RESULT 設 COPEL Pura Energia~ DISCLAIMER R E S U L T S 2Q24 Any statements that may be made during this conference call regarding Copel's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the Company's management, as well as information currently available. Forward-looking statements are not guarantees of performance; they involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL 1.4 billion and a net income of over BRL 500 million for Q1 2024, marking a significant achievement for the distribution segment with a 34.4% efficiency over the last 12 months [6][16][18] - The adjusted EBITDA for Copel Dis reached a record BRL 636 million, a 25% increase compared to Q1 2023, while GET's EBITDA decreased to BRL 129 million, a 23% reduction [16][18] - The net financial result improved by over BRL 60 million due to maintained resources in a primary offering of BRL 2 billion and a reduction in interest and inflation [16][18] Business Line Data and Key Metrics Changes - Copel Dis achieved a 25% growth in EBITDA, while GET experienced a decline due to lower energy prices and wind farm generation issues [16][18] - The regulatory efficiency for Copel Dis was over 34%, with a grid market growth of over 10% [18] - The average price of energy sales in the free market decreased by over 20%, impacting GET's performance [20] Market Data and Key Metrics Changes - The company noted significant price volatility in the energy market, which is expected to continue, particularly with a focus on price recovery starting in 2026 [9][48] - The company is actively monitoring climatic conditions and their impact on energy supply and pricing [39][48] Company Strategy and Development Direction - The company is focusing on operational efficiency, capital allocation, and talent retention through a long-term incentive plan [6][8] - A strategic partnership with Google Cloud was established to enhance competitiveness through data analysis and AI [10] - The divestment of small-sized generation assets is part of the strategy to optimize capital allocation and improve operational efficiency [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges posed by climatic events and energy price volatility, emphasizing a proactive approach to maintenance and grid resilience [39][42] - The company remains optimistic about future energy prices and is preparing for upcoming capacity auctions [66][70] Other Important Information - The company approved a dividend distribution of BRL 632 million, aligning with its policies [28] - The investment program for 2024 is forecasted at BRL 2.4 billion, with a focus on enhancing operational capabilities [26] Q&A Session Summary Question: Concerns about DEC and FEC performance and plans for climatic events - Management acknowledged the impact of recent storms on performance metrics and outlined plans for preventive maintenance and grid improvements [32][39] Question: Future dividend policy changes - The company plans to maintain a 50% payout under normal conditions, with potential for extraordinary payments based on divestments [36][37] Question: Energy trading dynamics and pricing - Management highlighted the volatility in energy prices and the company's strategy to maintain a balanced portfolio while seizing market opportunities [44][48] Question: Update on capacity auction and CapEx - The capacity auction is expected in the second half of the year, with all necessary preparations in place [66][71] Question: Expansion into solar and wind energy - The company does not plan to expand into solar and wind energy in the short term due to current energy prices [74] Question: Forecast for concession payments and tax implications - The company is studying the tax impacts related to concession renewals and will provide updates in the next quarter [76][78]

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 April, 2024 Commission File Number 1-14668 COMPANHIA PARANAENSE DE ENERGIA (Exact name of registrant as specified in its charter) Energy Company of Paraná Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuan ...

As filed with the Securities and Exchange Commission on April 10, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number: 001-14668 COMPANHIA PARANAENSE DE ENERGIA – COPEL (Exact Name of Registrant as Specified in its Charter) Energy Company of Paraná (Translation of Registrant's Name into English) The Federative Republic of Bra ...

