Companhia Paranaense De Energia · BMFBOVESPA:CPLE3
Companhia Paranaense De Energia — Energy Co of Parana — Q2 2020 Earnings Presentation
76 slides from Companhia Paranaense De Energia's earnings presentation, Aug 18, 2020
Slide 1: Earnings Release 2Q20
Earnings Release 2Q20 2Q20 Results Copel records EBITDA of R$1.8 billion in the second quarter 2020 Results Conference Call * PIS / COFINS credit: RS5.6 billion in assets & R$1,152 million in net income * Adjusted EBITDA of R$979.6 million in 2020 (+1.2%) cee eu OLE © — Net income of R$1,594.9 milli
Slide 2: PIS/COFINS effect on balance sheet and income statement
The difference, in the amount of R$1,152.1 million, was recorded in the balance sheet and with an effect on the income statement (R$809.1 million in the "net operating revenue" line, R$936.5 million in the "financial revenue, net of PIS and COFINS” line and negative R$593.5 million in (income tax an
Slide 3: Financial Performance: Operating Revenues
The reduction is due to the revision of the construction schedule due to the effects of the Covid-19 pandemic and initiatives to re-allocate contributions and renegotiate contracts. Copel remains on the FTSE4Good Index Copel was selected again to compose the FTSE4Good Index Series, a London stock ex
Slide 4: First half 2020 net operating revenue
Considering the first half of 2020, net operating revenue reached R$8,821.3 million, an amount 16.7% higher than the R$7,561.7 million recorded in the same period of 2019, mainly due to the 4.6% increase in “electricity sales to final costumers”, due to the 1.0% increase in the volume of energy sold
Slide 5: Operating costs and expenses
Also noteworthy is (i) the R$280.0 million recorded in the “depreciation and amortization” line, representing an increase of 7.5% compared to the same period of the previous year, mainly due to the start of commercial operation of generation assets throughout 2019, and (ii) the 11.2% increase in the
Slide 6: Costs partially offset by lower gas and grid charges
This result was partially offset (i) by the 47.9% drop in the “natural gas and supplies for the gas business” line, reflecting the reduced demand for the input, caused by the departure of a large customer and the effects of the pandemic in the market Compagas; and (ii) the 23.2% drop in the “charge
Slide 7: PMSO costs
PMSO costs (except for estimated losses and the provisions and reversals line) grew by 2.0%, mainly due to the 14.1% increase in expenses with “personnel and management”, partially offset by the end of collection, in December 2019, of the Control, Monitoring and Inspection Rate for Exploration Activ
Slide 8: Personnel and management costs
Specifically on costs with “personnel and management”, the increase of 14.1% is related to the higher record of provision for Performance Incentive Program (“PPD”) and Profit Sharing Program (“PLR”), which are due to Company's results. Neutralizing the effects of the provision for PPD and PLR, the “
Slide 9: Equity in earnings of investees
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Slide 10: EBITDA growth in first half
In the first half, EBITDA grew 44.5% compared to the same period in 2019, while, excluding the non-recurring effects, adjusted EBITDA increased 5.9%. If we do not consider Equity, adjusted EBITDA in 2Q20 would be R$975.1 million, growth of 4.0% in relation to 2Q19, while adjusted EBITDA, without equ
Slide 11: Financial result and consolidated net income
In 1H20, the financial result reached R$809.6 million, compared to a negative R$226.0 million in the same period last year. 2.6 Consolidated Net Income In 2Q20, Copel recorded net income of R$1,594.9 million, an amount 338.9% higher than the R$363.4 million presented in the same period of 2019, expl
Slide 12: 2.7 Consolidated Income Statement
2.7 Consolidated Income Statement
Slide 13: Consolidated income statement
PS Eo Ta 7ais vers ana Tas Veer aot oy 2 2) ws 4) ) ws) ‘OpeRaTG REVENUES ‘7am aassea) semi —tes—sennzes—sraaes Foy lecicitysales final astomens sists 1.758660 529,761 12306200 3.160.706 as lecctysales to aistabutor 666257 76,751 osaar 11 Asisose 39032 vo ‘Ue of the main istibuton and transmission g
Slide 14: Consolidated balance sheet: assets
R$'000 hosts un-20 Dec-19 hun-i9 vars var% a) @) @ (ay 0) ‘CURRENT 8,684,469 7,909,196 | 6,612,373 os 313 Cash and cash equivalents 2,902,007 | 2,941,727 | 1,906,712 (14) 522 Bonds and securities 1,455 312 1,390 (532) ar Collaterals and escrow accounts 154 147 43,723 43 (99.6) Customers 2877803 3,12
