TGI is Colombia's largest natural gas transportation company with a network of 3,957 km of pipelines. It held a market share of 47.6% as of 3Q 2013. TGI is undertaking several expansion projects to increase capacity, such as the Cusiana-Apiay-San Fernando expansion and the La Sabana compression plant. TGI has a stable revenue stream under long-term contracts and a strong financial position. The regulatory framework for the natural gas sector in Colombia is undergoing changes aimed at developing a competitive market.
Mexico's historic energy reforms continue to hold exciting promise for the country, achieving the requisite constitutional and implementing legislation over the last fifteen months. The global oil price climate, however, has prompted a few mid-course corrections to the rollout of the reforms. For Mexico to continue to attract excitement for its energy sector, the government will need to maintain a degree of flexibility while holding true to the principles of the reforms.
EEB Estructura Corporativa
EEB controla sus filiales o compañías asociadas con operadores de clase mundial siguiendo una larga trayectoria de éxito.
Mexico's historic energy reforms continue to hold exciting promise for the country, achieving the requisite constitutional and implementing legislation over the last fifteen months. The global oil price climate, however, has prompted a few mid-course corrections to the rollout of the reforms. For Mexico to continue to attract excitement for its energy sector, the government will need to maintain a degree of flexibility while holding true to the principles of the reforms.
EEB Estructura Corporativa
EEB controla sus filiales o compañías asociadas con operadores de clase mundial siguiendo una larga trayectoria de éxito.
Credit Suisse Hires Veteran Tech Banker From Merrill - NYTimes.comrickefron
Credit Suisse has hired Chris Gaertner from Bank of America Merrill Lynch as a high-ranking technology banker, the firm announced in an internal memorandum obtained by DealBook on Tuesday.
La construcción de éste libro tiene como objetivo aportar a la conservación de la biodiversidad que existe en el Distrito Regional de Manejo Integrado – DRMI, Cuchillas Negra y Guanaque, ubicado en los municipios de Campohermoso, Chivor, Macanal y Santa María, especialmente, con las especies de aves y mamíferos del territorio. Esta
publicación, es un aporte sustancial al conocimiento en torno a la biodiversidad presente en la zona boscosa más grande que tiene el suroriente del departamento de Boyacá.
Es un procedimiento que se aplica a pacientes que tienen una determinada alteración del ritmo cardíaco (arritmia) con el objeto de restablecer el ritmo normal.
Permitirá fortalecer la transmisión de energía en el país, ya que es uno de los proyectos de mayor dimensión para la expansión del sistema eléctrico colombiano que contribuirá al crecimiento, desarrollo económico y social de la región y del país.
La Empresa de Energía de Bogotá-(EEB)-,
dentro del marco del Proyecto UPME
052009 Tesalia-Alférez, ha generado y viene
ejecutando un Plan de Manejo Ambiental,
que busca prevenir, mitigar, corregir y
compensar los impactos socio-ambientales
que se generen durante el desarrollo de esta
importante obra.
3. 3
Table of contents
1. TGI overview and history
2. Financial and operating highlights
3. Sizeable expansion projects are well underway
4. Questions and answers
Appendix
1. Economic, industry and regulatory environment
2. Shareholders and management team
3. EEB Overview
5. 5
Overview
Stable and growing Colombian economy with sound investment environment
Constructive and stable regulatory framework
Largest natural gas pipeline system in Colombia
Stable and predictable cash flow generation, strongly indexed to the US Dollar
Strong and consistent financial performance
Experienced management team with solid track record in the sector
Expertise, financial strength and support of shareholders
Natural monopoly in a regulated environment
Strategically located pipeline network
6. Company history
TGI history
Pipeline network
Natural gas reserves
City (population)
References
Highlights
Source: Company information
and ANH.
