Colbún reported revenues of US$413.2 in 1Q14

According to the latest statement from power company Colbun, energy sales volume to customers under power purchase agreements during 1Q14 reached 3,004 GWh, 17% higher than contracted physical energy sales recorded during the same period of the previous year and 5% lower than 4Q13. The increase as compared to 1Q13 is due mainly to the new long-term supply contract with Codelco that started in Mar13, and to a lower extent to an additional short-term supply with the same free customer that started in May13. The decrease in contracted sales for the quarter versus the previous quarter is due mainly to the expiry of two contracts with free customers.

Over the quarter, Colbún recorded net sales in the CDEC market by 219 GWh, amount that incorporates the energy generated by Angostura power plant during its testing stage (116 GWh), against net sales by 429 GWh in 1Q13 and net purchases by 403 GWh in 4Q13.

In terms of operating revenues, the company reported that results from ordinary activities for 1Q14 amounted to US$413.2 million, up by 13% and by 18% as compared to 1Q13 and 4Q13, respectively. It should be noted that this quarter includes a one-time payment of US$ 32.5 million as a result of the business interruption insurance compensation for the failure occurred in Mar13 at Nehuenco II power plant.

1Q14 EBITDA totaled US$119.8 million, which positively compares to US$89.2 million of 1Q13, and
to US$106.8 million of 4Q13. The increase in EBITDA as compared to the same quarter of the previous year is due mainly to the fact that 1Q14 includes a one-time gain by US$32.5 million resulting from the business interruption compensation relating to the failure at Nehuenco II power plant in Mar13. If we eliminate this effect, the EBITDA for the quarter was in line as compared to 1Q13.

Finally, the firm recorded a profit of US$51.5 million in 1Q14, which positively compares against a profit of US$24.4 million in 1Q13 and US$6.9 million of profit in 4Q13. The net income margin reached 12% over operating revenues for the quarter under analysis which compares favorably to 7% of the 1Q13. It is to be recalled that the non operating results of the quarter include a non-recurring income by US$15.9 million  resulting from the physical damage compensation relating to the failure of Nehuenco II thermoelectric power plant occurred in Mar13.