Net profit of Empresa de Energía de Bogotá increased by 33% at the closing of 1h 2014
24 July 2014
- As of June 30, 2014, net profit of Empresa de Energía de Bogotá (EEB), head office of Grupo Energía de Bogotá reached COP 956.7 billion, growing in COP 237.8 billion vis-à-vis the same period in 2013.
- Last Twelve Months –LTM EBITDA continues growing and reached COP 1.97 trillion, increasing by 22% when compared to the first six months of 2013 and 11% when compared to the closing of 2013.
Bogotá, July 24, 2014. At the closing of the first six months of 2014, net profit of EEB, holding of Grupo Energía de Bogotá –GEB- closed at COP 956.7 billion, growing by COP 237.8 billion vis-à-vis the results obtained during the same period of the previous year, representing an increase of 33%.
Such performance is explained mainly by its operational profits growing in COP 93 billion, highlighting the results obtained in the natural gas distribution business in Peru (increase in residential connections by Cálidda and start-up of Contugás’ commercial operation) and electricity distribution in Colombia (through Empresa de Energía de Cundinamarca -EEC-). On the other hand, Transportadora de Gas Internacional -TGI-, the leading natural gas transportation company in Colombia maintains a sound performance and consolidation in terms of operational revenues and EBITDA, resulting from its recent enhancement to improve transport capacity.
EEB´s LTM EBITDA continues growing steadily and reached COP 1.97 trillion, which represents a 22% increase with respect to the same period in 2013 and 11% with respect to the closing of 2013, showing its permanent commitment to strengthening the operational performance of its subsidiaries.
Non-operational profits grew by COP 63.6 billion as a result of decreed dividends for EEB, specifically those from Emgesa, Codensa and Gas Natural. Also, the revaluation of the Colombian Peso during 1H 2014 had a positive impact on the difference on the foreign exchange account, moving from expenses amounting to COP 217.9 billion during the same period of the previous year to revenues amounting to COP 27.5 billion as of June 2014, although such record is only for accounting purposes and does not relate to cash expenditures or inflows.
Ms. Sandra Fonseca, CEO of EEB, highlighted the growing trend of operational results and further commented: “The integration of new projects, which have come on stream as well as the recent acquisition of the minority stake in TGI, will continue being the driver of positive results in Grupo Energía de Bogotá during 2014. All Group companies are committed to our 2013-2017 expansion plan, which amounts to USD 7.5 billion, of which we have already committed USD 1.24 billion, fulfilling our expectation and satisfying Bogota".
About Grupo Energía de Bogotá
Grupo Energia de Bogotá (GEB) is the leading corporation in the Colombian power sector. Through EEB, GEB transports electricity to the most significant markets in terms of demand and size in the country, in addition to controlling the largest natural gas transportation company in Colombia, TGI S.A. In Peru, its subsidiary CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Region, while CALIDDA is in charge of natural gas distribution in Lima and Callao. In that same country, together with ISA, GEB holds a stake in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, GEB established TRECSA - Transportadora de Energía Centroamericana S.A.- currently building the most important infrastructure Project in Guatemala that will render electricity transmission services as of 2015. Furthermore, GEB holds an investment portfolio in the most important companies in the electricity and natural gas sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., Empresa de Energía de Cundinamarca - EEC and Electrificadora del Meta, EMSA and to a lesser extent ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its subsidiaries EEB Ingeniería y Servicios. In 2014, Empresa de Movilidad de Bogotá SAS E.S.P., was constituted as subsidiary related to the development of electrical mobility projects.
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