FAQ

Grupo Energía Bogotá 

  • Who is Grupo Energía Bogotá?

    Grupo Energía Bogotá is a corporate holding with regulated businesses, most of which are natural monopolies.

    GEB's portfolio comprises 18 companies and an electricity transmission business in Colombia, which it operates.

    The Group focuses its activities in electricity and natural gas businesses.

    Some of the companies that are relevant for value generation, GEB does not have operating control but regulated its governance through shareholder agreements. In this case Emgesa and Codensa, where, among other things, there is a provision so that shareholders vote in favor of full distribution of dividends.

    For more information CLICK HERE

  • Where is Grupo Energía Bogotá active?
    • It is currently present in Colombia, Perú and Guatemala.
    • The Group is vigilant of opportunities that may arise in America
    • Also, the Group takes into account as an investment criterion the principles of regulations in force in countries where it invests.
  • What is the strategy of Grupo Energía Bogotá?
    • Grupo Energía Bogotá is specializes in the transport and distribution of energy, specifically electricity and natural gas.
    • The Group develops its strategy within a regional scope; it currently has presence in Colombia, Peru and Guatemala and analysis investment opportunities in Chile, Mexico, Peru and Brazil.
    • The main strategy components of Grupo Energía Bogotá are:
    • Focus on regulated businesses.  Approximately 80% of income comes from regulated monopolies.
    • Adequate regulatory framework. Businesses and countries where Grupo Energía Bogotá has a regulation based on: proper return on investment, acknowledgement of administration expenses and maintenance and an institutional order that promotes establishment of the rules of the game.
    • Growth in business with control. Cash influx from controlled businesses grew in average approx. three times in the last five years.  In 2011 almost 50% of the Group's cash flow derived from regulated businesses. 
    • Ambitious expansion projects. The value of the business plan under execution for period 2011-2016 is USD 7.5 billion. 
    • Broad access to capital markets. GEB is one of the main share issuers in Colombia: in 2007 it issued USD 1.360 billion in market notes 144/Reg S, which were refinance at the end of 2011 and beginning 2012. In addition, GEB issued almost USD 400 million in ordinary shares in the Colombian public market in 2011, also GEB issued USD 320 million through Cálidda in April 2013 and USD 450 million through CTM Perú in May 2013.
    • An experience management group. Company administrators have proven experience in the energy sector.

    Name

    Position

    CV summary

    Incumbent in GEB since

    Astrid Álvarez Hernández

    President

    Civil engineering undergraduate from Universidad Javeriana with a specialization diploma in environmental engineering from Universidad de los Andes and master’s degree from the University of Ohio. Consultant with ample experience in strategic advisory to national and international corporations, in recent years she has dedicated time to work in offshore projects in the hydrocarbons and supply chain sectors while continuing her permanent support to social endeavors in Fundación Servicio Juvenil led by Padre Javier de Nicoló.

    Ms. Álvarez worked for six years in Empresa de Acueducto de Bogotá during the administrations of Enrique Peñalosa and Antanas Mockus. As manager, she was in charge of its transformation and of integrating management and commercialization processes aimed at achieving corporate efficiency. In Ecopetrol she was in charge of implementing the supply chain strategic model as of which the Company managed to achieve significant savings and efficiencies in contract management.

    2016

    Felipe Castilla

    Financial VP

    Civil Engineer from Universidad de los Andes and obtained a Master of Science degree from University of Illinois at Urbana-Campaign (1988) and a postgraduate program in finance from EAFIT (1995).CFO in ContourGlobal Latinoamerica since February 2012 to November 2013. He also held the position of CFO in REFICAR – Refineria de Cartagena since January 2008 to February 2012.

    2013

    Ernesto Moreno Restrepo

    Transmission VP

    Electrical Engineer with masters degree in Marketing and Business Administration, Inetec former consultant. Has occupied different positions in EEB.

    1997

    Diana Margarita Vivas Munar 

     General Secretary

    Lawyer from Colegio Mayor de Nuestra Señora del Rosario and specialist in Public Administration from Universidad de los Andes.
    She has been an independent consultant in constitutional, contract, financial, budgetary and public law, and institutional reorganization and redesign of public entities and multilateral agencies.
    In the public sector, she has acted, among others, as Secretary General to the Ministry of Finance and Public Credit; Director of the Public Administration Renewal Program (PRAP – for its Spanish acronym), and Technical Secretary to legal reform on public procurement.

    2016

  • In which sectors is Grupo Energía Bogotá involved?

    Participates in the electric energy and natural gas sectors, with a portfolio of investments including investments in the entire electricity chain and practically in the entire natural gas chain, E&P business of such hydrocarbon. 

