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Celsia Solar Power Farm Celsia Solar Power Farm Source: Celsia

Celsia 3Q 2020 Adjusted Net Income Rises 16% Year-on-Year

Published in Companies Written by  November 05 2020 font size decrease font size increase font size 0
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Medellin-based electric power giant Celsia announced November 5 that its third quarter (3Q) adjusted net income rose 16% year-on-year, to COP$59 billion (US$15.7 million).

Consolidated revenues for 3Q 2020 rose 2% year-on- year. However, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) declined 22%, to COP$201 billion (US$53.5 million).

Because of Colombia’s mandated reduction in electricity tariffs -- to help those hurt by the Covid-19 crisis -- Celsia absorbed a COP$39 billion (US$10 million) loss on its energy service rate and also was forced to defer COP$78 billion (US$20.7 million) in billings.

Despite those financial setbacks, “the company reached an average collection rate of 95% and the demand for energy in the regulated market in some weeks of September and October presented levels equal to the pre-Covid period,” the company added.

During the latest quarter, the company inaugurated the 19.9 MW PCH (small-scale hydroelectric plant) in San Andrés de Cuerquia and continued upgrades to its existing Tolima and Valle power distribution networks.

Also during 3Q 2020, “an additional non-recurring expense totaling COP$22.98 billion [US$6 million] was presented to the Superintendency of Public Services because of an increase in contributions incorporated into the National Development Plan by modifying the tax base for the calculation, plus an additional contribution to finance the Entrepreneurial Fund,” according to Celsia.

In Colombia, 3Q 2020 revenues represented 89% of the total with Central America accounting for the other 11%. In the same quarter, Colombia contributed 80.6% of consolidated EBITDA while Central America contributed the remaining 19.4%.

As for first nine months of 2020, adjusted EBITDA rose 21%, to COP$900 billion (US$239 million). Adjusted net income for nine-months 2020 was COP$252 billion (US$67 million), up 61%

“This profit reflects the results of the transformation in the company’s portfolio that allows improving the EBITDA margin and obtaining savings in non-operating expenses,” the company added.

Consolidated debt at the end of 3Q 2020 came-in at COP$4.42 trillion (US$1.17 billion), while the net debt-to-EBITDA leverage indicator was 3.26-times.

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