Armenia Project GRUPO ENERGÍA DE BOGOTA 1Q 2016 Key Results and Developments May 24 th 2016
FINANCIAL EEB OVERVIEW EXPANSION PROJECTS Q&A Key Updates 1Q Highlights Review 1Q 2
EEB OVERVIEW EXPANSION PROJECTS FINANCIAL Q&A Key Updates 1Q Highlights Review 1Q 3
EEB CORPORATE STRUCTURE EEB generally controls its subsidiaries or partners with world class operators following a long track record of success. Electricity Natural Gas Services Generation Transmission Distribution Transport Distribution 15.6% 51.5% 100% 51.5% 100% 51% (1) 100% Colombia 2.5% 1.7% 100% 99.97% (2) 16.2% 25% 100% (3) 40% 99.9% Peru 66% (3) 40% 100% 95.3% Guatemala 100% (4) Brazil (1) EEB ownership through DECSA Special Purpose Vehicle. (2) EEB ownership Companies in process of merger Selling process Law 226 directly and indirectly through IELAH Spain (additional 31.92%). (3) EEB effective ownership via direct and indirect stakes. (4) Through GEBBRAS Special Purpose Vehicle acquired on August 21, 2015 51% stake in four 4 Companies in process of liquidation concessions for ~USD158 mm.
KEY UPDATES Corporate Highligths Shareholders Assembly Decision 06/07/2015: Approved the release of occasional reserves amounting to COP 458,851 million. The extraordinary dividend of COP ~49.98 per share will be paid out to minority shareholders in one installment in July 5 th 2016. For the major shareholder, the District of Bogotá, holding a stake of 76.28% in EEB, will be paid the dividend as of 2017 in 10 annual installments until 2026. 31/03/2016: In the Shareholders meeting EEB declared dividends to its shareholders amounting to COP 224,350 million, equivalent to COP 24.43 per share. Minority shareholder Payment (100%) July 5 th 2016. Major Shareholder Payment: First Installment (60%) July 5 th 2016 Second Installment (40%) October 28 th 2016 ISAGEN Divestiture Bogota’s municipality council authorized EEB on March 31 st of 2016 to divest ISAGEN shares. On April 20 th, the first phase addressed to the solidarity sector (Law 226/95) started and it will be open until June 20 th 2016 then during the second phase EEB could offer the shares to BRE Colombia Investments. After that date, the share will be offer to the general public and offer to any Open OPA (Oferta Publica de Acciones) . Ecopetrol selling process On May 23 rd , Ecopetrol announced the second offering of its EEB’s participation of 3.03%. On June 1 st 2016 the auction will be open in the Colombian Securities Exchange. 5
KEY UPDATES Natural gas transportation & distribution activities TGI Dividends declared On March 30th 2016 the shareholders meeting approved to distribute USD 22.1 MM in dividends to shareholders based on net profit 2015 Dividends were paid on April 4th 2016 IELAH Merging: On January 29th 2016, the Colombian Societies Superintendence (Supersociedades) approved the merger between TGI and IELAH. On May 11 th 2016 TGI finalized the merger with IELAH; which was the Final Phase of the acquisition plan. As a result the remaining debt of that entity will be in TGI ´ s BS Current outstanding debt of IELAH is USD 219 MM (1) , after three partial repayments done: i) March 2015 (USD 76 MM) ; ii) September 2015 (USD 175 MM); iii) On March 11 th 2016 (USD 175 MM). Calidda Cálidda ´ s client base has increased 33% compared to first quarter of 2015, ate the closing of the first quarter 2016 Calidda has a client base of ~ 370,000 clients During the first quarter, 371 km of network were built, whereby the distribution system has reached a total of 6,360 km of underground pipelines. The EBITDA finalize in USD 106.6 Mm, increasing in 10% compared with the same period of 2015. This increase was mainly due to the costs reductions explained by the renegotiation of the main contracts at lower prices On March 2016 the shareholders meeting approved to distribute USD 30.4 Mm in dividends to shareholders based on net profit 2015. Dividends were paid on April 1 st 2016. (1) Excluding intercompanies loans 6
EEB OVERVIEW EXPANSION PROJECTS FINANCIAL Q&A Review 1Q Key Updates 1Q Highlights 7
