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Annual Investors Report

2009

1

Contact: Juan Felipe González Rivera

Tel: (571) 3268000 ext 1546

E mail: [email protected]

Bogotá D.C., April 2010

Index

Overview of EEB.

Executive summary and relevant facts.

Performance of Controlling Investments.

EEB Transmission.

TGI and TCG.

CONGAS Peru.

TRECSA.

DECSA – EEC.

Performance of Non - Controlling investments.

Emgesa.

Codensa.

Gas Natural.

REP y CTM.

EEB consolidated financial performance.

Link to TGI’s Investors Report 2009

Annex 1: Legal notice and clarifications.

Annex 2: Technical and regulatory terms.

Annex 3: EEB’s Consolidated financial statements

Annex 4: Consolidated Ebitda reconciliation

Annex 5: Tables and graphics’ footnotes.

Overview of EEB

EEB is an integrated energy company with interests in the natural gas and electricity sectors and operations

in Colombia, Peru and Guatemala;

The company was founded in 1896 and it is controlled by the District of Bogotá (81,5%; S&P BBB- rating);

The vision of the group of Companies led by EEB is: “to become, by 2024, the first independent natural gas

transporting company in Latin America, and an important player in the transmission of electric energy at

national and international level with significant stakes in other energy sector businesses”;

EEB has an expansion strategy focused on the transmission and distribution of energy in Colombia and other

countries within the region.

A big chunk of its investments are invested in natural monopolies regulated by the Government, which allows

the company to enjoy a stable and predictable cash flow influx;

http://www.eeb.com.co/?idcategoria=4208


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It participates, either directly or indirectly (through companies with control) in the transmission of energy and

in the transportation of natural gas;

The company participated in energy generation, transmission and distribution sectors as well as in the

natural gas distribution sector by means of investments in companies it does not control. The

aforementioned refers to alliances with companies such as ISA Colombia, Endesa and Gas Natural Spain.

It entered into two shareholder agreements with Endesa; these in turn regulate the governance of Emgesa

and Codensa. Amongst other things, the parties are bound to cast a vote in favor of the distribution of as

maximum dividends as permitted by law.

EEB structure

Return to index


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Executive summary and relevant facts

Table N°1 - Electric sector overview Colombia Perú Guatemala Installed capacity (MW) 13,496 7,158 2,029 Demand 09 (GWh) 54,679.1 27,253.2 7,692 Demand growth 08 - 09 (%)

1.8 1.1 0.9

2009 growth drivers Increase in household demand

Recovery of industrial and commercial demand

Increase in industrial demand Economic recovery.

CAC 10 -15 (%) 3.3 7.3 5.5 Sources: XM, Upme, COES (Peru), AMM (Guatemala)

Table N°2 - Natural gas sector overview Colombia Perú Proven and probable reserves (TCF)

6.4 29.8

Demand 09 (mcfd) 1,022 343 (estimated) Demand growth 08 - 09 (%) 12.7 27.6 Growth drivers Exports to Venezuela

El Niño phenomenon: increase of demand in thermal sector

Growth in household, commercial and industrial customers, specifically in Lima.

Vehicle market developing towards natural gas.

CAC 10 -15 (%) 3.7 17.9 Sources: UPME; CNO; MEM

Table N°3 - Summary of EEB expansión projects

Project Country Sector Capex Usd

Mm Status In operation:

Guajira – TGI Colombia Natural gas transmission 174 Construction 1 S 2010 Cusiana I and II – TGI Colombia Natural gas transmission 372 Construction Fase I: 3 T 2010

Fase II: 1 T 2011 Gasoducto Regional ICA – Congas

Peru Natural gas transmission 272 Concession awarded Financial structuring and contracting process.

4 T 2012

Expansion of transport system - Trecsa

Guatemala Electricity transmission 350 Awarded in Jan 2010 Financial structuring and contracting in progress.

