GEB Results Presentation
3Q21 and 9M21
November 30, 2021
1
3Q21in
Summary Operational diversification and new IFA-Enel leverage the results
Main Speaker: | Revenue | Operating Income | EBITDA | Net Income | Capex & Acquisitions | |||
Controlled | ||||||||
3Q21 | ||||||||
1.420 | 459 | 1.258 | 710 | USD 80 mm | ||||
Jorge Tabares | 12,0% YoY | 3,0% YoY | 107% YoY | 48,3% YoY | 32,5% YoY | |||
CFO | ||||||||
3.984 | 1.306 | 3.794 | 1.868 | USD 223 mm | 9M21 | |||
6,4% YoY | 0,3% YoY | 25,3%(1) YoY | 10,2% YoY | -53,3%(2) YoY | ||||
(COP billion) | ||||||||
By business line | Part. % | Owned operation and partners | ||||||
963 | Natural Gas Transportation | $ 273 (3) | (9,7%) | AAA / BBB, Baa2 | ||||
25 | 4.327 Km Gas Pipelines | |||||||
849 Mpcd of Installed Capacity | Dividends decreed | Ratings Nal / Intl. | ||||||
920 | 24 | Power Generation | ||||||
(dividend yield) | ||||||||
3.542 MW Installed Capacity | ||||||||
3.794 | 9.891 GWh Generation | 2,7x | 7,7x | |||||
750 | 20 | Power Distribution | ||||||
EBITDA 9M21 | Net Debt / EBITDA | EBITDA / Fin. expenses | ||||||
4.3 million Connections | ||||||||
+25,3% | Natural Gas Distribution | 19,0% | 11,5% | |||||
588 | 15 | |||||||
3,7 million connections | ||||||||
572 | 15 | Power Transmission | ROE LTM | ROA LTM | ||||
15.588 Km Transmission Lines | ||||||||
- Normalized EBITDA grew 5.2% (excluding extraordinary dividends from Emgesa, Codensa and CTM).
- 2020 includes the acquisition of Argo for USD 330 mm, organic capex increased 51,9%
- It includes an ordinary dividend of COP 147 (YoY +5;0%) and extraordinary dividends totaling COP 126. Dividend Yield calculated over the share price as of 30/09/21 (COP 2.816).
Results
3Q21 Increased dynamism in Peru and dividends accelerate EBITDA generation
COP billion
Consolidated EBITDA | Revenues |
3Q YoY
1.420 | +152 (+12,0%) | |||||||
1.268 | 1.234 | 1.330 | 100 | +9 | ||||
+25,3%(1) (+765) | Power | 91 | 100 | 99 | 177 | +9 | ||
170 | ||||||||
Distributon | 168 | 164 | -41 | |||||
3.794 | 370 | |||||||
Power | 349 | |||||||
410 | 343 | |||||||
Transmission | ||||||||
Natural Gas | 774 +175 | |||||||
Transportation | 599 | 626 | 712 | |||||
Natural Gas | ||||||||
Distribution | ||||||||
3Q20 | 1Q21 | 2Q21 | 3Q21 | |||||
Costs | Administrative expenses |
Non-controlled dividends 50%
+73,4%(2)
1.103 vs 1.913
- Normalized EBITDA grew 5,2%.
- Normalized non controlled dividends grew 18,4%
-7 | +32 | |||||
Controlled | +129 | 686 vs 811 | 154 vs 192 | |||
+18,2%(3) 3QYoY | -6 | +24,7% 3QYoY | ||||
EBITDA 50% | ||||||
-2,3% | -2 | - | ||||
1.926 vs 1.881 | ||||||
+12 | ||||||
+4 | ||||||
(3) Consolidated costs excluding pass through costs for network expansions in Peru grew 10,2% | 3 | |||||
Results
3Q21 Consistent growth of associates and lower financial expenses boost net income
COP billion
Net income 9M21
1.694 vs 1.868 +10,2%
-502 vs -493 | 1.868 |
-1,8%
Equity method
1.191 vs 1.510 +26,7%
+36% | +13% | +32% | ||||||||||||||||||||||||||
657 | ||||||||||||||||||||||||||||
4 | 7 | 16 | 79 | 49 50 | 54 | 59 | 81 | 88 | 66 | 70 | 97 | 131 | 325368 | 498 | ||||||||||||||
EMSA | Gebbras(1) | Vanti | REP | Argo (2) | CTM | Promigas(3) | Codensa | Emgesa | ||||||||||||||||||||
16,2% | 99,9% | 25,0% | 40,0% | 50,0% | 40,0% | 15,2% | 51,3% | 51,5% |
(1) | Gebbras records 50% of GOT, MGE, TER and TSP. Currency diversification. | (3) Promigas: consolidated through EEB GAS S.AS |
(2) | Argo starts to account in April 2020 | 4 |
Results
3Q21 Low leverage levels, few short-term maturities and diversified investment plan
USD mm
Debt composition | Acquisitions and Capex |
Kd COP - 7,53% Kd USD - 3,8%
Fixed 73% | Net Debt / EBITDA | 1.805 | |||||
2,7x | +51,9% | ||||||
Libor 14% | 5-year | ||||||
Organic | |||||||
3.769 | EBITDA / Net Financial | Capex | projection | ||||
Expenses |
81% in USD | 7,7x | ||
CPI 13% | |||
Cash position | |||
DTF 0,1% | 581 |
Debt maturity profile Sep-21(1)
918 | 836 | |||||||||
355 | ||||||||||
750 | ||||||||||
410 | 449 | 456 | 424 | |||||||
320 | 90 | 112 | 101 | 112 | 86 | |||||
30 | 65 | 29 | 56 | 47 | ||||||
// | // | // | // | // |
2021 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 32 | 35 | 42 | 45 | 2047 |
Cálidda Intl. Bond | GEB Syndicated Loan | Contugas Syndicated Loan | TGI Intl. Bond |
477 | 463 | ||||||||||||||||||||
58 | |||||||||||||||||||||
360 | |||||||||||||||||||||
342 | 42 | 7 | 334 | ||||||||||||||||||
56 | 15 | 305 | |||||||||||||||||||
56 | |||||||||||||||||||||
330 | 37 | ||||||||||||||||||||
25 | |||||||||||||||||||||
35 | 45 | 47 | |||||||||||||||||||
223 | 20 | 145 | |||||||||||||||||||
21 | |||||||||||||||||||||
21 | 104 | 161 | |||||||||||||||||||
21 | 148 | ||||||||||||||||||||
11 | 154 | 15 | |||||||||||||||||||
15 | |||||||||||||||||||||
28 | 69 | ||||||||||||||||||||
22 | |||||||||||||||||||||
141 | 136 | 16 | |||||||||||||||||||
43 | 99 | 119 | 87 | ||||||||||||||||||
78 | |||||||||||||||||||||
47 | |||||||||||||||||||||
8 | 6 | ||||||||||||||||||||
SEP-20 | SEP-21 | 2021 | 2022P | 2023P | 2024P | 2025P | |||||||||||||||
BUDGET |
Nominal debt balance. FX Sep 2021/USD (COP 3.834,68)
Cálidda | Transmission | Dunas | ||
Trecsa & EEBIS | Contugas | TGI | ||
TGI (Regasification Plant) | Acquisitions | 5 | ||
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