EARNINGS RELEASE
SONDA S.A.
12M24 - 4Q24
January 01, 2024 - December 31, 2024
SONDA S.A. and subsidiaries report their consolidated financial results for the period from January 01 to December 31, 2024. All figures are expressed in Chilean pesos and have been prepared under International Financial Reporting Standards (IFRS). Translations to US dollars stated in this report are based on the month-end exchange rate as of December 31, 2024 (1 US$ = 996.46 Chilean Pesos).
Highlights
Revenues reached US$1,547.6 million, marking a 18.6% increase compared to 2023, mainly due to the Southern Cone and Brazil regions. Operating Income totaled US$90.9 million, increasing by 12.1% in reporting currency and 9.7% in constant currency, compared to the same period in 2023. EBITDA reached US$143.8 million, higher by 14.6% in reporting currency and 11.4% in constant currency, with an EBITDA Margin of 9.3%.
In Brazil, the results showed significant improvement. Revenues grew by 21.7%, and 19.9% in constant currency. Operating Income was lower by 3.9% in reporting currency, and 1.5% in constant currency. EBITDA experienced a growth of 4.7% (5.1% in constant currency). EBITDA margin reached 7.3%.
In the Southern Cone Region, revenues increased by 16.2%, while operating income increased by 16.0%, and EBITDA increased by 12.7%, with an EBITDA margin of 8.9%. The variations in constant currency were similar.
In the Andean region, revenues in reporting currency increased by 28.2%, and in constant currency, they grew by 11.8%. Operating income increased by 33.3% in reporting currency and 17.0% in constant currency. EBITDA was 26.4% higher in reporting currency and increased by 9.4% in constant currency, with an EBITDA Margin of 12.2%.
In North America, revenues grew by 19.0% in reporting currency, and 8.9% in constant currency. Operating Income increased by 8.5% in reporting currency and is in line in constant currency. EBITDA was higher by 33.4% in reporting currency, and 21.5% in constant currency, with an EBITDA Margin of 13.9%.
Operating Income for the year 2024 was US$90.9 million, higher by US$9.8 million compared to the year 2023, while Net Profit attributable to the Controller was US$32.0 million, lower by US$6.3 million (y/y). This occurs mainly due to a non-recurring and non-cash financial profit of US$8.0 million in 2023, due to the takeover of Multicaja in that year. Additionally, higher Net Financial Costs are generated, which were partially offset by a lower loss of Income due to Readjustment Units and Exchange Differences, among other effects.
The volume of deals closed reached US$1,764 million. The potential business pipeline reached US$5,306.7 million. Of these, US$2,103.8 million correspond to Brazil and US$1,849.6 million to the Southern Cone.
Of the businesses of the year, in Chile, new operational continuity services for the OT networks of the underground
mine with CODELCO and Pelambres stand out, additionally new operational continuity services and industry solutions in Health and Retail. In Brazil, a large printing outsourcing with the largest network of clinics in the country; development of applications for Banco do Nordeste do Brazil and BANESTES, and basic metals automation maintenance service for Vale, in addition to new Infovía communications contracts. In Colombia, mega Deals of outsourcing and operational continuity services for the Public Companies of Medellín and Caja de Compensación Compensar. In Mexico, the first electromobility project that consists of the installation, operation and management of electro-chargers for fleets of electric public transport buses, as well as a service contract and Retail sales points. In Uruguay, we have more than 8,000 security cameras installed and managed in a single, centralized center in Montevideo; and installation of a banking switch that manages 60% of the country's banking transactions. In Peru, CCTV at Petroperú's Conchan refinery, and a SmartCampus project at the Peruvian North American Cultural Institute that has nearly 70,000 students. In Argentina, a very positive year incorporating new clients to the portfolio and among the projects is the installation of EMV payment for more than 7,100 transport buses in Buenos Aires.
Current Liquidity (1.6x), Financial Leverage (0.6x), and Financial Expense Coverage (3.1x) indicators reflect a healthy financial position.
