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ELP Cia Paranaense De Energia Copel - ADR

Participants
Daniel Pimentel Slaviero Chief Executive Officer
Adriano Rudek de Moura Chief Financial and Investor Relations Officer
Wendell Oliveira Chief Executive Officer, Copel Telecom
Maximiliano Andres Orfali Chief Executive Officer, Copel Distribuição S.A.
Carolina Carneiro Credit Suisse
Marcelo Sa Itaú BBA
Gabriel Francisco XP Investimentos
Call transcript
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Operator

Good morning, and thank you for waiting. Welcome to Companhia Paranaense de Energia - COPEL Earnings Call to discuss the results of the third quarter of 2020. All participants are in listen-only mode during the company's presentation. Later, we will hold a Q&A session when further instructions will be given. [Operator Instructions].

goals that call that outlook, company's related and projections inform during be projections, management we beliefs the financial conference on company. on this to and available as proceeding, well forward-looking of information might statements made operating and as Before assumptions based currently the to are Copel business

materially not and affect Copel's at Forward-looking ri.copel.com. Daniel differ Mr. of de occur. factors may they at relate because uncertainties, Adriano and from statements are us Rudek assumptions industry Daniel that website conditions, such no CEO economic may presentation results results With the circumstances CFO CEO guarantee company's future and General of statements. Copel therefore, events today, Pimentel conditions, performance. IR or and operating to floor on is Mr. and those Moura, cause Mr. may the to They Slaviero, available company. the Officer. involve risks, other expressed of in We forward-looking of Slaviero, the depend to and future turn now also the company,

Daniel Pimentel Slaviero

the this to [indiscernible] of support very to is Rothschild of which as and XX doing that and this Good that in internally is probably your of to praise do And Cassio and intend I an this call. especially of we thank mentioning work Santana, that process, I hope like it, a around I sale landmark, Business most which beginning that for building three prospectives like the important CFO considering bring time understand we Oliveira, the thank all to well do behalf week's you well of are the It process R$X was result Joakinson, in Bank is, for both head more very the you as these of of well-structured participation adjusted a movement of much our of the conference CEO; a minimum say to core the the increase been you Wendell – project. of wanted to so I I the important period and would the It's main like of First, New These that them, in of price, healthy, we have would release in our the Telecom; amount, have billion morning, Officer. with management call on question you that company, times you And strategic significant. externally. over EBITDA. energy and what we this goodwill have is since that read process, answers This everyone. this employees are great is the we for the all our to Copel future the with me shorter with and And of history planning, distribution. Copel. and all of line satisfaction would to and important worked Eloir we throughout investments results at to on published about focus Telecom. Moura proceeds? our are in figures Also, of as yesterday, that recent questions presentation, that the their thanks business. most relevant fact will them is Telecom's start is time. this Copel

highlight But ones. on EBITDA the income year-to-date. years, of we I go as details, always brownfield are improvement with the in a as projects. allocation. our performance, Second, of is in next Copel, the net in and quarter both quarter going also, we and look But new into look in well opportunities very cash sound would generation the and for also the company. is the to our very and generation the end opportunities capital to reality third, should And for robust that topics I for like consistent by dividend consider the units just other of We directors aim that the and relevant at to that going especial implement quarter, terms another focus to the to model policy happened being more for Moura results over to be the in to we program. strict yesterday board auctions of our approval and transmission month a very adjusted third of

the was brings You general may published guidelines that have material program. the And the yesterday. it for it read in

depend that implementation happening. operating should I the to like say approval a the it But crucial all the We is things can still highlighted issued split be with of defined liquidity be will B, additional and And governance. say the that should consider what be model you on maximize and aiming I to shares, it relevant, BX It's governance and corporate would stress securities. of meeting – a see Class and preferred migration screen. the shares four its have stock other more the share will the still this even few to of that by of five X a to shareholders them. topics the improvement few here, company, common Level But one of on of a to

