Ingeniero Álvaro Torres, Vicepresidente de Planeación del Grupo de Energía de Bogotá
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Transcript of Ingeniero Álvaro Torres, Vicepresidente de Planeación del Grupo de Energía de Bogotá
Empresa de Energía de Bogotá - EEB
A Regional Leader in the Energy Sector
Disclaimer
The information provided herein is for informational and illustrative purposes
only and is not, and does not seek to be, a source of legal or financial advice
on any subject. This information does not constitute an offer of any sort and is
subject to change without notice.
EEB expressly disclaims any responsibility for actions taken or not taken based
on this information. EEB does not accept any responsibility for losses that
might result from the execution of the proposals or recommendations
presented. EEB is not responsible for any content that may originate with third
parties. EEB may have provided, or might provide in the future, information that
is inconsistent with the information herein presented.
EEB Overview Wide energy Portfolio: Network and Services
Focus on natural monopolies
Growth in controlled subsidiaries
Sound regulatory framework
Ample access to capital markets
3
100%*
100%*
Leaders in every market
Electricity transmission
Market share (%)
(Km of 220-138 kV lines )
Electricity transmission
Market share (%)
(Km of lines)
Electricity distribution
Market share (%)
(Kwh)
Electricity generation
Installed Capacity (%)
(Generation)
# 1 Peru
# 2 Colombia
# 1 Colombia
# 2 Colombia
Gas distribution
Market share (%)
(No. clients) 59.0%
Gas transportation
Market share (%)
(Average volume transported) 88.0%
Gas distribution
Market share (%)
(No. clients)
100.0%
# 1 Colombia
# 1 Colombia
# 1 Perú
57.6%
8.22%
26.6%
20.72%
Electricity transmission
Project ongoing
(850 Km L/T and 24 S/E)
# 1 Guatemala
4
*Estimated market share once in operation.
Focus on natural monopolies and attractive
energy markets
Strong Presence in Relevant Countries Natural Gas
Source: ANH, MEM, UPME, Concentra
333
417 484
528
950
2009 2010 2011 2012 2015E
Natural Gas Demand - Perú - MMCFD
8.46
7.06 6.63
7.01 6.41
2009 2010 2011 2012 2013
Natural Gas Reserves - Colombia - Tcf
12.00 12.50 12.46
15.38
2009 2010 2011 2012
Natural Gas Reserves - Perú - Tcf
810 860 892 905
1,047 1,083
2009 2010 2011 2012 2013 2016E
Natural Gas Demand - Colombia - GBTUD
6
Strong Presence in Relevant Countries Electricity
Source: ANH, MEM, UPME
54,679 56,148
57,157
59,367 60,885
65,125
2009 2010 2011 2012 2013 2016E
Electricity Demand - Colombia - GWh
7,926 8,134 8,473 8,730 8,945 10,064
2009 2010 2011 2012 2013 2016E
Electricity Demand - Guatemala - GWh
27,003
32,314 36,779 37,321
39,669
48,411
2009 2010 2011 2012 2013 2016E
Electricity Demand - Perú - GWh
7
Stable and Growing Income*
8 * Total of Operating Revenues per company – aggregated figures for comparable purposes.
Predictability and stability in regulated revenues. 81% of revenues comes from regulated business.