2 T 2013

UPME auction – EEB Colombia Electricity transmission 72 Offer submittance under study. 3 T 2012


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Table N°4 - Summary of expansion projects in non controlled companies

Project

Company Sector Country Capex Usd Mm

Estimated

Status In operation in:

Quimbo Emgesa Electricity generation

Colombia 690 Obtaining permits

2014

Substations (3) Codensa Electricity distribution

Colombia 60 2 under execution

2010 – 2011

Enhancement of concession REP Electricity transmission

Peru 48 Under execution

2010 -2011

Enhancement of concession and new concessions

CTM Electricity transmission

Peru 426 Under execution

2010 -2013

Table N°5 - EEB selected financial indicators (Consolidated information) Cop Mm 2008 2009 Operating revenue 591,291 930,820 Operating income 354,451 416,282

Dividends and reserves decreed 299,133 308,273

Net income 219,115 793,213

Consolidated EBITDA 934,163 1,053,942

Last credit rating international bonds (144A)

S&P (09-07-2009) BB+

BB Fitch (04-02-2010)

Table N°6 - Selected financial indicators 2009 - Non-controlling investments Cop Mm Emgesa Codensa CTM REP Gas Natural Operating revenue 1,929,135 2,771,875 62,307 178,458.7 1,013,349

Operating income 951,999 768,784 40,148 56,624.3 342,229 Dividends and reserves decreed to EEB 213,304 226,254 0 0.0 62,849 Net income 538,424 507,408 25,041 26,574.6 271,436 EBITDA 1,102,978 1,044,969 53,966 120,607.8 375,189

EEB consolidated EBITDA increased by almost 13% in 2009 driven by greater revenues from its

natural gas operation and increased decreed dividends from Non-controlled investments.

Company shareholders agreed to distribute profits amounting to Cop 291,537 mm and create

reserves amounting to Cop 431,676 mm.

EEB made significant advances in terms of its expansion strategy in the energy transportation

and distribution segments in Colombia and the LATAM region: (▪) TGI is currently developing the two

most important gas expansion projects in Colombia (Guajira and Cusiana). Their cost amounts to approx. Usd

550 mm and will increase transportation capacity by more than 50%; (▪) In January 2010, the Government

of Guatemala awarded EEB the right to construct and operate an 800 km transmission network and 12 new

substations, as well as the enhancement of 12 existing substations. The undertaking of this project will be

the responsibility of TRECSA, in which EEB holds 90% of its shares and the remaining 10% is owned by

another Colombian company (Electricas de Medellín), which vast experience in the construction of

transmission networks; (▪) In 2009 EEB was awarded with a 30 year concession for the construction of a

natural gas transportation and distribution system in the ICA region (southern Peru). The project will be


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carried out by Congas Peru (75% EEB; 25% TGI). The project has an estimated cost of Usd 270 mm and an

approximated capacity of 284 mmcfd. The construction is planned to start during the second half of 2010

and it will come on stream 30 months later (at the end of 2012). The company is currently negotiating supply

and services contracts and in search of financing (possible structure: 30% capital and 70% debt) and; (▪) In

February 2009, EEB acquired, through its subsidiary DECSA (51% EEB - 49% Condensa), 82.34% of the

shares of Empresa de Energía de Cundinamarca (EEC). EEC is an electricity distribution company that

operates in an area close to Codensa, therefore there is a significant potential to take advantage of

operating, administrative and financial synergies. The company is operated by Codensa, by means of a

service agreement.

The company continued the implementation of its hedge strategy against fx risk. (▪) Towards the

end of 2008, EEB contracted a coupon swap. This is a mechanism whereby the company receives a fixed

interest rate of 8.75% in dollars, over a notional amount of usd 133 mm, and it is bound to pay a fixed

interest rate in cop of 10.85% over a notional amount of Cop 311,220 mm until the year 2014. This contract

complements the revenues in dollars the company receives from the intercompany loan entered into with

TGI (Usd 370 mm, rate of 8.75%, 2017). (▪) In January 2009, TGI contracted forwards and swaps to hedge

the fx risk related to the principal of its Notes. The amount covered is Usd 200 mm and the contract expires

in 2017.

At the end of 2009, Emgesa worked in the financial closure of El Quimbo project (hydro, installed

capacity of 400 MW; approx cost, Usd 690 mm).

Emgesa was actively involved in the Colombian capital market by issuing, in February and July;

notes amounting to Cop 665,000 mm and commercial papers amounting to Cop 600,000 mm. Furthermore,

the company decided to increase to total of the notes to be issue y Cop 1,200,000 mm; its issuance term was

extended until 2012.

Emgesa shareholders approved a capital reduction (cash return to its shareholders) for an

amount of Cop 444,778 mm; payment is expected to take place during the first half of 2010, after

fulfilling legal matters.