In April 2024, Fitch Ratings ratified the AA- rating and Stable outlook. On the other hand, in August of the same year, ICR ratified the AA- Stable category for the rating assigned to bonds and solvency.
In August 2024, SONDA registered with the CMF a 10-year Bond Line for a maximum amount of UF 3,000,000, which maintains the same levels of current classification, allowing an adequate balance of liquidity options.
Southern Cone Region: Chile (includes Transactional Business = Quintec Distribucion + Tecnoglobal + Microgeo + Multicaja), Argentina and Uruguay.
Andean Region: Colombia, Ecuador and Peru.
North America: Mexico, Panama, Costa Rica, Guatemala and United States.
Constant currency, corresponds to the results for the year 2023, adjusted to the 2024 exchange rate. y/y: Interannual, current year compared to the previous year.
EARNINGS RELEASE | 12M24 - 4Q24 | | 2 | |
Figure 1 - Consolidated Financial Statements
Millions of Ch$ (Ch$M) | ||||||
Income Statement | dec-23 | dic-24 | ∆ $ | ∆ % | ||
Revenues | 1.300.158 | 1.542.090 | 241.932 | 18,6% | ||
Cost of Sales | (1.098.947) | (1.317.807) | (218.859) | 19,9% | ||
GROSS PROFIT | 201.210 | 224.283 | 23.073 | 11,5% | ||
Administration Expenses | (120.460) | (133.749) | (13.289) | 11,0% | ||
OPERATING INCOME | (1) | 80.751 | 90.534 | 9.784 | 12,1% | |
Depreciation and Amortization | 44.227 | 52.716 | 8.489 | 19,2% | ||
EBITDA | (2) | 124.978 | 143.250 | 18.272 | 14,6% | |
Other Income | 9.958 | 3.061 | (6.897) | -69,3% | ||
Other Expenses | (13.663) | (9.879) | 3.784 | -27,7% | ||
PROFIT (LOSS) FROM OPERATING ACTIVITIES | 77.046 | 83.716 | 6.670 | 8,7% | ||
Financial Income | 16.662 | 17.049 | 387 | 2,3% | ||
Financial Expenses | (31.311) | (45.719) | (14.409) | 46,0% | ||
Share of Profit (Loss) of Associates | (22) | 63 | 85 | -379,1% | ||
Foreign Exchange Differences | (4.333) | (2.590) | 1.743 | -40,2% | ||
Income (Loss) for Indexed Assets and Liabilities | (3.398) | 187 | 3.585 | -105,5% | ||
NET INCOME BEFORE TAXES | 54.644 | 52.706 | (1.938) | -3,5% | ||
Income Tax Expense | (15.925) | (19.979) | (4.054) | 25,5% | ||
NET INCOME FROM CONTINUING OPERATIONS | 38.719 | 32.727 | (5.992) | -15,5% | ||
Net Income Attributable to Minority Interest | 568 | 826 | 258 | 45,4% | ||
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY | 38.151 | 31.901 | (6.250) | -16,4% | ||
Balance Sheet | dec-23 | dic-24 | ∆ $ | ∆ % | ||
Cash and Cash Equivalents | 134.135 | 143.982 | 9.847 | 7,3% | ||
Other Current Financial Assets | 38.564 | 4.371 | (34.192) | -88,7% | ||
Trade Accounts Receivable and Other Receivables, Net | 470.514 | 515.099 | 44.585 | 9,5% | ||
Accounts Receivable from Related Companies | 2.749 | 2.944 | 196 | 7,1% | ||
Inventories | 88.282 | 84.994 | (3.288) | -3,7% | ||
