customers – the customer base increased from 1,230 in September 2011 to 2,477 in September 2012;

(vi) the 20.0% increase in “distribution of piped gas” (supplied by Compagas), following tariff adjustments (8.5% as of August 2011, 4.5% as of March 2012 and 8.0% as of August 2012); and

(viii) the 66.8% increase in “other operating revenues”, mainly caused by higher revenue from the lease of the Araucária thermal plant, following contractual adjustments with Petrobras and its dispatch between March and September 2012.

 

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Earnings Release - 9 M12      
        
       
 

 

R$ '000
Income Statement 3Q12
(1)
2Q12
(2)
3Q11
(3)
9M12
(4)
9M11
(5)
Var.%
(4/5)
Electricity sales to final customers 605,850 609,906 582,154 1,823,938 1,736,863 5.0
Electricity sales to distributors 381,101 428,377 377,448 1,230,509 1,056,703 16.4
Use of main transmission grid (TUSD/ TUST) 767,134 685,898 721,355 2,202,110 2,043,484 7.8
Construction revenue 137,005 141,069 200,137 383,268 476,592 (19.6)
Telecommunications revenues 31,129 30,543 30,122 92,517 87,137 6.2
Distribution of piped gas 86,461 83,328 75,476 239,622 199,619 20.0
Other operating revenues 44,328 52,349 27,384 137,152 82,216 66.8
Net operating revenues 2,053,008 2,031,470 2,014,076 6,109,116 5,682,614 7.5

 

2.2 Operating Costs and Expenses

In the first nine months of 2012, operating costs and expenses totaled R$ 5,079.6 million, a 12.0% increase over the R$ 4,535.6 million recorded in 9M11, chiefly due to:

(i) the 22.3% increase in “electricity purchased for resale”, due to higher costs related to the purchase of energy from Itaipu, auctions (CCEAR) and the spot market (CCEE), partially offset by the expiration of bilateral agreements in 2012;

 

R$'000
Electricity Purchased for Resale 3Q12
(1)
2Q12
(2)
3Q11
(3)
1H12
(4)
9M12
(4)
9M11
(5)
Var. %
(4/5)
Itaipu 103,241 140,855 124,022 261,375 364,616 338,208 7.8
CCEAR (Auction) 496,704 479,209 402,005 888,848 1,385,552 1,171,717 18.2
Bilateral 42,169 74,155 8,734 123,995 166,164 25,355 555.4
CCEE 42,169 74,155 8,734 123,995 166,164 25,355 555.4
Proinfa 42,110 32,167 25,663 65,402 107,512 77,160 39.3
(-) Pis/ Pasep and Cofins (79,331) (64,192) (49,587) (123,880) (203,211) (143,030) 42.1
TOTAL 655,303 711,873 559,185 1,315,422 1,970,725 1,611,531 22.3

 

(ii) the 18.1% upturn in “charges for the use of the main transmission grid”, due to the start-up of new assets in the system and higher charges (reserve energy – EER and systems services -ESS);

(iii) in the first nine months of 2012, the “personnel and management” line totaled R$ 788.2 million, 16.3% up on the same period the previous year. This was driven by: the 1.1% headcount increase due to the Copel DIS insourcing policy and Aneel Resolution 414/10, which determines the opening of customer service units in municipalities with more than 10,000 inhabitants, (b) the 7.4% wage increase as of October 2011, (c) the revision of the career and compensation structure as of June 1, 2011.  A provision of R$ 20.5 million was recorded for the adhesion of 117 employees to the Succession and Voluntary Redundancy Program (PSDV);

 

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Earnings Release - 9 M12      
        
       
 

 

(iv) the balance of “private pension and healthcare plans” reflects the accrual of liabilities pursuant to the 2012 actuarial report on the Healthcare Plan, calculated according to the criteria set by CVM Resolution 600/2009, and the monthly installments of the two plans. For further details, see Note 21 “post-employment benefits" in our Standardized Financial Statements (ITR);

(v) the 10.5% decline in “material and supplies”, mainly reflecting lower purchases of material for the electrical system;

(vi) “raw material and supplies for energy production” include expenses with the acquisition of coal for the Figueira Thermal Power Plant;

(vii) the 37.7% upturn in “natural gas and supplies for the gas operations", following higher prices for the natural gas acquired by Compagas to supply third parties, adjusted mainly due to the recent depreciation of the brazillian currency, and the adjustment of the oil basket, which determines the gas acquisition price;

(viii) a 10.2% increase in “third-party services”, largely due to contractual adjustments and higher expenses with services needed to support expansion and maintenance of the Company’s assets (electrical system and building maintenance, metering, bill delivery and other services);

(ix) the variation in “provisions and reversals” was mainly caused by the restatement of the reserve for litigation involving the Company, in accordance with legal counsel’s opinion, partially offset by the reversal of R$ 37.1 million related to doubtful receivables from the energy sales of Mauá HPP based on a management decision regarding Aneel Order 1,611/12;

(x) the "construction cost” was 20.2% down and reflect the  investments in power distribution and transmission; and

(xi) the 20.7% decrease in “other costs and expenses operating ” due to the lower hydro generation in the period.

