QuarterlyResults A quick follow up to ISA Group's overall performance

Size: px

Start display at page:

Download "QuarterlyResults A quick follow up to ISA Group's overall performance"

Edmund Ford
6 years ago
Views:

1 4 th Quarter & 1 st Quarter 2007 ISA Interconexión Eléctrica S.A. E.S.P. Stockholder call center: Stockholder office: Calle 12 sur N Medellín, Colombia, South America. Phone: (574) accionesisa@isa.com.co Website:

2 4 th Quarter ISA ECONOMIC GROUP MAIN ACHIEVEMENTS The following are ISA Group s results for : It doubled its assets through purchase of 50.1% common shares (21.0% of total capital) of the main corporation in São Paulo State s power transmission sector: Companhia de Transmissão de Energia Elétrica Paulista CTEEP, taking over it through special purpose entity ISA Capital do Brasil. In January of 2007, through Tender Offer -OPA-, it purchased an additional 39.28% of CTEEP s common shares, consolidating itself as the owner of 89.40% of such shares, and of 37.46% of the corporation s total capital. Its revenues rose by 87.3%. It consolidated its expansion in Peru by purchasing 60% stock ownership of Consorcio TransMantaro S.A., where EEB owns 40% of shares. It strengthened its leadership in the Colombian market by raising its stake in Transelca from 64.9% to 99.96%. It consolidated its participation in the Central American market through payment of contributions to Empresa Propietaria de la Red EPR. It strengthened its positioning in the Brazilian market by establishing two new corporations: Interligação Elétrica de Minas Gerais S.A. IEMG, for exploitation of concessions and transmission services; and Infra-Estruturas do Brasil Ltda., for delivery of services, consulting, and project development. ISA Interconexión Eléctrica S.A. E.S.P. Address: Calle 12 sur N Medellín, Antioquia. Colombia. Phone: (574) Fax: (574) Sector: Energy and Telecommunications Industry: Electricity Employees: 656 as of Dividend Pay Dividend Policy Ex- Dividend Period Initial Date: Final Date: 18/04/ /04/ /04/ /07/ /07/ /07/ /10/ /10/ /10/ /01/ /01/ /01/2008 ISA s Shareholders Meeting held in Medellín approved paying dividend of COP 128 per share over 1,019,267,163 outstanding common shares. Such dividend corresponds to 6.67% increase with respect to last year, and will be payable in four quarterly installments on April 18, 2007, July 18, 2007, October 18, 2007 and January 18, Shareholders as of March 31, 2007 Traditional Investors Number of shares % 748,515, % Colombian Government 569,472, % EEPPM 102,582, % ECOPETROL 58,925, % EEB 17,535, % Private Investors 270,751, % Individuals 121,710, % Institutional investors 120,301, % Other companies 16,894, % Foreign investment funds 7,392, % ISA ADR Program 4,452, % Total 1,019,267, %

3 4 th Quarter CONSOLIDATED FINANCIAL RESULTS The Group s operating revenues rose to USD901 million, an 87% hike on 2005 figures. This outstanding variation is accounted for by CTEEP s entering the Group as an affiliate in the second quarter of the year, which raised power transmission services by 88.5%. In terms of geographic location, 48.7% of revenues were generated in Colombia, 42.4% in Brazil, 7.9% in Peru, and 0.9% in Bolivia. Operating costs and expenditures totalled USD 749 million, and as a result of the previously described event, personnel costs at CTEEP are expected to decrease by 50% by late 2007, substantially improving its EBITDA margin, its profits, and the Group s results Operating earnings of USD 151 million, was affected by goodwill amortization by ISA Capital do Brasil, arising from the difference between purchase price of CTEEP and its book value. EBITDA rose to USD 497 million, explained by arrival of CTEEP to Grupo ISA as of the second half of the year. Inclusion of this corporation also improved the Group s non-operating results with respect to 2005, which went from a loss of USD 87 million to USD 75 million. This was due to CTEEP s high liquidity levels, which generated outstanding financial yields, thus partly making up for Grupo ISA s increased financial expenditures in its new investments. Income tax shrank by 8%, because of 30% special deduction on investment in fixed assets in Colombian companies. As a result, the Group s net income totaled USD 67 million (25% less than in 2005).