422.4 495.7
605.9
871.6
1,076.2 1,114.4
982.7
2008 2009 2010 2011 2012 2013 2014 3Q
Natural Gas Distribution - USD mm
GAS NATURAL CÁLIDDA TOTAL
1,317.7
1,584.2 1,730.3 1,808.7
2,092.1 1,972.1
1,499.1
2008 2009 2010 2011 2012 2013 2014 3Q
Electricity Distribution - USD mm
CODENSA DECSA EMSA TOTAL
279.6
365.2 401.9
439.1 536.4
578.1
486.9
2008 2009 2010 2011 2012 2013 2014 3Q
Natural GasTransportation - USD mm
TGI PROMIGAS TOTAL
136.2 152.4 162.1 181.5
207.3
288.9
220.4
2008 2009 2010 2011 2012 2013 2014 3Q
Electricity Transmission - USD mm
REP CTM EEB Transmisión TOTAL
Growth through controlled subsidiaries and
Brownfield opportunities
Consolidated Financial Results Evolution EBITDA
10
81% 67%
56% 55% 61% 44% 45%
48% 47% 19%
33% 44%
45% 39%
56%
55%
52% 53%
2006 2007 2008 2009 2010 2011* 2012** 2013 2014 IIIQ LTM
Consolidated Adjusted EBITDA & Normalized Dividends (USD Million)
Operational EBITDA Dividends
240.9
471.3 416.4
515.6
586.4
818.5
921.7
705.0
974.6
EEB Transm, Trecsa & EEBIS Gt
2.0%
TGI 39.8%
Decsa/EEC 3.9%
Cálidda, Contugás & EEBIS Pe
7.5%
Emgesa 21.8%
Codensa 13.5%
Gas Natural 3.3%
Promigás 4.5%
ISA, REP & CTM 3.1%
Otros; 0.59%
Consolidated Adjusted EBITDA 3Q 2014 LTM by Subsidiary
Normalized Dividends: *2010 excludes dividends declared based on an
early close of Gas Natural’s, Emgesa’s and Codensa’s financial statements.
These figures are included in 2011, when such dividends would normally
have been declared.** Anticipated dividends declared by Codensa on first
half 2011, were included in 2012.
Ambitious projects under execution
Consolidating the Strategy Controlled Subsidiaries
12
Projects Update
EEB Transmission
• Armenia – 64%,
• Tesalia – 77%
• Chivor II Norte – 37%
• SVC Tunal – 83%.
• Bolívar-TermoCartagena – 2.1%
• Sogamoso-Norte-Nueva Esperanza: 5%
• UPME awarded projects: Rio Cordoba
TGI
• La Sabana Compression Station – 91%
TRECSA
• Guatemala’s interconnection System – 76%
13
Consolidating the Strategy Non-Controlled Subsidiaries
Projects Update
EMGESA
• Quimbo Project (400 MW)
• Total investment: USD 1,093 mm
• Execution 3Q-14: 80%
• Full operation: 1H 15
CODENSA
• On-going projects: Nueva Esperanza, Norte, Bacatá Substations
• New and existing demand
• Quality service and continuity
• Control operational risk
Financial Plan 2013-2018 Investments & Funding Sources
Composition of Investments
Brownfields: 70%
Greenfields: 30%
14 OM: Offering Memorandum of USD.749,000,000 EEB 6.125% Senior Notes due 2021
As of September 2014 is already executed and compromised
USD 2,200 Mm (29%)
2013-2018 Funding Sources USD Millons
Cash Generation 1,700 Financial Debt 3,320
Third Parties (Contributions of Capital) 2,480
TOTAL 7,500
Compromised Resources (29%) 2,200
Resources that will be compromised
2014-2018 5,300
1.60 1.48 1.39 1.25
2.33
4.5
3T - 13 4T -13 1T - 14 2T -14 3T -14
Net Debt / Consolidated Adjusted EBITDA
9.10
11.06 10.96 11.44
10.22
2.25
3T - 13 4T -13 1T - 14 2T -14 3T -14
Consolidated Adjusted EBITDA/Interest
1.60 1.48 1.39 1.25
2.33
4.5
3T - 13 4T -13 1T - 14 2T -14 3T -14
Net Debt / Consolidated Adjusted EBITDA
9.10
11.06 10.96 11.44
10.22
2.25
3T - 13 4T -13 1T - 14 2T -14 3T -14
Consolidated Adjusted EBITDA/Interest
1.60 1.48 1.39 1.25
2.33
4.5
3Q - 13 4Q -13 1Q - 14 2Q -14 3Q -14
Net Debt / Consolidated Adjusted EBITDA
9.10
11.06 10.96 11.44
10.22
2.25
3Q - 13 4Q -13 1Q - 14 2Q -14 3Q -14
Consolidated Adjusted EBITDA/Interest
Access to Capital Markets
Access to Capital Markets
GEB Transactions
USD Million
16
EEB
Baa3
BBB-
BBB
TGI
Baa3
BBB-
BBB
CÁLIDDA
Baa3
BBB-
BBB-
7.1 106.8
25.2 139.5
25.0
974.6
7.1
749 750
320
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Debt Maturity Profile- GEB USD million
EEB Share Performance
Ticker EEB:CB
As of September 30th, 2014 EEB’ market capitalization was USD 7.3 Billion
Trading volume tripled after the Equity Offering Nov 2011.