Slide 15: Loans, financing and debentures maturities
Loans, financing and debentures maturities are presented below:
Slide 16: Guarantees and Endorsements
RS'000_ Guarantees and Endorsements! ae ae a 2) (3) (a/3) Caiud Transmissora de Energia S.A. 5956 5,956 5,956 E Integragdo Maranhense Transmissora de Energia S.A. - : : : Matrincha Transmissora de Energia (TP NORTE) S.A. : 44100 44,100 (100.0) Guaraciaba Transmissora de Energia (TP SUL) S.A. 236,837
Slide 17: Net Debt by Subsidiary
Net Debt by Subsidiary The following table shows the gross debt and net debt of the subsidiaries:
Slide 18: Accounts Payable related to the Concession
Accounts Payable 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.
Slide 19: Lawsuits classified as possible losses
The lawsuits classified as possible losses (those that are not provisioned in the balance sheet), as estimated by the Company and its controlled companies at the end of June , 2020 , totaled R$3,485 million, 2.5 % lower than that registered in March 2020 (R$3,574.3 million), distributed in lawsuits
Slide 20: Consolidated balance sheet: liabilities
vies 1un-20 Deets ants vars vars i) 2 @ (2) (a) ‘CURRENT 6,057,535, 5,345,601 5.720457 3 39 Payroll, social charges and accruals 382,025, 337,004, 343577 33 2 Suppliers 471402 16585 280 11482,607 (27, 1a Income taxand social contibution payable 779,108 60,132 35228211987 aa ‘Other taxes due rasa 501
Slide 21: Manageable costs, excluding provisions
Manageable costs, excluding provisions and reversals, decreased by 10.2%, mainly due to (i) the 16.5% reduction in “third party services” and (ii) the 53.0% decrease in the line “other operating costs and expenses”, as a result of the revocation of the law that instituted the Control, Monitoring and
Slide 22: Personnel and management excluding PPD and PLR
Excluding the effects of provisions for Performance Incentive Program – “PPD” and Profit Sharing Program – “PLR’ , the personal and management account registered a 4.5% growth in relation to the amounts recorded in 2Q19.
Slide 23: Copel GeT and Copel Distribuição results
In the second quarter of 2020, Copel GeT had a net income of R$264.8 million, 56.3% higher than the R$169.4 million recorded in 2Q19. 4.2 Copel Distribuição Copel Distribuição recorded EBITDA of R$1,087.8 million in 2Q20 compared to R$287.1 million recorded in 2Q19. This result reflects the positive
Slide 24: Copel Distribuição revenue drivers
This result is mainly due to (i) the tariff readjustment applied as of June 24, 2019, which provided a 6.3% growth in Portion B revenue; (ii) the positive effect of R$31.0 million for the month of June 2020 due to the annual tariff adjustment cycle 2020/2021; (iii) the positive effect of R$80.7 mill
Slide 25: Copel Distribuição manageable costs
Manageable costs, except for provisions and reversals and the extraordinary event related to PIS/COFINS, grew 5.6% compared to 2Q19, mainly due to (i) the 10.7% increase in expenses with “personnel and management", due to provisions for performance (PPD) and profit sharing (PLR) and the 2.92% salary
Slide 26: Personnel and management
The “personnel and management” account, with the exception of the effects of provisions for performance and profit sharing, recorded a decrease of 16.9% in relation to the amounts recorded in 2Q19, mainly due to the reduction in the number of employees through the incentive dismissal program (PDI) h
Slide 27: Copel Telecom third-party services
The “third-party service” account totaled R$18.7 million in 2Q20, a 19.4% reduction compared to 2Q19, due to (i) a significant reduction in the monthly values of circuit maintenance services, as a result of a bid held in 12/2019; and (ii) the contractual review of the outsourced call center service,
Slide 28: 4.4 Copel Comercialização
4.4 Copel Comercialização (Copel Energia) Copel Energia registered an EBITDA of R$28.9 million in 2Q20, an amount 50.3% higher than the R$19.2 million in 2Q19, mainly due to the effect of fair value (Mark-to Market) on the purchase and sale of energy, in the amounting to R$31.1 million, registered i
Slide 29: Fair value effect on EBITDA
Except for the effect of fair value in the purchase and sale of energy and the estimated loss by COVID-19, EBITDA in 2Q20 would be negative R$1 million, compared to R$14.6 million in 2Q19.
