Colbun’s FY 2018 profit dips on higher tax expenses

Ken Teegardin/CC BY-SA 2.0

February 4 (Renewables Now) – Chilean power company Colbun posted an after-tax profit of USD 230.4 million (EUR 264m) for 2018, down by 20% year-on-year as a result of higher tax expenses and depreciation and amortisations costs, arising from major maintenances and projects carried out over the year.

Colbun said that it had a deferred tax asset registered in the 2017 balance sheet stemming from the cancellation of the HidroAysen hydroelectricity project, which led to the difference between the 2017 and 2018 profit results.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at USD 684 million in 2018, a 1% decrease year-on-year, with Colbun saying it was the company’s second best result in history.

The fourth-quarter EBITDA, at USD 210.2 million, was higher by 3% year-year, on the back of improved sales to unregulated clients, partially offset by lower sales to regulated customers and other costs.

Colbun contracted approximately 1,400 GWh per year of its production with new unregulated clients during the year.

Regarding electricity generation, Colbun increased its total output by 2% year-on-year to 13,005 GWh in 2018, led by a jump in hydropower output (+415 GWh), renewables (+19 GWh) and coal (+14 GWh).

Figures in USD million 2018 2017 Q4 2018 Q4 2018
Profit after taxes* 230.4 288.6 67.4 79.5
Profit before taxes 328.8 322.7 99.9 55.8
EBITDA 684.1 692.1 210.2 204.8
Revenue 1,571 1,548 394.9 388.8
Total generation (in GWh)** 13,005 12,716 3,009 3,080
Total physical sales (in GWh) 12,851 12,428 2,986 3,018

*Income statement applies to Colbun’s activities in Chile and Peru

**Generation and sales figures apply only to Chile

In the renewables segment, Colbun said that seven wind and solar projects totalling 1,800 MW were in the early stages of development at the end of 2018. One 9-MW photovoltaic (PV) plant, Ovejeria, began commercial operations in June 2018.

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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