With excellent financial management, we seek to generate economic and social development by promoting long-term bilateral relationships with all our Stakeholders.
GRI (3-3) The transparent, efficient management of our finances contributes to the Company’s purpose of creating sustainable value over time for its Shareholders and other Stakeholders. By managing coherently, responsibly and optimizing the available resources, positive economic results are generated, in harmony with the social and environmental surroundings in which our activities are carried out.
Our Management
GRI (2-25) (3-3) At Celsia, financial management at creates value through processes that accompany the continuity, business solvency and initiatives for sustainable growth and strengthening of the capital structure for the Company’s expansion, among which are found:
- Obtaining resources to support growth, while guaranteeing an optimal capital structure.
- The financial structuring of business cases to help obtain the return rates desired by the Company, with a margin over the cost of capital.
- Continuous monitoring of interest rates, exchange rates and other macroeconomic variables, risks, accounting / tax regulations, among others.
- The management of alliances to develop Energy-Generation Projects that contribute to the stability of the Energy Portfolio.
- Accounting, tax and treasury management that guarantees business continuity and constant process improvement.
- Compliance with activities governed by control entities and transparent, timely communication of relevant information and the Company’s periodic results.
Relevant Events 2022
- We obtained the necessary resources for growth and expansion.
- We had sufficient resources for the Company’s growth and expansion as projected.
- We maintained our AAA Investment Grade Credit Rating.
- We achieved growth and consolidation of the Solar- and Transmission-Investment Platforms with new projects.
- The established savings goals were met.
- The Prudencia Solar Park entered into operation in Panama and we achieved new projects in Central America.
- We subscribed a revolving-credit line with the International Finance Corporation (IFC) for up to USD 140 Million, which links its performance indicator to the reduction in the intensity of CO2 emissions generated in operations, compliance of which will represent a more-competitive rate for Celsia.
Value Generated and Distributed
Business Progress
Home and Business Clients
During 2022, in our primary Energy-Trading Business, we delivered 3,777 GWh with an annual growth of 3.8%, and of which 2,171 GWh went to the regulated Home Market. The Business Market grew 9.9% and we sold 1,528 GWh. For its part, the Solar Business increased 17.4%, reaching 78 GWh.
To bring all this energy to both segments, we invested COP 500.418 Billion in networks and substations, in new circuits and in control systems to improve reliability. The investment in Tolima was for COP 143.432 Billion; it is a Department in which we are committed to recovering historically low indicators. We lagged behind the network that was in deteriorating conditions and we improved both the records of the average duration of the interruptions, which we already have at 40.8 hours, and the frequency of interruptions, which is now 19.9 times.
Generation
The management of our operation registered important advances in 2022. The Company’s Total Installed Capacity reached 2,009 MW, of which 1,634 MW were in Colombia and 374 MW in Central America. A total of 76% of the capacity is from renewable sources. In 2022, to keep our plants updated, we made investments for COP 63.892 Billion.
Hydraulic Generation reached 455 GWh-year, and decreased 9.4%, mainly due to an event at the beginning of the Fourth Quarter at the Estí Power Plant, owned by AES, which supplies water to our Dos Mares Complex, which produced a decrease in the water resource in that period. Wind Generation decreased 12%, reaching 166 GWh-year, due to lower winds in the Guanacaste region. For its part, thermal produced 99 GWh-year with an increase of 38.8%, due to the fact that during the summer of the First Quarter, they were called to generate this type of plant technology, and Solar added 46 GWh-year with an increase of 28.1%.
Growth Initiatives
As a new way of growth and innovation, we launched EnerBit, a Client-Focused Technology Company the primary product of which is energy trading. EnerBit began operations as an agent in the energy market in April 2022 and closed the year with 1,157 clients served in Cartagena, Palmira, Tuluá, Buga, Medellín and Pereira.
EnerBit is the fifth pure retailer in the country, by number of commercial borders, and the second in the Digital-Retailer Segment.
Investment Platforms
Investment platforms are a successful Asset-Management Model that we have promoted since 2019 and that we develop with both local and international partners. The platforms allow us to accelerate growth in the Company’s strategic businesses, maintaining the operational management and execution of projects in Colombia.
Principal Results in 2022
GRI (3-3) We present the results of our Businesses:
Consolidated Income reached
(+35.9% A/A)
EBITDA
(+30,1% A/A)
Net Profit amounted
(-18,7% A/A)
The Consolidated Net Profit presented a decrease of 18.7%, due to higher financial expenses that grew 95.6% and higher taxes that increased 65.5%.
GRI (3-3) Short-, Medium- and Long-Term Objectives:
Short Term(0 to 2 years)
- Carry out responsible monitoring of the risks associated with climate change to prevent or mitigate the possible materialization of an event.
- Maintain financial flexibility to support business growth and respond to emerging changes in a timely manner.
- Continue structuring profitable projects, which integrate a holistic view of their social and environmental impacts, and – at the same time – contribute to meeting the Company’s Growth Goals.
Medium Term(3 to 5 years)
- Manage the optimum attainment of the necessary resources to successfully leverage the Sustainable-Growth Strategy.
- Continue with the consolidation of a portfolio of competitive assets consistent with the needs of our clients.
- Financially support all the Organization’s processes so that the management flows in an agile, transversal manner.
Long Term(6 or more years)
- Continue leading the energy transformation in the regions where we operate, with responsible Financial Management.
- Constantly venture into new challenges that lead the Organization to sustainably meet the Growth Strategy.
Income: The resources that come from the management of the Company’s operation
EBITDA: A financial indicator of our Company’s profitability. It is calculated as earnings before interest, taxes, depreciation and amortization.
Net Profit: The result after deducting all the corresponding expenses and taxes from the income obtained.
