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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.
Overview of Grupo Energía de Bogotá
Key facts
More than 100 years’ experience in the sector; founded in 1896.
Regional leader in the energy sector; major player in the entire electricity and natural gas value chains
(except E&P); operations in Colombia, Peru, and Guatemala.
Largest stockholder is the District of Bogota - 76.2%.
Stock listed on the Colombian Securities Exchange (BVC); EEB adheres to global standards of corporate
governance.
The EEB Group is one of the largest issuers of equity and debt in Colombia.
68.1%
25%
15.6%
Electricity
Transmission
40% 40%
1.8%
98.4%
Generation
51.5% *
2.5%
Distribution
51.5% *
16.2%
51%
82%
Distribution Transportation
Natural Gas
75%
60%
100%
*EEB is not the controlling shareholder and is a party to signed shareholder agreements.
40%
25%
100%
100%
Strategy
Transportation and distribution of energy with involvement in other areas in the
energy sector.
Guatemala
Colombia
Perú
Current Markets
Potential Markets
Operations in countries with strong growth potential
– Colombia: regional leader in electricty and natural gas and a center for
energy exports
– Perú: regional leader in mining and energy-intensive industries
– Guatemala: a window for future investments in Central America
Exploration of opportunities in America
Focus on
natural
monopolies
Ample access
to capital
markets
Ambitious
projects in
execution
Growth in
controlled
subsidiaries
Sound
regulatory
framework
Experienced
management
and partners
Leaders in every market
5
Electricity transmission
Market share (%)
(Km of 220-138 kV lines )
Electricity transmission
Market share (%)
(Km of lines)
Electricity distribution
Market share (%)
(Kwh)
Electricity generation
Market share (%)
(Generation)
# 1 Peru
# 2 Colombia
# 1 Colombia
# 2 Colombia
Gas distribution
Market share (%)
(No. clients) 59.0%
Gas transportation
Market share (%)
(Average volume transported) 85.0%
Gas distribution
Market share (%)
(No. clients)
100.0%
# 1 Colombia
# 1 Colombia
# 1 Perú
57.6%
8.0%
26.6%
20.9%
Electricity transmission
Project ongoing
(850 Km L/T and 24 S/E)
# 1 Guatemala
Focus on natural monopolies
Strong Presence in Relevant Countries
Natural Gas
*Reservations to 3T12 Source: ANH, MEM, UPME
8,5
7,1 6,6
7,1
2009 2010 2011 2012
Natural Gas Reserves - Colombia - Tcf
843
884
831
894
994
2009 2010 2011 2012 2015E
Natural Gas Demand - Colombia - MMCFD
26,0
23,1 21,5 21,5
2009 2010 2011 2012*
Natural Gas Reserves - Perú - Tcf
333
417 484
528
950
2009 2010 2011 2012 2015E
Natural Gas Demand - Perú -MMCFD
8,013 8,276 8,513 8,557
10,816
2009 2010 2011 2012 2015E
Electricity Demand - Guatemala - GWh
Source: ANH, MEM, UPME
Strong Presence in Relevant Countries
Electricity
54,679 56,148 57,157 59,36766,044
2009 2010 2011 2012 2015E
Electricity Demand - Colombia - GWh
27,00332,314
36,77940,940
52,312
2009 2010 2011 2012 2015E
Electricity Demand - Perú - GWh
Stable and Growing income*
* Total of Operating Revenues per company
136.2152.4 162.1 181.5
207.3 191.7
2008 2009 2010 2011 2012 3Q 2013
Electricity Transmission - USD mm
REP CTM EEB Transmisión TOTAL
1,317.7
1,584.21,730.3 1,807.4
2,092.1
1,473.3
2008 2009 2010 2011 2012 3Q 2013
Electricity Distribution - USD mm
CODENSA DECSA EMSA TOTAL
279.6
365.2401.9
439.1536.4
450.2
2008 2009 2010 2011 2012 3Q 2013
Natural Gas Transportation - USD mm
TGI PROMIGAS TOTAL
Predictability and stability in regulated revenues. 81% of revenues comes from regulated business.
422.4495.7
605.9
871.61,076.2
799.3
2008 2009 2010 2011 2012 3Q 2013
Natural Gas Distribution - USD mm
GAS NATURAL CÁLIDDA TOTAL
Growth through controlled subsidiaries
Consolidated Financial Results – Evolution EBITDA
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.
