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3T23
08/11/2023
ri.sanepar.com.br
Curitiba, 08 de novembro de 2023.
A Companhia de Saneamento do Paraná – SANEPAR (SAPR3 – ON; SAPR4 – PN; SAPR11 – Units)
apresenta os resultados financeiros e operacionais referentes ao 3º trimestre de 2023 (3T23). As
informações econômicas foram elaboradas em conformidade com as práticas contábeis adotadas no
Brasil, as quais abrangem a legislação societária brasileira, os pronunciamentos, as orientações e as
interpretações emitidos pelo Comitê de Pronunciamentos Contábeis – CPC, ainda com base nas
normas e procedimentos contábeis estabelecidos pela Comissão de Valores Mobiliários – CVM.
DESTAQUES 3T23
1.1 MERCADO
Período
% Receita Coleta de Coleta de
Municípios Remascente de Tipo de Concessão Água Água
total Esgoto Esgoto
concessão
Curi tiba 22,3% 24,8 a nos Água e Es goto 100% 99,1% 839,1 825,4
Londri na 7,2% 22,8 a nos Água e Es goto 100% 97,9% 256,6 252,9
Ma ri ngá 5,3% 16,9 a nos Água e Es goto 100% 100,0% 174,1 195,5
Ponta Gros s a 3,7% 2,5 a nos Água e Es goto 100% 92,2% 160,4 146,0
Ca s ca vel 3,6% 1,2 a nos Água e Es goto 100% 100,0% 135,6 148,5
Foz do Igua çu 3,4% 20,4 a nos Água e Es goto 100% 82,5% 122,9 101,5
Sã o Jos é dos Pi nha i s 2,9% 20,3 a nos Água e Es goto 100% 86,4% 121,2 103,0
Col ombo 1,8% 24,6 a nos Água e Es goto 100% 77,6% 88,5 67,3
Gua ra pua va 1,7% 19,1 a nos Água e Es goto 100% 87,9% 71,9 61,8
Tol edo 1,6% 1,9 a nos Água e Es goto 100% 82,8% 64,4 52,9
Dema i s Muni cípi os 46,5% 2.232,7 1.415,0
Totais 100,0% 80,2% 4.267,4 3.369,8
1
Informação não auditada ou revisada pelos auditores independentes.
Ligações de Água
+ 44.995 + 1,3%
SET/22 SET/23
ligações de água SET/22 x SET/23
3.397.534 3.442.529
Ligações de Esgoto
SET/23 SET/22 Var.%
Número de Ligações de Esgoto* % %
(1) (2) (1/2)
Res i denci al 2.258.407 90,4 2.194.134 90,5 2,9
Comerci al 200.385 8,0 194.320 8,0 3,1
Indus tri al 6.389 0,3 6.235 0,3 2,5
Uti l i dade Públ i ca 16.316 0,7 15.853 0,7 2,9
Poder Públ i co 15.742 0,6 15.158 0,5 3,9
Totais 2.497.239 100,0 2.425.700 100,0 2,9
* Informação não auditada ou não revisada pelos auditores independentes.
Ligações de Esgoto
Volumes Disponíveis
O volume médio disponível do Sistema de Abastecimento Integrado de Curitiba (SAIC) é composto pelas
Barragens Piraquara I, Piraquara II, Iraí e Passaúna. No Município de Foz do Iguaçu, a Sanepar utiliza a
água da Barragem da Hidrelétrica Itaipu Binacional, do lago de Itaipu, no Rio Paraná.
Receita Operacional
3T23 3T22 Var. % 9M23 9M22 Var. %
Receita Operacional Bruta - R$ milhões
(1) (2) (1/2) (3) (4) (3/4)
Recei ta de Água 1.050,1 949,7 10,6 3.067,1 2.756,2 11,3
Recei ta de Es goto 627,9 547,0 14,8 1.743,8 1.623,7 7,4
Recei ta de Servi ços 31,6 26,9 17,5 82,1 83,0 -1,1
Recei ta de Res íduos Sól i dos 3,3 3,1 6,5 9,9 9,5 4,2
Servi ços Pres tados a os Muni cípi os 6,3 5,7 10,5 18,0 16,4 9,8
Doa ções Efetua da s por Cl i entes 9,4 9,5 -1,1 27,8 24,2 14,9
Outra s Recei tas 1,9 2,1 -9,5 5,2 4,7 10,6
Total Receita Operacional 1.730,5 1.544,0 12,1 4.953,9 4.517,7 9,7
Totais das Receitas Operacionais Líquidas 1.605,8 1.432,4 12,1 4.595,8 4.198,4 9,5
Pessoal
Crescimento de 1,1%, em função de: (i) reajuste salarial de 5,5% (INPC) sobre as verbas trabalhistas e
benefícios referentes ao Acordo Coletivo de Trabalho – ACT 2022/2024 (data base março de 2023); (ii)
reajuste salarial de 10,8% (INPC) referentes ao Acordo Coletivo de Trabalho – ACT 2022/2024 (data
Materiais
Acréscimo de 2,7%, principalmente em material de tratamento, que representa 63,3% do total dos
gastos com materiais no trimestre. Outros materiais também impactaram, tais como: manutenção
eletromecânica, combustíveis e lubrificantes e material de manutenção de redes.
