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Ingeniero Álvaro Torres, Vicepresidente de Planeación del Grupo de Energía de Bogotá

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Presentación sobre los programas y proyectos futuros de la empresa para los próximos años.

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Ingeniero Álvaro Torres, Vicepresidente de Planeación del Grupo de Energía de Bogotá

  1. 1. Empresa de Energía de Bogotá - EEB A Regional Leader in the Energy Sector
  2. 2. 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.
  3. 3. 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%*
  4. 4. 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.
  5. 5. Focus on natural monopolies and attractive energy markets
  6. 6. 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 810 860 892 905 1,047 1,083 2009 2010 2011 2012 2013 2016E Natural Gas Demand - Colombia - GBTUD 6
  7. 7. 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
  8. 8. Stable and Growing Income* 8 * Total of Operating Revenues per company – aggregated figures for comparable purposes. Predictability and stability in regulated revenues. 81% of revenues comes from regulated business. 422.4 495.7 605.9 871.6 1,076.2 1,114.4 982.7 2008 2009 2010 2011 2012 2013 2014 3Q 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 1,499.1 2008 2009 2010 2011 2012 2013 2014 3Q Electricity Distribution - USD mm CODENSA DECSA EMSA TOTAL 279.6 365.2 401.9 439.1 536.4 578.1 486.9 2008 2009 2010 2011 2012 2013 2014 3Q Natural GasTransportation - USD mm TGI PROMIGAS TOTAL 136.2 152.4 162.1 181.5 207.3 288.9 220.4 2008 2009 2010 2011 2012 2013 2014 3Q Electricity Transmission - USD mm REP CTM EEB Transmisión TOTAL
  9. 9. Growth through controlled subsidiaries and Brownfield opportunities
  10. 10. Consolidated Financial Results Evolution EBITDA 10 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 IIIQ LTM Consolidated Adjusted EBITDA & Normalized Dividends (USD Million) Operational EBITDA Dividends 240.9 471.3 416.4 515.6 586.4 818.5 921.7 705.0 974.6 EEB Transm, Trecsa & EEBIS Gt 2.0% TGI 39.8% Decsa/EEC 3.9% Cálidda, Contugás & EEBIS Pe 7.5% Emgesa 21.8% Codensa 13.5% Gas Natural 3.3% Promigás 4.5% ISA, REP & CTM 3.1% Otros; 0.59% Consolidated Adjusted EBITDA 3Q 2014 LTM by Subsidiary 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.
  11. 11. Ambitious projects under execution
  12. 12. Consolidating the Strategy Controlled Subsidiaries 12 Projects Update EEB Transmission •Armenia – 64%, •Tesalia – 77% •Chivor II Norte – 37% •SVC Tunal – 83%. •Bolívar-TermoCartagena – 2.1% •Sogamoso-Norte-Nueva Esperanza: 5% •UPME awarded projects: Rio Cordoba TGI •La Sabana Compression Station – 91% TRECSA •Guatemala’s interconnection System – 76%
  13. 13. 13 Consolidating the Strategy Non-Controlled Subsidiaries Projects Update EMGESA •Quimbo Project (400 MW) •Total investment: USD 1,093 mm •Execution 3Q-14: 80% •Full operation: 1H 15 CODENSA •On-going projects: Nueva Esperanza, Norte, Bacatá Substations •New and existing demand •Quality service and continuity •Control operational risk
  14. 14. Financial Plan 2013-2018 Investments & Funding Sources Composition of Investments Brownfields: 70% Greenfields: 30% 14 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%) 2013-2018 Funding Sources USD Millons Cash Generation 1,700 Financial Debt 3,320 Third Parties (Contributions of Capital) 2,480 TOTAL 7,500 Compromised Resources (29%) 2,200 Resources that will be compromised 2014-2018 5,300 1.60 1.48 1.39 1.25 2.33 4.5 3Q - 13 4Q -13 1Q - 14 2Q -14 3Q -14 Net Debt / Consolidated Adjusted EBITDA 9.10 11.06 10.96 11.44 10.22 2.25 3Q - 13 4Q -13 1Q - 14 2Q -14 3Q -14 Consolidated Adjusted EBITDA/Interest