 

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Earnings Release - 9 M12      
        
       
 

 

R$ '000
Operating Costs and Expenses 3Q12
(1)
2Q12
(2)
3Q11
(3)
9M12
(4)
9M11
(5)
Var.%
(4/5)
Electricity purchased for resale 655,303 711,873 559,185 1,970,725 1,611,531 22.3
Charges for the use of main transmission grid 193,674 193,183 171,156 559,174 473,562 18.1
Personnel and management 273,504 287,412 255,557 788,160 677,426 16.3
Pension and healthcare plans 41,660 40,100 33,628 121,592 97,331 24.9
Material and supplies 18,656 18,577 19,153 52,496 58,660 (10.5)
Raw material and supplies for electricity generation 7,865 5,628 6,781 18,563 20,149 (7.9)
Natural gas and supplies for the gas business 66,794 66,493 54,843 183,088 132,925 37.7
Third-party services 100,482 108,455 96,484 303,578 275,463 10.2
Depreciation and amortization 135,017 135,393 138,095 411,736 407,980 0.9
Provisions and reversals 22,978 23,072 35,120 113,794 81,420 39.8
Construction cost 134,379 141,513 199,658 379,214 475,228 (20.2)
Other operating costs and expenses 60,619 56,431 79,336 177,498 223,901 (20.7)
TOTAL 1,710,931 1,788,130 1,648,996 5,079,618 4,535,576 12.0

2.3 EBITDA

Between January and September 2012, EBITDA (earnings before interest, taxes, depreciation and amortization) totaled
R$ 1,441.2 million, 7.3% lower than the R$ 1,555.0 million reported in the same period in the previous year.

2.4 Equity in the Results of Investees

Equity in the results of investees reflects gains and losses from investments in Copel's investees. In 9M12, this figure comprised R$ 45.7 million from Dominó Holdings (Sanepar), R$ 6.9 million from Foz do Chopim Energética, R$ 5.6 million from Dona Francisca Energética and a R$ 7.5 million loss from Sercomtel Telecom.

2.5 Financial Results

Financial revenues increased by 13.9%, totaling R$ 524.0 million, due to the monetary restatement (by the IGP-M inflation index for 9M12) of accounts receivable related to the concession, interest of 6.65% p.y. and monetary restatement by the IGP-DI inflation index of CRC transferred to the State of Paraná, and the increased interest for late payment on overdue electricity bills, partially offset by the lower cash balance and the decline in the CDI rate in the period, which resulted in lower returns from financial investments.

Financial expenses totaled R$ 438.0 million in the period, 48.8% higher year on year, chiefly due to the recognition of R$ 246.0 million as a result of the remeasurement of the fair value of Copel Distribuição’s financial assets, due to the 3rd cycle of the tariff revision (R$ 203.4 million) and the new useful life estimates, pursuant to Aneel Resolution 474/12 (R$ 42.6 million).

2.6 Consolidated Net Income

Copel recorded net income of R$ 824.0 million in 9M12, 16.6% down year on year.

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Earnings Release - 9 M12      
        
       
 

 

  

 3. Balance Sheet and Investment Program

3.1 Assets

On September 30, 2012, Copel’s assets totaled R$ 19,908.8 million, 5.7% up on December 31, 2011.

3.1.1 Cash, Cash Equivalents and Financial Investments

On September 30, 2012, the cash, cash equivalents and financial investments of Copel’s wholly-owned subsidiaries and controlled companies totaled R$ 749.5 million and were mostly invested in Bank Deposit Certificates (CDBs), government bonds and repo transactions. The investments earned an average yield of 100.3% of the Interbank Deposit Certificate (CDI rate) variation in the period.

3.1.2 CRC Transferred to the State of Paraná

Through the fourth addendum signed on January 21, 2005, the Company renegotiated the CRC balance on December 31, 2004 with the State of Paraná at R$ 1,197.4 million, in 244 monthly installments recalculated by the price amortization system, updated by the IGP-DI inflation index plus annual interest of 6.65%. The first installment was due on January 30, 2005, with subsequent and consecutive maturities. The current CRC balance is R$ 1,393.0 million.

The State of Paraná has been paying the renegotiated installments pursuant to the fourth addendum.

3.1.3 Accounts Receivable related to Concession

Based on the characteristics established in the electricity distribution and transmission concession contracts, management understands that the conditions for the adoption of Technical Interpretation ICPC-01 – Concession Agreements are met. ICPC-01 sets forth guidelines on the recognition of public service concessions.

3.1.4 Property, Plant and Equipment

The Company adopted the deemed cost method to determine the fair value of the fixed assets of generation and telecommunications activities. These fixed assets are depreciated according to the straight-line method based on the annual rates established by Aneel, which are practiced and accepted by the market as adequate, limited to the term of concession, when applicable.

The estimated useful life, residual values and depreciation are reviewed on the closing balance sheet date and the effect of any changes in the estimates is prospectively recognized.

3.1.5 Intangible Assets

This line mostly comprises the intangible assets arising from Copel Distribuição’s concession agreements, consisting of exploration rights of construction and electricity supply services, which will be recovered by billing customers.

 

 

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Earnings Release - 9 M12      
        
       
 

3.2 Liabilities and Controller’s Shareholders’ Equity

Copel’s consolidated debt totaled R$ 2,225.3 million on September 30, 2012, representing 17.7% of the controller’s shareholders’ equity, wich closed 9M12 at R$ 12,540.9 million, 6.0% higher than on December 31, 2011 and equivalent to
R$ 45.83 per share (book value per share).

