Copel Records Record EBITDA of R$ 8.4 billion in 2021 (+52.1% vs. 2020)

CURITIBA, Brazil, March 23, 2022 /PRNewswire/ -- Adjusted EBITDA, excluding non-recurring items, reached R$ 1,039.5 million in 4Q21, 26.6% lower than the R$ 1,417.2 million recorded in 4Q20. This reduction is mainly due to the drop in the results of the Araucária Thermoelectric Power Plant and Copel GeT, partially offset by the good result of Copel Distribuição. The main factors that explain the reduction are:

1. the 55% reduction in TPP Araucária dispatch (360 GWh in 4Q21 against 797 GWh in 4Q20) combined with a lower net margin on energy sales for the period, as in 4Q21 the unit variable cost (CVU) no longer included the portion of the plant's fixed costs, as such costs had already been recovered in previous quarters;
2. the water deficit, with low GSF (67.71% compared to 69.43% in 4Q20), resulting in a 142.7% growth in costs with "electricity purchased for resale" by Copel GET;
3. the positive effect of R$ 68.7 million on EBITDA in 4Q20, referring to the result of Copel Telecomunicações, which is no longer part of the Copel group since August 2021;
4. the R$ 66.3 million increase in costs with third-party services, mainly due to the R$ 42.9 million maintenance of the Araucária thermoelectric turbine; and
5. the negative effect of R$ 142.1 million in the "provisions and reversals" line, mainly due to the increase of R$ 39.4 million in the estimate of expected credit losses and the recording of R$ 114.0 million in provisions for litigation, basically due to civil lawsuits, with emphasis on R$ 29.9 million referring to the arbitration process related to the Mauá plant.

The complete release is available at the Company's website: ir.copel.com

Conference Call: March 23, 2022 – Wednesday

English: 1:00 p.m. – UST
               Broadcast through Internet

Live webcast at ir.copel.com

Contacts: Investor Relations – COPEL
Phone: (55 41) 3331-4011
E-mail:ri@copel.com 

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SOURCE Copel - Companhia Paranaense de Energia