Emgesa sold its shares in EEB (7.2%) as part of the strategy of the new controlling shareholder (ENEL)

regarding the sell-off of non controlled investments. The aforementioned operation provided market liquidity

to the shares of EEB.

CREG approved new distribution charges for Codensa and EEC. These come into force in December

2009 and will be in place for the next five years. According to the company, the impact in low voltage level is

marginal in relation to the previous rate.

Codensa is pending approval from the Financial Superintendency regarding its notes issuance

program. Cop 600,000 mm to be issued in the Colombian market; the proceeds will be used refinance debt

expirations during the following 5 years.


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Codensa agreed with Banco Colpatria the sale of its entire “Crédito Fácil Codensa” portfolio line

and a new model to manage existing and new loans. The agreement allows the company to eliminate its

credit risk exposure without having to back down from the business.

REP and CTM made progress in their transmission expansion plan in Peru.

Table N°7 - REP expansion projects Project Mode Value (Usd mm) In operation Quencoro, Azángaro, Trujillo Norte, Puira Oeste and Tingo María Changes to concession 26.7 4 T 2010

Second circuit Chiclayo Oeste – Piura Oeste Changes to concession 21.3 3 T 2011

Table N°8 - CTM expansion projects

Project Mode Km Value (Usd Mm) in

operation Chilca – Zapallal New concession -30 years as of starting

operation 94 (220Kv) + 94

(500Kv) 114 1 T 2011

Enhancement to the concession

Reinforcement of existing line N.A. 93 2 T 2011

Independencia – ICA New concession -30 years as of starting operation

55 12 2 T 2011

Zapallal – Trujillo New concession -30 years as of starting operation

543 207 3 T 2012

ISA and EEB agreed to capitalize CTM in Usd 85 mm (EEB must contribute with 40%). These

resources will be used to finance new projects already awarded to the company. Additionally, EEB’s board

approved a maximum capitalization amount for CTM of Usd 71 mm, to cover the exiting commitment and

possible additional needs.

Return to index


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Performance of controlling investments

Table N°9 - Approximation of the contributions to the Consolidated EBITDA of EEB

Sector – Country Operational income (UO) Cop Mm

UO / Consolidated Ebitda (includes

dividends decreed) (%) 2008 2009 2008 2009

1) Electricity Transmission Colombia

46,451

49,262 3.4 3.2

Electricity Transmission Guatemala

N.A N.A N.A. N.A.

Electricity Distribution Colombia

N.A. 16,737 N.A. 1.1

a

Natural Gas Transmission Colombia

307,137 345,167 22.3 22.0

Natural Gas Transmission Peru

N.A. N.A. N.A. N.A.

Total 353,588 394,429 25.6 25.2

Table N°10 - Transmission indicators of EEB 2008 2009 Infrastructure Availability (%) (1) 99.9 99.9 Compensation for unavailability (%) (2) 0.0028 0.0012 Maintenance program compliance (%) (3) 100 100 Participation in Colombia’s transmission activity (%) (4) 7.9 7.8 Investments 5,773 6,410 Note: Footnotes in annex 5

EEB transmission achieved high operation and maintenance standards: Internal objectives defined

for 2009 were met, both for financial and technical goals. By year-end 2009, the availability of the

transmission system was above CREG’s requirement (99.73%).

In February 2009, CREG defined the new methodology for the remuneration of existing

transmission assets (those in operation before 2001, which were not awarded by the auction system).

Transmission companies have submitted to CREG information regarding the value of their constructive units

and Administration, Operation and Maintenance costs; and they are expecting the definition of new regulated

revenues from CREG. Around 80% of EEB’s transmission revenues come from existing assets and the balance

from assets awarded through auctions. With information available, the company believes that the impact will

be marginal.

Investments have been focused on infrastructure maintenance, modernization of equipment

and operational improvements.


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Table N°11 – Selected indicators of TGI 2008 2009 Operating revenue (cop m) 471,419 545,246 Operating income (cop m) 294,903 331,073 Net income (cop m) (180,700) 247,663 Ebitda LTM (cop m) 385,037 426,242 Transported volume (mpcd) 370 396 Firm contracted capacity (mpcd) 427 415 Credit rating

S&P (23 02 09) Fitch (11 02 10)

BB BB

BB BB

TGI’s EBITDA grew last year by around 11%, driven by greater demand from gas fired plants.

Electricity production in these grew 87%, as a result of El Niño phenomenon.