 

3.2.1 Debt

The breakdown of loans and financing is shown in the table below:

 

R$'000
    Short-term Long-term Total
Foreign Currency National Treasury 4,017 57,035 61,052
Eletrobras 6 8 14
Total 4,023 57,043 61,066
Domestic Currency Eletrobras - COPEL 53,725 191,016 244,741
FINEP 1,987 16,303 18,290
BNDES/ Banco do Brasil S/A - Mauá 21,890 365,951 387,841
Banco do Brasil S/A and other 148,951 1,364,372 1,513,323
Total 226,553 1,937,642 2,164,195
TOTAL   230,576 1,994,685 2,225,261

 

 

Loan and financing maturities are presented below:

 

R$'000
  Short-Term
Sep/12 - Aug/13
Sep/13 - Dec/13 2014 Long-Term
2015
2016 After 2016
Domestic Currency 226,553 18,498 744,330 580,936 254,986 338,892
Foreign Currency 4,023 1,363 1,364 - - 54,316
TOTAL 230,576 19,861 745,694 580,936 254,986 393,208

 

 

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Earnings Release - 9 M12      
        
       
 

 

Copel’s consolidated net debt (loans and financing less cash) trends are shown below:

 

 

3.2.2 Payables related to the Concession – Use of Public Property (UBP)

It refers to the concession charges for the use of public property incurred since the execution of the project’s concession agreement until the end of the concession.

 

R$'000
  Elejor Mauá Colíder Total
Current liabilities 44,041 728 - 44,769
Noncurrent liabilities 373,577 11,912 14,564 400,053

 

3.2.3 Reserve for Litigation

The Company is involved in a series of lawsuits in different courts and instances. Copel’s management, based on its legal advisors’ opinion, maintains a reserve for litigation for those cases assessed as probable losses.

The balances of the reserve for litigation are as follows:

 

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Earnings Release - 9 M12      
        
       
 

 

R$ '000
Consolidated Set/12
(1)
Dec/11
(2)
Set/11
(3)
Var %
(1 / 2)
Tax 301,033 281,937 300,714 6.8
Labor suits 149,777 128,505 137,112 16.6
Employees and Benefits 76,024 58,089 51,103 30.9
Civil 519,019 484,041 341,894 7.2
Suppliers 69,369 88,003 87,846 (21.2)
Civil and administrative claims 130,493 112,059 93,555 16.5
Easements 5,456 4,839 4,792 12.8
Condemnations and property 306,291 273,647 150,245 11.9
Customers 7,410 5,493 5,456 34.9
Environmental claims 186 104 104 78.8
Regulatory 48,169 48,147 46,326 -
TOTAL 1,094,208 1,000,823 877,253 9.3

The cases classified as possible losses, as estimated by the Company and its controlled companies at the end of 9M12, totaled R$ 2,209.8 million distributed in lawsuits of the following natures: tax, R$ 1,143.3 million; civil,
R$ 769.4 million; labor, R$ 238.6 million; employee benefits, R$ 39.9 million; and regulatory, R$ 18.6 million.

3.3 Investment Program

Copel’s investments from January to September 2012 and the maximum investment forecast for 2012 are presented below:

 

R$ million

Carried out
          9M12
Scheduled
           2012
Generation and Transmission

577.8

1,069.9

HPP Mauá

62.6

89.1

HPP Colider

394.6

562.4

SHP Cavernoso II

54.4

50.6

Other

66.2

367.8

Distribution

430.0

1,105.0

Telecommunications

35.9

82.5

TOTAL

1,043.7

2,257.4

 

Copel’s estimated investments in new businesses in 2012 (São Bento Energia, Cutia Empreendimentos Eólicos, Costa Oeste Transmissora, Marumbi Transmissora, Transmissora Sul Brasileira, Caiuá Transmissora, Integração Maranhense Transmissora, Matrinchã Transmissora de Energia and Guaraciaba Transmissora de Energia) is R$ 168.8 million.

 

 

 

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Earnings Release - 9 M12      
        
       
 

 

 

 4. Shareholding Structure

On September 30, 2012, paid-up capital stock totaled R$ 6,910.0 million, composed of the following shares (with no par value) and main shareholders are presented below:

 

              Thousand shares

Shareholders

Common % Preferred "A" % Preferred "B" % TOTAL %
State of Paraná 85,029 58.6 - - 14 - 85,043 31.1
BNDESPAR 38,299 26.4 - - 27,282 21.3 65,581 23.9
Eletrobras 1,531 1.1 - - - - 1,531 0.6
Free Floating 19,621 13.5 129 33.9 100,906 78.7 120,656 44.1
BM&FBovespa 19,509 13.4 129 33.9 60,362 47.1 80,000 29.2
NYSE 112 0.1 - - 40,460 31.6 40,572 14.8
LATIBEX - - - - 84 0.1 84 -
Other 551 0.4 253 66.1 40 - 844 0.3
TOTAL 145,031 100.0 382 100.0 128,242 100.0 273,655 100.0

 

         

 

 

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Earnings Release - 9 M12      
        
       
 

 

 

 5. Consolidated Financial Statements

5.1 Assets

 

          R$'000
Assets Sep/12
(1)
Jun/12
(1)
Sep/11
(3)
Var.%
(1/2)
Var.%
(1/3)
CURRENT 3,538,245 3,412,108 4,176,943 3.7 (15.3)
Cash and cash equivalents 749,520 673,765 1,490,455 11.2 (49.7)
Financial investments 469,077 458,358 527,166 2.3 (11.0)
Customers 1,457,214 1,490,924 1,509,468 (2.3) (3.5)
Dividends receivable 8,342 8,342 7,805 - 6.9
CRC transferred to the State Government of Paraná 73,018 69,258 63,734 5.4 14.6
Account receivable related to concession 114,631 99,077 73,086 15.7 56.8
Other current receivables 233,575 198,905 193,938 17.4 20.4
Inventories 118,952 113,380 124,510 4.9 (4.5)
Income tax and social contribution 215,663 217,649 130,985 (0.9) 64.6
Other current recoverable taxes 80,038 69,349 39,852 15.4 100.8
Prepaid expenses 18,215 13,101 15,944 39.0 14.2
NONCURRENT 16,370,580 15,900,601 14,723,701 3.0 11.2
Long Term Assets 6,349,341 6,078,394 5,455,751 4.5 16.4
Financial investments 172,762 167,073 42,660 3.4 305.0
Customers 31,739 35,069 39,190 (9.5) (19.0)
CRC transferred to the State Government of Paraná 1,319,965 1,290,803 1,288,889 2.3 2.4
Judicial deposits 557,859 551,825 403,681 1.1 38.2
Account receivable related to concession 3,571,421 3,328,988 2,900,387 7.3 23.1
Other noncurrent receivables 21,812 21,940 16,018 (0.6) 36.2
Income tax and social contribution 20,209 19,576 18,744 3.2 7.8
Other noncurrent recoverable taxes 75,415 76,066 73,679 (0.9) 2.4
Deferred income tax and social contribution 567,422 574,435 672,503 (1.2) (15.6)
Prepaid expenses 10,737 12,619 - (14.9) -
Investments 590,217 578,514 512,177 2.0 15.2
Property, plant and equipment, net 7,621,397 7,480,411 6,963,739 1.9 9.4
Intangible assets 1,809,625 1,763,282 1,792,034 2.6 1.0
TOTAL 19,908,825 19,312,709 18,900,644 3.1 5.3

