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    Dividends

    In accordance with our Bylaws and the Brazilian Corporation Law, we regularly pay annual dividends for each fiscal year within sixty days after the declaration at the annual shareholders’ meeting. 

    To the extent amounts are available for distribution, we are required to distribute as dividends an aggregate amount (the "Mandatory Dividend") equal to at least 25.0% of Adjusted Net Profit (as hereinafter defined). Dividends are allocated pursuant to the formula described in “Dividend Priority of Class A Shares and Class B Shares” below. Under the Brazilian Corporation Law, we are not permitted to suspend the Mandatory Dividend payable with respect to the Common Shares, to the Class A Shares and to the Class B Shares for any year. Brazilian law permits, however, a company to suspend the payment of all dividends if the Board of Directors, with the approval of the Fiscal Council, reports to the shareholders’ meeting that the distribution would be incompatible with the financial circumstances of the company. 

    In such a case, companies with publicly traded securities must submit a report to the CVM providing the reasons for the suspension of dividend payments. Notwithstanding the above, the Brazilian Corporation Law and our Bylaws provide that Class A Shares and Class B Shares shall acquire voting rights if we suspend the Mandatory Dividend payments for more than three consecutive years. We are not subject to any contractual limitations on our ability to pay dividends.

    For more details about the dividend history, please click here.

    Fiscal Year
    Corporate Action
    Distribute
    R$ 1.000
    COMMON/
    ELPVY
    Preferred A
    Preferred B
    ELP/XCOP
    Payment Date
    1994
    DIV
    7,996
    0.03308
    0.03308
    -
    05/31/1995
    1995
    DIV
    24,175
    0.07896
    0.13160
    -
    04/29/1996
    1996
    IOC
    116,856
    0.48346
    0.48346
    0.48346
    06/23/1997
    1997
    IOC
    150,000
    0.52352
    0.57588
    0.57588
     
    1st part
    IOC
    74,627
    0.26046
    0.28651
    0.28651
    12/10/1997
    2nd part
    IOC
    75,372
    0.26306
    0.28937
    0.28937
    04/30/1998
    1998
    IOC
    136,200
    0.47555
    0.52269
    0.52269
    05/20/1999
    1999
    IOC
    110,000
    0.38359
    0.59208
    0.42209
    04/25/2000
    2000
    IOC
    160,000
    0.55841
    0.59208
    0.61437
     
    1st part
    IOC
    70,000
    0.24378
    0.59208
    0.26826
    12/27/2000
    2nd part
    IOC
    90,000
    0.31463
    --------
    0.34611
    04/27/2001
    2001
    IOC
    170,000
    0.59166
    0.65455
    0.64455
     
    1st part
    IOC
    80,000
    0.27851
    0.30794
    0.30794
    10/30/2001
    2nd part
    IOC
    90,000
    0.31315
    0.34661
    0.34661
    06/03/2002
    2002
    -
    -
    -
    -
    -
    -
    2003
    IOC
    42,584
    0.14734
    1.05973
    0.16211
    06/15/2004
    2004
    IOC
    96,061
    0.33396
    1.27127
    0.36743
    06/24/2005
    2005
    IOC
    122,995
    0.42811
    1.27167
    0.47101
    06/19/2006
    2006
    -
    280,951
    0.98001
    1.41617
    1.07821
     
    1st part
    DIV
    157,951
    0.55096
    0.79739
    0.60617
    06/26/2007
    2nd part
    IOC
    123,000
    0.42905
    0.61878
    0.47204
    06/26/2007
    2007
     
    267,750
    0.93356
    1.62979
    1.02713
     
     
    DIV
    67,750
    0.23622
    0.41239
    0.25990
    05/16/2008
     
    IOC
    200,000
    0.69734
    1.21740
    0.76723
    05/16/2008
    2008
     
    261,834
    0.91289
    1.62979
    1.00438
     
     
    DIV
    33,834
    0.11796
    0.21060
    0.12979
    05/29/2009
     
    IOC
    228,000
    0.79493
    1.41919
    0.87459
    05/29/2009
    2009  
    249,459
    0.86965
    1.62979
    0.95679
     
    1st part
    IOC
    168,000
    0.58625
    0.64510
    0.64510
    12/07/2009
    2nd part
    IOC
    62,000
    0.21556
    0.85756
    0.23706
    05/27/2009
     
    DIV
    19,459
    0.06784
    0.12713
    0.07463
    05/27/2009
    2010  
    281,460
    0.98027
    2.52507
    1.07854
     
