Pursuant to Rule 13a-16 or 15d-16 of the
80420-170 Curitiba, Paraná
Federative Republic of Brazil
(5541) 322-3535
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____FOR IMMEDIATE RELEASE
COPEL ANNOUNCES 2005 RESULTS
Curitiba, Brazil, March 27, 2006- Companhia Paranaense de Energia- COPEL (NYSE: ELP / LATIBEX: XCOP / BOVESPA: CPLE3, CPLE5, CPLE6), company that generates, transmits, and distributes power to the State of Paraná, today announces its operating results for 2005. All figures included in this report are in thousands of Reais (R$1,000) and were prepared in accordance with Brazilian GAAP (corporate law).
HIGHLIGHTS
- Net Operating Revenue: R$ 4,854 million - a 23.6% increase compared to the same period of 2004.
- Operating Income: R$ 728 million – 21.2% higher than the amount recorded in the previous year.
- Net Income: R$502 million (R$1.84 per thousand shares), 34.3% higher than the amount recorded in 2004 (R$ 374 million).
- Increase in total electric power consumption at COPEL’s concession area: 3.6%
- EBITDA (earnings before interest, taxes, depreciation and amortization): R$ 1,149 million.
- Return on Equity: 10.1% p.a.
- As from June 1, 2005, COPEL has no longer been recording provisions for payments under the gas supply contract between COPEL, Petrobras and Compagas, due to its termination.
- COPEL’s consolidated balance sheet presents, in addition to the wholly- owned subsidiaries’ figures (COPEL Geração, COPEL Transmissão, COPEL Distribuição, COPEL Telecomunicações e COPEL Participações), Compagas’ and Elejor’s figures.
Copel’s Investor Relations
ri@copel.com
Ricardo Portugal Alves | Solange Maueler Gomide | |
(5541) 3331-4311 | (5541) 3331-4359 |
www.copel.com/ri
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
MAIN EVENTS
- Net income: In 2005, COPEL recorded a net income of R$ 502.4 million, corresponding to R$ 1.84 per thousand shares. In the fourth quarter alone, net income was R$ 193.3 million. Regarding the fiscal year 2005, the distribution of interest on own capital in the amount of R$123.0 million was proposed, which will be approved by the Annual Shareholders Meeting to be held on April 27, 2006.
- Market expansion: Total power consumption billed by COPEL in 2005 grew by 3.6% compared to the previous year. The residential, commercial, rural and industrial customer segments grew by 4.2%, 6.8%, 5.2% and 1.8%, respectively.
- Inauguration of the Santa Clara Power Plant: On September 30, 2005, the Santa Clara Power Plant, which is located in the Jordão River, in the central-southern region of Paraná, was inaugurated. The facility, which is part of the Elejor complex, features 120 MW of installed capacity, enough power to supply a city with a population of 300 thousand inhabitants.
- ELEJOR’s Consolidation: COPEL, as holder of 70% of Elejor’s voting capital stock, is consolidating, since the end of 2005, Elejor’s accounting statements, along with its wholly-owned subsidiaries, and Compagas. Due to this consolidation, the debt/shareholders’ equity ratio reached 37.3% .
- Energy Auction: COPEL participated in the first new energy auction, which took place on December 16, 2005. At this auction, COPEL Distribuição acquired the following amounts of power:
Hydroelectric Plants:
3.6 average MW for 2008-2037 at R$ 106.95/MWh
3.3 average MW for 2009-2038 at R$ 114.28/MWh
66.4 average MW for 2010-2039 at R$ 115.04/MWh
Thermal Plants (*):
28.6 average MW for 2008-2022 at R$ 132.26/MWh
60.6 average MW for 2009-2023 at R$ 129.26/MWh
64.3 average MW for 2010-2024 at R$ 121.81/MWh
(*) average price estimates
- Addition of COPEL’s stock into Bovespa’s CSI – Corporate Sustainability Index: The CSI is a BOVESPA initiative in cooperation with the World Bank’s International Finance Corporation – IFC, for the development of a corporate sustainability index similar to the Dow Jones Sustainability Indexes (DJSI). The index methodology was developed by the Center for Sustainability Studies of FGV – Fundação Getúlio Vargas, with the support of Ethos Institute, IBGC, APIMEC, ABRAPP, and ANBID.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
The CSI is designed to reflect the return on a portfolio comprising stock from companies which are renowned for their commitment to social responsibility and corporate sustainability and to promote best practices within the Brazilian corporate environment, with respect to corporate governance, economic efficiency, environmental sustainability, and social justice.
From 121 shares best in terms of liquidity, 28 companies were selected out to integrate the CSI. COPEL’s common (CPLE3) shares and class B preferred (CPLE6) shares were chosen to be part of the index, in its first edition.
- 2006 Capital Expenditure Program: COPEL’s Board of Directors approved, at the 111th board meeting, on December 13, 2005, the new capital expenditure program for 2006, as shown below:
R$ Million | |
Generation | 21.6 |
Transmission | 176.8 |
Distribution | 317.4 |
Telecom | 34.9 |
Corporate Partnerships | 2.4 |
TOTAL | 553.1 |
The approved program includes only amounts for the Company’s wholly-owned subsidiaries. Since the program is made of estimates, it is revised annually.
These figures do not cover potential investments in transmission and generation projects resulting from future public tenders.
Workforce: At the end of 2005, COPEL’s workforce comprised 7,704 employees. COPEL Distribuição recorded the most significant expansion in workforce, as new electricians and telemarketers were hired in order to adjust and improve the standard of service to our customers and to gradually reduce outsourced labor in the front line.
As of December 2005, COPEL Distribuição recorded a customer-to-employee ratio of 586 and Compagas, a subsidiary in which COPEL holds a 51% interest, had 67 employees.
COPEL’s workforce has been assigned to different business units as follows:
COPEL Geração = 921 employees
COPEL Transmissão = 910 employees
COPEL Distribuição = 5,557 employees
COPEL Telecomunicações = 289 employees
COPEL Participações = 27 employees
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
The main points agreed on were:
a) | COPEL shall acquire all the quotas in UEG Araucária Ltda. owned by El Paso, which represents 60% of the company’s capital, at US$ 190 million; |
b) | This amount shall be paid in full upon signature of the final agreement, which shall take place until April 30, 2006; |
c) | The fulfillment of this Letter of Intent is subject to the approval of the National Electric Energy Agency – ANEEL, the Legislative Assembly of the State of Paraná, and El Paso administrative bodies; |
d) | Furthermore, El Paso and COPEL agree, in their condition as quota-holders in UEG Araucária Ltda., upon formal approval by Petrobras, to suspend all pending lawsuits in state courts and the arbitration proceedings before the Chamber of International Trade in Paris. |
- Gas supply contract: COPEL signed an agreement on the conflicts referring to the contract for gas supply to the Araucária Power Plant – UEGA. An Out-of-Court Agreement, a Letter of Consent to Transfer of Co-ownership and a Letter of Intent were signed for that end.
Under the Out-of-Court Agreement, COPEL Geração S/A, with COPEL as guarantor, acknowledges a R$ 150 million debt to Petrobras, which shall be paid in 60 monthly installments restated by the Selic rate (or any other index which may substitute it), starting in January 2010. As a consequence of this agreement, the Company will reverse the respective provisions.
Under the Letter of Consent, Petrobras has declared no opposition to the acquisition, by COPEL, of EL Paso’s quotas in UEG Araucária.
In accordance with the Letter of Intent, Petrobras will employ its best efforts to meet UEGA’s needs for fuel supply, as from 2010; this fuel may be natural gas or any other alternative fuel.
This agreement settles, amicably, the existing conflicts regarding the gas supply for Araucária Power Plant, subject to ANEEL’s approval.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
FINANCIAL AND OPERATING PERFORMANCE
Market Expansion
Total power consumption billed by COPEL in 2005 reached 18,696 GWh, a 3.6% growth as compared to the previous year. If the contracts with Carbocloro and Volkswagen, which expired at the end of 2004, had been taken into account, consumption would have decreased 0.2% in the period.
