6-K 1 elppr4q13_6k.htm 2013 RESULTS elppr4q13_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 March, 2014
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____


 

 

 

 

2013 Results

 

Curitiba, Brazil, March 17, 2014 Companhia Paranaense de Energia - COPEL (BM&FBovespa: CPLE3, CPLE5, CPLE6 / NYSE: ELP / LATIBEX: XCOP), a company that generates, transmits, distributes and sells power, announces its 2013 results.

COPEL’s consolidated balance sheet presents the figures of its wholly owned subsidiaries, controlled companies, investees and consortium. The consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with the accounting practices adopted in Brazil.

 

Highlights

 

 

4Q13
(1)

3Q13
(2)

4Q12
(3)

Var. %
(1/3)

2013
(4)

2012
(5)

Var. %
(4/5)

Operating Revenues (R$ million)

2,444

2,255

2,401

1.8

9,180

8,493

8.1

Operating Income (R$ million)

147

399

(195)

175.1

1,507

973

54.9

Net Income (Loss) (R$ million)

178

273

(97)

282.8

1,101

727

51.6

Earnings per share (R$)

0.65

1.00

-

-

4.02

2.65

51.6

EBITDA (R$ million)

262

463

56

364.3

1,829

1,549

18.1

Return on Shareholders' Equity (annualized)

5.6%

9.1%

-

-

8.5%

5.9%

45.0

Energy Supply (GWh)

6,878

6,727

6,310

9.0

27,008

24,652

9.6

Capex¹

573

369

859

(33.3)

1,937

1,903

1.8

Values subject to rounding adjustments.

¹ Includes contributions and advances for future investments

 

 

 

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

Ticker

Price

Var. %

Index

Points

Var. %

12/31/2013

year

12/31/2013

year

CPLE3 (common / BM&FBovespa)

R$ 22.30

(11.5)

Ibovespa

51,507

(15.5)

CPLE6 (preferred B / BM&FBovespa)

R$ 30.53

(3.7)

IEE

26,250

(8.8)

ELP (ADS / Nyse)

US$ 13.14

(14.4)

Dow Jones

16,577

26.5

XCOP (preferred B / Latibex)

€ 9.50

(18.2)

Latibex

2,076

(20.0)

 

 

 


 

 

 

LIST OF CONTENTS
1. General Information 3
2. 2013 Income Statement 6
2.1 Operating Revenue 6
2.2 Operating Costs and Expenses 7
2.3 Equity in the Earnings of Subsidiaries 9
2.4 EBITDA 9
2.5 Financial Result 9
2.6 Consolidated Net Income 10
3. Balance Sheet and Investment Program 10
3.1 Assets 10
3.1.1 Current and Non-current Assets  10
3.1.2 Cash, Cash Equivalents and Bonds Securities 11
3.1.3 CRC Transferred to the State of Paraná 11
3.1.4 Accounts Receivable Related to the Concession Extension 11
3.2 Liabilities 12
3.2.1 Current and Non-current Liabilities 12
3.2.2 Debt and Shareholders Equity  12
3.2.3 Payables related to the Concession Use of Public Property 13
3.2.4 Provisions for Legal Claims 13
3.3 Investment Program 14
4. Shareholding Structure  15
5. Consolidated Financial Statements 16
5.1 Assets 16
5.2 Liabilities 17
5.3 Income Statement 18
5.4 Cash Flow 19
6. Financial Statements Wholly Owned Subsidiaries  20
6.1 Assets 20
6.2 Liabilities 21
6.3 Income Statement Copel Geração e Transmissão 22
6.4 Income Statement Copel Distribuição 23
6.5 Income Statement Copel Telecom 24
7. Power Market 24
7.1 Captive Market 25
7.2 Grid Market (TUSD) 26
8. Supplementary Information  29
8.1 Tariffs 29
8.2 Main Operational Indicators on December 31, 2013  31
8.3 Main Financial Indicators on December 31, 2013 32
8.4 2013 Results Conference Call 32

 

 

* Amounts subject to roundings.

2


 

 
 

                                                                                                                                                                                                 

1. General Information

COPEL’s net income totaled R$1,101.4 million in 2013, 51.6% s up on the R$726.5 million recorded in 2012, chiefly due to (i) higher revenue from electricity sales to final customers and distributors, and (ii) lower costs related to personnel and charges for the use of the main distribution and transmission grid in the period. The increase in the financial result also contributed to the period upturn in net income. For further information, please refer to item 2.

The table below summarizes the highlights for the period:

Result - Effect CVA (R$ million)

4Q13
(1)

3Q13
(2)

4Q12
(3)

Var. %
(1/3)

2013
(4)

2012
(5)

Var. %
(4/5)

Gross CVA Effect

298

(18)

177

68.1

394

143

176.3

Net CVA Effect ¹

196

(12)

117

68.1

260

94

176.3

EBITDA

262

463

56

364.3

1,829

1,549

18.1

Adjusted EBITDA by Regulatory Assets and Liabilities

560

445

234

139.8

2,224

1,692

31.4

Net Income

178

273

(97)

282.8

1,101

727

51.6

Adjusted Net Income by Regulatory Assets and Liabilities²

375

261

19

-

1,362

821

65.9

               

Economic and Financial Indicators

4Q13
(1)

3Q13
(2)

4Q12
(3)

Var. %
(1/3)

2013
(4)

2012
(5)

Var. %
(4/5)

EBITDA Margin

10.7%

20.5%

2.4%

356.1

19.9%

18.2%

9.6

Adjusted EBITDA Margin

22.9%

19.7%

9.7%

135.5

24.2%

19.9%

21.6

Operating Margin

6.0%

17.7%

-

-

16.4%

11.5%

43.3

Net Margin

7.3%

12.1%

-

-

12.0%

8.6%

40.3

Adjusted Net Margin

15.3%

11.6%

0.8%

-

14.8%

9.7%

53.5

¹ Estimated net value: gross value minus 34% of income tax.
² Adjusted by net CVA effect.

             

 

 

The table below shows the trends for the main indicators:

Average Rates (BRL / MWh)

Dec/13

Sep/13

Jun/13

Mar/13

Dec/12

Sep/12

Power Purchase Average Rate - Copel Distribuição

132.65

132.57

129.59

121.99

115.08

115.04

Retail Average Rate - Copel Distribuição

225.33

227.53

206.15

205.68

245.80

243.80

Sales to Distributors Average Rate - Copel GeT

127.42

126.19

120.84

118.38

98.69

97.70

             

Indicators

Dec/13

Sep/13

Jun/13

Mar/13

Dec/12

Sep/12

Equity

12,929

13,116

12,942

12,757

12,362

12,800

Net debt

2,280

1,370

1,066

1,409

1,038

919

Book Value per Share

47.24

47.93

47.29

46.62

45.17

46.77

Net debt/ Shareholders' Net Equity

35.1%

26.8%

25.2%

25.6%

26.4%

17.4%

Current Liquidity

1.40

1.45

1.57

1.64

1.65

1.55

 

 

 

* Amounts subject to roundings.

3


 

 
 

                                                                                                                                                                                                 

Economic Sustainability Plan – Copel Distribuição

In October, Copel Distribuição submitted to Aneel an Action Plan that will underpin the financial rebalancing and economic sustainability of the distribution segment's concession. The Plan includes annual reductions of 6% in Copel Distribuição’s costs with personnel, materials, services and others between 2013 and 2017. Operating costs are expected to decrease by R$ 300.0 million by 2015.

In 2013, the cost savings achieved, excluding the non-recurring effect of accounting physical adjustments, was R$ 111,1 million. The main contribution to this result is due to the reduction in personnel expenses (including post employment benefits), which reached R$ 108.4 million in 2013, the result (a) reduction through Voluntary Redundancy Program, 638 employees, equivalent to 8.9% in the staff of the Subsidiary, and (b) the elimination of 163 managerial positions as a result of the restructuring implemented by Copel Distribuição as of April 2013.

We expect savings of R$ 100 million for 2014, due to the reduction in the workforce and maintenance of the Voluntary Redundancy Program and initiatives to reduce costs with materials, services and others.

In order to improve Subsidiary capital structure, the CRC credits that Copel Distribuição held jointly with the Government were transferred to COPEL (Holding Company), upon the settlement of a loan between the Companies and the transfer of funds equivalent to R$ 468.3 million to the Distributor’s cash, to be made in 1Q14. This guarantees a solid capital structure to the Subsidiary in the coming years.

Changes in the Board of Executive Officers’ COPEL

On March 12, 2014 , Mr. Antonio Sergio de Souza Guetter took over as Director of Finance and Investor Relations Officer of COPEL. Mr. Guetter is civil engineer, graduated from the Federal University of Paraná and was the Chief Executive Officer of Copel Renováveis S.A. He made his career at COPEL, has an Executive MBA in Finance (from ISPG) and in Administration (from PUC/ISAD). Between 2011 and 2013, worked at Fundação Copel de Previdência e Assistência Social, an social security entity linked to COPEL, where he was Chief Executive Officer and Chief Administration and Security Officer.

On the same date, Mr. Luiz Antonio Leprevost took over as Chief Executive Officer of the Copel Renováveis. Lawyer, Mr. Leprevost served as Deputy Director of the same company.

As early as February 10, 2014, Mr. Sergio Luiz Lamy took over as the new Chief Executive Officer of Copel Geração e Transmissão (Copel GeT). Electrical engineer career within the Company, Mr. Lamy also as superintendent of the Consórcio Cruzeiro do Sul, responsible for construction Mauá HPP.

