2. Disclaimer
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements are only predictions and are not guarantees of future performance. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things,
statements concerning the potential exposure of TGI, its consolidated subsidiaries and related companies to market risks and
statements expressing management’ expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-
looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and
similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied in these statements. Although TGI believes that the
expectations and assumptions reflected in such forward-looking statements are reasonable based on information currently
available to TGI’s management, such expectations and assumptions are necessarily speculative and subject to substantial
uncertainty, and as a result, TGI cannot guarantee future results or events. TGI does not undertake any obligation to update any
forward-looking statement or other information to reflect events or circumstances occurring after the date of this presentation or
to reflect the occurrence of unanticipated events.
5. Overview
5
Stable and growing Colombian economy with sound investment environment
Constructive and stable regulatory framework
Largest natural gas pipeline system in Colombia
Stable and predictable cash flow generation, strongly indexed to the US Dollar
Strong and consistent financial performance
Experienced management team with solid track record in the sector
Expertise, financial strength and support of shareholders
Natural monopoly in a regulated environment
Strategically located pipeline network
6. Pipeline network
TGI history
6
Company history
Highlights
Owns ~60% of the national pipeline network
(3,957 km) and transports 48% of the gas
consumed in the country
−Serves ~70% of Colombia’s population,
reaching the most populated areas (Bogota,
Cali, Medellin, the coffee region and
Piedemonte Llanero, among others)
−Has access to the two main production
regions, La Guajira and Cusiana/Cupiagua
Cartagena
Refinery
Barrancabermeja
Refinery
Bucaramanga
Bogota
Neiva
Cali
Medellin
3.15 tcf
1.97 tcf
Eastern
Producers:
Ecopetrol
Equion
Upper Magdalena Valley
Lower and Middle
Magdalena Valley
Northern
Producers:
Chevron
Ecopetrol 1.89 tcf
References
TGI Pipelines
Natural Gas Reserves
City
Field
Refinery
Third Party Pipelines
Source:
Mining and Energy Planning Unit.
National Hydrocarbons Agency.
1997 2005 2006 2007 2008 2009 2010 2011 2012 2013
Start of Ecogas
Privatization
Process
Creation of TGI
Inaugural bond issuance
(Fitch Rating: BB)
Transfer of first BOMT
pipeline (GBS)
Pipelines exchange with
Promigas
CVCI capitalization for USD
400 Mn
Transfer of second BOMT
pipeline (Centragas)
Cusiana expansion phase I:
start of operations
Refinancing of subordinated
debt with EEB
Awarded investment
grade rating by S&P
Headquarters
relocation from
Bucaramanga to
Bogota
Redesign of
organizational
structure
Creation of Ecogas Ecogas assets awarded
to EEB
TGI takes over the O&M of owned
pipelines
EEB acquired the remaining
stakes in Transcogas
Ballena expansion: start
of operations
Merger of TGI and
Transcogas
Refinancing of bonds issued
in 2007 (Fitch Rating: BB+)
Cusiana expansion phase II:
start of operations
TGI takes over the O&M of
compressor stations
Awarded investment grade by
Moody’s and Fitch
2014
EEB acquired 31.92%
stake
Sabana Compressor
starts operations
Fitch upgrades rating
from BBB- to BBB
First dividend
distributionPacific
Ocean
Caribbean
Sea
VENEZUELA
8. Key updates
8
Since 2H 2011 TGI has executed a strategy to improve its credit ratings in order to (i) reduce
financial expenses, (ii) provide better access to debt capital markets and (iii) broaden its potential
investor base
On August 2014, Standard & Poor’s affirmed the TGI corporate debt and issuer rating in ‘BBB-‘,
perspective stable
On October 28th, Fitch Ratings upgraded TGI’s corporate debt and issuer rating from ‘BBB-’ to
‘BBB’, with stable perspective
Baa3 Stable OutlookBBB Stable Outlook BBB- Stable Outlook
TGI´s credit ratings
Final steps of TGI’s stake (31.92%) acquisition by parent company (EEB)
EEB closed TGI’s stake acquisition in 2H2014, through the acquisition of 100% of IELAH (SPV)
domiciled in Spain.