Residential consumption, which accounts for 24.9% of COPEL’s market, grew by 4.2% in 2005, as attested by the rate of consumption per residential customer, which reached 151.4 kWh/month in 2005, or 1.5% higher than the figure recorded in the previous year (149.2 kWh/month). Such growth has resulted mostly from higher sales of electronics, particularly DVD players, TV sets, and personal computers, following a credit expansion which began last year.
Commercial consumption, which accounts for 17.3% of COPEL’s market, recorded the best performance among major customer categories, with a 6.8% growth. Such expansion resulted from the favorable conditions the tertiary sector has experienced. The retail business benefited from the greater availability of credit to individual costumers, from the overall increase in the number of customers (2.5% over 2004), and from the opening of new businesses, particularly malls, which have recorded high sales figures.
The 5.2% growth in rural consumption was due mainly to the increase in average consumption which resulted from the increase in producers’ income on account of good harvests in 2002/2003 and 2003/2004, enabling them to invest in electric machinery.
Consumption by the industrial segment (taking into account only COPEL Distribuição’s captive market) dropped by 9.3%, due to the transfer of free customers to COPEL Geração in April 2005. Total industrial consumption within COPEL’s concession area, however, grew by 1.8% through the addition of these free customers. The business segments which recorded greater expansion in 2005 were paper, cardboard, and pulp, with a 27,4% growth, and rubber and plastics, with 5.4% .
In December 2005, COPEL’s number of customers amounted to 3,256,584, up by 2.4% when compared to December 2004, an increase of 76,505 customers in 2005.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
Consumption per Segment
GWh | ||||||||||||
Segment | 4Q05 | 3Q05 | 2Q05 | 1Q05 | 2005 | 2004 | ||||||
Residential | 1,167 | 1,153 | 1,173 | 1,160 | 4,653 | 4,467 | ||||||
Industrial | 1,580 | 1,568 | 1,591 | 1,727 | 6,466 | 7,130 | ||||||
Commercial | 820 | 767 | 823 | 821 | 3,231 | 3,024 | ||||||
Rural | 338 | 327 | 361 | 363 | 1,389 | 1,320 | ||||||
Other | 451 | 447 | 454 | 432 | 1,784 | 1,728 | ||||||
Subtotal | 4,356 | 4,262 | 4,402 | 4,503 | 17,523 | 17,669 | ||||||
Free customers | 333 | 346 | 382 | 112 | 1,173 | 371 | ||||||
Total COPEL | 4,689 | 4,608 | 4,784 | 4,615 | 18,696 | 18,040 | ||||||
Carbocloro and Volkswagen | - | - | - | - | - | 696 | ||||||
COPEL Distribuição’s grid market (TUSD), comprising the captive market and all free customers within the Company’s concession area, increased by 3.5% in 2005 (19,938 GWh).
Revenues
Net operating revenues in 2005 reached R$ 4,854 million, up by 23.6% the R$ 3,926 recorded in 2004.
This increase is primarily a result of: (i) the reduction in the discounts afforded to customers who pay their bill in time, which represented an average rate increase of 5% as from February, 2005 and 4.41% as from August, 2005; (ii) higher “supply” revenue, due to the 75% reduction of the initial contract between COPEL Geração and COPEL Distribuição and the consequent sale of energy from COPEL Geração to the first old energy auction (980 average MW for the period between 2005-2012 at R$ 57.50/MWh); (iii) the increase in revenue resulting from the use of transmission grid due to tariff readjustments approved by ANEEL Resolution 71 of June 30, 2004 and ANEEL 150 of July 1, 2005, in addition to the incorporation of new transmission assets at the Basic Network and to the transmission grid - TUSD revaluation, after COPEL’s tariff revision.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
The “Piped Gas Distribution” line refers to revenues from Compagas’ gas distribution to third-parties.
Gross Revenue
(R$ thousand) | ||||||||||||
Revenue | 4Q05 | 3Q05 | 2Q05 | 1Q05 | 2005 | 2004 | ||||||
Residential | 470,973 | 478,329 | 460,160 | 447,518 | 1,856,980 | 1,651,363 | ||||||
Industrial | 445,471 | 445,126 | 401,322 | 357,303 | 1,649,222 | 1,456,340 | ||||||
Commercial | 290,270 | 274,146 | 267,053 | 261,443 | 1,092,912 | 912,171 | ||||||
Rural | 61,032 | 58,170 | 60,757 | 62,229 | 242,188 | 210,550 | ||||||
Other | 114,849 | 113,670 | 108,174 | 97,888 | 434,581 | 375,045 | ||||||
Total Retail | 1,382,595 | 1,369,441 | 1,297,466 | 1,226,381 | 5,275,883 | 4,605,469 | ||||||
Supply | 249,428 | 235,789 | 237,070 | 227,650 | 949,937 | 445,856 | ||||||
Revenue from the use of transmission grid | 67,695 | 69,473 | 66,636 | 64,192 | 267,996 | 209,766 | ||||||
Telecom | 19,146 | 12,333 | 13,118 | 12,478 | 57,075 | 41,434 | ||||||
Piped gas distribution | 48,976 | 47,927 | 44,119 | 40,360 | 181,382 | 161,227 | ||||||
Other | 21,397 | 20,827 | 20,842 | 20,791 | 83,857 | 80,573 | ||||||
Total | 1,789,237 | 1,755,790 | 1,679,251 | 1,591,852 | 6,816,130 | 5,544,325 | ||||||
Revenue Deductions
The table below shows COPEL’s operating revenue deductions:
(R$ thousand) | |||||||||||||||||||||||||
Revenue Deductions | 4Q05 | 3Q05 | 2Q05 | 1Q05 | 2005 | 2004 | |||||||||||||||||||
ICMS | 361,963 | 355,696 | 336,326 | 319,509 | 1,373,494 | 1,175,935 | |||||||||||||||||||
PASEP/COFINS | 127,887 | 137,503 | 97,458 | 78,544 | 441,392 | 240,623 | |||||||||||||||||||
RGR | 16,169 | 16,169 | 12,150 | 19,329 | 63,817 | 63,249 | |||||||||||||||||||
Other | 12,609 | 19,834 | 26,305 | 25,143 | 83,891 | 138,744 | |||||||||||||||||||
TOTAL | 518,628 | 529,202 | 472,239 | 442,525 | 1,962,594 | 1,618,551 | |||||||||||||||||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
Operating Expenses
In 2005, total operating expenses reached R$ 4,034 million, up 21.4% the R$ 3,324 million recorded in 2004. The main variations were:
- The 49.0% increase in the “energy purchased for resale” line, due to the 75% reduction of the initial contract between COPEL Geração and COPEL Distribuição and the consequent purchase of energy by COPEL Distribuição in the first old energy auction (992 average MW for the period between 2005 – 2012 at R$ 57.51/MWh). The main amounts booked are: R$ 464.4 million from ITAIPU, R$ 309.3 million from CIEN, R$ 80.7 million from ITIQUIRA and R$ 430.6 million from the energy auction. Also, R$ 43.2 million was booked as passive CVA (“Parcel A”).
- The increase in the “use of transmission grid” line is due to: tariff readjustment confirmed by ANEEL Resolution 71, from June 30, 2004 and 150/2005 from July 1, 2005, in addition to the amortization of CVA costs (R$ 125.5 million).
- The 19.3% variation in the “personnel” line was chiefly due: (i) to wage increases of 6.5% in October 2004 and 5.9% in October 2005; (ii) to the increase in the number of employees (955 employees); (iii) an higher provision for employees’ profit sharing; and (iv) to the agreement on the bonus for hazardous working conditions (R$ 22.2 million) in March and May 2005. Disregarding this last expense, which is non-recurring, personnel expenses would have increased by 14.6%.
The increase in personnel, especially telemarketers and electricians, was stronger in COPEL Distribuição and was aimed at adjusting and improving direct customer service and the reduction of outsourced labor in the front line, as these agreements expire.
- As a result of Compagas’ consolidation, the “raw material and supply for electric power production” line reflects only the amounts spent with fuels and other supplies purchased from third-parties. This rise is primarily due to the purchase of gas for UEG Araucária, referring to the period from January to May 2005 (R$ 47.0 million), which was no longer eliminated in this quarter, as result of the terminations of the contracts between COPEL Geração and Compagas.
