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TRANSCRIPT
Annual Investors Report
2009
1
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Bogotá D.C., April 2010
Index
Overview of EEB.
Executive summary and relevant facts.
Performance of Controlling Investments.
EEB Transmission.
TGI and TCG.
CONGAS Peru.
TRECSA.
DECSA – EEC.
Performance of Non - Controlling investments.
Emgesa.
Codensa.
Gas Natural.
REP y CTM.
EEB consolidated financial performance.
Link to TGI’s Investors Report 2009
Annex 1: Legal notice and clarifications.
Annex 2: Technical and regulatory terms.
Annex 3: EEB’s Consolidated financial statements
Annex 4: Consolidated Ebitda reconciliation
Annex 5: Tables and graphics’ footnotes.
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;
The company was founded in 1896 and it is controlled by the District of Bogotá (81,5%; S&P BBB- rating);
The vision of the group of Companies led by EEB is: “to become, by 2024, the first independent natural gas
transporting company in Latin America, and an important player in the transmission of electric energy at
national and international level with significant stakes in other energy sector businesses”;
EEB has an expansion strategy focused on the transmission and distribution of energy in Colombia and other
countries within the region.
A big chunk of its investments are invested in natural monopolies regulated by the Government, which allows
the company to enjoy a stable and predictable cash flow influx;
Annual Investors Report
2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
It participates, either directly or indirectly (through companies with control) in the transmission of energy and
in the transportation of natural gas;
The company participated in energy generation, transmission and distribution sectors as well as in the
natural gas distribution sector by means of investments in companies it does not control. The
aforementioned refers to alliances with companies such as ISA Colombia, Endesa and Gas Natural Spain.
It entered into two shareholder agreements with Endesa; these in turn regulate the governance of Emgesa
and Codensa. Amongst other things, the parties are bound to cast a vote in favor of the distribution of as
maximum dividends as permitted by law.
EEB structure
Return to index
Annual Investors Report
2009
3
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Executive summary and relevant facts
Table N°1 - Electric sector overview Colombia Perú Guatemala Installed capacity (MW) 13,496 7,158 2,029 Demand 09 (GWh) 54,679.1 27,253.2 7,692 Demand growth 08 - 09 (%)
1.8 1.1 0.9
2009 growth drivers Increase in household demand
Recovery of industrial and commercial demand
Increase in industrial demand Economic recovery.
CAC 10 -15 (%) 3.3 7.3 5.5 Sources: XM, Upme, COES (Peru), AMM (Guatemala)
Table N°2 - Natural gas sector overview Colombia Perú Proven and probable reserves (TCF)
6.4 29.8
Demand 09 (mcfd) 1,022 343 (estimated) Demand growth 08 - 09 (%) 12.7 27.6 Growth drivers Exports to Venezuela
El Niño phenomenon: increase of demand in thermal sector
Growth in household, commercial and industrial customers, specifically in Lima.
Vehicle market developing towards natural gas.
CAC 10 -15 (%) 3.7 17.9 Sources: UPME; CNO; MEM
Table N°3 - Summary of EEB expansión projects
Project Country Sector Capex Usd
Mm Status In operation:
Guajira – TGI Colombia Natural gas transmission 174 Construction 1 S 2010 Cusiana I and II – TGI Colombia Natural gas transmission 372 Construction Fase I: 3 T 2010
Fase II: 1 T 2011 Gasoducto Regional ICA – Congas
Peru Natural gas transmission 272 Concession awarded Financial structuring and contracting process.
4 T 2012
Expansion of transport system - Trecsa
Guatemala Electricity transmission 350 Awarded in Jan 2010 Financial structuring and contracting in progress.
2 T 2013
UPME auction – EEB Colombia Electricity transmission 72 Offer submittance under study. 3 T 2012
Annual Investors Report
2009
4
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Table N°4 - Summary of expansion projects in non controlled companies
Project
Company Sector Country Capex Usd Mm
Estimated
Status In operation in:
Quimbo Emgesa Electricity generation
Colombia 690 Obtaining permits
2014
Substations (3) Codensa Electricity distribution
Colombia 60 2 under execution
2010 – 2011
Enhancement of concession REP Electricity transmission
Peru 48 Under execution
2010 -2011
Enhancement of concession and new concessions
CTM Electricity transmission
Peru 426 Under execution
2010 -2013
Table N°5 - EEB selected financial indicators (Consolidated information) Cop Mm 2008 2009 Operating revenue 591,291 930,820 Operating income 354,451 416,282
Dividends and reserves decreed 299,133 308,273
Net income 219,115 793,213
Consolidated EBITDA 934,163 1,053,942
Last credit rating international bonds (144A)
S&P (09-07-2009) BB+
BB Fitch (04-02-2010)
Table N°6 - Selected financial indicators 2009 - Non-controlling investments Cop Mm Emgesa Codensa CTM REP Gas Natural Operating revenue 1,929,135 2,771,875 62,307 178,458.7 1,013,349
Operating income 951,999 768,784 40,148 56,624.3 342,229 Dividends and reserves decreed to EEB 213,304 226,254 0 0.0 62,849 Net income 538,424 507,408 25,041 26,574.6 271,436 EBITDA 1,102,978 1,044,969 53,966 120,607.8 375,189
EEB consolidated EBITDA increased by almost 13% in 2009 driven by greater revenues from its
natural gas operation and increased decreed dividends from Non-controlled investments.
Company shareholders agreed to distribute profits amounting to Cop 291,537 mm and create
reserves amounting to Cop 431,676 mm.