2.11 tcfCenter
1.89 tcfNorth
2.99 tcf
Eastern
Producers:
Chevron
Ecopetrol
Producers:
Ecopetrol & EquionSouth
Valledupar
(350k)
Currumaní
(27k)
Bucaramanga
(1.1mm)
Bogota
(7.9mm)
Neiva
(477k)
Cali
(2.7mm)
Pereira
(682k)
Manizales
(430k)
Medellin
(3.3mm)
0.02 tcf
Pipeline owned by TGI
Pipeline owned by a third party
References
BOMT
Owns ~61% of the national pipeline network (3,957
km) and transports 48% of the gas consumed in the
country
− Serves ~70% of Colombia’s population, reaching
the most populated areas (Bogota, Cali, Medellin,
Bucaramanga and the coffee region and
Piedemonte Llanero, among others)
− Has access to the two main production regions, La
Guajira and Cusiana/Cupiagua
25% interest in Contugas (Peru)
− 30-year concession for natural gas transportation
and distribution
TGI was created as a result of the privatization of Ecogás and has experienced remarkable growth since then, under
the leadership of its controlling shareholders, EEB and CVCI
Villavicencio
(384k)
6
Creation of Ecogas
1997
2005
Alienation of Ecogas assets
2006
Ecogás awarded to EEB
2007
Creation of TGI and bond
issuance Transfer of 1st
BOMT (GBS)
and pipelines
exchange with
Promigas
Transfer of 2nd BOMT
(Centragas) and CVCI
capitalization
Cusiana expansion
phase I begins
operations
Subordinated debt is
refinanced.
2009
2008
TGI assumes the O&M
of owned pipelines
2012
Refinancing of 2007 Bond
issue
Cusiana expansion phase II
begins operations (3Q)
TGI assumes the O&M of
Compressor stations.
Moody´s and Fitch give
investment grade rating to
TGI
2011
2010
Source: Company information.
Ballena expansion begins
Operations
TGI-Transcogas merger
2013
Standard &
Poor’s gives
investment grade
rating to TGI
Headquarters
relocation from
Bucaramanga to
Bogotá
Redesign of
organizational
structure
9. 9
Source: UPME and Company information.
(1) As of September 30, 2013.
(2) 47,6% of market share of gas transported directly by TGI. Most of the 15% transported by “Others” is natural gas transported by TGI through the
TGI Pipeline System to other pipeline systems.
TGI is the largest natural gas transportation
company in the country
− Holds 47.6%(2) market share in the Colombian
natural gas transportation sector and owns
~61% of the pipeline network
TGI’s extensive pipeline network (3,957 km)
allows the Company to take advantage of new
business opportunities and participate in
expansion projects in different regions
Other industry participants face high barriers of
entry to access TGI’s gas transportation market
in a cost-efficient manner
Natural gas transportation market share (1)
Natural gas transported volume (1)
(mmscfd)
(% of natural gas transported volume)
Largest natural gas pipeline system in Colombia
TGI has a dominant market position, holding a natural monopoly with high barriers of entry
Source: Natural gas transportation companies’ Electronic Bulletin of Operations
Source: Natural gas transportation companies’ Electronic Bulletin of Operations
TGI
47%
Promigas
38%
Others
15%
446.5
348.5
46.1 44.2 29.7 11.5 6.0
10. 10
Stable and predictable cash flow generation
TGI’s revenues are highly predictable, with approximately 94% coming from regulated tariffs that are reviewed al least every 5
years, ensuring cash flow stability and attractive rates of return
Main sectors served by the Company (75(1)% of revenues) present stable consumption patterns (no seasonality)
The Company enjoys excellent contract quality
− 100% of TGI’s contracts are firm contracts with an average life of 8,3 years
− 83% of regulated revenues are fixed tariffs, not dependent on transported volume
− Extremely low sensitivity of EBITDA to changes in exchange rate
Revenues breakdown
(% of revenues)
Source: Company information.
(1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles.
(2) TGI calculations
(3) Ecopetrol accounts for most of this revenue.
TGI’s revenues are highly predictable as a result of regulated tariffs and stable consumption
Source: TGI as of September 30- 2013
Key financial data - Ebitda
US$ in millions )
196 198
224
261
289
350
2008 2009 2010 2011 2012 LTM
Sept. 13
Ecopetrol
16%
Gas Natural
23%
Gases de
Occidente
16%
EPM
12%
Isagen
7%
Others
26%
By Client
Distributors
58%
Refinery
11%
Others
15%
Residential
5%
Vehicles
7%
Others
3%
By Sector
11. 11
And long term firm contracts
Source: Company information.
(1) Includes 32 clients.