- The “natural gas and supply for the gas business” line refers to the total natural gas acquired by Compagas from Petrobras. The decrease registered in this period is a result of the termination of the contract for the purchase of gas for UEG Araucária. As from June 1, 2005, Compagas has no longer billed the events referring to the agreement for the supply of gas and transport.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
- The 19.9% increase in “regulatory charges”, under which R$ 199.6 million were booked as fuel consumption account – CCC, R$ 65.6 million as financial compensation for the use of water resources, R$152.7 million as energy development account – CDE, and R$11.9 million as ANEEL’s oversight fees and other services.
- The increase in the "taxes" line resulted from R$ 32.8 million in penalties imposed by the State Financial Department on COPEL for having wrongfully classified customers under the rural category, which is entitled to benefited from deferment of value-added tax ("ICMS"), during the period from January 2000 through December 2004.
- The decrease in “other operating expenses” mainly due to the reduction of the provision for doubtful accounts, at R$ 38.5 million, and to the non- recurring reversal of value-added tax occurred in 2004, at R$ 107.7 million.
Operating Expenses Breakdown
(R$ thousand ) | ||||||||||||
Operating Expenses | 4Q05 | 3Q05 | 2Q05 | 1Q05 | 2005 | 2004 | ||||||
Energy purchased for resale | 295,439 | 356,272 | 424,790 | 359,829 | 1,436,330 | 963,883 | ||||||
Use of transmission grid | 149,363 | 144,240 | 103,630 | 104,841 | 502,074 | 289,606 | ||||||
Transport of electricity capacity | 6,917 | 7,309 | 7,502 | 6,996 | 28,724 | 21,547 | ||||||
Personnel | 189,960 | 122,471 | 117,500 | 136,524 | 566,455 | 474,796 | ||||||
Pension plan and other benefits | 25,616 | 24,736 | 24,811 | 24,218 | 99,381 | 137,566 | ||||||
Material | 18,197 | 13,544 | 17,149 | 13,575 | 62,465 | 54,462 | ||||||
Raw material and supply for electric power production | 2,469 | 50,269 | 5,908 | 3,424 | 62,070 | 12,271 | ||||||
Natural gas purchased for resale and supplies for the gas business | 24,698 | (23,124) | 55,079 | 85,641 | 142,294 | 278,555 | ||||||
Third-party services | 53,762 | 49,916 | 51,558 | 41,907 | 197,143 | 192,793 | ||||||
Depreciation and amortization | 85,634 | 81,726 | 82,386 | 79,160 | 328,906 | 308,910 | ||||||
Regulatory charges | 98,169 | 113,646 | 102,938 | 115,088 | 429,841 | 358,645 | ||||||
Taxes | (1,226) | 34,167 | 5,299 | 4,095 | 42,335 | 10,092 | ||||||
Other operating expenses | 62,146 | 17,792 | 27,684 | 28,296 | 135,918 | 221,011 | ||||||
Total | 1,011,144 | 992,964 | 1,026,234 | 1,003,594 | 4,033,936 | 3,324,137 | ||||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
CVA (Deferred Regulatory Asset)
The following table shows the charges in balances from deferred tariff costs updated by the SELIC rate in 2005:
R$ thousand | |||||||||||||||||||||||||
Parcel A movement | Balance | Deferral | Amortization | Monetary | Transfer | Balance | |||||||||||||||||||
2004 | Update | 2005 | |||||||||||||||||||||||
Asset | |||||||||||||||||||||||||
Purchased electric power (Itaipu) | 67,254 | (27,804) | (60,009) | 8,635 | 34,636 | 22,712 | |||||||||||||||||||
Transp. of purchased elect. capacity | 5,208 | 2,011 | (4,820) | 828 | - | 3,227 | |||||||||||||||||||
Use of transmission grid | 153,746 | (8,794) | (90,037) | 15,378 | - | 70,293 | |||||||||||||||||||
Energy development account - CDE | 29,527 | 15,531 | (34,665) | 6,132 | - | 16,525 | |||||||||||||||||||
Electric power services fee - ESS | 35,635 | 4,364 | (35,480) | 5,924 | - | 10,443 | |||||||||||||||||||
Fuel consumption account - CCC | 17,038 | 8,551 | (15,349) | 3,306 | - | 13,546 | |||||||||||||||||||
308,408 | (6,141) | (240,360) | 40,203 | 34,636 | 136,746 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Energy purchased for resale | |||||||||||||||||||||||||
Auction | - | 58,867 | (18,168) | 4,978 | - | 45,677 | |||||||||||||||||||
Cien | - | 25,023 | (7,940) | 1,660 | - | 18,743 | |||||||||||||||||||
Itiquira | - | (15,013) | 404 | (875) | - | (15,484) | |||||||||||||||||||
Itaipu | - | 22,661 | (18,990) | 3,333 | 34,636 | 41,640 | |||||||||||||||||||
- | 91,538 | (44,694) | 9,096 | 34,636 | 90,576 | ||||||||||||||||||||
EBITDA
Earnings before interest, taxes, depreciation and amortization – EBITDA reached R$ 1,148.5 million in 2005, up 26.1% over the figure posted in the previous year (R$ 910.5 million).
Financial Result
Financial revenues decreased 7.3% in 2005 compared to 2004, primarily due to the reduction of IGP-DI, index used for readjusting the CRC transferred to the State Government, which varied 12.1% in 2004 and 1.2% in 2005.
Financial expenses went up by 13.4% as a result, mainly, of the booking of fines and monetary restatement referring to the gas purchase contract (R$ 190.9 million), offset by the valuation of the real against the dollar.
Operating Result
COPEL’s operating result recorded in 2005 totaled R$ 727.6 million, 21.2% above the previous year.
Non-Operating Result
The non-operating result recorded in the period reflects mainly the net effect of the write-offs of assets and rights registered under permanent assets.
Net Income
In 2005, COPEL recorded net income of R$ 502.4 million, 34.3% above the same period of the previous year (R$ 374.2 million). In the forth quarter of 2005, the Company’s net income was R$ 193.3 million.
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
Assets
On 12.31.2005, COPEL’s total assets amounted to R$ 10,939.0 million.
COPEL’s capex in 2005 reached R$ 437.3 million, out of which R$ 20.9 million were allocated to power generation projects, R$ 148.9 million to transmission projects, R$ 241.1 million to distribution works, R$ 23.6 million to telecommunications and R$ 2.7 million to corporate partnerships. Elejor and Compagas, whose figures are consolidated together with COPEL, have invested in 2005, R$ 225.1 million and R$ 9.9 million, respectively.
Liabilities
As of December 31, 2005, COPEL’s total debt amounted to R$ 2,044.1 million, representing a debt/shareholders’ equity ratio of 37.3% . Not considering Elejor’s debt, COPEL’s debt/shareholders’ equity ratio would be 31.4% .
COPEL’s shareholders’ equity was R$ 5,487.2 million, representing a 6.8% increase over December 2004 and equivalent to R$ 20.05 per thousand shares.
