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 Codensa Reports 3.4% Increase In Ebitda During The First Nine Months Of 2015 

 11/23/2015  Bogotá 

 

• During 2015 CODENSA has invested 260,236 million COP, mainly in works to improve the quality of service, modernise grids, and repotentiate circuits.

CODENSA has announced its operating and financial results up to September 2015, prepared according to International Financial Reporting Standards (IFRS) that were officially launched in Colombia in January of this year.

Regarding operational results, between January and September of 2015 CODENSA added 71,160 new customers to its network, reaching a total customer base of 2,843,512 in Bogota and 103 additional municipalities in the central part of the country.

Cumulated energy demand in the CODENSA’s area of influence during the first nine months of 2015 was 11,243 GWh, representing a 2.46% growth compared to the same period of the previous year. This growth is explained by the good regulated market dynamics, which continues growing at rates of over 3%.

The national demand had a positive variation of 3.15% compared to the period between January and September of 2014 and of 3.81% in terms of the average annual growth rate. The energy demand of the National Interconnected System (Spanish acronym: SIN) at the end of September 2015 was higher than the forecast presented by the Colombian Government’s Mining and Energy Planning Unit (Spanish acronym: UPME); this trend has continued during the third quarter of the year, mainly due to the high temperatures Colombia has faced as a result of El Niño Southern Oscillation (ENSO).

By the end of September 2015 CODENSA had distributed energy meeting 22.9% of the national demand and 21.4% of the demand in the country's regulated market. 62.2% of the energy distributed by CODENSA during this period corresponded to the regulated market, 30.1% was delivered to to other energy retailers through toll systems and 7.7% was delivered to other grid operators through the company’s networks.

The average energy losses index in CODENSA’s area of distribution was 7.25% between September 30th, 2014 and September 30th, 2015, slightly higher than the 7.06% index reported in the third quarter of 2014. This rise is explained by adjustments made to the losses measurement during October 2014, which temporarily increased the result.

Regarding financial results, CODENSA’s revenues up to September of 2015 reached 2,715,717 million COP, a 6.1% increase on the same period of 2014, that was mainly the result of a higher Producer Price Index (PPI), to which company’s revenues are indexed, recovering demand in the CODENSA's area of influence, and higher revenues from other business lines in addition to the energy service business.

The cost of supplies and services, which represent the cost of sales, were reported at 1,523,770 million COP, an increase of 6.6% over the same period of last year. This is mainly attributable to higher prices in energy purchase contracts due to variations of the Producer Price Index (PPI).

Personnel expenses, previously reported as administrative expenses, and fixed operating expenses grew to 13%, compared to the period between January and September 2014, reaching a total of 278,038 million COP, because of the effect of reporting the 2015 wealth tax, which is calculated at a rate of 1.15% on the company’s shareholders equity as of January 1st, 2015.

As a result of the above, during the first 9 months of 2015 CODENSA’s EBITDA was 913,909 million COP, 3.4% higher than during the same period of 2014, and equivalent to a 33.6% margin over revenues.

Between January and September 2015, gross financial charges increased by 20.4%, reaching 103,782 million COP, as a result of a higher average inflation of the Consumer Price Index (CPI, variation over 12 months) during the first nine months of 2015, compared to the same period of 2014. Most of CODENSA’s debt is indexed at CPI.

Net financial charges during the first nine months of 2015 reached 16,428 million COP, a 23.4% increase compared with the corresponding period of 2014.

At the end of September 2015, CODENSA reported net income of 374,195 million COP, 8.5% less than the result posted in the corresponding period of last year, due to the effects of the increase in the application of Colombia’s wealth tax for 2015 on CODENSA’s EBITDA, the adverse effect of the Consumer Price Index (CPI) on net financial charges, a higher tax rate over earnings, and the surcharge in the income tax for equality (CREE, from its Spanish acronym) compared with 2014, which increased by 31.7% compared with the same period of the previous year. CODENSA’s net income generated a net margin of 13.8% over total revenues.

Between January and September 2015 CODENSA paid a total of 378,026 million COP in dividends to its shareholders, equivalent to the last tranche (37.5%) of the dividends paid on 2013 net income and the first tranche (50.4%) of the dividends on the January-August 2014 net income.

As of September 30th, 2015 the company’s total assets were 4,442,973 million COP, from which property, plant and equipment represented 76.2%, or 3,383,307 million COP; while cash and temporary investments were 7.6% or 339,699 million COP.

CODENSA’s financial gross debt was 1,187,552 million COP (including accrued interests), showing a slight (0.4%) increase compared to the balance as of December 2014. Company fleet leasing operations are accounted as financial debt in the 2015 financial statements in accordance with IFRS norms. These leasing operations amounted to 3,259 million COP at the end of September 2015.

CODENSA’s total liabilities in the first nine months of 2015 were 2,260,817 million COP, a decrease of 17.3% compared to the figures posted in full year 2014, mainly due to the above mentioned dividends payout and to the income tax. Meanwhile CODENSA’s shareholders’ equity amounted to 2,181,289 million COP, a 15.8% increase on figures posted as of December 31st, 2014.

INVESTMENTS

In the first nine months of 2015, 260,236 million COP were invested mainly on service quality improvements, grid modernization, initiatives to effectively meet the growing energy demand, repowering of circuits, safety of operations and control of losses among other significant works.

ACKNOWLEDGMENTS

In July 2015 the risk rating agency Fitch Ratings Colombia ratified the long-term national rating of CODENSA’s corporate debt at AAA (col), with a stable perspective. Such rating reflects CODENSA’s solid competitive position as the largest energy distribution and trading company in Colombia providing 23% of the national demand. The rating agency also highlighted the Company low risk business profile, its solid credit protection metrics, its high liquidity, the know-how transfer of its parent companies, and the Company's good corporate practices.

In August 2015 CODENSA received the IR Recognition ratification from the Colombian Stock Exchange, granted to issuers with the highest transparency standards and the best corporate governance in Colombia, and to companies with the best Relationships with Investors practices.

*Note

Figures in this CODENSA report as of Septmber 2015 were prepared in Colombian pesos under IFRS officially applied in Colombia since January 2015. Due to the effects of the transition to IFRS during 2015, quarterly values will be subject to permanent changes and adjustments. The income statement as of September 2014 and the general balance sheet as of December 2014, used to calculate changes with respect to Septmber 2015, where prepared according to the Enel Group IFRS standards, which could vary in some cases compared to IFRS standards adopted in Colombia. Changes in the main elements of these two financial statements are only provided for information purposes and for convenience of those reading this report.

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1. In line with the legal provisions established for Group 1 entities by Law 1314 / 2009 and Decrees 2784 / 2012, 3023 / 2013 and 2615 / 2014, CODENSA prepared and presented its opening IFRS balance sheet as of January 1, 2014 and its transition IFRS balance sheet as of December 31st, 2014.

2. EBITDA is calculated by adding the depreciation and amortization charges to EBIT.

3. Net margin = net income/revenues for the last 12 months.

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