4 4 th Quarter BALANCE SHEET Increase of 119% in assets is accounted for by: Investment in CTEEP, carried out through ISA Capital do Brasil. Operation start of UPME 01 of 2003 Primavera-Bacatá. Construction of UPME 02 of 2003 Primavera-Bolívar. Investment In Consorcio TransMantaro, to be consolidated by the equity method as of Acquisition of % of Transelca s shares through exchange of shares with Ecopetrol, which allows Grupo ISA to raise its participation in Transelca to %. Goodwill is registered in the deferred charges and other assets accounts, and is the result of purchase of 60% of Consorcio TransMantaro and purchase of % of Transelca shares formerly owned by Ecopetrol. FINANCIAL STATEMENTS Consolidated Income Statement INCOME STATEMENT Consolidated Balance Sheet 2005 Variation % Operating Revenues % Operating Costs and Expenses % Operating Income % Non-operating Revenues % Non-operating Expenses % Non-operating Results % Income Before Taxes % Income Tax Provision % Income Before Minority Interest % Minority Interest % Net Income % BALANCE SHEET 2005 Variation % Total Assets 5,745 2, % Total Liabilities 2,740 1, % Minority Interest 1, % Total Equity 1,480 1,245 19% As of USD 1.00=COP 2, (Source: Banco de La República Colombia).

1 st Quarter 2007 FINANCIAL STATEMENTS ISA GROUP: 1Q07 above expectations On closing date of the first quarter of 2007, Grupo ISA s earnings stood at USD 46 millions, 57% up on those of a year ago.

5 1 st Quarter 2007 FINANCIAL STATEMENTS ISA GROUP: 1Q07 above expectations On closing date of the first quarter of 2007, Grupo ISA s earnings stood at USD 46 millions, 57% up on those of a year ago. Such results are significantly accounted for by inclusion of ISA Capital do Brasil and CTEEP in the Economic Group in the second semester of. Growth of the Group s operating revenues is a result of: Increase of USD 177 million in operating revenues, where 91% corresponds to CTEEP s. Increase of USD 121 million in operating costs and expenses, of which, USD 94 million correspond to CTEEP, and USD 14 million to ISA Capital do Brasil. The Group s non-operating results are explained by the extraordinary revenues from decision in CTEEP s favor (process against Cetemeq and Eletropaulo), and also by effect of currency exchange rate on the position of the Group s subsidiaries. CTEEP contributes 97% to the Group s increased income taxes. Minority interest s growth corresponds to 63% of CTEEP s results, belonging to shareholders outside of the Group. The Group s assets at March closing reached USD 6,229 million (6% growth over closing date of ) explained mainly by higher goodwill levels (the difference between value paid and book value of investment), resulting from purchase in January of 2007 of 39.28% of CTEEP s common shares. Decreased minority interest in the Balance Sheet is accounted for by the increase in the Group s participation in CTEEP and Transelca. INCOME STATEMENT Mar Mar. Variation % Operating Revenues % Operating Costs and Expenses % EBITDA % Operating Income % Non-operating Revenues % Non-operating Expenses % Non-operating Results % Income Before Taxes % Income Tax Provision % Income Before Minority Interest % Minority Interest % Net Income % EBITDA Margin 62% 67% Operating Margin 39% 48% Net Margin 15% 23% BALANCE SHEET Mar Dec. As of USD 1.00=COP 2,190.3 (Source: Banco de La República Colombia). Variation % Total Assets 6,229 5,872 6% Total Liabilities 3,403 2,800 22% Minority Interest 1,299 1,558-17% Total Equity 1,527 1,513 1%

A quick follow up to ISA Group s overall performance INTRODUCTION FINANCIALS STOCK & ADR SHARE & ADRs

January 2, 2007 Closing Price: March 31, 2007 High: May 10, 2007 Average price: Year to date (2007) COP

$MM) Indicators March 31, 2007 Outstanding Shares 1,019,267,163 Par value COP 32.

88 Total 28,744,629 156,146,447 Daily Average: 322,973 1,754,454 Figures as of: Jan. 02, 2007 - Mar.

6 A quick follow up to ISA Group s overall performance INTRODUCTION FINANCIALS STOCK & ADR SHARE & ADRs Stock performance ISA SHARES Source: Colombia s Stock Exchange - BVC Price performance Initial Price: January 2, 2007 Closing Price: March 31, 2007 High: May 10, 2007 Average price: Year to date (2007) COP 5,810 COP 6,000 COP 6,640 COP 5,757 Volume traded Stock Indicators 2007 Number of shares: Amount (COL $MM) Indicators March 31, 2007 Outstanding Shares 1,019,267,163 Par value COP 32.8 Share s Intrinsic Value COP 3, Total 28,744, ,146,447 Daily Average: 322,973 1,754,454 Figures as of: Jan. 02, Mar. 31, 2007 Dividend Declared COP 128 Market Capitalization Million COP 6,115,602 YIELD 2.13% Earnings per share Bank of New York ADR s Index ISA ADR Program Depositary: BNY Symbol: IESFY Exchange: OTC Ratio: 1:25

FIRST QUARTER 2011 RESULTS

FIRST QUARTER 2011 RESULTS ISA ANNOUNCES FIRST QUARTER RESULTS 2011 Medellín, Colombia, May 2, 2011 Interconexión Eléctrica S.A. E.S.P ISA (BVC: ISA; OTC: IESFY) ( ISA or the Company ), a Colombian organization