Financial Report Fourth Quarter 2010
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2 Highlights For the EPM Group, 2010 was an important year in building its growth strategy, achieving significant progress on the local level with projects like Porce III, new power transmission projects nationwide, expansion of energy distribution business networks, gas distribution and water and sewage networks, and on an international level with acquisitions of the companies DECA II, GESA and Genhidro in Guatemala, which joined the business group in late 2010 with investments of USD$635 million. With the goal of leveraging its growth strategy, EPM took on loans amounting to approximately USD$790 million in UNE Telecommunications also issued USD$158 million in 10 year bonds on the Colombian bond market. With these additional funds, the corporate group s total financial debt reached 20%, up from 16% in The total liabilities were 37%, up from 30% in Highlights from December 2010 and the fourth quarter of 2010 During the course of the year, the consolidated net operating revenues reached USD$4,258 million, with a 21% increase over the same period last year. During the fourth quarter, the net operating revenues rose to USD$1,168 million, which represented an increase of 35% over the fourth quarter of By December 2010, EBITDA reached USD$1,463 million, with 16% growth over the same period in During the fourth quarter, EBITDA was USD$364 million, representing growth of 36% over the same quarter last year. During the course of the year, the operating margin was 20.6%, with operating revenues of USD$878 million. Net income as of December 2010 was USD$716 million, which represented a net margin of 17%. During the quarter, the net income reached USD$153 million. The consolidated assets rose to USD$15,888 million, which represented 23% growth over the course of the year. The value of its equity rose to USD$9,601 million, with 11% growth over the previous year.
3 Analysis of Fiscal Year Results During 2010, EPM Group s financial results were affected by regulatory intervention by the Energy and Gas Regulation Commission (CREG) on the energy exchange market, as a result of the El niño phenomenon at the end of 2009, which lasted through the first months of 2010, leading to lower hydro generation, lower income for AGC services (Secondary Frequency Regulation) and a lower price on the energy exchange market. And while almost all the intervention measures were lifted on June 3, 2010, the second half of the year brought the La niña phenomenon, with a rainfall unprecedented in recent history, which resulted in a considerable drop in hydro energy prices. The reservoir monitoring exercised by the Government and the instruction to generate using thermal plants and the regulated price resulted in lower revenues for all hydro generators in the country. Nonetheless, the business group achieved a net operating income of USD$4,258 million, an increase of 21% from a year earlier, largely explained by the Guatemalan subsidiaries income in late 2010 and the CENS and ESSA subsidiaries in Colombia from April Without taking these subsidiaries into account, the revenue growth is 5%. As shown in the chart below, in the last quarter of 2010 there was an increase in the net operating income, driven mainly by growth in the market served by the business group following the incorporation of new subsidiaries. 1,200 Revenues Figures in million of dollars 1, T T T T T T T T 2010 Energía Telco Aguas
4 The following is the composition of the business group s revenues: : Accrued as of December 8% 26% 66% Energy Water Telcom. The Energy Group s revenues rose to USD$2,829 million, an increase of 26% from a year earlier, mainly due to the incorporation of subsidiaries ESSA and CENS in April 2009, and DECA II, GESA and Genhidro at the end of The breakdown of the revenue was: Revenues - Energy Figures in million of dollars ,114 1, Generation Transmission Gas Revenues Internal transactions The Water group s revenues rose to USD$334 million.
5 The Telecommunications group s revenues rose to USD$1,094 million, a 14% increase, in which the contract signed by UNE Telecomunicaciones with the National Registry for coverage of the national elections for USD$49 million stands out. The revenue breakdown was: 451 Revenues - Telecommunications Figures in millions of dollars Local telephony Interconnetion Television Add value Others The operational costs and expenses reached USD$2,794 million, with growth of 24% over the previous year. The breakdown of costs and expenses by business groups was: Accrued as of December 29% 6% 65% Energy Water Telcom.