EEB made significant advances in terms of its expansion strategy in the energy transportation
and distribution segments in Colombia and the LATAM region: (▪) TGI is currently developing the two
most important gas expansion projects in Colombia (Guajira and Cusiana). Their cost amounts to approx. Usd
550 mm and will increase transportation capacity by more than 50%; (▪) In January 2010, the Government
of Guatemala awarded EEB the right to construct and operate an 800 km transmission network and 12 new
substations, as well as the enhancement of 12 existing substations. The undertaking of this project will be
the responsibility of TRECSA, in which EEB holds 90% of its shares and the remaining 10% is owned by
another Colombian company (Electricas de Medellín), which vast experience in the construction of
transmission networks; (▪) In 2009 EEB was awarded with a 30 year concession for the construction of a
natural gas transportation and distribution system in the ICA region (southern Peru). The project will be
Annual Investors Report
2009
5
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
carried out by Congas Peru (75% EEB; 25% TGI). The project has an estimated cost of Usd 270 mm and an
approximated capacity of 284 mmcfd. The construction is planned to start during the second half of 2010
and it will come on stream 30 months later (at the end of 2012). The company is currently negotiating supply
and services contracts and in search of financing (possible structure: 30% capital and 70% debt) and; (▪) In
February 2009, EEB acquired, through its subsidiary DECSA (51% EEB - 49% Condensa), 82.34% of the
shares of Empresa de Energía de Cundinamarca (EEC). EEC is an electricity distribution company that
operates in an area close to Codensa, therefore there is a significant potential to take advantage of
operating, administrative and financial synergies. The company is operated by Codensa, by means of a
service agreement.
The company continued the implementation of its hedge strategy against fx risk. (▪) Towards the
end of 2008, EEB contracted a coupon swap. This is a mechanism whereby the company receives a fixed
interest rate of 8.75% in dollars, over a notional amount of usd 133 mm, and it is bound to pay a fixed
interest rate in cop of 10.85% over a notional amount of Cop 311,220 mm until the year 2014. This contract
complements the revenues in dollars the company receives from the intercompany loan entered into with
TGI (Usd 370 mm, rate of 8.75%, 2017). (▪) In January 2009, TGI contracted forwards and swaps to hedge
the fx risk related to the principal of its Notes. The amount covered is Usd 200 mm and the contract expires
in 2017.
At the end of 2009, Emgesa worked in the financial closure of El Quimbo project (hydro, installed
capacity of 400 MW; approx cost, Usd 690 mm).
Emgesa was actively involved in the Colombian capital market by issuing, in February and July;
notes amounting to Cop 665,000 mm and commercial papers amounting to Cop 600,000 mm. Furthermore,
the company decided to increase to total of the notes to be issue y Cop 1,200,000 mm; its issuance term was
extended until 2012.
Emgesa shareholders approved a capital reduction (cash return to its shareholders) for an
amount of Cop 444,778 mm; payment is expected to take place during the first half of 2010, after
fulfilling legal matters.
Emgesa sold its shares in EEB (7.2%) as part of the strategy of the new controlling shareholder (ENEL)
regarding the sell-off of non controlled investments. The aforementioned operation provided market liquidity
to the shares of EEB.
CREG approved new distribution charges for Codensa and EEC. These come into force in December
2009 and will be in place for the next five years. According to the company, the impact in low voltage level is
marginal in relation to the previous rate.
Codensa is pending approval from the Financial Superintendency regarding its notes issuance
program. Cop 600,000 mm to be issued in the Colombian market; the proceeds will be used refinance debt
expirations during the following 5 years.
Annual Investors Report
2009
6
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Codensa agreed with Banco Colpatria the sale of its entire “Crédito Fácil Codensa” portfolio line
and a new model to manage existing and new loans. The agreement allows the company to eliminate its
credit risk exposure without having to back down from the business.
REP and CTM made progress in their transmission expansion plan in Peru.
Table N°7 - REP expansion projects Project Mode Value (Usd mm) In operation Quencoro, Azángaro, Trujillo Norte, Puira Oeste and Tingo María Changes to concession 26.7 4 T 2010
Second circuit Chiclayo Oeste – Piura Oeste Changes to concession 21.3 3 T 2011
Table N°8 - CTM expansion projects
Project Mode Km Value (Usd Mm) in
operation Chilca – Zapallal New concession -30 years as of starting
operation 94 (220Kv) + 94
(500Kv) 114 1 T 2011
Enhancement to the concession
Reinforcement of existing line N.A. 93 2 T 2011
Independencia – ICA New concession -30 years as of starting operation
55 12 2 T 2011
Zapallal – Trujillo New concession -30 years as of starting operation
543 207 3 T 2012
ISA and EEB agreed to capitalize CTM in Usd 85 mm (EEB must contribute with 40%). These
resources will be used to finance new projects already awarded to the company. Additionally, EEB’s board
approved a maximum capitalization amount for CTM of Usd 71 mm, to cover the exiting commitment and
possible additional needs.
Return to index
Annual Investors Report
2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Performance of controlling investments
Table N°9 - Approximation of the contributions to the Consolidated EBITDA of EEB
Sector – Country Operational income (UO) Cop Mm
UO / Consolidated Ebitda (includes
dividends decreed) (%) 2008 2009 2008 2009
1) Electricity Transmission Colombia
46,451
49,262 3.4 3.2
Electricity Transmission Guatemala
N.A N.A N.A. N.A.
Electricity Distribution Colombia
N.A. 16,737 N.A. 1.1
a
Natural Gas Transmission Colombia
307,137 345,167 22.3 22.0
Natural Gas Transmission Peru
N.A. N.A. N.A. N.A.
Total 353,588 394,429 25.6 25.2
Table N°10 - Transmission indicators of EEB 2008 2009 Infrastructure Availability (%) (1) 99.9 99.9 Compensation for unavailability (%) (2) 0.0028 0.0012 Maintenance program compliance (%) (3) 100 100 Participation in Colombia’s transmission activity (%) (4) 7.9 7.8 Investments 5,773 6,410 Note: Footnotes in annex 5
EEB transmission achieved high operation and maintenance standards: Internal objectives defined
for 2009 were met, both for financial and technical goals. By year-end 2009, the availability of the
transmission system was above CREG’s requirement (99.73%).
In February 2009, CREG defined the new methodology for the remuneration of existing
transmission assets (those in operation before 2001, which were not awarded by the auction system).
Transmission companies have submitted to CREG information regarding the value of their constructive units
and Administration, Operation and Maintenance costs; and they are expecting the definition of new regulated
revenues from CREG. Around 80% of EEB’s transmission revenues come from existing assets and the balance
from assets awarded through auctions. With information available, the company believes that the impact will
be marginal.
Investments have been focused on infrastructure maintenance, modernization of equipment
and operational improvements.
