Bogotá, Colombia, 17 February 2012
- Net profits in 2011 reached $305.294 million, 289% above budgeted profits for that same year, which were estimated in $78.454 million.
- This is the result of improved operational performance and greater profits from dividends of its participated companies.
Empresa de Energía de Bogotá -EEB's Board of Directors, in its meeting held on 16 February 2012, reviewed the information that will be submitted in Shareholders Meeting, according to which net profits in 2011 reached $305.294 million.
EEB made it clear that the comparison of profits 2011 to 2010 should not be construed as a reduction, due to the fact that in 2010 anticipated income were received, if it had not occurred that years, they would have increased profit in 2011.
Such anticipated incomes correspond to the dividends decreed of its participated companies, which performed accounting closures to anticipate dividends in 2010 based on partial cuts of its financial statements.
Accordingly, they behavior of profits in 2011 as regards the previous year do not reflect an operation deterioration of EEB nor of the companies that are part of this portfolio. Had this extraordinary cut not occurred, 2010 profits would have been COP$600.088 million and in 2011 COP$798.149 million.
Taking into account these accounting effects, which will normalize in 2012, the actual average of profits for the past three years amounts to COP$707.151 million.
About Grupo Energía de Bogotá
Grupo Energía de Bogotá is a leading corporation in the Colombian energy sector. Through EEB it transports electricity to a market enjoying one of the largest demand in the country and greatest in size, in addition it has control of the largest natural gas carrier in the country, TGI S.A. In Perú, it company CONTUGAS has a 30 year concession for the transportation and distribution of natural gas in the Ica Department, while CALIDDA is in charge of distributing natural gas in Lima and Callao. In that same country, ISA, participates in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in the country. In 2010, it incorporated TRECSA - Transportadora de Centroamérica S.A.- that will build the most important energy infrastructure project in Guatemala and will render electricity transmission services as of 2013. In addition, it holds a portfolio of significant investments in large companies in the energy sector, amongst 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 in a lesser scale ISA and ISAGEN.