IEnova Reports YE:20 And 4Q:20 Financial Results

Instant Max AI

(IEnova, 18.Feb.2021) — IEnova reported year-end and fourth quarter 2020 financial results.

Highlights:

– Top priority remains the health and safety of our employees while ensuring the continuity of safe and reliable operations

– Full-year adjusted EBITDA up 7% to $1,006mn, meeting our 2020 Guidance

– Fourth-quarter adjusted EBITDA of $229mn

– Reached a final investment decision for the $2bn ECA Liquefaction project under a joint venture with Sempra and Total 

– Executed a 5-year financing agreement for the ECA Liquefaction project for an aggregated amount of up to ~$1.6bn

– Received the first ships at the Veracruz refined product storage terminal 

– Started operations at Don Diego Solar

– Announced the acquisition of our partner’s 50% ownership in Energía Sierra Juárez, subject to regulatory approvals

“2020 was a challenging year; the world faced unprecedented times due to the COVID-19 pandemic. I am proud that at IEnova we were able to timely react and adapt to these adverse circumstances. This enabled us to ensure the health and safety of our employees, maintain safe and reliable operations and support our communities. Due to the resiliency of our business model and the excellent performance of our team, we were able to achieve our 2020 financial goals and, for the first time, we exceeded $1bn in adjusted EBITDA,” said Tania Ortiz Mena, CEO of IEnova. 

“During 2020, we reached a Final Investment Decision at ECA Liquefaction. We are proud of our sustainability performance and leadership; additionally, of being part of the S&P/BMV Total Mexico Index, for the first time, we are part of the S&P Dow Jones Emerging Markets Index. While 2021 will continue to have challenges, I am confident that we will meet our goals,” added Ortiz Mena. 

In 2020, IEnova Adjusted EBITDA increased 7% to $1,006mn, compared with US$938 million in the same period of 2019. The increase of $68mn was mainly due to the start of operations of the South Texas – Tuxpan pipeline, partially offset by the revenue deferment at the Guaymas – El Oro pipeline and lower operational results at Termoeléctrica de Mexicali power plant.

In the fourth quarter of 2020, IEnova Adjusted EBITDA decreased 10% to $229mn, compared with $253mn in the same period of 2019. The decrease of $24mn was mainly due to lower results at Termoeléctrica de Mexicali power plant related to a three-week scheduled maintenance in December, lower performance at Ventika and higher operating expenses.

In 2020, profit was $461mn, compared with $468mn in the same period of 2019. The decrease of $7mn was mainly due to non-cash exchange rate effects and higher depreciation, offset by EBITDA drivers mentioned above.

In the fourth quarter of 2020, profit was $142mn, compared with $144mn in the same period of 2019. The decrease of $2mn was mainly due to EBITDA drivers cited above, partially offset by non-cash exchange rate effects.

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