- EEB - Transmission - DECSA - EEC - TGI - CÁLIDDA Performance of Non - Controlled investments.
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1 2Q 12 1 Bogota, Colombia, August 2012 Index Executive summary and relevant facts. Performance of controlled investments. - EEB - Transmission - DECSA - EEC - TGI - CÁLIDDA Performance of Non - Controlled investments. - Emgesa. - Codensa. - Promigas - Gas Natural. - REP and CTM. EEB consolidated financial performance. Annex 1: Legal notice, clarifications. Annex 2: Link to EEB s consolidated and stand-alone financial statements. Annex 3: Overview of EEB Annex 4: Definitions of EBITDA included in this report. Consolidated Adjusted EBITDA reconciliation LTM and Quarterly Annex 5: Tables and graphics footnotes. Annex 6: Technical and regulatory terms
2 2Q 12 2 Executive summary and relevant facts Table # 1 Overview of the electricity sectors Colombia Perú Guatemala Installed capacity 14,463 9,196 2,182 MW Demand GWh 14,599 10,125 4,258 Demand growth Q12/1Q11- % Growth drivers Increase in mining activity due to the particularly Cerromatoso Economic growth with outstanding increase in mining activity Growth in industrial and demographic demand Sources: XM, UPME, COES Perú, AMM -- Guatemala Table # 2 Overview of the natural gas sectors as of 1H 12 Colombia Perú Proven and probable reserves TPC Domestic demand - mm cfd ,152.6 Change In domestic demand as of 1H 12/ 1H 11- % Explanation for demand variation Sources: UPME, CON, MEM, Osinergim Decrease in thermal demand due to dissipation of El Niño. Growth in residential (+38,33%), commercial (+34,86%), gas vehicles (+31,97%) and exports (+16,46%) demand. Table # 3 EEB`s consolidated financial indicators COP million As of 1H 12 As of 1H 11 F 11 Operating revenue 747, ,599 1,421,664 Operating income 268, , ,659 Consolidated Adjusted EBITDA Qtrly 215, , ,008 Consolidated Adjusted EBITDA LTM 1,478,074 1,232,148 1,082,047 Consolidated EBITDA LTM 1,478,074 1,232,148 1,082,047 Dividends and reserves declared TO EEB 523, , ,227 Net income 605, , ,294 Dividends and reserves declared by EEB 319, Last international credit ratings EEB s net income increased by 115% in the first half of 2012 as compared to the first half of 2011, an increase of COP 324,000 million. This increase is principally the result of the improved operating results of controlled subsidiaries and increased dividends received from non-controlled affiliates. During the first six months, operating income increased 6% and non-operating income increased 252%. On June 26, 2012, EEB paid a dividend of COP per share, as approved by the Shareholders Meeting on March 14, EEB`s Board of Directors authorized presenting bids for the construction and operation of electricity transmission lines in Chile. In accordance with the timetable established by the Chilean government, the deadline for submitting bids is the end of August, and the results will be announced in October The estimated total value of the projects being bid is approximately USD 489 million. On April 20, 2012, TGI closed a debt management operation by refinancing its principal debt obligation (the USD 750 million bond issued in 2007), which improved the debt maturity profile and reduce financial costs. Together with a similar transaction carried out by EEB in November 2011, these transactions reduced annual financial costs by approximately USD 44 million. On July 16, 2012, Board of Directors authorized presenting bids to ECOPETROL for the construction of a substation of 230 kv and its necessary transmission lines for the connection with the National Transmission System.