Debt Profile
(R$ thousand) | ||||||
Foreign Currency | Short-Term | Long-Term | Total | |||
IBD | 23,837 | 98,465 | 122,302 | |||
National Treasury | 11,304 | 110,096 | 121,400 | |||
Eletrobras | 9 | 57 | 66 | |||
Banco do Brasil S/A | 5,320 | 14,720 | 20,040 | |||
Total Foreign Currency | 40,470 | 223,338 | 263,808 | |||
Local Currency | Short-Term | Long-Term | Total | |||
Eletrobras - COPEL | 52,239 | 312,947 | 365,186 | |||
Eletrobras - Elejor | - | 33,377 | 33,377 | |||
BNDES | 6,376 | 31,939 | 38,315 | |||
COPEL’s Debentures | 92,471 | 962,902 | 1,055,373 | |||
Elejors Debentures | 23,232 | 263,623 | 286,855 | |||
Other | 168 | 1,023 | 1,191 | |||
Total Local Currency | 174,486 | 1,605,811 | 1,780,297 | |||
TOTAL | 214,956 | 1,829,149 | 2,044,105 | |||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
ADDITIONAL INFORMATION
Main Operational and Financial Highlights
As of December 31, 2005 | |
Generation | |
Number of power plants: | 18 (17 hydro plants and 1 thermal plant) |
Total installed capacity – COPEL Geração: | 4,550 MW |
Total installed capacity – Partnerships | 221 MW |
Number of automated power plants: | 10 |
Number of step up substations: | 11 |
Number of automated step up substations: | 10 |
Availability of COPEL’s generating units over 10 MW: | 96.01% |
Transmission | |
Transmission lines: | 6,996 km |
Number of substations: | 127 |
Number of automated substations: | 127 |
Installed capacity: | 15,169 MVA |
Distribution | |
Distribution lines: | 165,576 km |
Number of substations: | 231 |
Number of automated substations: | 204 |
Installed capacity in substations of 13.8kV and 34.5kV: | 1,434 MVA |
Number of localities served: | 1,109 |
Number of municipalities served: | 393 |
Number of customers: | 3,256,584 |
DEC (outage duration per customer): | 13:28 hours |
FEC (outage frequency per customer): | 13.51 times |
Telecom | |
Optical cable – main ring: | 4,476 km |
Self-sustained optical cable: | 3,688 km |
Number of cities served: | 146 |
Number of customers: | 242 |
Administration | |
Number of employees (wholly-owned subsidiaries): | 7,704 |
Customer per distribution branch employee: | 586 |
Financial | |
Book value per 1,000 shares: | R$ 20.05 |
EBITDA: | R$ 1,149 million |
Liquidity (current ratio): | 1.06 |
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
Average Tariffs for Energy Purchase
R$/MWh | ||||||
Energy purchase tariffs | December 2005 | December 2004 | Chg. % | |||
Auction CCEAR | 57.51 | - | - | |||
CIEN | 88.24 | 92.67 | (4.8) | |||
Itaipu * | 90.95 | 85.12 | 6.8 | |||
Retail Tariffs
Tariffs | December 2005 | December 2004 | Chg. % | |||
Residential | 268.90 | 262.12 | 2.6 | |||
Industrial | 171.68 | 139.74 | 22.9 | |||
Commercial | 234.87 | 221.31 | 6.1 | |||
Rural | 164.20 | 157.84 | 4.0 | |||
Other | 177.39 | 164.60 | 7.8 | |||
Total | 209.52 | 187.08 | 12.0 | |||
Energy Supply Tariff
R$/MWh | ||||||
Energy supply tariffs | December 2005 | December 2004 | Chg. % | |||
Small wholesale concessionaries | 81.23 | 75.00 | 8.3 | |||
Auction - CCEAR | 57.50 | - | - | |||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
Energy Flow
GWh | |
Source | 2005 |
Own Generation | 18,436 |
Purchased Energy | 20,751 |
Itaipu | 4,683 |
Auction CCEAR | 8,229 |
Cien | 3,504 |
Itiquira | 940 |
MRE | 1,932 |
CCEE | 237 |
Other | 1,226 |
Total available power | 39,187 |
State demand | 17,974 |
Retail | 17,524 |
Wholesale | 450 |
Free customers | 1,173 |
Initial Supply and Bilateral Contracts | 3,813 |
Auction CCEAR | 8,488 |
MRE | 3,152 |
CCEE | 1,318 |
Losses | 3,269 |
Basic grid losses | 1,084 |
Distribution losses | 1,804 |
CG contracts allocation | 381 |
MRE = Energy Reallocation Mechanism
CCEE = Electric Power Trading Chamber
CG = Center of Gravity of the Submarket (difference between energy billed and energy received from CG)
Amounts subject to changes after settlement by CCEE.
Shareholders’ Structure (in thousand shares)
As of December 31, 2005
Millions of shares | ||||||||||||||||
Shareholders | COMMON | % | Preferred "A" | % | Preferred "B" | % | Total | % | ||||||||
STATE OF PARANÁ | 85,028 | 58.6 | - | - | - | - | 85,028 | 31.1 | ||||||||
ELETROBRÁS | 1,531 | 1.1 | - | - | - | - | 1,531 | 0.6 | ||||||||
BNDESPAR | 38,299 | 26.4 | - | - | 27,282 | 21.3 | 65,581 | 24.0 | ||||||||
FREE FLOATING | 19,559 | 13.5 | 120 | 29.8 | 100,787 | 78.6 | 120,466 | 44.0 | ||||||||
In Brazil | 16,112 | 11.1 | 120 | 29.8 | 70,687 | 55.1 | 86,919 | 31.7 | ||||||||
ADS's | 3,447 | 2.4 | - | - | 30,099 | 23.5 | 33,546 | 12.3 | ||||||||
OTHER | 614 | 0.4 | 283 | 70.2 | 152 | 0.1 | 1,049 | 0.3 | ||||||||
TOTAL | 145,031 | 100.0 | 403 | 100.0 | 128,221 | 100.0 | 273,655 | 100.0 | ||||||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
FINANCIAL STATEMENTS - COPEL
COMPANHIA PARANAENSE DE ENERGIA CNPJ 76.483.817/0001 -20 Public Company - CVM 1431-1 www.copel.com copel@copel.com |
SUMMARIZED FINANCIAL STATEMENTS
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
ASSETS | ||||||||||
03/31/2005 | 06/30/2005 | 09/30/2005 | 12/31/2005 | 12/31/2004 | ||||||
Current | ||||||||||
Cash in hand | 505,141 | 575,895 | 813,558 | 1,131,766 | 533,092 | |||||
Customers and distributors | 961,785 | 1,023,346 | 1,104,614 | 945,577 | 802,362 | |||||
Allowance for doubtfull accounts | (110,618) | (128,838) | (138,238) | (79,073) | (85,327) | |||||
Third-parties services, net | 4,591 | 3,395 | 5,226 | 7,349 | 2,823 | |||||
Dividends receivable | 2,886 | 2,152 | 2,152 | 3,665 | 2,886 | |||||
Services in progress | 5,592 | 6,863 | 9,748 | 12,132 | 5,621 | |||||
CRC transferred to State Government | 30,069 | 30,660 | 30,962 | 31,804 | 29,459 | |||||
Taxes and social contributions paid in advance | 116,207 | 112,476 | 82,632 | 131,038 | 78,738 | |||||
Account for compensation of "Portion A" | 208,470 | 204,621 | 150,134 | 128,187 | 197,162 | |||||
Regulatory Assets - PASEP/COFINS | - | - | 56,382 | 43,876 | - | |||||
Bonds and linked deposits | - | 43,746 | 9,225 | |||||||
Material and supplies | 32,678 | 32,106 | 33,208 | 36,590 | 30,632 | |||||
Other | 73,386 | 72,486 | 76,796 | 33,587 | 31,809 | |||||
1,830,187 | 1,935,162 | 2,227,174 | 2,470,244 | 1,638,482 | ||||||
Long-term assets | ||||||||||
Customers and distributors | 52,099 | 47,044 | 42,160 | 104,483 | 100,703 | |||||
CRC transferred to State Government | 1,180,383 | 1,170,108 | 1,146,764 | 1,150,464 | 1,167,945 | |||||
Taxes and social contributions paid in advance | 525,910 | 539,851 | 563,122 | 526,505 | 528,685 | |||||
Judicial Deposits | 151,690 | 158,735 | 165,319 | 145,183 | 146,662 | |||||