As part of the transaction structured by EEB, IELAH should merge with TGI and the debt of that
entity will be in TGI´s BS. Currently the company is working on that merger and it is expected to
close it at the end of 2015.
Current outstanding debt of IELAH is USD 569 MM, after a partial repay (USD 76 MM) done in
March 2015.
9. TGI started the convergence process from ColGAAP to IFRS
Mandatory transition period began on January 1, 2014 and the issuance date of the first
comparative financial statements under IFRS will be December 31, 2015
Since 2013, TGI carried out activities regarding preparation and adjustment of the resources needed
to advance in the process of convergence to IFRS in accordance with legal requirements
TGI with technical support from external advisors, determined the effects that such changes will
have on the financial statements
Some specific impacts are still being analyzed by TGI
Transition to International Financial Reporting Standards - IFRS
Key updates
10. Regulation perspectives
■ The last tariff review was approved by the CREG Resolution No. 126 in August 2010 and became effective for TGI in
December 2012 (CREG Resolution No. 121). The tariff methodology review process takes place every 5 years, but the
actual tariff application is usually delayed (previous tariff period was effective from December 2003 to December 2012, a
total of 9 years)
■ According to CREG, new regulation is expected to be approved between 2015 – 2016, with the updated tariffs coming
into effect between 2017 – 2018 (the starting point for the 5 year-period is set by the CREG approval of the new tariff
methodology)
■ Based on TGI’s analysis and taking into account the latest available data parameters for its calculations(1), the new
regulatory WACC is estimated at 11,63% for capacity and 14,30% for volume. (12,30% weighted average)
Aug. 2010
New tariff
methodolog
y
proposition
for
discussion
End of current
tariff period
Final tariff
methodology
Final regulatory
WACC
Information
request for
charges
Charge
approval by
CREG
Request for
reinstatement
Approval of
final charges
and
implementatio
n of new
WACC
Approval of
charges
Information
reporting to
CREG
Termination
of public
information
audit stage
– demands
and
expressions
of interest
from third
parties
Dec. 2014
Aug. 2015
Sep. 2015
Jan. 2016
Jun. 2016
Jul. 2016
Dec. 2016
Beginning
of current
tariff period
Tariff review process – Estimated CREG schedule
Tariffs
become
effective for
TGI
Dec. 2012
5 year regulatory period
(1) As of march 2015
Key updates
12. Solid operational performance
(1)The trend line refers to the ratio: Firm contracted capacity/available capacity. The Available capacity differs from the Total Capacity as TGI requires a percentage of it for its own use.
Source: Company information.
Network length
(km)
Capacity
(MMscfd)
Firm Contracted Capacity(1)
(MMscfd)
Transported Volume Load factor
(MMscfd) (%)
Pipeline & Compression
Stations Reliability
3,529
3,774 3,774
3,957 3,957 3,957 3,957
2009 2010 2011 2012 2013 2014 2015
1Q
396 422 420 422
454
494 470
2009 2010 2011 2012 2013 2014 2015
1Q
99.6% 99.7% 99.8% 100.0%
96.0% 96.5% 96.5%
99.0%
2012 2013 2014 LTM 15 1Q
Pipeline system Compression system
69% 71%
58% 59%
61% 64% 62%
2009 2010 2011 2012 2013 2014 LTM
15 1Q
437
485
560
604 625
668 669
92%
90%
92%
85%
88%
94% 94%
2009 2010 2011 2012 2013 2014 2015
1Q
478
548
618
730 730 734 734
2009 2010 2011 2012 2013 2014 2015
1Q
13. Stable and predictable cash flow generation
TGI’s revenues are highly predictable, with approximately 99,6% coming from regulated tariffs that are
reviewed al least every 5 years, ensuring cash flow stability and attractive rates of return
Main sectors served by the Company (79(1)% of revenues) present stable consumption patterns (no
seasonality)
The Company enjoys excellent contract quality
− 100% of TGI’s contracts are firm contracts with an average life of 8,19 years
− 89% of regulated revenues are fixed tariffs, not dependent on transported volume
− Extremely low sensitivity of EBITDA to changes in exchange rate
13
Revenues breakdown
(% of revenues)
(1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles.