Wind Farms – Acquisition of the Wind Farm Portfolio

The 143th Board of Directors’ Meeting held on December 11, 2013 approved the acquisition for R$ 160 million of Galvão Energia e Participações S.A.’s wind farm portfolio, totaling 553 MW, including a 50.1% interest in São Bento Energia (94 MW) – in the operational stage – and the Cutia Wind Farm Complex projects (129 MW), projects in which COPEL already had a 49.9% interest.

 

* Amounts subject to roundings.

4


 

 
 

                                                                                                                                                                                                 

The acquisition represents the consolidation of a Wind Farm Complex 100% owned by COPEL in Rio Grande do Norte State, composed by 11 wind farms already built or at the construction stage, totaling an installed capacity of 277.6 MW, as shown below:

 

Wind Farm

Assured Power
(Average MW)

Installed Capacity
(MW)

Price ¹

Start up

CAPEX
(R$ million)

Premium Value
(R$ million)

Wind farm location

Expiration of Authorization

2º LFA 2010 ²

98.5

202.0

134.98

 

782.3

340.6

 

 

Boa Vista 3,4

6.3

14.0

137.99

Sep/13

382.4

123.5

São Bento do Norte

4/26/2046

Olho d'Água 3,4

15.3

30.0

133.97

São Bento do Norte

5/21/2046

São Bento do Norte 3,4

14.6

30.0

133.97

São Bento do Norte

5/18/2046

Farol 3,4

10.1

20.0

133.97

São Bento do Norte

4/19/2046

Nova Euros IV

13.7

27.0

135.40

Mar/13

399.9

217.1

Touros

4/27/2046

Nova Asa Branca I

13.2

27.0

135.40

S. Miguel Gostoso

4/25/2046

Nova Asa Branca II

12.8

27.0

135.40

Parazinho

5/31/2046

Nova Asa Branca III

12.5

27.0

135.40

Parazinho

5/31/2046

4º LER 2011 5

40.7

75.6

101.81

 

286.6

68.9

 

 

Santa Maria

15.7

29.7

101.98

Jul/14

286.6

68.9

João Câmara

5/8/2047

Santa Helena

16.0

29.7

101.98

João Câmara

4/4/2047

Ventos de Santo Uriel

9.0

16.2

101.19

Mar/15

João Câmara

4/9/2047

Total

139.2

277.6

125.28

 

1,068.9

409.5

 

 

¹ Historical price. Value will be adjusted by the IPCA.

           

² LFA - Auction of Alternative Sources

³ ANEEL attested that the generation units of the wind farms were fully equipped to begin operations on September 1, 2013. However, commercial operations will only begin after the conclusion of the installation of basic network access transmission facilities, whose works are under the responsibility of the distribution/transmission agent. The effectuation of the 100.0% interest in São Bento Energia, Investimentos e Participações is subject to approval by ANEEL, CADE (Brazil’s antitrust authority) and the BNDES.

4 The premium value of these wind farms do not consider the R$ 14.0 million paid in 2011, relating to the stake of 49.9%.

5 LER - Auction Reserve Energy

 

CDE (Energy Development Account) Funds

The Brazilian government issued Decree 7945/2013, which establishes the transfer of CDE funds to cover costs arising from: (a) exposure to the spot market, limited to the amount not covered by the allocation of quotas; (b) the hydrological risk of the quotas; (c) System Service Charges – ESS (dispatch of thermal power plants for energy security); and (d) the positive result from the account for compensation of Portion A – CVA in the tariff processes in the twelve months subsequent to March 8, 2013. The amounts contributed by CDE were recognized as compensation of electricity costs and charges for the use of the main distribution and transmission grid, as detailed in notes 31.1 and 31.2 of our Financial Statements (DFs).

In 2013, the Company received R$ 827.3 million in CDE funds, being (a) R$ 294.1 million related to the compensation of electricity costs, (b) R$ 319.6 million related to the compensation of charges for the use of the main distribution and transmission grid, e (c) R$ 213.6 million to cover tariff discounts, as set forth by Decree 7891/2013.

On March 7, 2014, the Brazilian government issued Decree 8203, amending Decree 7945/2013 and allowing the transfer of CDE funds to cover costs arising from the involuntary exposure of distributors in January 2014. Pursuant to Aneel Order 515/14, R$ 114.6 million were transferred to Copel Distribuição.

 

 

* Amounts subject to roundings.

5


 

 
 

                                                                                                                                                                                                 

 

Araucária Thermal Power Plant – Lease Agreement

On January 31, 2014, the lease agreement for the Araucária Thermal Power Plant, entered into between UEG Araucária and PETROBRAS expired and was not renewed. As a result, since February 1, 2014, the plant’s operation has been under the responsibility of UEGA, a subsidiary of COPEL, which retains 80% of its capital (the remaining 20% is held by PETROBRAS). The Araucária Thermal Power Plant does not have an availability agreement and operates under the merchant model, in which revenue depends on the plant’s operation. The plant's unit variable cost is R$ 695.81/MWh, as approved by Aneel Order 476, of February 27, 2014.

Accounting Changes

As of the fiscal year begun on January 1, 2013, new rules are being applied to the preparation of financial statements, with effects mainly on (a) investments in investees, controlled companies and jointly controlled companies, and (b) employee benefits. For detailed information on these changes, please refer to note 3 of our DFs.

 

2. 2013 Income Statement

 

2.1 Operating Revenue

In 2013, “operating revenue” reached R$ 9,180.2 million, 8.1% up on the R$ 8,493.3 million recorded in 2012. The most important variations were:

(i) the 27.4% increase in revenue from “electricity sales to final customers”, which reflects only actual sales revenues, excluding the distribution grid tariff (TUSD), chiefly due to (a) the 9.55% tariff increase as of June 24, 2013, and (b) the effects of Copel Distribuição’s tariff revision, on June 24, 2012, which led to a change in the tariff structure, increasing the percentage of revenue booked under “electricity sales to final customers”, reducing the percentage booked under “use of the main distribution and transmission grid”, and (c) the 190.8% upturn in Copel GeT’s electricity sales in the free market;

 

* Amounts subject to roundings.

6


 

 
 

                                                                                                                                                                                                 

(ii) the 19.0% increase in "electricity sales to distributors”, resulting from (a) higher power allocation to the spot market (CCEE), and (b) the increased volume of bilateral agreements, partially offset by lower revenue from CCEAR, due to the maturity of agreements in the regulated environment;

(iii) the 28.3% decline in “use of the main distribution and transmission grid” (TUSD and TUST revenue), due to (a) Copel Distribuição’s periodic tariff revision, in effect as of June 24, 2012, and (b) the extension of the agreements for transmission assets, which led to a reduction of approximately R$ 189 million in Copel GeT’s Annual Permitted Revenue, partially offset by the 4.2% upturn in Copel Distribuição’s grid market;

(iv) the 43.5% increase in “construction revenue”, due to the booking of investments in construction services and improvements to electricity distribution and transmission infrastructure;

(v) the 12.5% upturn in “revenues from telecommunications”, due to the expansion of the area of operations and the provision of services to new customers, especially in the individual segment. In 2013, the customer base increased by 163.3%, from 3,141  in December 2012 to 8,270 in December 2013;

(vi) the 13.4% increase in “distribution of piped gas” (supplied by Compagas), following tariff adjustments (8.0% as of August 2012 and 6.5% as of March 2013); and

(vii) the 35.2% expansion in “other operating revenues”, mainly due to, (a) higher revenue from the lease of the Araucária Thermal Power Plant, due to its higher dispatch in 2013 over the same period in the previous year, and (b) revenue from the reimbursement of the cost of electricity acquired by Copel Distribuição, arising from the generation companies’ failure to comply with their obligations.

 

Income Statement

4Q13

3Q13

4Q12

Var.%

2013

2012

Var.%

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

Electricity sales to final customers

906,872

881,003

801,571

13.1

3,344,649

2,625,509

27.4

Electricity sales to distributors

454,569

408,001

392,998

15.7

1,932,262

1,623,507

19.0

Use of the main distribution and transmission grid

538,527

513,046

629,618

(14.5)

2,028,976

2,830,633

(28.3)

Construction revenue

364,793

251,663

381,865

(4.5)

1,076,141

749,763

43.5

Revenues from telecommunications

38,760

36,263

33,048

17.3

141,315

125,565

12.5

Distribution of piped gas

89,631

103,361

85,390

5.0

368,620

325,012

13.4

Other operating revenues

50,890

61,293

76,111

(33.1)

288,251

213,263

35.2

Operating revenue

2,444,042

2,254,630

2,400,601

1.8

9,180,214

8,493,252

8.1

 

 

2.2 Operating Costs and Expenses

In 2013, operating costs and expenses totaled R$ 8,067.6 million, 7.6% up on the R$ 7,500.8 million recorded in 2012. The main variations were:  

(i) the 18.8% increase in “electricity purchased for resale”, chiefly due to higher costs with energy acquisition from auctions (CCEARs), Itaipu, and bilateral agreements, arising from (a) higher costs from thermal power agreements, (b) the appreciation of the dollar and (c) the monetary restatement of agreements based on period inflation. Costs from energy purchases in the spot market were partially offset by CDE funds, which totaled R$ 294.1 million in 2013;

 

* Amounts subject to roundings.