if of confirmed it beginning be still the our work work If than employees million. can CCEE. the reviewed of process, having the significant to GSF last We cost very be result be In X.X%. have also specifically voluntary also but was brought regulation and of and discipline in an it a improvement Copel's people Moura of estimated is process, figures more the control have and weather are of much positive R$XX December. – drop with fixed and distribution XXX Parana it in performance XXX COVID of September costs we less regulatory another R$XXX will we of to and in these I now, to a inefficiency [ph] GeT be by around capital myself, and calculations three we in the generation first program. the The always consider the recover on teams. has already partially dispatch we this the mentioned concluded by year the years all And of employees, transmission. a be focusing should and the if Copel X.X% analyzed stage, cost the we efficiency fixed had will operating And the allowing compensation felt we last have by be this for This compare regulation shows savings around because our be to Copel results, of will annual the that in the end to has it XXXX. million, of will we are competent was we are months. redundancy Copel a today preliminary Also, here already costs of the ANEEL's it distribution is be this the ago, in concluding impact market year. that XX%. XXX close but quarter on by Copel XX of for grid repeat its to Nevertheless, going efficient and X,XXX

results EBITDA path a R$X.X next us cost year, to like in Copel process, over adjusted control, sold And this and through great in growth energy financial improvement And months. for in the commercialized moving the allow we're base reversal the to so, specifically this have Livre. of with past finally, and increasing highlight in this I'd billion that or this significant Mercado

even well Finally, shows were consider in both as what an major I and alignment to this as are said strategic more terms that to defined executing in I plans. our that, between performance, what in we the of would like of Copel. doing, our are operating objectives, what do has we we and that we going been say terms values

to floor that he can so and the the turn talk I the results quarter. about Now, Moura

Adriano Rudek de Moura

Thank you hope our you the all like very participation and Daniel. all everyone. would well. call I much, in doing thank morning, to are I you Good also

strategic all improvement on rules, sustainable quarter, would of of in last in reached obviously, as to where the projects provide by and more I bonus subject implementation probably we already view in Before now and we the about Daniel another as our the say like will the of ever responsibility day that best that the on a allocation, the to we the market. result have results can a very I'm the addition last important the strategic talk discipline about of based our happy towards the well auctions always with improvement agenda. directors. lot and opportunities board an This analyze a of relevant and long-term month in practices has continuation With the aiming a shareholders in our objective than capital target structure, was capital in important program of what more is Yesterday, most mentioned approved dividend by clear the governance. agenda policy third

to agenda is be shareholders. will fruitful this our great So, a positive that

Turning to slide. next the

that with here self-explanatory, under it's Copel increases full highlighted not businesses they and future. the great improvement we our to consistent think all the profitability our in guarantee of strategy that great alignment I be areas. in for businesses part but search our all in Group I past continue only a This and being are and one results do the of of and improvements the a because continue each efficiency of in clear of continued sound know the efficiency results reflect agenda responsibility results

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have Before did was higher, the that already in we also and all in new reaching does we COVID. to even that specifically all here of results, XXXX, cash million be will billion not those rating also. be position, because one of was of message BNDES charged that highlights reinforced to quarter we for Therefore, even adjusted the a leverage a XXXX. almost still reasons this in And upgrade, have significant highlight The with still the record prospective. slide. And to paid A+ were was is on turn would of R$X.X in positive the out that account few had the year. the more will cash for next the say X.X, the maturities and remember to like main Brazil XXXX. in been during I By way, quarter or and that the high the pandemics rating is is reduction XX% R$X by generation that have million million main Copel go a costs. position some should transmission. has basically debts very the now, said, relevant And incoming concluded material remaining works. E start didn't this no that a And vis-à-vis should a to we fundings, COVID is sound R$X year fundings billion, those, adverse June. that year-to-date, the works released the strategy now events, of cash had is to from with with And in The we R$XXX R$XXX those of already the the operating depends I need with prospective. right much we positive fact this and first due financial adverse I in companies And as X.X. impact the our of of COVID. have billion we fortunately, raised think position effects, this also the And maintain the what even which all than of Copel's a now figure the reaching even these have except loan comfortable quarter the Lot paying R$XXX in quarter

