PROMIGAS Corporate Financial Results 4Q 2021
FINANCIAL STATEMENTS
PROMIGAS PROFIT AND LOSS
STATEMENT | Individual
4Q 2021 - 4Q 2020
Revenue¹
▼-31%
421,983
607,273
EBITDA
▼-36%
544,522
346,135
Net Income
▼-49%
256,104
500,920
Revenue for $421,983 MM (113% Budget)
Operational Revenue (11%): increase originated mainly by higher billing TRM
in 2021 ($3,731 in 2021 vs $3,482 in 2020).
Participation Method (-49%): This account, which reflects the results of the
companies that make up the Promigas portfolio, decreased for the
following reasons:
Gases del Pacífico (Perú): the application of IFRS 15* began in
December 2020 and included a retroactive adjustment from previous
years (capex), for which its margin associated with the construction
performance obligation of the concession infrastructure is recognized.
Surtigas: as partner of Gases del Pacífico, it presents lower income via
participation method due to lower profit from IFRS 15 recognition in
2020.
Promioriente: This transportation company had volumes affected by an
emergency in the Gibraltar-Bucaramanga gas pipeline from August 3 to
December 15.
Gasnorp (Perú): obtained better results in the concession construction
business by IFRS 15 margin due to higher capex in line with the mass
expansion plan for this concession, and better operating results due to
the early entry of customers and their respective volumes.
Cálidda (Perú): better results in the distribution business due to higher
billed volume, higher income from the sale of internal installations and
connections, and lower portfolio deterioration.
Figures in COP
4Q-2021 4Q-2020
1 Revenue: Operating Revenue+ Participation MethodView entire presentation