3 2Q 12 3 Enel of Italy is concentrating its various ownership stakes in companies in Latin America in Enersis Chile in order to rationalize its portfolio of investments in the region. These operations are not expected to affect the shareholder agreements that currently govern the relations of the partners in Emgesa and Codensa in Colombia, companies in which EEB is a shareholder. In May 2012, Fitch Ratings ratified the BBB- rating on Emgesa s global bonds and changed the outlook from stable to positive. Fitch also ratified the company s AAA long-term local currency rating. Emgesa is studying the potential for selling power to Panama. The operation depends on the results of two bids: one is for building a 300MW transmission line and the second is the contract for commercializing the power. Fitch ratified its AAA ratings on the Codensa local currency bonds on July 31, The total outstanding of these bonds is COP 600,000 million. Table # 4 - Summary of EEB s expansion projects Project / Company Country Sector Capex USD mm Status In operation: Cusiana II - TGI Colombia T NG 235 Operating La Sabana - TGI Colombia T NG 57 Planning 4Q 13 ICA Peru - ConTUgas Perú T + D NG 348 Under construction 3Q 13 Lima - Cálidda (network expansion) Perú D NG network expansion- 464 Under construction 2016 Guatemala - TRECSA Guatemala T E 373 Under construction 4Q 13 Substations Colombia T E 156 Planning T: Transportation; D: Distribution; NG: Natural Gas; E: Electricity Investments Grupo de Energía de Bogotá USD 614 millions EEB 7% Calidda 17% Trecsa 15% REP - CTM 3% TGI 35% Contugas 23% TGI - Cusiana Phase II: The company started operations of this expansion project. The company has now completed and put into service three expansion projects (Guajira, Cusiana Phase I and Phase II) that increase its transportation capacity by more 50%. ConTUgas - ICA: - As of the end of June 2012, this project was 52% completed. The company has acquired all the pipeline needed for the trunk network, and started laying the pipeline. - The company signed four contracts with industrial clients for 9.2 mm cfd of gas. It is also negotiating take-or-pay contracts for 52 mm cfd and interruptible contracts for 35 mm cfd; these are expected to close in the second half of ConTUgas is completing the financial closing of a syndicated construction loan provided by Colombian and Peruvian banks for USD 215 million and a term of 18 months.
4 2Q 12 4 Lima - Cálidda: - As of June 2012, Cálidda had 82,700 customers and there were 139,000 natural gas powered vehicles in its area of operations. The company s target is to have 105,000 clients by the end of 2012 and 455,000 by The board of the company approved proposing to a shareholders meeting a capital increase of USD 60 million. If this capitalization is approved, the capital would be provided in two tranches: USD 35 million in 4Q 12 and USD 25 million in 1Q 13. Guatemala TRECSA: - As of June 2012 the company had negotiated 39% of the rights of way required. - The company has also received 56% of the municipal avals required and the Ministry of Environment has approved 94% of the change of land use studies needed. - The construction of the transmission lines and substations were 14% and 9% completed, respectively. EEB Transmission: - The Armenia, Alferéz, and Tesalia substations: The projects are in the phase of detail design, getting the required licenses and permits, and definition of the contract terms for the construction contracts. The company expects that the three projects will start operation on the established timeline. Table # 5 - Selected financial indicators - Non-controlled investments 1H 12 COP million USD million Emgesa Codensa Gas Natural Promigas * REP CTM Operating revenue 990,348 1,549, , , Operating income 561, , ,002 19, EBITDA LTM 1,289,388 1,027, ,833 N.A Net income 349, , ,926 87, Dividends and reserves declared to EEB 343,894 69,405 63,726 22, Capital reductions to EEB * Stand Alone Financial Statements Table # 6 - Summary of expansion projects of non-controlled companies Company Sector Country Capex In operation: Project USD mm El Quimbo Emgesa G E Colombia Substations Codensa D E Colombia Concession expansion REP E T Perú Concession expansion and new con. CTM E T Perú Expansions PROMIGAS Tr + D NG Colombia G: Generation; T: Transmission; D: Distribution; NG: Natural Gas; E: Electricity; Tr: Transport