7


 

 
 

                                                                                                                                                                                                 

 

R$'000

Electricity Purchased for Resale

4Q13

3Q13

4Q12

Var. %

2013

2012

Var. %

 

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

Itaipu

160,308

164,942

138,719

15.6

610,404

503,335

21.3

CCEAR (Auction)

646,765

540,229

542,351

19.3

2,305,809

1,927,903

19.6

Bilateral

56,098

54,933

53,023

5.8

217,069

203,115

6.9

CCEE

203,571

103,498

145,961

39.5

663,936

312,125

112.7

(-) Transfer CDE - CCEE

(29,883)

9,928

-

-

(294,085)

-

-

Proinfa

41,598

41,668

36,075

15.3

166,653

143,587

16.1

(-) Pis / Pasep and Cofins

(91,824)

(81,652)

(79,119)

16.1

(333,427)

(282,330)

18.1

TOTAL

986,633

833,546

837,010

17.9

3,336,359

2,807,735

18.8

 

(ii) the 47.3% reduction in “use of the main distribution and transmission grid”, due to lower costs from charges for the use of the system as a result of Law 12738/13, which extended transmission concessions, and the transfer of CDE funds (R$ 319.6 million in 2013) to offset the costs with charges;

R$ '000

Use of the main distribution and transmission grid

4Q13
(1)

3Q13
(2)

4Q12
(3)

Var. %
(1/3)

2013
(4)

2012
(5)

Var. %
(4/5)

System Service Charges - ESS

22,709

589

48,617

(53.3)

308,864

75,485

309.2

(-) Transfer CDE - ESS

-

(721)

-

-

(319,624)

-

-

System usage charges – distribution

57,493

50,918

138,743

(58.6)

216,683

544,597

(60.2)

System usage charges – basic network and connection

45,443

47,387

35,250

28.9

177,846

145,099

22.6

Itaipu transportation charges

12,823

13,425

11,726

9.4

51,188

45,217

13.2

Charge reserve energy - EER

-

2,989

9,002

-

16,672

49,228

(66.1)

(-) PIS / Pasep and Cofins taxes on charges for use of power grid

(13,015)

(11,898)

(30,151)

(56.8)

(44,312)

(87,265)

(49.2)

TOTAL

125,453

102,689

213,187

(41.2)

407,317

772,361

(47.3)

 

(iii) “personnel and management” totaled R$ 1,096.3 million, 12.0% down on 2012, due to (a) lower provisions for severance pay related to the Voluntary Redundancy Program, and (b) lower expenses with compensation and related charges. This amount already includes the wage increases of 5.6% as of October 2012, 1.0% as of May 2013, and 7.0% in October 2013;

(iv) the 3.7% decline in “pension and healthcare plans”, which reflects the accrual of amounts related to the private pension and healthcare plans, calculated in accordance with CVM Resolution 695/2012, reflecting the reduction in healthcare plan costs, in accordance with the actuarial calculation made by the independent actuary;

 (v) the “materials and supplies for energy production” line includes expenses with the acquisition of coal for the Figueira Thermal Power Plant;

(vi) the 19.3% upturn in “natural gas and supplies for the gas business", as a result of the higher prices for the natural gas acquired by Compagas to supply third parties, which increased mainly due to the recent depreciation of the real, and the adjustment of the oil basket, which determines the gas acquisition price;

 

* Amounts subject to roundings.

8


 

 
 

                                                                                                                                                                                                 

(vii) the 3.6% upturn in “third-party services”, chiefly due to higher expenses with facility maintenance and with communications and data processing, partially offset by lower expenses with consulting services;

(viii) the 8.8% reduction in “provisions and reversals”, mainly due to (a) the recording of tax reversals, and (b) lower provisions for litigation related to civil and administrative law claims;

(ix) the 48.4% increase in “construction costs”, as a result of investments in power distribution and transmission in the period; and

(x) the 44.4% upturn in “other costs and expenses”, chiefly due to (a) increased costs with financial compensation, as a result of higher hydro power generation in the period and (b) losses from the physical and accounting reconciliation of assets.

R$ '000

Operating Costs and Expenses

4Q13

3Q13

4Q12

Var.%

2013

2012

Var.%

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

Electricity purchased for resale

986,633

833,546

837,010

17.9

3,336,359

2,807,735

18.8

Use of main distribution and transmission grid

125,453

102,689

213,187

(41.2)

407,317

772,361

(47.3)

Personnel and management

384,917

224,458

458,045

(16.0)

1,096,347

1,245,651

(12.0)

Pension and healthcare plans

43,055

47,443

61,286

(29.7)

176,196

182,878

(3.7)

Materials and supplies

19,118

15,963

17,303

10.5

70,478

69,787

1.0

Materials and supplies for power eletricity

6,859

5,847

6,948

(1.3)

27,187

25,511

6.6

Natural gas and supplies for the gas business

72,669

82,531

64,682

12.3

295,671

247,770

19.3

Third-party services

116,465

107,918

105,825

10.1

423,459

408,878

3.6

Depreciation and amortization

162,591

148,200

138,666

17.3

603,203

549,855

9.7

Provisions and reversals

50,831

16,605

105,002

(51.6)

199,555

218,796

(8.8)

Construction cost

370,995

253,204

370,444

0.1

1,088,275

733,577

48.4

Other cost and expenses

61,290

126,234

60,928

0.6

343,580

237,960

44.4

TOTAL

2,400,876

1,964,638

2,439,326

(1.6)

8,067,627

7,500,759

7.6

 

2.3 Equity in the Earnings of Subsidiaries

Equity in the earnings of subsidiaries reflects gains and losses from investments in COPEL’s investees. In 2013, equity in the earnings of subsidiaries totaled R$ 113.6 million, comprising gains of R$ 96.6 million from Dominó Holdings (Sanepar), R$ 9.0 million from Dona Francisca Energética, R$ 10.3 million from Foz do Chopim Energética, R$ 13.6 million loss from Sercomtel Telecom due to losses recorded by the company in the period, the energy transmission SPCs and other partnership generated gains of R$ 11.3 million.

2.4 EBITDA

In 2013, EBITDA (earnings before interest, taxes depreciation and amortization) totaled R$ 1,829.4 million, 18.1% higher than the R$ 1,549.0 million reported in the same period in the previous year.

2.5 Financial Result

In 2013, financial revenues totaled R$ 652.4 million, 0.6% up on 2012, due to the monetary restatement of indemnifications related to the extension of transmission concessions (restatement by the IPCA + 5.59% p.a.), partially offset by the lower monetary restatement of assets pegged to the IGP-DI and IGP-M inflation indices.

 

* Amounts subject to roundings.

9


 

 
 

                                                                                                                                                                                                 

Financial expenses totaled R$ 372.1 million, 44.9% lower than in 2012, chiefly due to the non-recurring recognition of the remeasurement of the fair value of Copel Distribuição’s financial assets in 2012.

The 2013 financial result was a positive R$ 280.3 million, versus the negative R$ 26.7 million recorded in 2012.

2.6 Consolidated Net Income

In 2013, COPEL recorded net income of R$ 1,101.4 million, 51.6% more than in 2012 (R$ 726.5 million).

3. Balance Sheet and Investment Program

The main lines and variations in the Balance Sheet in relation to December 2012 are described below. Please refer to the notes in our DFs for additional information.

3.1 Assets

On December 31, 2013, COPEL’s assets totaled R$ 23,111.4 million, 9.0% up on December 31, 2012.  

3.1.1 Current and Non-current Assets

The main variations in current assets were:

(i) the 19.4% increase in “cash and cash equivalents”, chiefly due to the R$ 856.9 million loan with the BNDES, most of which allocated to the construction of the Colíder HPP,  received on December 26, 2013, partially offset by disbursements related to the Company’s investment program, and (b) the payment of advance amount of dividends and interest on capital, occurred on December 16, 2013;

(ii) the 38.8% decline in “bonds and securities”, chiefly due to capital transfers and advances for future capital increases in new transmission projects in the pre-operational stage;

(iii) the 94.6% reduction in “collaterals and escrow accounts”, due to the redemption of guarantees linked to the CCEAR agreements that expired in December 2012;

(iv) the 9.4% decline “customers”, chiefly due to the decline in accounts receivable related to (a) Copel Distribuição’s captive market, (b) CCEAR agreements, and (c) charges for the use of the main distribution and transmission grid; and

(v) the 68.5% increase in "other current receivables”, mainly referring to advances to suppliers.

The main variations in non-current assets were:

(i) the 17.6% upturn in “judicial deposits” related to tax and labor claims;

(ii) the 31.7% increase in “accounts receivable related to concession”, equivalent to R$ 838.4 million, chiefly due to the capitalization of intangible assets in progress (investments) and the monetary restatement (IGP-M) of the assets related to the distribution and transmission concessions; and

 

* Amounts subject to roundings.

10


 

 
 

                                                                                                                                                                                                 

(iii) the 49.1% decline in “accounts receivable related to the extension of the concession”, as a result of the transfer of R$ 352.2 million to current assets.

3.1.2 Cash, Cash Equivalents and Bonds Securities

On December 31, 2013, the cash, cash equivalents and bonds securities of COPEL’s wholly owned subsidiaries and controlled companies totaled R$ 2,251.4 million and were mostly invested in Bank Deposit Certificates (CDBs) and repo transactions. The investments earned an average yield of 101.4% of the period variation in the Interbank Deposit Certificate (CDI) rate.

3.1.3 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, restated 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$ 1,380.6 million.

The State of Paraná has been paying the renegotiated installments pursuant to the fourth addendum, whose amortizations are guaranteed by dividends.

On December 31, 2013, the CRC balance was transferred from Copel Distribuição to COPEL, as permitted by Aneel (Order 4222, of December 11, 2013), with the settlement of a loan between the Companies and the transfer of financial balance remaining to be effected in 1Q14, totaling R$ 468.3 million.

3.1.4 Accounts Receivable Related to the Concession Extension

Following COPEL’s acceptance of the conditions established by the government agency for the anticipation of the extension of the transmission assets (Provisional Measure 579), on November 1, 2012, through Ordinances 578 and 579 and Interministerial Ordinance 580, the Ministry of Mines and Energy announced the indemnification the Company is entitled to under Transmission Concession Agreement 060/2001, in the amount of R$ 893.9 million (considering only the assets that began operating after May 2000). On December 31, the amount recorded in this account totaled R$ 717.8 million, R$ 356.1 million lower than in December 2012, due to amortizations in the period.