Annual Investors Report
2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Table N°11 – Selected indicators of TGI 2008 2009 Operating revenue (cop m) 471,419 545,246 Operating income (cop m) 294,903 331,073 Net income (cop m) (180,700) 247,663 Ebitda LTM (cop m) 385,037 426,242 Transported volume (mpcd) 370 396 Firm contracted capacity (mpcd) 427 415 Credit rating
S&P (23 02 09) Fitch (11 02 10)
BB BB
BB BB
TGI’s EBITDA grew last year by around 11%, driven by greater demand from gas fired plants.
Electricity production in these grew 87%, as a result of El Niño phenomenon.
Increase in transported volume and the revaluation of the peso had a positive impact on the
company’s net profit in 2009.
Table N°12 - Selected indicators of DECSA Cop Mm 2008 2009 Number of clients N.A. 235.000 Operational revenue (cop Mm) N.A. 262,486 Operational income (cop Mm) N.A. 16,737 Net Income (cop Mm) N.A. 12,188
Return to index
MEDELLIN
CALI
RIOHACHA
STA. MARTABARRANQUILLA
CARTAGENA
Cúcuta
NEIVA
MANIZALES
PEREIRA
Curumaní
SINCELEJO
Pitalito
Hobo
VALLEDUPAR
Mariquita
YOPAL
BallenaChuchupa
Cusiana
Transcogas
Promigas
TGI
Barrancabermeja
Tunja
Belén
Bucaramanga
Centros de Producción
cogua
Cerromatoso
BOGOTA
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2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Performance of non-controlling investments
Table N°13 - Contributions to EEB’s Consolidated EBITDA - Cop m Sector – Country Cash decreed by EEB (1): Cash decreed by EEB /
Consolidated Ebitda (%) 2008 2009 2008 2009 aaa
Electricity generation in Colombia 189,957 213,304 20.3 20.2
a
Electricity distribution in Colombia 196,754 226,254 21.1 21.5
A
Natural gas distribution in Colombia 48,099 62,841 5.1 6,0
a Electricity transmission in Peru 0 0 0 0
Otros Isa, Isagen, FEN, Banco Popular, EMSA
11,084 8,167 1.2 0.8
Total 445,894 510,566 47.7 48.4
Note: Footnotes in annex 5
Table N°14 - Overview of Emgesa Installed capacity (MW) 2,895 Composition 10 Hidro y 2 thermal
Generation 2009 Gwh 12,673 Sales 2009 Gwh 16,806 Operating revenue 2009 Cop Mm 1,929,135 Ebitda 2009 Cop Mm 1,102,978 Controlled by Endesa of Spain EEB Participation
51,5% of company shares (37.4% common; 14.1% preferential without the right to vote)
Emgesa24%
Others76%
Generation
200854,395
Emgesa23%
Others77%
200955,965
Graphic N°1 Graphic N°2
Note: Footnotes in annex 5
91,6 93,3
58,2
93,39 91,83
66,48
Minor plants (1) Hydroelectric plants (2) Thermal plants
Availability of infrastructure (%)
2008 2009
Annual Investors Report
2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
EMGESA maintains its lead as the country’s main electricity generator. Its market share is under
the regulatory limit (25%) and also under the special surveillance range (from 26% to 30%).
The company’s availability indicator shows a slight decrease in 2009, due to maintenance of a
unit in the Betania Hydro Plant performed during the first half of the year. The fall in availability of hydro
plants was partially offset with greater availability of thermal plants.
Company sales grew by 2.7% in 2009. Energy supplies and sales were modified compared to 2009 due
to the impact of El Niño.
Table N°15 - Selected financial indicators of Emgesa Mm COP Mm USD
2008 2009 Var % 2008 2009
Operating revenue 1,510,712 1,929,135 27.7 673 943.7 Cost of sales (699,034) (954,148) 36.5 (312) (466.8) Administrative expenses (21,760) (22,988) 5.6 (10) (11.2) Operational Income 789,918 951,999 20.5 352 465.7 Net income 454,310 538,424 18.5 202 263.4 Ebitda (1) 924,910 1,102,978 19.3 412 539.6 Dividends and reserves decreed to EEB 189,957 213,304 12.3 84.6 104.3 Capital reductions to EEB 0 0 0 0 0 Net debt (2) / Ebitda 1.3 1.7 30.8 1.3 1.3 Ebitda / Interests (3) 5.3 5.7 7.5 5.3 5.3 Note: Footnotes in annex 5
Increase in operational revenues reflects the double effect of the increase in energy prices and greater sales
volume.
Increase in the cost of sales is the result of greater use of thermal plants, which led to an increase in fuel
consumption.
Note: Footnotes in annex 5
Graphic N°3
11.169
5.199
11.959,7
4.846,5
Contracts Spot
Sales (1) - GWh
2008 2009
Graphic N°4
12.915
885
2.726
12.673,6
1.233,3
3.051,0
Production Contracts Spot
2008 2009
Energy suply - GWh
Purchases
Annual Investors Report
2009
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Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Table N°16 - Investments Mm COP Mm USD 2005 19,232 8.4 2006 84,072 37.6 2007 69,900 34.7 2008 70,478 31.4 2009 76,666 37.5
Investments were destined to maintenance activities in the power plants of Termozipa and Cartagena.
Table N°17 - Overview of Codensa Number of customers 2,360,526 Market share (%) 24.5
Codensa demand 2009 (Gwh) 12,898 National demanda 2009 (Gwh) 54,679 Var % of Codensa demand 09/08 (%) 0.29 Var % of National demand 09/08 (%) 1.8 Operational revenues (Cop Mm) 2,771,875 Ebitda (Cop Mm) 1,044,969 Control Endesa de España EEB shares
51,5% of the company shares (36.4% common; 15,1% preferential without right to vote)
Graph N°5
88,3%
9,9%
1,7% 0,2%
Custumer structure
Residential Commercial Industrial Others
2009Var 2008- 2009: 3.3%
Graph N°6
11.146 11.806 12.534 12.861 12.898
48.829 50.815 52.851 53.895 54.679
2005 2006 2007 2008 2009
Codensa demand vrs. National - GWh
Codensa National
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2009
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Table N° 18 – Quality of accounts receivable Overdue accounts receivable
– COP Mm (1)
Average Monthly Invoicing – COP Mm
(2)
Delinquency Index
- % (3)
2005 93,547 139,975 66.8 2006 86,016 155,982 55.1 2007 89,688 170,806 52.5 2008 164,472 200,579 82.0 2009 94,588 223,085 42.4 Note: Footnotes in annex 5
Demand in Codensa’s area of influence grew 0.29%, this figure is lower than that of national
growth. The company concentrates most of the industrial customers in the country and manufacturing
production decreased by 6.3% last year.