Slide 30: 4.5 Accounting Information
4.5 Accounting Information Accounting information concerning Copel’s interests in other companies on June, 30, 2020, is shown in the following table :
Slide 31: 5. Investment Program
5. Investment Program The following chart shows the investment program carried out in 2Q20 and scheduled for 2020:
Slide 32: Investment program by company (R$ million)
R$ million Carried Carried Carried ‘Scheduled? ate a 2Q20 1Q20 2Q19 2020 Copel Geragio e Transmissio 1524 1005 3144 6307 HPP Colider 00 00 1067 264 HPP Baixo Iguacu? 0.0 00 00 25.8 TL Curitiba Leste-Blumenau 55a 272 340 1240 TLbipor8-Londrina (Contract 060/2001) 00 00 00 406 Substation Bateias 00 00
Slide 33: Grid Market (TUSD)
For further details, access the Notice to the Market - IR 20/20 (link). 6.2 Grid Market (TUSD) Copel Distribuição’s grid market, comprising the captive market, concessionaires and licensees in the state of Paraná, and all free consumers in the Company’s concession area, adjusted by removing consumer
Slide 34: Aneel Normative Resolution note
[1] According to Aneel’s Normative Resolution no. 722/2016, consumers connected at 230kV voltage level must be part of the Basic Grid. The migration of these customers does not imply a reduction in revenue for the remuneration of the Distributor.
Slide 35: 6.4 Total Energy Sold
6.4 Total Energy Sold Total energy sold by Copel in all markets, comprising sales by Copel Distribuição, Copel Geração e Transmissão, Wind Farms and Copel Comercialização totaled 12,697 GWh in the second quarter of 2020, an increase of 5.9% compared with the same period last year. The following tabl
Slide 36: Number of Customers / Agreements and Energy Sold
Number of Customers / Agreements Energy Sold (GWh) Jun-20_Jun-19 Var.% 2020 2019 Var. % Copel DIS Captive Market 4,753,652 4,676,812 16 4554 4,836 (58) Concessionaries and Licensees 2 3 33 20 65 (69.2) CCE (Assigments MCSD EN) 244 204 20 171 280 (38.9) CEE (MVE) 2 6 100 109 82 33 cee (cP) : : : 888
Slide 37: Energy Flow - Copel Dis
Energy Flow - Copel Dis 20202019 Var.% = AHO ants Var. % ttaipw 1367 | 1,384 (12)|__ 2734 | 2,759 (03) CEAR ~ Group Companies 36 38 (53) 6 6 (13) CEAR — Other 2837 | 3026 (62) 5,71 | 6.087 52) — not os 196 : | 31 . e ‘ecee (wcP) . . i 2 - - Angra 240 245 (20) 481 488 (14) coor aase | 1527 (22) 3038
Slide 38: Energy Flow - Copel GeT
Energy Flow - Copel Get 2020 2019 Var.% | 1H20 1419 Var. % (Own Generation (net of losses) 3,003 4633 (78.4) 3,168 9.224 (652) Dona Francisca 35 35 : 0 70 : Copel Comercializagao ° 0 _ 0 ° - MRE Receipt 2,749 B 36658) 4909 33 | 51785 Total Avaliable Power 3785 a7at (202) 847 9387 (32) Bilateral Agre
Slide 39: Energy Flow – Copel Comercialização
Energy Flow – Copel Comercialização
Slide 40: Energy Flow - Copel Comercialização
GWh Energy Flow - Copel Com 2az0 2019 Var.% © M20 AHI. Var. % Copel Get asz7| 1237/34] 3.283/ 2as2] 396 Other 4,104 var) 478} 2ai2| 4514) 468 cee (cP) : : : 2 32) 313 Total Available Power zest nese 6587 —a8aB | 20 Free Customers 3040 oss] S64] 2150| —izei| 678 Bilateral Agreements aag7| 1202) 158)
Slide 41: Total energy flow (GWh)
GWh ‘Own Generation Captive Market 1468 _ 12.796 4554_ 39.3% ‘Concessionaires™ 200.2% Electricity sales to distributor CCE” 350.3% ‘Assignment MCSD EN 172 15% ‘Total Available Power ‘CCEE (MVE 109 _ 0.9% 11,602 Free customers Purchased energy 1819 15.7% 10,134 87.3% CCEAR: 2,837 ‘Supplied Energy hta