TGI’s revenues are highly predictable as a result of regulated tariffs and stable consumption
as of March 31- 2015
By Client
Distributors
62%
Refinery
13%
Thermal
16%
Traders
3%
Vehicle
4%
Others
2%
By Sector
Ecopetrol
14%
Gas Natural
25%
Gases de
Occidente
17%
EPM
11%
Isagen
8%
Others
25%
14. 172
196
226
250
323 332 328
68.1% 66.7% 66.8%
64.1%
69.4% 70.8% 70.5%
2009 2010 2011 2012 2013 2014 LTM 15
1Q
Revenues (3) Gross profit and Gross margin (3)
(US$ in millions – EOM exchange rate for each period)
(US$ in millions – EOM exchange rate for each period) (US$ in millions – average exchange rate for each period)
(1) FFO for the years 2009 - 2013 is presented under ColGaap standards as net income plus depreciation, amortization and provisions, adjusted for
effect from exchange rate and hedges. 2014 and LTM 1Q 2015 is presented under IFRS as net income plus depreciation, amortization and
provisions, adjusted for effect from exchange rate , hedges, and the impact of deferred taxes.
(2) On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event)
(3) Figures for the years 2009 - 2013 are presented under ColGaap standards. 2014 and 1Q 2015 are presented under IFRS. IFRS figures are
preliminary subject to changes, independent auditor’s revision and Shareholders Assembly approval
TGI Financial performance
(US$ in millions – EOM exchange rate for each period)
252
294
338
390
465 468 466
2009 2010 2011 2012 2013 2014 LTM 15
1Q
196
222
257
289
359 371 371
78% 75% 76% 74% 77% 79% 80%
2009 2010 2011 2012 2013 2014 LTM 15
1Q
96 108 117 133
268
305 316
2009 2010 2011 2012 2013 2014 LTM 15
1Q
Funds from operations (1) (2) (3)EBITDA and EBITDA Margin(3)
15. CASH AND EQUIVALENTS (1) TOTAL ASSETS (1)
LIABILITIES (1)
(US$ in millions – end-of-year exchange rate for each period) (US$ in billions – end-of-year exchange rate for each period)
(US$ in billions – end-of-year exchange rate for each period)
TGI Financial performance
PPE (1)
(US$ in billions – end-of-year exchange rate for each period)
110
71
182
160
364
207
275
2009 2010 2011 2012 2013 2014 LTM 15 1Q
1.80
2.12
2.56
2.88 2.98
2.81 2.85
2009 2010 2011 2012 2013 2014 LTM 15 1Q
1.25 1.30 1.34 1.40 1.40 1.60 1.65
0.55
0.81
1.22
1.48 1.58 1.21 1.20
2009 2010 2011 2012 2013 2014 LTM 15
1Q
Liabilities Equity
0.62
0.77
1.40
1.67
1.49
2.28 2.27
2009 2010 2011 2012 2013 2014 LTM 15
1Q
(1) Figures for the years 2009 - 2013 are presented under ColGaap standards. For 2014 and 1Q 2015 are presented under IFRS. IFRS figures
are preliminary subject to changes, independent auditor’s revision and Shareholders Assembly approval
16. (x)
Note: Total debt includes senior debt, subordinated debt and mark-to-market.