The number of customers in the company grew 3.3% due to an increase of household customers.
Total losses were set 1.6 percentage points below the level acknowledged in the tariff by
regulations in force. Nonetheless, a slight increase was observed in technical losses due to the fall in
industrial demand.
In 2009 Codensa implemented a strategy to reduce the risk in its delinquent portfolio. The
company sold its portfolio of the “Crédito Facil Codensa” line to Banco Colpatria, for an amount close to Cop
500,000 mm. The company will continue rendering the invoicing service, without having to take non
payments risk.
Note: Footnotes in annex 5
Graphic N°7
4%
6%
8%
10%
12%
14%
16%
2005 2006 2007 2008 2009
Power Losses
Acknowledged (1) Technical (2) Commercial (3)
Graphic N°8
0%
1%
2%
3%
4%
5%
6%
7%
2005 2006 2007 2008 2009
Variation in demand - %
Codensa National
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2009
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Tel: (571) 3268000 ext 1546
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Higher operational revenues are a result of greater number of customers and consumption; and also due to
higher tariffs because of greater generation prices. Cost of sales grows at a higher pace in comparison with
operational revenues due to the lagging between the invoicing tariff, (which reflects the cost of energy of the
previous month) and the cost of energy during the invoiced period.
Lower administrative expenses are related to the sale of Codensa Hogar portfolio and its impact on the
company´s provisions. In 2008, greater provisions were made to offset the economic crisis.
The sale of Codensa Hogar portfolio improved the net result as a result of an extraordinary revenue of Cop
50,324 mm.
Table N°20 - Investments Mm COP Mm USD 2005 115,503 50.6 2006 184,039 82.2 2007 213,151 105.8 2008 272,135 121.3 2009 279,649 136.8
The main stake of investments was destined to the El Dorado substation and to the enhancement of
infrastructure networks to assist potential demand growth.
Return to index
Table N°19 - Selected Financial Indicators of Codensa
Mm COP Mm USD 2008 2009 Var % 2008 2009 Operating revenue 2,537,338 2,771,875 9.2 1,130.9 1,356 Cost of sales (1,717,038) (1,924,085) 12.1 (765.3) (941) Administrative expenses (96,062) (79,006) (17.8) (42.8) (38.6) Operational Income 724,238 768,784 6.1 322.8 376 Net income 434,789 507,408 16.7 193.8 248 Ebitda (1) 999,838 1,044,969 4.5 445.6 511 Dividends and reserves decreed to EEB 196,754 226,254 13.8 87.7 110 Capital reductions to EEB 0 0 0 0 Net debt (2) / Ebitda 1.28 0.23 (82.0) 1.28 1.28 Ebitda / Interests (3) 7.56 9.78 29.4 7.56 7.56 Note: Footnotes in annex 5
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E mail: [email protected]
Table N°21 - Overview of Gas Natural No of customers 1,616,519 Sales volume (mmpcd) 124,1
Market share (%) N.D Network (km) 12,250 Operational revenues (2009) 1,013,349 Ebitda (2009) 375,189 Control Gas Natural de España EEB’s share 25%
Company’s sales volume fell in 2009. Such fall is explained by: (▪) lower consumption in the industrial
sector, which demand represents 40% of company’s total sales. Industrial production in Colombia contracted
6.3% during 2009; (▪) lower consumption from vehicles (GNV) due to restrictions of gas supply and
transportation services. (Significant growth in gas demand by gas fired plants obliged the Government to
prioritize the supply during the second half of 2009) and; (▪) greater restrictions on vehicular traffic in Bogotá
(which represents around 30% of national consumption).
Number of customers grew significantly due to the company’s effort to connects new customers in a
market relatively saturated.
Gráfica N°9
97,9%
2,1%
0,0%
Customer structure
Residential Commercial Industrial
2009Var 2008-2009: 5.1%
Gráfica N°10
31%
12%40%
17%
Sales per type of customer
Residential Commercial Industrial GNV
2009Var 2008-2009: -8.9%
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Table N°22 - Selected Financial Indicators of Gas Natural Mm COP Mm USD
2008 2009 Var % 2008 2009 Operating revenue 942,773 1,013,349 6.9 420.2 495.7 Cost of sales 577,828 575,307 (0.4) 257.6 330.3 Administrative expenses 89,241 95,812 7.4 39.8 46.9 Operational Income 280,703 342,229 21.9 125.1 167.4 Net income 250,023 271,436 8.6 111.4 132.8 Ebitda (1) 313,253 375,189 19.8 139.6 183.5 Dividends and reserves decreed to EEB 48,099 62,841 30.7 21.4 30.7 Capital reductions to EEB 0 0 0 0 0 Net debt (2) / Ebitda 0.1 0.1 (26.7) 0.1 0.1 Ebitda / Interests (3) 24.4 26.1 6.6 24.5 26.7 Note: Footnotes in annex 5
Growth in operational profit is the result of (▪) a lower cost of gas and transportation services due to an
improvement in the contracting strategy, and; (▪) an exchange rate effect (the revaluation of the peso lead a
reduction in the price of gas and transportation services).
Table N°23 - Gas Natural Investments Mm COP Mm USD 2005 42,648 19.0 2006 52,197 23.3 2007 52,914 23.6 2008 42,946 19.1 2009 30,051 14.7
Around 50% of investments in 2009, were directed towards the enhancement of distribution networks (Cop
15,385 mm). The company also allocated Cop 4,042 Mm for the construction and refurbishing of service stations
to service the vehicle market.