Now around billion specifically in XX the have R$X looking next of low second we months, debt XXXX. ahead, after maturities a quarter the

is a which strong is liquidity. indicator, sound Another of cash our consequence that position,

current touching times. Our billion. in R$X.X the liquidity R$X.X the for we CapEx And and at quarter billion plan. of year-to-date Very of investment and is highlight much. not And million September the XXXX of the Daniel as are is our CapEx the X.X I finally, said, third R$XXX investments was year

so and plan careful able fulfill been the very have to were that carried we contrary, we fully the out was it. On

said, had of considering at a of we asset as of the discontinued restatement sale the on and XXXX. the in perspective the to we changes how show auction the telecom accounting with the November also comparable reinforced this of our this also of day business an also quarter CPC resulted the has As by change last XX and work restatement as X. this financial of has objective This basis statements operation, of

next basis, comparison in slide, the have for non-recurring items. Just we

an which year, million billion. as in of EBITDA EBITDA can of R$X.X the write-offs in – reversal of impairment posting and Compagás, As billion, prior of have as to credits, we the main for R$XXX I results considering the over COFINs wind over you result line XXXX. well of excluded. highlight continued generation just discontinued tax was see, base Copel recurring is, operations, items operations XQ Telecom the Telecom been which non-recurring here and been positive -- and million our PIS at reached of R$X.XXX of the that of R$XXX have assets Including EBITDA

of negatively fair by the value and million. energy mentioned. litigations XX%. we result company impacted items of adjusted same of the of purchase of events months, you And of results the EBITDA, I have billion, sale provisions and for And the While this non-recurring a R$X.X nine year-to-date, here, billion. have with adjusted R$XXX the can of then, growth self-explanatory, the million R$X.X year non-recurring of These commercialization R$XX in was it's reversal first see the the already are and

page. next Turning We the to have EBITDA per subsidiary. adjusted here the

year. I lower price energy As the strategy, GeT mentioned, results explained of review We the seasonalization I spot of in also Contract already highlight tariff the stemming from growing XX% the vis-à-vis the costs last why, XXX. and

of vis-à-vis growth energy DIS, of of X.X% market impacted X.X% On in that the X% and in the energy of of are market, reduction prices a a period which large is and show consequence energy in X.X% the by of September also work supply, was grid a X.X% was drop doing increase track positive, segment are right grid prices. revenue the growth bought cost of residential year, volume the resale results control the negative reduction last in The the EBITDA the we the right. we with that the expenses the a that of same and is despite for on in spot with in and electric by

can the starting fact And with the regulatory the on is in levels to revenue higher R$X.X in bring by Mercado also, financial XXXX, XXXX. EBITDA to EBITDA be Copel volume million contracts, XX% million and of for above are X.X% right. We say discipline. EBITDA. resale. by bilateral And in are purchased efficiency of important that now positive XQ clients we increase million The focusing free Livre of XXXX. of explained the energy a R$XX energy R$XXX relevant of maintaining of line adjusted offset Telecom It's EBITDA vis-à-vis an the in of that because the supply growth the negative And results, for partially energy

say considered million is we over amount with mark-to-market company the period contracts had should quarter, as the of that non-recurring, a in this we mentioned. gain its Here, already of R$XXX and that, energy a

On third compared of the to have costs, of this in performance PMSO, third the quarter the the we when next of XXXX. manageable quarter page, year

On benefits. of Obviously, a months. we employees' that see the in the P not impact million R$X And of had it. of Daniel that payments here last have reduction do you of XXX in we mentioned a the line, PDI – employees in can this million consequence R$XX Also and is XX impact. the reduction

profit of million of performance had the have with of negatively for P hand, increase we lines, would and because results. On a effects, the program these inflation. been by in the improvement facing recurring materials. other material have incentive And provision sharing million the increase costs of excluding R$XX And reduction the affected had a the expenses X% line R$X program in

