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 Codensa increased investments by 21.1% in 1h 2018 

 7/27/2018  Bogotá 

 

Financial Results 1H 2018

 

1H 2018

1H 2017

CHANGE %

Millions of Colombian Pesos (COP)

 

 

 

REVENUES

2,414,319

2,220,925

+8.7%

EBITDA

728,852

763,167

-4.5%

EBIT

547,847

607,223

-9.8%

NET INCOME

290,071

309,484

-6.3%

NET FINANCIAL DEBT (1)

1,698,771

1,268,985(2)

+33.9%

INVESTMENTS

333,533

275,469

+21.1%

 

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

(2)  As of  December 31st, 2017

 

Lucio Rubio, Enel’s Country Manager for Colombia, said: “The results posted in the first half of the year reflect the intensive effort the company is undertaking in implementing its quality investment plan. During this period we continued to deploy leading-edge technologies to modernise CODENSA’s distribution grid with the aim to maintain our position in the country as one of the companies with the best service quality indicators, for the benefit of our customers.”

 

·           Revenues increased compared to the same period in 2017, mainly due to:

o   Higher energy demand, mainly driven by the regulated market (residential and commercial) after the energy savings campaigns that affected total consumption in 2017.

o   A rise in the regulated business tariff resulting from the increase in the Producer Price Index (IPP) to which it is indexed and higher energy purchase costs as a result of wholesale contracts signed with generators that started to apply at the beginning of this year.

o   The positive contribution of value-added services, such as public lighting and the lease of electric infrastructure.

 

The increase in revenues more than offset a reduction in the toll payments (electricity distribution charges for the use of the energy grid) during the first six months of the year, due to the ongoing implementation of new energy efficiency technologies by free commercial customers.

 

·           EBITDA declined despite the increase in revenues, due to:

o   Temporary effect due to the revenues transfer from components of the tariff, which is reflected in an increase in cost of sales (+16.8%) mainly explained by energy purchases at a higher average price compared to the prices recorded in 1H 2017.

o   Increase in personnel expenses (+9.7%), due to the hiring of new personnel to carry out the company’s 2018 investment plan.

 

·         EBIT decreased in line with EBITDA and reflecting the growth in depreciation and amortisation (+16.1%) resulting from the increase in the base of depreciable fixed assets given the strong focus on CODENSA’s quality investment plan.

 

·           Net Income decreased due to the decline in EBIT and to higher financial expenses because of a larger debt balance compared to the same period in 2017. All of this was partially offset by a lower effective tax rate following the implementation of the 2016 tax reform.

 

·           Net financial debt increased compared to the end of 2017, mainly due to the relevant company’s investment plan.

 

·           Investments totalled $333,533 million COP, a 21.1% increase on the same period of last year, and were mostly allocated to the company’s quality plan, remote operation projects, network modernisation and connections of new customers.

 

 

Operating Results 1H 2018

 

 

1H 2018

1H 2017

CHANGE %

NATIONAL ENERGY DEMAND (GW/h)

33,759

32,824

+2.8%

CODENSA ENERGY DEMAND (GW/h)

7,324

7,244

+1.1%

CODENSA MARKET SHARE

21.7%

22.1%

-1.7%

AVERAGE ENERGY LOSS INDEX

7.88%

7.88%

-

TOTAL CODENSA CUSTOMERS

3,388,428

3,340,457(2)

+1.4%

(2)        As of December 31st 2017

 

·         Both national and CODENSA's energy demand increased in 1H 2018 compared to the same period of 2017. In CODENSA’s case, the growth of demand is mainly in the regulated market, especially in the commercial and residential segments.

 

·         CODENSA’s average loss index for the last twelve months has not changed compared to the same period of 2017, reflecting the positive management in the energy losses control at low voltage levels, supported by actions such as inspection plans in order to ensure the gradual reduction in the loss index in the medium term.

 

·         CODENSA’s total number of customers increased during 1H 2018, due to new connections made during the period.

 

Dividends:

 

During the first half of 2018, CODENSA paid $262,660 million COP to its shareholders.

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