Other Current Assets | 56.923 | 78.566 | 21.643 | 38,0% | ||
CURRENT ASSETS | 791.167 | 829.957 | 38.790 | 4,9% | ||
Intangibles Assets and Goodwill | 279.295 | 264.345 | (14.951) | -5,4% | ||
Property, Plant and Equipment, Net | 136.452 | 129.957 | (6.495) | -4,8% | ||
Other Non-currents Assets | 235.535 | 284.026 | 48.491 | 20,6% | ||
NON-CURRENT ASSETS | 651.282 | 678.327 | 27.045 | 4,2% | ||
ASSETS | 1.442.449 | 1.508.284 | 65.835 | 4,6% | ||
Other Current Financial Liabilities | 114.504 | 80.429 | (34.075) | -29,8% | ||
Other Liabilities | 419.407 | 450.038 | 30.631 | 7,3% | ||
CURRENT LIABILITIES | 533.912 | 530.468 | (3.444) | -0,6% | ||
Other Non-current Financial Liabilities | 211.210 | 253.873 | 42.663 | 20,2% | ||
Other Liabilities, Non-Current | 105.136 | 125.671 | 20.536 | 19,5% | ||
NON-CURRENT LIABILITIES | 316.346 | 379.544 | 63.198 | 20,0% | ||
LIABILITIES | 850.257 | 910.012 | 59.755 | 7,0% | ||
Minority Interest | 17.260 | 17.504 | 245 | 1,4% | ||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 574.932 | 580.768 | 5.835 | 1,0% | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1.442.449 | 1.508.284 | 65.835 | 4,6% |
- Operating Income = Gross Profit - Administration Expenses
- EBITDA = Operating Income + Depreciation and Amortization
EARNINGS RELEASE | 12M24 - 4Q24 | | 3 | |
MANAGEMENT DISCUSSION AND ANALYSIS ON 12M24 AND 4Q24 CONSOLIDATED RESULTS
- Consolidated results of 2024 (12M24)
Revenues
Consolidated revenues totaled $1,542,090 million (US$1,547.6 million) in 2024, 18.6% higher ($241,932 million / US$242.8 million) than in same period of 2023. In constant currency, revenues increased 14.2%.
Variations by business line are the following:
Increase of 19.5% ($83,972 million / US$84.3 million) (YoY) in revenues from Digital Business, totaling $514,024 million (US$515.8 million) to dec-24. Mainly due to Southern Cone Region and Brazil, associated with the Software Solutions business and new Vertical Solutions contracts, in North America, related to the Metrobus project in Mexico. In constant currency, the increase was 16.5% ($72,977 million / US$73.2 million).
Increase of 19.9% ($81,218 million / US$81.5 million) (YoY) in Digital Services, reaching $489,393 million (US$491.1 million). This increase come mainly from Brazil, associated with new contracts. In constant currency, the increase was 14.2% ($60,679 million / US$60.9 million).
Increase of 16.6% ($76,742 million / US$77.0 million) (YoY) in Transactional Business, reaching $538,673 million (US$540.6 million). In constant currency, the increase was 12.0% ($57,915 million / US$58.1 million)
Revenue distribution by business line was 33.4% Digital Business contributed, 31.7% Digital Services and Transactional Business with the remaining 34,9% (of which Multicaja represents 7.9% of total income).