  • Who are GEB’s shareholders?

    Shareholding structure Post Ecopetrol Sale:

    GEB Shareholders 

    Number of shares

    %

    Distrito Capital de Bogotá

    7,003,161,430

    76.3

    Ecopetrol S.A.

    28,465,035

    0.31

    Pension Funds

    1,533,268,402

    16.70

    Corficolombiana S.A.

    327,150,500

    3.56

    Individuals and other investors

    289,131,650

    3.15

    Total

    9,181,177,017

    100

  • What accounting standards does GEB adhere to, and what are the Group’s reporting obligations?
    • GEB financial statements are prepared according to generally accepted accounting principles (GAAP) in Colombia, which are defined according to legal provisions, mainly adhering to the Colombian accounting laws, Decree 2649 of 1993.
    • Likewise, an accounting plan is applied to utilities and the unified systems of costs and expenses which were adopted by the Public Utility Superintendence through Resolution 1416 of 1997, amended by resolutions 4493 of 1999 and 4640 of 2000.
    • GEB will enforce Law 1314 of 2009 for Convergence of International Standards for Financial Information, as of 1 January 2014.
  • What are the credit ratings of bonds issued by GEB?

    Ratings may be seen here

  • Which are the main financial indicators of GEB?

    Consolidated financial statements GEB

    COP million

    4Q 11

    4Q 12

    4Q 13

    Operating revenue

    1.421.664

    1.585.105

    1.958.521

    Operating income

    550.659

    558.518

    607.965

    Consolidated Adjusted EBITDA Qtrly.

    353.008

    176.861

    284.226

    Consolidated Adjusted EBITDA LTM

    1.082.047

    1.279.394

    1.775.908

    Consolidated EBITDA LTM

    1.082.047

    1.279.394

    1.775.908

    Dividends and reserves declared to EEB

    347.227

    524.542

    870.926

    Net income

    305.294

    690.701

    843.560

    Dividends and decreed reserves by EEB

    0

    319.964

    403.604

    Latest international rating on debt

    S&P – Oct. 11: BB+  Positive

    Fitch – Nov 11: BB+ Stable

    Moody’s Oct 11 Baa3 Stable

    S&P - Sep. 12: BB+ Stable

    Fitch - Nov 12: BBB- Stable

    Moody’s - Nov 12 Baa3 Stable

    S&P – May 13 :      BBB-  Stable

    Fitch – Nov 15:      BBB-  Stable

    Moody’s - Nov 15:  Baa3  Stable

  • What is GEB’s dividend policy?
    • Profits will be distributed among shareholders, prior approval of General Shareholder's Meeting, subject to Trade Code norms and law, once legal, occasional reserves and provisions for tax payments have been allocated.
    • At least 50% will be distributed as dividend cash profit in each period, or balance thereof, should the need arise to cover losses from previous periods.
    • If sums of legal and occasional reserves exceed 100% of subscribed capital, the percentage of dividends to be given out will be at least 70%. However, with the vote of seventy eight percent (78%) of represented shares in the General Shareholders Meeting, it may decide to distribute a lesser percentage or nothing at all.
    • Profits must be justified in true and faithful statements and distribution will be performed in a proportion to the face value of shares paid. Dividend payments will be in cash, whenever Shareholders Meeting so decrees, or whoever is shareholder may be entitle to make such distribution payable.  Pending dividends belonging to a new shareholder from the date of each transfer, except when agreed otherwise and must be clearly stipulated in that same document.
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Corporate Governance

  • Who are the members of the Board of Directors at GEB?
    • Click here to learn about the members of the Board of Directors.
    • GEB's Board of Directors is comprised by nine members and their respective deputies, elected in General Shareholders Meeting by an electoral quotient system, of whom 25% must be independent according to law.  These members may not be related in kin, to neither the President nor any other employee incumbent in a directorate position, including spouses, relatives in general up to the second degree of kinship and consanguinity relatives up to the fourth degree. 
    • The appointment of members will be for a period of two years, and they may be reelected without prejudice to being freely removed whenever Shareholders Meeting so determines.
  • Who makes up GEB's management team?

    Name

    Position

    CV summary

    GEB incumbernt since

    Astrid Álvarez Hernández

    President

    Civil engineering undergraduate from Universidad Javeriana with a specialization diploma in environmental engineering from Universidad de los Andes and master’s degree from the University of Ohio. Consultant with ample experience in strategic advisory to national and international corporations, in recent years she has dedicated time to work in offshore projects in the hydrocarbons and supply chain sectors while continuing her permanent support to social endeavors in Fundación Servicio Juvenil led by Padre Javier de Nicoló.

