(103-1) Economic growth allows us to maintain a long-term vision and guarantee the creation of value for our Shareholders and other Stakeholders, so that the economic results are sustainable and are accompanied by the management that, as development partners, we carry out so that our business is in harmony with the social and environmental setting in which it is developed.
(103-2) The value created with economic growth is reported in the Financial Statements. Additionally, we create value with processes that accompany the sustainable-growth initiatives and strengthening the capital structure for the Company’s expansion. For example:
- Obtaining resources to support growth, while guaranteeing an optimal capital structure.
- Financial structuring of business cases to favor obtaining the desired rates of return for the company, with a margin on the cost of capital.
- Continuous monitoring of exchange rates and other macroeconomic variables, risks, accounting/tax regulations, etc.
The results of our businesses were positive both operationally and financially:
Consolidated net profit.
- Investment vehicles: solar and transmission.
- Non-conventional renewable energies (NCRE).
- Bond issue for COP 1.1 trillion and a private share issue for COP 460 billion.
- Divestment in the Zona Franca.
- Second issue of Celsia Colombia (formerly Epsa) ordinary bonds for COP 1.1 trillion with a demand of COP 2.04 trillion against an adjudicated amount of COP 1.1 trillion.
- Purchase of Tolima assets for COP 1.68 trillion. More than 600,000 clients to reach 1,100,000 energy clients.
- Sale of the Zona Franca natural-gas thermal asset for USD 420 million.
- Structuring of the Caoba Inversiones investment platform (51% owned by Celsia Colombia, 49% of the multinational Cubico Sustainable Investments), with which operational assets were incorporated into operational assets related to Plan5Caribe, including the project in development of Toluviejo and the assets with Voltage Levels 3 and 4 and the National Transmission System (NTS) acquired in Tolima, as well as the investment commitments we had at these voltage levels in this region, which total COP 1.37 trillion in book value, accessing new resources and capacities, and optimizing the cost of capital and the allocation of resources for growth.
- Likewise, we created another platform, also with Cubico, for the development of solar projects; The solar farms of Yumbo, Bolívar and all those that are in the process of development, construction and start-up that are larger than 8.0 MW are part of this.
Acquisition of Distribution Assets in Tolima
Celsia Colombia Capitalization
The capitalization was fundamental to achieve a long-term capital structure for the Tolima assets.
2019 Bond Issue
Working capital COP 300 billion.
Located in Sahagún, Córdoba, near the Jobo de Canacol gas field, it is a thermal plant, which will begin operations at the end of 2021, allowing an increase in the Company’s energy contracting.
Zona Franca Divestment
- Capture of Value and capital rotation.
EV/EBITDA 2019: 11.2x.
- Increased focus on renewable energy and retail.
- Improved generation ROCE and reduced volatility of results.
A 19.9 MW hydroelectric project located in San Andrés de Cuerquia, Antioquia.
A 330 MW wind complex, composed of two projects, located in Uribia, La Guajira.
The project was adjudicated in the last energy auction, carried out by the Ministry of Mines and Energy, for a total of 768 GWh-year.
COD (Start of Operation): 2022.
COD (Start of Operation): 2023.
Maintain the flexibility and firmness of the current financial situation.
Structure profitable and sustainable projects to meet medium- and long-term growth goals.
Execute the projects to successfully materialize the strategy in the medium and long term and maintain a competitive, balanced, flexible and sustainable portfolio of assets.
Constantly venture into new challenges that lead the Organization to sustainable fulfill the growth strategy.
Resources that come from the management of the Company’s operation.
The financial indicator of the profitability of our Company. It is calculated as profit before interest, taxes, depreciations and amortizations.
The result after deducting from the income obtained by the Organization all the corresponding expenses and taxes.
Titles that represent a debt that an issuing entity has with the natural or legal persons that acquire them. They are a financing option for companies, other than bank credit. In this case, the issuing company acquires the obligation to return the amount of the investment to the bond holder after a period of time has elapsed, plus a sum of money that is equal to the interest it promised to pay.