Slide 42: Power Purchase Average Tariff – Copel Distribuição
Power Purchase Average Tariff – Copel Distribuição
Slide 43: Power purchase average tariff (R$/MWh)
RS / MWh. = Amount Jun/20. Mar/20—Jun/19._—sVar.% == Var.% = Average MW (1) 2) (3) (2/2) (1/3) Itaipu? 589.5 3743 3586 2A 44 379 ‘Auction ~ CCEAR 2010 - H30 Cz 236.7 235.7 27 04 40 ‘Auction - CCEAR 2010-15? 60.1 156.4 153.7 165.6 47 (5.6) ‘Auction ~ CCEAR 2011 - H30 54.8 204.2 202.9 2347 06 4a ‘Auct
Slide 44: 7. Capital Market
7. Capital Market 7.1 Capital Stock Copel’s capital amounts to R$ 10,800.0 million. On June 30, 2020, the Company's capital was represented as follows:
Slide 45: Shareholders by share class
‘Shareholders ‘Common %___ Preferred "A % % TOTAL State of Parané 35,029, 586 : : : : 35,029, BNDESPAR 33,299 26.4 : : 27,282 23 65,581 Eletrobras 4531 aa a : : : 4531 Free Floating 19,836 137 n 235 100,965 7a7 120878 a 19,720 26 n 235 7058 601 96,852 Nyse 116 oa : 7 23,735 185 23428 waTiBex : 5 z 5
Slide 46: Shareholder composition charts
Common 58.6% 02% 21.2% 1 State of Parand 13.7% = BNDESPAR Eletrobras sai a 1 Free Floating other 26.4% Total 02% 44.2% ual . «State of Parand = BNDESPAR Eletrobras * Free Floating <p other 0.6% 24.0% «= Free Floating
Slide 47: Share trading and performance
From January to June 2020, Copel’s common shares (ON - CPLE3) and class B preferred shares (PNB - CPLE6) were traded in 100% of the trading sessions of the B3 S.A. - Brasil, Bolsa, Balcão (B3). The free float accounted for 68.93 % of the Company’s capital. At the end of June 2020, the market value o
Slide 48: 7.3 Dividends and Interest on Own Capital
7.3 Dividends and Interest on Own Capital The table below presents the payments of dividends and interest on own capital as of 2011:
Slide 49: Dividends and interest on own capital payments
Type of Earning Fiscal Year Approved on Paid on ars iad —— ae aaa Total 2011 421,091 146633252507 «1.61546 foc 2011 osnas 09/15/11 225,814 078803 0.86706 (0.86706 toc 2011 04/262 05/29/12 195,277 0.68030 —«1.65801._—_—0.74840 Total 72012 268,554 093527 _-2:52507_~—+1.02889 loc 2012 apen2 01/15/13 13
Slide 50: Generation plants installed capacity and concessions
acernee Installed ‘Assured Power Generation Concession Capacity (MW) (Average MW) _(GWh)* Expires Hydroelectric Power Plants 49470 22093 3,192.2 HPP Gov. Bento Munhoz da Rocha Netto (Foz do Areia) 1,676.0 6033 5458 09.17.2023 HPP Gov. Ney Aminthas de Barros Braga (Segredo) 41,2600 5785 g104 11.15.20
Slide 51: Interest in Generation Projects
Interest in Generation Projects Copel holds interests in seven power generation projects at the operational stage, with a total installed capacity of 884.8MW, out of which 604.9MW refer to Copel´s stake, as shown below:
Slide 52: Interest in Wind Farms
Interest in Wind Farms Copel has 49% interest in the Voltalia São Miguel do Gostoso I Participações S.A. wind complex, in the State of Rio Grande do Norte. The energy output of the enterprise was sold in the Fourth Reserve Energy Auction under twenty-year contracts, with supply beginning in July, 20
Slide 53: Voltalia São Miguel do Gostoso wind farms
Installed Capacity’ Assured Power Wind farm Expiration of bas ici (mw) (Average MW) Sete sae location Authorization Voltaia-Sd0 Miguel do Gostoso | Partcipagbes SA Cornadias 270 Ba 04.08.2087 Reduto 270 144 cogs suits A9COPEL So Miguel do _08:5.2047 ‘Sra eiae 270 153 51%Voltalia —Gostoso (RN) 94.17.