Energia Elétrica
Crescimento de 27,0%, principalmente pelo reflexo do reajuste tarifário médio de 10,5% aplicado a
partir de 24/06/2023 e pela redução de 3% no subsídio aplicado nas unidades consumidoras que
usufruíam do desconto para saneamento, passando de 3% para 0%.
Serviços de Terceiros
Depreciações e Amortizações
Redução de 50,5%, principalmente pelo provisionamento como perda provável de ação cautelar de
produção antecipada de provas para apuração de danos ambientais no valor de R$13,0 milhões, no
Município de Campo Magro, realizado no 2T23, devido à realização de acordo judicial, tendo sido
registrado no 3T23 uma indenização no valor de R$ 6,3 milhões. Também, ocorreu registro de provisão
complementar e novas ações trabalhistas no valor de R$28,0 milhões, inferior ao valor de R$ 47,9
milhões registrado no 3T22, cujos objetos decorrem principalmente de: (i) reintegração de
aposentados; (ii) adicionais e horas extras; (iii) equiparação salarial; e (iv) ações movidas pelo Sindicato
dos Engenheiros – SENGE referente diferenças salariais do Plano de Cargos, Carreiras e Remuneração
– PCCR, compensada pela baixa de 45 ações trabalhistas no montante de R$4,7 milhões em razão de
baixa definitiva e arquivamento processual.
2.2 INDICADORES ECONÔMICOS
Resultado Financeiro
3T23 3T22 Var. % 9M23 9M22 Var. %
Resultado Financeiro - R$ milhões
(1) (2) (1/2) (3) (4) (3/4)
Receitas Financeiras
Apl i ca ções Fi na ncei ra s 42,1 44,2 -4,8 136,8 125,5 9,0
Va ri a ções Monetári a s Ati va s 29,8 19,7 51,3 82,0 55,5 47,7
Va ri a ções Ca mbi a i s Ati va s 0,3 0,8 -62,5 1,2 3,3 -63,6
Ga nho com Ins trumentos Fi na ncei ros Deri va tivos 0,3 0,2 50,0 0,5 1,2 -58,3
Outra s Recei tas Fi na ncei ra s -1,6 3,2 -150,0 0,2 18,0 -98,9
Totais das Receitas Financeiras 70,9 68,1 4,1 220,7 203,5 8,5
Despesas Financeiras
Juros e Ta xa s de Fi na nci a mentos , Emprés timos ,
Debêntures e Arrenda mentos -122,5 -126,1 -2,9 -321,9 -300,3 7,2
Va ri a ções Monetári a s Pa s s i va s -12,3 3,5 -451,4 -76,4 -71,2 7,3
Va ri a ções Ca mbi a i s Pa s s i va s -0,5 -0,3 66,7 -0,5 -1,5 -66,7
Perda com Ins trumentos Fi na ncei ros Deri va tivos -0,7 -1,4 -50,0 -2,8 -4,5 -37,8
Outra s Des pes a s Fi na ncei ra s 0,0 -0,6 -100,0 -0,5 -1,8 -72,2
Totais das Despesas Financeiras -136,0 -124,9 8,9 -402,1 -379,3 6,0
Resultado Financeiro -65,1 -56,8 14,6 -181,4 -175,8 3,2
As Despesas Financeiras aumentaram 8,9%, embora as despesas com juros e taxas de financiamentos,
empréstimos, debêntures e arrendamentos, tenham reduzido 2,9%, passando de R$ 126,1 milhões no
3T22 para R$ 122,5 milhões no 3T23. Adicionalmente, as Despesas Financeiras decorrentes das
Variações Monetárias Passivas sofreram um aumento devido a variação do IPCA quando comparados
os períodos 3T22 e 3T23, dado que no período avaliado de 2022 ocorreu deflação.
Resultado Econômico
3T23 3T22 Var. % 9M23 9M22 Var. %
Resultado Econômico - R$ milhões
(1) (2) (1/2) (3) (4) (3/4)
Resultado Operacional 656,1 465,3 41,0 1.749,2 1.292,2 35,4
Res ul tado Fi nancei ro -65,1 -56,8 14,6 -181,4 -175,8 3,2
Tri butos s obre o Lucro -194,2 -133,6 45,4 -429,3 -315,8 35,9
Lucro Líquido 396,8 274,9 44,3 1.138,5 800,6 42,2
Lucro Líquido (R$ MM)
+44,3%
3T22 3T23
3T22 x 3T23
274,9 396,8
O resultado foi impactado pelo crescimento de 12,1% da receita operacional líquida e pela redução de
1,8% dos custos e despesas operacionais.
Resultados econômico-financeiros
3T23 3T22 Var. % 9M23 9M22 Var. %
Indicadores Econômicos - R$ milhões
(1) (2) (1/2) (3) (4) (3/4)
Recei ta Opera ci ona l Líqui da 1.605,8 1.432,4 12,1 % 4.595,8 4.198,4 9,5 %
Lucro Opera ci ona l 656,1 465,3 41,0 % 1.749,2 1.292,2 35,4 %
Lucro Líqui do 396,8 274,9 44,3 % 1.138,5 800,6 42,2 %
% Ma rgem Opera ci ona l * 34,2 26,5 7,7 p.p. 31,6 24,7 6,9 p.p.