With the enactment of Law 12783, on January 11, 2013, the government agency reconsidered the right of indemnification for the assets existing on May 31, 2000, and article 1 of Aneel Resolution 589, of December 13, 2013, established that the indemnification would be calculated based on the New Replacement Value (VNR), which is calculated in line with the Company's price bank, based on information on purchases in the last five years. If there is no proof of the acquisition of the assets, the Company will consider, in order, (a) Aneel's Price Bank and (b) the restatement of the carrying amount based on the application of the IPA-OG wholesale price index, calculated by the Getulio Vargas Foundation. After the NRV is defined, the asset depreciation rate will be applied.

 

 

 

* Amounts subject to roundings.

11


 

 
 

                                                                                                                                                                                                 

3.2 Liabilities

3.2.1 Current and Non-current Liabilities

The main variations in current liabilities were:

(i) the 37.6% decline in “payroll, social charges and accruals”, thanks to voluntary redundancy;

(ii) the 270.3% increase in “loans, financing and debentures”, chiefly due to transfers received from the long term and charges related to the period; and;

(iii) the 52.6% increase in “other accounts payable”, chiefly due to the increase in costs with financial compensation, as a result of higher hydro power generation in the period.

The main variations in non-current liabilities were:

(i) the 17.7% increase in “loans, financing and debentures”, due to period funding, including a R$ 856.9 million loan with the BNDES, most of which allocated to the construction of the Colíder HPP, received on December 26, 2013, partially offset by transfers to the short term; and

(ii) the 38.8% upturn in “post-employment benefits”, chiefly due to actuarial losses in the healthcare plan, recorded under other comprehensive income, in shareholders’ equity, with no impact on the results.

3.2.2 Debt and Shareholders’ Equity

COPEL’s consolidated debt totaled R$ 4,531.7 million on December 31, 2013, representing 35.1% of its consolidated shareholders’ equity, which closed the period at R$ 12,928.8 million, equivalent to R$ 47.24 per share (value per share).

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

       

R$'000

 

 

Short term

Long term

Total

Foreign Currency

National Treasury

2,154

62,661

64,815

Eletrobras

7

-

7

Total

2,161

62,661

64,822

Domestic Currency

Eletrobras - COPEL

49,329

130,427

179,756

FINEP

6,935

33,624

40,559

BNDES

20,776

1,104,333

1,125,109

Banco do Brasil S/A and other

877,905

1,035,634

1,913,539

Debentures

57,462

1,150,482

1,207,944

Total

1,012,407

3,454,500

4,466,907

TOTAL

 

1,014,568

3,517,161

4,531,729

 

 

 

* Amounts subject to roundings.

12


 

 
 

                                                                                                                                                                                                 

Loan, financing and debenture maturities are presented below:

 

 

 

 

 

 

 

R$'000

 

Short Term
2014

Long Term

 

2015

2016

2017

2018

After 2018

Domestic Currency

1,014,568

698,037

933,837

675,679

153,839

993,108

Foreign Currency

-

-

-

-

-

62,661

TOTAL

1,014,568

698,037

933,837

675,679

153,839

1,055,769

 

 

COPEL’s consolidated net debt (loans, financing and debentures less cash and cash equivalents) and the net debt/EBITDA ratio are shown in the following chart:

 

3.2.3 Payables related to the Concession – Use of Public Property

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

SPP*

Total

Current liabilities

49,686

913

118

764

51,481

Noncurrent liabilities

388,546

12,613

17,091

2,043

420,293

* Relative to SPP Cavernoso, Apucaraninha, Chopim I e Chaminé.

 

 

3.2.4 Provisions for Legal Claims

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 provision for legal claims for those cases assessed as probable losses. The balances of provisions for legal claims are as follows:

 

 

* Amounts subject to roundings.

13


 

 
 

                                                                                                                                                                                                 

R$ '000

Probable Losses - Consolidated

Dec/13

Sep/13

Dec/12

Var %

(1)

(1)

(2)

(1 / 3)

Tax

287,239

285,349

294,576

(2.5)

Labor suits

196,054

181,444

154,990

26.5

Employees and Benefits

94,809

118,358

78,670

20.5

Civil

636,346

611,688

576,354

10.4

Suppliers

64,775

65,900

68,630

(5.6)

Civil and administrative claims

197,838

187,110

176,811

11.9

Easements

10,639

7,239

5,964

78.4

Condemnations and property

353,461

341,812

317,472

11.3

Customers

9,633

9,627

7,477

28.8

Environmental claims

211

203

193

9.3

Regulatory

51,468

46,208

50,925

1.1

TOTAL

1,266,127

1,243,250

1,155,708

9.6

 

Possible Losses

The cases classified as possible losses, as estimated by the Company and its controlled companies at the end of 2013, totaled R$ 2,886.1 million, 22.5% up on December 2012, distributed in lawsuits of the following natures: tax - R$ 1,384.1 million; civil - R$ 1,004.9 million; labor - R$ 342.9 million; employee benefits - R$ 98.0 million; and regulatory - R$ 56.2 million.

3.3 Investment Program

COPEL’s investments in 2013 and the maximum investment forecast for 2014 are presented below:

 

R$ million

 

Carried out

Scheduled

Scheduled

 

2013

2013

2014

Generation and Transmission

478.7

866.5

1,308.7

HPP Mauá

0.0

0.0

0.0

HPP Colider

260.4

449.0

409.8

HPP Baixo Iguaçu

-

-

316.0

SHP Cavernoso II

20.0

8.3

-

TL Araraquara / Taubaté

28.3

132.8

182.8

SE Cerquilho

46.2

37.8

8.3

TL Figueira-Londrina / Foz do Chopim-Salto Osório

-

-

42.9

SE Paraguaçu Paulista

-

-

25.6

SE Curitiba Norte

-

-

8.7

Other

123.8

238.6

314.6

Distribution

977.1

986.4

895.9

Telecommunications

74.1

69.9

80.0

Holding

-

-

0.3

Participation in new businesses*

407.1

647.4

331.8

TOTAL

1,937.0

2,570.2

2,616.7

¹ São Bento Energia, Cutia Empreendimentos Eólicos, Costa Oeste Transmissora, Marumbi Transmissora, Transmissora Sul Brasileira, Caiuá Transmissora, Integração Maranhense Transmissora, Matrinchã Transmissora de Energia, Guaraciaba Transmissora de Energia, Paranaíba Transmissora e Mata de Santa Genebra).

 

 

* Amounts subject to roundings.

14


 

 
 

                                                                                                                                                                                                 

4. Shareholding Structure

On December 31, 2013, paid-up capital stock totaled R$ 6,910.0 million. The classes of 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

24.0

Eletrobras

1,531

1.1

-

-

-

-

1,531

0.6

Free Floating

19,877

13.7

129

33.9

100,905

78.7

120,911

44.2

BM&FBovespa

19,785

13.6

129

33.9

66,921

52.2

86,835

31.7

NYSE

92

0.1

-

-

33,925

26.5

34,017

12.4

LATIBEX

-

-

-

-

59

-

59

-

Other

295

0.2

252

66.1

42

-

589

0.1

TOTAL

145,031

100.0

381

100.0

128,243

100.0

273,655

100.0

 

 

 

* Amounts subject to roundings.

15


 

 
 

                                                                                                                                                                                                 

5. Consolidated Financial Statements

5.1 Assets

 

R$'000

Assets

Dec/13

Sep/13

Dec/12

Var.%

Var.%

 

(1)

(2)

(3)

(1/2)

(1/3)

CURRENT

4,680,284

4,634,676

4,681,692

1.0

(0.0)

Cash and cash equivalents

1,741,632

1,531,816

1,459,217

13.7

19.4

Bonds and securities

389,222

509,183

635,501

(23.6)

(38.8)

Collaterals and escrow accounts

1,976

2,054

36,808

(3.8)

(94.6)

Customers

1,337,628

1,355,849

1,489,173

(1.3)

(10.2)

Dividends receivable

9,500

8,174

18,064

16.2

(47.4)

CRC transferred to the State Government of Paraná

85,448

82,009

75,930

4.2

12.5

Account receivable related to concession

4,396

4,463

5,319

(1.5)

(17.4)

Accounts receivable related to the concession extension

352,161

352,161

356,085

-

-

Other current receivables

395,890

346,674

234,951

14.2

68.5

Inventories

139,278

134,293

124,809

3.7

11.6

Income tax and social contribution

133,158

212,012

191,544

(37.2)

(30.5)

Other current recoverable taxes

70,013

72,845

49,490

(3.9)

41.5

Prepaid expenses

19,982

23,143

4,801

(13.7)

316.2

NON-CURRENT

18,431,161

17,531,439

16,527,211

5.1

11.5

Long Term Assets

7,224,241

6,539,100

6,297,317

10.5

14.7

Bonds and securities

120,536

106,943

128,515

12.7

(6.2)

Collaterals and escrow accounts

45,371

44,309

43,246

2.4

4.9

Customers

132,686

44,635

26,171

197.3

407.0

CRC transferred to the State Government of Paraná

1,295,106

1,296,240

1,308,354

(0.1)

(1.0)

Judicial deposits

675,225

599,661

574,371

12.6

17.6

Account receivable related to concession

3,484,268

3,106,098

2,645,826

12.2

31.7

Accounts receivable related to the concession extension

365,645

453,685

717,805

(19.4)

(49.1)

Other non-current receivables

29,435

26,382

22,728

11.6

29.5

Income tax and social contribution

197,659

8,495

19,995

2,226.8

-

Other non-current recoverable taxes

124,498

119,169

120,189

4.5

3.6

Deferred income tax and social contribution

753,413

733,065

681,285

2.8

10.6

Prepaid expenses

399

418

8,832

(4.5)

(95.5)

Investments

1,187,927

936,235

568,989

26.9

108.8

Property, plant and equipment, net

7,983,632

7,931,436

7,871,753

0.7

1.4

Intangible assets

2,035,361

2,124,668

1,789,152

(4.2)

13.8

TOTAL

23,111,445

22,166,115

21,208,903

4.3

9.0

 

 

* Amounts subject to roundings.