EXPANSION PROJECTS REVIEW Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level. Subsidiaries Associates Executed Capex by Segment (1) Executed Capex by Segment (USD Mm) (USD Mm) Capex by Company (1Q 16) 1Q 2016 Capex by Company (1Q 16) 1Q2016 USD 115.4 Mm 1Q 2015 USD 48.7 Mm 1Q2015 7.3 23.8 EEB Electricity Transmission Electricity Generation 93.0 33.3 Trans. TGI 11.7% 3.9% 68.7 19.8 Contugas Electricity Transmission 53.8 EEC Gas Distribution 1.0% 20.2 6.6% EEBIS 3.4 Promigas 30.3% GTM/PE Electricity Distribution 18.2 3.2 12.7% Electricity Distribution CTM 4.0 34.9 Gas 54.3% Cálidda Gas Transportation 2.0 Natural Trecsa 39.6% 1.9 1.0% Gas Transportation 24.5% 1.1 14.6 REP Gas Distribution 1.3 5.2% Emgesa Projects Update (1Q 2016) Codensa Projects Update (1Q 2016) 6.3% 3.0% El Quimbo Project (400 MW) EAR (2) UPME Project Status On Stream USD MM Total investment: USD1,231 mm (including contingencies) Chivor II 50.9% 5.5 08/07/2017 Cartagena Bolívar 32.4% 11.6 07/03/2017 Execution 1Q 16: 100% Río Córdoba 32.5% 1.8 30/11/2016 Full operation: On stream since november 23rd Armenia 94.0% 1.3 26/11/2015 Tesalia 80.0% 11.0 14/02/2016 Quimbo will deliver ~5% of Colombia Power Generation Sogamoso Norte 25.1% 21.1 30/09/2017 (Avg. 2,216 GWh/yearly) Refuerzo Suroccidental 500 kV 7.0% 24.4 30/09/2018 Ecopetrol San Fernando 18.4% 6.3 30/04/2017 Río Cordoba Transformadores 28.9% 0.6 30/11/2016 La Loma 500 Kv 26.8% 1.3 30/11/2016 On-going projects: La Loma 100 Kv 0% 6.9 30/06/2018 CONCESION - MANTARO – MARCONA Drummond Rio Cordoba 11.9% 0.6 30/11/2016 LA PLANICIE – INDUSTRIALES FRIASPATA MOLLEPATA and ORCOTUNA Source: Company filings. Substation (1) Excludes Brazil – GEBBRAS Capex 8 (2) Expected annual revenues.
FINANCIAL PLAN 2013-2019 Investments and Funding Sources 2013 – 2019 Funding Investments EEB Capex Profile – Controlled Companies (USD mm) $597 (2) $465 USD mm % $420 264 $386 Executed Capex 2013-2015 49% $347 (3) 108 $1,330 94 $304 Cash Generation After Dividends 2016-2020 $1,147 55 77 29 202 82 143 93 101 Incremental Debt 2016-20 $225 126 11 29 36 35 $92 $92 Subtotal 2016-2020 (1) 51% $1,372 74 94 84 204 211 153 80 81 TOTAL 2013-2019 $2,702 80 69 64 12 11 2013 2014 2015 2016E 2017E 2018E 2019E 2020E Electricity Colombia Electricity Overseas Natural Gas Colombia Natural Gas Overseas M&A Natural Gas M&A Electricity Source: Company filings. (1) Mainly concentrated on electricity transmission businesses (COL / Overseas). (2) 2014 Incliudes M&A transaction IELAH Equity Portion 9 (3) 2015 Includes M&A transaction Brazil Equity portion
FINANCIAL EEB OVERVIEW EXPANSION PROJECTS Q&A Key Updates 1Q Highlights Review 1Q 10
CONSISTENT FINANCIAL PERFORMANCE Consolidated Results (IFRS) 1Q2015 – 1Q2016 EEB's Operating Profit By Segment (1) 1Q 16 - 1Q 15 EEB's Operating Revenues By Segment 1Q 16 - 1Q 15 COP Millions - Growth Rate COP Millions - Growth Rate 20% 31% 38% 51% 377,249 37% 237,327 927,537 354,492 376,712 82% 709,669 234,310 27% 73,508 72% 77% 186% 103,840 30,198 13,459 69,736 1Q 15 Electricity Electricity Natural Gas Natural Gas 1Q 16 1Q 15 Electricity Electricity Natural Gas Natural Gas 1Q 16 Distribution Transmission Distribution Transportation Transmission Distribution Transportation Distribution Revenues (+31%): Growth is explained mainly by: Profit from Operating Activities (+51%): (+77% COP 30,275 mm) Electricity Transmission: Coming on Operational costs and expenses showed an increase due to: stream of the Alferez Substation & SVC Tunal. (+82.1% COP 33,137 mm) Natural gas distribution : new clients connected (+20% COP 64,105 mm) Natural Gas distribution : New clients in Cálidda & Contugas. (residential and industrial) connected by Cálidda & Contugas and (+71.8% COP 12,621 mm) Electricity Transmission: new projects under higher volume distributed. execution and some already on stream. (+37% COP 101,224 mm) Natural Gas transportation . Larger (+38.3% COP 65,675 mm) Natural gas Transportation: Increase on transported volume due to major thermal generation demand. transported volume and FX effects. (+185.8% COP 8,749 mm) Electricity distribution. Increase on energy sales (+27% COP 22,264 mm) Electricity Distribution through EEC. 11 (1) Excludes administrative expenses & net of other expenses and gains
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