(1) Figures for the years 2009 - 2013 are presented under ColGaap standards. For 2014 and 1Q 2015 are presented under IFRS. IFRS figures are
preliminary, subject to changes, independent auditor’s revision and Shareholders Assembly approval
(2) Interest coverage ratio calculated as EBITDA / net interest
Debt / EBITDA (1)
Interest coverage (1)(2)
(x)
Net debt / EBITDA (1)
(x)
(x)
Financial performance
Senior Debt / EBITDA (1)
(x)
5.6 5.4
4.9
4.2
3.5 3.3 3.3
2009 2010 2011 2012 2013 2014 LTM 15
1Q
5.1 5.1
4.2
3.7
2.5 2.7 2.6
2009 2010 2011 2012 2013 2014 LTM 15
1Q
3.8 3.7
3.4
3.0
2.5 2.3 2.3
2009 2010 2011 2012 2013 2014 LTM 15
1Q
2.0 2.0
2.5
4.0
5.9
6.3
6.6
2009 2010 2011 2012 2013 2014 LTM 15
1Q
18. Description: TGI will increase existing capacity
of Armenia and Chinchina
branches with the construction of
two new loops; Armenia Branch:
37.5 km 8” loop parallel to exiting
6” pipeline and Chinchina – Santa
Rosa – Dosquebradas Branch:
7.5km 3” loop parallel to existing
3” pipeline
Cost: ~$ 28 mm
Status: — Engineering stage
— Expected Completion: 2017
Expansion projects pipeline
Description: Adapt compression stations,
delivery and receipt locations
along the Ballena -
Barrancabermeja pipeline so
that it can transport natural gas
in both directions, in order to
allow natural gas to be
transported from the central
region to the north
Cost: ~$ 20 mm
Expected
Completion:
2016
Ballena – Barrancabermeja Bidirectionality
Description: Increase capacity in 20 mmcf/d
by adapting Vasconia, Miraflores,
Puente Guiillermo compression
stations
Cost: ~$ 31 mm
Expected
Completion: Dec. 2015
Cusiana Phase III
Cusiana - Apiay – Villavicencio - Ocoa
Description: BOMT Contract
Increase capacity in 32 mmscf/d.
2 New compression stations
Cusiana – Apiay 32 mmcfd
Apiay – Ocoa 7 mmcfd
Cost: ~USD $ 48 mm
Expected
Completion: 1H 2017
Eje Cafetero Branches
19. Investor Relations
For more information about TGI please contact to:
Antonio José Angarita Vega
CFO
+57 (1) 3138400 - ext 2110
antonio.angarita@tgi.com.co
Sergio Andrés Hernández Acosta
Finance Manager
+57 (1) 3138400 - ext. 2450
sergio.hernandez@tgi.com.co
Fabián Sánchez Aldana
IR Advisor - EEB
+57 (1) 3268000 - ext. 1827
fsanchez@eeb.com.co
http://www.tgi.com.co
21. EEB Strategy and Overview
Strategy
Transportation and distribution
of energy
Key facts
More than 100 years’ experience in the sector; founded in
1896.
Regional leader in the energy sector; major player in the
entire electricity and natural gas value chains (except E&P);
operations in Colombia, Peru, and Guatemala.
Largest stockholder is the District of Bogota - 76.2%.
Stock listed on the Colombia stock exchange; EEB adheres to
global standards of corporate governance.
The EEB Group is one of the largest issuers of equity and
debt in Colombia
USD Million 2014
Operating revenue 963.7
Operating profit 330.3
EBITDA LTM 1,075.1
Net Income 410.0
Consolidated - Covenants 2014
Leverage Ratio 2.09
Interest Coverage Ratio 11.8
Focus on
natural
monopolies
Ample access
to capital
markets
Ambitious
projects in
execution
Growth in
controlled
subsidiaries
Sound
regulatory
framework
Experienced
management
and partners
23. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
23
Table of Contents
24. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
24
26. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
26
27. Cálidda has a client base of 278,028
customers. In the first quarter, 23,023
new clients have been connected . Now in
the residential segment, we have presence
in 17 districts of our concession area.
During the first quarter, 279 km of network
were built, being mostly polyethylene (270
km), whereby the distribution system
reached a total of 4,957 km of underground
pipelines.
Even though Total Revenues from the first
quarter decreased 9% (because of less
investments – IFRIC 12), the Total
Adjusted Revenues increased 23%.
In this quarter the EBITDA and adjusted
EBITDA margin grew, mostly driven by
an increase in the distribution tariff.
Significant Developments
2) Total Adjusted Revenues exclude Pass- through and IFRIC 12 revenues.
3) EBITDA Last twelve months.
4) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues.
5) Interest Coverage: EBITDA / Financial cost.
27
Significant Developments
1) Clients who are in front of Cálidda's distribution network.