The stock is part of COLCAP, COLEQTY and COLIR
Average Target Price As of 3Q 2014: USD 0.96 COP 1,943
EEB Share Performance 3Q 2013 – 3Q 2014
17
Creating Value to shareholders
18
0.017 0.016 0.017
0.043
0.018
0.025
0.033
1Q 08 1Q 09 1Q 10 1Q 10 1Q 11* 1Q 11 1Q 13 1Q 14
Dividends per Share - USD
0.58
0.91
0.60
0.72 0.80
0.72
6.9%
0.0%
3.0% 3.5%
4.2%
3.5%
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2010 2011 2012 2013 2014 Avg 2008-2013
Dividend Yield Evolution
Closing Share price at the end of the year USD Dividend Yield
97.7
353.8
571.0
157.1
390.6
437.8
334.7
91.8 142.6 368.0 109.0 228.3 306.5 207.7
94%
40%
64% 69%
58%
70% 62%
141%
40%
64%
105%
58%
70% 68%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
0%
20%
40%
60%
80%
100%
120%
140%
160%
2008 2009 2010 2011 2012 2013 Avg 2008-2013
Evolution Dividend Payout Ratio (USD Mllion)
Net Profit Dividends Dividend payout on last year profit Dividend payout + Including realeased reserves
Financial Highlights
353.8
571.0
157.1
390.6
437.8 461.8
2009 2010 2011 2012 2013 3Q 2014
Net Income (USD Millions)
203.6
140.2
283.5
315.9 315.5 301.0
2009 2010 2011 2012 2013 3Q 2014
Operating Profit (USD Millions)
455.3 487.2
731.8
896.4
1,016.4
842.0
2009 2010 2011 2012 2013 3Q 2014
Operating Revenues (USD Millions)
515.6
944.0
557.0
723.5
921.7 974.6
2009 2010 2011 2012 2013 3Q 2014
LTM Consolidated EBITDA (USD Millions)
Consolidated Financial Results
20
Investor Relations
For more information about Grupo Energía de Bogotá contact our Investor Relations team:
http://www.eeb.com.co
http://www.grupoenergiadebogota.com/en/investors
Fabian Sánchez Aldana
Investor Relations Advisor GEB
+57 (1) 3268000 – Ext 1897
Nicolas Mancini Suarez
Financing and Investor Relations Manager GEB
+57 (1) 3268000 - Ext 1536
Rafael Andres Salamanca
Investor Relations Advisor GEB
+57 (1) 3268000 – Ext 1675
Felipe Castilla Canales
Chief Financial Officer - GEB
+57 (1) 3268000
21
ANNEXES
New parent company
Transformation
Private and
vertically integrated
company serving
the market of
Bogotá.
EEB acquires 40% of REP’s (2002) and CTM
(2006) stocks.
Contugas is constituted in Peru (2008)
Through DECSA, EEB acquires EEC (2009)
TRECSA is constituted in Guatemala (2009)
Capitalization of Citi Venture Capital International
CVCI in TGI for USD 400 million (2010) for expansion
Acquired control of Calidda in Peru and a minority
shareholding in Promigas Colombia (2011).
Foundation
Growth Bogota district acquires
100% of the company
Capitalization Endesa: separation of
generation (Emgesa) and distribution
(Codensa) businesses
Public-private model
EEB acquires Transcogas (2005) and
Ecogas (2007). Today, the two
companies are merged.
To acquire Ecogas, EEB and TGI
issue bonds in international markets
by USD1,360 million (2007)
Annex: Over than 100 year of energy
2002 2006 1997 1959 1896 2012-2014 2009-2011
Internationalization
Diversification
EEB continues its expansion in
Transmission Colombia
(UPME Projects): 2012:
Armenia/Alferéz/Tesalia; 2013:
Norte, Chivor II and SVC
Tunal; 2014: Second
Transmission Line Bolívar -
Cartagena 220 kV, Sogamoso
- Norte – Nueva Esperanza
500 Kv, Substation Rio
Cordoba 220 kV
EEB acquired 31.92% of TGI
(2014) owned by The Rohatyn
Group, (formerly CVCI)
amounting USD 880 million.
