Date post: | 25-Jul-2015 |
Category: |
Economy & Finance |
Upload: | empresa-de-energia-de-bogota |
View: | 44 times |
Download: | 0 times |
Empresa de Energía de Bogotá - EEB
A Regional Leader in the Energy Sector
Disclaimer
The information provided herein is for informational and illustrative purposes
only and is not, and does not seek to be, a source of legal or financial advice
on any subject. This information does not constitute an offer of any sort and is
subject to change without notice.
EEB expressly disclaims any responsibility for actions taken or not taken based
on this information. EEB does not accept any responsibility for losses that
might result from the execution of the proposals or recommendations
presented. EEB is not responsible for any content that may originate with third
parties. EEB may have provided, or might provide in the future, information that
is inconsistent with the information herein presented.
EEB Overview Wide energy Portfolio: Network and Services
Focus on natural monopolies
Growth in controlled subsidiaries
Sound regulatory framework
Ample access to capital markets
3
100%*
100%*
Leaders in every market
Electricity transmission
Market share (%)
(Km of 220-138 kV lines )
Electricity transmission
Market share (%)
(Km of lines)
Electricity distribution
Market share (%)
(Kwh)
Electricity generation
Installed Capacity (%)
(Generation)
# 1 Peru
# 2 Colombia
# 1 Colombia
# 2 Colombia
Gas distribution
Market share (%)
(No. clients) 59.0%
Gas transportation
Market share (%)
(Average volume transported) 88.0%
Gas distribution
Market share (%)
(No. clients)
100.0%
# 1 Colombia
# 1 Colombia
# 1 Perú
57.6%
8.22%
26.6%
20.72%
Electricity transmission
Project ongoing
(850 Km L/T and 24 S/E)
# 1 Guatemala
4 *Estimated market share once in operation.
Focus on natural monopolies and attractive
energy markets
Strong Presence in Relevant Countries Natural Gas
Source: ANH, MEM, UPME, Concentra
333
417 484
528
950
2009 2010 2011 2012 2015E
Natural Gas Demand - Perú - MMCFD
8.46
7.06 6.63
7.01 6.41
2009 2010 2011 2012 2013
Natural Gas Reserves - Colombia - Tcf
12.00 12.50 12.46
15.38
2009 2010 2011 2012
Natural Gas Reserves - Perú - Tcf
874.3 903.1 891.9 905.1
1,047.5 1,082.1
2009 2010 2011 2012 2013 2016E
Natural Gas Demand - Colombia - GBTUD
6
Strong Presence in Relevant Countries Electricity
Source: ANH, MEM, UPME
54,679 56,148
57,157
59,367 60,885
65,125
2009 2010 2011 2012 2013 2016E
Electricity Demand - Colombia - GWh
7,926 8,134 8,473 8,730 8,945 10,064
2009 2010 2011 2012 2013 2016E
Electricity Demand - Guatemala - GWh
27,003
32,314 36,779 37,321
39,669
48,411
2009 2010 2011 2012 2013 2016E
Electricity Demand - Perú - GWh
7
Stable and Growing Income*
8
422.4 495.7
605.9
871.6
1,076.2 1,114.4
631.1
2008 2009 2010 2011 2012 2013 2014 2Q
Natural Gas Distribution - USD mm
GAS NATURAL CÁLIDDA TOTAL
1,317.7
1,584.2 1,730.3 1,808.7
2,092.1 1,972.1
1,057.7
2008 2009 2010 2011 2012 2013 2014 2Q
Electricity Distribution - USD mm
CODENSA DECSA EMSA TOTAL
279.6
365.2 401.9
439.1 536.4
578.1
350.7
2008 2009 2010 2011 2012 2013 2014 2Q
Natural GasTransportation - USD mm
TGI PROMIGAS TOTAL
* Total of Operating Revenues per company – aggregated figures for comparable purposes.
Predictability and stability in regulated revenues. 81% of revenues comes from regulated business.