5 2Q 12 5 Distribution of 2012 estimated capex non-controlled investments USD 976 mm Promigas 10% CTM 29% EMGESA 42% REP 8% Codensa 11% Emgesa El Quimbo: - As of the end of 2Q 12, the project was 27% completed. The company expects that operations will begin before the end of Colombia s Financial Superintendency increased the time period for issuance of bonds by the company to July The overall borrowing program has a cap of COP 1,900,000 million, of which COP 835,000 million has been issued. These resources will be used to refinance debt maturities and complete the financing plan for El Quimbo. Codensa Substations - Of the three substations included in Codensa s expansion plan, two (Florida and Torca) have started operations, while the Nueva Esperanza substation continues to be in construction. REP Concession expansions: - The five expansion projects of REP are advancing on time and on budget. - The company s board approved in June making a loan to CTM for USD 65 million on market terms. The operation seeks to optimize the cash position of REP and meet CTM s financing requirements. CTM - Concession expansions and new projects: - The company s projects, other the one at Machu Picchu, are advancing in line with timetables and budgets. - On June 25, 2012, Peru s Ministry of Mines issued a ruling that restarted construction of the Machu Picchu - Cotaruse project, which had been on hold since November Return to index
6 2Q 12 6 Performance of controlled investments. Table # 7 EEB s selected transmission business indicators As of 1H 12 As of 1H 11 Var % F 11 Operating income - COP million 27,232 25, ,662 EBITDA Qtrly. - COP million 16,942 15, ,747 EBITDA LTM - COP million 65,523 64, ,295 Investments - COP million 11,503 1,793 5, Infrastructure availability - % (1) Compensation for unavailability - % (2) Maintenance program compliance - % (3) Participation in Colombia s transmission activity - % (4) Footnotes in annex 5 All technical and operating indicators registered good levels and better than regulatory requirements. The start of operation of new projects had a favorable impact on financial indicators in the transmission business. Capex increased principally because of the execution of projects that were awarded at the start of Table # 8 EEC s selected indicators - Controlled by DECSA As of 1H 12 As of 1H 11 Var % F 11 Number of clients 250, , ,043 Operating revenue - COP million 138, , ,527 Operating income - COP million 30,153 22, ,505 EBITDA LTM - COP million 34,387 27, N.A Net Income - COP million 60,365 42, ,980 Dividends and reserves declared to EEB 12,871 10, ,678 Loses - % (1) * Controlled by DECSA; The data shown in the table is EEC information. Footnotes in annex 5 The improved operating results and EBITDA generation are explained, principally by the increase in the number of clients and management initiatives to reduce losses. Table # 9 TGI s selected indicators As of 1H 12 As of 1H 11 Var % F 11 Operating revenue -COP million 330, , ,838 Operating income -COP million 182, , ,059 EBITDA Qtrly. - COP million 119, , ,045 EBITDA LTM - COP million 489, , ,570 Net income - COP million 131, , ,614 Transported volume - mmcfd Firm contracted capacity - mmcfd International debt ratings S&P - Mar. 12: BB; positive Fitch - Nov. 11: BB+; stable Moody s - Mar. 12: Baa3 stable
7 2Q 12 7 Net income decreased principally as a result of the payment of the redemption premium on the debt management operation carried out by TGI in the first quarter of As a result of this operation, the company substantially reduced its financial costs and expects to realize annual savings of approximately USD 28.5 million. The increase in LTM EBITDA is the result of the Guajira and Cusiana Phase I system expansions increasing the company s operating revenues. Table # 10 Cálidda s selected indicators As of 1H 12 As of 1H 11 Var % F 11 Number of clients 86,156 49, ,602 Operating revenue - COP million 167, , ,485 Operating income - COP mm 24,343 22, ,262 EBITDA LTM - COP million 32,329 28, N.A Net Income - COP 62,765 46, ,368 Number of clients 13,164 12, ,809 Cálidda continues to expand successfully, as reflected in the increase in customers. The company expects to have more than 100,000 customers connected to its network by the end of Operating income grew at a slower rate than operating revenues as a result of the costs associated with the new connections, principally with residential customers. Net income grew at a slower rate than operating income as a result of a change in the accounting for amortization of debt, in keeping with international accounting standards. Return to index Performance of Non - Controlled investments Table # 11 Overview of Emgesa As of 1H 12 Installed capacity - MW 2,879 Composition 10 Hydro y 2 thermal Generation - Gwh 6,396 Sales - Gwh 7,719 Operating revenue 11 - COP mm 990,348 EBITDA LTM - COP mm 1,289,388 Controlled by Endesa from Spain EEB s stake 51.5% % ordinary shares; 14.1% preferred non-voting shares Sales GWh Supply GWh 11.3% 5,080 5,654 1H11 1H % 7,224 7, % 5,510 6,396 1H11 1H % -13% -21.9% 2,144 2, % 1,492 1,775 1, , Contracts Spot Total Production Contracts Spot Total