CONTUGAS, inaugurated the
Ica Regional Pipeline (2014),
Southern of Perú contributing
to the massification of natural
gas in Peru. EEB’s investment
reached USD 345 million.
TRECSA energized four new
transmission substations San
Agustín, Pacific, La Vega II
and el Rancho in Guatemala
Expansion
2002 2006 1997 1959 1896 2012-2014 2009-2011
23
Annex: Shareholders and BoD
• Gustavo Petro Urrego Major of Bogotá
• Fernando Arbeláez Bolaños Economist
•Ricardo Bonilla González Secretary of Finance at Bogotá’s
Mayoralty
• José Orlando Rodríguez Guerrero General Manager at Terminal de
Transporte de Bogotá
• Guillermo Alfonso Jaramillo Former Secretary of Government at
Bogota’s Mayoralty
• Guillermo Perry Rubio Former Finance Minister and former
Mining and Energy Minister
• Mauricio Cabrera Galvis Consultant Economics & Investment
Banker
• Gustavo Ramírez Galindo Investment VP at Corficolombiana
• Claudia Castellanos Rodríguez Marketing VP at ECOPETROL
Independent Members
*Shareholding as of Septemeber 30th, 2014
24
Shareholders Shares (Mill)
Particip %
BOGOTÁ D.C 7,003 76.28%
ECOPETROL 631 6.87%
CORFICOLOMBIANA 327 3.56%
AFPs 877 9.56%
RETAIL INVESTORS 342 3.73%
TOTAL 9,181 100.0%
BOGOTÁ D.C 76.28%
ECOPETROL 6,87%
AFPs 9,56%
RETAIL INVESTORS
3.73%
CORFICOLOMBIANA 3,56%
25
Shareholder meeting
Maximum steering mechanism
Corporate Governance Committee
Three members of B.D, at least one
must be independent
Board of Directors
Dictate, control and evaluate the
business policies.
Nine members, three independent
External controls
Tax audit,
External audit,
Specialized audits,
Comptroller of Bogotá,
President
Elected for a term of 4 years and may be reelected and removed freely
Global responsibility
Committee
Approval of material Affairs
within the framework of sustainable
management
Audit Committee
Consisting of the three independent
members of the B.D.
Presidency
Committee
Policies, guidelines and
decisions related to
administrative,
economic and financial
management
Procurement
Committee
Analysis of
contractual
processes and
recommendations
to the Presidency
Committee
Annex: Corporate Governance and Transparency
Colombia
Perú
Guatemala
Peruvian Government restructured
electricity sector in 1992 and privatized
some of the most important electrical
companies
Transmission system is run by private
companies and their remuneration is
guaranteed through concession contracts
The rates for the transport and distribution
of natural gas are set according to the
conditions of the concession for an initial
period and then periodically determined
based on VNR of the investments made
and projected
Independent regulators: OSINERGMIN,
COES, INDECOPI, MINAM-OEFA
Annex: Sound Regulatory Framework
Regulatory based on the General Law of
electricity of 1996 framework
Regulation example to the rest of Central
America due to their flexibility and approach
with the investor
The MEM is responsible for energy policy
and the CNEE is responsible for regulating
the subelectricity sector
Regulatory framework in force since 1994
Regulation (CREG), planning (UPME) and
control and surveillance (SSP and SFC)
independent agencies.
Laws 142 and 143 of the year 1994, awarded
to the CREG functions of regulation of
monopolies in the public service when
competition is not possible, and in all other
cases, to promote competition between those
who provide public services
CREG implemented objective methodology
for: i) meet the demand under the criteria of
economic and financial viability and ii) ensure
an efficient, safe and reliable operation
26
Annex: Outstanding Bonds
USD 749 mm
Bond
Local AAA
Moody’s Baa3, positive
S&P BBB-; stable
Fitch BBB; stable,
USD 750 mm
Bond
Moody’s Baa3; stable
S&P BBB-; stable
Fitch BBB; stable EMGESA – USD 1655 mm
Local AAA
S&P BBB-; stable
Fitch BBB-; stable
Promigas – USD 487 mm
Local AAA
ISAGEN – USD 460 mm
Local AA+
External BB+
ISA – USD 596 mm
Local AAA
Total USD 6,293 mm
USD 320 mm
Bond
Moody´s Baa3; stable
S&P BBB-;stable
Fitch BBB-; stable
Natural Gas – USD 270 MM
Local AAA
Codensa – USD 556 mm
Local AAA
Fitch AAA; stable
CTM Perú – USD 450 mm
Local AAA
Controlled Subsidiaries Non-Controlled Subsidiaries
27
Issuer
Baa3
BBB-
BBB
Issuer
Baa3
BBB-
BBB-
Issuer
Baa3
BBB-
BBB-
Annex: 81% of revenues comes from regulated
business
ENFICC: Reliability - Regulated Entry Fee.