Wirestock/iStock via Getty Images In this quarterly update on Companhia Paranaense de Energia - COPEL (NYSE:ELP), I'm upgrading the company's shares from a neutral position to a buy." As highlighted in my previous article, my initial investment thesis centered on COPEL's privatization, which transitioned from a state-controlled entity in Paraná, Brazil, to a private company. Although uncertainties surrounded this process, including a follow-on offering to dilute state ownership, COPEL allocated a significan ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL5.8 billion for the year, marking a nearly 6% increase compared to 2022, and BRL1.5 billion for Q4 2023, reflecting almost 5% growth [22][18][41] - Net income doubled year-on-year, reaching BRL2.3 billion in Q4 2023 and BRL943 million for the year, a 51% increase [41][22] - Cash generation totaled BRL5.2 billion for the year, up approximately 3% from the previous year [41] Business Line Data and Key Metrics Changes - The Generation and Transmission (G&T) segment contributed BRL900 million to adjusted EBITDA in Q4 2023, with a total of BRL3.5 billion for the year, consistent with 2022 [24] - The distribution segment saw an adjusted EBITDA of BRL600 million in Q4 2023, a 36% increase compared to Q4 2022, and surpassed BRL2 billion for the year, up 24% from 2022 [24] Market Data and Key Metrics Changes - The company noted a 28% regulatory efficiency in distribution, with significant investments in modernizing and expanding the electricity infrastructure in Paraná [37] - The company is positioned to take advantage of energy market volatility, with expectations of price increases due to hydrology status and higher demand [67] Company Strategy and Development Direction - The company plans to invest BRL6.5 billion in 2024, with BRL4 billion allocated for grant bonuses and BRL2.1 billion for distribution [38] - The strategic focus includes maximizing the value of assets like Compagas, with a potential sale in the first half of 2024 if an adequate price is reached [20][3] - The company aims to migrate to Novo Mercado, enhancing governance and liquidity for shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the company's strong market position and commitment to sustainable growth [18][15] - The company is preparing for potential climate impacts and is focused on operational efficiency, with a zero-based budgeting initiative underway [6][25] Other Important Information - The company has expanded its shareholder base significantly, from approximately 85,000 in 2019 to nearly 400,000 currently, indicating strong investor interest [11] - The company achieved recognition for its capital raise, being named Deal of the Year by LatinFinance [18] Q&A Session Summary Question: Dividend payout expectations for 2024 and Compagas sale timeline - Management indicated a base case of a 50% dividend payout, with potential for extraordinary dividends depending on investment opportunities and the Compagas sale process [3][62] Question: Recurring expenses and PMSO levels - Management discussed ongoing efforts to reduce PMSO by BRL500 million over three years, with a voluntary severance program planned for August [65][64] Question: Energy market dynamics and pricing sustainability - Management acknowledged the current volatility in energy prices and the company's strategy to capitalize on market opportunities while monitoring demand [67][66] Question: M&A strategy and focus on renewable sources - Management clarified that while they are not currently pursuing certain assets, they remain open to opportunities that align with their renewable energy strategy [10][69] Question: Updates on migrating to Novo Mercado - Management confirmed ongoing discussions with stakeholders and a commitment to achieving the highest governance standards [14][72]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL1.4 billion, representing a 27% increase compared to the same period last year [5] - Net debt-to-EBITDA improved from 2.5x in the previous quarter to 2.3x, primarily due to a primary share offering that raised over BRL2 billion [16] - Adjusted net income nearly doubled compared to Q3 2022, increasing by over BRL400 million, with a reported adjusted net income of BRL829 million [26] Business Line Data and Key Metrics Changes - The Generation and Transmission (GeT) segment contributed significantly to EBITDA, with an improvement of almost 50% year-over-year, reaching BRL850 million in Q3 2023 [25] - The company recognized a reduction in EBITDA of BRL160 million from Compagas due to divestment, impacting overall performance [23] Market Data and Key Metrics Changes - Regulatory efficiency for COPEL's distribution reached nearly 20% over the last 12 months, with a significant improvement in EBITDA of more than 11% compared to the previous quarter [24] - The average contract price for energy sales was reported at BRL175 per megawatt hour, with expectations for price increases post-wet season [78] Company Strategy and Development Direction - The company is focusing on increasing the regulatory remuneration base for its distribution segment and plans to approve a 2024 investment plan soon [10] - A long-term incentive plan is being developed, with a presentation scheduled for the general assembly in April 2024 [9] - The company aims to enhance operational efficiency through a zero-based budgeting approach and ongoing innovation initiatives [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed a critical view on recent regulatory changes, emphasizing the need for legal security before making significant payments related to grant bonuses [42][46] - The company is optimistic about its future, believing it can become a major reference in the power sector [21] Other Important Information - The voluntary redundancy program is expected to yield annual savings of BRL428 million, with a total severance cost of BRL610 million [6] - The company is undergoing a transformation into a leaner holding structure to maximize operational efficiency [19] Q&A Session Summary Question: Opinion on vocational debate and its impact on concessions - Management expressed a critical view on the proposed changes, highlighting legal insecurities and potential tariff increases for consumers [42][43] Question: Details on the voluntary redundancy program savings - The company clarified that while there will be some offset from hiring third parties, the majority of savings will be retained due to the departure of higher-salaried employees [50] Question: Leverage limits and dividend policy - Management indicated that a leverage of 2.5x is currently deemed adequate, with flexibility to adjust based on future scenarios [56][65] Question: Internal restructuring and compensation adjustments - The company is reviewing its internal structure and compensation plans, with results expected to be presented during COPEL Day [72][75]

Companhia Paranaense de Energia - Copel (NYSE:ELP) Q2 2023 Results Conference Call August 15, 2023 1:00 PM ET Company Participants Daniel Slaviero - CEO Adriano Rudek de Moura - CFO Conference Call Participants Daniel Travitzky - Banco Safra Marcelo Sá - Itau BBA Francisco Navarrete - Bradesco BBI Operator Good day, ladies and gentlemen. Welcome to Companhia Paranaense de Energia, Copel Video Conference to Discuss Second Quarter 2023 Results. This video conference is being recorded, and the replay can be ac ...