Slide 54: Assets under Construction
Assets under Construction Copel GeT is substantially increasing its share of the transmission segment through its own investment and partnerships in special purpose companies - SPCs. The projects sum up a total of 1,027 km of transmission lines and one substation and will generate an APR of R$163.2
Slide 55: Lot E
Lot E The commercial operation of part of the projects that compose Lot E of Transmission Auction No. 005/2015 began ahead of schedule. Fully sold to Copel GeT, Lot E is comprised of 230 km of transmission lines and 3 substations, totaling 900 MVA of power and expected ARP of R$119.0 million (2020/2
Slide 56: Distribution Operating Data
Operating Data In the distribution business, Copel serves more than 4.7 million energy customers in 1,113 locations, belonging to 394 municipalities in State of Paraná and one in the State of Santa Catarina. Copel Distribuição operates and maintains the installations at13.8 kV, 34.5 kV, 69 kV and 13
Slide 57: 8.4 Telecommunications
8.4 Telecommunications Copel Telecomunicações has an optical backbone/backhaul made up of a high capacity intermunicipal transmission network and the access network. The access network can be multi-point (GPON) or point-to-point (conventional), thus connecting customers to Copel Telecom’s data trans
Slide 58: Slide 58
Slide 59: 8.6 New Projects
8.6 New Projects Project Portfolio Copel holds interests in different power generation projects. When these projects go into commercial operation, they will add 263.8MW of installed capacity to the Company's portfolio (in proportional to the Company’s stake in the enterprises).
Slide 60: New projects capacity and Copel stake
Estimated Installed Capacity _Estimated Assured Power COPEL’ Stake Project (mwy (Average MW) (2) SHP 105.9 725 Foz do Curucaca 29.0 20.0 19.0 Salto Alema 29.0 198 19.0 Séo Jorge 215 145, 25.0 vere 26.4 18.2 25.0 HPP 4147 227.0 So Jerénimo 331.0 178.1 412 Salto Grande 47.0 269 99.9 Dois Vizinhos 36.7
Slide 61: 9. Other Information
9. Other Information 9.1 Human Resources Copel’s workforce closed 2Q20 at 7,055 employees distributed. The table below shows employee number trends in the Company and its subsidiaries in the last four years:
Slide 62: Employee numbers by segment
Quadro de Pessoal 2017 2018 2019 2020 Geragao e Transmissao 1,734 1,660 1,620 1,605 Distribuigo 5,746 5,364 4,964 4927 Telecomunicacées 649 478 412 377 Holding 78 75 61 104 Comercializagao 38 34 38 42 Renovaveis : TOTAL 8,245 7,611 7,095 7,055
Slide 63: Copel operating data summary
Cope! Get In operation Hydroctetric® ‘Quota System Theemal Wind power Under construction Hydroctetrie Wind Farms In operation Under construct Partnership, In operation Hyeroctetric Theemal Wind farms Copel Telecom Optical cables backbone/backhavl (Am) Cities served in Parana State Number of customer
Slide 64: Consolidated Cash Flow
Conelidated Cath Flow a0 1s ‘ash flows trom operational activities [Net income for the period 2,105 856 852,903 Adjustment to reconcile net income forthe period with cash generated from operating activities maa) 4592615 Depredation and Amontzation S568) 483,387 LUncealized monetary and cambial varia