 

 

       14
          
       

 
Earnings Release - 9 M12      
        
       
 

 

5.2 Liabilities

 

          R$'000
Liabilities Sep/12
(1)
Jun/12
(1)
Sep/11
(3)
Var.%
(1/2)
Var.%
(1/3)
CURRENT 2,281,889 1,905,625 2,015,197 19.7 13.2
Payroll, social charges and accruals 268,558 212,636 278,427 26.3 (3.5)
Suppliers 883,927 769,417 684,614 14.9 29.1
Income tax and social contribution payable 199,389 140,932 139,285 41.5 43.2
Other taxes due 245,446 229,439 329,657 7.0 (25.5)
Loans and financing 230,576 105,944 87,021 117.6 165.0
Dividends payable 87,283 87,325 128,129 (0.0) (31.9)
Post employment benefits 22,281 22,180 24,541 0.5 (9.2)
Customer charges due 59,857 62,743 76,766 (4.6) (22.0)
Researchand developmentand energye ciency 112,313 124,450 130,119 (9.8) (13.7)
Payables related to concession - use of public property 44,769 45,261 45,056 (1.1) (0.6)
Other accounts payable 127,490 105,298 91,582 21.1 39.2
NONCURRENT 4,826,759 4,923,516 4,891,870 (2.0) (1.3)
Suppliers 72,091 84,839 118,267 (15.0) (39.0)
Tax liabilities - - 267 - -
Deferred income tax and social contribution 656,597 649,578 907,036 1.1 (27.6)
Loans and financing 1,994,685 2,127,413 2,070,924 (6.2) (3.7)
Post-employment benefits 470,045 457,444 413,491 2.8 13.7
Research and development and energy efficiency 139,065 124,746 134,926 11.5 3.1
Payables related to the concession - use of public property 400,053 386,032 369,706 3.6 8.2
Other accounts payable 15 217 - (93.1) -
Tax, social security, labor and civil provisions 1,094,208 1,093,247 877,253 0.1 24.7
SHAREHOLDERS' EQUITY 12,800,177 12,483,568 11,993,577 2.5 6.7
Attributed to controlling shareholders 12,540,889 12,227,708 11,752,763 2.6 6.7
Stock capital 6,910,000 6,910,000 6,910,000 - -
Equity valuation adjustments 1,372,707 1,398,278 1,495,265 (1.8) (8.2)
Legal reserves 536,187 536,187 478,302 - 12.1
Retained earnings 2,838,551 2,838,551 2,056,526 - 38.0
Additional proposed dividends - - - - -
Accrued earnings 883,444 544,692 812,670 62.2 8.7
Attributed to minority shareholders 259,288 255,860 240,814 1.3 7.7
TOTAL 19,908,825 19,312,709 18,900,644 3.1 5.3

 

 

 

 

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Earnings Release - 9 M12      
        
       
 

 

5.3 Income Statement

 