    Ms. Álvarez worked for six years in Empresa de Acueducto de Bogotá during the administrations of Enrique Peñalosa and Antanas Mockus. As manager, she was in charge of its transformation and of integrating management and commercialization processes aimed at achieving corporate efficiency. In Ecopetrol she was in charge of implementing the supply chain strategic model as of which the Company managed to achieve significant savings and efficiencies in contract management.

    2016

    Felipe Castilla

    Financial VP

    Civil Engineer from Universidad de los Andes and obtained a Master of Science degree from University of Illinois at Urbana-Campaign (1988) and a postgraduate program in finance from EAFIT (1995).CFO in ContourGlobal Latinoamerica since February 2012 to November 2013. He also held the position of CFO in REFICAR – Refineria de Cartagena since January 2008 to February 2012.

    2013

    Ernesto Moreno Restrepo

    Transmission VP

    Electric Engineer with masters degree in Marketing and Business Administration, Inetec former consultant. Has occupied different positions in EEB..

    1997

    Diana Margarita Vivas Munar 

    General Secretary

    Lawyer from Colegio Mayor de Nuestra Señora del Rosario and specialist in Public Administration from Universidad de los Andes.
    She has been an independent consultant in constitutional, contract, financial, budgetary and public law, and institutional reorganization and redesign of public entities and multilateral agencies.
    In the public sector, she has acted, among others, as Secretary General to the Ministry of Finance and Public Credit; Director of the Public Administration Renewal Program (PRAP – for its Spanish acronym), and Technical Secretary to legal reform on public procurement

    2016

  • Where may I consult GEB’s corporate governance code?
  • What is the role of GEB’s Audit Committee?
    • GEB's Audit Committee is made up by three independent members  of the Board of Directors, one of them must be an expert in financial matters.
    • The main functions of this Committee are:(1) Supervise compliance of the Internal Audit Plan: (ii) To watch over the preparation, presentation and disclosure of the financial information so it adjusts to laws in force: (iii) To review financial statements at the end of a period before submitting them to the Board and the General Shareholders Meeting, and (iv) Issue an opinion, in writing, regarding the potential operation that the company intends to carry out with with other financial parties, to that end it must verify that those are performed as per market conditions and ensure they do not go against a fair treatment among all shareholders.
  • Which are the other corporate governance bodies?

    Grupo Energía Bogotá has additional corporate governance provisions such as: Corporate Governance Committee, Audit Committee, Contracting Committee, External Controls, Presidency Committee, who are in charge of watching over the transparency and decision making processes.  Empresa de Energía de Bogotá is also governed by Contracting Bylaws, to watch over contractual transparency and decision making processes with individuals and public entities.

    For further information, please visits the following links: 
    Good Governance Code:
    Contracting Bylaws: 

  • Who may participate in General Shareholders’ Meetings?

    General Shareholders Meeting is made up of all shareholders, their representatives or agents listed in the share registrar book, met with the quorum required as per law and bylaws and under conditions foreseen to that end. General Shareholders Meeting is the main mechanism to provide personal information to partners. Irrespective of the amount of shares, you have a right to exercise your political rights as a shareholder, regarding attendance to the Meeting as well as voting therein. 

    Shareholders meetings may be ordinary or extraordinary and will be presided over by any of the attendees, agreed upon by absolute majority of shares present for said meeting.

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Investors Concerns

  • When are General Shareholders’ Meetings held?

    Pursuant to Article 45 of Corporation Bylaws and Article 422 of the Trade Code, ordinary General Shareholders Meeting issuers of shares listed in the National Registrar of Securities and Issuers will be held at least once a year, as per the dates appearing therein, at the main address of the corporation within the three months following the end of each period, at the place, date and time determined by the President or the Board of Directors in such summoning. 

    Summoning thereto must be done at least 15 working days prior to the meeting date, and it should inform that during such summoning, Company's certified financial statements and notes thereof, the books and supports will be available so they may exercise their right of inspection. In the event the Meeting is not summoned during the first three months, the General Shareholders Meeting will meet by right on the first working day of April, at 10:00 a.m. at the Corporation's main offices.

    Prior study and analysis of financial statements and pursuant to that established in the Trade Code, the Board of Directors may decide, at any moment, account cuts it deems necessary to distribute dividends. Should these be approved, it will order the company's administration to inform the Statutory Auditor in order to issue his opinion regarding the respective financial statements, authorizing, therefore, the Board of Directors to readjust fees related thereto. Once financial statements have been prepared according to law, the Ordinary Shareholders Meeting will be summoned within the following three months.