Increase in transported volume and the revaluation of the peso had a positive impact on the

company’s net profit in 2009.

Table N°12 - Selected indicators of DECSA Cop Mm 2008 2009 Number of clients N.A. 235.000 Operational revenue (cop Mm) N.A. 262,486 Operational income (cop Mm) N.A. 16,737 Net Income (cop Mm) N.A. 12,188

Return to index

MEDELLIN

CALI

RIOHACHA

STA. MARTABARRANQUILLA

CARTAGENA

Cúcuta

NEIVA

MANIZALES

PEREIRA

Curumaní

SINCELEJO

Pitalito

Hobo

VALLEDUPAR

Mariquita

YOPAL

BallenaChuchupa

Cusiana

Transcogas

Promigas

TGI

Barrancabermeja

Tunja

Belén

Bucaramanga

Centros de Producción

cogua

Cerromatoso

BOGOTA


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Performance of non-controlling investments

Table N°13 - Contributions to EEB’s Consolidated EBITDA - Cop m Sector – Country Cash decreed by EEB (1): Cash decreed by EEB /

Consolidated Ebitda (%) 2008 2009 2008 2009 aaa

Electricity generation in Colombia 189,957 213,304 20.3 20.2

a

Electricity distribution in Colombia 196,754 226,254 21.1 21.5

A

Natural gas distribution in Colombia 48,099 62,841 5.1 6,0

a Electricity transmission in Peru 0 0 0 0

Otros Isa, Isagen, FEN, Banco Popular, EMSA

11,084 8,167 1.2 0.8

Total 445,894 510,566 47.7 48.4

Note: Footnotes in annex 5

Table N°14 - Overview of Emgesa Installed capacity (MW) 2,895 Composition 10 Hidro y 2 thermal

Generation 2009 Gwh 12,673 Sales 2009 Gwh 16,806 Operating revenue 2009 Cop Mm 1,929,135 Ebitda 2009 Cop Mm 1,102,978 Controlled by Endesa of Spain EEB Participation

51,5% of company shares (37.4% common; 14.1% preferential without the right to vote)

Emgesa24%

Others76%

Generation

200854,395

Emgesa23%

Others77%

200955,965

Graphic N°1 Graphic N°2


91,6 93,3

58,2

93,39 91,83

66,48

Minor plants (1) Hydroelectric plants (2) Thermal plants

Availability of infrastructure (%)

2008 2009


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EMGESA maintains its lead as the country’s main electricity generator. Its market share is under

the regulatory limit (25%) and also under the special surveillance range (from 26% to 30%).

The company’s availability indicator shows a slight decrease in 2009, due to maintenance of a

unit in the Betania Hydro Plant performed during the first half of the year. The fall in availability of hydro

plants was partially offset with greater availability of thermal plants.

Company sales grew by 2.7% in 2009. Energy supplies and sales were modified compared to 2009 due

to the impact of El Niño.

Table N°15 - Selected financial indicators of Emgesa Mm COP Mm USD

2008 2009 Var % 2008 2009

Operating revenue 1,510,712 1,929,135 27.7 673 943.7 Cost of sales (699,034) (954,148) 36.5 (312) (466.8) Administrative expenses (21,760) (22,988) 5.6 (10) (11.2) Operational Income 789,918 951,999 20.5 352 465.7 Net income 454,310 538,424 18.5 202 263.4 Ebitda (1) 924,910 1,102,978 19.3 412 539.6 Dividends and reserves decreed to EEB 189,957 213,304 12.3 84.6 104.3 Capital reductions to EEB 0 0 0 0 0 Net debt (2) / Ebitda 1.3 1.7 30.8 1.3 1.3 Ebitda / Interests (3) 5.3 5.7 7.5 5.3 5.3 Note: Footnotes in annex 5

Increase in operational revenues reflects the double effect of the increase in energy prices and greater sales

volume.

Increase in the cost of sales is the result of greater use of thermal plants, which led to an increase in fuel

consumption.


Graphic N°3

11.169

5.199

11.959,7

4.846,5

Contracts Spot

Sales (1) - GWh

2008 2009

Graphic N°4

12.915

885

2.726

12.673,6

1.233,3

3.051,0

Production Contracts Spot

2008 2009

Energy suply - GWh

Purchases


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Table N°16 - Investments Mm COP Mm USD 2005 19,232 8.4 2006 84,072 37.6 2007 69,900 34.7 2008 70,478 31.4 2009 76,666 37.5

Investments were destined to maintenance activities in the power plants of Termozipa and Cartagena.