Figure 2 - Consolidated Revenues by Business Line 12M23 - 12M24
CONSOLIDATED REVENUES | |||||||
BY BUSINESS LINE | dec-23 | dec-24 | ∆ $ | ∆ % | dec-23A | ∆ $ (a/a) | ∆ % (a/a) |
Ch$M | Ch$M | Ch$M | |||||
Digital Business | 430,051 | 514,024 | 83,972 | 19.5% | 441,047 | 72,977 | 16.5% |
Digital Services | 408,175 | 489,393 | 81,218 | 19.9% | 428,714 | 60,679 | 14.2% |
Transactional Business | 461,932 | 538,673 | 76,742 | 16.6% | 480,759 | 57,915 | 12.0% |
Product Distribution | 344,966 | 402,155 | 57,189 | 16.6% | 363,793 | 38,362 | 10.5% |
Multicaja | 116,966 | 136,519 | 19,553 | 16.7% | 116,966 | 19,553 | 16.7% |
Total | 1,300,158 | 1,542,090 | 241,932 | 18.6% | 1,350,520 | 191,570 | 14.2% |
Breakdown | |||||||
Digital Business | 33.1% | 33.4% | 32.7% | ||||
Digital Services | 31.4% | 31.7% | 31.7% | ||||
Transactional Business | 35.5% | 34.9% | 35.6% | ||||
Product Distribution | 26.5% | 26.1% | 26.9% | ||||
Multicaja | 9.0% | 8.9% | 8.7% | ||||
Total | 100.0% | 100.0% | 100.0% |
Note: dec-23A correspond to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
EARNINGS RELEASE | 12M24 - 4Q24 | | 4 | |
Cost of Sales and Selling, General and Administrative Expenses
Cost of sales amounted $1,317,807 million (US$1,322.5 million) in 2024, increasing by 19.9% (YoY), mainly due to Southern Cone and Brazil, associated to new revenues. In constant currency, the increase was 15.5% (y/y), online with the increase of revenues.
Administration expenses were $133,749 million (US$134.2 million) in 2024, 11.0% higher (YoY) in reporting currency, and 5.6% (y/y) in constant currency. The increase is mainly associated with inflation indexation, and greater commercial activity.
Figure 3 - Income Statement 12M23 - 12M24
SUMMARY OF CONSOLIDATED INCOME | dec-23 | dec-24 | ∆ $ | ∆ % | dec-23A | ∆ $ (a/a) | ∆ % (a/a) |
STATEMENT | Ch$M | Ch$M | Ch$M | ||||
Revenues | 1.300.158 | 1.542.090 | 241.932 | 18,6% | 1.350.520 | 191.570 | 14,2% |
Cost of Sales | (1.098.947) | (1.317.807) | (218.859) | 19,9% | (1.142.742) | (175.064) | 15,3% |
GROSS PROFIT | 201.210 | 224.283 | 23.073 | 11,5% | 207.777 | 16.506 | 7,9% |
Administration Expenses | (120.460) | (133.749) | (13.289) | 11,0% | (125.266) | (8.483) | 6,8% |
OPERATING INCOME (1) | 80.751 | 90.534 | 9.784 | 12,1% | 82.511 | 8.023 | 9,7% |
EBITDA (2) | 124.978 | 143.250 | 18.272 | 14,6% | 128.568 | 14.682 | 11,4% |
NET INCOME ATTRIBUTABLE TO OWNERS | 38.151 | 31.901 | (6.250) | -16,4% | - | - | - |
Gross Margin | 15,5% | 14,5% | 15,4% | ||||
Operating Margin | 6,2% | 5,9% | 6,1% | ||||
EBITDA Margin | 9,6% | 9,3% | 9,5% | ||||
Net Margin | 2,9% | 2,1% | - |
- Operating Income: Gross Profit - Administration Expenses
- EBITDA: Operating Income + Depreciation and Amortization
Note: dec-23A correspond to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
Operating Income and EBITDA
Operating Income reached $90,534 million (US$90.9 million), increasing by 12.1% compared to December 2023, and in constant currency, it increased by 9.7%. The EBITDA reach $143,250 million (US$ 143.8 million) in 2024, increasing by 14.6%. In constant currency, EBITDA increases 11.4%.
Operating Margin was 5.9% and the EBITDA Margin was 9.3%, lower by 30 basis points, compared to the year 2023, respectively.