              R$'000
Income Statement 3Q12
(1)
2Q12
(2)
3Q11
(3)
Var.%
(1/3)
9M12
(4)
9M11
(5)
var %
(4/5)
OPERATING REVENUES 2,053,008 2,031,470 2,014,076 1.9 6,109,116 5,682,614 7.5
Electricity sales to final customers 605,850 609,906 582,154 4.1 1,823,938 1,736,863 5.0
Electricity sales to distributors 381,101 428,377 377,448 1.0 1,230,509 1,056,703 16.4
Use of main transmission grid (TUSD and TUST) 767,134 685,898 721,355 6.3 2,202,110 2,043,484 7.8
Construction revenue 137,005 141,069 200,137 (31.5) 383,268 476,592 (19.6)
Telecommunications revenues 31,129 30,543 30,122 3.3 92,517 87,137 6.2
Distribution of piped gas 86,461 83,328 75,476 14.6 239,622 199,619 20.0
Other operating revenues 44,328 52,349 27,384 61.9 137,152 82,216 66.8
Operating costs and expenses (1,710,931) (1,788,130) (1,648,996) 3.8 (5,079,618) (4,535,576) 12.0
Electricity purchased for resale (655,303) (711,873) (559,185) 17.2 (1,970,725) (1,611,531) 22.3
Charges for the use the main transmission grid (193,674) (193,183) (171,156) 13.2 (559,174) (473,562) 18.1
Personnel and management (273,504) (287,412) (255,557) 7.0 (788,160) (677,426) 16.3
Pension and health plans (41,660) (40,100) (33,628) 23.9 (121,592) (97,331) 24.9
Material (18,656) (18,577) (19,153) (2.6) (52,496) (58,660) (10.5)
Material and supplies for energy production (7,865) (5,628) (6,781) 16.0 (18,563) (20,149) (7.9)
Natural gas and supplies for the gas operations (66,794) (66,493) (54,843) 21.8 (183,088) (132,925) 37.7
Third party services (100,482) (108,455) (96,484) 4.1 (303,578) (275,463) 10.2
Depreciation and amortization (135,017) (135,394) (138,095) (2.2) (411,736) (407,980) 0.9
Provisions and reversals (22,978) (23,072) (35,120) (34.6) (113,794) (81,420) 39.8
Construction cost (134,379) (141,513) (199,658) (32.7) (379,214) (475,228) (20.2)
Other operating costs and expenses (60,619) (56,431) (79,336) (23.6) (177,498) (223,901) (20.7)
EQUITY IN RESULTS OF INVESTEES 16,017 19,665 13,217 21.2 52,529 48,099 9.2
INCOME BEFORE FINANCIAL RESULTS AND TAXES 358,094 263,005 378,297 (5.3) 1,082,027 1,195,137 (9.5)
FINANCIAL RESULTS 110,424 (39,673) 18,704 490.4 86,037 165,843 (48.1)
Financial income 224,872 170,797 151,723 48.2 523,975 460,202 13.9
Financial expenses (114,448) (210,470) (133,019) (14.0) (437,938) (294,359) 48.8
OPERATING INCOME (EXPENSES) 468,518 223,332 397,001 18.0 1,168,064 1,360,980 (14.2)
INCOME TAX AND SOCIAL CONTRIBUTION (149,195) (38,391) (51,223) 191.3 (344,055) (372,890) (7.7)
Income tax and social contribution (134,379) (106,144) (85,340) 57.5 (433,853) (524,501) (17.3)
Deferred income tax and social contribution (14,816) 67,753 34,117 (143.4) 89,798 151,611 (40.8)
NET INCOME (LOSS) 319,323 184,941 345,778 (7.7) 824,009 988,090 (16.6)
Attributed to controlling shareholders 314,703 177,535 341,172 (7.8) 806,363 975,831 (17.4)
Attributed to non-controlling interest 4,620 7,406 4,606 0.3 17,646 12,259 43.9
EBITDA 477,094 378,734 503,175 (5.2) 1,441,234 1,555,018 (7.3)

 

 

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Earnings Release - 9 M12      
        
       
 

 

5.4 Cash Flow

 

    R$'000
Consolidated Cash Flow 9M12 9M11
Cash flow from operating activities    
Net income for the period 824,009 988,090
Adjustments to reconcile net income with the cash provided by operating activities 848,018 925,189
Depreciation 250,161 247,360
Amortization of intangible assets - concession 158,604 158,935
Amortization of intangible assets - other 2,424 1,138
Amortization of investiments - concession rigths 547 547
Unrealized monetary and exchange variations, net (105,756) 138,574
Accounts receivable tied to the concession fair value´s update 245,991 -
Remuneration of accounts receivable related to the concession (308,649) (228,673)
Equity in earnings of subsidiaries (52,529) (48,099)
Income Tax and Social Contribution 433,853 524,501
Deferred Income Tax and Social Contribution (89,798) (151,611)
Provision for doubtful accounts (183) 32,513
Provision for tax credit losses (3,882) 16,133
Provision (reversal) for legal claims 117,859 32,774
Provisions for post employment benefits 130,374 102,661
Provision for research and development and energy efficiency 54,950 50,497
Write off of intangible assets related to concession - goodwill 7,715 9,103
Write off of property, plant, and equipment 2,500 18,059
Write off of intangible assets 3,837 20,777
Loss on disposal of intangible related to concession - -
Decrese (increase) in assets (19,875) (134,496)
Increase (reduction) of liabilities (682,618) (917,570)
Net cash generated by operating activities 969,534 861,213
Cash flow from investing activities    
Bonds and securities 50,063 66,002
Investment additions to Cauiá – net effect of the cash acquired (30) -
Investment additions to Integração Maranhense - net effect of the cash acquired (53) -
Investment additions to Matrinchã - net effect of the cash acquired (313) -
Investment additions to Guaraciaba - net effect of the cash acquired (169) -
Additions in investments (6,900) (194)
Additions to property, plant, and equipment (662,891) (530,833)
Additions to intangible assets related to the concessions (608,352) (549,371)
Additions to other intangible assets (11,361) (6,214)
Sale of intangible assets 191 -
Customer contributions 62,428 17,344
Net cash generated (used) by investing activities (1,177,387) (1,003,266)
Cash flow from financing activities    
Payment of capital in affiliates by noncontrolling shareholders - (30,814)
Loans and financing obtained 69,914 799,197
Amortization of principal amounts of loans and financing (27,138) (36,856)
Dividends and interest on own capital paid (134,528) (293,432)
Net cash used by financing activities (91,752) (161,905)
Increase (decrease) in cash and cash equivalents (299,605) (303,958)
Cash and cash equivalents at the beginning of the year 1,049,125 1,794,416
Cash and cash equivalents at the end of the year 749,520 1,490,458

 

 

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Earnings Release - 9 M12      
        
       
 

 

 