  15. 15. Access to Capital Markets
  16. 16. Access to Capital Markets GEB Transactions USD Million 16 EEB Baa3 BBB- BBB TGI Baa3 BBB- BBB CÁLIDDA Baa3 BBB- BBB- 7.1 106.8 25.2 139.5 25.0 974.6 7.1 749 750 320 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Debt Maturity Profile- GEB USD million
  17. 17. EEB Share Performance Ticker EEB:CB As of September 30th, 2014 EEB’ market capitalization was USD 7.3 Billion Trading volume tripled after the Equity Offering Nov 2011. The stock is part of COLCAP, COLEQTY and COLIR Average Target Price As of 3Q 2014: USD 0.96 COP 1,943 EEB Share Performance 3Q 2013 – 3Q 2014 17
  18. 18. 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
  19. 19. Financial Highlights
  20. 20. 353.8 571.0 157.1 390.6 437.8 461.8 2009 2010 2011 2012 2013 3Q 2014 Net Income (USD Millions) 203.6 140.2 283.5 315.9 315.5 301.0 2009 2010 2011 2012 2013 3Q 2014 Operating Profit (USD Millions) 455.3 487.2 731.8 896.4 1,016.4 842.0 2009 2010 2011 2012 2013 3Q 2014 Operating Revenues (USD Millions) 515.6 944.0 557.0 723.5 921.7 974.6 2009 2010 2011 2012 2013 3Q 2014 LTM Consolidated EBITDA (USD Millions) Consolidated Financial Results 20
  21. 21. 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 fsanchez@eeb.com.co Nicolas Mancini Suarez Financing and Investor Relations Manager GEB +57 (1) 3268000 - Ext 1536 nmancini@eeb.com.co Rafael Andres Salamanca Investor Relations Advisor GEB +57 (1) 3268000 – Ext 1675 rsalamanca@eeb.com.co Felipe Castilla Canales Chief Financial Officer - GEB +57 (1) 3268000 21
  22. 22. ANNEXES
  23. 23. New parent company Transformation Private and vertically integrated company serving the market of Bogotá. EEB acquires 40% of REP’s (2002) and CTM (2006) stocks. Contugas is constituted in Peru (2008) Through DECSA, EEB acquires EEC (2009) TRECSA is constituted in Guatemala (2009) Capitalization of Citi Venture Capital International CVCI in TGI for USD 400 million (2010) for expansion Acquired control of Calidda in Peru and a minority shareholding in Promigas Colombia (2011). Foundation Growth Bogota district acquires 100% of the company Capitalization Endesa: separation of generation (Emgesa) and distribution (Codensa) businesses Public-private model EEB acquires Transcogas (2005) and Ecogas (2007). Today, the two companies are merged. To acquire Ecogas, EEB and TGI issue bonds in international markets by USD1,360 million (2007) Annex: Over than 100 year of energy 2002 2006 1997 1959 1896 2012-2014 2009-2011 Internationalization Diversification EEB continues its expansion in Transmission Colombia (UPME Projects): 2012: Armenia/Alferéz/Tesalia; 2013: Norte, Chivor II and SVC Tunal; 2014: Second Transmission Line Bolívar - Cartagena 220 kV, Sogamoso - Norte – Nueva Esperanza 500 Kv, Substation Rio Cordoba 220 kV EEB acquired 31.92% of TGI (2014) owned by The Rohatyn Group, (formerly CVCI) amounting USD 880 million. CONTUGAS, inaugurated the Ica Regional Pipeline (2014), Southern of Perú contributing to the massification of natural gas in Peru. EEB’s investment reached USD 345 million. TRECSA energized four new transmission substations San Agustín, Pacific, La Vega II and el Rancho in Guatemala Expansion 2002 2006 1997 1959 1896 2012-2014 2009-2011 23