SECURITIES AND EXCHANGE COMMISSION 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 June, 2023 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) José Izidoro Biazetto, 158 81200-240 Curitiba, Paraná Federative Republic of Brazil +55 (41) 3331-4011 (Address of principal executive offices) ...

Financial Statements Presents the company's financial position, performance, and cash flows for Q1 2023, highlighting asset growth, stable revenue, and decreased net income [Statements of Financial Position](index=4&type=section&id=Statements%20of%20Financial%20Position) Total assets grew to **BRL 53.1 billion** driven by PPE and intangibles, with liabilities increasing to **BRL 31.3 billion** and equity to **BRL 21.8 billion** Consolidated Statement of Financial Position (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | **Total Current Assets** | 9,962,522 | 9,327,249 | | **Total Noncurrent Assets** | 43,101,941 | 40,376,451 | | **Total Assets** | **53,064,463** | **49,703,700** | | **Total Current Liabilities** | 7,362,533 | 7,156,597 | | **Total Noncurrent Liabilities** | 23,935,401 | 21,415,878 | | **Total Liabilities** | **31,297,934** | **28,572,475** | | **Total Equity** | **21,766,529** | **21,131,225** | | **Total Liabilities & Equity** | **53,064,463** | **49,703,700** | [Statements of Income](index=6&type=section&id=Statements%20of%20Income) Net operating revenue remained stable at **BRL 5.53 billion**, but net income decreased to **BRL 635.5 million** due to higher financial expenses Consolidated Statement of Income (in thousands of BRL) | Metric | 03.31.2023 | 03.31.2022 | | :--- | :--- | :--- | | **Net Operating Revenue** | 5,530,666 | 5,587,749 | | **Gross Operating Profit** | 1,428,064 | 1,408,945 | | **Profit Before Financial Results and Taxes** | 1,214,240 | 1,170,480 | | **Operating Profit** | 881,101 | 957,253 | | **Net Income** | 635,490 | 669,791 | [Statements of Comprehensive Income](index=7&type=section&id=Statements%20of%20Comprehensive%20Income) Total comprehensive income of **BRL 635.3 million** closely mirrored net income, with minimal impact from other comprehensive items Comprehensive Income Summary (in thousands of BRL) | Metric | 03.31.2023 | 03.31.2022 | | :--- | :--- | :--- | | Net Income | 635,490 | 669,791 | | Total other comprehensive income, net of taxes | (186) | - | | **Total Comprehensive Income** | **635,304** | **669,791** | [Statements of Changes in Equity](index=8&type=section&id=Statements%20of%20Changes%20in%20Equity) Total equity increased to **BRL 21.77 billion** by March 31, 2023, primarily driven by **BRL 635.5 million** in net income - Equity grew by **BRL 635.3 million** in Q1 2023, mainly attributed to the net income for the period[16](index=16&type=chunk) [Statements of Cash Flows](index=9&type=section&id=Statements%20of%20Cash%20Flows) Operating cash flow decreased to **BRL 540.2 million**, while investing activities used **BRL 1.51 billion** due to acquisitions, resulting in a **BRL 232.8 million** cash increase Consolidated Statement of Cash Flows Summary (in thousands of BRL) | Category | 03.31.2023 | 03.31.2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 540,190 | 1,183,483 | | **Net Cash Used in Investing Activities** | (1,513,715) | (534,121) | | **Net Cash Generated (Used) in Financing Activities** | 1,206,342 | (151,233) | | **Change in Cash and Cash Equivalents** | 232,817 | 498,129 | - A significant cash outflow of **BRL 912.1 million** was used for the acquisition of subsidiaries, marking a major investment activity during the quarter[20](index=20&type=chunk) - The company raised **BRL 1.3 billion** through a new debenture issuance, which was the primary source of financing cash flow[20](index=20&type=chunk) Notes to the Interim Financial Information Provides detailed explanations of Copel's operations, accounting policies, asset and liability movements, debt, risks, and related party transactions [1. Operations](index=11&type=section&id=1.