 6. Financial Statements – Wholly-owned Subsidiaries

6.1 Assets

      R$'000
Assets GeT DIS TEL
CURRENT 1,053,120 1,990,730 63,810
Cash and cash equivalents 223,670 388,166 27,071
Financial investments 278,987 32,250 -
Customers 289,450 1,143,876 17,674
CRC transferred to the State Government of Paraná - 73,018 -
Accounts receivable related to the concession 114,493 - -
Other current receivables 112,342 102,713 1,945
Inventories 27,745 80,299 9,985
Income Tax and Social Contribution 805 90,219 4,230
Other current recoverable taxes 2,545 66,172 2,441
Prepaid expenses 3,083 14,017 464
NONCURRENT 8,136,528 5,878,800 335,608
Long Term Assets 1,279,897 4,547,692 19,263
Financial investment 99,369 73,393 -
Customers - 31,650 89
CRC transferred to the State Government of Paraná - 1,319,965 -
Judicial deposits 22,437 261,820 1,039
Accounts receivable related to the concession 1,149,476 2,405,618 -
Other noncurrent receivables 6,195 2,852 -
Other current recoverable taxes 2,420 62,545 8,022
Deferred Income tax and social contribution - 389,849 10,113
Investments 414,566 4,012 -
Property, Plant and Equipment, net 6,397,422 - 294,524
Intangible Assets 44,643 1,327,096 21,821
TOTAL 9,189,648 7,869,530 399,418
 
GeT: Copel Geração e Transmissão, DIS: Copel Distribuição, TEL: Copel Telecomunicações    

 

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Earnings Release - 9 M12      
        
       
 

 

6.2 Liabilities

 

      R$'000
Liabilities GeT DIS TEL
CURRENT 1,094,902 1,852,323 35,146
Payroll, social charges and accruals 67,900 177,795 17,161
Suppliers 266,255 595,114 12,946
Income Tax and Social Contribution payable 175,345 875 954
Other taxes due 18,275 217,544 3,019
Loans and financing 60,328 162,666 24
Dividends payable 435,840 457,063 -
Post employment benefits 5,935 15,570 776
Customer charges due 7,756 52,101 -
Research and development and energy efficiency 13,874 96,826 -
Payables related to concession - use of public property 728 - -
Other accounts payable 42,666 76,769 266
NONCURRENT 1,792,325 2,236,603 34,014
Intercompany receivables - 833,676 -
Suppliers 78,636 - -
Deferred income tax and social contribution 652,897 - -
Loans, and financing 459,076 607,028 13,862
Post-employment benefits 128,063 320,809 19,507
Research and development and energy efficiency 43,415 95,650 -
Payables related to the concession - use of public property 26,476 - -
Tax,social security, labor and civil provisions 403,762 379,440 645
SHAREHOLDERS' EQUITY 6,302,421 3,780,604 330,258
Attributed to controlling shareholders      
Capital stock 3,505,994 2,624,841 240,398
Valuation adjustments 1,365,405 (6) -
Legal Reserves 212,108 135,294 5,306
Retained earnigs 589,331 883,575 62,685
Accrued earnings (losses) 629,583 136,900 21,869
TOTAL 9,189,648 7,869,530 399,418
 
GeT: Copel Geração e Transmissão, DIS: Copel Distribuição, TEL: Copel Telecomunicações      

 

 

 

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Earnings Release - 9 M12      
        
       
 

 

6.3 Income Statement

 

      R$'000
Income Statement GeT DIS TEL
Operating revenues 1,675,800 4,164,053 126,818
Electricity sales to final customers 98,122 1,728,277 -
Electricity sales to distributors 1,174,748 121,279 -
Use of main transmission grid (TUSD/ TUST) 344,547 1,939,235 -
Construction revenue 29,692 323,407 -
Telecommunications - - 122,712
Other operating revenues 28,690 51,855 4,106
Operating costs and expenses (879,213) (4,075,767) (97,140)
Electricity purchase for resale (77,305) (2,118,201) -
Use of main transmission grid (156,854) (464,917) -
Personnel and management (192,867) (524,423) (45,915)
Pension and healthcare plans (30,479) (83,244) (6,032)
Material and supplies (13,294) (36,697) (1,322)
Raw material and supplies for electricity generation (16,664) - -
Third-party services (66,332) (239,872) (12,283)
Depreciation and amortization (191,838) (142,346) (20,299)
Provisions and reversals (8,649) (87,504) (3,544)
Construction cost (24,928) (323,407) -
Other operating costs and expenses (100,003) (55,156) (7,745)
Equity in results of investees 10,236 - -
Income before financial results and taxes 806,823 88,286 29,678
Financial Income (expenses) 19,847 115,826 2,642
Earnings before income taxes 826,670 204,112 32,320
Operating income (264,607) (119,895) (12,253)
Deferred income tax and social contribution (9,093) 52,683 1,802
Net Income 552,970 136,900 21,869
EBITDA 988,425 230,632 49,977
 
GeT: Copel Geração e Transmissão, DIS: Copel Distribuição, TEL: Copel Telecomunicações    

 

 

       20
          
       

 
Earnings Release - 9 M12      
        
       
 

 

 

 7. Power Market

Copel’s electricity sales to final customers, composed by sales from Copel Distribuição captive market and Copel Geração e Transmissão free market increased 5.0% between January and September of 2012. The captive market consumed 17,396 GWh, growing by 3.2%, while Copel Geração e Transmissão’s free market has grown 49.1%, reaching 1,029 GWh in the same period.

7.1 Captive Market

The industrial segment, which represented 32.4% of Copel’s captive market, consumed 5,632 GWh, growing by 0.5% year to date. This result was due to the higher number of customers, which totaled 84,887 by the end of September.

The residential segment consumed 4,867 GWh, a growth of 3.8%, led by the higher credit and income growth. At the end of September 2012, this segment represented 28.0% of Copel’s captive market consumption, with the company supplying power to 3,169,888 residential customers.

The commercial segment consumed 3,749 GWh, a growth of 4.8%, due to increasing sales from retailers in the concession area. At the end of the period, this segment represented 21.5% of Copel’s captive market consumption, with the company supplying power to 326,225 captive commercial customers.

