GRUPO ENERGÍA DE BOGOTA Third Quarter 2013 Results November 19th, 2013
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. 2
Table of contents EEB strategy and overview 1. Third Quarter Highlights 2. Expansion Projects Review 3. Financial Review -3Q 2013 4. Questions and Answers 5. Appendix Natural Regulated Monopolies 1. Leadership Market Position 2. 3
1. EEB Strategy and Overview 4
EEB Strategy and Overview 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 Colombia stock exchange; EEB adheres to global standards of corporate governance. The EEB Group is one of the largest issuers of equity and debt in Colombia Electricity Natural Gas Generation Transmission Distribution Transportation Distribution 25% 51.5% * 51% 51.5% * 75% 68.1% 98.4% 100% 100% 82% 2.5% 60% 15.6% 40% 100% 16.2% 25% 40% 40% *EEB is not the controlling shareholder and is a party to signed shareholder 1.8% agreements. 5
EEB Strategy and Overview Transportation and distribution of energy with involvement in other areas in the energy sector. Focus on Experienced natural management Guatemala monopolies and partners Ample access Colombia Growth in to capital controlled markets subsidiaries Peru Ambitious Sound projects in regulatory execution framework 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 – Peru: regional leader in mining and energy-intensive industries – Guatemala: a window for future investments in Central America Exploration of opportunities in America 6
2. Third Quarter Highlights 7
Third Quarter Highlights Electric Sector Highlights Gas Natural Highlights Installed capacity - MW Demand - GWh Reserves, proved and 5.7 probable - TCF (2012) 1,282 2,247 Domestic demand - GBTUD 1,262* 8,218 29,485 14,473 45,379 Reserves, proved and 23.1 probable - TCF (2012) Domestic demand - GBTUD 1,219 0 20,000 40,000 60,000 0 5,000 10,000 15,000 20,000 Sources: UPME, CON, MEM, Osinergim Sources: XM, UPME, COES – Perú, AMM – Guatemala *Only includes July/August 2013 Company Highlights 3Q-2013 EEB reopens bond 2021 for USD 112 EEB’s share keeps its 3Q- 16,238 new connections. CTM BoD approved the right EEB received the participation within mm Total Clients: 165,850 of cession of new approval form the 15.11.13 COLCAP and COEQTY New tariff scheme´s proposal transmission line . 550 kV. BoD to participate in presented to Peruvian’s Indexes Length 900 Km 24.10.13 ISAGEN regulator 27.11.13 Investment: USD 413mm. 30.09.13 01.11.13 REP will manage this project. 30.09.13 Second and last 27.08.13 EEB and TGI keep 15.08.13 payment of dividends their ratings BBB- to the Capital district, 17.09.13 Stable outlook amounting to COP Syndicated loan USD Colombian Mines 153.9 billon 310 mm and Energy Ministry adopts 03.07.13 3Q – 2,950 clients Expansion Plan 2013.2027 16,000 residential sales MHCP Resolution 2121 Debt Operations of 13,000 installations built USD 479 Millions 8 and pending to be habilitated
3. Expansion Projects Review 9
Expansion Projects Controlled Subsidiaries Colombia Guatemala Natural Gas Transportation Electricity Transmission • CAPEX : USD 369 mm • CAPEX: USD 376 mm • Construction: Estación Sabana. (3Q 14) • • Start operation (partially) 2013 Planification: Cusiana/Apiay (4Q 15) • Under construction:3Q 13: 59.6%. Sist. Regionales (4Q 14) • Delivered 2015 Electricity Transmission CAPEX : USD 308 mm • Under Construction 3Q: • Engineering and Services • Armenia – 67% • CAPEX: USD 44 mm • Alferez – 95% • Sugarmills under construction • Tesalia – 59% • 2014-15 • Chivor II Norte – 10% • SVC Tunal – 4% CAPEX 2013 – GEB Perú USD 814.6 Millions Natural Gas Transportation and Natural Gas Distribution Distribution • CAPEX: USD 500 mm CAPEX: USD 350 mm • • By the end of 2006 it is • Under construction:3Q 13: 86%. expected to have 455,000 • Full operation 1Q 14 customers connected. 10