TGI’s capacity is covered by firm contracts (average life of 8.3 years) with top-tier clients
(1)
In 2008, the Company contracted its capacity on a long term basis, with most of the contracts maturing 2021
TGI has in place a commercial strategy to ensure a timely rollover of the contracts
Retail distributors (regulated users), including Gas Natural, Gases de Occidente, EPM are forced by
regulation to have their gas transport needs under firm contracts
-
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
oct-13
abr-14
oct-14
abr-15
oct-15
abr-16
oct-16
abr-17
oct-17
abr-18
oct-18
abr-19
oct-19
abr-20
oct-20
abr-21
oct-21
abr-22
oct-22
abr-23
oct-23
abr-24
oct-24
OTHERS
ISAGEN
GASES DE
OCCIDENTE
EPM
ECOPETROL
GAS NATURAL
12. 12
Strong and consistent financial performance
Revenues EBITDA and EBITDA margin
Funds from operations (1)
(US$ in millions)
Source: Company information
Historical Capex
(US$ in millions)
(US$ in millions) (US$ in millions)
(1)FFO calculated as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate and hedges.
On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event)
196 198
224
261
289
350
81.7%
78.2% 76.2% 76.8% 74.0%
77.8%
2008 2009 2010 2011 2012 LTM Sept. 13
14
69
174
387
185
28
2008 2009 2010 2011 2012 Jan -Sept
2013
84 96 108 117
133
254
2008 2009 2010 2011 2012 LTM Sept
13
240 253
295
339
391
450
2008 2009 2010 2011 2012 LTM Sept
13
13. 13
Financial debt breakdown – Sept. 2013 (2)
Subordination Agreement
The lender is EEB (major shareholder)
No repayment of principal allowed before
payment of senior debt
Interest can only be paid if there is no default
or event of default and if the payment does
not trigger any such scenario
Subordinated debt acceleration is not allowed
until senior debt is not repaid
Source: Company information.
Note: Ratios calculated in local currency
(1) Interest coverage ratio calculated as EBITDA / Net Interest
(2) Senior debt stands for the US$750 million Senior Unsecured Notes due 2022. Subordinated debt stands for intercompany loan with EEB.
Strong and consistent financial performance
Total Debt / EBITDA
(x)
Total Senior Debt / EBITDA
(x)
Interest coverage (1)
(x)
6.5
5.6 5.4
4.9
4.2
3.6
2008 2009 2010 2011 2012 LTM
Sept 13
4.4
3.8 3.7
3.4
2.9
2.5
2008 2009 2010 2011 2012 LTM
Sept 13
2.0 2.0 2.1
2.5
4.0
5.9
2008 2009 2010 2011 2012 LTM
Sept 13
Senior Debt
750 m; 60.8%
Sub Debt 370
m; 30.0%
Hedges 114
m; 9.2%
14. Release of the natural gas price set in
the SNT Entry Point.
Through this resolution, gas price is
released for the two main gas
producing fields in the country,
Ballena y Cusiana – Cupiagua.
CREG RESOLUTION 088 OF 2013
Establishes regulations for natural
gas market.
Definition of contractual
arrangements in the primary
market.
Definition of marketing
mechanisms.
Defines secondary market with its
respective regulations.
Define marketing mechanisms
and the different possible
contractual arrangements.
Define new market participants with
their respective selection
mechanism:
Market Manager
Market Promoter
Define compensation mechanisms
and balance accounts to be applied
in the market
The following reliability aspects in the
Decree have not yet been defined by
the Regulatory Commission:
The CREG will establish the
reliability criteria which shall secure
the demand coverage and must set
the rules for the evaluation and
remuneration of these investment
projects.
The management of the operational
and commercial information in the
natural gas sector, is being defined
through the implementation of a market
manager.