    1st part
    IOC
    85,000
    0.29662
    0.32638
    0.32638
    09/20/2010
    2nd part
    IOC
    115,000
    0.40037
    1.15087
    0.44049
    05/23/2011
     
    DIV
    81,460
    0.28328
    1.04782
    0.31167
    05/23/2011
    2011  
    421,091
    1.46833
    2.52507
    1.61546
     
    1st part
    IOC
    225,814
    0.78803
    0.86706
    0.86706
    09/15/2011
    2nd part
    IOC
    195,277
    0.68030
    1.65801
    0.74840
    05/29/2012
    2012  
    268,554
    0.93527
    2.52507
    1.02889
     
     
    IOC
    138,072
    0.47920
    2.52507
    0.52720
    01/15/2013
     
    DIV
    130,482
    0.45607
    -
    0.50169
    05/23/2013
    2013  
    560,537
    1.95572
    2.52507
    2.15165
     
     
    IOC
    180,000
    0.62819
    0.69111
    0.69111
    12/16/2013
     
    DIV
    145,039
    0.50617
    0.55688
    0.55688
    12/16/2013
     
    DIV
    235,498
    0.82136
    1.27708
    0.90366
    05/13/2014
    2014  
    622,523
    2.17236
    2.52507
    2.39000
     
     
    IOC
    30,000
    0.10469
    0.11519
    0.11519
    11/21/2014
     
    DIV
    350,770
    1.22416
    1.34678
    1.34678
    11/21/2014
     
    DIV
    241,753
    0.84351
    1.06310
    0.92803
    06/22/2015
    2015  
    326,795
    1.13716
    2.52507
    1.25473
     
     
    IOC
    198,000
    0.68748
    2.10511
    0.76022
    06/15/2016
     
    DIV
    128,795
    0.44968
    0.41996
    0.49451
    06/15/2016
    2016   506,213 1.76466 2.89050 1.94342  
      IOC 282,947 0.98539 2.89050 1.08410 until 06/30/2017
      DIV 223,266 0.77927 - 0.85932 until 12/31/2017

    DIV - Dividend
    IOC - Interest on Own Capital

     

    Payment of Dividend


    We are required to hold an annual shareholders’ meeting by April 30th of each year at which, among other things, an annual dividend may be declared by decision of the shareholders on the recommendation of the management, as approved by the Board of Directors. The payment of annual dividends is based on the financial statements prepared for the fiscal year ending December 31st. Under Brazilian law, we must pay dividends within sixty days following the date of the shareholders meeting that declared the dividends to shareholders of record on such shareholders’ meeting. A shareholders’ resolution may set forth another date of payment, which must occur prior to the end of the fiscal year in which such dividend was declared. We are not required to adjust the amount of paid-in capital for inflation for the period from the end of the last fiscal year to the date of declaration or to adjust the amount of the dividend for inflation for the period from the end of the relevant fiscal year to the payment date.

    Consequently, the amount, in real terms, of dividends paid to holders of Class B Shares may be substantially reduced due to inflation. According to our Bylaws, our management may declare interim dividends to be paid from profits in our semi-annual financial statements approved by our shareholders. Any payment of interim dividends may be set off against the amount of mandatory distributions relating to the net profit earned in the year in which the interim dividends were paid.

    Pursuant to Brazilian law, we may pay interest on equity in lieu of dividends as an alternative form of making distributions to shareholders. We may treat a payment of interest on equity as a deductible expense for tax purposes, provided that it does not exceed the lesser of:

    • the total amount resulting from (1) TJLP multiplied by (2) the total shareholders’ equity (determined in accordance with the Brazilian Corporation Law), less certain deductions prescribed by the Brazilian Corporation Law; and
    • the greater of (1) 50.0% of current net income (after the deduction of social contribution on profits (CSLL) and before taking such distributions and any deductions for corporate income tax) for the year in respect of which the payment is made or (2) 50.0% of retained earnings and profit reserves for the year prior to the year in respect of which the payment is made. Shareholders who are not residents of Brazil must register with the Central Bank in order for dividends, sales proceeds or other amounts with respect to their shares to be eligible to be remitted in foreign currency outside of Brazil. The Class B Shares underlying the ADSs are held in Brazil by the Custodian, as agent for the Depositary, which is the registered owner of our shares.