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and so, just of PMSO we program, X%. in the have X.X% increased the exclude over And if vis-à-vis profit of R$XX last million considering sharing increase period year, same inflation the the the

is investments. the of million E needed we of works Lot can first year-to-date. see the still the now. the slide, this in of already transmission. conclusion we invested history totaling our major we are here have It have At in disbursements Telecom, clear to months end some by investments million of and And next the the million, to almost R$XXX of Turning the GeT, the nine related And and R$XX of year, our R$XXX to year. million R$XX have is activate the just the customers, investments that focus

the We And are reached million, or in maybe R$XXX commitment. investments our already XQ the the investments XXXX. have XX% one large maybe reach quarter. all-time for of high of company. few distributing past having go. only R$XXX we million And now years a over invested the third a growth year-to-date, of million, is largest the that And billion. R$X.X concentration We R$XXX to we should our of we our vis-à-vis And

what a Q&A last to I when we Thank leverage session. now, last We floor the consistent it's in slide, very compare is We also X.X the reached And already a in or the a I turn we performance X.X. self-explanatory. with leverage. the mentioned it year-to-date progress, to And to had us. of year this progress you being last you. to our when XX but bring Finally, months. that – for it's had much That's in the of

Operator

Instructions]. [Operator

Our is Carneiro, Carolina first Credit Suisse. from question

Carolina Carneiro

My dividend question policy. new is the about

expect few the that in were process, of considering actually this on you you there. review allow can a color type it? me the meetings Thank about process with are you question, give your of You if each to call And thinking also considering soon. be to it announce that. mentioned X beginning you bylaws When second would that could that going the it? what very you you unitization Bovespa, the Level much. a migration you and changes already And more you mentioned Can of we us in

Daniel Pimentel Slaviero

are was Yes, ESG. that's question. Yesterday, and statutory include works and as the And committees, what of said we and next concluding said, exactly will as bylaws approved, these well. review second -- working you governance the modernization steps, the committees, development, improvements, are the model sustainable your here, the our our we now we in

to practices, dividend that and the are And that the that's weeks be and So, policy few best or in market, months. improvement doing package. best what the included considering in – next cases the reorganization the this in will we be going

are We already discussing this.

the be directors. that, and to to under us low And X.X I the is the want that. be it, when we has think package but the offer it everything same brings to approved of going at figures leverage submitted to board to

at very is days. the shareholders or package available going and company's as would soon I on all we say XX days, But the working this probably, it happen to the this XX XX information. stakeholders. So, it, in with would that most meets are well of so will say be or that obviously our I as expectations

Operator

Mr. from Sa, question Next Marcelo Itaú.

Marcelo Sa

your to room on And the in have move that GSF Can extension and Congratulations not and successful know on of I results. the Carol's grow? it's on a be growth the you were to forward divide Did what the you is a concentrate picking use going going Telecom? on be try plans be you work use there the agreement, sale is is if think can and about going as of the you're that to will if this policy, be to – dividends of dividends, And Well, it discussion? talked because in you to this And specific, going that Can you I M&A. all you Do by up you something concession very this comment had probably the to focus possibility low. with companies. is of comment leverage on before the ANEEL proceeds, Copel to probably question that? proposed. that that? used to We more also, pay to to is decision something that have

Daniel Pimentel Slaviero

part the GSF about backwards the and us. I because an talk I'm then the we to will investments take some for and next would first steps then, give and to And to overview you concession the the the I like extension. funds about to will these Wendell, come going time start telecom, him separate

to or May next We by of expect it happen year. June

in second So, we This this believe sector. million previous we second figures. on and in I'm cost is there. cost on other what was there is improve is capital the Marcelo, understanding capital have is [indiscernible] working included be the expectation have. would and question, companies the we this R$XXX And calculations is the the by needs ahead we of an the that the that because that that. that question, something that CCEE, starting side have Copel of also of on this law the of And This our contemplated. to