8 2Q 12 8 The increase in production was accompanied by increased contract sales and fewer purchases of power as a result of improved hydrological conditions during the 2012 period as compared to the prior year. Emgesa s reservoir levels are above historical averages. Table # 12 Capex As of 1H 12 As of 1H 11 Var % F 11 COP mm 180, , USD mm The increase in capex results from the execution of the El Quimbo hydroelectric project. El Quimbo required funding of approximately COP 160,000 million during the first six months of Table # 13 Selected financial indicators of Emgesa COP million COP million USD million As of 1H 12 As of 1H 11 Var % F 11 As of 1H 12 As of 1H 11 Operating revenue 990, , ,899, Cost of sales -415, , , Administrative expenses -14,112-14, , Operating income 561, , ,104, EBITDA LTM 1,289,388 1,199, ,256, Net income 349, , , Dividends and reserves declared to EEB 343,894 80, , Capital reductions to EEB Net debt (1) / EBITDA LTM N.D N.D N.A. 1.4 N.D N.D EBITDA LTM / Interests (2) N.D N.D N.A. 8.7 N.D N.D Footnotes in annex 5 Operating income grew at a slower rate than operating revenues as a result of increased purchases of diesel fuel for the Cartagena thermal power plant during the first months of Operating problems in the gas pipeline operated by Promigas made it necessary for the Cartagena plant to use diesel fuel instead of natural gas, at a significantly higher cost. Net income grew more rapidly than operating income as a result of a lower level of indirect taxes. On March 21, 2012, a Shareholders Meeting approved payment of dividends of COP 667,755 million based on results for EEB s share is COP 343,893 million, which will be received in four installments in April, June, and November 2012, and January The April and June installments to EEB for COP 171,946 million have been paid. The increase in dividends declared in favor of EEB reflects, principally, the fact that at the end of 2010 the company declared dividends based on an early close of the financial statements (for the period January through September). As a result, dividends declared in 2011 corresponded only to the October-December 2010 period. In 2012, dividends were declared based on full year 2011 results. Table # 14 Overview of Codensa Number of clients 2,539,131 Market share - % Codensa s demand Gwh 6,866 Var. of Codensa s demand 1Q12/1Q11 - % 2.88 Operating revenues - COP million 1,549,459 EBITDA LTM - COP million 1,027,982 Controlled by Endesa from Spain EEB s stake 51.5% -36.4% ordinary shares; 15.1% preferred non-voting shares
9 2Q 12 9 Variation of demand National vs Codensa Composition of demand National vs. Codensa 2.81% 0.52% 2.88% 1.44% 3.50% 3.30% 3.38% 2.53% National 77% Codensa 23% Nacional Codensa Table # 15 Capex As of 1H 12 As of 1H 11 Var % F 11 COP mm 92,046 92, ,246 USD mm Capex during the first six months of 2012 was concentrated on expansion projects, improving service quality, and modernizing the network. Table # 16 Selected financial indicators of Codensa COP million COP million USD million As of 1H 12 As of 1H 11 Var % F 11 As of 1H 12 As of 1H 11 Operating revenue 1,549,459 1,439, ,986, Cost of sales 1,114,504 1,050, ,187, Administrative expenses 38,710 37, , Operating income 396, , , EBITDA LTM 1,027,982 1,046, , Net income 247, , , Dividends and reserves declared to EEB 69,405 69, , Capital reductions to EEB Net debt (1) / EBITDA LTM N.D N.D N.D 0.7 N.D N.D EBITDA LTM / Interests (2) N.D N.D N.D 11.4 N.D N.D Footnotes in annex 5 Operating income grew more rapidly than operating revenues as a result of a significant reduction in operating losses as compared to the prior year period. Net income grew faster than operating income as a result of an increase in financial revenues from a higher level of cash balances. The low level of dividends in declared in favor of EEB in both the first six months of 2012 and the first six months of 2011 is the result of the fact that these dividends were declared based only on the results of the final months of the preceding year. In both 2010 and 2011, Codensa declared dividends in December based on an early close of the financial statements. It is worth noting that the dividends declared in December 2011 were COP 323,317 million, and an additional COP 134,346 million were declared in 1Q 12. These dividends will be paid in installments in the months of April, June, November 2012, and January. EEB received dividends of COP 226,898 million for the payments made in April and June 2012.
