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For Immediate Release 4Q16 Results Copel records EBITDA of R$254.3 million in the 4Q16 4Q16 Results Total energy sold grows by 1.0% in 2016; Conference Call Dividends of R$282.9 million in the form of IOC; 03.29.2017 – 10:00 a.m (Brasília time) R$3,575.4 million of capex carried in 2016; Telephone (+1 516) 300 1066 Operational Startup – TL Foz do Chopim – Realeza. Code: COPEL 4Q16 3Q16 4Q15 Var.% 2016 2015 Var. % (1) (2) (3) (1/3) (4) (5) (4/5) Net Operating Revenues (R$ million) 3,426.4 2,907.2 3,554.7 (3.6) 13,101.8 14,945.8 (12.3) Operating Income (R$ million) (245.1) 35.8 519.6 - 1,478.4 1,797.8 (17.8) Net Income (R$ million) (109.8) (75.1) 402.1 - 947.8 1,265.6 (25.1) Earnings per share (R$)¹ (0.29) (0.32) 1.45 - 3.50 4.36 (19.6) EBITDA (R$ million) 254.3 427.7 1,175.6 (78.4) 2,752.4 2,802.9 (1.8) Return on Shareholders' Equity (annualized)² - - 12.3% - 6.5% 9.2% (29.7) Energy Supply (GWh) 6,250 6,253 6,956 (10.1) 26,151 27,949 (6.4) Capex (R$ million)³ 830.7 917.8 794.0 4.6 3,575.4 2,364.7 51.2 EBITDA Margin 7.4% 14.7% 33.1% (77.6) 21.0% 18.8% 12.0 Operating Margin - 1.2% 14.6% - 11.3% 12.0% (6.2) Net Margin - - 11.3% - 7.2% 8.5% (14.6) ¹ Consider the Net Income attributed to the shareholders of the parent company. ² Calculated according to the initial shareholders' equity for the year. ³ Includes contributions and advances for future investments and capital increases. Values subject to rounding adjustments. Average Rates (R$/MWh) Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Power Purchase Average Rate - Copel Dis ¹ 158.49 161.11 157.74 152.05 182.00 Retail Average Rate - Copel Dis² 380.27 379.04 433.87 433.82 433.91 Sales to Distributors Average Rate - Copel GeT³ 187.18 185.79 176.93 170.92 165.49 Indicators Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Equity (R$ Thousand) 15,155,446 15,609,198 15,683,988 14,710,154 14,584,478 Net debt (R$ Thousand)4 8,656,231 8,094,830 7,482,218 7,341,040 6,977,022 Book Value per Share (R$) 55.38 57.04 57.31 53.75 53.30 Net debt/ Shareholders' Net Equity5 58.3% 56.1% 48.9% 53.2% 53.2% Current Liquidity 0.8 1.1 1.0 1.2 1.4 ¹Considers PIS/COFINS. ² Does not consider tariff flags. ICMS net. ³ Included Guarantees and Endorsements. ICMS net. 4 Included Guarantees and Endorsements and collaterals and escrow accounts. 5 Considers gross debt without endorsements and guarantees. CPLE3 | R$19.08 ELP | US$ 8.48 Market value | R$6.3 bi CPLE6 | R$27.36 XCOP | € 8.08 * Quotes 12.31.2016 Earnings Release 4Q16 LIST OF CONTENTS 1. Main Events in the Period __________________________________________________________________________ 3 2. Financial Performance ____________________________________________________________________________ 10 2.1 Operating Revenues __________________________________________________________________ 10 2.2 Operating Costs and Expenses _________________________________________________________ 11 2.3 Equity in the Earnings of Subsidiaries ____________________________________________________ 13 2.4 EBITDA ____________________________________________________________________________ 14 2.5 Financial Result _____________________________________________________________________ 14 2.6 Consolidated Net Income ______________________________________________________________ 15 2.7 Consolidated Income Statement ________________________________________________________ 16 3. Main Account and Changes Balance Sheet ___________________________________________________________ 16 3.1 Main Accounts ______________________________________________________________________ 16 3.2 Balance Sheet – Assets _______________________________________________________________ 19 3.3 Debt ______________________________________________________________________________ 20 3.4 Balance Sheet – Liabilities _____________________________________________________________ 23 4. Performance of the Main Companies________________________________________________________________ 23 4.1 Copel Geração e Transmissão __________________________________________________________ 23 4.2 Copel Distribuição ____________________________________________________________________ 25 4.3 Copel Telecomunicações ______________________________________________________________ 26 4.4 UEG Araucária ______________________________________________________________________ 27 4.5 Accounting Information ________________________________________________________________ 27 5. Investment Program _____________________________________________________________________________ 28 6. Power Market and Tariffs _________________________________________________________________________ 29 6.1 Captive Market – Copel Distribuição _____________________________________________________ 29 6.2 Grid Market (TUSD) __________________________________________________________________ 