%20Operations) Copel, controlled by the State of Paraná, operates in electricity and acquired **BRL 1.005 billion** in wind complexes, pursuing corporate transformation - The State of Paraná has authorized the transformation of Copel into a company with dispersed capital and no controlling shareholder, a strategic move intended to enable the full renewal of concessions for three major hydroelectric power plants[25](index=25&type=chunk) - On January 30, 2023, Copel GeT completed the acquisition of **100%** of the Aventura and Santa Rosa & Mundo Novo Wind Complexes from EDP Renováveis Brasil S.A. for **BRL 1,005.2 million**[33](index=33&type=chunk) Summary of Wind Complex Acquisition (in thousands of BRL) | Complex | Net Assets Acquired (Fair Value) | Technical Goodwill | Consideration Amount | | :--- | :--- | :--- | :--- | | Aventura & Santa Rosa | 800,497 | 204,676 | 1,005,173 | [2. Concessions and Authorizations](index=16&type=section&id=2.%20Concessions%20and%20Authorizations) Details Copel's extensive concessions across segments, including the **BRL 508 million** Compagas gas distribution extension to 2054 - The Compagas gas distribution service concession was extended to July 6, 2054, upon payment of a **BRL 508 million** grant bonus in December 2022[45](index=45&type=chunk)[46](index=46&type=chunk) - The notes detail numerous generation and transmission concessions, with maturities extending from the near term (e.g., 2024) to as far out as 2055, highlighting the long-term nature of the company's core assets[49](index=49&type=chunk)[51](index=51&type=chunk) [3. Basis of Preparation](index=19&type=section&id=3.%20Basis%20of%20Preparation) Interim financials prepared under IAS 34, affirming going concern status based on strong equity and cash generation - The financial statements adhere to **IAS 34 - Interim Financial Reporting**[52](index=52&type=chunk) - Management confirms the company's going concern status based on long-term concessions, strong equity, and robust operating cash generation[57](index=57&type=chunk)[58](index=58&type=chunk) [4. Significant Accounting Policies](index=19&type=section&id=4.%20Significant%20Accounting%20Policies) Accounting policies are consistent with 2022 annual statements, with new standards having no significant impact - Accounting policies are consistent with the 2022 annual financial statements[59](index=59&type=chunk) - New accounting standards effective January 1, 2023, had no significant impact on the financial statements[60](index=60&type=chunk)[65](index=65&type=chunk) [5. Cash and Cash Equivalents](index=20&type=section&id=5.%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents increased to **BRL 2.91 billion**, with **BRL 2.63 billion** in highly liquid financial investments Cash and Cash Equivalents (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Cash and bank accounts | 284,594 | 222,641 | | Financial investments with immediate liquidity | 2,626,680 | 2,455,816 | | **Total** | **2,911,274** | **2,678,457** | [6. Bonds and Securities](index=20&type=section&id=6.%20Bonds%20and%20Securities) Bonds and securities increased to **BRL 501.8 million**, primarily noncurrent assets for long-term financial guarantees Bonds and Securities (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Current | 92 | 93 | | Noncurrent | 501,700 | 430,963 | | **Total** | **501,792** | **431,056** | [7. Trade Accounts Receivable](index=21&type=section&id=7.%20Trade%20Accounts%20Receivable) Trade accounts receivable reached **BRL 3.58 billion**, including a **BRL 119.7 million** disputed receivable from CCEE with a full provision Trade Accounts Receivable Summary (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Total Receivables | 3,577,994 | 3,451,869 | | Current | 3,460,364 | 3,342,050 | | Noncurrent | 117,630 | 109,819 | - The company has a disputed receivable of **BRL 119.7 million** from the CCEE concerning the HPP Colíder plant's delayed start-up, and while a preliminary injunction favors Copel, the company has prudently recorded an equivalent amount in expected credit losses pending a final court ruling[69](index=69&type=chunk)[71](index=71&type=chunk)[73](index=73&type=chunk) [8. Net Sectorial Financial Assets and Liabilities](index=22&type=section&id=8.