Table N°17 - Overview of Codensa Number of customers 2,360,526 Market share (%) 24.5

Codensa demand 2009 (Gwh) 12,898 National demanda 2009 (Gwh) 54,679 Var % of Codensa demand 09/08 (%) 0.29 Var % of National demand 09/08 (%) 1.8 Operational revenues (Cop Mm) 2,771,875 Ebitda (Cop Mm) 1,044,969 Control Endesa de España EEB shares

51,5% of the company shares (36.4% common; 15,1% preferential without right to vote)

Graph N°5

88,3%

9,9%

1,7% 0,2%

Custumer structure

Residential Commercial Industrial Others

2009Var 2008- 2009: 3.3%

Graph N°6

11.146 11.806 12.534 12.861 12.898

48.829 50.815 52.851 53.895 54.679

2005 2006 2007 2008 2009

Codensa demand vrs. National - GWh

Codensa National


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Table N° 18 – Quality of accounts receivable Overdue accounts receivable

– COP Mm (1)

Average Monthly Invoicing – COP Mm

(2)

Delinquency Index

- % (3)

2005 93,547 139,975 66.8 2006 86,016 155,982 55.1 2007 89,688 170,806 52.5 2008 164,472 200,579 82.0 2009 94,588 223,085 42.4 Note: Footnotes in annex 5

Demand in Codensa’s area of influence grew 0.29%, this figure is lower than that of national

growth. The company concentrates most of the industrial customers in the country and manufacturing

production decreased by 6.3% last year.

The number of customers in the company grew 3.3% due to an increase of household customers.

Total losses were set 1.6 percentage points below the level acknowledged in the tariff by

regulations in force. Nonetheless, a slight increase was observed in technical losses due to the fall in

industrial demand.

In 2009 Codensa implemented a strategy to reduce the risk in its delinquent portfolio. The

company sold its portfolio of the “Crédito Facil Codensa” line to Banco Colpatria, for an amount close to Cop

500,000 mm. The company will continue rendering the invoicing service, without having to take non

payments risk.


Graphic N°7

4%

6%

8%

10%

12%

14%

16%

2005 2006 2007 2008 2009

Power Losses

Acknowledged (1) Technical (2) Commercial (3)

Graphic N°8

0%

1%

2%

3%

4%

5%

6%

7%

2005 2006 2007 2008 2009

Variation in demand - %

Codensa National


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Higher operational revenues are a result of greater number of customers and consumption; and also due to

higher tariffs because of greater generation prices. Cost of sales grows at a higher pace in comparison with

operational revenues due to the lagging between the invoicing tariff, (which reflects the cost of energy of the

previous month) and the cost of energy during the invoiced period.

Lower administrative expenses are related to the sale of Codensa Hogar portfolio and its impact on the

company´s provisions. In 2008, greater provisions were made to offset the economic crisis.

The sale of Codensa Hogar portfolio improved the net result as a result of an extraordinary revenue of Cop

50,324 mm.

Table N°20 - Investments Mm COP Mm USD 2005 115,503 50.6 2006 184,039 82.2 2007 213,151 105.8 2008 272,135 121.3 2009 279,649 136.8

The main stake of investments was destined to the El Dorado substation and to the enhancement of

infrastructure networks to assist potential demand growth.

Return to index

Table N°19 - Selected Financial Indicators of Codensa

Mm COP Mm USD 2008 2009 Var % 2008 2009 Operating revenue 2,537,338 2,771,875 9.2 1,130.9 1,356 Cost of sales (1,717,038) (1,924,085) 12.1 (765.3) (941) Administrative expenses (96,062) (79,006) (17.8) (42.8) (38.6) Operational Income 724,238 768,784 6.1 322.8 376 Net income 434,789 507,408 16.7 193.8 248 Ebitda (1) 999,838 1,044,969 4.5 445.6 511 Dividends and reserves decreed to EEB 196,754 226,254 13.8 87.7 110 Capital reductions to EEB 0 0 0 0 Net debt (2) / Ebitda 1.28 0.23 (82.0) 1.28 1.28 Ebitda / Interests (3) 7.56 9.78 29.4 7.56 7.56 Note: Footnotes in annex 5


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Table N°21 - Overview of Gas Natural No of customers 1,616,519 Sales volume (mmpcd) 124,1