The rural segment consumed 1,512 GWh, growing by 8.0%, mainly due to the higher agricultural exports from the State of Paraná. This segment represented 8.7% of Copel’s captive market consumption at the end of September, with the company supplying power to 374,759 rural customers.

Other segments (public agencies, public lighting, public services and own consumption) consumed 1,636 GWh, up 3.2% in the period. These segments represented 9.4% of Copel’s captive market consumption, totaling 53,507 customers at the end of the period.

The following table shows the captive market for each consumption segment:

 

            GWh
Segment 3Q12
(1)
3Q11
(2)
Var. %
(1/2)
9M12
(3)
9M11
(4)
Var. %
(3/4)
Industrial 1,882 1,930 (2.5) 5,632 5,604 0.5
Residential 1,620 1,587 2.1 4,867 4,690 3.8
Commercial 1,217 1,149 5.9 3,749 3,578 4.8
Rural 463 436 6.2 1,512 1,401 8.0
Other 543 533 1.9 1,636 1,585 3.2
Captive Segment Total 5,725 5,635 1.6 17,396 16,858 3.2

 

 

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Earnings Release - 9 M12      
        
       
 

 

7.2 Grid Market (TUSD)

Copel Distribuição’s grid market, comprising the captive market, concessionaries and licensees (other utilities within the State of Paraná) and all free customers within the Company’s concession area, grew 1.8%, as shown by the following table:

 

            GWh
  3Q12
(1)
3Q11
(2)
Var. %
(1/2)
9M12
(3)
9M11
(4)
Var. %
(1/4)
Captive Market 5,725 5,635 1.6 17,396 16,858 3.2
Concession and permission holders 162 149 8.7 472 447 5.7
Free Customers (*) 785 818 (4.0) 2,205 2,409 (8.5)
Grid Market 6,672 6,602 1.1 20,073 19,714 1.8
* Total free customers supplied by COPEL GeT and other suppliers w ithin COPEL DIS’ concession area.      

 

7.3 Energy Flow

Copel Consolidated

 

      GWh
  9M12 9M11 Var.%
Own Generation 14,698 19,449 (24.4)
Purchased energy 22,837 20,477 11.5
Itaipu 3,939 3,949 (0.3)
Auction – CCEAR 14,178 13,655 3.8
Itiquira 682 679 0.4
Dona Francisca 459 463 (0.9)
CCEE (MCP) 646 431 49.9
MRE 1,594 - -
Proinfa 448 413 8.5
Elejor 891 887 0.5
Total Available Power 37,535 39,926 (6.0)
Captive Market 17,396 16,858 3.2
Concessionaires 472 447 5.6
Free Customers 1,029 690 49.1
Bilateral Agreements 869 791 9.9
Auction – CCEAR 11,140 11,452 (2.7)
CCEE (MCP) 125 355 (64.8)
MRE 3,761 6,605 (43.1)
Losses and Differences 2,743 2,728 0.5
Basic network losses 774 913 (15.2)
Distribution losses 1,773 1,625 9.1
CG contract allocation 196 190 3.2
Amounts subject to changes after settlement by CCEE      
CCEAR: Energy Purchase Agreements in the Regulated Market      
MRE: Energy Reallocation Mechanism      
CCEE (MCP): Electric Pow er Trade Chamber (Short-term market)      
CG: Center of gravity of the Submarket (difference betw een billed and energy received from CG)    

 

 

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Earnings Release - 9 M12      
        
       
 

 

Copel Geração e Transmissão

      GWh
  9M12 9M11 Var. %
Own Generation 14,698 19,449 (24.4)
CCEE (MCP) 493 252 95.3
MRE 1,594 - -
Dona Francisca 459 463 (0.9)
Total Available Power 17,244 20,164 (14.5)
Bilateral Agreements 869 791 9.9
CCEAR – COPEL Distribuição 985 988 (0.3)
CCEAR – Other 10,155 10,464 (3.0)
Free Customers 1,029 690 49.1
CCEE (MCP) 88 113 (22.3)
MRE 3,761 6,605 (43.1)
Losses and differences 357 513 (30.4)
Values subject to rounding adjustments.      

 

Copel Distribuição

      GWh
  9M12 9M11 Var. %
Itaipu 3,939 3,949 (0.3)
CCEAR – COPEL Geração e Transmissão 985 987 (0.2)
CCEAR – Other 13,016 12,477 4.3
CCEAR - Adjustment auction 177 191 (7.3)
CCEE (MCP) 153 179 (14.5)
Itiquira 682 679 0.4
Proinfa 448 413 8.5
Elejor S.A 891 887 0.4
Available Power 20,291 19,762 2.7
Captive market 17,396 16,858 3.2
Wholesale 472 447 5.6
CCEE (MCP) 37 242 (84.7)
Losses and differences 2,386 2,215 7.7
Basic network losses 417 400 4.3
Distribution losses 1,773 1,625

9.1

CG contract allocation 196 190 3.2
Values subject to rounding adjustments.      