16


 

 
 

                                                                                                                                                                                                 

5.2 Liabilities

 

         

R$'000

Liabilities

Dec/13

Sep/13

Dec/12

Var.%

Var.%

(1)

(2)

(3)

(1/2)

(1/3)

CURRENT

3,347,885

3,194,842

2,833,444

4.8

18.2

Payroll, social charges and accruals

239,685

324,174

384,008

(26.1)

(37.6)

Suppliers

1,092,239

958,615

1,131,782

13.9

(3.5)

Income tax and social contribution payable

297,620

325,082

170,189

(8.4)

74.9

Other taxes due

300,731

234,272

288,480

28.4

4.2

Loans, financing and debentures

1,014,568

855,521

274,009

18.6

270.3

Minimum compulsory dividend payable

18,713

83,433

204,780

(77.6)

(90.9)

Post employment benefits

29,983

25,996

25,819

15.3

16.1

Customer charges due

37,994

47,227

56,498

(19.6)

(32.8)

Research and development and energy efficiency

127,860

145,055

159,599

(11.9)

(19.9)

Accounts Payable related to concession - Use of Public Property

51,481

49,246

48,477

4.5

6.2

Other accounts payable

137,011

146,221

89,803

(6.3)

52.6

NON-CURRENT

6,834,808

5,854,796

6,013,569

16.7

13.7

Suppliers

50,121

57,769

100,908

(13.2)

(50.3)

Tax liabilities

68,402

-

-

0.0

-

Deferred income tax and social contribution

420,501

458,637

590,536

(8.3)

(28.8)

Loans, financing and debentures

3,517,161

2,662,531

2,987,546

32.1

17.7

Post employment benefits

937,249

867,725

675,230

8.0

38.8

Research and development and energy efficiency

154,721

149,178

104,561

3.7

48.0

Accounts Payable related to concession - Use of Public Property

420,293

415,474

399,080

1.2

5.3

Other accounts payable

233

232

-

0.4

-

Tax, social security, labor and civil provisions

1,266,127

1,243,250

1,155,708

1.8

9.6

EQUITY

12,928,752

13,116,477

12,361,890

(1.4)

4.6

Attributed to controlling shareholders

12,651,339

12,828,375

12,097,384

(1.4)

4.6

Share capital

6,910,000

6,910,000

6,910,000

-

-

Equity valuation adjustments

983,159

1,033,924

1,214,394

(4.9)

(19.0)

Legal reserves

624,849

571,221

571,221

9.4

9.4

Retained earnings

3,897,833

3,337,295

3,337,295

16.8

16.8

Additional proposed dividends

235,498

-

64,474

-

265.26

Accrued earnings

-

975,935

-

-

-

Attributable to non-controlling interest

277,413

288,102

264,506

(3.7)

4.9

TOTAL

23,111,445

22,166,115

21,208,903

4.3

9.0

 

 

 

 

* Amounts subject to roundings.

17


 

 
 

                                                                                                                                                                                                 

5.3 Income Statement

 

             

R$'000

Income Statement

4Q13

3Q13

4Q12

Var.%

2013

2012

var %

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

OPERATING REVENUES

2,444,042

2,254,630

2,400,601

1.8

9,180,214

8,493,252

8.1

Electricity sales to final customers

906,872

881,003

801,571

13.1

3,344,649

2,625,509

27.4

Electricity sales to distributors

454,569

408,001

392,998

15.7

1,932,262

1,623,507

19.0

Use of the main distribution and transmission grid

538,527

513,046

629,618

(14.5)

2,028,976

2,830,633

(28.3)

Construction revenue

364,793

251,663

381,865

(4.5)

1,076,141

749,763

43.5

Revenues from telecommunications

38,760

36,263

33,048

17.3

141,315

125,565

12.5

Distribution of piped gas

89,631

103,361

85,390

5.0

368,620

325,012

13.4

Other operating revenues

50,890

61,293

76,111

(33.1)

288,251

213,263

35.2

Operating costs and expenses

(2,400,876)

(1,964,638)

(2,439,326)

(1.6)

(8,067,627)

(7,500,759)

7.6

Electricity purchased for resale

(986,633)

(833,546)

(837,010)

17.9

(3,336,359)

(2,807,735)

18.8

Use of the main distribution and transmission grid

(125,453)

(102,689)

(213,187)

(41.2)

(407,317)

(772,361)

(47.3)

Personnel and management

(384,917)

(224,458)

(458,045)

(16.0)

(1,096,347)

(1,245,651)

(12.0)

Pension and healthcare plans

(43,055)

(47,443)

(61,286)

(29.7)

(176,196)

(182,878)

(3.7)

Materials and supplies

(19,118)

(15,963)

(17,303)

10.5

(70,478)

(69,787)

1.0

Materials and supplies for power eletricity

(6,859)

(5,847)

(6,948)

(1.3)

(27,187)

(25,511)

6.6

Natural gas and supplies for the gas business

(72,669)

(82,531)

(64,682)

12.3

(295,671)

(247,770)

19.3

Third-party services

(116,465)

(107,918)

(105,825)

10.1

(423,459)

(408,878)

3.6

Depreciation and amortization

(162,591)

(148,200)

(138,666)

17.3

(603,203)

(549,855)

9.7

Provisions and reversals

(50,831)

(16,605)

(105,002)

(51.6)

(199,555)

(218,796)

(8.8)

Construction cost

(370,995)

(253,204)

(370,444)

0.1

(1,088,275)

(733,577)

48.4

Other cost and expenses

(61,290)

(126,234)

(60,928)

0.6

(343,580)

(237,960)

44.4

EQUITY IN EARNINGS OF SUBSIDIARIES

56,574

25,062

(43,444)

-

113,606

6,685

-

PROFIT BEFORE FINANCIAL RESULTS AND TAXES

99,740

315,054

(82,169)

-

1,226,193

999,178

22.7

FINANCIAL RESULTS

47,090

84,265

(113,263)

-

280,311

(26,650)

-

Financial income

175,693

175,715

124,708

40.9

652,363

648,321

0.6

Financial expenses

(128,603)

(91,450)

(237,971)

(46.0)

(372,052)

(674,971)

(44.9)

OPERATIONAL EXPENSES/ INCOME

146,830

399,319

(195,432)

175.1

1,506,504

972,528

54.9

INCOME TAX AND SOCIAL CONTRIBUTION ON PROFIT

31,383

(126,368)

97,943

(68.0)

(405,069)

(246,008)

64.7

Income tax and social contribution on profit

12,536

(128,316)

(24,436)

151.3

(554,520)

(458,257)

21.0

Deferred income tax and social contribution on profit

18,847

1,948

122,379

(84.6)

149,451

212,249

(29.6)

NET INCOME (LOSS)

178,213

272,951

(97,489)

282.8

1,101,435

726,520

51.6

Attributed to controlling shareholders

174,062

266,037

(105,675)

264.7

1,072,560

700,688

53.1

Attributed to non-controlling interest

4,151

6,914

8,186

(49.3)

28,875

25,832

11.8

EBITDA

262,331

463,254

56,497

364.3

1,829,396

1,549,033

18.1

 

 

 

 

 

* Amounts subject to roundings.

18


 

 
 

                                                                                                                                                                                                 

5.4 Cash Flow

 

R$'000

Consolidated Cash Flow

2013

2012

Cash flow from operating activities

 

 

Net income for the period

1,101,435

726,520

Adjustments to reconcile net income with the cash provided by operating activities

1,431,541

1,229,301

Depreciation

366,016

331,330

Amortization of intangible assets - concession

229,804

214,022

Amortization of intangible assets - other

6,627

3,748

Amortization of investiments - concession rigths

755

755

Unrealized monetary and exchange variations, net

27,600

(90,669)

Accounts receivable tied to the concession fair value´s update

-

 

Remuneration of accounts receivable related to the concession

(33,974)

(396,168)

Equity in earnings of subsidiaries

(113,606)

(6,685)

Income Tax and Social Contribution

554,520

458,257

Deferred Income Tax and Social Contribution

(149,451)

(212,249)

Provision for doubtful accounts

47,458

22,826

Provision for tax credit losses

274

(3,135)

Reversal of provision for losses from devaluation of investments

(7,887)

-

Provision (reversal) for legal claims

154,178

199,105

Provisions for post employment benefits

195,673

196,087

Provision for research and development and energy efficiency

79,961

74,464

Write off of intangible assets related to concession - goodwill

45,795

24,313

Write off of property, plant, and equipment

9,794

3,871

Write off of intangible assets

18,004

8,325

Decrese (increase) in assets

239,484

33,706

Increase (reduction) of liabilities

(1,434,849)

(570,164)

Net cash generated by operating activities

1,337,611

1,419,363

Cash flow from investing activities

 

 

Bonds and securities

279,406

(151,287)

Additions in investments

(584,834)

(57,328)

Additions to property, plant, and equipment

(420,227)

(875,509)

Customer contributions

-

15

Additions to intangible assets related to the concessions

(1,018,057)

(840,119)

Additions to intangible assets - concession and permission rigths

(275,719)

-

Customer contributions

160,614

107,980

Additions to other intangible assets

(5,297)

(11,685)

Sale of intangible assets

-

191

Net cash generated (used) by investing activities

(1,864,114)

(1,827,742)

Cash flow from financing activities

 

 

Loans and financing obtained

1,239,126

81,723

Debentures Issued

203,000

1,000,000

Amortization of principal amounts of loans and financing

(31,508)

(37,868)

Amortization of principal amounts of debentures

(10,152)

-

Dividends and interest on own capital paid

(591,548)

(224,705)

Net cash used by financing activities

808,918

819,150

Increase (decrease) in cash and cash equivalents

282,415

410,771

Cash and cash equivalents at the beginning of the year

1,459,217

1,048,446

Cash and cash equivalents at the end of the year

1,741,632

1,459,217

Variation in cash and cash equivalents

282,415

410,771

 

 

 

 

 

* Amounts subject to roundings.