Account for compensation of "Portion A" | 55,171 | 1,659 | 14,280 | 8,559 | 111,246 | |||||
Regulatory Assets - PASEP/COFINS | 99,807 | 111,925 | 32,680 | 43,608 | 80,426 | |||||
Bonds and linked deposits | - | �� | 27,041 | 27,020 | ||||||
Intercompany receivables | 278,188 | 195,288 | 204,737 | 35,357 | 33,476 | |||||
Other | 48,127 | 48,921 | 48,204 | 16,576 | 23,075 | |||||
2,391,375 | 2,273,531 | 2,217,266 | 2,057,776 | 2,219,238 | ||||||
Permanent | ||||||||||
Investments | 461,013 | 461,442 | 465,499 | 414,320 | 407,627 | |||||
Property, plant and equipment | 5,401,438 | 5,410,588 | 5,409,481 | 5,991,291 | 5,730,561 | |||||
Deferred | 92 | 49 | 205 | 5,375 | 4,996 | |||||
5,862,543 | 5,872,079 | 5,875,185 | 6,410,986 | 6,143,184 | ||||||
Total | 10,084,105 | 10,080,772 | 10,319,625 | 10,939,006 | 10,000,904 | |||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
SUMMARIZED FINANCIAL STATEMENTS
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
03/31/2005 | 06/30/2005 | 09/30/2005 | 12/31/2005 | 12/31/2004 | |||||||||||||||||
Current | |||||||||||||||||||||
Loans and financing | 523,597 | 99,016 | 94,419 | 99,253 | 514,396 | ||||||||||||||||
Debentures | 6,727 | 61,055 | 51,500 | 115,703 | 156,620 | ||||||||||||||||
Suppliers | 952,300 | 1,047,355 | 1,108,983 | 1,162,415 | 783,315 | ||||||||||||||||
Taxes and social contributions | 290,566 | 314,725 | 387,921 | 381,965 | 325,155 | ||||||||||||||||
Interest on own capital | 90,697 | 27,050 | 27,047 | 114,467 | 91,352 | ||||||||||||||||
Accrued payroll costs | 102,708 | 81,733 | 93,549 | 108,326 | 84,468 | ||||||||||||||||
Pension plan and other post-retirement benefits | 135,135 | 127,587 | 123,704 | 132,902 | 124,783 | ||||||||||||||||
Account for compensation of "Portion A" | - | 46,871 | 40,686 | 65,664 | - | ||||||||||||||||
Regulatory charges | 75,251 | 68,751 | 66,382 | 41,280 | 64,135 | ||||||||||||||||
Swap operations | 136,982 | - | - | - | 124,629 | ||||||||||||||||
Other | 29,065 | 19,109 | 22,691 | 107,388 | 24,648 | ||||||||||||||||
2,343,028 | 1,893,252 | 2,016,882 | 2,329,363 | 2,293,501 | |||||||||||||||||
Long-term liabilities | |||||||||||||||||||||
Loans and financing | 671,523 | 614,761 | 576,053 | 602,624 | 702,868 | ||||||||||||||||
Debentures | 564,484 | 965,391 | 958,351 | 1,226,525 | 457,407 | ||||||||||||||||
Provision for contingencies | 429,283 | 429,867 | 430,511 | 424,269 | 428,762 | ||||||||||||||||
Intercompany receivables | - | - | - | - | - | ||||||||||||||||
Suppliers | 223,474 | 206,372 | 191,492 | 176,609 | 240,663 | ||||||||||||||||
Taxes and social contributions | 67,962 | 61,197 | 94,369 | 37,236 | 78,408 | ||||||||||||||||
Pension plan and other post-retirement benefits | 520,071 | 514,991 | 508,066 | 486,854 | 540,587 | ||||||||||||||||
Customers | - | - | - | - | - | ||||||||||||||||
Account for compensation of "Portion A" | - | 7,647 | 40,874 | 24,912 | - | ||||||||||||||||
Regulatory charges | - | - | - | - | 1,588 | ||||||||||||||||
Swap operations | - | - | - | - | - | ||||||||||||||||
Non extracted gas | - | - | - | - | - | ||||||||||||||||
2,476,797 | 2,800,226 | 2,799,716 | 2,979,029 | 2,450,283 | |||||||||||||||||
Minority interest | 49,556 | 54,317 | 57,648 | 143,431 | 120,803 | ||||||||||||||||
Shareholders' equity | |||||||||||||||||||||
Capital stock | 3,480,000 | 3,480,000 | 3,480,000 | 3,480,000 | 3,480,000 | ||||||||||||||||
Capital reserves | 817,293 | 817,293 | 817,293 | 817,293 | 817,293 | ||||||||||||||||
Income reserves | 917,431 | 1,035,684 | 1,148,086 | 1,189,890 | 839,024 | ||||||||||||||||
5,214,724 | 5,332,977 | 5,445,379 | 5,487,183 | 5,136,317 | |||||||||||||||||
Total | 10,084,105 | 10,080,772 | 10,319,625 | 10,939,006 | 10,000,904 | ||||||||||||||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
QUARTERLY INCOME STATEMENT
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
INCOME STATEMENT | Acumulated | |||||||||||
1Q2005 | 2Q2005 | 3Q2005 | 4Q2005 | 12/31/2005 | 12/31/2004 | |||||||
Operating revenues | ||||||||||||
Electricity sales to final customers | 1,226,381 | 1,297,466 | 1,369,441 | 1,382,595 | 5,275,883 | 4,605,469 | ||||||
Electricity sales to distributors | 227,650 | 237,070 | 235,789 | 249,428 | 949,937 | 445,856 | ||||||
Use of transmission plant | 64,192 | 66,636 | 69,473 | 67,695 | 267,996 | 209,766 | ||||||
Telecom revenues | 12,478 | 13,118 | 12,333 | 19,146 | 57,075 | 41,434 | ||||||
Piped gas distribution | 40,360 | 44,119 | 47,927 | 48,976 | 181,382 | 161,227 | ||||||
Other revenues | 20,791 | 20,842 | 20,827 | 21,397 | 83,857 | 80,573 | ||||||
1,591,852 | 1,679,251 | 1,755,790 | 1,789,237 | 6,816,130 | 5,544,325 | |||||||
Deductions from operating revenues | (442,525) | (472,239) | (529,202) | (518,628) | (1,962,594) | (1,618,551) | ||||||
Net operating revenues | 1,149,327 | 1,207,012 | 1,226,588 | 1,270,609 | 4,853,536 | 3,925,774 | ||||||
Operating expenses | ||||||||||||
Payroll | (136,524) | (117,500) | (122,471) | (189,960) | (566,455) | (474,796) | ||||||
Pension plan | (24,218) | (24,811) | (24,736) | (25,616) | (99,381) | (137,566) | ||||||
Material | (13,575) | (17,149) | (13,544) | (18,197) | (62,465) | (54,462) | ||||||
Raw material and supplies for generation of electricity | (3,424) | (5,908) | (50,269) | (2,469) | (62,070) | (12,271) | ||||||
Third-party services | (41,907) | (51,558) | (49,916) | (53,762) | (197,143) | (192,793) | ||||||
Electricity purchased for resale | (359,829) | (424,790) | (356,272) | (295,439) | (1,436,330) | (963,883) | ||||||
Transport of electricity capacity | (6,996) | (7,502) | (7,309) | (6,917) | (28,724) | (21,547) | ||||||
Charges for the use of transmission grid | (104,841) | (103,630) | (144,240) | (149,363) | (502,074) | (289,606) | ||||||
Depreciation and amortization | (79,160) | (82,386) | (81,726) | (85,634) | (328,906) | (308,910) | ||||||
Regulatory charges | (115,088) | (102,938) | (113,646) | (98,169) | (429,841) | (358,645) | ||||||
Taxes | (4,095) | (5,299) | (34,167) | 1,226 | (42,335) | (10,092) | ||||||
Natural gas purchased for resale and supplies for the gas | (85,641) | (55,079) | 23,124 | (24,698) | (142,294) | (278,555) | ||||||
Other expenses | (28,296) | (27,684) | (17,792) | (62,146) | (135,918) | (221,011) | ||||||
(1,003,594) | (1,026,234) | (992,964) | (1,011,144) | (4,033,936) | (3,324,137) | |||||||
Result of operations | 145,733 | 180,778 | 233,624 | 259,465 | 819, 600 | 601,637 | ||||||
Financial income (expenses) | ||||||||||||
Financial income | 94,777 | 94,685 | 81,178 | 125,639 | 396,279 | 427,539 | ||||||
Financial expenses | (114,601) | (85,706) | (136,974) | (137,483) | (474,764) | (418,719) | ||||||