136.2 152.4 162.1 181.5
207.3
288.9
138.2
2008 2009 2010 2011 2012 2013 2014 2Q
Electricity Transmission - USD mm
REP CTM EEB Transmisión TOTAL
Growth through controlled subsidiaries and
Brownfield opportunities
Consolidated Financial Results Evolution EBITDA
81% 67%
56% 55% 61% 44% 45%
48% 47% 19%
33% 44%
45% 39%
56%
55%
52%
53%
2006 2007 2008 2009 2010 2011* 2012** 2013 2014 IIQ LTM
Consolidated Adjusted EBITDA & Normalized Dividends (USD Million)
Operational EBITDA Dividends
240.9
471.3 416.4
515.6
586.4
818.5
921.7
705.0
1,047.5
Normalized Dividends: *2010 excludes
dividends declared based on an early close
of Gas Natural’s, Emgesa’s and Codensa’s
financial statements. These figures are
included in 2011, when such dividends
would normally have been declared.**
Anticipated dividends declared by Codensa
on first half 2011, were included in 2012.
10
Ambitious projects under execution
CAPEX Exec. 2013: USD 35.1 mm CAPEX Exec. 2Q 14: USD 22.6 mm Total Investment: USD 120.5 mm Construction: Sabana Station: 68.8% Planning: Regional Syst. Full operation: 4Q 14
CAPEX Exec 2013: USD 97.5 mm
CAPEX Exec 2Q 14: USD 41 mm
Total investment: USD 403 mm
By the end of 2016 it is expected to have 455,000
customers connected.
CAPEX Exec 2013: USD 32.4 mm / 2Q 14: USD 24.7 mm
Total Investment: USD 611.5 mm
Under Construction 2Q 14:
Armenia – 56.23%, Tesalia – 66.74%, Chivor II Norte – 28%
SVC Tunal – 63.4%. Recently awarded projects: Bolívar-
TermoCartagena, Sogamoso-Norte-Nueva Esperanza.
CAPEX Exec. 2013: USD 104.5 mm
CAPEX Exec. 2Q 14: USD 10.5 mm
Total investment: USD 358 mm
Under construction: 2Q 14: 94%
Full operation 2Q 14
CAPEX Exec. 2013: USD 82.4 mm
CAPEX Exec. 2Q 14: USD 31.5 mm
Total Investment: USD 376 mm
Started operation (partially): 4Q13
Under construction: 2Q 14: 79%.
Delivered 2015
CAPEX Exec. 2013: USD 1.9 mm
CAPEX Exec. 2Q 14 : USD 3 mm
Total Investment: USD 111 mm
Under construction 2Q 14: 7%
Full operation 2014-15
CAPEX Exec. 2013: USD 31.8 mm
CAPEX Exec. 2Q 14: USD 13 mm
Total Investment: USD 114 mm
Electricity
Transmission
Natural Gas
Transportation
Natural Gas
Transportation and
Distribution
Natural Gas
Distribution
Electricity
Transmission
Consolidating the Strategy Controlled Subsidiaries
Engineering and
related services
Electricity
Transmission:
CAPEX Executed 2013: USD 385.7 mm; 2Q 14: USD 146.31 mm 12
CAPEX Exec. 2013: USD 145.7 mm CAPEX Exec. 2Q 14: USD 58 mm Projects executed: New and existing demand Quality service and continuity Control operational risk
CAPEX Exec. 2013: USD 96.7 mm
CAPEX Exec. 2Q 14: USD 53 mm
Total Investment: USD 545.9 mm
Extensions and new concessions; 2013 - 2014
CAPEX Exec. 2013: USD 333.6 mm / 2Q 14: USD 199 mm
Quimbo Project (400 MW)
Total investment: USD 1,093 mm
Exec 2013: USD 279 mm
Accum. Exec: USD 564.8 mm - Execution 1Q-14: 64.8%
CAPEX Exec 2013: USD 20.5 mm
CAPEX Exec 2Q 14: USD 29 mm
Total Investment: USD 150.9 mm
Extensions and new concessions; 2013 - 2014
CAPEX Exec. 2013: USD 49.5 mm
CAPEX Exec. 2Q 14: USD 19 mm
Total investment: USD 137 mm
Liquefaction Plant: Invest. USD 34 mm
Pipeline Mamonal – Sincelejo: USD 70 mm
CAPEX Exec. 2013: USD 15.5 mm
CAPEX Exec. 2Q 14: USD 6 mm
Electricity
Generation