19


 

 
 

                                                                                                                                                                                                 

6. Financial Statements – Wholly Owned Subsidiaries

6.1 Assets

 

     

R$'000

Assets

GeT

DIS

TEL

CURRENT

2,252,613

2,142,654

62,466

Cash and cash equivalents

1,211,316

247,045

10,481

Bonds and securities

149,480

377

-

Collaterals and escrow accounts

-

1,072

-

Customers

291,841

1,005,703

27,983

Dividends receivable

2,578

-

-

Account receivable related to concession

4,396

-

-

Accounts receivable related to the concession extension

352,161

-

-

Other current receivables

195,469

180,963

2,799

Inventories

31,298

96,866

10,046

Income tax and social contribution

219

77,288

6,936

Other current recoverable taxes

11,430

48,609

3,869

Prepaid expenses

2,425

16,414

352

Related parties

-

468,317

-

NON-CURRENT

8,392,145

5,617,910

418,385

Long Term Assets

948,289

4,352,625

37,185

Bonds and securities

66,265

54,271

-

Collaterals and escrow accounts

-

45,371

-

Customers

5,692

115,020

11,974

Judicial deposits

41,815

356,393

4,289

Account receivable related to concession

408,473

3,075,795

-

Accounts receivable related to the concession extension

365,645

-

-

Other receivables

5,132

10,799

-

Income tax and social contribution

520

12,967

-

Other recoverable taxes

54,747

64,752

4,999

Deferred income tax and social contribution

-

617,257

15,923

Investments

807,190

4,012

-

Property, Plant and Equipment, net

6,588,165

-

365,977

Intangible Assets

48,501

1,261,273

15,223

TOTAL

10,644,758

7,760,564

480,851

 

GeT: Copel Geração e Transmissão, DIS: Copel Distribuição, TEL: Copel Telecomunicações

 

* Amounts subject to roundings.

20


 

 
 

                                                                                                                                                                                                 

6.2 Liabilities

 

R$'000

Liabilities

GeT

DIS

TEL

CURRENT

1,154,122

1,545,217

56,340

Social charges and accruals

59,541

155,337

14,105

Associated companies and parent company

-

-

-

Suppliers

274,554

771,815

8,120

Income Tax and Social Contribution payable

282,607

-

-

Other taxes

62,916

200,767

5,467

Loans and financing

67,736

173,482

5,241

Debentures

-

16,972

-

Minimum compulsary dividend payable

321,902

-

21,585

Post employment benefits

7,886

21,043

1,047

Customer charges due

26,920

11,074

-

Research and development and energy efficiency

17,284

107,744

-

Payables related to concession - Use of Public Property

1,795

-

-

Other accounts payable

30,981

86,983

775

NON-CURRENT

2,693,819

2,848,662

71,572

Suppliers

22,187

27,934

-

Tax liabilities

15,153

50,354

2,855

Deferred income tax and social contribution

418,426

-

-

Loans and financing

1,303,009

635,956

33,622

Debentures

-

998,417

-

Post-employment benefits

292,968

608,391

31,222

Research and development and energy efficiency

55,599

99,122

-

Payables related to the concession - Use of Public Property

31,746

-

-

Tax, social security, labor and civil provisions

554,731

428,488

3,873

EQUITY

6,796,817

3,366,685

352,939

Attributed to controlling shareholders

 

 

 

Capital

3,505,994

2,624,841

240,398

Equity valuation adjustments

1,139,584

(155,096)

(5,795)

Legal Reserves

297,179

135,294

9,093

Retained earnigs

1,700,880

761,646

109,243

Additional proposed dividends

153,180

-

-

TOTAL

10,644,758

7,760,564

480,851

 

 

 

 

 

GeT: Copel Geração e Transmissão, DIS: Copel Distribuição, TEL: Copel Telecomunicações

 

* Amounts subject to roundings.

21


 

 
 

                                                                                                                                                                                                 

6.3 Income Statement – Copel Geração e Transmissão

 

 

             

R$'000

Income Statement

4Q13

3Q13

4Q12

Var.%

2013

2012

Var %

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

OPERATING REVENUES

699,486

597,221

566,865

23.4

2,720,589

2,242,665

21.3

Electricity sales to final customers

118,738

116,988

39,868

197.8

460,845

137,990

234.0

Electricity sales to distributors

451,583

404,654

385,249

17.2

1,926,037

1,559,997

23.5

Use of the main distribution and transmission grid

39,161

39,741

100,106

(60.9)

151,875

444,653

(65.8)

Construction revenue

77,873

24,214

30,285

157.1

136,536

59,977

127.6

Other operating revenues

12,132

11,623

11,357

6.8

45,296

40,048

13.1

Operating costs and expenses

(450,854)

(360,581)

(494,936)

(8.9)

(1,500,851)

(1,374,149)

9.2

Electricity purchased for resale

(26,484)

(28,616)

(87,302)

(69.7)

(118,173)

(164,607)

(28.2)

Use of main distribution and transmission grid

(51,740)

(52,721)

(53,264)

(2.9)

(204,214)

(210,118)

(2.8)

Personnel and management

(93,734)

(56,448)

(124,845)

(24.9)

(270,657)

(317,712)

(14.8)

Pension and healthcare plans

(11,453)

(12,982)

(13,836)

(17.2)

(47,478)

(44,315)

7.1

Materials and supplies

(5,240)

(4,374)

(4,640)

12.9

(15,929)

(17,934)

(11.2)

Materials and supplies for power eletricity

(6,246)

(5,190)

(5,977)

4.5

(24,056)

(22,641)

6.2

Third-party services

(35,835)

(25,430)

(27,228)

31.6

(107,065)

(93,560)

14.4

Depreciation and amortization

(82,754)

(69,809)

(62,486)

32.4

(293,280)

(254,324)

15.3

Provisions and reversals

(32,603)

(19,259)

(71,563)

(54.4)

(104,127)

(80,212)

29.8

Construction cost

(84,075)

(25,755)

(18,863)

345.7

(148,670)

(43,791)

239.5

Other cost and expenses

(20,691)

(59,996)

(24,932)

(17.0)

(167,202)

(124,935)

33.8

EQUITY IN EARNINGS OF SUBSIDIARIES

(961)

7,682

5,805

-

33,744

16,041

110.4

PROFIT BEFORE FINANCIAL RESULTS AND TAXES

247,671

244,322

77,734

218.6

1,253,482

884,557

41.7

FINANCIAL RESULTS

26,765

20,480

28,777

(7.0)

109,507

48,624

125.2

OPERATIONAL EXPENSES/ INCOME

274,436

264,802

106,511

157.7

1,362,989

933,181

46.1

INCOME TAX AND SOCIAL CONTRIBUTION ON PROFIT

(7,237)

(86,884)

41,043

-

(362,100)

(232,657)

55.6

Income tax and social contribution on profit

(31,682)

(109,250)

1,536

-

(502,241)

(263,071)

90.9

Deferred income tax and social contribution on profit

24,445

22,366

39,507

(38.1)

140,141

30,414

360.8

NET INCOME (LOSS)

267,199

177,918

147,554

81.1

1,000,889

700,524

42.9

EBITDA

330,426

314,130

140,220

135.6

1,546,762

1,138,881

35.8

 

 

 

 

* Amounts subject to roundings.

22


 

 
 

                                                                                                                                                                                                 

6.4 Income Statement – Copel Distribuição

 

             

R$'000

Income Statement

4Q13

3Q13

4Q12

Var.%

2013

2012

var %

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

OPERATING REVENUES

1,638,279

1,526,869

1,728,118

(5)

5,961,575

5,892,171

1.2

Electricity sales to final customers

788,668

764,336

762,361

3.5

2,885,997

2,490,638

15.9

Electricity sales to distributors

25,875

25,578

34,184

(24.3)

100,055

155,463

(35.6)

Use of the main distribution and transmission grid

517,049

489,743

560,840

(7.8)

1,947,306

2,500,075

(22.1)

Construction revenue

278,207

217,828

342,194

(18.7)

898,606

665,601

35.0

Other operating revenues

28,480

29,384

28,539

(0.2)

129,611

80,394

61.2

Operating costs and expenses

(1,867,410)

(1,536,522)

(1,893,060)

(1.4)

(6,304,797)

(5,968,827)

5.6

Electricity purchased for resale

(1,039,266)

(884,245)

(821,246)

26.5

(3,518,865)

(2,939,447)

19.7

Use of main distribution and transmission grid

(85,283)

(60,782)

(183,584)

(53.55)

(249,465)

(648,501)

(61.5)

Personnel and management

(252,972)

(147,159)

(299,679)

(15.6)

(723,734)

(824,102)

(12.2)

Pension and healthcare plans

(28,730)

(31,500)

(42,943)

(33.1)