DECREE 2100 OF 2011
Recent Regulatory Decisions
The regulatory framework for natural gas transportation in Colombia is in a stage
of important definitions. The main recent regulatory decisions are:
CREG RESOLUTION 089 OF 2013
14
16. 16
Cusiana – Apiay – San Fernando ExpansionLa Sabana Compression Plant
Description: Critical to greater expansion of
service to Bogota and surrounding
areas, La Sabana uses MOPICO
technology within a new
compression station
Cost: ~$55mm
Effect: Increase transportation capacity
from 143 to 215 mmcf/d
Status: — Land acquired
— MOPICO compressor supply
contracted
— Environmentally permitted
— Contractor selected and has
initiated work
— Expected Completion: Begin
operations during August 2014
Description:TGI is preparing for the
construction of a 150 km 20” loop
between Cusiana and Apiay as
well as a 50 km 10” pipeline from
Apiay to the San Fernando
generation facilities. TGI’s client is
Ecopetrol
Cost: ~$247mm
Effect: Increase capacity by ~ 70 mmcf/d
Status: — Engineering and environmental
studies underway
— MOU with Ecopetrol signed
— Transportation contract
negotiation in process
— RFP for Construction contracts:
2014
— Expected Completion:
Commercial operation between
2015-2016
Sizeable expansion projects are well underway
17. 17
Eje Cafetero Branches
Description: TGI will increase existing capacity
of Armenia and Chinchina
branches with the construction of
two new loops; Armenia Branch:
37.5 km 8” loop parallel to exiting
6” pipeline and Chinchina – Santa
Rosa – Dosquebradas Branch:
7.5km 3” loop parallel to existing
3” pipeline
Cost: ~$28mm
Effect: Additional revenues from pipeline
from Cusiana to this region.
Status: — Planning stage
— Expected Completion: 2015
Sizeable expansion projects are well underway
La Belleza – Vasconia Expansion
Description: Adapt compression stations in
Vasconia to increase maximum
transport capacity in La Belleza –
Vasconia segment by 230 mmcf/d
Cost: ~$14mm
Expected
Completion: 2014-2015
Adjustments for Venezuela Imports
Description: Adapt infrastructure at Ballena field
to connect the Ballena-
Barrancabermeja pipeline with
PDVSA’s cross-border natural gas
pipeline, enabling the transportation
of natural gas to come from
Venezuela to the central region of
Colombia
Cost: ~$5mm
Effect: Increase system reliability by
making Venezuela’s massive natural
gas reserves available to the largest
consumption centers in Colombia
Expected
Completion:
2014
Bucaramanga
Bogotá
Neiva
Cali
Medellin
2.99 tcf
0.02 tcf
2.11 tcf
Eastern
Producers:
Ecopetrol
Equion
Upper Magdalena Valley
1.89 tcf
Ballena
Cusiana
Barrancabermeja
Refinery
Llanos
Orientales
Sinu
Tumaco
Choco
Cordillera
Oriental
Catatumbo
Guajira
Maracaibo
Venezuela
Colombia
Cupiagua
Main Oil & Gas Basin
TGI Pipelines
Promigas Pipelines
PDVSA Pipelines
La Belleza – Vasconia Expansion
Description: Adapt compression stations,
delivery and receipt locations
along the Ballena -
Barrancabermeja pipeline so
that it can transport natural gas
in both directions, in order to
allow natural gas to be
transported from the central
region to the north
Cost: ~$20mm
Expected
Completion:
2016
Ballena
Barrancabermeja
21. 21
Source: IMF, World Bank, Colombian Central Bank, National Administrative Department of Statistics and Bloomberg
1 2013E corresponds to the the average of the period January 2013 - September 2013.
Foreign Currency Reserves Increasing Foreign Direct Investments
High Real GDP Growth, Resilient to Global Setbacks Low Inflation & Country Risk Coupled with Strong Currency
1.7%
2.5%
3.9%
5.3%
4.7%
6.7% 6.9%
3.5%
1.7%
4.0%
6.6%
4.0% 4.1%
4.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E
RealGDPGrowth(%chgyoy)
GDP per
Capita
(US$ ‘000)
2.4 2.4 2.3 2.8 3.4 3.7 4.7 5.5 5.2 6.3 7.3 7.9
7.7%
3.0%
602
153
$2,291
$1,900
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
0%
2%
4%
6%
8%
10%
12%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013E
2014E
Inflation (EOP) EMBI+¹ (Avg) FX Rate (EOP)
21
$2
$3
$10
$7
$9
$11
$7 $7
$13
$16
1.8% 2.6%
7.0%
4.1% 4.4% 4.3%
3.0% 2.4%
4.0% 4.2%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Foreign Direct Investments (US$bn) FDI / GDP (%)
8.2 8.4
Colombia did not
enter into recession
during the last
global financial
crisis
Stable and growing Colombian economy with sound
investment environment
9 10 11 11
14 15 15
21
24 25
28
32
37
41
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
5
10
15
20
25
30
35
40
45
20002001200220032004200520062007200820092010201120122013
(e)