Slide 65: Copel GeT income statement
a Sar 72020 1020 2019 Var% H20 IHi9 Var% en (2) (3) (4/3) (O} (5) (4/5) OPERATING REVENUES 1,036,761 1,141,075 941,760 10.1) 2,177,836 | 1,943,319 1a Electricity sales to final customers 136523 142,984 172,379 (208) 279507) 338,445 (17.4) Electricity sales to distributors 599,765 801,286 574,565 4a)
Slide 66: Copel Distribuição income statement
ca 2020 Ta20 2013 Var% TH20 THIS Var% ren Q) (3) (1/3) “ (5) (4/5) OPERATING REVENUES 2,458,643 2,628,359 2,334,856 53| 5,087,002) 4,801,456 40 Electricity sales to final customers, 1,208,608 1,410,401 1,228,670 (1.6)| 2,619,009 | 2,577,972 16 Electricity sales to distributors 60,295 49,784 49,733 2
Slide 67: Copel Telecom income statement
R$ ‘000 SS 2020 2019 Var% 1H20 THI9 Var%6 a) 2 (3/2) 4) (5) (4/5) NET OPERATING REVENUES 93,368 101,510 (8.0), 190,829 216,862 (12.0) Revenues from telecommunications 92,682 100,185 (75)/ 189,402) 213,942 (11.5) Other operating revenues 686 1,324 (48.2) 1,427 2,920 (51.1) OPERATING COSTS AND EXPENSE
Slide 68: Copel Comercialização income statement
Geen aebeall 2020 120 2019 Var% TH20 THIS Varn a) (2) (3) (4/3) @ (5) (4/5) OPERATING REVENUES 513,522 538,841 384,785 335 1,052,363 753,388 397 Electricity sales to final customers 203,143 206,046, 129,646 567) 409,189) 246,310 66.1 Electricity sales to distributors 272,967 328888 250,232 9.1, 6018
Slide 69: Assets by subsidiary - Jun-20
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Slide 70: Assets by subsidiary - Dec-19
Geragdoe ves beacoalod ‘Assets - Dec-19 F Distribuigso Telecom = Compagas.—Elejor ComercializagSo Wind Farms Marumbi SPC and Holding -—‘Eliminations Consolidated rere ‘cmos irapuru SPC CURRENT 1426907 | 4,631,981 528,750] 313,896 80,079 30,788 229,630 San7ia 55,751] 4,018,427 | _(3,000,738)| 7,909,1
Slide 71: Liabilities by subsidiary - Jun-20
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Slide 72: Liabilities by subsidiary - Dec-19
Rs'000 Conta Oeste SPC, Lsbites-Dee/19 ratio’ pitituigdo Telecom ——Compagss_—=—«éleor, «EG auc Comeriizasso Wind Farms MarumtiSPCand_Haleing—imintons—_Cnsolated Uropur see unre 9900] 26559 ses] 736300| —esea7| sues | —asaoas| 266997 226 sear] (@sza5)|_aasean Social charges and acrals ssn) 22276 20,1
Slide 73: Income statement by subsidiary
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Slide 74: Income statement 2019 by subsidiary
RS'000 lncome Statement 2019 - Distrbuicso Telecom Compagas—Elejor Comercializagso Other’ Holding —— pment, Consolidated jeneration Transmission NET OPERATING INCOME 657,686 | 184631 2,336,856) 101,509] 196,926 54,063 : 96,792 3237 =] (349,420)| 3,682,137 Electricity sales to final customers 172,379
Slide 75: Income statement by subsidiary 1H20
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Slide 76: Signature and forward-looking statements
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 August 14, 2020 COMPANHIA PARANAENSE DE ENERGIA – COPEL By: / S / Daniel Pimentel Slaviero Daniel P