% Ma rgem Líqui da * 24,7 19,2 5,5 p.p. 24,8 19,1 5,7 p.p.
% Renta bi l i da de do PL médi o * 4,3 3,3 1,0 p.p. 12,5 9,9 2,6 p.p.
Dívi da Líqui da /EBITDA (Acumul a do 12 mes es ) * 1,6 1,7 -0,1 p.p. 1,6 1,7 -0,1 p.p.
* Informação não auditada ou não revisada pelos auditores independentes.
Evolução do Ativo e Dívidas
A margem EBITDA passou de 40,0% para 48,4%, impactada pelo crescimento de 12,1% da receita
líquida e pela redução de 3,7% dos custos e despesas operacionais que impactam o EBITDA. A geração
de caixa operacional no 3T23 foi de R$ 705,9 milhões, aumento de 25,2% em relação ao 3T22. A
conversão do EBITDA em Caixa Operacional foi de 90,8%.
2.3 INVESTIMENTOS
3T23 3T22 Var. % 9M23 9M22 Var. %
Investimentos - R$ milhões
(1) (2) (1/2) (3) (4) (3/4)
Água 202,4 189,4 6,9 535,1 509,0 5,1
Es goto 272,4 265,7 2,5 767,9 661,2 16,1
Outros Inves ti mentos 16,6 43,2 -61,6 68,7 91,8 -25,2
Totais 491,4 498,3 -1,4 1.371,7 1.262,0 8,7
2.4 ENDIVIDAMENTO
A primeira fase da 2ª RTP foi consolidada em nove notas técnicas, as quais tiveram como base a
metodologia aplicada no primeiro ciclo tarifário. Em consonância com o estabelecido na Lei
Complementar Estadual nº 222/2020, as notas técnicas foram submetidas a consultas públicas, no
período de 04 de janeiro a 17 de fevereiro de 2021, e audiência pública em 31 de março de 2021.
Por meio da Resolução nº 007 de 29/03/2022, a AGEPAR divulgou o cronograma da 2ª fase da 2ª RTP,
que resultou na elaboração de dezoito notas técnicas, as quais, em consonância com o estabelecido
na Lei Complementar Estadual nº 222/2020, foram submetidas a quatro consultas públicas, realizadas
entre junho de 2022 e março de 2023 e a uma audiência pública, na qual foi apresentado o resultado
do P0 correspondente ao 2º ciclo tarifário da Sanepar em 18 de abril de 2023.
O modelo tarifário da Sanepar passou por alterações na 2ª Revisão Tarifária Periódica, como por
exemplo a reclassificação dos custos entre gerenciáveis e não gerenciáveis a serem considerados pelo
agente regulador.
As alterações mais significativas foram em relação aos custos de produtos químicos, que passaram a
ser considerados como custos gerenciáveis, e de energia elétrica, onde a Agência implementou um
tratamento tarifário diferenciado o qual foi decomposto em: (i) preço médio da energia elétrica,
medido em R$/GWh, classificado como custo não gerenciável; e (ii) consumo específico, através do
consumo de energia elétrica medido em GWh projetado, classificado como custo gerenciável. A
motivação para tal decomposição decorre da alegação que a Companhia não possui gerência sobre o
preço da energia, apenas tendo ação sobre o gerenciamento do consumo.
Ainda, foram mantidos como custos não gerenciáveis, o Fundo Municipal de Saneamento, a Cobrança
pelo Uso de Recurso Hídrico, o Repasse pela Utilização de Manancial e a Taxa de Regulação, e foram
incluídos os gastos com IPVA, IPTU e com Taxas, Alvarás e Licenciamento.
Diferimento 1ª RTP
Parte da parcela financeira presente na tarifa é oriunda do diferimento da 1ª RTP da Sanepar, ocasião
em que a Companhia foi autorizada pela Agência Reguladora de Serviços Públicos Delegados do Paraná
(AGEPAR), por meio da Resolução Homologatória nº 003, de 12 de abril de 2017, a aplicar o índice de
reposicionamento tarifário de 25,63% a partir de 17 de abril de 2017, conforme previsto no artigo 3º:
Na 2ª fase da 2ª RTP, a AGEPAR atualizou a regra de cálculo das parcelas financeiras em relação ao
critério da 1ª RTP.
O saldo das parcelas de compensação na data base dezembro/2020, que se encerram ao final do
segundo ciclo tarifário, totalizaram no momento da 2ª RTP R$ 1.255 bilhão.
Em 12/09/2023, foi aberta a Consulta Pública AGEPAR nº 008/2023, referente à Nota Técnica n.º
10/2023-CSB - Metodologia de Reajuste Tarifário Anual a ser aplicada a partir do ano de 2024 para os
serviços de saneamento básico de água e esgoto da Companhia de Saneamento do Paraná – Sanepar.
Em 11/10/2023 a Sanepar apresentou suas contribuições.