10 2Q Table # 17 Overview of Promigas Number of clients N.D. Volume of sales - Mmcfd N.D. Market share - % N.D. Network km N.D. Operating revenue F 11 - COP million 102,041 EBITDA LTM - COP million N.D. Controlled by N.D. EEB s stake - % Table # 18 Capex As of 1H 12 As of 1H 11 Var % F 11 COP mm ,685 USD mm The increase in capex is the result of the construction of a loop and installation of a compressor. Table # 19 Selected indicators of Promigas COP million COP million USD million As of 1H 12 As of 1H 11 Var % F11 As of 1H 12 As of 1H 11 Operating revenue 102, , , Cost of sales -51,643-46, , Administrative expenses -31,079-26, , Operating income 19,318 34, , EBITDA LTM Net income 87,941 85, , Dividends and reserves declared to EEB 29,090 33, ,134 N.A Capital reductions to EEB Net debt (1) / EBITDA N.D N.D N.A 4.62 N.D N.D EBITDA / Interests (2) N.D N.D N.A 3.90 N.D N.D Footnotes in annex 5 *Stand Alone Financial Statements Table #20 Overview of Gas Natural Number of clients 1,798,521 Volume of sales - Mm cfd Market share - % N.A Network km 12,578 Operating revenue - COP million 612,617 EBITDA LTM - COP million 344,833 Controlled by Gas Natural from Spain EEB s stake - % 25%
11 2Q Gas Natural demand in Colombia February 2012 Sales by Customer Total: mmcfd Petrochemical 2% Vehicular- GNV 7% Thermoelectric 21% Indsutrial - refinery 46% Residential - commercial 24% Others* GNV 5% 10% Industrial 47% Residential/ Commercial 38% * Others: Sales to other distributors and third party Access to the network Table # 21 - Capex As of 1H 12 As of 1H 11 Var % F 11 COP mm 8,195 5, ,624 USD mm Capex in the first six months of 2012 was principally for improving the high-pressure network in the southern part of Bogota and the remodeling of the corporate headquarters building to meet Colombian earthquake codes. Table # 22 Selected indicators of Gas Natural COP million COP million USD million As of 1H 12 As of 1H 11 Var % F 11 As of 1H 12 As of 1H 11 Operating revenue 612, , ,101, Cost of sales -411, , , Administrative expenses -52,868-51, , Operating income 148, , , EBITDA LTM 344, , , Net income 118, , , Dividends and reserves declared to EEB 63,726 17, , Capital reductions to EEB Net debt (1) / EBITDA N.D N.D. 0.3 N.D. N.D. EBITDA / Interests (2) N.D N.D. 24 N.D. N.D. Footnotes in annex 5 The increase in the cost of sales reduced operating income and net income. This was the result of an increase in the cost of gas from the Gibraltar field that has not been completely passed on to customers. Table # 23 Overview REP and CTM As of 12 REP CTM Network - km 6,041 1,716 Voltage kv 220, ,138 Controlled by ISA Colombia EEB s stake - % 40
12 2Q Table # 24 selected indicators of REP USD million As of 1H 12 As of 1H 11 Var % F 11 Operating revenue Cost of sales , Operating income EBITDA LTM Net income Dividends declared to EEB 0 0 N.A 0 Capital reductions to EEB 0 0 N.A 0 Net debt (1) / EBITDA N.D. N.D. N.D. 3.3 EBITDA / Interests (2) N.D. N.D. N.D. 5.6 Footnotes in annex 5 The increase in cost of sales reduced operating income as a result of an increased amortization of the expansions carried out by the company and increased personnel costs from a new labor contract. Table # 25 Selected financial indicators of CTM USD Million As of 1H 12 As of 1H 11 Var % F 11 Operating revenue Cost of sales Operating income EBITDA LTM Net income Dividends declared to EEB Capital reductions to EEB Net debt (1) / EBITDA N.D. N.D. N.D. 5.5 EBITDA / Interest (2) N.D. N.D. N.D. 3 Footnotes in annex 5 Operating income grew more slowly than operating revenues as a result of increased amortization related to the start of operations of the new projects. The reduction in net income is principally the result of increased interest expense related to the financing costs of the projects. Return to index
