3T21: income after taxes of Lipigas decreased by 3.8% compared to the same quarter of 2020
Highlights for the last 9 months:
• Overall, results are affected by the sharp increase in the international price of oil by-products.
(128% compared to the first 9 months of 2020)
• EBITDA reached CLP 84,305 million, 14.8% higher than the previous year (CLP 73,457
million). Due to the effects of the pandemic, EBITDA as of September 2020 had decreased by
7.8%. Chile increased its EBITDA by CLP 8,315 million (+13.7%) due to higher LPG and NG
sales volume and higher gross margin, prompted by a higher proportion of sales to end
customers of bottled LPG and the effect of price increases on inventories. As of September
2020, EBITDA had decreased by 9.7%. In Peru, EBITDA increased by CLP 3,639 million due
to non-recurring effects in the first quarter, lower operating expenses and higher sales
volumes. In Colombia, EBITDA decreased by CLP 1,105 million due to lower unit gross margin
and higher operating expenses.
• Consolidated LPG sales volume increased by 9.1%. Despite the continuing effects of the
COVID-19 pandemic in certain customer sectors, sales volume was higher than in the previous
year.
• Consolidated sales volume in equivalent LPG tons (including sales of network natural gas,
compressed natural gas and liquefied natural gas) increased by 10.3%, with a 19.1% increase
in sales of natural gas in its different formats.
• Income after taxes increased by 24.0% (CLP 7,251 million) due to higher EBITDA generated
in Chile and Peru (including a one-off effect of CLP 1,570 million from an NG supplier credit
note) and lower negative non-operating income, impacted by one-off effects (benefit from the
expropriation of the Callao plant in Peru for CLP 4,377 million, CLP 2,151 million from the
positive restatement of guaranteed liabilities and CLP 1,190 million from foreign exchange
gains). After-tax asset profitability for the last 12 months as of September 2021 increased
slightly from 6.3% to 6.6% compared to December 2020.
See definitions of: Sales in equivalent LPG tons, Gross Margin and EBITDA at the end of the document
Highlights 3Q 2021:
• As mentioned above, during the third quarter of 2021, results have been affected by the sharp
increase in the international price of oil by-products, which reached levels that had not been
recorded since 2013. While there are positive effects due to higher inventory prices, rising prices
put pressure on commercial margins.
• EBITDA reached CLP 37,261 million, 20.4% higher than the previous year (CLP 30,960 million).
Chile increased its EBITDA by CLP 5,349 million (+20.1%) due to higher sales volumes of both
LPG and NG and the positive effect of price increases on product inventories. Peru increased
its EBITDA by CLP 1,064 million due to higher LPG and NG sales volumes and lower operating
expenses. Colombia’s EBITDA decreased slightly by CLP 112 million due to lower unit gross
margin and higher operating expenses.
• Consolidated LPG sales volume increased by 10.1%. Despite the continuing effects of the
COVID-19 pandemic in some customer segments, sales volume was higher than in the previous
year.
• Consolidated sales volume in equivalent LPG tons (including sales of network natural gas,
compressed natural gas and liquefied natural gas) increased by 11.1%.
• Income after taxes decreased by 3.8% due to higher negative non-operating results, impacted
by one-off effects during the quarter.
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