%20Net%20Sectorial%20Financial%20Assets%20and%20Liabilities) Net sectorial financial assets shifted to a **BRL 177.1 million** asset from a **BRL 101.9 million** liability, reflecting regulatory adjustments - The net balance of sectorial financial assets and liabilities shifted from a net liability of **BRL 101.9 million** at the start of the year to a net asset of **BRL 177.1 million** at the end of Q1 2023[76](index=76&type=chunk) [9. Accounts Receivables - Concessions](index=23&type=section&id=9.%20Accounts%20Receivables%20-%20Concessions) Concession receivables increased to **BRL 2.41 billion**, mainly from distribution investment indemnification and HPP GPS bonus recovery Accounts Receivable - Concessions (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Power distribution service concession | 1,560,022 | 1,442,819 | | Bonus from the grant of concession | 782,005 | 766,832 | | Generation concession agreements | 70,001 | 68,642 | | **Total** | **2,412,028** | **2,278,293** | [10. Contract assets](index=24&type=section&id=10.%20Contract%20assets) Contract assets totaled **BRL 7.78 billion**, primarily from power transmission (**BRL 5.42 billion**) and distribution concessions Contract Assets by Concession (in thousands of BRL) | Concession Type | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Power distribution service | 2,330,452 | 2,332,171 | | Piped gas distribution service | 30,750 | 30,032 | | Power transmission | 5,417,369 | 5,310,476 | | **Total** | **7,778,571** | **7,672,679** | [11. Other Receivables](index=27&type=section&id=11.%20Other%20Receivables) Other receivables grew to **BRL 2.37 billion**, driven by a **BRL 1.57 billion** fair value of power purchase and sale contracts - The largest component of other receivables is the fair value of power purchase and sale contracts, which increased by nearly **BRL 500 million** during the quarter to **BRL 1.57 billion**[92](index=92&type=chunk) [12. Taxes](index=28&type=section&id=12.%20Taxes) Net deferred tax liability of **BRL 161.8 million** exists, alongside a **BRL 3.31 billion** PIS/Cofins credit and related **BRL 2.05 billion** consumer refund liability - Copel DIS has a tax credit of **BRL 3.31 billion** related to the exclusion of ICMS from the PIS/Cofins tax base, which is being recovered through offsetting with taxes payable[102](index=102&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) - A liability of **BRL 2.05 billion** is recorded to be refunded to consumers related to the PIS/Cofins tax credit recovery, and an additional provision of **BRL 1.88 billion** has also been recognized due to Federal Law No. 14,385, though the company is evaluating legal measures[107](index=107&type=chunk)[109](index=109&type=chunk)[113](index=113&type=chunk) [15. Investments](index=33&type=section&id=15.%20Investments) Equity method investments increased to **BRL 3.44 billion**, mainly in joint ventures, generating **BRL 104.1 million** in equity earnings Changes in Investments (in thousands of BRL) | Category | Balance as of Jan 1, 2023 | Equity in Earnings | Additions | Balance as of Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Joint Ventures | 3,278,103 | 98,895 | 10,780 | 3,387,868 | | Associates | 47,093 | 5,193 | - | 47,278 | | **Total** | **3,325,731** | **104,088** | **10,780** | **3,435,680** | [16. Property, plant and equipment](index=36&type=section&id=16.%20Property%2C%20plant%20and%20equipment) PPE increased to **BRL 11.19 billion**, primarily due to **BRL 1.19 billion** from wind complex acquisition and a **BRL 35.6 million** impairment reversal Changes in Property, Plant and Equipment (in thousands of BRL) | Description | Amount | | :--- | :--- | | Balance as of January 1, 2023 | 10,069,468 | | Additions | 75,326 | | Depreciation | (143,411) | | Effects of business combination | 1,187,108 | | **Balance as of March 31, 2023** | **11,189,018** | - A partial reversal of impairment totaling **BRL 35.6 million** was recognized for generation segment assets, mainly HPP Colíder, due to a review of expected revenue from energy sales[135](index=135&type=chunk)[136](index=136&type=chunk) [17. Intangible assets](index=38&type=section&id=17.