Em resumo, a metodologia proposta pela Agência corrige os custos pelo IPCA, exceto os custos com
energia elétrica, que são corrigidos pela própria variação dos preços de energia, e ambos são
descontados ou aumentados por um fator de desempenho de qualidade (Fator Q) e descontados os
ganhos de produtividade (Fator X). Quanto aos Encargos Setoriais, a metodologia estabelece que os
ajustes relativos à variação entre os valores projetados e os realizados serão apurados apenas na RTP
posterior.
O valor patrimonial de cada ação ao final do 3T23 era de R$ 6,28, comparado com o valor de R$ 5,81
no encerramento do 4T22. O valor de mercado da Companhia em 30/09/2023 é de, aproximadamente,
R$ 6,9 bilhões.
4.3 PAYOUT
Conforme a atual política de dividendos, a Administração poderá, além do dividendo anual obrigatório,
observada a saúde financeira e o interesse público que motivou a constituição da Companhia, aprovar
a distribuição como dividendo adicional de até mais 25% do lucro líquido. Para os acionistas detentores
de ações preferenciais, são atribuídos Juros sobre o Capital Próprio (ou dividendos) por ação 10%
superior aos atribuídos às ações ordinárias.
O crédito da remuneração aos acionistas da Companhia é atribuído com base na posição acionária no
último dia útil de junho e de dezembro de cada exercício. E negociações posteriores ao crédito são
consideradas ex-dividendos (juros sobre o capital próprio e dividendos).
Os Juros sobre o Capital Próprio estão sujeitos à incidência de Imposto de Renda na Fonte, exceto para
os acionistas que se declararem imunes ou isentos.
No início do segundo semestre de 2023 foram respondidos os questionários da plataforma CDP e ISE
B3, ambos com divulgação de resultados até o final do ano. Empresas que atingirem score C no
questionário de Mudanças Climáticas do CDP, podem compor a carteira ISE B3.
Ainda em agosto, a Companhia foi incluída no IDIVERSA - novo índice de diversidade da B3, por atender
cumulativamente todos os critérios de elegibilidade definidos pela B3, sendo a única do setor de água
e esgoto a compor o índice.
Estas participações e resultados de destaque validam os esforços que a Companhia vem empregando
na implementação da sua Agenda ASG, acompanhada de perto pelo Conselho de Administração, por
meio do Comitê Estratégico ASG e Comitê Executivo ASG.
A Comissão de Licitação declarou a "Saneamento Consultoria S.A.", grupo formado pelas empresas
Aegea, Perfin e Kinea, como a licitante melhor classificada, cuja proposta resultou em desconto de
30,61% sobre o valor máximo da licitação. Conforme o edital da referida Concorrência Internacional,
o prazo de vigência do contrato é de 24 anos e 5 meses, contados da assinatura do contrato.
ri@sanepar.com.br | ri.sanepar.com.br
Earnings Release
3Q23
11/8/2023
ri.sanepar.com.br
This is a free translation for informative purposes only, without any legal validity. The original text in Portuguese is the only
legal version and must be consulted in order to elucidate any doubts or conflicts.
Companhia de Saneamento do Paraná – SANEPAR (SAPR3 – Ordinary Share; SAPR4 – Preferred Share;
SAPR11 – Units) presents the financial and operating results for the 3rd quarter of 2023 (3Q23). The
economic information was prepared in compliance with the accounting practices adopted in Brazil,
which cover Brazilian corporate law, pronouncements, guidelines, and interpretations issued by the
Accounting Pronouncements Committee (Comitê de Pronunciamentos Contábeis - CPC) and based on
the accounting standards and procedures set by the Brazilian Securities and Exchange Commission
(Comissão de Valores Mobiliários - CVM).
HIGHLIGHTS 3Q23
1.1 MARKET
Remaining
Total Type of
Municipalities period of Water Sewage Water Sewage
revenue % concession
concession
Curi tiba 22.3% 24.8 yr. Wa ter & Sewa ge 100% 99.1% 839.1 825.4
Londri na 7.2% 22.8 yr. Wa ter & Sewa ge 100% 97.9% 256.6 252.9
Ma ri ngá 5.3% 16.9 yr. Wa ter & Sewa ge 100% 100.0% 174.1 195.5
Ponta Gros s a 3.7% 2.5 yr. Wa ter & Sewa ge 100% 92.2% 160.4 146.0
Ca s ca vel 3.6% 1.2 yr. Wa ter & Sewa ge 100% 100.0% 135.6 148.5
Foz do Igua çu 3.4% 20.4 yr. Wa ter & Sewa ge 100% 82.5% 122.9 101.5
Sã o Jos é dos Pi nha i s 2.9% 20.3 yr. Wa ter & Sewa ge 100% 86.4% 121.2 103.0
Col ombo 1.8% 24.6 yr. Wa ter & Sewa ge 100% 77.6% 88.5 67.3
Gua ra pua va 1.7% 19.1 yr Wa ter & Sewa ge 100% 87.9% 71.9 61.8
Tol edo 1.6% 1.9 yr. Wa ter & Sewa ge 100% 82.8% 64.4 52.9
Other muni ci pa l i ties 46.5% 2,232.7 1,415.0
Total 100.0% 80.2% 4,267.4 3,369.8
1
Information not audited or reviewed by independent auditors.
