Copel Files 6-K with June 30, 2024 Financial Results

Ticker: ELPC · Form: 6-K · Filed: Aug 8, 2024 · CIK: 1041792

Sentiment: neutral

Topics: financial-results, foreign-private-issuer, sec-filing

TL;DR

Copel dropped its Q2 2024 results on 8/8. Check the 6-K for EBITDA and revenue.

AI Summary

Companhia Paranaense de Energia (Copel) filed a Form 6-K on August 8, 2024, reporting its consolidated results for the period ending June 30, 2024. The filing details key financial metrics including EBITDA and Operating Revenue, with specific figures to be found within the document's sections on Consolidated Results.

Why It Matters

This filing provides investors with updated financial performance data for Copel, allowing them to assess the company's operational health and profitability.

Risk Assessment

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

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for the consolidated results in this 6-K filing?

The Conformed Period of Report is June 30, 2024.

When was this Form 6-K filed with the SEC?

This Form 6-K was filed on August 8, 2024.

What is the primary purpose of a Form 6-K filing?

A Form 6-K is a Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934, typically used to report information that the registrant has made or is required to make public in its home country.

Does Copel file annual reports under Form 20-F or Form 40-F?

Copel indicates it files annual reports under Form 20-F.

What specific financial metrics are listed in the table of contents for this filing?

The table of contents lists Consolidated Results, including EBITDA, Operating Revenue, Operating Costs and Expenses, and Equity in Earnings of Subsidiaries.

Filing Stats: 4,574 words · 18 min read · ~15 pages · Grade level 9.4 · Accepted 2024-08-08 06:16:48

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 August, 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 7 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 12 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 Operational Data 15 5. Copel Comercialização 17 5.1 Financial Performance 17 5.2 Operacional Performance 18 6. Performance ESG 19 6.1 Copel pioneers in ESG in the sector 19 6.2 Recent Highlights 20 6.3 Indicators 20 6.4 Ratings, Rankings, and Indexes 21 7. Other highlights 22 Exhibit 29 RESULTS | 2Q24 1 1. Consolidated Results The following analyses refer to the second quarter of 2024 and the accumulated half-year, compared to the same period in 2023. 1.1 EBITDA Copel's adjusted EBITDA [1] was R$1,280.3 million in 2Q24, 5.7% higher than the R$1,211.8 million in 2Q23, mainly reflecting the 31.6% growth in Copel Distribuição's EBITDA. Thus, the main factors explaining the result in the quarter are: (i) the 6.2% growth in the billed grid market, as a result of higher average temperatures in the period; (ii) the tariff adjustment in June 2023, with an average effect of 6.32% on Tariffs for the Use of the Distribution System (TUSD); and (iii) the control of manageable costs, which varied by only 0.5% vs. 2Q23, compared to inflation of 3.7% in the same period. These events were partially offset by (i) the reduction in the average energy price of Copel GeT's portfolio (R$175.71 compared to R$187.13 in 2Q23, a variation of -6.1%); and (ii) the lower performance of wind farm complexes due to generation deviation due to the effect of wind volume below certification and unavailability of the generating park resulting from maintenance, causing revenue frustration of R$ 27.1 million (-192% y/y). [1] Excluding non-recurring items, new replacement value (NRV) due to the adjustment to present value of the compensable asset of Copel Distribuição, and effects of IFRS on assets of transmission contracts. Adjusted Consolidated EBITDA Note. Considers discontinued operations The non-recurring items that were neutralized for the calculation of adjusted EBITDA are shown in the following table: Considering the accumulated result for the semester, adjusted EBITDA reached R$2,610.0 million, 0.8% lower than the R$2,630.5 million recorded in 1H23, justified mainly by (i) lower performance of Copel GeT, due to the lower average energy price and the increase in generation deviation from wind farm complexes; and (ii) reduction in Copel Comercialização's energy marketing margins in the half-year comparison due to the 19.5% lower average energy price; partially offset by the good operational performance of Copel Dis. RESULTS | 2Q24 2 In the context of transmission assets, item 3.1.1 presents the regulatory accounting of the result for the purpose of verifying the IFRS ( International Financial Reporting Standards ) effect. 1.2 Operating Revenue Net operating revenue totaled R$5,479.3 million in 2Q24, up 7.4% from R$5,100.2 million in 2Q23. This result is mainly a reflection of: (i) the R$318.7 million (+23.6%) increase in revenue from Use of the main distribution and transmission grid, mainly due to the 6.2% growth in Copel Distribuição's billed grid market and the June 2023 tariff adjustment of Copel Distribuição, with an average effect of 6.32% on tariffs for the use of the dis

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