13 2Q EEB consolidated financial performance Table # 26 EEB s Consolidated financial results COP million Variation COP million USD million As of 1H 12 As of 1H 11 % F 2011 As of 1H 12 As of 1H 11 Operating revenue (1) 747, , ,421, Electricity transmission 51,966 48, , Electricity distribution 138, , , Natural gas transportation 330, , , Natural gas distribution 227, , , Cost of sales (2) -380, , , Electricity transmission -21,302-20, , Electricity distribution -99,007-92, , Natural gas transportation -111, , , Natural gas distribution -149, , , Gross income 366, , , Operating expenses -97,969-65, , Allocated to electricity transmission (3) -3,493-2, , Electricity distribution -19,170-16, , Natural gas transportation -31,820-30, , Natural gas distribution -43,486-16, , Operating income 268, , , Dividends (4) 523, , , Interest temp. investments & pension trusts (5) 29,579 28, , Net exchange difference (6) 197, , , Net valuation of hedging contracts (7) 1,087-51, , Other revenue (8) 22,925 10, , Non-operating expenses (9) -67,073-57, , Financial expenses -272, , , Other expenses -6, , Net income before taxes and minority interest 696, , , Minority interest (10) -59,464-66, , Provision for income tax -31,894-26, , Net income 605, , , Footnotes in annex 5 The strong increase in net income is the result of a higher level of dividends declared in favor of EEB by non-controlled affiliates and by the increase in operating income in controlled subsidiaries. Operating results were driven by: ( ) the natural gas transmission business (TGI) that accounts for 80% of the increase in consolidated operating income. TGI increased operating revenues significantly as a result of increases in firm contracted capacity and increased revenues from variable charges. Cost of sales of this line of business increased at a faster rate than operating revenues as a result of professional fees related to the debt management operation, maintenance expenses for some pipelines, and an increase in insurance premiums. ( ) The electricity distribution business (EEC) accounted for 28% of the increase in operating income. Here, the principal factors were the increase in the number of clients served and management initiatives to reduce losses. ( ) The electricity transmission business contributed 9% of the increase in operating income as a result of the start of operations of new electricity assets as a result of the UPME expansion projects. These were partially offset by ( ) a 17% reduction in operating income from the natural gas distribution business, principally from pre-operating expenses incurred by ConTUgas. The increase in dividends declared in favor of EEB is explained by: ( ) the increase in earnings of Emgesa in 2011, and ( ) the lower level of dividends declared in favor of EEB in 2011 by Emgesa, Codensa, and Gas Natural, as a result of the fact that in 2010 these companies declared dividends based on an early close of their financial statements. The increase in the exchange difference account reflects the impact on EEB s dollar-denominated debt from the revaluation of the Colombian peso against the U.S. dollar. Approximately 87% of EEB s consolidated debt is contracted in dollars. The increase in financial expense is explained by the payment by TGI of a redemption premium of USD 69.2 million to repurchase the USD 750 million in bonds due These bonds were replaced by an issuance of USD 750 million in
14 2Q new bonds maturing in 2022 with a much lower coupon (5.7% vs. 9.5%). TGI estimates that the NPV savings of the operation to be approximately USD 83 million. Table # 27 EEB s Financial indicators COP million COP million USD million As of 1H 12 As of 1H 11 Var % F 11 As of 1H 12 As of 1H 11 Consolidated adjusted EBITDA 4Q , , , Consolidated adjusted EBITDA LTM 1,478,075 1,232, ,082, EBITDA LTM 1,478,075 1,232, ,082, Consolidated EBITDA margin % (1) Net debt (2) / Consolidated adjusted EBITDA LTM OM: < 4.5 Consolidated Adjusted EBITDA LTM / Interest (3) OM: > 2.25 Footnotes in annex 5 Consolidated adjusted EBITDA LTM COP millions 1,232,148 1,320,148 1,082,047 1,428,424 1,478,075 Quarterly Consolidated Adjusted EBITDA COP millions 850, , , , , , , , , ,000 Consolidated Adjusted EBITDA 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 1,232,148 1,320,148 1,082,047 1,428,424 1,478,075 Quarterly variation -15% 7% -18% 32% 3% 0 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 NOTE: Based on the definitions in the indenture for the Notes issued by EEB in November 2011, the leverage and interest coverage indicators are calculated based on Consolidated Adjusted EBITDA which includes capital reductions received by EEB. The increases in both quarterly EBITDA and LTM EBITDA are explained by the increases in operating results of controlled subsidiaries and, in the case of LTM EBITDA, the increase in dividends declared in favor of EEB by noncontrolled affiliates.
