Copel Files Q1 2024 Results

Ticker: ELPC · Form: 6-K · Filed: May 9, 2024 · CIK: 1041792

Sentiment: neutral

Topics: financial-results, 6-K, Brazil

TL;DR

Copel dropped its Q1 2024 numbers, showing EBITDA, revenue, and costs. Check the details.

AI Summary

Companhia Paranaense de Energia (Copel) filed a Form 6-K on May 9, 2024, reporting its consolidated financial results for the period ending March 31, 2024. The filing includes details on EBITDA, operating revenue, and operating costs and expenses, as well as equity in earnings of subsidiaries.

Why It Matters

This filing provides investors with updated financial performance data for Copel, a key energy provider in Brazil, allowing for assessment of its operational and financial health.

Risk Assessment

Risk Level: low — This is a routine financial disclosure (6-K) and does not contain new material events or significant changes.

Key Numbers

Key Players & Entities

FAQ

What specific financial metrics are detailed in the 'Consolidated Results' section?

The filing explicitly lists EBITDA, Operating Revenue, Operating Costs and Expenses, and Equity in Earnings of Subsidiaries as key components of the Consolidated Results.

What is the fiscal year end for Energy Co of Parana?

The fiscal year end for Energy Co of Parana is December 31.

Is this filing an annual report or a periodic update?

This is a Form 6-K, which is a Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934, typically used for periodic updates.

What is the SIC code for Energy Co of Parana?

The Standard Industrial Classification (SIC) code for Energy Co of Parana is 4911, which corresponds to Electric Services.

Does Energy Co of Parana file an annual report on Form 20-F?

Yes, the filing indicates that the registrant files annual reports under cover of Form 20-F.

Filing Stats: 4,598 words · 18 min read · ~15 pages · Grade level 10.1 · Accepted 2024-05-09 06:06:36

Key Financial Figures

Filing Documents

From the 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 May, 2024 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) 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____ List of contents 1. Consolidated Results 2 1.1 EBITDA 2 1.2 Operating Revenue 3 1.3 Operating Costs and Expenses 3 1.4 Equity in Earnings of Subsidiaries 5 1.5 Financial Result 5 1.6 Consolidated Net Income 5 1.7 Debt 6 2. Investments 8 2.1 Investment Policy 8 2.2 Investment Program 8 3. Copel Geração e Transmissão 9 3.1.1 IFRS Effect on the Transmission Segment 10 3.2 Operacional Performance 10 3.2.1 Generation 11 3.2.2 Hydro and Wind Generation 11 3.2.3 Thermal Generation 11 3.3 Transmission 12 3.3.1 RBSE Reprofiling 12 4. Copel Distribuição 13 4.1 Financial Performance 13 4.1.1 Regulatory Efficiency 14 4.2 Operacional Performance 15 4.2.1 Grid Market (TUSD) 15 4.2.2 Captive Market 15 4.2.3 Concession Agreement 15 4.2.4 Investment and Operational Data 15 5. Copel Mercado Livre 18 5.1 Financial Performance 18 5.2 Operacional Performance 19 6. Performance ESG 20 6.1 Copel pioneers in ESG in the sector 20 6.2 Recent Highlights 20 6.3 Indicators 21 6.4 Ratings, Rankings, and Indexes 22 7. Other highlights 23 Exhibit 29 RESULTS | 1Q24 1 1. Consolidated Results The following analyses refer to the first quarter of 2024 compared to the same period in 2023. 1.1 EBITDA Copel's adjusted EBITDA 1 (excluding, in addition to non-recurring items, revenues from Copel Dis' VNR, equity and inflation on assets from transmission contracts) was R$1,329.7 million in 1Q24. This amount was 6.3% lower than the R$ 1,418.8 million in 1Q23, mainly reflecting the lower average price of energy sold by Copel GeT, partially offset by the increase in Copel Distribuição's revenue due to the 7.9% growth in the billed wire market in its concession area. Considering continuing operations (excluding the results of Compagas and UEGA, which are in the process of being divested) and excluding only non-recurring items, adjusted EBITDA was R$1,411.4 million, 10.3% lower than the R$1,573.9 million in 1Q23. Thus, the main factors that explain the result in the quarter are: (i) Copel GeT's EBITDA of R$ 786.6 million, 22.8% lower than the R$ 1,018.7 million in 1Q23, basically as a result of (a) the reduction in the average sale price of energy (R$ 174.86 in 1Q24 compared to R$ 205.98 in 1Q23, a reduction of 15.1%) and the lower performance of wind farms, and (b) the lower remuneration on transmission contract assets, mainly due to lower inflation in the comparison between periods (IPCA of 1.42% in 1Q24 compared to 2.09% in 1Q23), with a negative effect of R$ 32.4 million on Copel GeT's electricity grid availability revenue and R$ 19.8 million on equity results; (ii) the increase in expenses with provisions and reversals, with R$ 87.2 million recorded in 1Q24 compared to R$25.8 million in 1Q23 (in recurring terms), mainly due to the reversal of R$14.2 million in the PCLD (allowance for doubtful accounts) in 1Q23 as a result of the recovery of invoices due to the end of the collection restrictions imposed by the COVID-19 pandemic within the distributor, while in 1Q24 there was a provision of R$ 42.3 million. These events were partially compensated, essentially, by the better result of Copel Distribuição, mainly due to (i) the 7.9% growth in the billed wire market; (ii) the tariff adjustment of June 2023, with an average effect of 6.32% on the Tariffs for the Use of the Distribution System (TUSD); and (iii) the reduction of R$25.3 million in the line of "other operating costs and expenses", due, basically, to the higher recovery of taxes and disposal of assets. Considering discontinued operations, adjusted EBITDA, excluding only non-recurring items, was R$ 1,432.5 million in 1Q24, with a variation of 11.5% lower than the R$ 1,617.8 million in 1Q23, a reflection, in addition to factors mentioned, the lower result of Compagas due to the lower sales volume for the cogeneration and indust

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