(118,211)

(126,187)

(6.3)

Materials and supplies

(12,694)

(10,577)

(11,599)

9.4

(50,531)

(48,296)

4.6

Third-party services

(67,186)

(75,210)

(80,263)

(16.3)

(292,644)

(320,135)

(8.6)

Depreciation and amortization

(53,651)

(51,431)

(49,998)

7.3

(205,110)

(192,344)

6.6

Provisions and reversals

(15,768)

(9,606)

(31,482)

(49.9)

(118,233)

(118,986)

(0.6)

Construction cost

(278,207)

(217,828)

(342,194)

(18.7)

(898,606)

(665,601)

35.0

Other cost and expenses

(33,653)

(48,183)

(30,072)

11.9

(129,398)

(85,228)

51.8

PROFIT BEFORE FINANCIAL RESULTS AND TAXES

(229,131)

(9,652)

(164,942)

38.92

(343,222)

(76,656)

347.74

FINANCIAL RESULTS

47,772

73,929

(110,182)

-

228,938

5,644

-

OPERATIONAL EXPENSES/ INCOME

(181,359)

64,277

(275,124)

(34.1)

(114,284)

(71,012)

60.9

INCOME TAX AND SOCIAL CONTRIBUTION ON PROFIT

60,212

(22,121)

94,804

(36.5)

35,775

27,592

29.7

Income tax and social contribution on profit

45,335

3

(4,796)

-

-

(124,691)

0.0

Deferred income tax and social contribution on profit

14,877

(22,124)

99,600

(85.1)

35,775

152,283

(76.5)

NET INCOME (LOSS)

(121,147)

42,156

(180,320)

(32.8)

(78,509)

(43,420)

80.8

EBITDA

(175,481)

41,779

(114,944)

53

(138,112)

115,688

-

 

 

 

* Amounts subject to roundings.

23


 

 
 

                                                                                                                                                                                                 

6.5 Income Statement – Copel Telecom

 

             

R$'000

Income Statement

4Q13

3Q13

4Q12

Var.%

2013

2012

Var %

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

OPERATING REVENUES

48,133

48,100

45,627

5.5

187,792

172,445

8.9

Revenues from telecommunications

46,645

46,398

44,001

6.0

181,210

166,713

8.7

Other operating revenues

1,488

1,702

1,626

(8.5)

6,582

5,732

14.8

Operating costs and expenses

(38,460)

(30,722)

(42,263)

(9.0)

(127,264)

(139,403)

(8.7)

Personnel and management

(20,252)

(12,195)

(24,338)

(16.8)

(57,703)

(70,253)

(17.9)

Pension and healthcare plans

(1,863)

(2,337)

(2,559)

(27.2)

(7,738)

(8,591)

(9.9)

Materials and supplies

(264)

(287)

(478)

(44.7)

(1,312)

(1,800)

(27.1)

Third-party services

(5,012)

(4,974)

(4,997)

0.3

(18,437)

(17,280)

6.7

Depreciation and amortization

(6,712)

(7,105)

(7,720)

(13.1)

(27,968)

(28,019)

(0.2)

Provisions and reversals

(1,861)

(489)

(772)

141.1

(3,920)

(4,316)

(9.2)

Other cost and expenses

(2,496)

(3,335)

(1,399)

78.4

(10,186)

(9,144)

11.4

PROFIT BEFORE FINANCIAL RESULTS AND TAXES

9,673

17,378

3,364

187.5

60,528

33,042

83.2

FINANCIAL RESULTS

459

1,105

802

0.0

3,078

3,444

(10.6)

OPERATIONAL EXPENSES / INCOME

10,132

18,483

4,166

143.2

63,606

36,486

74.3

INCOME TAX AND SOCIAL CONTRIBUTION ON PROFIT

2,107

(6,125)

1,972

6.8

(15,874)

(8,479)

87.2

Income tax and social contribution on profit

3,230

(5,942)

(1,400)

330.7

(14,661)

(13,653)

7.4

Deferred income tax and social contribution on profit

(1,123)

(183)

3,372

-

(1,213)

5,174

0.0

NET INCOME (LOSS)

12,239

12,358

6,138

99.4

47,732

28,007

70.4

EBITDA

16,385

24,483

11,084

47.8

88,496

61,061

44.9

 

 

7. Power Market

COPEL’s electricity sales to final customers, comprising Copel Distribuição’s sales in the captive market and Copel GeT’s sales in the free market, increased by 9.6% in the year.

This result was chiefly due to the 21.3% upturn in electricity sales to industrial customers thanks to the performance of this economic sector in Paraná State in 2013 (5.6% up, versus 1.2% up in Brazil as a whole) and Copel GeT's strategy of allocating more energy to the free market, allowing sales to industrial customers in other States.

The table below breaks down energy sales by customer segment:

 

 

* Amounts subject to roundings.

24


 

 
 

                                                                                                                                                                                                 

Segment

Market

Energy Sold (GWh)

4Q13

4Q12

Var. %

2013

2012

Var. %

Residential

 

1,755

1,691

3.8

6,888

6,559

5.0

Industrial

Total

2,703

2,229

21.3

10,675

8,799

21.3

Captive

1,681

1,857

(9.5)

6,605

7,405

(10.8)

Free

1,022

372

174.7

4,070

1,394

192.0

Commercial

Total

1,306

1,302

0.3

5,086

5,058

0.6

Captive

1,303

1,300

0.2

5,074

5,048

0.5

Free

3

3

20.0

12

10

20.0

Rural

 

525

513

2.3

2,081

2,025

2.8

Other

 

589

575

2.4

2,278

2,211

3.0

Energy Supply

6,878

6,310

9.0

27,008

24,652

9.6

 

7.1 Captive Market

Electricity sales to Copel Distribuição’s captive market decreased by 1.4% in 2013 in comparison with 2012, chiefly due to the migration of industrial customers to the free market. Should the effect of the migrations to the free market be disregarded, COPEL’s captive market would grow by 3.2% in the period.

The residential segment consumed 6,888 GWh, 5.0% up, due to the 3.9% increase in the customer base and the upturn in average consumption in the period, as a result of the increase in the employment level and higher income. At the end of 2013, this segment accounted for 30.1% of COPEL’s captive market, totaling 3,320,098 residential customers.

The industrial segment, in the captive market, consumed 6,605 GWh, 10.8% down, due to the migration of large industrial customers to the free market. Should the effect of this migration be disregarded, the segment would grow by 3.5% over 2012, reflecting the growth in industrial production in the State. At the end of the period, this segment accounted for 28.8% of COPEL’s captive market, with the company supplying power to 93,491 industrial customers. 

The commercial segment consumed 5,074 GWh, 0.5% higher than in the same period the year before. At the end of 2013, this segment accounted for 22.1% of COPEL’s captive market, with the company supplying power to 338,502 customers.

The rural segment consumed 2,081 GWh, growing by 2.8%, mainly due to the strong performance of agribusiness in the State of Paraná. At the end of December, this segment accounted for 9.1% of COPEL’s captive market, with the company supplying power to 372.835 rural customers.

Other segments (public agencies, public lighting, public services and own consumption) consumed 2,278 GWh, 3.0% up in the period. These segments jointly account for 9.9% of COPEL’s captive market, totaling 56,567 customers at the end of the period. The following table shows captive market trends by consumption segment:

 

* Amounts subject to roundings.

25


 

 
 

                                                                                                                                                                                                 

GWh

Segment

4Q13

3Q13

4Q12

Var. %

2013

2012

Var. %

(1)

(2)

(3)

(1/3)

(4)

(5)

(4/5)

Residential

1,755

1,737

1,691

3.8

6,888

6,559

5.0

Industrial

1,681

1,682

1,857

(9.5)

6,605

7,405

(10.8)

Commercial

1,303

1,220

1,300

0.3

5,074

5,048

0.5

Rural

525

484

513

2.5

2,081

2,025

2.8

Other

589

571

575

2.4

2,278

2,211

3.0

Captive Segment Total

5,853

5,694

5,936

- 1.38

22,926

23,248

(1.4)

 

7.2 Grid Market (TUSD)

Copel Distribuição’s grid market, comprising the captive market, concessionaires and licensees in the State of Paraná, and all free consumers within the Company’s concession area, grew by 4.2%, as shown in the following table:

GWh

 

4Q13

3Q13

4Q12

Var. %

2013

2012

Var. %

(2)

(2)

(2)

(1/3)

(3)

(4)

(4/5)

Captive Market

5,853

5,694

5,936

(1.4)

22,926

23,248

(1.4)

Concession and permission holders

170

170

163

4.5

666

635

4.9

Free Customers (*)

1,180

1,175

815

44.8

4,439

3,020

47.0

Grid Market

7,203

7,039

6,913

4.2

28,031

26,903

4.2

* Total free customers supplied by COPEL GeT and other suppliers within COPEL DIS’ concession area.

 

 

 

 

 

* Amounts subject to roundings.

26


 

 
 

                                                                                                                                                                                                 

7.3 Energy Flow

COPEL Consolidated

 

     

GWh

 

9M13

9M12

Var.%

Own Generation

24,420

18,181

34.3

Purchased energy

29,398

31,277

(6.0)

Itaipu

5,193

5,256

(1.2)

Auction – CCEAR

15,645

19,009

(17.7)

Itiquira

912

914

(0.2)

Dona Francisca

612

613

(0.2)

CCEE (MCP)

1,351

969

39.4

Angra

1,050

-

-

CCGF

1,272

-

-

MRE

1,587

2,703

(41.3)

Proinfa

590

624

(5.4)

Elejor

1,186

1,189

(0.3)

Total Available Power

53,818

49,458

8.8

Captive Market

22,926

23,248

(1.4)

Concessionaires*

620

635

(2.4)

Free Customers

4,082

1,404

190.7

Bilateral Agreements

5,233

1,367

283.0

Auction – CCEAR

7,220

15,096

(52.2)

CCEE (MCP)

2,000

132

-

MRE

7,855

3,761

108.9

Losses and Differences

3,882

3,815

1.8

Basic network losses

1,119

1,002

11.7

Distribution losses

2,517

2,556

(1.5)

CG contract allocation

246

257

(4.3)

* Not including the 46 GWh consumed by the Concessionaire CFLO in February and March, for it was not supplied by Copel Distribuição.