EARNINGS RELEASE | 12M24 - 4Q24 | | 5 | |
Other Comprehensive Income / Losses (Excluding Administration Expenses)
Other comprehensive income/losses1, excluding Administration expenses registered a loss of $37,828 million (US$38.0 million) as of December 31, 2024, compared to a loss of $26,107 million (US$26.2 million) in 2023. The main variations are due to:
An increase in Financial Costs of $14,409 million (US$14.5 million), mainly due to an increase in banking financing for working capital and start-up of large projects in the region, especially in Brazil and Argentina, in addition to an increase in average debt rates in Chile, as a result of the refinancing of the Series J Bond which expired in the third quarter of 2024. Added to this is an increase in financial costs for leasing associated with the Managed Device Services business, mainly in Brazil, and an increase in commissions for bank promotions in the Transactional Business business (sales in installments). Financial Costs as of Dec-24 totaled $45,719 million (US$45.9 million).
The decrease in Other Expenses ($6,897 million / US$6.9 million), fundamentally due to a non- recurring and non-cash financial profit as of Dec-23 of $7,973 million (US$8.0 million), resulting from the takeover of Multicaja (associated with the revaluation of SONDA's investment in the subsidiary, prior to taking control). Other Income as of Dec-24 were $3,061 million (US$3.1 million).
Favorable effect of Results from Readjustment Units ($3,585 million / US$3.6 million), originated mainly in Southern Cone. This variation is associated with the effects of inflation in Argentina, readjustment of assets due to recovered taxes (Chile), and service contracts (Uruguay and Chile). The Result per Adjustment Units as of Dec-24 was $187 million (US$0.2 million).
Decrease in Other Expenses, by Function ($3,784 million / US$3.8 million), mainly due to lower contingency expenses, especially in Brazil, which was partially offset by an increase in restructuring expenses, associated with an efficiency plan in service units, in several countries. Other Expenses as of Dec-24 were $9,879 million (US$9.9 million).
Lower Foreign Currency Exchange Losses ($1,743 million / US$1.7 million), originated in the Andean Region and North America, partially offset by Brazil. Foreign Currency Exchange Losses as of Dec-24 were $2,590 million (US$2.6 million).
Increase in Financial Income ($387 million / US$0.4 million), mainly associated with a positive and non-recurring effect of the indexation of an account receivable returned by the Brazilian tax authority, which was partially offset by i) a decrease in volume of financial investments in 2024, due to lower average cash balances, especially in the Southern Cone Region, due to the use of funds for project development, and a greater need for working capital, as well as an increase in payment terms for some relevant clients; and ii) a decrease in income received from investments, as a result of lower interest rates throughout the region.
1 Other Comprehensive Income/Losses = Financial Income + Financial Expenses + Share of Profit (Loss) of Associates + Foreign Exchange Differences + Income (Loss) for Indexed Assets and Liabilities + Other Income + Other Expenses.
EARNINGS RELEASE | 12M24 - 4Q24 | | 6 | |
Net Income
Net Income attributable to the owners of the company amounted $ 31,901 million (US$32.0 million), as of December 31, 2024, lower by 16.4%, equivalent to $6,250 million (US$6.3 million) compared to December 31, 2023. This variation is mainly explained by i) a higher loss from Other Operating Items of $11,722 million (US$11.8 million), mainly due to a non-recurring and non-cash financial profit as of Dec- 23 of $7,973 million (US$8, 0 million), as a result of the takeover of Multicaja, and an increase in Net Financial Costs of $14,022 million (US$14.1 million); ii) increase in Income Tax Expense of $4,983 million (US$5.0 million), originated mainly in the Southern Cone Region, mainly due to the better Operating Result, and in Chile, due to the exchange rate variation generated of positive results with respect to the year 2023, and other events associated with differences between functional and tax currencies in some companies of the Group; and iii) a better Operating Result of $9,784 million (US$9.8 million).
- Consolidated Results for the fourth quarter of 2024 (4Q24)
Revenues
Consolidated revenues totaled $464,961 million (US$466.6 million) in 4Q24, 10.2% higher ($42,909 million / US$43.1 million) than in 4Q23. The increase in constant currency was 8.0%.