Water Connections
+ 44,995 + 1.3%
SEP/22 SEP/23
water connections SEP/22 x SEP/23
3,397,534 3,442,529
Sewage Connections
SEP/23 SEP/22 Var.%
Number of Sewage Connections* % %
(1) (2) (1/2)
Residential 2,258,407 90.4 2,194,134 90.5 2.9
Commercial 200,385 8.0 194,320 8.0 3.1
Industrial 6,389 0.3 6,235 0.3 2.5
Public Utility 16,316 0.7 15,853 0.7 2.9
Public Administration 15,742 0.6 15,158 0.5 3.9
Total 2,497,239 100.0 2,425,700 100.0 2.9
* Information not audited or not reviewed by independent auditors.
Available Volumes
The average volume available from the Curitiba Integrated Supply System (Sistema de Abastecimento
Integrado de Curitiba - SAIC) is composed of the Piraquara I, Piraquara II, Iraí, and Passaúna Dams. In
the Municipality of Foz do Iguaçu, Sanepar uses water from the Itaipu Binacional Hydroelectric Dam,
from the Itaipu Lake, on the Paraná River.
As of September 30, 2023, the average reserve volume was at 99.0% (96.0% as of 9/30/2022).
Operating Revenue
3Q23 3Q22 Var.% 9M23 9M22 Var.%
Operating revenue - In BRL million
(1) (2) (1/2) (3) (4) (3/4)
Revenues from water 1,050.1 949.7 10.6 3,067.1 2,756.2 11.3
Revenues from sewage 627.9 547.0 14.8 1,743.8 1,623.7 7.4
Revenues from services 31.6 26.9 17.5 82.1 83.0 -1.1
Revenues from solid waste 3.3 3.1 6.5 9.9 9.5 4.2
Services provided to Municipalities 6.3 5.7 10.5 18.0 16.4 9.8
Donations made by clients 9.4 22.2
9.5 -1.1 27.8 24.2
22.2 14.9
Other revenues 1.9 2.1 -9.5 5.2 4.7 10.6
Total Operating Revenue 1,730.5 1,544.0 12.1 4,953.9
294.6 4,517.7 9.7
COFINS -102.5 -91.8 11.7 -294.6 -262.7 12.1
PASEP -22.2 -19.8 12.1 -63.5 -56.6 12.2
Total of Deductions -124.7 -111.6 11.7
12.1 -358.1 -319.3 12.2
8.1
Total of Operationg Revenue, net 1,605.8 1,432.4 12.1 4,595.8 4,198.4 9.5
The increase in net operating revenue was due to: (i) the tariff adjustment of 8.23% as of May 17, 2023;
(ii) the tariff adjustment of 4.96% as of May 17, 2022, with full impact in 2023; (iii) growth in invoiced
Personnel
Growth of 1.1%, as a result of: (i) salary adjustment of 5.5% (INPC) on labor charges and benefits
regarding the Collective Bargaining Agreement - ACT 2022/2024 (base date March 2023); (ii) salary
adjustment of 10.8% (INPC) referring to the Collective Bargaining Agreement – ACT 2022/2024 (base
date March 2022), fully reflected in 3Q23; (iii) adjustment of 15% of SANESAÚDE in June 2023; (iv)
Labor indemnities totaling BRL 9.2 million (BRL 16.7 million in the same period of 2022); and (v)
provision for indemnity allowance in the amount of BRL 16.3 million (BRL 15.5 million in the same
period of 2022). On the other hand, the number of employees increased from 6,159 in 2Q23 to 6,140
Materials
An increase of 2.7%, mainly in treatment materials, which represents 63.3% of total expenses with
materials in the quarter. Other materials also had an impact, such as: electromechanical maintenance
material, fuels and lubricants, and material for maintaining the network.
Electricity
A growth of 27.0%, mainly due to the average tariff readjustment of 10.5% applied as of June 24, 2023
and the 3% reduction in the subsidy applied to consumer units that benefited from the sanitation
discount, from 3% to 0%.
Third-Party Services
An increase of 14.3%, mainly in cleaning and hygiene services, registration and billing services,
surveillance services, network maintenance services, sewage waste removal services, customer
service, and water operating unit maintenance services, resulting from contract readjustments and an
increase in the volume of services.
An increase of 12.9%, mainly due to the beginning of operations of intangible assets and/or fixed
assets, in the period from October 2022 to September 2023, in the amount of BRL 1,652.8 million (net
of write-offs).
A reduction of 175.6%, mainly due to the continuation of the Private Customer Credit Recovery
Program (RECLIP), which allowed private customers to negotiate their debts, with the possibility of
paying in up to 60 installments, without fines and with interest on installments of 0.3% per month,
which is valid until 7/31/2023. For the period between 8/1/2023 and 9/30/2023, the trading conditions
allowed private customers to pay in up to 48 installments, without fine and with installment interest
of 0.5% per month.
An increase of 10.6%, mainly as a result of the increase in the calculation base related to tariff
adjustment, and, also a reflection of the renegotiation of tax rates on the occasion of the formalization
of the Updated Contractual Terms with the Microregions of Public Water and Sanitary Sewage Services
of the State of Paraná.
