CURITIBA, Brazil, April 13, 2018 /PRNewswire/ -- Companhia Paranaense de Energia - Copel (NYSE: ELPVY, ELP / Latibex: XCOP / B3: CPLE3, CPLE5, CPLE6), a company that generates, transmits, distributes and sells power, announces its results for the fourth quarter of 2017.
COPEL reported an EBITDA of R$521.8 million in 4Q17, a 317.6% increase over the R$124.9 million verified in 4Q16. This result was impacted by the R$25.7 million related to the reversal of estimated losses with generation assets impairment, against a provision for impairment of R$567.1 million in 4Q16, and by the record of R$270.5 million in provisions for lawsuits referring to civil, administrative, labor and post-employment benefit matters.
Copel's adjusted EBITDA in 4Q17 was of R$665.8 million, a 5.1% growth when compared to the adjusted EBITDA in 4Q16 (R$633.3 million), mainly reflecting (a) a 4.8% growth in Copel Distribuição's grid market, (b) a 5.85% of average adjustment applied to Copel Distribuição's tariffs as of June 24, 2017, (c) RAP adjustment and the start-up of new transmission assets throughout 2017, and (d) a 5.1% decrease in PMSO (Personnel and management, pension and health plans, materials, third party services, provisions and reversals and others), except for provisions and reversals, partially offset by the 42.4% higher cost of electricity purchase, mainly due to the GSF of the period.
The complete release is available at the Company's website: www.copel.com/ir
Conference Call: April 17, 2018 – TUESDAY
09:00 a.m. – New York Time
Dial in number: +1 516 300-1066
Access Code: Copel
(Simultaneous translation into English)
Live webcast at www.copel.com/ir