29 6.3 Electricity Sales _____________________________________________________________________ 29 6.4 Total Energy Sold ____________________________________________________________________ 30 6.5 Energy Flow ________________________________________________________________________ 31 6.6 Tariffs _____________________________________________________________________________ 33 7. Capital Market __________________________________________________________________________________ 34 7.1 Capital Stock ________________________________________________________________________ 35 7.2 Stock Performance ___________________________________________________________________ 36 7.3 Dividends and Interest on Own Capital ___________________________________________________ 37 8. Operating Performance ___________________________________________________________________________ 38 8.1 Power Generation ____________________________________________________________________ 38 8.2 Transmission _______________________________________________________________________ 43 8.3 Distribution _________________________________________________________________________ 44 8.4 Telecommunications __________________________________________________________________ 46 8.5 Equity Interests ______________________________________________________________________ 47 8.6 New Projects ________________________________________________________________________ 47 9. Other Information _______________________________________________________________________________ 50 9.1 Human Resources ___________________________________________________________________ 50 9.2 Main Operational Indicators ____________________________________________________________ 51 9.3 Conference Call 4Q16 Results __________________________________________________________ 52 Exhibit I – Consolidated Cash Flow Statement __________________________________________________________ 53 Exhibit II – Financial Statements – Wholly Owned Subsidiaries _____________________________________________ 54 Exhibit III – Financial Statements by Company __________________________________________________________ 57 2 * Amounts subject to rounding. Earnings Release 4Q16 1. Main Events in the Period Copel’s EBITDA came to R$254.3 million in 4Q16, 78.4% lower than the R$1,175.6 million recorded in 4Q15 when R$410.6 million in non-recurring events that positively impacted the result of that period. This performance in 4Q16 was negatively impacted by (a) for the recording of R$603.7 million in provisions, mainly due to the recognition of loss of generation assets, (b) increase of 23,6% from the electricity purchase, the result of the lower Generation Scaling Factor (GSF), and (c) the fall of 2.0% in the grid market of Copel Distribuição. In 4Q16, Copel recorded a negative result of R$109.8 million compared to net income of R$402.1 million, in 4Q15. More details in the item 2. Impairment of assets of the generation segment The Company reviewed the recoverable value of its assets through the application of impairment tests. For this purpose, the value in use (discounted cash flow) criterion was used, which resulted in the recording of R$567.1 million in provisions for losses. The assets that most accounted for impairment were: the Cutia Wind Farm Complex, HPP Baixo Iguaçu, UTE Araucária and TPP Figueira. Among the assumptions used for the tests, the most relevant to the result are the discount rate update, the increase in the CAPEX of the projects and the scenario of low probability of dispatch to UTE Araucária in 2017. More details in the item 4.1. Compagas’ results After reviewing scenarios and the prospect of gas consumption for the next few years, the Compagas made an adjustment of R$89.6 million refers to the impairment of the Ship-or-Pay credit to be offset related to the gas purchase agreement entered into with Petrobras. As a result, the Company recorded losses of R$41.3 million and negative EBITDA of R$54.0 million in 4Q16. The agreement between Compagas and Petrobras has a clause regarding future offsetting related to the acquisition of volumes and transport capabilities contracted and guaranteed, above those effectively withdrawn and used. Copel Holding’s New CEO The engineer Antonio Sergio de Souza Guetter, is the new Copel’s CEO, replacing Luiz Fernando Leone Vianna, who was appointed by President Michel Temer to general director of Itaipu. Mr. Guetter is graduated in Civil Engineering from the Federal University of Paraná. Throughout his career in the Company, he held the positions of CFO and Investor Relations Officer of Copel, CEO of Copel Renováveis, Assistant Officer of Copel Participações, in addition to having worked at the Fundação Copel de Previdência e Assistência Social, entity 3 * Amounts subject to rounding. Earnings Release 4Q16 in
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