The main differences are the following:
Increase of 1.0% ($1,489 million / US$1.5 million) (YoY) in Digital Business, reaching $148,340 million (US$148.9 million). In constant currency, there was a decrease of 1.3% ($1,926 million / US$1.9 million)
Increase of 9.1% ($12,292 million / US$12.3 million) (YoY) in revenues from Digital Services, totaling $147,695 million (US$148.2 million). In constant currency, the increase was 7.6% ($10,445 million / US$10.5 million).
Increase of 20.8% ($29,128 million / US$29.2 million) (YoY) in Transactional Business, reaching $168,925 million (US$169.5 million). In constant currency, the increase was 18.0% ($25,729 million / US$25.8 million).
The revenue breakdown by business line was 31.9% Digital Business, 31.8% Digital Services and 36.3% Transactional Business.
EARNINGS RELEASE | 12M24 - 4Q24 | | 7 | |
Figure 4 - Consolidated Revenues by Business Line 4Q23 - 4Q24
CONSOLIDATED REVENUES | 4Q23 | 4Q24 | ∆ $ | ∆ % | 4Q23A | ∆ $ (t/t) ∆ % (t/t) |
BY BUSINESS LINE | Ch$M | Ch$M | Ch$M |
Digital Business | 146.851 | 148.340 | 1.489 | 1,0% | 150.267 | (1.926) | -1,3% |
Digital Services | 135.403 | 147.695 | 12.292 | 9,1% | 137.250 | 10.445 | 7,6% |
Transactional Business | 139.797 | 168.925 | 29.128 | 20,8% | 143.196 | 25.729 | 18,0% |
Product Distribution | 104.675 | 132.022 | 27.347 | 26,1% | 108.074 | 23.948 | 22,2% |
Multicaja | 35.123 | 36.903 | 1.781 | 5,1% | 35.123 | 1.781 | 5,1% |
Total | 422.052 | 464.961 | 42.909 | 10,2% | 430.713 | 34.248 | 8,0% |
Breakdown | |||||||
Digital Business | 34,8% | 31,9% | 34,9% | ||||
Digital Services | 32,1% | 31,8% | 31,9% | ||||
Transactional Business | 33,1% | 36,3% | 33,3% | ||||
Product Distribution | 74,9% | 78,2% | 75,5% | ||||
Multicaja | 25,1% | 21,8% | 24,5% | ||||
Total | 100,0% | 100,0% | 100,0% |
Note: 4Q23A corresponds to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
Cost of Sales and Selling, General and Administrative Expenses
Cost of sales totaled $391,468 million (US$392.9 million) in the fourth quarter of 2024, increasing by 9.1% (YoY).
Administration expenses were $37,029 million (US$37.2 million) in the fourth quarter of 2024, 28.2% higher (YoY).
Figure 5 - Income Statement 4Q23 - 4Q24
SUMMARY OF CONSOLIDATED | 4Q23 | 4Q24 | ∆ $ | ∆ % | 4Q23A | ∆ $ (a/a) | ∆ % | ||||||||
(a/a) | |||||||||||||||
INCOME STATEMENT | Ch$M | Ch$M | Ch$M | ||||||||||||
Revenues | 422.052 | 464.961 | 42.909 | 10,2% | 430.713 | 34.248 | 8,0% | ||||||||
Cost of Sales | (358.900) | (391.468) | (32.568) | 9,1% | (363.763) | (27.705) | 7,6% | ||||||||
GROSS PROFIT | 63.153 | 73.493 | 10.340 | 16,4% | 66.950 | 6.543 | 9,8% | ||||||||
Administration Expenses | (28.892) | (37.029) | (8.136) | 28,2% | (29.939) | (7.089) | 23,7% | ||||||||
OPERATING INCOME (1) | 34.260 | 36.465 | 2.204 | 6,4% | 37.011 | (546) | -1,5% | ||||||||
EBITDA (2) | 45.840 | 50.085 | 4.244 | 9,3% | 48.429 | 1.656 | 3,4% | ||||||||
NET INCOME ATTRIBUTABLE TO | 15.811 | 16.903 | 1.091 | 6,9% | |||||||||||
OWNERS | |||||||||||||||
Gross Margin | 15,0% | 15,8% | |||||||||||||
15,5% | |||||||||||||||
Operating Margin | 8,1% | 7,8% | 8,6% | ||||||||||||
EBITDA Margin | 10,9% | 10,8% | 11,2% | ||||||||||||
Net Margin | 3,7% | 3,6% | - | ||||||||||||
EARNINGS RELEASE | 12M24 - 4Q24 | | 8 | ||||||||||||||
Note: 4Q23A corresponds to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
Operating Income and EBITDA
Operating Income reached $36,465 million (US$36.6 million), higher by 6.4% (YoY). Gross Margin was 15.8%, higher by 80bps, and Operating Margin was 7.8%, lower by 30bps (YoY). In constant currency, Operating Income was 1.5% lower (YoY).