%20Intangible%20assets) Intangible assets grew to **BRL 11.27 billion**, driven by generation concession acquisitions, with distribution and generation as largest components Intangible Assets by Type (in thousands of BRL) | Category | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Concession - distribution | 7,510,408 | 7,257,827 | | Generation concessions/authorization | 3,009,784 | 2,252,615 | | Concession - piped gas | 713,270 | 726,107 | | Other | 41,255 | 41,178 | | **Total** | **11,274,717** | **10,277,727** | - Generation concession and authorization rights increased by approximately **BRL 757 million**, mainly due to **BRL 615.6 million** in rights and **BRL 204.7 million** in technical goodwill from the wind complex acquisition[145](index=145&type=chunk) [20. Loans and Financing](index=41&type=section&id=20.%20Loans%20and%20Financing) Loans and financing increased to **BRL 5.45 billion**, mainly due to **BRL 875.7 million** from acquired wind complexes, with all covenants met Changes in Loans and Financing (in thousands of BRL) | Description | Amount | | :--- | :--- | | Balance as of January 1, 2023 | 4,650,363 | | Business combination effects | 875,738 | | Charges and variations | 149,229 | | Payments (principal and charges) | (225,288) | | **Balance as of March 31, 2023** | **5,450,042** | - The company's loan agreements contain financial covenants, such as Net Debt/EBITDA and debt service coverage ratios, which were fully met as of the last measurement date[158](index=158&type=chunk)[159](index=159&type=chunk) [21. Debentures](index=45&type=section&id=21.%20Debentures) Debentures increased to **BRL 9.28 billion** due to a **BRL 1.3 billion** issuance for wind complex acquisition, with covenants met Changes in Debentures (in thousands of BRL) | Description | Amount | | :--- | :--- | | Balance as of January 1, 2023 | 7,803,855 | | Funding | 1,300,000 | | (-) Transaction costs | (11,325) | | Charges and monetary variations | 332,388 | | Payments (principal and charges) | (148,257) | | **Balance as of March 31, 2023** | **9,276,661** | - In January 2023, Copel GeT issued **BRL 1.3 billion** in new debentures to finance the acquisition of the Santa Rosa & Mundo Novo and Aventura wind complexes[162](index=162&type=chunk) [22. Post-employment Benefits](index=47&type=section&id=22.%20Post-employment%20Benefits) Post-employment benefit liability totaled **BRL 1.08 billion**, primarily for healthcare plans, with **BRL 66.0 million** expense recognized Post-employment Benefit Liabilities (in thousands of BRL) | Plan Type | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Pension plans | 685 | 949 | | Healthcare plans | 1,080,573 | 1,069,088 | | **Total** | **1,081,258** | **1,070,037** | [28. Provisions for Legal Claims and Contingent Liabilities](index=52&type=section&id=28.%20Provisions%20for%20Legal%20Claims%20and%20Contingent%20Liabilities) Provisions for probable legal claims totaled **BRL 2.01 billion**, with **BRL 3.78 billion** in contingent liabilities, including a **BRL 1.14 billion** regulatory risk Provisions and Contingent Liabilities (in thousands of BRL) | Category | Provisions (Probable Loss) | Contingent Liabilities (Possible Loss) | | :--- | :--- | :--- | | Tax | 210,577 | 526,492 | | Labor & Employee Benefits | 557,324 | 387,312 | | Regulatory | 6,252 | 1,530,473 | | Civil | 1,239,021 | 1,335,008 | | **Total** | **2,013,174** | **3,779,285** | [29. Equity](index=56&type=section&id=29.%20Equity) Paid-in capital was **BRL 10.8 billion**, with the State of Paraná holding **31.07%**; Class 'B' preferred EPS was **BRL 0.23728** Main Shareholders as of March 31, 2023 | Shareholder | % of Total Shares | | :--- | :--- | | State of Paraná | 31.07% | | BNDESPAR | 23.96% | | Free float (B3, NYSE, Latibex) | 44.16% | | Other shareholders | 0.81% | Earnings Per Share (in BRL) | Share Class | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Common shares | 0.21571 | 0.22870 | | Class "A" preferred shares | 0.23728 | 0.25158 | | Class "B" preferred shares | 0.23728 | 0.25158 | [33. Operating Segments](index=63&type=section&id=33.