our had history that the purposes is there's also this the we plant. Copel, But in strategy, not past the them it and only energy part plants. plants. for auction, reserve one of But past, the on asset in allocate two our there the of of one said could auction, regulatory it, understanding reserve that you our is we've rules. it because different of and of if and Second, understanding, in is the is strategy the concessionaire provisions the allocated And the

this is So, rectified yet. not

going come to final we and to But in assistants. decision. not the believe out this other to board is to And this final be sure talking going the members are we that is regulation. We are

possibility. working with are We this

us that the maybe to this we for and have Because operation. plan help in plants, advocate future, in will hired we then and legal that March, company can can execute this. systems have already we available the we for in already financial the our GVM which so in We

the next in of how are That's happening working. be year. half would we this So, second

I Now Wendell, about the like beginning call. the already be And reinforcing to of of year, end that to the the half the of the they they come say by in turning next sequence first floor funds, in when they will cash before first the that be structure. that will following question mentioned our I would

investments Our worked of being Copel the priority of on And improve that's that history And anyway, the improves this we regulatory to investments and to invest very these company. network. for opportunities base has for XXX% Copel already costs, distribution service improve our understand reduces a year. to is its And how we to because is we and looking consumers that are in considered prudent the increases base. brownfield. this positive ANEEL at And

in the the projects year our financial that COVID, of of coming market, that because were from tend beginning look have when have to either been information Some come available the removed the that by they we back of to of assistants, or beginning allocation And terms the but in the of we always lot responsibility the with year. year and end of next see we of a capital prospect that full competitive opportunities. at we'll because that actively, our

are We have seen discounts these very in And transmission lines or the it. market knows aggressive. about

not generate process. if you is company now not up two value And, the do the closing we transition of intend to to to give us now an anything the for can next do going and so, that ANEEL. Wendell, steps from And overview and

Wendell Oliveira

shares auction. analyzing that we contract can on we of have So, should of have so period right approval that an moment. in we November respected. And whole expected that the final is Anatel our of the so agency, transfer and the And January. period got and can for evaluate submit signing contract, payment. after and the that, give can important we this the process. is time And now, the is And to to this And of bidder the signed antitrust the successful by statutory process us transaction the There they that approval we the are X, signing. That's mid the the documents, the this auction. be were we normal a of

If two is less of period a agencies for wait. there three takes that months. January, that Let's it happens more or time in these

system and most, operation whole service at and concluded can That's or a buyer. new still then be we by to their transferred the then and of new new the the we maintenance, receive process So the shares to it. money the this believe and will be July June, offer the that, will buyer Copel will service,

Marcelo Sa

a me document. this by the your question, costs. has like What determining to they relevant discussing as ANEEL to number about allow arrival calculations. it's methodology the maximum week, impressions the the I efficiency you data now, was Last are was would a discussed. ANEEL – Actually, understand I published checking and average think drew my If efficiency for operating And proposal be the was attention final rate. their companies XX. reported new

and labor hear Copel a to dangerous to bit that so positive would gained XX it's you from the there for measurements. ANEEL. a So, XXXX. definition gained you at XX, change by [indiscernible] there's measure your to based ranking, points. discretions the in XX.X compare when do because quality, this at other are And you, amount. average be was now is Copel because percentage to that model? and can get you new according them And discretionary even before a I data And it more to probably How little on efficiency ANEEL's XX. on seems efficiency and you like me was has it efficiency loss, average to lawsuits

that? you appreciate. I can comment on So, would

Daniel Pimentel Slaviero

Yes, really. was published. resolution This

reactions also and companies reports some market the coming and themselves. seen have from We the

ANEEL. we lost in but see not of on deeply award yet. regulations cannot their be consolidated public position cannot those understanding, This And – lost doing be critical by to from we that a are have position. come a But data. estimates. based do a we we to an is the homework What it that real to analyzed and principle have have that We not is have

Max, on to I teams you under have want Our analysis on detailed if Max's supervision, know are, comment a it. to it. working don't