Operational Results ( YTD ) Q1 2015 Q1 2014 Var %
Accumulated Clients: 278,028 185,941 50%
Invoiced Volume (MMCFD): 695.2 663.4 5%
Network Lenght (km): 4,957 3,779 31%
Potencial Clients1
497,111 369,629 34%
Financial Results ( YTD ) Q1 2015 Q1 2014 Var %
Total Revenues (USD MM): 129.3 142.3 -9%
Total Adj. Revenues (USD MM)2
: 52.1 42.3 23%
EBITDA (USD MM)3
: 96.8 72.1 34%
Adjusted EBITDA Margin4
: 49.5% 48.8%
Interest Coverage (x)5
6.6x 5.5x 21%
28. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
28
29. Commercial Performance
29
Residential & Commercial
Cálidda has residential presence in 17 districts and
industrial network in more than 34 districts within
Lima & Callao (Metropolitan area).
Cálidda connected residential customers in the
Province of Callao and in March began commercial
activities in the district of Ate.
During Q1 2015, Cálidda added 22,706 clients in
the Residential segment and 309 clients in the
Commercial segment.
Residential
Industrial
Natural gas pipeline
Main grid expansion
Callao
18,756
34,619
63,602
103,090
163,129
254,280
277,295
0
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011 2012 2013 2014 Q1 2015
30. Commercial Performance
30
Clients Segments Growth Highlights
No new power generators where
connected in Q1 2015.
3 new industrial plants were
connected during Q1 2015.
In January, independent customers
like Alicorp, Refineria La Pampilla
and Andina de Cementos Unión,
increased their Firm Distribution
service in 2.0 MMCFD.
5 new NGV stations joined
Cálidda’s distribution system and
almost 200,000 converted vehicles
are attended in the City of Lima.
Power Generation
Industrial
GNV Stations
8
11
13 13
16 16 16
0
5
10
15
20
2009 2010 2011 2012 2013 2014 Q1 2015
321
360
394
429
466 489 492
0
150
300
450
600
2009 2010 2011 2012 2013 2014 Q1 2015
103
143 172 192 206 220 225
81,029
103,712
126,586
151,781
171,541
197,154
200,173
0
50,000
100,000
150,000
200,000
250,000
0
100
200
300
400
2009 2010 2011 2012 2013 2014 Q1 2015
NGV Stations Converted Vehicles
31. Commercial Performance
Volume Sold (Invoiced)
MMCFD
As of March 2015, Take-or- Pay contracts amounted 541 MMCFD, 79% of total invoiced volume.
In Q1 2015 the volume sold increased 5% compared to Q1 2014, due to an increase of volume mostly explained by
the Power Generation segment.
31
52.2%
63.9%
71.6%
71.6%
72.5%
74.2% 74.4%
75.0%
34.0%
25.0%
19.2%
18.1%
17.2%
16.0% 15.9%
15.1%
13.4%
10.6%
8.8%
9.7%
9.6%
9.0%
9.0%
9.0%
182
303
457
508
577
679
663
695
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
Residential &
Commercial
NGV Stations
Industrial
Power Generation
33. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
33
34. Operational Performance
Distribution System Infrastructure
Network Efficiency
In Q1 2015, Cálidda’s has built 279 km, out of
which 9 km were steel high pressure network
while the remaining 270 km were polyethylene
pipelines.
The total network now reaches 4,957 km of
underground pipelines.
The network penetration rate has increased
to 56% due to Cálidda’s commercial
strategy to focus in low income districts
where the savings produced by the use of
natural gas against other alternative fuels
are more appreciated.
34
Clients(‘000)
273 303 359 387 408 428 437
701
1,020
1,465
2,163
2,996
4,249
4,520
974
1,324
1,824
2,550
3,404
4,678
4,957
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 Q1 2015
km
Steel Network Polyethylene Network Total
19 35
64
104
164
255
278
94
126
174
244
331
466
497
20%
28%
37%
42%
50%
55%
56%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 Q1 2015
Total Clients Potential Clients*
(*) Clients who are in front of Cálidda's distribution network.
35. Operational Performance (Cont’d)
35
Calidda´s pipeline current capacity is 420MMCFD (from City
Gate Lurín to Lima). Independent and regulated customers
located down flow Lurín use nearly 295MMCFD, equivalent to
70% of our capacity.