(19,824) | 8,979 | (55,796) | (11,844) | (78,485) | 8,820 | |||||||
Equity Investment | 4,302 | 1,768 | 1,731 | (21,269) | (13,468) | (10,275) | ||||||
Operating income (expenses) | 130,211 | 191,525 | 179,559 | 226,352 | 727,647 | 600,182 | ||||||
Non-operating income (expenses) | (3,848) | (1,382) | (3,869) | (1,547) | (10,646) | (6,358) | ||||||
Income (loss) before income tax | 126,363 | 190,143 | 175,690 | 224,805 | 717,001 | 593,824 | ||||||
Income tax and Social contribution | (30,998) | (50,101) | (43,623) | (20,182) | (144,904) | (147,877) | ||||||
Income tax | (12,146) | (17,028) | (16,333) | (7,789) | (53,296) | (50,556) | ||||||
Social contribution | (43,144) | (67,129) | (59,956) | (27,971) | (198,200) | (198,433) | ||||||
Net income (loss) before | 83,219 | 123,014 | 115,734 | 196,834 | 518,801 | 395,391 | ||||||
Minority interest | ||||||||||||
Minority interest | (4,812) | (4,761) | (3,332) | (3,519) | (16,424) | (21,243) | ||||||
Net income (loss) | 78,407 | 118,253 | 112,402 | 193,315 | 502,377 | 374,148 | ||||||
Earning per thousand shares | 0.2865 | 0.4495 | 0.4229 | 0.7064 | 1.8358 | 1.3672 | ||||||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
STATEMENT OF CASH FLOW
AS OF DECEMBER 31, 2005 AND 2004
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
Consolidated | ||||
2005 | 2004 | |||
OPERATING ACTIVITIES | ||||
Net income for the period | 502,377 | 374,148 | ||
Non-cash expenses (revenues): | 509,152 | 542,325 | ||
Provision (reversion) for doubtful accounts | 25,502 | (63,987) | ||
Depreciation and Amortization | 328,906 | 308,910 | ||
Long-term monetary variation - net | (38,942) | 29,491 | ||
Equity Result | (13,501) | (5,849) | ||
Deferred Income tax and social contribution | (38,363) | 30,650 | ||
Provision for long-term liabilities | 216,321 | 156,322 | ||
Long-term asset write-offs | 85 | 68,274 | ||
Investment write-offs | - | 18 | ||
Permanent asset at service write-off - net | 24,233 | 13,688 | ||
Deferred write-offs | 103 | - | ||
Investment goodwill amortization | 4,808 | 4,808 | ||
Current asset variation | (11,579) | 263,042 | ||
Current liability variation | 162,926 | 235,068 | ||
Long-term asset increase | (97,441) | (409,469) | ||
Long-term liability decrease | - | 25,000 | ||
Long-term liability increase | 22,628 | 12,420 | ||
Total from Operating Activities | 1,088,063 | 1,042,534 | ||
INVESTMENT ACTIVITIES | ||||
Interest in Subsidiaries: | ||||
Copel Transmissão S.A. | - | - | ||
Copel Participações S.A. | - | - | ||
Centrais Elétricas do Rio Jordão S.A. - Elejor (ágio) | - | (22,815) | ||
Escoeletric Ltda | (2,500) | - | ||
Other coligated companies | (207) | (794) | ||
Divestment | 146 | - | ||
Dividends and interest on own capital | 3,797 | 9,109 | ||
Investment in fixed assets | ||||
In generation | (20,957) | (18,325) | ||
In generation (Centrais Elétricas do Rio Jordão S.A. - Elejor) | (225,091) | (193,967) | ||
In transmission | (148,869) | (88,544) | ||
In distribution | (241,114) | (233,808) | ||
In telecom | (23,666) | (43,320) | ||
In gas plumbing (Companhia Paranaense de Gás - Compagas) | (9,169) | (19,309) | ||
General facilities | - | (3) | ||
Consumers' contribution | 39,675 | 47,925 | ||
Deffered investment | (752) | (911) | ||
Donations and subventions received | - | - | ||
Total from Investing Activities | (628,707) | (564,762) | ||
FINANCING ACTIVITIES | ||||
Loans and financing | (475,511) | (156,475) | ||
Debentures | 714,709 | (101,239) | ||
Dividends | (99,880) | (50,996) | ||
Total from Financing Activities | 139,318 | (308,710) | ||
TOTAL CHANGE IN CASH POSITION | 598,674 | 169,062 | ||
Cash position - beginning of the period | 533,092 | 364,030 | ||
Cash position - end of the period | 1,131,766 | 533,092 | ||
Cash variation | 598,674 | 169,062 | ||
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
SUMMARIZED FINANCIAL STATEMENTS
as of December 31, 2005 and 2004
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
ASSETS | GER | TRA | DIS | |||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||
Current | ||||||||||||
Cash in hand | 649,277 | 360,440 | 2,594 | 73,105 | 332,272 | 61,698 | ||||||
Customers and distributors | 159,845 | 235,251 | 58,876 | 42,938 | 721,568 | 650,360 | ||||||
Third-parties services, net | 1,114 | 1,970 | 85 | 95 | 67 | 241 | ||||||
Dividends receivable | - | - | - | - | - | - | ||||||
Services in progress | 3,387 | 880 | 3,871 | 3,044 | 3,584 | 406 | ||||||
CRC transferred to State Government | - | - | - | - | 31,803 | 29,459 | ||||||
Taxes and social contributions paid in advance | 11,955 | 37,520 | 9,979 | 9,088 | 97,789 | 64,552 | ||||||
Account for compensation of "Portion A" | - | - | - | - | 128,187 | 197,162 | ||||||
Regulatory Assets - PASEP/COFINS | - | - | 13,876 | - | 30,000 | - | ||||||
Material and supplies | 51 | 14 | 9,387 | 9,485 | 21,371 | 18,162 | ||||||
Bonds and linked deposits | 22,442 | 4,631 | - | 21,199 | 4,310 | |||||||
Other | 6,587 | 7,035 | 3,977 | 4,037 | 15,491 | 8,652 | ||||||
854,658 | 647,741 | 102,645 | 141,792 | 1,403,331 | 1,035,002 | |||||||
Long-term assets | ||||||||||||
Customers and distributors | 140,840 | 26,692 | - | - | 73,094 | 73,124 | ||||||
CRC transferred to State Government | - | - | - | - | 1,150,464 | 1,167,945 | ||||||
Taxes and social contributions paid in advance | 57,992 | 49,352 | 36,214 | 36,769 | 268,318 | 288,582 | ||||||
Judicial Deposits | 6,807 | 5,162 | 16,220 | 12,899 | 59,805 | 45,003 | ||||||
Regulatory Assets - PASEP/COFINS | - | - | - | 19,179 | 8,559 | 111,246 | ||||||
Account for compensation of "Portion A" | - | - | 10,928 | - | 32,680 | 61,247 | ||||||
Bonds and linked deposits | - | - | 5,643 | 5,639 | 21,397 | 21,381 | ||||||
Intercompany receivables | 37,829 | 519,096 | - | 80,448 | - | - | ||||||
Other | 4,586 | 3,929 | 56 | 56 | 9,072 | 15,164 | ||||||
248,054 | 604,231 | 69,061 | 154,990 | 1,623,389 | 1,783,692 | |||||||
Permanent | ||||||||||||
Investments | 4,150 | 4,150 | 2,257 | 2,257 | 419 | 404 | ||||||
Property, plant and equipment | 2,922,280 | 3,002,469 | 1,116,262 | 995,554 | 1,098,837 | 1,095,254 | ||||||
2,926,430 | 3,006,619 | 1,118,519 | 997,811 | 1,099,256 | 1,095,658 | |||||||
Total | 4,029,142 | 4,258,591 | 1,290,225 | 1,294,593 | 4,125,976 | 3,914,352 | ||||||
GER - Generation
TRA - Transmission
DIS - Distribution
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
SUMMARIZED FINANCIAL STATEMENTS
as of December 31, 2005 and 2004
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
ASSETS | TEL | PAR | COM | ELE | ||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||