  24. 24. Annex: Shareholders and BoD •Gustavo Petro Urrego Major of Bogotá •Fernando Arbeláez Bolaños Economist •Ricardo Bonilla González Secretary of Finance at Bogotá’s Mayoralty •José Orlando Rodríguez Guerrero General Manager at Terminal de Transporte de Bogotá •Guillermo Alfonso Jaramillo Former Secretary of Government at Bogota’s Mayoralty •Guillermo Perry Rubio Former Finance Minister and former Mining and Energy Minister •Mauricio Cabrera Galvis Consultant Economics & Investment Banker •Gustavo Ramírez Galindo Investment VP at Corficolombiana •Claudia Castellanos Rodríguez Marketing VP at ECOPETROL Independent Members *Shareholding as of Septemeber 30th, 2014 24 Shareholders Shares (Mill) Particip % BOGOTÁ D.C 7,003 76.28% ECOPETROL 631 6.87% CORFICOLOMBIANA 327 3.56% AFPs 877 9.56% RETAIL INVESTORS 342 3.73% TOTAL 9,181 100.0% BOGOTÁ D.C 76.28% ECOPETROL 6,87% AFPs 9,56% RETAIL INVESTORS 3.73% CORFICOLOMBIANA 3,56%
  25. 25. 25 Shareholder meeting Maximum steering mechanism Corporate Governance Committee Three members of B.D, at least one must be independent Board of Directors Dictate, control and evaluate the business policies. Nine members, three independent External controls Tax audit, External audit, Specialized audits, Comptroller of Bogotá, President Elected for a term of 4 years and may be reelected and removed freely Global responsibility Committee Approval of material Affairs within the framework of sustainable management Audit Committee Consisting of the three independent members of the B.D. Presidency Committee Policies, guidelines and decisions related to administrative, economic and financial management Procurement Committee Analysis of contractual processes and recommendations to the Presidency Committee Annex: Corporate Governance and Transparency
  26. 26. Colombia Perú Guatemala Peruvian Government restructured electricity sector in 1992 and privatized some of the most important electrical companies Transmission system is run by private companies and their remuneration is guaranteed through concession contracts The rates for the transport and distribution of natural gas are set according to the conditions of the concession for an initial period and then periodically determined based on VNR of the investments made and projected Independent regulators: OSINERGMIN, COES, INDECOPI, MINAM-OEFA Annex: Sound Regulatory Framework Regulatory based on the General Law of electricity of 1996 framework Regulation example to the rest of Central America due to their flexibility and approach with the investor The MEM is responsible for energy policy and the CNEE is responsible for regulating the subelectricity sector Regulatory framework in force since 1994 Regulation (CREG), planning (UPME) and control and surveillance (SSP and SFC) independent agencies. Laws 142 and 143 of the year 1994, awarded to the CREG functions of regulation of monopolies in the public service when competition is not possible, and in all other cases, to promote competition between those who provide public services CREG implemented objective methodology for: i) meet the demand under the criteria of economic and financial viability and ii) ensure an efficient, safe and reliable operation 26
  27. 27. Annex: Outstanding Bonds USD 749 mm Bond Local AAA Moody’s Baa3, positive S&P BBB-; stable Fitch BBB; stable, USD 750 mm Bond Moody’s Baa3; stable S&P BBB-; stable Fitch BBB; stable EMGESA – USD 1655 mm Local AAA S&P BBB-; stable Fitch BBB-; stable Promigas – USD 487 mm Local AAA ISAGEN – USD 460 mm Local AA+ External BB+ ISA – USD 596 mm Local AAA Total USD 6,293 mm USD 320 mm Bond Moody´s Baa3; stable S&P BBB-;stable Fitch BBB-; stable Natural Gas – USD 270 MM Local AAA Codensa – USD 556 mm Local AAA Fitch AAA; stable CTM Perú – USD 450 mm Local AAA Controlled Subsidiaries Non-Controlled Subsidiaries 27 Issuer Baa3 BBB- BBB Issuer Baa3 BBB- BBB- Issuer Baa3 BBB- BBB-
  28. 28. Annex: 81% of revenues comes from regulated business ENFICC: Reliability - Regulated Entry Fee.  13% Of revenues from Emgesa are derived from the charge for reliability (ENFICC), an income secured by the regulation Generation Transmission Distribution Distribution Regulated 81% Non-regulated 16.5% ENFICC * 2.5% Electricity Transport Natural Gas Spot 30% Bilateral Contracts 70% Predictability and stability in regulated revenues 28 Services Services