 

 

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Earnings Release - 9 M12      
        
       
 

 

 

 8. Supplementary Information

8.1 Tariffs

Power Purchase Average Rate

 

            R$/MWh
Tariff Average MW Sep/12
(1)
Jun/12
(2)
Sep/11
(3)
Var. %
(1 / 2)
Var. %
(1 / 3)
Itaipu* 569 110.19 113.36 100.53 (2.8) 9.6
Auction – CCEAR 2005 – 2012 934 83.35 80.51 79.35 3.5 5.0
Auction – CCEAR 2006 – 2013 452 97.48 94.39 92.76 3.3 5.1
Auction – CCEAR 2007 – 2014 157 139.38 134.32 132.75 3.8 5.0
Auction – CCEAR 2008 – 2015 69 117.25 113.55 111.58 3.3 5.1
Auction – CCEAR 2010 – H30 66 157.25 151.52 149.78 3.8 5.0
Auction – CCEAR 2010 – T15** 64 167.19 161.10 159.24 3.8 5.0
Auction – CCEAR 2011 – H30 58 162.11 156.20 154.40 3.8 5.0
Auction – CCEAR 2011 – T15** 54 184.34 177.63 175.58 3.8 5.0
Auction – CCEAR 2012 – T15** 75 165.37 159.35 - 3.8 -
Others Auctions*** 240 150.85 145.53 149.83 3.7 0.7
Bilaterals 239 163.80 163.80 158.17 - 3.6
Total/ Tarifa Média de Compra 2,977 115.61 114.02 107.56 1.4 7.5
* Furnas transport charge not included.            
**Average auction price restated according to the IPCA inflation index. The price comprises in fact three components: a fixed component, a variable
component, and expenses at the Electric Energy Trading Chamber (CCEE). The cost of the latter two components is dependent upon the dispatch of facilities
according to the schedule set by the National System Operator (ONS).          
*** Products average price.            

 

 

Sales to Final Customers (Retail) Average Rate – without ICMS

 

          R$/MWh
Tariff Sep/12
(1)
Jun/12
(2)
Sep/11
(3)
Var %
(1/3)
Var %
(1/3)
Industrial* 220.63 207.23 226.78 6.5 (2.7)
Residential 286.62 299.82 300.96 (4.4) (4.8)
Commercial 263.87 269.56 271.06 (2.1) (2.7)
Rural 178.69 177.51 177.85 0.7 0.5
Other 208.03 208.29 209.04 (0.1) (0.5)
Retail distribution average rate 243.80 243.19 252.17 0.3 (3.3)
* Free customers not included          

 

 

Sales to Distributors Average Rate

 

            R$/MWh
Tariff Average MW Sep/12
(1)
Jun/12
(2)
Sep/11
(3)
Var. %
(1 / 2)
Var. %
(1 / 3)
Auction CCEAR 2005 - 2012 901 82.89 80.79 78.65 2.6 5.4
Auction CCEAR 2006 - 2013 340 97.23 95.44 92.17 1.9 5.5
Auction CCEAR 2007 - 2014 80 108.60 106.04 102.85 2.4 5.6
Auction CCEAR 2008 - 2015 76 115.40 112.91 109.37 2.2 5.5
Auction CCEAR 2009 - 2016 221 132.51 128.40 125.71 3.2 5.4
Concession holders in the State of Paraná 72 147.51 134.80 137.40 9.4 7.4
Total/ Tariff Average Supply 1,690 97.70 95.13 92.77 2.7 5.3

 

 

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Earnings Release - 9 M12      
        
       
 

 

8.2 Main Operational and Financial Indicators

 

September 30,2012

Generation  
Copel GeT power plants 19 (17 hydro, 1 thermal and 1 wind power plant)
Power plants in which Copel holds interest 6 (5 hydro and 1 thermal plant)
Copel GeT’s total installed capacity 4,552 MW
Installed capacity of Copel’s corporate partnerships (1) 606 MW
Copel GeT’s automated and remote-controlled power plants 12
Copel’s corporate partnerships’ automated and remote-controlled power plants 03
Transmission  
Transmission lines 2,023 km
Substations 31 (100% automated)
Installed capacity of substations 10,902 MVA
Distribution (up to 230 kV)  
Distribution networks and lines 185,842 km
Substations 358 (100% automated)
Installed capacity of substations 991 MVA
Number of municipalities served 396(2)
Number of localities served 1,114
Number of captive customers 4.0 million
DEC (outage duration per customer, in hours and hundredths of an hour) 7.0
FEC (outage frequency per customer) 5.6 times
Telecommunications  
Fiber optic cables main ring (interurban) 8,397 km
Self-sustained fiber optic cables (urban) 19,620 km
Number of municipalities served in Paraná 385
Number of municipalities served in Santa Catarina 2
Number of customers 2,477
Administration  
Number of employees (wholly-owned subsidiaries) 9,502
Copel Geração e Transmissão 1,859
Copel Distribuição 7,179
Copel Telecomunicações 464
Consumers per employee 558
Financial  
Book value per share R$ 45.83
EBITDA R$ 1,441.2 million
Current liquidity ratio 1.55

 

Note:

(1) Proportional to the interest.

(2) 3 partially served municipalities in the rural area.

 

 

 

       25
          
       

 
Earnings Release - 9 M12      
        
       
 

8.3 3Q12 Results Conference Call

Copel will hold its 3Q12 results conference call

> Wednesday, November 21, 2012, at 2:30 p.m. (Brasília time)

> Telephone: (+1 516)300-1066

> Code: Copel

A live webcast of the conference call will be available on www.copel.com/ir

Please connect 15 minutes before the call.

   

 

 

Investor Relations – Copel

ri@copel.com


Telephone:
(55 41) 3222-2027

Fax: (5541) 3331 - 2849

 

 

The information contained in this press release may contain forward-looking statements that reflect management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts such as statements regarding the declaration or payment of dividends, future operations, the implementation of relevant operating and financing strategies, the investment program, factors or trends affecting the Company’s financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.


       26
       
       

 

 
SIGNATURE
 
 
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.
Date: November 16, 2012
 
COMPANHIA PARANAENSE DE ENERGIA – COPEL
By:
/S/  Lindolfo Zimmer
 
Lindolfo Zimmer
CEO
 
 
FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.