Current | ||||||||||||||||
Cash in hand | 7,058 | 193 | 4,424 | 316 | 32,449 | 20,204 | 88,109 | 13,856 | ||||||||
Customers and distributors | - | - | - | - | 39,416 | 391,322 | 6,585 | - | ||||||||
Third-parties services, net | 8,463 | 3,406 | - | - | - | - | - | - | ||||||||
Dividends receivable | - | - | 7,653 | 7,753 | - | - | - | - | ||||||||
Services in progress | - | - | 230 | 231 | - | - | - | - | ||||||||
Taxes and social contributions paid in advance | 2,374 | 3,240 | 10,685 | 3,569 | 731 | 2 | 745 | 59 | ||||||||
Bonds and linked deposits | - | - | - | - | 105 | 282 | - | - | ||||||||
Material and supplies | 5,176 | 2,609 | - | - | 605 | 363 | - | - | ||||||||
Other | 596 | 411 | 80 | 80 | 753 | 1,997 | 3,646 | 5,862 | ||||||||
23,667 | 9,859 | 23,072 | 11,949 | 74,059 | 414,170 | 99,085 | 19,777 | |||||||||
Long-term assets | ||||||||||||||||
Customers and distributors | - | - | - | - | - | 886 | - | - | ||||||||
Taxes and social contributions paid in advance | 10,480 | 11,772 | 7,686 | 6,068 | 2,470 | 2,487 | - | - | ||||||||
Judicial Deposits | 289 | 234 | - | - | - | - | 2 | - | ||||||||
Intercompany receivables | - | - | 178,506 | 216,926 | - | - | - | - | ||||||||
Other | - | - | 1,694 | 1,694 | 49 | 52 | 1,118 | 2,171 | ||||||||
10,769 | 12,006 | 187,886 | 224,688 | 2,519 | 3,425 | 1,120 | 2,171 | |||||||||
Permanent | ||||||||||||||||
Investments | - | 511,353 | 491,802 | 2 | 2 | - | - | |||||||||
Property, plant and equipment | 182,222 | 185,364 | 151 | 198 | 119,852 | 115,458 | 551,687 | 336,263 | ||||||||
Deferred | - | - | - | - | 5,375 | 4,996 | - | - | ||||||||
182,222 | 185,364 | 511,504 | 492,000 | 125,229 | 120,456 | 551,687 | 336,263 | |||||||||
Total | 216,658 | 207,229 | 722,462 | 728,637 | 201,807 | 538,051 | 651,892 | 358,211 | ||||||||
TEL - Telecommunications
PAR - Partnerships
COM - Compagas
ELE - Elejor
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
LIABILITIES AND SHAREHOLDERS' EQUITY | GER | TRA | DIS | |||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||
Current | ||||||||||||
Loans and financing | 54,957 | 467,320 | 17,126 | 18,407 | 20,794 | 22,375 | ||||||
Debentures | - | - | - | - | 57,220 | 156,620 | ||||||
Suppliers | 818,528 | 527,915 | 6,179 | 6,075 | 432,295 | 466,185 | ||||||
Taxes and social contributions | 31,722 | 11,409 | 35,250 | 28,236 | 197,481 | 203,474 | ||||||
Interest on own capital | 75,471 | 130,254 | 69,217 | 132,434 | - | - | ||||||
Accrued payroll costs | 17,897 | 14,464 | 16,067 | 13,242 | 67,213 | 50,975 | ||||||
Pension plan and other post-retirement benefits | 26,188 | 24,478 | 25,617 | 24,136 | 74,800 | 70,601 | ||||||
Account for compensation of "Portion A" | - | - | - | - | 65,664 | - | ||||||
Regulatory charges | 15,588 | 15,297 | 1,065 | 1,806 | 24,111 | 47,018 | ||||||
Swap operations | - | 124,629 | - | - | - | - | ||||||
Other | 9,428 | 816 | 4,793 | 657 | 86,352 | 19,468 | ||||||
1,049,779 | 1,316,582 | 175,314 | 224,993 | 1,025,930 | 1,036,716 | |||||||
Long-term liabilities | ||||||||||||
Loans and financing | 353,930 | 427,992 | 81,287 | 105,744 | 102,091 | 131,296 | ||||||
Debentures | - | - | - | - | 562,902 | 457,407 | ||||||
Provision for contingencies | 64,321 | 38,523 | 41,977 | 29,307 | 98,168 | 120,133 | ||||||
Intercompany receivables | - | - | 3,400 | - | 173,944 | 171,388 | ||||||
Suppliers | 889 | 889 | - | - | 284,903 | 239,774 | ||||||
Taxes and social contributions | - | - | 3,716 | 6,521 | 24,562 | 64,933 | ||||||
Pension plan and other post-retirement benefits | 91,819 | 104,073 | 80,803 | 92,833 | 296,058 | 322,562 | ||||||
Account for compensation of "Portion A" | - | - | - | - | 24,912 | - | ||||||
Regulatory charges | - | 1,588 | - | - | - | - | ||||||
510,959 | 573,065 | 211,183 | 234,405 | 1,567,540 | 1,507,493 | |||||||
Shareholders' equity | ||||||||||||
Capital stock | 2,338,932 | 2,338,932 | 751,989 | 751,989 | 1,607,168 | 1,607,168 | ||||||
Income reserves | 129,472 | 30,012 | 151,739 | 83,206 | - | - | ||||||
Accrued losses | - | (74,662) | (237,025) | |||||||||
2,468,404 | 2,368,944 | 903,728 | 835,195 | 1,532,506 | 1,370,143 | |||||||
Total | 4,029,142 | 4,258,591 | 1,290,225 | 1,294,593 | 4,125,976 | 3,914,352 | ||||||
GER - Generation
TRA - Transmission
DIS - Distribution
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
LIABILITIES AND SHAREHOLDERS' EQUITY | TEL | PAR | COM | ELE | ||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||
Current | ||||||||||||||||
Loans and financing | - | - | - | - | 6,376 | 6,295 | - | - | ||||||||
Debentures | - | - | - | - | - | - | 23,232 | - | ||||||||
Suppliers | 2,032 | 1,945 | 52 | 35 | 17,338 | 371,494 | 9,596 | 15,814 | ||||||||
Taxes and social contributions | 2,655 | 1,102 | 4,453 | 3,241 | 10,647 | 10,807 | 1,111 | 133 | ||||||||
Interest on own capital | 916 | 916 | 61,526 | 38,029 | 7,755 | 10,296 | 154 | - | ||||||||
Accrued payroll costs | 5,248 | 4,310 | 875 | 736 | 862 | 620 | 68 | 41 | ||||||||
Pension plan and other post-retirement benefits | 6,146 | 5,409 | 149 | 142 | - | - | - | - | ||||||||
Regulatory charges | 15 | 14 | - | - | - | - | 501 | - | ||||||||
Other | 170 | 25 | 268 | 1,791 | 538 | 1,712 | 5,986 | 167 | ||||||||
17,182 | 13,721 | 67,323 | 43,974 | 43,516 | 401,224 | 40,648 | 16,155 | |||||||||
Long-term liabilities | ||||||||||||||||
Loans and financing | - | - | - | - | 31,939 | 37,835 | 33,377 | - | ||||||||
Debentures | - | - | - | - | - | - | 263,623 | - | ||||||||
Provision for contingencies | 753 | 682 | - | - | - | - | - | - | ||||||||
Intercompany receivables | 67,244 | 64,109 | 249,257 | 309,763 | - | - | 178,506 | 216,917 | ||||||||
Suppliers | - | - | - | - | 267 | - | - | - | ||||||||
Taxes and social contributions | - | - | - | - | 8,957 | 6,955 | - | - | ||||||||
Pension plan and other post-retirement benefits 16,755 | 19,742 | 507 | 654 | 912 | 723 | - | - | |||||||||
84,752 | 84,533 | 249,764 | 310,417 | 42,075 | 45,513 | 475,506 | 216,917 | |||||||||
Shareholders' equity | ||||||||||||||||
Capital stock | 120,650 | 120,650 | 330,718 | 330,718 | 50,012 | 39,648 | 113,800 | 106,700 | ||||||||
Capital reserves | 701 | 701 | - | - | - | - | 21,443 | 18,439 | ||||||||
Income reserves | - | 107 | 74,657 | 43,528 | 66,204 | 51,666 | 495 | - | ||||||||
Accrued losses | (6,627) | (12,483) | - | - | - | - | - | - | ||||||||
114,724 | 108,975 | 405,375 | 374,246 | 116,216 | 91,314 | 135,738 | 125,139 | |||||||||
Total | 216,658 | 207,229 | 722,462 | 728,637 | 201,807 | 538,051 | 651,892 | 358,211 | ||||||||
TEL - Telecommunications
PAR - Partnerships
COM - Compagas
ELE - Elejor