81%
67%56%
55%61%
44%45% 45%
19%
33%
44%
45%
39%56%
55%55%
2006 2007 2008 2009 2010 2011* 2012** Sep-13 LTM
Consolidated Adjusted EBITDA and Normalized Dividends (USD Millions)
Dividends Operational EBITDA
240.9
471.3
416.4
515.6
586.4
818.5871.5
705.0
871.5
EEB Transmission, Trecsa & EEBIS
4.4%
TGI40.4%
Decsa/EEC4.4%
Cálidda & Contugás6.2%
Emgesa22.3%
Codensa15.1%
Gas Natural3.4%
Others3.7%
Consolidated Adjusted EBITDA LTM Sep 2013by subsidiary
Ambitious projects under execution
Consolidating the Strategy
CAPEX Approved 2013: USD 814.6 mm CAPEX Approved 2013: USD 902 mm
Natural Gas Transportation
• CAPEX : USD 369 mm
• Construction: Estación Sabana. (3Q 14)
• Planification: Cusiana/Apiay (4Q 15)
Sist. Regionales (4Q 14)
Electricity Transmission
• CAPEX : USD 308 mm
• Under Construction 3Q:
• Armenia – 67%
• Alferez – 95%
• Tesalia – 59%
• Chivor II Norte – 10%
• SVC Tunal – 4%
Engineering and Services
• CAPEX: USD 44 mm
• Sugarmills under construction
• 2014-15
Electricity Transmission
• CAPEX: USD 376 mm
• Start operation (partially) 2013
• Under construction:3Q 13: 59.6%.
• Delivered 2015
Natural Gas Distribution
• CAPEX: USD 500 mm
• By the end of 2016 it is
expected to have 455,000
customers connected.
Natural Gas Transportation and
Distribution
• CAPEX: USD 350 mm
• Under construction:3Q 13: 86%.
• Full operation 1Q 14
Electricity Generation
• CAPEX USD 837 mm
• Quimbo. Under construction 3Q-13:
51.7%
• Capacity 400 MW
Electricity Distribution
• CAPEX: USD 77.9 mm
Executed until 3Q 13
• Under Operation 2013
Electricity Transmission
• CAPEX: USD 606 mm
• Extensions and new
concessions; 2013- 2014
Electricity Transmission
• CAPEX: USD 94.5 mm
• Extensions and new concessions;
2013 - 2014
Natural Gas Transportation
and Distribution
• CAPEX: USD 137 mm
• Under Construction 2014
Financial Plan
2013-2017 Funding Sources
2013 -2017 Funding Sources USD Millon
Cash Generation 1,937.5 Financial debt 3,278.6
Third Parties (Contributions of Capital) 10.0
Other Non-financial sources 2,320
TOTAL 7,546.1
Cash Generation
26%
Financial debt43%
Third Parties (Contributions of Capital)
0%
Other Non-financial sources
31%
Access to Capital Markets
Access to Capital Markets
7 14 14 14
128
14
229
7
749 750
320
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Consolidated Debt Maturity Profile
USD Millions
GEB Transactions
USD Millions
TGI BondUSD 750 MM
Debt management operation EEB Bond 8.75%
to 6.125%
USD 610 MMRe Opening EEB Bond
USD 139 MM
EEB BondUSD 610 MM
Re-IPOUSD 400 MM
Debt management operation TGI Bond 9.5%
to 5.7%
USD 750 MMCálidda Bond 4.375%
USD 320 MM
2007 2011 2012 2013
Outstanding Share Performance
* Values for years prior to the 2011 dividend were adjusted to split 100:1 which enforced the 20.06.11 stocks. Shares outstanding from Nov. 11: 9,181,177,017
* In 4Q 10 there was an advance cut of financial statements, reason why during 1Q 11 EEB decreed no dividends. 1Q 12 normalizes this effect
0,016 0,018 0,018
0,043
0,000
0,020 0,023
1T 08 1T 09 1T 10 4T 10 1T 11 1T 12 1T 13
Dividend per Share – USD Ticker EEB:CB
On November 18, 2013 the EEB market capitalization was
USD 7,555 million.
Trading volumen tripled after the Equity Offering Nov 2011.
The stock is part of IGBC, COL20, COLCAP and COLEQTY
Average Target Price: USD 0.89 COP 1,703
EEB Share Price Performance 2012 -2013
Financial Highlights
Consolidated Financial Results
515.6
944.0
557.0
723.5
871.5
2009 2010 2011 2012 3Q 2013 LTM
Consolidated EBITDA(USD Millions)
353.8
571.0
157.1
390.6409.6
2009 2010 2011 2012 3Q 2013
Net Income(USD Millions)
455.3487.2
731.8
896.4
757.9
2009 2010 2011 2012 3Q 2013
Operating Revenues(USD Millions)
203.6
140.2
283.5
315.9
279.8
2009 2010 2011 2012 3Q 2013
Operating Profit(USD Millions)
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 [email protected]
Antonio Angarita Investor Relations Officer GEB
+57 (1) 3268000 - ext 1546 [email protected]
Rafael Andres Salamanca Investor Relations Advisor GEB
+57 (1) 3268000 – ext 1675 [email protected]
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