13% Of revenues from Emgesa are derived from the charge
for reliability (ENFICC), an income secured by the regulation
Transmission Generation Distribution Distribution
Regulated 81%
Non-regulated
16.5%
ENFICC * 2.5%
Electricity
Transport
Natural Gas
Spot 30%
Bilateral Contracts
70%
Predictability and
stability in regulated
revenues
28
Services
Services
Annex: Acquisition and expansion projects
Transaction
In 2012 and 2014, 4 projects were awarded to EEB valued at 309 mm, which consists in building transmission assets including; SVC Tunal (SVC Tunal
CREG/UPME), Second Transmission Line Bolívar - Cartagena 220 kV, Sogamoso - Norte – Nueva Esperanza project, as well as Armenia, Alferez,
Tesalia ,Chivor II Norte and Substation Rio Cordoba 220 kV
EEB constituted the partnership Transportadora de Gas Iberoamericana S.L., in order to conclude the transaction to purchase the 31.92% stake owned
by The Rohatyn Group in TGI, and include as its object, activities that allow the management and administration of securities representing the equity of
corporations and other entities.
On the 2nd of July 2014, EEB closed the acquisition of 31.92% of TGI shares by means of acquiring a SPV Inversiones en Energia Latino America
Holdings, S.L.U., IELAH at the head of which, The Rohatyn Group maintained its investment in TGI.
Results
On April 4, 2014, EEB exercised its right to buy and acquired 99.97% of TGI amounting USD 880 million.
The three expansion projects (Guajira, Cusiana phase I and II) are already in operation in increased the carrying capacity by 53%.
On July 1st 2014. TGI announced the acquisition of 7,78% of the shares of Oleoducto al Pacífico, which is a project aiming to transport heavy crude oil
from the Llanos Orientales to Buenaventura, in order to export to markets in the Asian Pacific region and the US West Coast.
On July 7, TGI inaugurated its compression plant, which increases gas transport capacity in La Sabana natural gas pipeline. This investment amounted
to COP$84 billion.
EEB (51%) and Codensa (49%) through Decsa, acquired 82 percent of EEC in 2009
Began a process of restructuring of the company which has made it possible to double the EBITDA margin
The Board of Directors approved the demand growth project which aims to recover lost customers and retaining strategic customers who
may be endangered by the level of their consumption
In June, Cálidda started connecting residential clients into a new district named Santa Anita. As a result, Cálidda is now present in 15
districts for the Residential & Commercial segment.
Cálidda is successfully executing its expansion plan in Peru. As of 3Q 2014 Cálidda’s client base has reached 250,000 customers, and
hopes to reach a total of 450,000 by 2016 and 1million by 2020.
100%
99.97%
51%
60%
It is the most important energy infrastructure of Guatemala project: approx. 850 km of lines that cover the entire country
Expected to be 47% market share (line km) by 2014.
TRECSA energized four new transmission substations San Agustín, Pacific, La Vega II and el Rancho in Guatemala
98%
75%
Area of influence will be of highest growth in natural gas demand in the coming years due to the steel, petrochemicals and agro-
industrial projects that are being developed in the region
On April 2014, CONTUGAS, inaugurated the ICA Regional Pipeline, Southern del Perú contributing to the massification of natural gas in
Peru. EEB’s investment reached USD 345 million.
29
30
61 million clients
40 Countries
USD 94,418 mm sales
20 million clients
25 Countries
USD 24,944 mm sales
2 million clients
4 Countries
USD 127 mm sales
9 Countries
USD 2,465 sales
Annex: World Class Partner
Annex: Relevant Macroeconomic Indicators
*Inflation YTD as of June 30th, 2014
Sources: Banco de la República, DANE, Banco de Guatemala, INEI
31