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CTEEP – Companhia De Transmissão De Energia Elétrica Paulista

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CTEEP – Companhia De Transmissão De Energia Elétrica Paulista CTEEP – Companhia de Transmissão de Energia Elétrica Paulista Individual (Parent) and consolidated financial statements for the year ended December 31, 2020, prepared in accordance with the technical pronouncements issued by the Accounting Pronouncements Committee (CPC) and the International Financial Reporting Standards (IFRS). 1 CONTENTS Management Report ...................................................................................................................... 3 Balance sheets ............................................................................................................................. 13 Income statements ....................................................................................................................... 15 Statements of comprehensive income ......................................................................................... 16 Statements of changes in equity .................................................................................................. 17 Statements of cash flows ............................................................................................................. 19 Statements of value added ........................................................................................................... 21 Highlights ................................................................................................................................... 23 Notes to the individual and consolidated financial statements 1. General information ................................................................................................................ 25 2. Presentation of financial statements ........................................................................................ 28 3. Significant accounting policies ............................................................................................... 33 4. New and revised standards and interpretations issued but not yet adopted ............................ 42 5. Cash and cash equivalents ....................................................................................................... 43 6. Short-term investments ........................................................................................................... 43 7. Concession asset ...................................................................................................................... 44 8. Receivables - Finance Department .......................................................................................... 47 9. Recoverable taxes .................................................................................................................... 47 10. Sureties and escrow deposits ................................................................................................. 48 11. Investments ........................................................................................................................... 48 12. Property and equipment ........................................................................................................ 59 13. Intangible assets .................................................................................................................... 62 14. Borrowings and financing ..................................................................................................... 63 15. Debentures ............................................................................................................................. 68 16. Leases ....................................................................................................................................71 17. Taxes and payroll charges payable ........................................................................................ 73 18. Deferred PIS and Cofins (taxes on revenue) ......................................................................... 73 19. Regulatory charges payable .................................................................................................. 73 20. Payroll and related taxes ....................................................................................................... 74 21. Provisions .............................................................................................................................. 74 22. Payables – Vivest .................................................................................................................. 78 23. Global Reversal Reserve (RGR) ........................................................................................... 82 24. Equity .................................................................................................................................... 82 25. Net operating revenue ........................................................................................................... 87 26. Costs of infrastructure implementation, operation and maintenance services, and general and administrative expenses............................................................................................................... 93 27. Revenues – Periodic Tariff Revision (RTP), net................................................................... 94 28. Other operating income (expenses) ...................................................................................... 94 29 Finance income (costs)........................................................................................................... 95 30. Income tax and social contribution ....................................................................................... 95 31. Related-party transactions ..................................................................................................... 97 32. Financial instruments .......................................................................................................... 100 33. Insurance ............................................................................................................................. 107 34. Retirement supplementation plan governed by Law No. 4819/58 ...................................... 108 35. Noncash transactions........................................................................................................... 111 36. Events after the Reporting Period........................................................................................ 112 Independent auditor’s report ..................................................................................................... 113 Supervisory Board´s Opinion.................................................................................................... 117 Management’s representation on the Independent Auditor’s Report........................................ 118 Management’s representation on the financial statements........................................................ 119 Other Information the Company Deems Relevant ................................................................... 120 2 COMPANHIA DE TRANSMISSÃO ENERGIA ELÉTRICA PAULISTA Publicly held corporation – Corporate Taxpayers´ Registry (CNPJ) No. 02.998.611/0001-04 CVM: 01837-6 and NIRE: 35300170571 Management Report – Fiscal Year 2020 MESSAGE FROM MANAGEMENT Dear reader, ISA CTEEP’s primary mission is to generate sustainable value for all of its stakeholders. We do this while performing our daily tasks and, also, by conducting environmental and social programs that ensure corporate longevity and create value for our investors. 2020 was an atypical year. When we tell future generations about 2020 history, we will certainly highlight the challenges the pandemic has thrown our way. Aware of the relevance of the essential service we provide – electric power transmission –, we put a special business continuity plan into practice. We significantly reduced the number of employees in our premises and set up a second operation center to ensure that load transmissions in our grid are fully functioning. In certain locations, we built camps to avoid commuting and reduce the risk of infection. The progress we made so far in our digital transformation journey was pivotal for us to be able to rapidly adopt the remote work model for all activities whose physical presence was not required. The year was also marked by the adoption of a set of measures focused on occupational safety culture, particularly across the production chain. We make ongoing efforts and continuously invest in the protection of our people, whether they are our employees or contractors. Despite safety protocols, unfortunately, we recorded a fatal case in the period. We have revised and reinforced the procedures to systematically consolidate our values in our relations with stakeholders. In line with our environmental and social development commitment under the Jaguar Connection Program, we reaffirmed our support to Instituto Homem Pantaneiro in preserving more than 76 thousand hectares in Serra do Amolar region, in the Pantanal biome, which was scorched by fires in 2020. In addition to the activities developed under the Program, we acquired a vessel to help deloy firefighters to put out fires. Even in such an atypical year and with so many challenges, we achieved record results, based on operational excellence and sound financial management. In 2020, we posted net revenue under IFRS of R$3.9 billion, which, coupled with our cost discipline, enabled us to post adjusted EBITDA margin of 86% and profit under IFRS of R$3.4 billion. With this result, our strategy focused
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