A reduction of 50.5%, mainly due to provisioning as probable loss of precautionary action for early
production of evidence to determine environmental damage in the amount of BRL 13.0 million, in the
Municipality of Campo Magro, carried out in 2Q23, due to the conclusion of a court agreement, with
damages in the amount of BRL 6.3 million recorded in 3Q23. There was also a registration of a
supplementary provision and new labor lawsuits in the amount of BRL 28.0 million, lower than the
amount of BRL 47.9 million recorded in 3Q22, whose purposes mainly arise from: (i) reinstatement of
retirees; (ii) additional allowances and overtime; (iii) salary parity; and (iv) lawsuits filed by the Union
of Engineers – SENGE related to salary differences in the Positions, Careers, and Compensation Plan
(Plano de Cargos, Carreiras e Remuneração – PCCR), offset by the write-off of 45 labor lawsuits
amounting to BRL 4.7 million due to final write-offs and filing procedure.
2.2. ECONOMIC INDICATORS
Financial Income
3Q23 3Q22 Var.% 9M23 9M22 Var.%
Financial income (loss) - in BRL million
(1) (2) (1/2) (3) (4) (3/4)
Financial revenues
Financial investments 42.1 44.2 -4.8 136.8 125.5 9.0
Monetary variation gains 29.8 19.7 51.3 82.0 55.5 47.7
Exchange rate variation gains 0.3 0.8 -62.5 1.2 3.3 -63.6
Gain on Derivative Financial Instruments 0.3 0.2 50.0 0.5 1.2 -58.3
Other financial revenues -1.6 3.2 -150.0 0.2 18.0 -98.9
Total financial revenues 70.9 68.1 4.1 220.7 203.5 8.5
Financial expenses
Interest and fees on loans, financing, debentures and leases -122.5 -126.1 -2.9 -321.9 -300.3 7.2
Monetary variation losses -12.3 3.5 -451.4 -76.4 -71.2 7.3
Exchange rate variation losses -0.5 -0.3 66.7 -0.5 -1.5 -66.7
Derivative losses -0.7 -1.4 -50.0 -2.8 -4.5 -37.8
Other financial expenses 0.0 -0.6 -100.0 -0.5 -1.8
-379.3 -72.2
Total financial expenses -136.0. -124.9 8.9 -402.1 -379.3 6.0
Financial income (loss) -65.1 -56.8 14.6 -181.4 -175.8 3.2
Financial Revenues grew 4.1%, from BRL 68.1 million in 3Q22 to BRL 70.9 million in 3Q23, mainly due
to the variation in the SELIC interest rate.
Financial Expenses increased 8.9%, although expenses with interest and financing fees, loans,
debentures, and leases decreased 2.9%, from BRL 126.1 million in 3Q22 to BRL 122.5 million in 3Q23.
Economic Income
3Q23 3Q22 Var.% 9M23 9M22 Var.%
Economic Result - BRL million
(1) (2) (1/2) (3) (4) (3/4)
Operating income 656.1 465.3 41.0 1,749.2 1,292.2 35.4
Financial income (loss) -65.1 -56.8 14.6 -181.4 -175.8 3.2
Taxes on income -194.2 -133.6 45.4 -429.3
-235.1 -315.8 35.9
Net income for the period 396.8 274.9 44.3 1,138.5 800.6 42.2
Net Profit (BRL MM)
+ 44.3%
3Q22 3Q23
3Q22 x 3Q23
274.9 396.8
The income was impacted by a 12.1% growth in net operating revenue and a 1.8% reduction in
operating costs and expenses.
Sanepar's growth and development strategy, to operate in a public utility market, also open to the
private sector, is based on seeking effective results, commitment to the quality of services provided,
and meeting the needs of the Government and of shareholders.
Evolution of Indicators
Reference SEP 23 DEZ 22 Var.
Equity BRL million 9,497.4 8,786.9 8.1 %
Share value * BRL 6.28 5.81 8.1 %
Indebtedness level * % 48.1 47.2 0.9 p.p.
Current ratio * BRL 1.41 1.52 -7.2 %
Quick ratio * BRL 1.38 1.47 -6.1 %
* Information not audited or not reviewed by independent auditors.
Net income for the period 396.8 274.9 44.3 1,138.5 800.6 42.2
(+) Taxes on Income 194.2 133.6 45.4 429.3 315.8 35.9
(+) Financial income (loss) 65.1 56.8 14.6 181.4 175.8 3.2
(+) Depreciation and amortization 121.6 107.7 12.9 355.7 319.4 11.4
EBITDA 777.7 573.0 35.7 2,104.9 1,611.6 30.6
% EBITDA Margin 48.4 40.0 8.4 p.p. 45.8 38.4 7.4 p.p.
% EBITDA conversion into cash 90.8 98.3 -7.5 p.p. 82.2 91.5 -9.3 p.p.
* Information not audited or not reviewed by independent auditors.
The EBITDA margin climbed from 40.0% to 48.4%, impacted by the 12.1% growth in net revenue and
the 3.7% reduction in operating costs and expenses that impact EBITDA. Operating cash generation in
3Q23 was BRL 705.9 million, an increase of 25.2% compared to 3Q22. The conversion of EBITDA into
Operating Cash was 90.8%.