Cálidda has enough Gas Supply (Pluspetrol) and Gas
Transportation service (TGP) to attend its regulated
customers.
Calidda Capacity
420 MMCFD
Gas
178MMCFD
Transport
204 MMCFD
Edegel Ventanilla
Enersur
Edegel Santa
Rosa
Kallpa
Kallpa –
Las Flores
Cálidda'
s City
Gate
Thermal Plants
(Clients)
Conventions
Cálidda Capacity = 420MMCFD
Regulated Clients + Independent Clients
(149MMCFD) (146MMCFD)
Termochilca
Fénix
Independent Clients
(Power Generators)
= 400MMCFD
Mar-15
* Based on 2014 Figures
Mar-15
0
150
300
450
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Regulated Clients Independent Clients
80
120
160
200
240
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Regulated Clients
36. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
36
37. Financial Performance
Total Adjusted Revenues by Segment
2
1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
2) Installation Services Revenues include revenues from connection fees and financing.
3) Others: mainly derived from network relocation and other non recurrent services.
3
37
As of March 2015, 62% of Adjusted Revenues are volume related and 38% comes from installation
services revenues and other revenues.
In this quarter, other revenues have increased substantially compared to previous periods because of
extraordinary revenues that came from relocation services.
4%
14%
10%
34%
30%
8%
Residential & Commercial Industrial NGV Stations
Power Generation Installation Services Others
Q1 2015 Total Adjusted Revenues1
Q1 2015 Total Volume (MMCFD)
1%
15%
9%
75%
41. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
41
43. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
43
44. For more information about Cálidda, please contact our Investor Relations team:
http://calidda.com.pe/inversionistas/
http://www.grupoenergiadebogota.com.co
Adolfo Heeren
CEO
adolfo.heeren@calidda.com.pe
Rafael Andrés Salamanca Rodriguez
Investor Relations Advisor GEB
+57 1 326 8000 – ext. 1675
rsalamanca@eeb.com.co
Isaac Finger
CFO
+51 1 625 7310
isaac.finger@calidda.com.pe
Investor Relations
44
Gabriela Vasquez - Mejía
Finance Management
+51 1 625 7390
gabriela.vasquez-mejia@calidda.com.pe
45. Strong Sponsorship with
Optimal Experience
Leading energy holding company with interests across the electricity and
natural gas sectors in Colombia, Peru and Guatemala.
Founded in 1896, controlled by the Distrito de Bogotá since 1956 with a
76.2% ownership stake.
Leader in the Energy Sector: major player in the transmission and
distribution of electricity and natural gas.
– Only vertically-integrated and one of the largest natural gas distribution
and transportation companies in Colombia.
– Founded in 1974 by the government of Colombia. Currently controlled
by Grupo Aval.
– Major player in the gas distribution sector in Colombia through Gases
de Occidente, Surtigas and Gases del Caribe.
– Participation in the power distribution in Colombia and
telecommunications sector in Panama and Costa Rica.
– EEB has 15.6% stake in Promigas.
Controlling Investments
Non Controlling Investments
Non Controlling Investments
Controlling Shareholder – 60% Ownership in Cálidda
Shareholder – 40% Ownership in Cálidda
Controlling Investments
45
46. Experienced and Proven
Management Team & Board
Board of Directors
Management Team
46
Chief
Operating
Officer
Jorge
Monterroza
Years in industry:
18 years
Years at Cálidda:
4 years
Chief Executive Officer
Adolfo Heeren
Years in Industry: 17 years
Years at Cálidda: 3 years
Chief
Commercial
Officer
Carlos
Cerón
Years in industry:
17 years
Years at Cálidda:
3 years
Chief
Procurement
Officer
Patricia
Pazos
Years in industry:
18 years
Years at Cálidda:
10 years
Chief
Financial
Officer
Isaac
Finger
Months in industry:
8 months
Months at Cálidda:
8 months
Chief Human
Resources
Officer
Rosario
Jiménez
Years in industry:
6 years
Years at Cálidda:
6 years
Chief
External
Affairs
Officer
Tania
Silva
Years in industry:
3 years
Years at Cálidda:
2 years
Chief Legal
and
Regulatory
Officer
Amadeo
Arrarte
Years in industry:
13 years
Years at Cálidda:
11 years
Chief
Strategy
Officer
Tatiana
Rivas
Years in industry:
7 years
Years at Cálidda:
7 years
Chief Internal
Auditor
Carolina
Hernández
Years in industry:
9 years
Years at Cálidda:
7 years
President
Ricardo Roa
Barragán
Participation in the
Boards of Codensa,
Emgesa, Gas Natural,
REP Perú, Cálidda,
Contugas, Trecsa and
President of
Transportadora de
Gas Internacional TGI.
