Net profit of Empresa de Energia de Bogota grew by 19% at 2q 2013 closing
30 August 2013
- As of 30 June 2013, net profit of Empresa de Energía de Bogotá -EEB- reached 718 billion pesos, 113 billion pesos in excess of that reported for the same period during the previous year, representing an increase of 19%.
At the end of 2Q 2013, net profit of Grupo Energía de Bogotá closed at 718 billion pesos, 113 billion pesos more than the results obtained in the same period during 2012, meaning an increase of 19%.
This result is explained mainly by growth of 72 billion pesos in the operational profit, highlighting the results obtained in the natural gas transport business in Colombia, resulting from a new tariff scheme and the start-up of Cusiana phase II in August 2012, which allowed the subsidiary TGI S.A. E.S.P., to increase its operational profit by 42% when compared to the first half of the previous year. On the other hand, the subsidiaries Cálidda and Contugas, dedicated to the natural gas distribution business in Peru, continue their expansion process and connection of new clients, which has generated some costs and operational expenses.
Non-operational results were benefited from the increase of 276 billion pesos in dividends decreed to EEB, particularly those coming from Emgesa, Codensa and Gas Natural, as well as a reduction of 152 billion pesos in financial expenses related to EEB and TGI debt management operations carried out in 2011 and 2012 respectively. On the other hand, the devaluation of the Colombian peso during 1H 2013, had a negative impact on the foreign exchange account, passing from revenue of 197 billion pesos as of June 2012, to expense of 218 billion pesos as of June 2013, as a result of updating financial obligations expressed in USD, booking that only has accounting impact and does not correspond to a cash payment.
Mrs. Sandra Fonseca, CEO of Empresa de Energía de Bogotá, headquarter of Grupo Energía de Bogotá, highlighted the operational results and expressed: “The expansion projects that have come on stream have continued strengthening the results of Grupo Energía de Bogotá during the first half of 2013. All the companies of the Group are committed to the execution of the expansion plans and seeking new investments”.
It is worth mentioning that the Board of Directors of EEB approved in the past months, the quest for new investments in transportation and distribution of electricity and gas in Latin America and, recently, the participation in the process for acquiring stake in Isagen.
About Grupo Energia de Bogotá
Grupo Energia de Bogotá is the leading corporation in the Colombian power sector. Through EEB its transport electricity to the most significant markets in terms of demand and size in the country, in addition to controlling the largest natural gas carrier in Colombia, TGI S.A. In Peru, its company CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Department. 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 said country. In 2010, it established TRECSA - Transportadora de Centroamérica S.A.- that is building the most important infrastructure Project in Guatemala and will render electricity transmission services as of 2013. Furthermore, it holds an investment portfolio in the most important companies in the electric power sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., la Empresa de Energía de Cundinamarca - EEC and Electrificadora del Meta, EMSA and to a lesser extent ISA and ISA
Oficina de Relación con el Inversionista - Investor Relations Office
Grupo Energía de Bogotá
Antonio Angarita / Rafael Salamanca
57 1 3268000 Ext. 1546 / 1675