2.3 INVESTMENTS
3Q23 3Q22 Var. % 9M23 9M22 Var. %
Investments – BRL Million
(1) (2) (1/2) (3) (4) (3/4)
2.4 INDEBTEDNESS
On October 21, 2020, at the 21st Extraordinary Meeting of the Board of Directors of the Regulatory
Agency for Delegated Public Services of Paraná (Agência Reguladora de Serviços Públicos Delegados
do Paraná - AGEPAR), the establishment of the 2nd Periodic Tariff Review (RTP) of Sanepar was
approved, with guidelines for it to take place in two stages, the first in 2021 and the second stage in
2022.
The first stage of the 2nd RTP was consolidated into nine technical notes, which were based on the
methodology applied in the first tariff cycle. In accordance with the provisions of State Complementary
Law No. 222/2020, the technical notes were submitted to public consultations from January 4 to
February 17, 2021, and a public hearing on March 31, 2021.
On April 14, 2021, AGEPAR's Board of Directors, at Extraordinary Meeting No. 012/2021, submitted
the final result of the 1st stage of the 2nd RTP, when it decided to approve the tariff repositioning of
5.7701%, with an annual application of the X Factor of 0.98% on the B portion of the tariff.
Through Resolution No. 007 of March 29, 2022, AGEPAR published the schedule for the 2 nd stage of
the 2nd RTP that resulted in the preparation of eighteen technical notes, which, in line with the
provisions of State Complementary Law No. 222/2020, were submitted to four public consultations,
held between June 2022 and March 2023, and to a public hearing, in which the result of the P0
corresponding to the 2nd tariff cycle of Sanepar was presented on April 18, 2023.
On April 20, 2023, AGEPAR's Board of Directors approved the adjustment index of 8.2327%, which
included the final calculation of the tariff repositioning referring to the 2nd RTP, the annual tariff
adjustments (IRTs) of 2022 and 2023, indexed to the IPCA, and the X Factor of 0.08%, applied on the
Sanepar's tariff model underwent changes in the 2nd Periodic Tariff Review, such as the reclassification
of costs between manageable and non-manageable to be considered by the regulatory agent.
The most significant changes were in relation to the costs of chemical products, which were now
considered manageable costs, and electricity, where the Agency implemented a differentiated tariff
treatment which was broken down into: (i) average price of electricity, measured in BRL/GWh,
classified as a non-manageable cost; and (ii) specific consumption, through electricity consumption,
measured in projected GWh, classified as a manageable cost. The motivation for this breakdown comes
from the allegation that the Company does not manage energy prices, only having action over the
management of consumption.
Also, the Municipal Sanitation Fund (Fundo Municipal de Saneamento), the Charge for the Use of Water
Resources (Cobrança pelo Uso de Recurso Hídrico), the Pass-Through for the Use of Springs (Repasse
pela Utilização de Manancial), and the Regulation Fee were maintained as non-manageable costs, and
expenses for IPVA, IPTU and Fees, Permits and Licensing were included.
Part of the financial portion in the tariff comes from the deferral from the 1st RTP of Sanepar, when
the Company was authorized by the Regulatory Agency for Delegated Public Services of Paraná
(Agência Reguladora de Serviços Públicos Delegados do Paraná - AGEPAR), through Authorizing
Resolution No. 003, of April 12, 2017, to apply the repositioning tariff index of 25.63% as of April 17,
2017, as provided for in article 3:
Article 3 - To define that the application of the tariff review approved under article 2 of
this Resolution shall be deferred for eight (8) years, with the first installment
corresponding, in 2017, to an average repositioning of eight point fifty-three percent
(8.53%), and the others in seven (7) installments of two point eleven percent (2.11%),
plus the corresponding financial adjustment and economic adjustment, which will be
carried out by applying the weighted average rate of daily financing calculated in the
Special System for Settlement and Custody (Sistema Especial de Liquidação e Custódia
- SELIC), as defined in the Technical Note approved in article 1 of this Resolution.
In the 2nd stage of the 2nd RTP, AGEPAR updated the rule for calculating financial installments in
relation to the 1st RTP criteria.
Specifically regarding the calculation of the deferral compensation tariff, the balance was assessed on
December 2020 (base date for calculating the 2nd RTP), using the Selic interest rate as a correction
index, applied to the difference between the verified revenue and the current tariff, which amounted
BRL 1,582 billion.
The balance of offset installments on the base date of December/2020, which ends at the end of the
second tariff cycle, totaled BRL 1.255 billion at the time of the 2nd RTP.
On September 12, 2023, AGEPAR Public Consultation No. 008/2023 was opened, referring to Technical
Note No. 10/2023-CSB - Annual Tariff Adjustment Methodology to be applied as of the year 2024 for
basic sanitation of water and sewage services from the Companhia de Saneamento do Paraná –
SANEPAR. On October 11, 2023, Sanepar presented its contributions.
In summary, the methodology proposed by the Agency adjusts costs according to the IPCA, except for
electricity costs, which are adjusted by the variation in energy prices, and both are discounted or
increased by a quality performance factor (Q Factor) and discounting productivity gains (X Factor). As
for Industrial Charges, the methodology establishes that adjustments relating to the variation between
projected and realized values will only be determined in the subsequent RTP.