Amounts subject to changes after settlement by CCEE

CCEAR: Energy Purchase Agreements in the Regulated Market

MRE: Energy Reallocation Mechanism

CCEE (MCP): Electric Power Trade Chamber (Short-term market)

CG: Center of gravity of the Submarket (difference between billed and energy received from CG)

 

 

 

* Amounts subject to roundings.

27


 

 
 

                                                                                                                                                                                                 

Copel Geração e Transmissão

 

     

GWh

 

2013

2012

Var. %

Own Generation

24,420

18,181

34.3

CCEE (MCP)

306

665

(54.0)

MRE

1,587

2,703

(41.3)

Dona Francisca

612

613

(0.2)

Total Available Power

26,925

22,162

21.5

Bilateral Agreements

5,233

1,367

282.8

CCEAR – COPEL Distribuição

831

1,316

(36.9)

CCEAR – Other

6,389

13,780

(53.6)

Free Customers

4,082

1,404

190.7

CCEE (MCP)

1,938

96

-

MRE

7,855

3,761

108.9

Losses and differences

597

438

36.3

Values subject to rounding adjustments.

     

 

 

Copel Distribuição

 

     

GWh

 

2013

2012

Var. %

Itaipu

5,193

5,256

(1.2)

CCEAR – Copel Geração e Transmissão

831

1,316

(36.8)

CCEAR – Other

14,814

17,457

(15.1)

CCEAR – Adjustment auction

-

236

-

CCEE (MCP)

1,045

304

244.3

Angra

1,050

-

-

CCGF

1,272

-

-

Itiquira

912

914

(0.2)

Proinfa

590

624

(5.4)

Elejor S.A

1,186

1,189

(0.3)

Available Power

26,893

27,296

(1.5)

Captive market

22,926

23,248

(1.4)

Wholesale*

620

635

(2.4)

CCEE (MCP)

62

36

72.22

Losses and differences

3,285

3,377

(2.7)

Basic network losses

522

564

(7.4)

Distribution losses

2,517

2,556

(1.5)

CG contract allocation

246

257

(4.3)

Values subject to rounding adjustments.
Not including the 46 GWh consumed by the Concessionaire CFLO in February and March, for it was not supplied by Copel Distribuição.

 

 

* Amounts subject to roundings.

28


 

 
 

                                                                                                                                                                                                 

8. Supplementary Information

8.1 Tariffs

Power Purchase Average Tariff – Copel Distribuição

 

R$ / MWh

Tariff

Amount

Dec/13

Sep/13

Dec/12

Var. %

Var. %

Average MW

(1)

(2)

(3)

(1/2)

(1/3)

Itaipu 1

565

129.61

128.30

107.63

1.0

20.4

Auction – CCEAR 2006 – 2013

812

105.57

105.58

97.67

-

8.1

Auction – CCEAR 2007 – 2014

54

147.81

147.81

139.38

-

6.0

Auction – CCEAR 2008 – 2015

52

124.77

124.78

117.36

-

6.3

Auction – CCEAR 2010 – H30

72

168.17

168.17

157.90

-

6.5

Auction – CCEAR 2010 – T15 2

67

178.06

178.06

167.19

-

6.5

Auction – CCEAR 2011 – H30

58

172.65

172.65

162.11

-

6.5

Auction – CCEAR 2011 – T15 2

54

196.33

196.33

184.34

-

6.5

Auction – CCEAR 2012 – T15 2

115

176.13

176.13

165.37

-

6.5

Angra

120

133.11

137.55

-

(3.2)

-

CCGF 3

145

31.48

32.42

-

(2.9)

-

Santo Antônio

53

107.01

107.01

-

-

-

Jirau

55

94.12

94.12

-

-

-

Others Auctions 4

393

169.63

169.63

149.90

-

13.2

Bilaterals

239

176.36

176.38

163.77

-

7.7

Total / Tariff Average Supply

2,855

132.65

132.57

115.08

0.1

15.3

1 Furnas transport charge not included.

           

2 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).

3 Contract of quotas of assured power of those HPPs which concessions were extended pursuant the new rules of Law 12,783/13.

4 Products average price.

 

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

 

R$ / MWh

Tariff

Dec/13
(1)

Sep/13
(2)

Dec/12
(3)

Var %
(1/2)

Var %
(1/3)

Industrial*

208.39

208.32

220.00

0.0

(5.3)

Residential

263.47

266.52

293.62

(1.1)

(10.3)

Commercial

239.79

242.70

265.67

(1.2)

(9.7)

Rural

160.56

162.37

178.04

(1.1)

(9.8)

Other

186.72

188.94

206.89

(1.2)

(9.7)

Retail distribution average rate

225.33

227.53

245.80

(1.0)

(8.3)

* Value-added tax not included.

         

 

 

 

* Amounts subject to roundings.

29


 

 
 

                                                                                                                                                                                                 

Sales to Distributors Average Tariff – Copel Geração e Transmissão

 

           

R$ / MWh

Tariff

Amount

Dec/13

Sep/13

Dec/12

Var. %

Var. %

Average MW

(1)

(2)

(3)

(1 / 2)

(1 / 3)

Copel Geração e Transmissão

850

125.18

123.81

110.17

1.1

13.6

Auction CCEAR 2006 - 2013

343

104.49

103.66

98.27

0.8

6.3

Auction CCEAR 2007 - 2014

82

116.70

115.37

112.82

1.2

3.4

Auction CCEAR 2008 - 2015

79

123.70

122.79

116.77

0.7

5.9

Auction CCEAR 2009 - 2016

237

141.43

140.76

132.92

0.5

6.4

Auction CCEAR 2011 - 2040 ( HPP Mauá)

101

161.33

159.99

141.14

0.8

-

Auction CCEAR 2013 - 2042 (Cavernoso II)

8

176.10

171.81

-

2.5

-

Copel Distribuição

 

 

 

 

 

 

Concession holders in the State of Paraná

71

154.24

153.51

147.65

0.5

4.5

Total / Tariff Average Supply

921

127.42

126.19

98.69

1.0

29.1

¹ The 914 MW average related to the Auction 2005-2012 is considered in the average price of September/2012.

       

 

 

 

 

 

* Amounts subject to roundings.

30


 

 
 

                                                                                                                                                                                                 

8.2 Main Operational Indicators on December 31, 2013

 

Generation

 

Copel GeT

 

Plants in operation

21 (19 hydro, 1 thermal e 1 wind)

Plants under construction (HPP Colíder and Baixo Iguaçu)

2 hydro

Automated and remote-controlled power plants

14

Installed capacity in operation

4.756 MW

Installed capacity under construction

405 MW

Wind Farms

 

Wind Farms in operation ¹

4

Wind Farms under construction

7

Installed capacity

278 MW

Partnership

 

Plants in operation

6 (5 hidrelétricas, 1 termelétrica)

Automated and remote-controlled power plants

3

Installed capacity 2

606 MW

Transmission

 

Copel GeT

 

Transmission lines in operation

2.174 km

Transmission lines under construction

524 km

Substations in operation (Installed Power)

32 (11.502 MVA)

Substations under construction (Installed Power)

3 (750 MVA)

Partnership

 

Transmission Lines under construction 2

1.948 km

Substation under construction (Installed Power)2

12 (1.688 MVA)

Distrubution

 

Distribution lines

187.310 km

Substations

361 (100% automatizadas)

Installed power substations

10.105 MVA

Municipalities served

395(3)

Locations served

1,113

Captive customers

4,2 milhões

DEC (in hundredths of an hour and minute)

8.06

FEC (number of outages)

11,62 vezes

Telecommunication

 

Optical cables in the main ring (interurban)

9.356 km

Optical cables self-sustained (urban)

22.657 km

Cities served in Parana State

399

Cities served in Santa Catarina State

2

Customers

8,270

Administration

 

Employees (wholly owned subsidiaries)

8,647

Copel Geração e Transmissão

1,702

Copel Distribuição

6,375

Copel Telecomunicações

434

Customers by distribution employee

656

¹ The commercial operation will start after the completion of the works of transmission facilities intended for basic network access to the responsibility of distribution / transmission agent.

² Proportional to COPEL's stake.

³ 3 municipalities partially met in the rural area.

 

 

* Amounts subject to roundings.

31


 

 
 

                                                                                                                                                                                                 

8.3 Main Financial Indicators on December 31, 2013

 

 

 

Financial Indicators

 

VPS

R$ 47.24 per share

EBITDA

R$ 1,859 million

Current Liquidity

1.4 times

 

 

8.4 2013 Results Conference Call

2013 Results Conference Call:

>      Wednesday, March 19, 2014, at 2:00 p.m. (Brasília time)

>      Telephone:  (+1  516) 300 1066

>      Code:   COPEL 

A live webcast of the conference call will be available at: www.Copel.com/ir

 Please connect 15 minutes before the call.

Investor Relations – COPEL

ri@Copel.com

Telephone: +55  (41) 3222-2027

Fax: + 55 (41) 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, the direction of future operations, the implementation of relevant operating and financial 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.

 

32

 

 
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: March 19, 2014
 
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.