Table N°24 - Overview of REP CTM REP CTM Network (km) 5,837 1,227 Voltage (kv) 220, 138, 60 220
Control ISA Colombia EEB’s shares (%) 40 40
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E mail: [email protected]
Financial information submitted in this report for the years 2008 and 2009, include new accounting provisions
adopted by Perú (Normas Internacionales de Información Financiera NIFF - International Standards for Financial
Information ). Therefore, 2008 figures do not match the information provided in previous reports. The main
effects of these new standards are: (▪) REP and CTM concessions are acknowledged as an intangible asset; (▪)
new enlargements of the concession will be carried as an expense; (▪) Replacement of assets and significant
maintenance must be provisioned, and; (▪) energy transmission services rendered to third parties must be
recorded as non-operating revenues.
Variation of net profit in REP reflects: (▪)the adjustment of annual revenues of the concession to offset lower
revenues in 2008, resulting from the devaluation of the sol; (▪) additional revenues derived from enlargement to
the concession, and; (▪) growth in revenues from operation and maintenance services.
Variation of net profit in CTM, reflects: (▪) the adjustment of annual revenues of the concession to offset lower
revenues in 2008, resulting from the devaluation of the sol, and; (▪) greater revenues perceived form the
Platanal private connection.
Return to index
Table N°25 - Selected Financial Indicators of REP Mm USD
2008 2009 Var % Operating revenue 67.6 87.3 29.1 Cost of sales 34.1 36.4 6.7 Administrative expenses 22.8 27.7 21.5 Operational Income 10.3 13 26.2 Net income 47.3 59 24.7 Ebitda (1) 0 0 Dividends and reserves decreed to EEB 0 0 Capital reductions to EEB 3.4 2.6 (24.1) Net debt (2) / Ebitda 5.7 6.9 21.9 Note: Footnotes in annex 5
Table N°26 - Selected Financial Indicators of CTM Mm USD
2008 2009 Var % Operating revenue 28 30.48 9.0 Cost of sales 8.6 8.54 (0.9) Administrative expenses 17.9 19.64 9.5 Operational Income 8.8 12.25 39.2 Net income 24.3 26.40 8.4 Ebitda (1) 0 0 0 Dividends and reserves decreed to EEB 0 0 0 Capital reductions to EEB 1.4 1.5 8.5 Net debt (2) / Ebitda 5.3 6.3 18.5 Note: Footnotes in annex 5
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2009
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EEB FINANCIAL PERFORMANCE
Table N°27 – EEB Consolidated results
Mm COP Variation Mm USD 2008 2009 % 2008 2009
Operating revenue (1) 591,291 930,820 57.4 263.5 455.3 Electricity transmission 91,152 92,696 1.7 40.6 45.3 Electricity distribution 0 262,486 0.0 128.4 Natural Gas transmission 500,139 575,638 15.1 222.9 281.6
Cost of sales (2) 203,627 442,350 117.2 90.8 216.4 Electricity transmission 40,092 38,983 (2.8) 17.9 19.1 Electricity distridution 0 214,441 0.0 104.9 Natural Gas transmission 163,535 188,926 15.5 72.9 92.4
Gross income 387,664 488,470 26 172.8 239.0 Administrative expenses allocated 33,213 72,188 117.3 14.8 35.3
Electricity transmission 4,609 4,451 (3.4) 2.1 2.2 Electricity distribution 0 31,308 0.0 15.3 Natural gas transmission 28,604 36,429 27.4 12.7 17.8
OPERATING INCOME 354,451 416,282 17.4 158.0 203.6 Dividends (3) 445,894 510,566 14.5 198.7 249.8 Temp. investments & pension trusts 81,174 70,857 (12.7) 36.2 34.7 Exchange difference (4) (277,483) 255,226 192 -123.7 124.9 Net valuation of hedges (5) (7,251) (124,212) 1613 -3.2 -60.8 Other revenue (6) 27,937 43,555 55.9 12.5 21.3 Administrative expenses 83,680 100,748 20.4 37.3 49.3 Financial expenses 281,153 288,935 2.8 125.3 141.3 Other expenses 2,931 11,123 279.5 1.3 5.4 Income before taxes and minority interest 256,958 771,468 200.2 114.5 377.4 Minority interest (7) 3,769 (22,260) (690.6) 1.7 -10.9 Income tax (41,612) (25,995) (37.5) -18.5 -12.7 Net income 219,115 723,213 230.1 97.7 353.8 Note: Footnotes in annex 5
Increase in transmission revenues reflects the annual adjustment of the transmission tariff based on the
behavior of IPP.
Lower transmission operating costs is explained by (▪) improvements in operation and maintenance processes
and; (▪) lower contributions (Cop 1,565 mm) to two funds established by law to improve infrastructure (FAER
and PRONE).
As of February 2009 EEB consolidated results reflect the purchase of Empresa de Energia de Cundinamarca
(EEC) through Decsa, its parent company. Decsa is property of EEB (51%) and of Codensa (49%). Decsa owns
82.34% of EEC (an electricity distribution company with operations in the center region of Colombia).
Consolidated revenues from the gas transportation business grew due to: (▪) higher transported volume in 2009,
and; (▪) the devaluation of the peso during part of the first half of 2009. It is important to remember that part of
the gas transportation tariff is linked to the Usd.
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Increase in operational gas transportation business is due to: (▪) greater consumption of natural gas in
compressor stations as a result of greater transported volume (Cop 11,436 mm), and; (▪) greater maintenance
and repair costs (coating of the Centroriente gas pipeline - Cop 8,286 mm) and correction of defects in other
gas pipelines (application of non metal reinforcing tapes / increase in Cop 1,535 mm in 2009).
Increase in the dividends account is explained by greater decreed dividends on behalf of Codensa (Cop 29,500
mm); Emgesa (Cop 23,347 mm) and; Gas Natural (Cop 14,742 mm).
Financial revenues decreased, given that in 2008, EEB sold its stake in FEN and Ituango: This operation
rendered profits amounting to Cop 9.842 million in that year.
Positive valuation of foreign denominated debt (exchange difference account) to the revaluation of the Cop was
partially offset by the negative valuation of TGI´s and EEB´s hedging contracts..
Increase in other revenues reflects a profit of (Cop 9,000 mm) in the sale of TGI assets to Promigas. The
aforementioned refers to small trenches embedded in the Promigas system.
Increase in administrative expenses is due to actuarial calculation that is made every year. Differences between
actuarial calculation in 2008 and 2009 led the company to provision around Cop 15,000 mm.