EBITDA totaled $50,085 million (US$50.3 million), increasing by 9.3% (YoY). In constant currency, EBITDA grew by 3.4%. EBITDA margin in the fourth quarter of 2024 reached 10.8%, lower by 10bps (YoY).
Other Comprehensive Income / Losses (Excluding Administration Expenses)
Other comprehensive income/losses2, excluding Administration expenses registered a loss of $9,487 million (US$9.5 million) in the fourth quarter of 2024, lower by $2,911 million (US$2.9 million) compared to the same period of 2023. The main variations were higher losses from Net Financial Expenses by $4,974 million (US$5.0 million), net of favorable Income/loss for Indexed Assets and Liabilities by $2,089 million (US$2.1 million), and lower Other Expenses by $5,952 million (US$6.0 million).
Net Income
Net Income attributable to the owners of the company amounted $16,903 million (US$17.0 million) in the fourth quarter of 2024, higher by $1,091 million (US$1.1 million). The variation is mainly explained by a higher Operating Income ($2,204 million / US$2.2 million), lower losses from Other Expenses ($5,952 million / US$6.0 million) and favorable Income/loss for Indexed Assets and Liabilities by $2,089 million (US$2.1 million), Partially offset by a higher Income Tax Expense ($4,258 million / US$4.3 million), and higher Net Financial Expenses by ($4,974 million / US$5.0 million).
Regional Results for the twelve months and fourth quarter of 2024 (12M24 - 4Q24)
Southern Cone Region
Main changes between 12M24 and 12M23 are described below:
Revenues reached $872,963 million (US$876.1 million), growing by 16.2% (YoY), associated mainly with Transactional Business and Digital Business. In constant currency, revenues increase by 13.3%
Operating Income was $49,850 million (US$50.0 million / +16.0% compared to 2023) and EBITDA was $77,729 million (US$78.0 million / +12.7% compared to 2023), mainly caused by operational efficiencies, new Vertical Solutions projects, and growth of the Transactional Business (mainly Multicaja) and Software Solutions. In constant currency, EBITDA grows by 12.2% (y/y).
Operating Margin reached 5.7%, and the EBITDA Margin reached 8.9%.
2 Other Comprehensive Income/Losses = Financial Income + Financial Expenses + Share of Profit (Loss) of Associates + Foreign Exchange Differences + Income (Loss) for Indexed Assets and Liabilities + Other Income + Other Expenses.