6 EBITDA rose to USD$1,463 million, for a 34% margin and 16% growth. The participation of each of the business groups in the generation of EBITDA is as follows: Accrued as of December 11% 20% 69% Energy Water Telcom. Operating income was USD$878 million, for a margin of 22% and an increase of 6%. As of December 2010, Group EPM had recorded profits of USD$716 million, achieving a net margin of 17% (21% in 2009) and a decrease of 3% from the previous year, because in 2009 non-operating incomes were higher: the exchange difference because the revaluation, interest income was lower in Likewise, the non-operating expenses were higher, Pension plan increases due to the rise in life expectancy in Colombia. The composition of the operating income is as follows: Accrued as of December 6% 22% Energy Water Telcom. 72%
7 Analysis of the Balance Sheet The value of total assets rose to USD$ 15,888 million, an increase of 23%, which includes: The value of current assets rose to USD$2,527 million, representing 16% of total assets and 20% growth, mainly due to growth of 158% in cash on hand and a 20% increase in receivables from the USD$151 million advance to IDEA, as agreed to by the parties, so that EPM can build, finance, operate and transfer the Ituango Hydroelectric Project. The value of non-current assets grew to USD$13,362 million, representing 84% of total assets and a 24% increase, including fixed assets and infrastructure projects amounting to USD$10,164 million, 64% of assets and a total growth of 13%. Infrastructure investments were USD$836 million, of which the Energy sector stands out with USD$474 million, 57% of the total, where the project Porce III amounted to USD$313 million, and the Telecommunications sector with USD$299 million in investments, which represents 36% of total investments by the group business. The business group's investment in water amounted to USD$54 million. Is worth mentioning that, in December 2010, the first 175 MW generating unit from the Porce III project went into operation, and other units are expected to begin operating during the first half of 2011, for a total of 660 MW. Total liabilities amounted to USD$5,823 million, an increase of 50% and a total debt ratio of 37%, up from 30% in 2009, which include EPM s financial obligations as a result of the issuance of bonds on the local market for USD$261 million, the "Club Deal" loan for USD$291 million represented by Davivienda, BBVA Colombia, Santander Colombia and Helm Bank, and short-term loans for USD$236 million from international banks. It also includes the issuance of US$158 million in 10 year bonds by UNE Telecommunications on the Colombian government bond market. The business group's financial debt reached 20%, up from 16% in 2009, and the Debt/EBITDA ratio is The EBITDA/Interest expense ratio is
8 The value of equity rose to USD$9,601 million, an increase of 11%. The Energy business group represents 68% of the group s total equity; the Telecommunications Business Group represents 17% and Water Business Group represents 15%. Indicators: The main indicators as of December were: Indicators % Prev. Year EBITDA margin 34% 36% -4% Operating margin 21% 24% -13% Net earning margin 17% 21% -20% Liquidity % Total indebtedness 37% 30% 22% indebtedness 20% 16% 31% Equity profitability 8% 9% -13% Asset profitability % EBITDA/ expenses % Debt/EBITDA % Accumulated Income Statement Figures in millions of dollars Income Statement Variation Operating revenues, net 4,258 3, Costs 2,358 1, Gross profit 1,899 1, Administrative expenses EBITDA 1,463 1, Provisions, depreciations & amortizations Operating Income Others non-operating, nets Income tax provision Minority interest Net income
9 Development by quarters Figures in millions of dollars 1 Quarter 2 Quarter 3 Quarter 4 Quarter % Var. Q2 y % Var. Q3 y % Var. Q4 y Q1 Q2 Q3 Operating revenues, net 1,011 1,054 1,050 1, Costs Gross profit Administrative expenses EBITDA Provisions, depreciations & amortizations Operating Income Others non-operating, nets Income tax provision Minority interest Net income Balance Sheet Figures in millions of dollars 2010 Energy Water Telco Others Variation Assets 11,011 2,282 2, ,888 12, Current 1, ,527 2, Long-term investments, net Valuation of investments 1, , Property, plant and equipment 4, , ,288 5, Valuation of property, plant & equipment 3, ,876 3, Other assets ,720 1, Non-current assets 9,574 1,705 2, ,362 10, Liabilities 4, ,823 3, Current 1, ,700 1, Non-current 2, ,123 2, Minority interest Equity 6,530 1,406 1, ,601 8, obligations 2, ,253 2,010 62
10 Events after closure of the quarter Continuing with the business group s international growth strategy, at the beginning of year 2011 EPM signed an agreement to acquire 100% of two other companies related to the electricity business in Central America for USD$200 million: Panama Distribution Group (PDG), which has a 51% ownership share in Elektra Noreste SA (NHS), and AEI El Salvador Holdings Ltd., which has a 86.41% ownership share in Distribuidora de Electricidad del Sur (DELSUR). Another highlight was the second issuance of 10 year bonds, this time in Colombian pesos, in the international capital market for USD$680 million. The issuance, which occurred in January 2011, was demanded by international investors from the United States, the United Kingdom, Ireland, Switzerland, Chile, Peru and Panama, among others, for an amount two times higher than that originally offered, allowing the size of the total transaction to increase to the amount that was actually issued.
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