15 2Q The leverage and interest coverage ratios improved as a result of the increase in EBITDA. In addition, the reduction in peso terms of financial debt contributed to improving the leverage ratio. Table # 28 - EEB Consolidated debt structure As of 1H 12 COP million Share % As of 1H 11 COP million Share % F 11 USD mm As of 1H 12 USD million As of 1H 11 USD million Financial debt in COP 174, , Financial debt in USD 2,958, ,841, , ,596 Derivatives position 227, , Total financial debt 3,359, ,256, , ,830 Consolidated financial debt was nearly unchanged from the prior year period, increasing only 3.2% as a result of the slight depreciation of the peso against the dollar; dollar-denominated debt represents 88% of total debt. Dollardenominated debt increased slightly as a result of a USD 50 million loan to ConTUgas. Return to index
16 2Q Annex 1: Legal notice This document contains projections and estimates, using words such as anticipate, believe, expect, estimate, and others having a similar meaning. Any information other than historical information included in this report, including but not limited to the Company s financial condition, its business strategy, plans, and management objectives for future operations are projections. Such projections are based on economic, competitive, regulatory and operational scenarios and involve known and unknown risks, uncertainties and other important factors that could cause the Company s results, performance or actual achievements to be materially different from the results, performance or future achievements that are expressed or implicit in the projections. For these, reasons, the results may differ from the projections. Potential investors should not take them into consideration and should not base their decisions on them. Such projections are based on numerous assumptions concerning the Company s present and future business strategies, and the environment in which the Company will operate in the future. The Company expressly states that it will be under no obligation to update or revise any projections contained in this document. The company s previous results should not be taken as a pattern for the company s future performance. Clarifications Only for information purposes, we have converted some of the figures in this report to their equivalent in USD, using the TRM rate for the end of the period as published by the Colombian Financial Superintendency. The exchange rates used are as follows: 1H 12: 1, COP/USD 1H 11: 1,780.2 COP/USD In the figures submitted, a comma (,) is used to separate thousands and a point (.) to separate decimals. Return to Index
17 2Q Annex 2: Link to EEB s consolidated and stand alone financial statements 1Q 12 Return to index
18 2Q Annex 3: overview of EEB EEB is an integrated energy company with interests in the natural gas and electricity sectors and operations in Colombia, Peru and Guatemala. EEB was founded in 1896 and is controlled by the District of Bogota (76.2% ownership). The company, as a public company in Colombia, adhered to global standards of corporate governance. EEB has an expansion strategy focused on the transmission and distribution of energy in Colombia and other countries within the region. EEB participates in the entire electricity value chain and in almost all the natural gas value chain, except for exploration and production. EEB is one of the largest Colombian corporate debt issuers. Since 2009, EEB shares have been traded on the Colombian stock market. In November 2011, EEB finished a Re-IPO in the Colombian stock market for approximately USD 400 million. In October 2007, EEB and TGI issued corporate bonds in the international markets for USD 1.36 billion. In 2011 and the beginning of 2012 both companies refinanced their notes extending their maturities and lowering its costs and improving their credit ratings. Return to index
19 2Q Annex 4: Definitions of EBITDA included in this report. Consolidated adjusted EBITDA reconciliation LTM and Quarterly EBITDA is not an acknowledged indicator under Colombian or US accounting standards and may show some difficulties as an analytical tool. Therefore, it must not be taken on its own as an indicator of the company s cash generation. EBITDA: EBITDA for a specific period of time (LTM; Q4) has been calculated by taking operating income (loss) and adding amortization of intangibles and depreciation of fixed assets for that period. EEB Consolidated EBITDA for a period, consists of operating revenues of EEB and its consolidated subsidiaries for such period, minus the sum of (i) cost of sales, (ii) administrative expenses allocated to cost, (iii) administrative expenses and (iv) interest income on investments of pension assets, plus dividends and interest earned (which includes dividends declared by EEB s related companies, whether such dividends are actually paid or not), taxes (other than income taxes), amortization and depreciation, pension payments and provisions. EEB Consolidated Adjusted EBITDA for a specific period is calculated taking the Consolidated EBITDA for such period and adding the cash flows coming from investing activities during such period to the extent attributable to capital distributions by EEB s related companies. EBITDA LTM COP Million Variation COP Million USD Million As of 1H 12 As of 1H 11 % F 11 As of 1H 12 As of 1H 11 Operating revenue 565, ,701 83,8 550, ,9 172,85 Operating depreciation 102,734 70,787 45,1 100,961 57,5 39,76 Operating amortization 55,336 42,939 28,9 49,893 31,0 24,12 Operating Taxes 32,664 2, ,8 32,233 18,3 1,29 Dividend & interests earned 749, ,534 2,2 404, ,9 412,05 Interests in autonomous equity -14,836-14,082 5,4-11,766-8,3-7,91 Administration expenses -169, ,356 12,0-160,227-94,9-85,02 Retirement pensions 33,123 26,148 26,7 29,070 18,5 14,69 Amortization 17,131 15,238 12,4 11,116 9,6 8,56 Depreciation 2,575 1,481 73,8 1,317 1,4 0,83 Provisions 25, ,822-84,0 16,117 14,3 89,78 Taxes 78,064 37, ,4 58,645 43,7 21,14 Capital reductions Consolidated adjusted EBITDA 1,478,074 1,232,148 20,0 1,082, ,2 692,1 EBITDA Quarterly COP Million Variation USD Million As of 1H 12 As of 1H 11 % As of 1H 12 As of 1H 11 Operating income 131, , Operating depreciation 20,035 32, Operating amortization 15,173 7, Operating taxes 1,230 1, Dividends & interests earned 44,486 13, Interests in autonomous equity -4,177-3, Administration expenses -32,732-27, Retirement pensions 10,000 7, Amortization 6,629 3, Depreciation 1, Provisions 6, Taxes 15,793 6, EBITDA 215, , Return to index Annex 5: Tables and graphics footnotes