International reserves Debt as % of GDP
22. Source: UPME, ANH, Concentra and 1994 & 2013 BP Statistical Review of World Energy
1 Mining and Energy Planning Unit.
2 National Hydrocarbons Agency.
Natural Gas is Replacing More Expensive and Less
Environmentally-Friendly Fuel Sources
Growing Demand of Natural Gas Significant Availability of Natural Gas
Reserves mostly located
in the north and east
regions of the country
Key fields (Ballena,
Chuchupa, Cusiana and
Cupiagua) concentrate
virtually all of the natural
gas production
Long distances between
production and main
consumption areas
Minimal gas storage
capacity across the
country
Total
Domestic
Demand
(mmcf/d)
Expected
2012A-2016E
Growth by
Sector
1994 Total Fuel
Consumption: 26.2 mtoe
2012 Total Fuel
Consumption: 36.6 mtoe
22
Natural Gas in Colombia: Increasing Demand and Vast Reserves
(0.2)%
0.4%
2.8% 3.1%
10.5%
20.9%
Petro-
chemical
Industrial Residential Power
Generation
NGV Refinery
Bucaramanga
Bogotá
Cali
Medellín
2.99 tcf
0.02 tcf
2.11 tcf
Eastern
Producers:
Ecopetrol
Equion
Upper Magdalena Valley
Lower and Middle
Magdalena Valley
Northern
Producers:
Chevron
Ecopetrol
References
Natural Gas Reserves
Main Oil & Gas Basins
City
1.89 tcf
Llanos
Orientales
Catatumbo
Guajira
Sinu
Tumaco
Choco
Valle Superior
Del Magdalena
Cordillera
Oriental
Valle Inferior
Del
Magdalena
Valle Medio
Del
Magdalena
11.7
7.0
0.4 0.3 0.1
Reserves per
UPME¹
Reserves per
ANH²
2012 Production 2012 Demand 2012 Exports
tcf
Prospective Non-Conventional Prospective Conventional
Probable + Possible Proved
Oil
34.7%
Hydroelectric
29.5%
Natural
Gas
24.3%
Coal
10.9%
Renewables
0.5%
Oil
44.2%
Hydroelectric
27.7%
Natural
Gas
14.3%
Coal
13.6%
Renewables
0.3%
637 695 731 723
810 860
783 819
936
1012
2005 2006 2007 2008 2009 2010 2011 2012 2013E2016E
'05-'12 CAGR: 3.7%
'12-'16 CAGR: 5.4%
23. Regulatory framework established
to attract private sector investment
Law 142 (1994) establishes system
of open entry to the natural gas
transportation sector
− No term limitation for the provision
of the service
− Assets used in the provision of the
service are not owned by the state
but by the company providing
such service
CREG required by law to seek input
from market participants
CREG is an independent regulatory
body that controls natural gas
regulation
− Sets tariffs, promotes competition
and monitors quality of service
Tariff calculation based on the
principle of financial feasibility and
economic efficiency
Tariffs are set in order to allow the
service provider to:
− Recover operational costs and
investments
− Obtain a return on investment
comparable to what an efficient
company would obtain in a sector
of similar risk
Cost recovery, attractive regulated
return on investment and
protection against inflation
Transporters are given full recovery
of operating and maintenance
expenses
− Adjusted by Colombian Price
Index (CPI)
Dollar indexation of investment
remuneration tariff
Different rates of return applied
when determining fixed and variable
charges
Constructive and stable regulatory framework
Source: Company information.
The Colombian gas transportation regulatory framework was established to attract private sector
investment and provide adequate cost recovery and regulated returns
25. (68.1% of TGI)
Leading energy holding company with interests across the electricity
and natural gas sectors in Colombia, Peru and Guatemala
Founded in 1896 and controlled by the City of Bogota (with a 76.28%
ownership stake)
Participates in the electricity and natural gas sectors through controlling
and non-controlling investments
− Controlling investments in electricity transmission (Energia de Bogota
and Trecsa), electricity distribution (EEC), natural gas transportation
(TGI) and natural gas distribution (Contugas and Calidda)
− Non-controlling investments in electricity transmission (REP Peru, CTM
Peru and Isa), electricity generation (Emgesa and Isagen), electricity
districution (Codensa and Electrificadora del Meta), natural gas
transportation (Promigas) and natural gas distribution (gasNatural
Fenosa)
US$ 840 Million EBITDA LTM (3Q 2013) and US$ 2.805.81 thousand (to
september)
Leading private equity in emerging markets focused on companies
with compelling growth prospects across India, China, Asia Pacific,
Emerging Europe, Africa and Latin America
Founded in 2001
Focused on Latin America, Asia, Emerging Europe and other regions
with strong growth potential
Participates in companies covering a broad range of industries in high-
growth sectors and markets
CVCI currently manages over U.S.$7 billion in equity investments and
committed capital
Contributes know-how and financial discipline to TGI
(31.92% of TGI)
Expertise, financial strength and support of shareholders
25
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%
DistributionTransportation
Natural Gas
75%
60%
100%
*EEB is not the controlling
shareholder and is a party to
signed shareholder
agreements.