Expansion Projects Non Controlled Subsidiaries Colombia Electricity Generation CAPEX USD 837 mm • • Quimbo. Under construction 3Q-13: 51.7% • Capacity 400 MW Electricity Distribution Natural Gas Transportation • CAPEX: USD 77.9 mm and Distribution Executed until 3Q 13 • CAPEX: USD 137 mm • Under Operation 2013 • Under Construction 2014 Perú CAPEX 2013 – Non Controlled Subsidiaries USD 902 Millions Electricity Transmission Electricity Transmission CAPEX: USD 94.5 mm • • CAPEX: USD 606 mm • • Extensions and new Extensions and new concessions; 2013 - 2014 concessions; 2013- 2014 11
4. Financial Review -3Q 2013 12
Consistent Financial Performance Consolidated Results - Operational Operating Revenues by segment 1,451,107 COP Million Variance 1,161,375 35% 3Q 13 3Q 12 $ % 31% Operating revenue 1,451,107 1,161,375 289,732 24.9% Natural gas distribution Natural gas transportation Cost of sales 749,282 597,582 151,700 25.4% Electricity distribution Gross profit 45% 701,825 563,793 138,032 24.5% Electricity transmission 44% Operating expenses 166,078 147,586 18,492 12.5% Operating profit 535,747 416,207 119,540 28.7% 18% 15% Operating margin 37% 36% 5% 7% 1,668,543 1,455,541 213,002 14.6% Consolidated Adjusted EBITDA LTM As of 3Q -12 As of 3Q -13 Operating Profit by segment 535,747 Operating Revenues (+24.9%): Growth is explained mainly by increase of 9% 416,207 revenues in natural gas business: transport in Colombia, TGI, (new tariff scheme 2013 and coming on stream of Cusiana Phase II) and distribution in Peru, 12% Cálidda. Natural gas distribution Operating Profit (+28.7%): A sound behavior of revenues and decreased Natural gas transportation 79% Electricity distribution growth in operational expenses in the natural gas transport business 69% Electricity transmission Consolidated Adjusted EBITDA (+14.6%): Increased is explained by improved operational results generated from controlled subsidiaries. Also, 9% 5% there is an increase in revenues on account of dividends, resulting from 7% 9% improved performance of participated companies As of 3Q -12 As of 3Q -13 13
Consistent Financial Performance Consolidated Results – Non Operational COP Million Variance Dividends: Increase of COP 276 billion in terms 3Q 13 3Q 12 $ % of decreed dividends in favor of EEB, 119,540 28.7% Operating profit 535,747 416,207 particularly those from Emgesa, Codensa, Gas Dividends 275,900 52.7% 799,853 523,953 Natural and Promigas. Non-operating expenses 264,699 158.5% 431,744 167,045 Net income before taxes and minority Non Operating Expenses: 130,741 16.9% interest 903,856 773,115 Minority interest -30,970 -37.2% Financial Expenses: a reduction in COP 52,280 83,250 156 billion, related to EEB and TGI’s debt Provision for income tax 13,170 24.3% 67,279 54,109 management operations performed in recent 148,541 23.4% Net income 784,297 635,756 years 1,668,543 1,455,541 213,002 14.6% Consolidated Adjusted EBITDA LTM Foreign Exchange Account: Dividends declared by Non - controlled Companies The devaluation of the Colombian peso during the 120% first nine months of 2013, had a negative COP 523,953 mm COP 799,853 mm impact on the foreign exchange account, as a 3% 4% 100% 5% result of updating financial obligations of the 6% 8% Group denominated in USD, which is only for 12% accounting purposes and does not 80% correspond to cash expenditures. 13% 60% 33% 40% Net Income : Increase in 23% 20% 66% 51% 0% As of 3Q - 12 As of 3Q - 13 14 Emgesa Codensa Gas Natural Promigás Otros* * EMSA, ISA, ISAGEN, REP-CTM, Otros
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