    Extraordinary Shareholders Meetings regulation is foreseen, amongst others in Articles 110, 181, 182, 187, 423, 424, 425 and 426 of the Trade Code. These types of sessions are summoned to address urgent needs or unforeseen events that require deliberation and decisions from the Corporation's main body of decision makers. As per the bylaws, “extraordinary meetings are verified by summoning the Board of Directors, the President and the Statutory Auditor.  Furthermore, any of the previous bodies may summon General Shareholder Meeting when a number of shareholders do require, provided they represent at least one quarter of subscribed capital. 

    Household Utilities Service Superintendence may also be summoned to the Meeting pursuant to law.

    Extraordinary meetings will be held when unforeseen events or urgent matters so demand, at the company's headquarters on the time and date of such summoning.

    The last General Shareholders Meeting in GEB was held on 30 March 2017.

  • How many shares outstanding does GEB have?

    It has 9.181.177.017 outstanding shares.

  • What class of stock does GEB have?

    Only ordinary shares. 

  • When will the next payment of dividends take place?

    The last dividend payment was made on July 5, 2017 and October 31, 2017.

  • Where can I find information on the share price?

    Both volume and historic share price may be inquired through the Colombian Stock Exchange Web page, In line Market, Variable Profit:

    Link

  • What is GEB’s market capitalization?

    Current market capitalization is calculated as the produce of all outstanding shares (9.181.177.017), multiplied by the current share price. You may inquire about the share price in the Colombian Stock Market Web page, Variable Profit:

    Link

  • How can I contact the GEB Investor Relations area?

    Contact us

    Rafael Andrés Salamanca - Advisor

    Phone: (57) 1 326 8000 Extension: 1675

    Sandra Catalina Jimenez -  Advisor

    Phone: (57) 1 326 8000 Extension:1827

    David Ricardo Del Portillo - Professional Training

    Phone: (57) 1 326 8000 Extension:1534

    E-mail Investor Relations Office 

    ir@eeb.com.co

    Headquarter:

    Carrera 9 No. 73 - 44. 5Th Floor 

  • What is GEB’s dividend payment history?

    Click here to check the historical payment of dividends 

  • How is payment of dividends made?
    • Shares are dematerialized and under GEB's custody: they are paid directly by transfer to the registered bank account available in GEB's data base.
    • Shares that are dematerialized and in custody in the Central Securities Deposit (Deceval-for its Spanish acronym): through payment made by Deceval to the respective commissioning corporations.
    • For further information on shares, please contact Deceval, national toll free number 01 8000 111 901 or from Bogota: 307 71 27
  • Where can I get a copy of withholding at the source certificate for my statement of returns?
    • To request income statement certificate for taxable year 2011, contact Deceval at their toll free line: 01 8000 111 901 or from Bogota: 307 71 27, where you may also receive information of payable dividends, dividends to date, share closing date, dividend value in force and date of shareholders meeting, among others.
    • In the event your request may not be processed as per the above, you may write to Deceval, attaching copy of your ID document enhanced to 150%. Such communication's signature and content thereof must be acknowledged before public notary (requirement demanded to fully identify shareholder to safeguard the information we manage),
    • The Centralized Securities Deposit of Colombia (Deceval S.A.) is the financial entity receiving dematerialized securities to manage them and keep them under custody in a high tech security IT system. It allows to expedite and facilitate market agent operations, and at the same time, reduce cost and risks related to the physical management of such securities.
  • What is the ex-dividend period, and when does it begin?

    Ex-dividend period is the period comprising the time during which it is understood that a sale/purchase operation of shares is not entitle to receive outstanding dividends. According to regulations in the Colombian Stock Exchange, the ex-dividend periods encompasses four stock market working days before dividends payment date and on dividends payment date. Consult ex-dividends period : http://www.bvc.com.co/pps/tibco/portalbvc/Home/Mercados/informesbursatiles?action=dummy

  • What is DECEVAL?

    The Centralized Share Depositary of Colombia (DECEVAL S.A.) is the financial institution that is the custodian for book-entry shares, and manages and protects these shares using a high-tech, high-security computer system.  This enables transactions to take place swiftly and smoothly, eliminating the costs and risks associated with the management of physical share certificates.

  • How can I find my withholding at the source certificate for my return statement?

    In order to request a certification for income tax purposes, one may contact the DECEVAL shareholder services line, toll free 01 8000 111 901 or +571 307 71 27 from abroad. This office can also provide information on pending dividend payments, share balances, dividends paid to date, daily closing prices, amount of current dividends, shareholder meeting dates, among others.
    In the event of inability to reach DECEVAL as above, one may contact them in writing, including a copy of one’s identity document (enlarged to 150%). This written request must be notarized. This information is required to safeguard personal information.

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