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
SUMMARIZED FINANCIAL STATEMENTS
as of December 31, 2005 and 2004
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
INCOME STATEMENT | GER | TRA | DIS | |||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||
Operating revenues | ||||||||||||
Electricity sales to final customers | 98,435 | 37,319 | - | - | 5,181,156 | 4,571,013 | ||||||
Electricity sales to distributors | 1,153,658 | 972,042 | - | - | 128,330 | 174,962 | ||||||
Use of transmission plant | - | - | 388,829 | 367,291 | 133,792 | 80,526 | ||||||
Other | 21,470 | 15,715 | 1,721 | 2,273 | 62,486 | 63,439 | ||||||
Deductions from operating revenues | (148,642) | (88,113) | (39,508) | (22,104) | (1,720,759) | (1,459,364) | ||||||
Net operating revenues | 1,124,921 | 936,963 | 351,042 | 347,460 | 3,785,005 | 3,430,576 | ||||||
Operating expenses | ||||||||||||
Electricity purchase for resale | (77,204) | (75,727) | - | - | (1,723,028) | (1,589,304) | ||||||
Charges for the use of transmission grid | (127,108) | (59,606) | - | - | (655,766) | (489,597) | ||||||
Payroll and pension plan | (102,299) | (97,406) | (90,076) | (86,966) | (431,367) | (389,052) | ||||||
Material | (6,914) | (6,420) | (5,080) | (5,309) | (47,608) | (41,206) | ||||||
Raw material and supplies for generation of electricity | (132,561) | (248,496) | - | - | - | - | ||||||
Third-party services | (44,385) | (45,310) | (14,469) | (12,961) | (153,548) | (153,804) | ||||||
Depreciation and amortization | (102,638) | (101,311) | (38,594) | (36,546) | (152,287) | (142,275) | ||||||
Regulatory charges | (67,784) | (63,578) | (2,879) | (1,078) | (357,743) | (293,827) | ||||||
Taxes | (1,912) | (1,589) | (1,694) | (1,921) | (15,985) | (4,814) | ||||||
Other expenses | (39,461) | (4,210) | (8,452) | (14,462) | (72,029) | (195,237) | ||||||
(702,266) | (703,653) | (161,244) | (159,243) | (3,609,361) | (3,299,116) | |||||||
Result of operations | 422,655 | 233,310 | 189,798 | 188,217 | 175,644 | 131,460 | ||||||
Financial income (expenses) | ||||||||||||
Financial income | 101,575 | 40,849 | 4,715 | 8,881 | 239,093 | 347,402 | ||||||
Financial expenses | (237,928) | (235,006) | (1,160) | (11,029) | (129,323) | (141,326) | ||||||
(136,353) | (194,157) | 3,555 | (2,148) | 109,770 | 206,076 | |||||||
Operating income (expenses) | 286,302 | 39,153 | 193,353 | 186,069 | 285,414 | 337,536 | ||||||
Non-operating income | (4) | 456 | (332) | (744) | (10,494) | (6,291) | ||||||
Income (loss) before income tax | 286,298 | 39,609 | 193,021 | 185,325 | 274,920 | 331,245 | ||||||
Income tax and Social contribution | (54,557) | (12,186) | (41,495) | (37,781) | (87,917) | (124,253) | ||||||
Net income (loss) | 231,741 | 27,423 | 151,526 | 147,544 | 187,003 | 206,992 | ||||||
GER - Generation
TRA - Transmission
DIS - Distribution
Companhia Paranaense de Energia – COPEL
2005 Earnings Results
SUMMARIZED FINANCIAL STATEMENTS
as of December 31, 2005 and 2004
Translation from the original in portuguese (amounts expressed in thousands of Brazilian Reais)
INCOME STATEMENT | TEL | PAR | COM | ELE | ||||||||||||
2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | |||||||||
Operating revenues | ||||||||||||||||
Telecom revenues | 83,567 | 69,963 | - | - | - | - | ||||||||||
Electricity sales to distributors | - | - | - | - | - | - | 31,851 | - | ||||||||
Piped gas distribution | - | - | - | - | 253,510 | 397,118 | - | - | ||||||||
Other | - | 2 | - | - | 55 | 163 | - | - | ||||||||
Deductions from operating revenues | (11,319) | (10,238) | - | - | (42,392) | (38,733) | (1,163) | - | ||||||||
Net operating revenues | 72,248 | 59,727 | - | - | 211,173 | 358,548 | 30,688 | - | ||||||||
Operating expenses | ||||||||||||||||
Charges for the use of transmission grid | - | - | - | - | - | - | (2,549) | - | ||||||||
Payroll and pension plan | (26,825) | (26,222) | (4,754) | (4,004) | (5,518) | (4,429) | (438) | - | ||||||||
Material | (2,571) | (1,286) | (7) | (10) | (241) | (201) | (39) | - | ||||||||
Natural gas purchased for resale and supplies for the gas- business - | - | - | (142,294) | (278,555) | - | - | ||||||||||
Third-party services | (5,371) | (5,739) | (378) | (446) | (3,263) | (2,576) | (1,767) | - | ||||||||
Depreciation and amortization | (26,495) | (24,252) | (39) | (44) | (5,119) | (4,482) | (3,735) | - | ||||||||
Regulatory charges | (175) | (162) | - | - | - | - | (1,260) | - | ||||||||
Taxes | (102) | (79) | (70) | (56) | (125) | (194) | (22) | - | ||||||||
Other expenses | (2,687) | (2,927) | (93) | 70 | (2,631) | (1,361) | (7,008) | - | ||||||||
(64,226) | (60,667) | (5,341) | (4,490) | (159,191) | (291,798) | (16,818) | - | |||||||||
Result of operations | 8,022 | (940) | (5,341) | (4,490) | 51,982 | 66,750 | 13,870 | - | ||||||||
Financial income (expenses) | ||||||||||||||||
Financial income | 1,218 | 1,133 | 41,865 | 22,114 | 3,732 | 3,033 | 2,143 | - | ||||||||
Financial expenses | (428) | (636) | (423) | (1,572) | (6,518) | (7,506) | (15,029) | - | ||||||||
790 | 497 | 41,442 | 20,542 | (2,786) | (4,473) | (12,886) | - | |||||||||
Equity investment | - | - | 25,171 | 22,508 | - | - | - | - | ||||||||
Operating income (expenses) | 8,812 | (443) | 61,272 | 38,560 | 49,196 | 62,277 | 984 | - | ||||||||
Non-operating income | (99) | (158) | 106 | 399 | (10) | 6 | - | - | ||||||||
Income (loss) before income tax | 8,713 | (601) | 61,378 | 38,959 | 49,186 | 62,283 | 984 | - | ||||||||
Income tax and Social contribution | (2,964) | (427) | (2,606) | 242 | (16,529) | (18,930) | (334) | - | ||||||||
Net income (loss) | 5,749 | (1,028) | 58,772 | 39,201 | 32,657 | 43,353 | 650 | - | ||||||||
TEL - Telecommunications
PAR - Partnerships
COM - Compagas
ELE - Elejor
Companhia Paranaense de Energia – COPEL
2005 Earnings Results 3Q05 RESULTS CONFERENCE CALL
3Q05 RESULTS CONFERENCE CALL | ||
Presentation: | Mr. Paulo Roberto Trompczynski, CFO and IRO | |
Date & Time: | Tuesday, March 28, 2006 | |
2 pm (US EST) | ||
4 pm (Brasília Time) | ||
Phone: | (55-11)2101-1490 | |
Access code: | Copel |
Statements contained in this press release may contain information which is forward-looking and reflects 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 principal operating and financing strategies and capital expenditure plans, the factors or trends affecting 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 b ased 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. |
COMPANHIA PARANAENSE DE ENERGIA – COPEL | ||
By: | /S/ Rubens Ghilardi | |
Rubens Ghilardi CEO and Principal Financial Officer |
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.