40%
25%
68.1%
TGI as part of the EEB Group:
100%
100%
26. 26
TGI is run by an experienced and seasoned management team with a long tenure in the natural gas transportation industry
Name /
Position
Years of
Experience
23
Ricardo Roa Barragán
CEO
Mechanical Engineer (Universidad Nacional); post-graduate degree in Management Systems
Engineering (Pontificia Universidad Javeriana)
Over 23 years of experience in the private and public sectors (ESSA, ANDESCO, Superintendency
of Domestic Public Services, Poliobras, Organización Ardila Lulle)
Biography
Santiago Pardo
CFO
Economist (Universidad de Los Andes); MBA (Cornell University)
Over 21 years of experience in international finance and banking, with focus on energy and
infrastructure (Citi, Abacus Capital, Reficar)
Carlos Arturo Torres
Vice-President for
Legal and Regulatory
Affairs
Lawyer (Universidad de Los Andes); Business Law (Universidad de Los Andes)
Over 20 years of experience in the oil & gas industry. Former General Counsel at Petrobras
Colombia Limited.
Mauricio Montoya
Corporate Planning and
Business Development
(Senior Manager)
Civil Engineer (Universidad de Los Andes); Masters in Science in Construction Engineering and
Project Management (University of Texas at Austin) and Specialization Studies in Finance and
International Business (Universidad de La Sabana)
Over 12 years of experience, including 9 years in the natural gas transportation sector working for
Ecogas and TGI
David Riaño
Regulatory Affairs
(Manager)
Electrical Engineer (Universidad de La Salle); Masters in Industrial Engineering (Universidad de Los
Andes); Masters in Economics (Pontificia Universidad Javeriana)
Over 18 years of experience in technical and economic regulation of gas and electricity sector
(CREG, Colombian Electricity Generators Association, Superintendency of Energy and Gas,
Superintendency of Public Services)
21
20
12
18
Experienced management team with solid track record in
the sector
Carlos Toledo
Vice-President for
Administration and Public
Relations
Degree in Electrical Engineering and specialization in telecommunications from Universidad
Industrial de Santander Master’s degree in Applied Political Studies from FIIAPP. Master in Social
Cohesion from Universidad de Mendez Pelayo, España.
Over 7 years serving the public and private sectors
Vice-President for Administration and Public Relations since May 2012.
7
28. EEB Strategy and Overview
Strategy
Transportation and distribution
of energy
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
USD Million 3Q 13
Operating revenue 757
Operating income 279
EBITDA LTM 840
Net Income 869
Consolidated - Covenants 3Q 13
Leverage Ratio 1.6
Interest Coverage Ratio 9.1
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%
DistributionTransportation
Natural Gas
75%
60%
100%
*EEB is not the controlling
shareholder and is a party to
signed shareholder
agreements.
40%
25%
100%
100%
Focus on
natural
monopolies
Ample access
to capital
markets
Ambitious
projects in
execution
Growth in
controlled
subsidiaries
Sound
regulatory
framework
Experienced
management
and partners
29. Disclaimer
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements are only predictions and are not guarantees of future performance. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things,
statements concerning the potential exposure of TGI, its consolidated subsidiaries and related companies to market risks and
statements expressing management’ expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-
looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and
similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied in these statements. Although TGI believes that the
expectations and assumptions reflected in such forward-looking statements are reasonable based on information currently
available to TGI’s management, such expectations and assumptions are necessarily speculative and subject to substantial
uncertainty, and as a result, TGI cannot guarantee future results or events. TGI does not undertake any obligation to update any
forward-looking statement or other information to reflect events or circumstances occurring after the date of this presentation or
to reflect the occurrence of unanticipated events.