%20Operating%20Segments) Copel operates five segments, with GET and DIS being largest in assets and operating profit, contributing **BRL 591.2 million** and **BRL 180.3 million** respectively Assets by Reportable Segment (in thousands of BRL) | Segment | 03.31.2023 | | :--- | :--- | | Power Generation and Transmission (GET) | 26,656,292 | | Power Distribution (DIS) | 20,881,942 | | Power Sale (COM) | 2,265,570 | | GAS | 1,082,586 | | Holding and Services | 2,241,268 | | **Consolidated Total** | **53,064,463** | Operating Profit by Reportable Segment (in thousands of BRL) | Segment | Q1 2023 | | :--- | :--- | | Power Generation (GER) | 375,074 | | Power Transmission (TRA) | 216,104 | | Power Distribution (DIS) | 180,336 | | Power Sale (COM) | 106,975 | | GAS | 39,403 | | Holding and Services | (36,791) | | **Consolidated Total** | **881,101** | [34. Financial Instruments](index=67&type=section&id=34.%20Financial%20Instruments) Details financial instruments and risk management for credit, liquidity, market, and sector-specific risks like GSF and concession renewals - The company actively manages several financial risks: - **Credit Risk:** Exposure totals **BRL 9.9 billion**, mitigated by investing cash in federal banks and managing customer receivables[239](index=239&type=chunk)[244](index=244&type=chunk) - **Liquidity Risk:** Managed by projecting cash flows and maintaining access to debt markets[251](index=251&type=chunk) - **Market Risk:** Includes exposure to USD fluctuations, variable interest rates (CDI, IPCA, TJLP), and electricity price volatility in the free market[251](index=251&type=chunk) - Sector-specific risks are significant, including: - **Generation Scaling Factor (GSF):** Risk from low hydroelectric generation is managed by not fully contracting assured energy and using insurance for regulated contracts[268](index=268&type=chunk)[276](index=276&type=chunk) - **Concession Renewal:** The company is actively managing the renewal process for key generation and distribution concessions, including a potential corporate transformation to facilitate this[289](index=289&type=chunk) Capital Management - Debt to Equity Ratio | Metric | 03.31.2023 | 12.31.2022 | | :--- | :--- | :--- | | Net Debt (in thousands BRL) | 11,448,547 | 8,869,525 | | Equity (in thousands BRL) | 21,766,529 | 21,131,225 | | **Debt to Equity Ratio** | **0.53** | **0.42** | [35. Related Party Transactions](index=81&type=section&id=35.%20Related%20Party%20Transactions) Engages in transactions with related parties including the State of Paraná and BNDES, involving financing, dividends, and operational agreements - Significant related parties include the State of Paraná (controlling shareholder) and BNDES/BNDESPAR (major shareholder and creditor), with transactions including dividends payable, social programs funded by the state, and financing from BNDES[317](index=317&type=chunk) - Copel provides substantial financial guarantees for its subsidiaries' financing and debentures, as detailed in Notes 20 and 21, and also for certain joint ventures, primarily through pledges of its shares in those ventures[326](index=326&type=chunk)[327](index=327&type=chunk) [39. Condensed individual financial information of Companhia Paranaense de Energia - Copel](index=86&type=section&id=39.%20Condensed%20individual%20financial%20information%20of%20Companhia%20Paranaense%20de%20Energia%20-%20Copel) Parent company financials show **BRL 21.0 billion** in subsidiary investments and **BRL 626.6 million** net income from equity earnings - The parent company's main asset is its investments in subsidiaries, which are accounted for using the equity method and valued at **BRL 21.0 billion**[338](index=338&type=chunk)[349](index=349&type=chunk) - The parent company's net income is driven by the results of its subsidiaries, with **BRL 639.6 million** in equity earnings contributing to a total net income of **BRL 626.6 million** for the quarter[340](index=340&type=chunk) [40. Subsequent events](index=91&type=section&id=40.%20Subsequent%20events) Subsequent events include ANEEL's public consultation on hydroelectric concessions and Copel DIS's **BRL 1.6 billion** debenture offering - In May 2023, ANEEL opened a public consultation on the new concession contracts for HPP Segredo, HPP Salto Caxias, and HPP Foz do Areia, which is linked to Copel's potential transformation into a 'Corporation'[355](index=355&type=chunk) - On June 6, 2023, Copel DIS announced a public distribution offer of **BRL 1.6 billion** in debentures, scheduled for issuance on June 15, 2023[358](index=358&type=chunk)