Ecopetrol Group Announces Fourth Quarter 2020 and full-year Results as well as an update of its Business Plan 2021-2023

By Benzinga5 days ago

BOGOTÁ, Feb. 23, 2021 /PRNewswire/ -- Ecopetrol S.A. ((BVC: ECOPETROL, NYSE:EC) reported today the financial results of the Ecopetrol Group for the fourth quarter and the cumulative results for 2020, prepared in accordance with the International Financial Reporting Standards applicable to Colombia.

Table 1: Financial Summary Income Statement - Ecopetrol Group

Billion (COP)

4Q 2020

4Q 2019

∆ ($)

∆ (%)

12M 2020

12M 2019

∆ ($)

∆ (%)

Total sales

14,190

18,581

(4,391)

(23.6%)

50,027

70,847

(20,820)

(29.4%)

Depreciation and amortization

2,300

2,101

199

9.5%

8,985

8,290

695

8.4%

Variable cost

5,536

7,547

(2,011)

(26.6%)

19,840

27,176

(7,336)

(27.0%)

Fixed cost

2,471

2,622

(151)

(5.8%)

8,728

9,492

(764)

(8.0%)

Cost of sales

10,307

12,270

(1,963)

(16.0%)

37,553

44,958

(7,405)

(16.5%)

Gross income

3,883

6,311

(2,428)

(38.5%)

12,474

25,889

(13,415)

(51.8%)

Operating and exploratory expenses

2,459

771

1,688

218.9%

4,841

3,726

1,115

29.9%

Operating income

1,424

5,540

(4,116)

(74.3%)

7,633

22,163

(14,530)

(65.6%)

Financial income (loss), net

(260)

(245)

(15)

6.1%

(2,481)

(1,670)

(811)

48.6%

Share of profit of companies

(4)

65

(69)

(106.2%)

88

354

(266)

(75.1%)

Income before income tax

1,160

5,360

(4,200)

(78.4%)

5,240

20,847

(15,607)

(74.9%)

Income tax

(659)

247

(906)

(366.8%)

(1,868)

(5,067)

3,199

(63.1%)

Net income consolidated before impairment

501

5,607

(5,106)

(91.1%)

3,372

15,780

(12,408)

(78.6%)

Non-controlling interest

(241)

(318)

77

(24.2%)

(1,154)

(1,251)

97

(7.8%)

Net income attributable to owners of Ecopetrol before impairment

260

5,289

(5,029)

(95.1%)

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