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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.
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%*
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.
Focus on natural monopolies and attractive
energy markets
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
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
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
Growth through controlled subsidiaries and
Brownfield opportunities
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.
Ambitious projects under execution
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
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
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
3T - 13 4T -13 1T - 14 2T -14 3T -14
Net Debt / Consolidated Adjusted EBITDA
9.10
11.06 10.96 11.44
10.22
2.25
3T - 13 4T -13 1T - 14 2T -14 3T -14
Consolidated Adjusted EBITDA/Interest
1.60 1.48 1.39 1.25
2.33
4.5
3T - 13 4T -13 1T - 14 2T -14 3T -14
Net Debt / Consolidated Adjusted EBITDA
9.10
11.06 10.96 11.44
10.22
2.25
3T - 13 4T -13 1T - 14 2T -14 3T -14
Consolidated Adjusted EBITDA/Interest
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
Access to Capital Markets
Access to Capital Markets
GEB Transactions
USD Million
16
EEB
Baa3
BBB-
BBB
TGI
Baa3
BBB-
BBB
CÁLIDDA
Baa3
BBB-
BBB-
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
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
Financial Highlights
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
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 1827
Nicolas Mancini Suarez
Financing and Investor Relations Manager GEB
+57 (1) 3268000 - Ext 1536
Rafael Andres Salamanca
Investor Relations Advisor GEB
+57 (1) 3268000 – Ext 1675
Felipe Castilla Canales
Chief Financial Officer - GEB
21