4.2 SECURITIES
Variation between
Security Ticker Closing Value 3Q22 Closing Value 3Q23
3Q22 and 3Q23
Common Shares SAPR3 BRL 3.32 BRL 4.42 33.13%
Preferred Shares SAPR4 BRL 3.50 BRL 4.57 30.57%
Units SAPR11 BRL 17.15 BRL 22.86 33.29%
Comparison between book value and market value (in BRL)
The book value of each share at the end of 3Q23 was BRL 6.28, compared to BRL 5.81 at the end of
4Q22. The Company's market value on September 30, 2023 was approximately BRL 6.9 billion.
4.3 PAYOUT
According to the Bylaws, the portion regarding the mandatory dividend may not be less than 25% of
the adjusted net income, pursuant to article 202 of Law 6.404/76.
Pursuant to the current dividend policy, the Management may, besides the mandatory annual
The credit of the compensation to the Company's shareholders is attributed based on the shareholding
position on the last business day of June and December of each fiscal year. And negotiations after the
credit are considered ex-dividends (interest on equity and dividends).
Interest on Equity is subject to Withholding Income Tax, except for shareholders who declare
themselves immune or exempt.
On June 27, 2023, the payment of interest on equity (Juros sobre Capital Proprio - JCP) credits related
to the 1st and 2nd semester of 2022 took place, in accordance with the decision from the 59th Annual
General Meeting (Assembleia Geral Ordinária - AGM).
For the first semester of 2023, the calculated (gross) amount of Interest on Equity, subject to the legal
limit of Long-Term Interest Rate (Taxa de Juros de Longo Prazo – TJLP) variation within the period, was
BRL 268,850,259.28. This amount replaces the Mandatory Dividends, as provided for in the articles of
incorporation and based on the results assessed in the 1st semester of 2023. The Interest on Equity
credit was defined by the Board of Directors at its 6th/2022 Ordinary Meeting on June 27, 2023, and
disclosed to the market in the Notice to Shareholders of the same date, considering the shareholding
position (date-com) of June 30, 2023.
After 60th
2023 1st Half IoE 268,850,259.28 0.166785468 0.183464015 0.900641526 06/30/2022
AGM/2024
Total distribution - Year 2023 268,850,259.28
At the beginning of the second semester of 2023, questionnaires from the CDP and ISE B3 platforms
were answered, both with results to be released by the end of the year. Companies that achieve a C
score in the CDP's Climate Change questionnaire can be included in the ISE B3 portfolio.
Also in August, the Company was included in IDIVERSA - B3's new diversity index, as it cumulatively
met all the eligibility criteria defined by B3, and is the only one in the water and sewage sector to make
up the index.
These outstanding participation and outcomes validate the efforts that the Company has been making
in implementing its ESG Agenda, closely monitored by the Board of Directors, through the ESG Strategic
Committee and ESG Executive Committee.
On September 1, 2023, the Share Purchase Agreement and other provisions of CS Bioenergia S.A. were
executed. The business terms were approved by the Company's Board of Directors at its 18 th/2023
Extraordinary Meeting. The price agreed for the full transfer of the shares representing 60% of CS
Bioenergia S.A. to Sanepar is seventeen million and four hundred thousand. (BRL 17,400,000.00).
In a Public Session held on July 14, 2023, at B3 - Brasil, Bolsa, Balcão, the envelopes were opened under
the scope of International Competition No. 100/2023 for Public-Private Partnership (PPP) regarding
The Bidding Committee declared "Saneamento Consultoria S.A.", a group formed by the companies
Aegea, Perfin and Kinea, as the top-ranked bidder, whose proposal resulted in a 30.61% discount on
the maximum bid amount. According to the public notice of the aforementioned International
Competition, the term of the agreement is 24 years and 5 months, starting from the signing of the
agreement.
On October 10, 2023, the Company issued a Relevant Fact communicating that the 6th Extraordinary
General Meeting of the Central-Coastal (MRAE-1), Central-East (MRAE-2) and West (MRAE-3)
Microregions of the State of Paraná approved the proposal to extend and standardize contractual
deadlines, until June 5, 2048, through amendments to the agreements for the regionalized provision
of public water and sewage services in force, aiming at the universalization of water and sewage
services while preserving tariff moderation. The standardization of terms for the 319 current
agreements, which represent approximately 95% of the Company's total revenue, fulfills a stage in the
process; the evidence of economic and financial capacity with regulatory bodies is a condition, in
accordance with Decree No. 11598, of July 12, 2023, and other requirements set out in the
amendments. The percentage of revenue mentioned above includes the Municipality of Maringá (non-
standardized period), whose additive term that extended the concession until 08/27/2040 is under
judicial discussion.
Non-current Liabilities
Suppliers - 1.1 2.8
Loans, Financing, Debentures, Leasing 5,013.3 4,507.6 3,712.9
Revenue to be Appropriated 8.6 11.3 -
Other Bills to Pay 84.8 88.0 3.0
Retirement and Health Care Plan Provisions 975.7 943.7 1,082.9
Provisions 828.6 689.0 615.6
Total Non-current Liabilities 6,911.0 6,240.7 5,417.1
Equity
Issued Capital Share 5,996.1 3,996.1 3,996.1
Investor Relations
Chief Finance and Investor Relations Officer
Abel Demetrio
ri@sanepar.com.br | ri.sanepar.com.br