Luis Betancur
Escobar
Served as Director of
Fondo Financiero
Desarrollo Urbano.
President of
Colombia's
restructuring of the
Energy and Gas
Regulatory
Commission
Jose Elias Melo
Acosta
President of
Corporación
Financiera
Colombiana S.A
Minister of Colombia's
Treasury and Public
Credit and Labor and
Social Security
departments.
Antonio Celia
Martínez-Aparicio
President of
Promigas
Served on the board of
directors of various
companies in the
natural gas sector.
Mauricio Montoya
Bozzi
Over thirteen years of
professional
experience in Project
Management, New
Business Structuring
and Strategic
Planning.
David Alfredo
Riaño Alarcón
President of
Transportadora de
Gas Internacional
TGI.
19 years of experience
in the energy sector
and utilities.
Luis Ernesto
Mejía Castro
Director of
Promigas.
Minister of
Mines and
Energy and
Vice Minister of
Hydrocarbons
and Mines.
47. Disclaimer
The information provided here is for informational and illustrative purposes only and is
not, and does not seek to be, a source of legal or financial advice on any subject. This
information does not constitute an offer of any sort and is subject to change without
notice.
Cálidda and its Shareholders expressly disclaim any responsibility for actions taken or
not taken based on this information. Neither Cálidda nor its Shareholders accept any
responsibility for losses that might result from the execution of the proposals or
recommendations herein presented. Neither Cálidda nor its Shareholders are
responsible for any content that may originate with third parties. Cálidda or its
Shareholders may have provided, or might provide in the future, information that is
inconsistent with the information herein presented.
47
Notas del editor
Highlights
Highly predictable revenues, with ~92% of income coming from regulated tariffs and ~80% of fixed rate, which ensures cash flow stability and attractive rates of return
Revenues ~70% mostly derived from sectors with stable consumption patterns ( ~51% distribution, ~10% vehicles and ~9% Barrancabermeja refinery)
Creation of Ecogas
Part of government’s gas massification program
Spin-off from Ecopetrol
Alienation of Ecogas assets
Part of the government’s asset disposition plan
Ecogás awarded to EEB
Purchase price was US$1.5 billion (financed by US$750 million senior debt, US$370 million subordinated debt and US$340 million equity)
TGI-Transcogas merger
Ballena-Barrancabermeja expansion begins operations in 09/10
Transfer of 2nd BOMT (Centragas) and CVCI capitalization
CVCI acquired 31.9% of TGI for US$400 million
Proceeds used for repaying project Cusiana debt and financing future investments
TGI’s revenues are highly predictable, with approximately 92% coming from regulated tariffs that are reviewed every 5 years, ensuring cash flow stability and attractive rates of return
Main sectors served by the Company (70% of revenues) present stable consumption patterns (no seasonality)
~77.1% of TGI’s revenues come from top-tier clients with solid credit ratings, ensuring consumption and minimizing contract renewal risk
The Company enjoys excellent contract quality
100% of capacity covered by firm contracts (average life of 9.8 years)
80% of regulated revenues are fixed tariffs, not dependent on transported volume (expected to increase with the new regulatory scheme)
~75% of EBITDA denominated in US Dollars
100% of the debt is unsecured
No contingencies exist related to rating triggers
Strong subordination agreement between TGI, EEB and the Trustee
100% of the debt is unsecured
No contingencies exist related to rating triggers
Strong subordination agreement between TGI, EEB and the Trustee
Correct volumes
Tie to market section, insert firm expiry dates
Tie to market section, insert firm expiry dates
Correct volumes
Correct volumes
Mix women and men
Insert info about board of directors