EARNINGS RELEASE | 12M24 - 4Q24 | | 9 | |
Figure 6 - Southern Cone Region Results 12M23 - 12M24
SUMMARY OF RESULTS | dec-23 | dec-24 | ∆ $ | ∆ % | dec-23A | ∆ $ (a/a) | ∆ % (a/a) | ||
Southern Cone Region | Ch$M | Ch$M | Ch$M | ||||||
REVENUES | 751.248 | 872.963 | 121.715 | 16,2% | 770.555 | 102.408 | 13,3% | ||
Digital Business | 176.692 | 209.150 | 32.457 | 18,4% | 177.270 | 31.879 | 18,0% | ||
Digital Services | 112.625 | 125.140 | 12.515 | 11,1% | 112.526 | 12.614 | 11,2% | ||
Transactional Business | 461.932 | 538.673 | 76.742 | 16,6% | 480.759 | 57.915 | 12,0% | ||
Cost of Sales | (635.832) | (744.796) | (108.965) | 17,1% | (653.900) | (90.896) | 13,9% | ||
GROSS PROFIT | 115.417 | 128.167 | 12.750 | 11,0% | 116.655 | 11.512 | 9,9% | ||
Administration Expenses | (72.457) | (78.317) | (5.860) | 8,1% | (73.629) | (4.687) | 6,4% | ||
OPERATING INCOME | (1) | 42.960 | 49.850 | 6.890 | 16,0% | 43.026 | 6.824 | 15,9% | |
EBITDA | (2) | 68.993 | 77.729 | 8.736 | 12,7% | 69.265 | 8.464 | 12,2% | |
Operating Margin | 5,7% | 5,7% | 5,6% | ||||||
EBITDA Margin | 9,2% | 8,9% | 9,0% |
- Operating Income: Gross Profit - Administration Expenses
- EBITDA: Operating Income + Depreciation and Amortization
Note: dec-23A correspond to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
Main changes between 4Q24 and 4Q23 are described below:
- Revenues totaled $267,198 million (US$268.1 million), showing an increase of 23.2% (YoY). In constant currency, revenues were higher by 13.1%.
- Administration Expenses reached $22,971 million (US$23.1 million), higher by 48.7% (YoY). In constant currency, there was an increase of 33.8%.
- Operating Income totaled $17,097 million (US$17.2 million / 17.6% YoY) and EBITDA totaled $24,065 million (US$24.2 million / 13.4% YoY). In constant currency, Operating Income and EBITDA were lower by 4.2% and 2.2%, respectively.
- Operating Margin reached 6.4% and EBITDA Margin was 9.0%.
Figure 7 - Southern Cone Region Results 4Q23 - 4Q24
SUMMARY OF RESULTS | 4Q23 | 4Q24 | ∆ $ | ∆ % | 4Q23A | ∆ $ (a/a) | ∆ % (a/a) |
Southern Cone Region | Ch$M | Ch$M | Ch$M | ||||
REVENUES | 216.897 | 267.198 | 50.302 | 23,2% | 236.201 | 30.997 | 13,1% |
Digital Business | 44.513 | 59.949 | 15.436 | 34,7% | 54.061 | 5.888 | 10,9% |
Digital Services | 32.586 | 38.323 | 5.737 | 17,6% | 38.944 | (620) | -1,6% |
Transactional Business | 139.797 | 168.925 | 29.128 | 20,8% | 143.196 | 25.729 | 18,0% |
Cost of Sales | (186.901) | (227.130) | (40.229) | 21,5% | (201.194) | (25.936) | 12,9% |
GROSS PROFIT | 29.996 | 40.068 | 10.072 | 33,6% | 35.007 | 5.061 | 14,5% |
Administration Expenses | (15.453) | (22.971) | (7.518) | 48,7% | (17.163) | (5.808) | 33,8% |
OPERATING INCOME (1) | 14.543 | 17.097 | 2.554 | 17,6% | 17.844 | (747) | -4,2% |
EBITDA (2) | 21.227 | 24.065 | 2.838 | 13,4% | 24.596 | (531) | -2,2% |
Operating Margin | 6,7% | 6,4% | 7,6% | ||||
EBITDA Margin | 9,8% | 9,0% | 10,4% |
- Operating Income: Gross Profit - Administration Expenses
- EBITDA: Operating Income + Depreciation and Amortization
Note: 4Q23A correspond to revenues for the period 2023 in constant currency, adjusted to 2024 exchange rates.
EARNINGS RELEASE | 12M24 - 4Q24 | | 10 | |