Maximiliano Andres Orfali

need investments smart is These deeper on Yes, in we to be possible beginning. event micro that so This need that is only improvement week, other also, a program. here their homework And consider ours next in analysis smart here do. will technology well, not and will all as also, homework states. will are have our a the consistent very networks. points, which And hold be the authorities we hinder. go highlight service are we the We investments. in here that's did grid still will what in to and also, cost. The improve huge And we as who ANEEL's company is that the And reduce doing such and grid. are minister and The this knowing we

equipment the have the – is it pioneer sector. R$XXX the of project. art, with top largest but in stage a only This We the the entirely that first pioneer project, will state interconnected. is in million is a Not

improve So, and these efficiency to always initiatives costs. operating aim

Operator

Gabriel from question Francisco, Next Investments. Mr. XP

Gabriel Francisco

results. excellent the on Congratulations

have question are You about a Compagás. great doing job. I a

other did governor We I know mention some the seen And there legislative Copel. that auction, also, Compagás. through possibilities. mentioned have he go items the And after things other are the area. under are

understand any that would to at So, us I like that, can divestment this Petrobras. – see time, turns question. give yeah, operation That's if an you if update in progress And on you same feasible. my the happening it's also, of the Gaspetro

Daniel Pimentel Slaviero

some state This projects and governor understanding auctions the think the was airports, state, on. for kilometers and he BX about understands so because which agenda important listed his Infrastructure, is of as talked Ministry announced. he precise over that an the with X,XXX highway he he I and are very clear on

talked we Regarding forward also process. set challenging the renewing can ourselves, the he with we move concession. current And stage, that are the really, In so goals, about he Compagás.

legal were the – was already we XXXX would concession bill So, government if this solve problem concession And XXXX to of XXXX. understood court or the we it of The went to XXXX. executive and to we power XXXX. got end the a or submitted up in law it

this is The then of second concession. the renewal

concluding is over we will topic here, main be to the there concession. process. for So, his understand and year, first government half this that, renew of And the the conditions the the was studies that

see know that that have we If So, hearing we to then, be half is but your XX.X that be yet. to is to that XXXX. also first sold. – should on that XX-day for see like preferred be be second that based intend tell in process intend have that to to We asset period us over able Gaspetro Gaspetro that terms, XXXX. And the less it's to we'll going of going there. half a that Copel sell to have quarter conclude it to we know the everyone we process. the of good to happen, And have the I the other But option end because will do that we process that of then, work – of And can which it question, works we'll they that rights. the second be the know don't doesn't will goes XXXX. over that information able to someone and be It's it or more month is there that with not the sell how

our half we probably in year. if it think in of will I of the higher company, there, – second company that percentage the the have of shares a appreciate there

the So, watching everything and so that is by be it, it working end on next concluded year. we'll of

Operator

floor If the participants, no final turn from their there management further are back [Operator now questions the to for remarks. we Instructions].

Daniel Pimentel Slaviero

in thank Once for topics main I believe your again, no say been further to had on already the the And process was with would once again, I first as goodwill I And with and great privatization that have years. the the Parana like Monday, to the much [indiscernible]. there you would We very had like after State this said participation. we tackled. Telecom. are if a of XX main And questions, subjects governor have

is to is we that, symbolic. So, which for fully in between us, representative. we plan, selling the continue company. this distribution focus are But energy will what we this is transmission, value consider are generation here generation, what And It that which working and case, all to the this of do. colleagues process in what is doing. committed continuous we of say coherence on strategy, energy. executing for is of And is very and strategic us our are My what we a matters our

And the new this happy. much. about through very strategy, the We renewable about new a the We very market. in excited reaction you are expansion great moving businesses, above have we and opportunities or we Thank of are are the challenges but happy all a did happy sectors, nice for next opening year, very agenda. free for have have solar, have Copel's market, you to gas we and full wind prospectives also, very But much And years. about very it know all, the we'll and Thank the in very are next also path weekend. we a we market.

Operator

third Copel's conference the Ladies results the has gentlemen, ended. call and quarter XXXX of Thank you. of for