Electricity
Distribution
Electricity
Transmission
Electricity
Transmission
Natural Gas
Transportation and
Distribution
Natural Gas
Distribution
CAPEX Executed: 2013 USD 661.4 mm; 2Q 14: USD 364.1 mm
13
Consolidating the Strategy Non-Controlled Subsidiaries
Financial Plan 2013-2018 Investments & Funding Sources
2013 -2018 Funding Sources USD Millon
Cash Generation 1,700 Financial debt 3,320
Third Parties (Contributions of Capital) 2,480
TOTAL INVESTMENTS 7,500
Composition of Investments
Brownfields: 70%
Greenfields: 30%
14
1.41 1.60 1.48 1.39 1.25
4.5
2Q 13 3Q 13 4Q 13 1Q 14 2Q 14
Net Debt / Consolidated Ajusted EBITDA
Net Debt / Consolidated Ajusted EBITDA OM <
13.18
9.10
11.06
10.96 11.44
2.5
2Q 13 3Q 13 4Q 13 1Q 14 2Q 14
Consolidated Adjusted EBITDA / Interests
Consolidated Adjusted EBITDA / Interests OM >
OM: Offering Memorandum of USD.749,000,000 EEB 6.125% Senior Notes due 2021
As of September 2014 is already executed and compromised
USD 2,200 Mm (29%)
Access to Capital Markets
Access to Capital Markets
GEB Transactions
USD Million
16
EEB
Baa3
BBB-
BBB-
TGI
Baa3
BBB-
BBB-
CÁLIDDA
Baa3
BBB-
BBB-
EEB Share Performance
Ticker EEB:CB
As of June 30th, 2014 EEB’ market capitalization was USD 8.15 Billion
Trading volume tripled after the Equity Offering Nov 2011.
The stock is part of COLCAP, COL20, and COLEQTY
Average Target Price As of 2Q 2014: USD 0.96 COP 1,813
EEB Share Performance 2Q 2013 – 2Q 2014
17
Creating Value to shareholders
18
0.017 0.016 0.017
0.043
0.018
0.025
0.033
1Q 08 1Q 09 1Q 10 1Q 10 1Q 11* 1Q 11 1Q 13 1Q 14
Dividends per Share - USD
0.58
0.91
0.60
0.72 0.80
0.72
6.9%
0.0%
3.0% 3.5%
4.2%
3.5%
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2010 2011 2012 2013 2014 Avg 2008-2013
Dividend Yield Evolution
Closing Share price at the end of the year USD Dividend Yield
97.7
353.8
571.0
157.1
390.6
437.8
334.7
91.8 142.6 368.0 109.0 228.3 306.5 207.7
94%
40%
64% 69%
58%
70% 62%
141%
40%
64%
105%
58%
70% 68%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
0%
20%
40%
60%
80%
100%
120%
140%
160%
2008 2009 2010 2011 2012 2013 Avg 2008-2013
Evolution Dividend Payout Ratio (USD Mllion)
Net Profit Dividends Dividend payout on last year profit Dividend payout + Including realeased reserves
Financial Highlights
Consolidated Financial Results
515.6
944.0
557.0
723.5
921.7
1,047.5
2009 2010 2011 2012 2013 2Q 2014
LTM Consolidated EBITDA (USD Millions)
353.8
571.0
157.1
390.6 437.8
508.6
2009 2010 2011 2012 2013 2Q 2014
Net Income (USD Millions)
455.3 487.2
731.8
896.4
1,016.4
597.5
2009 2010 2011 2012 2013 2Q 2014
Operating Revenues (USD Millions)
203.6
140.2
283.5
315.9 315.5
230.9
2009 2010 2011 2012 2013 2Q 2014
Operating Profit (USD Millions)
20
Investor Relations
For more information about Grupo Energía de Bogotá contact our Investor Relations team:
http://www.eeb.com.co
http://www.grupoenergiadebogota.com/en/investors
Fabian Sánchez Aldana
Investor Relations Advisor GEB
+57 (1) 3268000 – Ext 1897
Nicolas Mancini Suarez
Investor Relations Officer GEB
+57 (1) 3268000 - Ext 1536
Rafael Andres Salamanca
Investor Relations Advisor GEB
+57 (1) 3268000 – Ext 1675
Felipe Castilla Canales
Chief Financial Officer - GEB
+57 (1) 3268000 – Ext 1501
21