Market share (%) N.D Network (km) 12,250 Operational revenues (2009) 1,013,349 Ebitda (2009) 375,189 Control Gas Natural de España EEB’s share 25%

Company’s sales volume fell in 2009. Such fall is explained by: (▪) lower consumption in the industrial

sector, which demand represents 40% of company’s total sales. Industrial production in Colombia contracted

6.3% during 2009; (▪) lower consumption from vehicles (GNV) due to restrictions of gas supply and

transportation services. (Significant growth in gas demand by gas fired plants obliged the Government to

prioritize the supply during the second half of 2009) and; (▪) greater restrictions on vehicular traffic in Bogotá

(which represents around 30% of national consumption).

Number of customers grew significantly due to the company’s effort to connects new customers in a

market relatively saturated.

Gráfica N°9

97,9%

2,1%

0,0%

Customer structure

Residential Commercial Industrial

2009Var 2008-2009: 5.1%

Gráfica N°10

31%

12%40%

17%

Sales per type of customer

Residential Commercial Industrial GNV

2009Var 2008-2009: -8.9%


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Table N°22 - Selected Financial Indicators of Gas Natural Mm COP Mm USD

2008 2009 Var % 2008 2009 Operating revenue 942,773 1,013,349 6.9 420.2 495.7 Cost of sales 577,828 575,307 (0.4) 257.6 330.3 Administrative expenses 89,241 95,812 7.4 39.8 46.9 Operational Income 280,703 342,229 21.9 125.1 167.4 Net income 250,023 271,436 8.6 111.4 132.8 Ebitda (1) 313,253 375,189 19.8 139.6 183.5 Dividends and reserves decreed to EEB 48,099 62,841 30.7 21.4 30.7 Capital reductions to EEB 0 0 0 0 0 Net debt (2) / Ebitda 0.1 0.1 (26.7) 0.1 0.1 Ebitda / Interests (3) 24.4 26.1 6.6 24.5 26.7 Note: Footnotes in annex 5

Growth in operational profit is the result of (▪) a lower cost of gas and transportation services due to an

improvement in the contracting strategy, and; (▪) an exchange rate effect (the revaluation of the peso lead a

reduction in the price of gas and transportation services).

Table N°23 - Gas Natural Investments Mm COP Mm USD 2005 42,648 19.0 2006 52,197 23.3 2007 52,914 23.6 2008 42,946 19.1 2009 30,051 14.7

Around 50% of investments in 2009, were directed towards the enhancement of distribution networks (Cop

15,385 mm). The company also allocated Cop 4,042 Mm for the construction and refurbishing of service stations

to service the vehicle market.

Table N°24 - Overview of REP CTM REP CTM Network (km) 5,837 1,227 Voltage (kv) 220, 138, 60 220

Control ISA Colombia EEB’s shares (%) 40 40


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Financial information submitted in this report for the years 2008 and 2009, include new accounting provisions

adopted by Perú (Normas Internacionales de Información Financiera NIFF - International Standards for Financial

Information ). Therefore, 2008 figures do not match the information provided in previous reports. The main

effects of these new standards are: (▪) REP and CTM concessions are acknowledged as an intangible asset; (▪)

new enlargements of the concession will be carried as an expense; (▪) Replacement of assets and significant

maintenance must be provisioned, and; (▪) energy transmission services rendered to third parties must be

recorded as non-operating revenues.

Variation of net profit in REP reflects: (▪)the adjustment of annual revenues of the concession to offset lower

revenues in 2008, resulting from the devaluation of the sol; (▪) additional revenues derived from enlargement to

the concession, and; (▪) growth in revenues from operation and maintenance services.

Variation of net profit in CTM, reflects: (▪) the adjustment of annual revenues of the concession to offset lower

revenues in 2008, resulting from the devaluation of the sol, and; (▪) greater revenues perceived form the

Platanal private connection.

