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 Codensa boasts strong results and reaches all-time high in investments in 2017 

 2/27/2018  Bogotá 

 

Financial Results 2017

 

2017

2016

VARIATION %

Millions of Colombian Pesos (COP)

 

 

 

REVENUES

4,556,608

4,189,696

+8.8%

EBITDA

1,550,076

1,409,479

+10.0%

EBIT

1,227,397

1,139,348

+7.7%

NET INCOME

623,486

542,880

+14.8%

NET FINANCIAL DEBT (1)

1,268,985

1,002,481

+26.6%

INVESTMENTS

786,484

643,446

+22.2%

(1) Short-term Financial Debt + Long-term Financial Debt - Cash and Cash Equivalents

Lucio Rubio, Enel’s Country Manager for Colombia, said: “We are very pleased with CODENSA’s 2017 financial and operating results. Last year, the Company set a historic record in investments with the aim of further improving its network, by introducing technologies such as remote operation, and of continuing to be recognised for its high quality of service across the country, while bringing energy to an ever-increasing number of people.”

  • Revenues increased in 2017 compared to 2016, mainly due to:
    • The incorporation of revenues posted by Empresa de Energía de Cundinamarca (EEC), which was merged into CODENSA in October 2016.
    • A positive performance of the Consumer and Producer Price Indexes (CPI and PPI) during 2017 compared to 2016, to which the remuneration charges the Company receives for retailing and distributing energy are indexed.
    • 13.6% increase in revenues from value added services (VAPS) such as insurance and advanced solutions tailored to customer needs, including supply adjustments.
  • EBITDA increased in 2017 mainly due to:
    • Higher revenues.
    • Lower average spot prices of energy purchases compared to 2016 explained by a strong water availability which offset the increased cost of sales (+7.3%), mainly associated with the service to the EEC market. Cundinamarca is indeed characterised by high customer dispersion, given the region’s rural nature, which makes electricity services more expensive.
    • The above factors more than offset (i) the increased personnel expenses due to the consolidation of EEC, as well as (ii) higher operation and maintenance costs caused by the more disperse Cundinamarca market and by heavy rains during the rainy season in 1Q 2017.
  • EBIT increased in line with EBITDA, offsetting the 18.7% increase of depreciation and amortisation compared to 2016, mainly due to the incorporation of the asset base of EEC and higher investments in the period.
  • CODENSA’S Net Income increased in 2017, reflecting the good EBIT performance and a lower income tax rate compared to 2016 based on the country’s December 2016 tax reform. This growth was partially offset by a 4.1% increase in net financial expenses, due to the Company’s higher average debt levels.
  • CODENSA’s Net Financial Debt increased in 2017 compared to the previous year, due to the Company’s more intense capital requirements as a result of its increased investment plan and a lower cash balance mainly attributable to the payment of dividends, especially EEC's retained earnings for 2010-2016.
  • Investments in 2017 amounted to 786,484 million COP, reaching an all-time high. They were aimed at (i) further improving service quality through the introduction of remote network operation, (ii) increasing the number of connections, and (iii) at the maintenance of operating assets.

Operating Results 2017

 

2017

2016

VARIATION %

NATIONAL ENERGY DEMAND (GW/h)

66,841

66,267

+1.1%

CODENSA ENERGY DEMAND (GW/h)

14,690

14,592

+0.7%

CODENSA MARKET SHARE

21.98%

22.02%

-0.2%

AVERAGE ENERGY LOSS INDEX

7.84%

7.06%

+11.0%

TOTAL CODENSA CUSTOMERS (1)

3,340,457

3,248,570

+2.8%

  • Colombia’s National Energy Demand increased in 2017, as in the first half of 2016 the energy saving campaign promoted by the Country’s Government led large customers, the free market and commercial as well as residential segments to reduce their energy consumption due to the El Niño Southern Oscillation-led scarcity of hydropower supply that impacted the country. In turn, energy consumption from Colombia’s industrial sector, mainly in the manufacturing industry, was lower than in 2016, in line with the current economic deceleration. On the other hand, CODENSA’s Energy Demand increased in 2017 compared to the previous year, mainly due to the inclusion of the market previously served by EEC and better energy demand dynamics across the residential and commercial sectors in the areas where the Company operates.
  • During 2017 CODENSA’s Average Energy Loss Index increased due to the incorporation of EEC, which had at the time of the merger a higher level of energy loss than CODENSA’s.
  • CODENSA’s total number of customers increased as a result of new connections during the period.

Dividends:

During 2017, CODENSA paid a total of 549,069 million COP in dividends to its shareholders.

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