Consolidated net profit of Grupo Energía de Bogotá reached COP 127,676 million as of March 2015
29 May 2015
- Grupo Energía de Bogotá presented preliminary and non-audited financial results to its financial statements under International Financial Reporting Standards - IFRS.
- Progress of company’s annual investment goals reached almost 86%, with investments amounting to US$ 513 million as of March 2015.
Bogotá D.C., 29 May 2015.
Grupo Energía de Bogotá reported preliminary and non-audited results to its financial statements under International Financial Reporting Standards – IFRS, as per that set forth in Law 1314 of 2009 and Regulatory Decree 2784 of December 2012. Thus, net profit reached COP 127,676 million for the first three months of the year.
When compared to the same period in 2014, net income decreased by 88.3% mainly due to early financial closings in associates companies (Codensa, Emgesa and Gas Natural) which in 2014 decreed anticipated dividends amounting to COP 607,405 million. In that sense, EEB also declared in 2014 the highest dividend amount in history, COP 1.1 billion which will pay this year. It should be emphasized that once these dividends are normalized during 1Q 2015, they had reflected net income for COP 735,081 million for the first three months, which includes the effect of dividends decreed in advanced by associates during 2014.
Furthermore, net income was also impacted by devaluation of the foreign exchange rate by 31.1% between March 2014 and March 2015 leading to an increase in expenses on account of the exchange difference in COP 232,981 million during the first three months of 2015. The effect of expressing the USD dollar denominated debt in Colombian pesos.
In addition to the results under IFRS, EEB reports significant progress, almost 86% in its annual investment goal for the year, as it has committed resources for USD 513 million in 1Q 2015. These investments relate to the recent award of a series of projects that will help to boost the transmission infrastructure in the southwestern region of Colombia, and in the departments of Meta and Cesar. Similarly, it includes the acquisition of 51% of four transmission concessions in Brazil, which financial closure is estimated in mid-year.
In that regard, Mr. Ricardo Roa, CEO of Grupo Energía de Bogotá, expressed how pleased he was with progress shown by EEB in its internal process to transition to IFRS, while at the same time highlighted the success of the company regarding its 2015 investment plan. “We expect to continue fulfilling our growth and investment goals, and success thereof translates in improved economic, social an environmental value for our shareholders and other stakeholders”.
EEB will publish a report on the main impacts to its financial statements derived from the adoption of IFRS for the first time, as well as a report of its consolidated financial statements, in the wake of the results conference programmed for 29 May at 8:30 am local time.
Web access link: http://edge.media-server.com/m/p/524bns8z
Telephone access link:Toll free number for participants: +1 (877) 359-9508
Number for international participants: +1 (224) 357-2393
About Grupo Energía de Bogotá
Grupo Energia de Bogota is the leading corporation in the Colombian power sector. Through its parent company Empresa de Energia de Bogota (EEB) it controls nine affiliate companies and directly performs the activity of electricity transportation in Colombia, in a market with the highest demand in the country. In the electricity chain in Colombia, it participates in the distribution of electricity via Empresa de Energía de Cundinamarca – EEC. In addition, it controls the largest natural gas carrier in Colombia, TGI S.A with a stake of 47.6% within the market, including an extension of 3,957 Kilometers of gas pipelines, servicing highly populated areas in Colombia such as Bogota, Medellin, Bucaramanga, the Coffee Region and Llanos Foothills. In Peru, its company CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Department, likewise with its company CALIDDA, it distributes natural gas in the regions of Lima and Callao. In that same country, together with ISA, it holds stocks in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, it established TRECSA - Transportadora de Centroamérica S.A.- in charge of building the most important infrastructure Project in Guatemala and will render electric power transmission services as of 2014. Furthermore, GEB holds an investment portfolio in important companies in the electric power sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., PROMIGAS S.A. 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 affiliate EEB Ingeniería y Servicios. Also, in 2014 it created the company Empresa de Movilidad de Bogotá SAS E.S.P., affiliate company dedicated exclusively to developing electric power mobility projects.
Jorge Armando Riaño Delgado
External Communications Adviser
Tel. 3268000 ext. 169