  29. 29. Annex: Acquisition and expansion projects Transaction  In 2012 and 2014, 4 projects were awarded to EEB valued at 309 mm, which consists in building transmission assets including; SVC Tunal (SVC Tunal CREG/UPME), Second Transmission Line Bolívar - Cartagena 220 kV, Sogamoso - Norte – Nueva Esperanza project, as well as Armenia, Alferez, Tesalia ,Chivor II Norte and Substation Rio Cordoba 220 kV  EEB constituted the partnership Transportadora de Gas Iberoamericana S.L., in order to conclude the transaction to purchase the 31.92% stake owned by The Rohatyn Group in TGI, and include as its object, activities that allow the management and administration of securities representing the equity of corporations and other entities.  On the 2nd of July 2014, EEB closed the acquisition of 31.92% of TGI shares by means of acquiring a SPV Inversiones en Energia Latino America Holdings, S.L.U., IELAH at the head of which, The Rohatyn Group maintained its investment in TGI. Results  On April 4, 2014, EEB exercised its right to buy and acquired 99.97% of TGI amounting USD 880 million.  The three expansion projects (Guajira, Cusiana phase I and II) are already in operation in increased the carrying capacity by 53%.  On July 1st 2014. TGI announced the acquisition of 7,78% of the shares of Oleoducto al Pacífico, which is a project aiming to transport heavy crude oil from the Llanos Orientales to Buenaventura, in order to export to markets in the Asian Pacific region and the US West Coast.  On July 7, TGI inaugurated its compression plant, which increases gas transport capacity in La Sabana natural gas pipeline. This investment amounted to COP$84 billion.  EEB (51%) and Codensa (49%) through Decsa, acquired 82 percent of EEC in 2009  Began a process of restructuring of the company which has made it possible to double the EBITDA margin  The Board of Directors approved the demand growth project which aims to recover lost customers and retaining strategic customers who may be endangered by the level of their consumption  In June, Cálidda started connecting residential clients into a new district named Santa Anita. As a result, Cálidda is now present in 15 districts for the Residential & Commercial segment.  Cálidda is successfully executing its expansion plan in Peru. As of 3Q 2014 Cálidda’s client base has reached 250,000 customers, and hopes to reach a total of 450,000 by 2016 and 1million by 2020. 100% 99.97% 51% 60%  It is the most important energy infrastructure of Guatemala project: approx. 850 km of lines that cover the entire country  Expected to be 47% market share (line km) by 2014.  TRECSA energized four new transmission substations San Agustín, Pacific, La Vega II and el Rancho in Guatemala 98% 75%  Area of influence will be of highest growth in natural gas demand in the coming years due to the steel, petrochemicals and agro-industrial projects that are being developed in the region  On April 2014, CONTUGAS, inaugurated the ICA Regional Pipeline, Southern del Perú contributing to the massification of natural gas in Peru. EEB’s investment reached USD 345 million. 29
  30. 30. 30 61 million clients 40 Countries USD 94,418 mm sales 20 million clients 25 Countries USD 24,944 mm sales 2 million clients 4 Countries USD 127 mm sales 9 Countries USD 2,465 sales Annex: World Class Partner
  31. 31. Annex: Relevant Macroeconomic Indicators *Inflation YTD as of June 30th, 2014 Sources: Banco de la República, DANE, Banco de Guatemala, INEI 31

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