Financial expenses are relatively stable because the company’s leverage did not change significantly in 2009.
The revaluation of the cop also had a positive impact on financial expenses.
In March 2010 EEB´s shareholders agreed to distribute dividends amounting to Cop 291,537 mm. They also
agreed to increase the company´s reserves in Cop 431,676 mm. Of this latter value: (▪) Cop 31,912 mm are
reserves made to recognized the accounting effect of the revaluation of the Cop, which in turn reflects a
conservative policy of the company; (▪) Cop 132,623 mm are reserves made to finance expansion projects; (▪)
Cop 261,130 mm correspond to occasional reserves made by equity method (non distributed profits from
controlled companies) and; the balance is a legal reserve.
Table N°28 - EEB financial indicators Mm COP MM USD
2008 2009 Var % 2008 2009 Consolidated Ebitda (1) 934,163 1,053,942 12.8 416.4 515.6 Consolidated and adjusted Ebitda (2) 934,163 1,053,942 12.8 416.4 515.6 Consolidated Ebitda margin (3) 84.3 70.9 (5.9) 84.3 70.9 Consolidated net debt (4) / Consolidated Ebitda (1) OM: < 4,5
2.9 2.4 2.9 2.4
Consolidated Ebitda (1) / Consolidated interests (5) OM: > 2,25
4.5 4.9 4.5 4.9
Note: Footnotes in annex 5
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Increase in consolidated EBITDA is the result of a higher operating income (+ 17%) and higher dividends
decreed (14%) from non controlled companies. Although administrative expenses grew by around 20%, it is
important to note that this variation is mainly due to line items which do not imply cash outflow (amortizations,
depreciations, provisions).
The lower leverage ratio is the result of result of higher consolidated EBITDA and a lower debt value in pesos
(most of which is contracted in USD). The lower interest coverage ratio shows the effect of a higher
consolidated EBITDA and a lower financial cost resulting from the revaluation of the peso.
Table N°29 - EEB Consolidated debt structure 2008 Part. 2009 Part. 2008 2009
COP Mm % COP Mm % Mm USD Mm USD
Financial debt in COP 101,318 3.0 150,002 4.8 45.2 73.4 Financial debt in USD 3,318,005 97.0 2,994,835 95.2 1,480 1,465.0 Total financial debt 3,419,322 100.0 3,144,837 100.0 1,524 1,538.4
The Cop revaluation affected positively the value of the company´s debt. The level of indebtedness in foreign
currency was maintained stable (marginally reduced due to the amortization of loans entered into in the past
with the Swiss Government and KFW), but when expressing the value in pesos a significant reduction was
obtained (8.9%) thanks to the cop appreciation. On the other hand, indebtedness in local currency is higher in
Cop 50,000 mm, because of new short term loans contracted to cover temporary cash needs.
Return to index
949.599934.163
1.053.942
2007 2008 2009
EBITDA
4,46 4,51
4,89
2007 2008 2009
EBITDA / Interests
2,79 2,88 2,42
2007 2008 2009
Net debt / EBITDA
Annual Investors Report
2009
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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 different from the historical data included in
this submittal, including but without limitation, that relative to the Company’s financial situation, its business
strategy, plans, and objectives from Management for future operations (including the development of plans and
objectives relative to Company products and services), corresponds to projections. Such projections involve
known and unknown risks, uncertainties and other important factors that may 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. 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. These estimates pertain only to the date of this submittal. The Company
expressly declares itself to be exempt from any obligation or commitment to distribute updates or reviews of any
projection contained in this submittal, so as to reflect any change to the Company’s expectations regarding them
or any change in the events, conditions or circumstances on which these projections may be based.
Financial projections and other estimates included in this report are made under assumptions and considerations
inherent in uncertainties regarding the economic, competitive, regulatory and operating environment of the
business, as well as the conditions and risks that are beyond the Company’s control. Financial projections are
inevitably speculative, and one or several of the assumptions under which such projections and other estimates
contained in this report are made, can be expected to be invalid. Furthermore, unexpected events or
circumstances may be expected to occur. Actual results may vary from the financial projections and the
variations may be materially adverse. Consequently, this report must not be deemed as a registration by the
Company or by any other party, which indicates that the financial projections shall be achieved. Potential
investors must not rely on projections and estimates herein contained, and neither should they base their
investment decisions on them.
The company’s past performance cannot be considered a guide for its future performance.
Annual Investors Report
2009
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Clarifications to the Report
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:
− 2008: 2,243.6 COP/USD
− 2009: 2,044.2 COP/USD
In the figures submitted, a comma (,) is used to separate thousands and a point (.) to separate decimals.
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.
In accordance to the offer memorandum of the notes issued by EEB (Usd 610 m; 8.75%; 2014); the
company’s consolidated EBITDA for a specific period is calculated taking operating revenues for such period
and subtracting the cost of sales, administrative expenses and interests generated in pension funds. One
must add decreed dividends (irrespective of whether they have been paid or not), interests of temporary
investments, indirect taxes, amortization of intangibles, depreciation of fixed assets and provisions and
contributions made to pension funds.
Consolidated and adjusted EBITDA for a specific period is calculated taking the consolidated EBITDA for such
period and adding the cash coming from EEB attributable to capital reductions of those companies where
EEB has shares.
Return to index
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2009
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Annex 2: Technical and regulatory terms
BLN: US billion (109)
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: Miles,
MW: Megawatt, power unit or work which equals one million watts,
N.A. Not applicable.
PCD: Pies cúbicos día,
Proinversión: Agencia peruana encargada de la promoción de la inversión privada en el Perú,
SIN: Sistema Interconectado Nacional, National Interconnected System
STN: Sistema de Transmisión Nacional, National Transmission System
SF: Superintendencia Financiera – Financial Superintendence. 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.