20 2Q Table # 7 - EEB s transmission business indicators (1) Percentage of the infrastructure available in a period of time. (2) Percentage of the revenue discounted due to accumulated unavailability of specific assets above the regulatory target. (3) Ratio between the number of maintenance operations carried out and number of scheduled maintenance operations to be executed as part of the semi-annual Maintenance Plan. (4) Ratio of the number of transmission assets owned by EEB and the total number of transmission assets in Colombia. Table # 8 Selected financial indicators of EEC - DECSA Return to table (1) Percentage of energy losses. Return to table Table # 13 Selected financial indicators of EMGESA (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table # 16 Selected financial indicators of Codensa Return to table (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table # 19 Selected financial indicators of Promigas Return to table (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table # 22 Selected financial indicators of Gas Natural Return to table (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table #24 Selected financial indicators of REP Return to table (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table # 25 Selected financial indicators of CTM Return to table
21 2Q (1) It is the result of the financial debt in force at the end of the period under analysis, less cash and temporary investments in the same period. (2) Accrued interest on financial debts for the previous twelve months. Table # 26 - Consolidated results of EEB Return to table (1) Operating revenue for transmission services rendered directly by EEB, natural gas transmission and distribution of TGI and Cálidda, respectively; as well as energy distribution services that Decsa consolidates for its participation in EEC. (2) Cost of sales of the transmission services rendered directly by EEB, natural gas transportation and distribution services and electricity distribution services conducted by its controlled companies. It includes personnel, materials, operation and maintenance costs, depreciation, amortization and insurances related to those activities. (3) Transmission activity is operated directly by EEB. Administrative costs are allocated by the ABC system. (4) Dividends declared by non-controlled companies and temporary investors and pension funds autonomous equity. (5) Interests of temporary investments that are generated by pension funds autonomous equity. (6) Refers to net losses or earnings due to exchange rate variations and its impact on assets and liabilities expressed in foreign currency. (7) Valuation of hedging operations contracted by EEB and TGI to reduce currency risk. (8) Income from recovery of investments, leases and expenses. (9) Expenses are not related to operational activities. (10) Proportion of net income corresponding to minority investors in the company s consolidated by EEB. Return to table Table # 27 - Financial indicators of EEB (1) Is the result obtained when dividing consolidated EBITDA by operating income, added by dividends and accrued interests (without including interests received from investments made to autonomous equity of pension funds) of the last 12 months. (2) Consolidated debt less free cash. (3) Consolidated financial expenses of the past 12 months Return to table Return to index
22 2Q Annex 6: Technical and regulatory terms BLN: US billion (10 9 ) CAC: Compound Annual Growth COP: Colombian Peso CHB: Central Hidroeléctrica de Betania CTM: Consorcio Transmantaro CREG: Comisión de Regulación de Energía y Gas de Colombia. (Colombia s Energy and Gas Regulating Commission). Colombia s state agency in charge of regulating electric power and natural gas residential public utility services. DANE: Departamento Administrativo Nacional de Estadística (National Administrative Statistics Department). Agency responsible for planning, collecting, processing, analyzing, and disseminating official statistics in Colombia. Gwh: Gigawatt hour; unit of energy equivalent to 1,000,000 kwh GNV: Natural Gas for vehicles IPC: Colombian Consumer Price Index KM: Kilometers KWH: Unit of energy equivalent to the energy produced by a power of one kilowatt (kw) for one hour MEM: Mercado de Energía Mayorista de Colombia; Wholesale Energy Market in Colombia Mm: million Ml: thousands MW: Megawatt, power unit or work which equals one million watts N.A. Not applicable. Non Regulated Electricity User: electricity consumers who have a peak demand greater than 0,10 MW or a minimum monthly consumption above 55.0 MWh Natural Gas Non Regulated User: user with consumption above 100 kcfd CFD: Cubic feet per day Proinversión: Peruvian agency that promotes private investment in Peru SIN: Sistema Interconectado Nacional, National Interconnected System STN: Sistema de Transmisión Nacional, National Transmission System SF: Superintendencia Financiera Financial Superintendency. State entity in charge of regulating, overseeing and controlling the Colombian financial sector TRM: Market Representative Exchange Rate; it is an average of the transactions carried out in peso dollar, and it is calculated daily by the SF UPME: State agency responsible for planning Colombia s mining and energy sectors USD: US dollars Return to index
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