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GEB Results Presentation 2Q 2019
August 22, 2019
2Q 2019 August 22, 2019 1 Disclaimer The information provided - - PowerPoint PPT Presentation
GEB Results Presentation 2Q 2019 August 22, 2019 1 Disclaimer The information provided herein is for informational and illustrative This presentation may contain statements that are forward-looking purposes only and is not, and does not seek
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August 22, 2019
2 The information provided herein is for informational and illustrative purposes only and is not, and does not seek to be, a source of legal, investment or financial advice on any subject. This presentation does not purport to address any specific investment objectives, financial situation or particular needs of any recipient. It should not be regarded by recipients as a substitute for the exercise of their own
and is subject to change without notice. GEB is no obligation to update or keep current the information contained herein. GEB expressly disclaims any responsibility for actions taken or not taken based on this information. GEB does not accept any responsibility for losses that might result from the execution of the proposals or recommendations presented. GEB is not responsible for any content that may originate with third parties. GEB may have provided, or might provide in the future, information that is inconsistent with the information herein presented. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness
reliability
the information contained herein. This presentation may contain statements that are forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward- looking statements are based on current expectations, projections and assumptions about future events and trends that may affect GEB and are not guarantees of future performance. The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or any U.S. State securities laws. Accordingly, the shares are being offered and sold in the United States only to qualified institutional buyers as defined under Rule 144A under the Securities Act, and outside the United States in accordance with Regulation S of the Securities Act. We converted some amounts from Colombian pesos into U.S. dollars solely for the convenience of the reader at the TRM published by the SFC as of each period. These convenience translations are not in accordance with U.S. GAAP and have not been audited. These translations should not be construed as a representation that the Colombian peso amounts were, have been or could be converted into U.S. dollars at those or any other rates.
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GEB is a leading energy holding in LatAm with a diversified portfolio of Power and Natural Gas utilities, classified in three strategic business groups:
Power Distribution Natural Gas Distribution 3,8 mm of clients in Power Distribution 3,2 mm customers in Natural Gas Distribution 13.928 km of Transmission Lines 4.288 km of Gas pipelines Power Transmission Natural Gas Transportation
Revenue 2Q 2019 COP$1.178.642 mm 26,4% YoY Jun-2019 COP$2.230.522 mm 23,0% YoY 6,2% Dividend Yield(2) Dividends Approved on 2018 Net Income COP$1.193.533 mm COP$130 per share (+13%)
Power Generation 3.500 MW in Installed Capacity 7.215 GWh in Power Generation (YTD)
CAPEX 2Q 2019 USD$76,5 mm Jun-2019 USD$146,5 mm
Distribution Generation Transportation and Transmission
Stock Market Capitalization COP$19.372.284 mm USD$6,0 bn June 30 2019
(1) Net Income: Controlling Interest + Non Controlling Interest (2) Calculated based on the closing price of the share at June 30 2019
Operating Income 2Q 2019 COP$410.423 mm 14,6% YoY Jun-2019 COP$850.562 mm 32,7% YoY EBITDA 2Q 2019 COP$536.251 mm 2,6% YoY Jun-2019 COP$1.947.172 mm 16,8% YoY Net Income(1) 2Q 2019 COP$582.871 mm 21,8% YoY Jun-2019 COP$1.103.760 mm 34,5% YoY
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accomplishing favorable refinancing conditions, including an important reduction in financing costs
final rates for the valuation of Gebbras financial asset. The June 2019 expert opinion was issued without comment about the opinion Subsequent events to the quarter:
reduce the risk of failures and suspensions generated by overloads of the electric power system and will potentiate the connection of new users
Holdings S.R.L., an investment that will consolidate the Company's position in the Peruvian energy sector
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networks and 34 km of steel networks built, raising the Company's underground networks to 10.407 km Subsequent events to the quarter:
recognizing additional investments of more than USD$180 mm, reaching a total of approx. USD$500 mm, and incorporating more than 120.000 additional customers, surpassing the 500.000 new users for this period
stable outlook
new syndicated loan for USD$355 mm
year 5, which by the end of June were reported in a total of 50.801
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Revenue from Operational Activities
3 months figures / Millions COP$
$932.451 $1.178.642 2Q 2018 2Q 2019 +26,4% YoY
Revenue by Business Lines | 2Q 2019 2Q 2019 Vs. 2Q 2018 +26,4% Natural Gas Distribution +28,6%; +COP$144.586 mm:
residential natural gas installations Natural Gas Transportation +24,1%; +COP$74.776 mm:
included in all contracts
to higher volumes transported, corresponding to take-and- pay contracts
charges of "firm" transportation contracts Power Transmission +23,1%; +COP$26.829 mm:
(Antioquia), Pereira (Risaralda), Cali (Valle), Yumbo (Valle)
COP$1.178.642 mm
650.569 55,2% 385.127 32,7% 142.946 12,1% Natural Gas Distribution Natural Gas Transportation Power Transmission
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$584.080 $759.591 2Q 2018 2Q 2019
Costs of Operational Activities
3 months figures / Millions COP$
+30,0% YoY
Costs by Business Lines| 2Q 2019
COP$759.591 mm
2Q 2019 Vs. 2Q 2018 +30,0% Natural Gas Distribution +41,7%; +COP$162.002 mm:
depreciation of new investments; increase in facilities and volumes distributed and transported
due to the change of method to the straight line method Natural Gas Transportation -4,2% -COP$5.869 mm:
execution of the Integrity Management Plan for the gas pipelines in 2Q 2018, which are not presented in 2Q 2019 Power Transmission +34,8%; +COP$19.378 mm:
a more specific allocation of costs is being made to the transmission branch
550.804 72,5% 133.695 17,6% 75.092 9,9% Natural Gas Distribution Natural Gas Transportation Power Transmission
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$522.570 $536.251 2Q 2018 2Q 2019 $358.095 $410.423 2Q 2018 2Q 2019
EBITDA by Business Lines | 2Q 2019 EBITDA Operating Income Net Income
3 months figures / Millions COP$
+14,6% YoY +21,8% YoY
COP$536.251 mm
+2,6% YoY $450.412 $558.095 $28.175 $24.776 2Q 2018 2Q 2019 Controlling Net Income Non Controlling Net Income
Power Transmission 10,9% Natural Gas Transportation 58,4% Natural Gas Distribution 29,9% Other 0,7%
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Note: Numbers for the years 2006 to 2013 are presented under ColGaap standards. 2014 onwards are presented under IFRS
Consolidated Adjusted EBITDA has grown over the last 10 years demonstrating increased strength of GEB´S controlled assets
Adjusted consolidated EBITDA June 2019 | LTM EBITDA by Business Lines, June 2019| LTM EBITDA by Segment, June 2019| LTM
COP$ mm USD$ mm
586 705 819 922 821 887 909 883 894 917 COP$2.924.267 mm
Transportation and Transmission 57,1% Distribution 29,9% Generation 12,8% Otros 0,2%
+14,1% YoY
COP$2.924.267 mm
+14,1% YoY
39% 56% 55% 52% 56% 65% 67% 70% 69% 68% 61% 44% 45% 48% 44% 35% 33% 30% 31% 32%
1.122.343 1.369.533 1.447.335 1.775.908 1.964.666 2.437.419 2.528.614 2.455.225 2.643.537 2.924.267 2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19
EBITDA… Dividendos Power Transmission 14,3% Power Distribution 7,9% Natural Gas Transportation 42,8% Natural Gas Distribution 22,0% Power Generation 12,8% Other 0,2%
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Equity Participation Method | 2Q 2019
3 months figures / Millions COP$
139.739 82.742 14.406 18.758 12.639 2.045 8.587 169.669 111.558 14.064 15.763 15.327 2.667 9.455 Emgesa Codensa CTM Vanti REP EMSA Negocios Conjuntos 2Q 2018 2Q 2019 +21,4% YoY 582.871
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97% 94% 97% 98% 99% 98% 99% 85% 84% 85% 3% 6% 3% 2% 1% 2% 1% 15% 16% 15% 1.543 1.737 1.733 2.218 3.009 2.803 2.567 2.946 2.943 2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19 2,8x 2,9x 3,2x 2,8x 2,9x 4,50x jun-18 sep-18 dic-18 mar - 2019 jun - 2019
EBITDA LTM / Net Interests LTM
(1) Reasonable indebtedness limit (2) 2024, 2032, 2042 y 2047, corresponds to local maturities of bonds expressed in Colombian pesos.
Net Debt / EBITDA LTM
USD$ mm COP$ USD$
Consolidated Debt Composition Debt Maturity Profile June 2019 (2) (USD$2.926 mm)
2.926 8,7X 8,3x 7,4x 7,2x 6,4x 2,25x jun-18 sep-18 dic-18 mar - 2019 jun - 2019 428 14 40 80 1.069 99 890 148 56 102 2019 2020 2021 2022 2023 2024 2028 2032 2042 2047
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Project Update (Q2 2019) Progress EAR (1) USD$ mm Date Expected (On stream)
Chivor II 230 kV Armenia 230 kV Tesalia 230 kV Sogamoso Norte 500 kV Southwest Reinforcement 500 kV Ecopetrol San Fernando 230 kV La Loma STR 110 kV Altamira 115 kV Colectora 500 Kv 57,3% 100,0% 92,0% 57,8% 34,6% 82,2% 53,5% 86,7% 11,7% 5,5 1,3 10,9 21,1 24,4 6,0 7,0 0,7 21,5 4Q 2019 2Q 2019 4Q 2019 4Q 2020 4Q 2020 4Q 2019 3Q 2020 3Q 2019 4Q 2022
98,3
Projects that currently generate revenue
Revenue growth has been sustained by a strong investment plan - (Direct investment in Colombia)
(1) Expected annual income (2) Start of operations June 2019
(2)
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Revenue growth has been sustained by a strong investment plan
Capex Executed by Controlling Companies
2Q 2019
USD$76,5 mm
Contugas 1,2% Trecsa 8,4% EBBIS 0,1% Calidda 45,1% TGI 11,6% Transmission 33,7%
19 2019 - 2023 Investments - Controlled Companies
Base Scenario
$896 $1.147 $120 Total $2.163
USD$ mm
Note: From 2019 corresponds to forecasts that are adjusted annually
Capex GEB (Forecast)
Controlled Companies
Distribution Transportation and Transmission Generation Company 2018 2019P 2020P 2021P 2022P 2023P Total Transmission 140 133 140 133 132 107 645 Trecsa y EEBIS 52 46 73 7 1 1 128 TGI 73 85 82 51 66 90 375 Cálidda 119 120 112 108 111 113 565 Contugas 13 4 10 5 19 Other projects 260 43 43 43 43 432 Total 396 649 449 352 359 355 2.163
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www.geb.com.co www.grupoenergiabogota.com/en/investors
Felipe Castilla
CFO GEB ir@geb.com.co +57 (1) 326 8000
Astrid Alvarez
CEO GEB ir@geb.com.co +57 (1) 326 8000
Valeria Marconi
Investor Relations Manager +57 (1) 326 8000 Ext 1536 vmarconi@geb.com.co
Sandra Jiménez
Investor Relations Advisor +57 (1) 326 8000 Ext 1827 sjimenezv@geb.com.co
Mauro Cáceres
Investor Relations Advisor +57 (1) 326 8000 Ext 1395 mfcaceres@geb.com.co
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