USUARIO NO REGULADO DE ELECTRICIDAD – NON REGULATED ELECTRICITY USER: electricity
consumers who have a peak demand greater than 0,10 MW or a mínimum monthly consumption above
55,0 MWh,
NATURAL GAS NON REGULATED USER: user with consumption above 100 kpcd,
Return to index
Annual Investors Report
2009
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Annex 3: Consolidated financial statements 2009 EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES 2.19030 2.23879
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2009
(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) - see Note 2)
ASSETS Note
CURRENT ASSETS:
Cash and cash equivalents 3 Col$ 270.038 Col$ 233.316 U.S.$ 114.134
Restricted cash 9.029 11.417 5.585
Temporary investments 4 422.903 353.742 173.044
Accounts receivable, net 5 106.254 238.814 116.824
Inventories 6 43.771 38.288 18.730
Prepaid expenses and other assets 9 31.303 92.273 45.138
Total current assets 883.298 967.850 473.455
LONG-TERM ACCOUNTS RECEIVABLE 5 237.368 428.922 209.821
PROPERTY, PLANT AND EQUIPMENT, NET 7 1.313.122 1.660.338 812.207
PERMANENT INVESTMENTS 8 1.731.524 1.719.016 840.911
OTHER ASSETS, NET 9 2.301.582 2,101,470 1.028.001
REVALUATION OF ASSETS 19 3,652,650 4.178.914 2.044.248
Total assets Col$ 10,119,544 Col$ 11,056,510 U.S.$ 5.408.643
MEMORANDUM ACCOUNTS 24 Col$ 5.188.242 Col$ 5.581.845 U.S.$ 2.730.537
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Financial debt 10 Col$ 164.150 Col$ 208.070 U.S.$ 101.784
Accounts payable 12 40.389 106.328 52.014
Labor obligations 1.065 8.911 4.359
Collections on behalf of third parties 14 8.251 17.178 8.403
Provisions 15 21.386 52.162 25.517
Retirement and pension obligations 16 27.461 31.854 15.582
Benefits supplementary to retirement pensions 16 4.986 6.446 3.153
Other liabilities 17 145 1.012 495
Total current liabilities 267.833 431.961 211.307
LONG-TERM LIABILITIES:
Financial debt 10 3.286.562 2.991.708 1.463.489
Hedging instruments 11 7.251 121.856 59.610
Retirement and pension obligations 16 193.087 237.809 116.332
Benefits supplementary to retirement pensions 16 53.421 69.851 34.170
Provisions 15 39.885 42.804 20.939
Other liabilities 17 55.301 75.791 37.075
Total long-term liabilities 3.635.507 3.539.819 1.731.615
Minority interest 18.436 188.467 92.195
Total liabilities 3.921.776 4.160.247 2.035.117
SHAREHOLDERS' EQUITY: 19
Capital stock 664.993 664.993 325.302
Additional paid-in capital 97.412 97.412 47.652
Reserves 935.308 912.606 446.430
Accumulated results 286.581 723.213 353.783
Donations-in-kind surplus 6.655 6.655 3.256
Surplus from revaluation of assets 3.651.440 3.945.911 1.930.268
Equity revaluation 555.379 545.473 266.835
Total shareholders' equity 6.197.768 6.896.263 3.373.526
Total liabilities and shareholders' equity Col$ 10.119.544 Col$ 11,056,510 U.S.$ 5.408.643
MEMORANDUM ACCOUNTS 24 Col$ 5.188.242 Col$ 5.581.845 U.S.$ 2.730.537
The accompanying notes are an integral part of these consolidated financial statements.
20092008
As of December 31,
Annual Investors Report
2009
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EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009
(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) except for net income per share - see Note 2)
Note
OPERATING REVENUES:
Electricity transmission services Col$ 91.152 Col$ 92.695 U.S.$ 45.345
Electricity distribution services - 262.486 128.403
Natural gas transportation services 500.139 575.638 281.592
591.291 930.819 455.340
COST OF SALES: 20
Electricity transmission services (44.701) (43.434) (21.247)
Electricity distribution services - (245.749) (120.216)
Gain on sale of investments (192.139) (225.355) (110.240)
(236.840) (514.538) (251.703)
Gross margin 354.451 416.281 203.637
Dividends and interest earned 8 527.068 581.423 284.422
Exchange differences (277.483) 255.226 124.852
Other income 21 27.937 43.555 21.306
277.522 880.204 430.580
Administrative expenses 22 (83.680) (100.747) (49.284)
Financial expenses 23 (288.404) (413.147) (202.104)
Other expenses (2.931) (11.123) (5.441)
(375.015) (525.017) (256.829)
Income before income tax and
minority interest 256.958 771.468 377.388
Income tax 18 (41.612) (25.995) (12.716)
Income before minority interest 215.346 745.473 364.672
Minority interest 3,769 (22.260) (10.889)
NET INCOME Col$ 219.115 Col$ 723.213 U.S.$ 353.783
NET INCOME PER SHARE Col$ 2.552 Col$ 8.422 U.S.$ 4.120
The accompanying notes are an integral part of these consolidated financial statements.
2008 2009
Year Ended December 31,
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CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009
(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) - see Note 2)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income Col$ 219.115 Col$ 723.213 U.S.$ 353.783
Reconciliation between net income and net cash provided by operating
activities:
Depreciation and amortization 110.425 114.526 56.024
Exchange loss (gain) 279.081 (267.661) (130.935)
Recoveries and provisions 5.475 3.006 1.470
Retirement pension expense (6.224) - -
Gain on sale of assets (273) (9,403) (4.600)
Valuation of investments at market value (24.899) (34.229) (16.744)
Gain on sale of investments (9.842) - -
Deferred tax 29.688 16.847 8.241
Hedging instruments loss 7.251 114.605 56.063
Minority interest 3.769 - -
613.566 660.904 323.302
Changes in assets and liabilities of operation, net:
Restricted cash 1.032 (2,388) (1.168)
Accounts receivable 119.746 (291.982) (142.832)
Inventories (13.338) 5.507 2.694
Prepaid expenses 296 (60.970) (29.825)
Accounts payable (61.339) 67.122 32.835
Labor obligations (12) 74.851 36.615
Collections on behalf of third parties 92 8.927 4.367
Provisions (4.780) 44.683 21.858
Other liabilities 20.941 (7.824) (3,827)
Minority interest (18,883) (61.762) (30,213)
Net cash provided by operating activities 657.321 437.068 213.806
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in property, plant and equipment (23.721) (385.189) (188.427)
Decrease (increase) in temporary investments (39.395) 69.160 33.832
Decrease (increase) in permanent investments 13.168 (11,723) (5,735)
Decrease (increase) in other assets (24.333) 133.010 65.066
Net cash used in investing activities (74.281) (194.742) (95.264)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (299.134) (309.283) (151.296)
Tax on equity (9.906) (9,906) (4.846)
Increase (decrease) of Financial obligations (174.861) 40.141 19.636
Net cash used in financing activities (483.901) (279.048) (136.506)
NET INCREASE (DECREASE) IN CASH 99.139 (36.722) (17.964)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 170.899 270.038 132.098
CASH AND CASH EQUIVALENTS AT END OF YEAR Col$ 270.038 Col$ 233.316 U.S.$ 114.134
The accompanying notes are an integral part of these consolidated financial statements.
EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES
20092008
Year Ended December 31,
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2009
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Annex 4: Ebitda reconciliation
M COP Variation M USD
2008 2009 COP % 2008 2009
Operational Profit 354,404 416,283 61,879 17.5 158.0 203.6 Operational depreciation 41,091 46,747 5,656 13.8 18.3 22.9 Operational amortization 60,301 60,900 599 1.0 26.9 29.8 Operating taxes 5,308 5,778 470 8.9 2.4 2.8 Dividends & interests earned 527,068 581,423 54,355 10.3 234.9 284.4 Interests in autonomous equity (24,899) (25,688) (789) 3.2 -11.1 -12.6 Administration expenses (83,680) (100,747) (17,067) 20.4 -37.3 -49.3 Retirement pensions 26,448 26,609 161 0.6 11.8 13.0 Amortizations 10,706 22,070 11,364 106.1 4.8 10.8 Depreciations 658 675 17 2.6 0.3 0.3 Provisions 5,475 7,520 2,045 37.4 2.4 3.7 Taxes 11,283 12,373 1,090 9.7 5.0 6.1
EBITDA 934,163 1,053,942 119,779 12.8% 416.4 515.6
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Annex 5: Footnotes and tables
Table N°10 - EEB Transmission indicators; Pag 7
(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.
Return to table
Table N°13 - Contributions to EEB’s Consolidated EBITDA; Pag 9
(1) Includes dividends and capital reserves and reductions
Return to table
Table N°15 - Emgesa selected financial indicators; Pag 10
(1) Ebitda for the period under analysis was calculated by taking the operating profit and adding the
amortizations of intangibles and depreciations of fixed assets for such period.
(2) 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.
(3) Accrued interest on financial debts for the previous twelve months.
Return to table
Table N°18 - Quality of accounts receivable; Pag 12
(1) Accounts receivable with a delinquency level in excess of 30 days.
(2) Monthly invoicing average: Monthly average of invoicing in the past twelve months.
(3) Delinquency level index: (1)/(2)
Return to table
Table N°19 - Codensa selected financial indicators; Pag 13
(1) Ebitda for the period under analysis was calculated by taking the operating profit and adding the
amortizations of intangibles and depreciations of fixed assets for such period.
(2) 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.
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(3) Accrued interest on financial debts for the previous twelve months.
Return to table
Table N°22 - Gas Natural selected financial indicators; Pag 15
(1) Ebitda for the period under analysis was calculated by taking the operating profit and adding the
amortizations of intangibles and depreciations of fixed assets for such period.
(2) 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.
(3) Accrued interest on financial debts for the previous twelve months.
Return to table
Table N°25 - REP selected financial indicators; Pag 16
(1) Ebitda for the period under analysis was calculated by taking the operating profit and adding the
amortizations of intangibles and depreciations of fixed assets for such period.
(2) 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.
(3) Accrued interest on financial debts for the previous twelve months.
Return to table
Table N°26 – CTM selected financial indicators; Pag 16
(5) Ebitda for the period under analysis was calculated by taking the operating profit and adding the
amortizations of intangibles and depreciations of fixed assets for such period.
(6) 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.
(7) Accrued interest on financial debts for the previous twelve months.
Return to table
Table N°27 - EEB Consolidated results; Pag 17
(1) Operating revenue for transmission services rendered directly by EEB, the electricity distribution business in
Cundinamarca by EEC and natural gas transportation services of its controlled companies, TGI and
Transcogas.
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(2) Cost of sales of the transmission services rendered directly by EEB, distribution by EEC and natural gas
transportation services of its controlled companies TGI and Transcogas. It includes personnel, materials,
operation and maintenance costs, depreciation, amortization and insurances related to those activities.
(3) Partners in operations.
(4) Dividends decreed by non-controlled companies and temporary investors and pension funds autonomous
equity.
(5) Refers to net losses or earnings due to Exchange rate variation and its impact on assets and liabilities
denominated in foreign currency.
(6) Income from recovery of investments, leases and expenses.
(7) Proportion of net income corresponding to minority investors in the company’s consolidated by EEB.
Return to table
Table N°28 - EEB financial indicators; Pag 18
(1) Consolidation of EEB income less cost of sales, administrative expenses, interest on pension funds
autonomous equity, plus dividends of participated companies, interest of Accounts receivable investments,
indirect taxes, amortization of intangibles, depreciation of fixed assets, pension payments and provisions for
the last 12 months. It is consolidated Ebitda plus capital reeducations of participated companies.
(2) Consolidated EBITDA plus capital reductions of participated companies.
(3) 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.
(4) Consolidated debt less free cash.
(5) Consolidated financial expenses of the past 12 months
Return to table
Graph N°2 - Availability of infrastructure; Pag 9 (1) Plants or generation units with installed capacity below 20 MW which are not centrally dispatched.
(2) Plants or generation units with installed capacity above 20 MW who conduct energy transactions in the
MEM.
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Graph N°3 - Sales; Pag 10
(1) The sum of purchases and production is lower than sales because a small portion is destined to internal
consumption.
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Annual Investors Report
2009
30
Contact: Juan Felipe González Rivera
Tel: (571) 3268000 ext 1546
E mail: [email protected]
Graph N°7 - Energy looses; Pag 12
(1) Losses acknowledged by the regulator in the tariff, which are transferred to the end consumer.
(2) Technical losses correspond to the balance between the power going in and out of the distribution system.
(3) Commercial losses correspond to the balance between the power purchased and the power invoiced; they
include technical and non-technical losses.
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