    Payments of cash dividends and distributions, if any, will be made in Brazilian currency to the Custodian on behalf of the Depositary, which will then convert such proceeds into U.S. dollars and will cause such U.S. dollars to be delivered to the Depositary for distribution to holders of ADRs. In the event that the Custodian is unable to convert immediately the Brazilian currency received as dividends into U.S. dollars, the amount of U.S. dollars payable to holders of ADRs may be adversely affected by devaluations of the Brazilian currency that occur before such dividends are converted and remitted.

    Calculation of Adjusted

     
    Dividends with respect to a fiscal year are payable from (1) retained earnings from prior periods and (2) after-tax income for such period (reduced by losses carried forward from prior fiscal years) following the addition or subtraction of amounts allocated to legal and other reserves (as described below) ("Adjusted Net Profit").

    In accordance with Brazilian Corporation Law, we must maintain a legal reserve, to which we must allocate a minimum 5.0% of our net profits for each fiscal year until such reserve reaches an amount equal to 20.0% of our capital stock (calculated in accordance with the Brazilian Corporation Law).

    However, we are not required to make any allocations to our legal reserve in a fiscal year in which the legal reserve, when added to our other established capital reserves, exceeds 30.0% of our total capital. At December 31, 2006, our legal reserve was R$ 268.3 million, or approximately 7% of our capital stock at that date.

    In addition to deducting amounts for the legal reserve, under the Brazilian Corporation Law net profit may also be adjusted by deducting amounts allocated to two other reserves. One is a contingency reserve against future losses. The other is an unrealized profits reserve for specified categories of earnings that are currently required to be recognized, but that will be realized in subsequent periods. On the other hand, net profits may also be adjusted by reversing any amounts in any contingency reserve accounts that have been deposited in previous years and any amounts included in the unrealized profits reserve that have been realized in the relevant fiscal year and have not been used to offset losses. These reserves may only be established if they are proposed by the Board of Directors or management at a shareholders’ meeting and a resolution creating such reserves is adopted at that shareholders’ meeting.

    The amounts available for distribution are determined on the basis of the Statutory Financial Statements prepared using the method required by the Brazilian Corporation Law, which differ from financial statements, such as the Consolidated Financial Statements included herein.

    Dividend Prioritary


    A Shares and Class B Shares

    According to our Bylaws, Class A Shares and Class B Shares are entitled to receive annual, noncumulative minimum dividends, which dividend per share shall be at least 10.0% higher than the dividends per share paid to the Common Shares. Class A Shares have a dividend priority over the Class B Shares, and Class B Shares have a dividend priority over the Common Shares. To the extent funds are available therefore, dividends are to be paid in the following order:

    • first, the holders of Class A Shares have the right to receive a minimum dividend equal to 10.0% of the total share capital represented by the Class A Shares outstanding as at the end of the fiscal year in respect of which the dividends have been declared;
    • second, to the extent there are additional amounts to be distributed after all amounts allocated to the Class A Shares have been paid, the holders of Class B Shares have the right to receive a minimum dividend per share equal to (1) the Mandatory Dividend divided by (2) the total number represented by Class B Shares outstanding as at the end of the fiscal year in respect of which the dividends have been declared; and ·
    • third, to the extent that there are additional amounts to be distributed after all amounts allocated to the Class A Shares and the Class B Shares have been paid, the holders of Common Shares have the right to receive an amount per share equal to (1) the Mandatory Dividend divided by (2) the total number of Common Shares outstanding as at the end of the fiscal year in respect of which dividends have been declared, provided that the Class A Shares and Class B Shares receive dividends per share at least 10.0% higher than the dividends per share paid to the Common Shares.

    To the extent that there are additional amounts to be distributed after all amounts described in the preceding items have been paid and in the form therein described, any such additional amount will be divided equally among all our shareholders.

    General Shareholders Meeting

    The General Shareholders Meeting is the forum in which shareholders have the power to decide on all matters related to the Company's purpose and to take measures deemed appropriate for its defense and development.

    Held in the first quarter of each year, the Annual General Meeting has some specific responsibilities set out in Article No. 132 of Federal Law 6,404 / 76, the Brazilian Corporate Law.

    In addition to the Annual Meeting, shareholders can meet possibly where they deem necessary, at any time, at Extraordinary General Meetings.

    Of all General Meetings are record in the book, which, upon proper registration in the the Board of Trade of the State of Paraná are published as required by Federal Law 6,404 / 76, the Brazilian Corporate Law.

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