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EPM's 'Hidroituango' Hydroelectric Dam in Antioquia EPM's 'Hidroituango' Hydroelectric Dam in Antioquia Source: EPM

EPM 3Q 2022 Peso-Based Net Income Improves Year-on-Year, but Declines in US Dollars

Published in Companies Written by  October 27 2022 font size decrease font size increase font size 0
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Medellin-based multinational utilities giant EPM announced October 26 that its third quarter (3Q) 2022 net income -- in Colombian peso terms -- rose slightly year-on-year, to COP$3 trillion, up from COP$2.8 trillion in 3Q 2021.

However, measured in U.S.-dollar terms, EPM’s 3Q 2022 net income actually declined substantially, to US$623 million, from US$730 million in 3Q 2021.

EPM Matrix (the parent company of EPM) contributed 56% to 3Q 2022 earnings, while foreign subsidiaries added 15%. National energy and water subsidiaries accounted for the remaining 29%, according to the company.

EPM Group revenues rose to COP$23.6 trillion (US$4.9 billion), from COP$18.2 trillion (US$4.2 billion) in 3Q 2021.

“As of September 2022, EPM has transferred to the municipality of Medellín [its sole owner] COP$1.6 trillion [US$332 million],” the company added.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to COP$7.3 trillion (US$1.5 billion), up from COP$5.5 trillion (US$1.4 billion) in 3Q 2021

So far this year, EPM has invested COP$3.2 trillion (US$665 million) in infrastructure projects, with 43% corresponding to its power-generation segment -- including COP$1.3 trillion (US$270 million) for the under-construction, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia.

Another 36% of capital spending in the latest quarter went into the power-distribution segment, while 18.5% went to water businesses.

Inflation and the worsening Peso/Dollar exchange rate “have implied higher revenues and increases in costs and expenses of Grupo EPM,” according to the company.

EPM Group’s total assets hit COP $71 trillion (US$14.7 billion) during the latest quarter, while liabilities totaled COP$42.2 trillion (US$8.7 billion).

Financial indebtedness for Grupo EPM now stands at 42%. Its debt/EBITDA indicator for 3Q 2022 closed at 2.87, compared to 3.73 for 3Q 2021, according to the company.

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