Return to index

Table N°25 - Selected Financial Indicators of REP Mm USD

2008 2009 Var % Operating revenue 67.6 87.3 29.1 Cost of sales 34.1 36.4 6.7 Administrative expenses 22.8 27.7 21.5 Operational Income 10.3 13 26.2 Net income 47.3 59 24.7 Ebitda (1) 0 0 Dividends and reserves decreed to EEB 0 0 Capital reductions to EEB 3.4 2.6 (24.1) Net debt (2) / Ebitda 5.7 6.9 21.9 Note: Footnotes in annex 5

Table N°26 - Selected Financial Indicators of CTM Mm USD

2008 2009 Var % Operating revenue 28 30.48 9.0 Cost of sales 8.6 8.54 (0.9) Administrative expenses 17.9 19.64 9.5 Operational Income 8.8 12.25 39.2 Net income 24.3 26.40 8.4 Ebitda (1) 0 0 0 Dividends and reserves decreed to EEB 0 0 0 Capital reductions to EEB 1.4 1.5 8.5 Net debt (2) / Ebitda 5.3 6.3 18.5 Note: Footnotes in annex 5


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EEB FINANCIAL PERFORMANCE

Table N°27 – EEB Consolidated results

Mm COP Variation Mm USD 2008 2009 % 2008 2009

Operating revenue (1) 591,291 930,820 57.4 263.5 455.3 Electricity transmission 91,152 92,696 1.7 40.6 45.3 Electricity distribution 0 262,486 0.0 128.4 Natural Gas transmission 500,139 575,638 15.1 222.9 281.6

Cost of sales (2) 203,627 442,350 117.2 90.8 216.4 Electricity transmission 40,092 38,983 (2.8) 17.9 19.1 Electricity distridution 0 214,441 0.0 104.9 Natural Gas transmission 163,535 188,926 15.5 72.9 92.4

Gross income 387,664 488,470 26 172.8 239.0 Administrative expenses allocated 33,213 72,188 117.3 14.8 35.3

Electricity transmission 4,609 4,451 (3.4) 2.1 2.2 Electricity distribution 0 31,308 0.0 15.3 Natural gas transmission 28,604 36,429 27.4 12.7 17.8

OPERATING INCOME 354,451 416,282 17.4 158.0 203.6 Dividends (3) 445,894 510,566 14.5 198.7 249.8 Temp. investments & pension trusts 81,174 70,857 (12.7) 36.2 34.7 Exchange difference (4) (277,483) 255,226 192 -123.7 124.9 Net valuation of hedges (5) (7,251) (124,212) 1613 -3.2 -60.8 Other revenue (6) 27,937 43,555 55.9 12.5 21.3 Administrative expenses 83,680 100,748 20.4 37.3 49.3 Financial expenses 281,153 288,935 2.8 125.3 141.3 Other expenses 2,931 11,123 279.5 1.3 5.4 Income before taxes and minority interest 256,958 771,468 200.2 114.5 377.4 Minority interest (7) 3,769 (22,260) (690.6) 1.7 -10.9 Income tax (41,612) (25,995) (37.5) -18.5 -12.7 Net income 219,115 723,213 230.1 97.7 353.8 Note: Footnotes in annex 5

Increase in transmission revenues reflects the annual adjustment of the transmission tariff based on the

behavior of IPP.

Lower transmission operating costs is explained by (▪) improvements in operation and maintenance processes

and; (▪) lower contributions (Cop 1,565 mm) to two funds established by law to improve infrastructure (FAER

and PRONE).

As of February 2009 EEB consolidated results reflect the purchase of Empresa de Energia de Cundinamarca

(EEC) through Decsa, its parent company. Decsa is property of EEB (51%) and of Codensa (49%). Decsa owns

82.34% of EEC (an electricity distribution company with operations in the center region of Colombia).

Consolidated revenues from the gas transportation business grew due to: (▪) higher transported volume in 2009,

and; (▪) the devaluation of the peso during part of the first half of 2009. It is important to remember that part of

the gas transportation tariff is linked to the Usd.


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Increase in operational gas transportation business is due to: (▪) greater consumption of natural gas in

compressor stations as a result of greater transported volume (Cop 11,436 mm), and; (▪) greater maintenance

and repair costs (coating of the Centroriente gas pipeline - Cop 8,286 mm) and correction of defects in other

gas pipelines (application of non metal reinforcing tapes / increase in Cop 1,535 mm in 2009).

Increase in the dividends account is explained by greater decreed dividends on behalf of Codensa (Cop 29,500

mm); Emgesa (Cop 23,347 mm) and; Gas Natural (Cop 14,742 mm).

Financial revenues decreased, given that in 2008, EEB sold its stake in FEN and Ituango: This operation

rendered profits amounting to Cop 9.842 million in that year.

Positive valuation of foreign denominated debt (exchange difference account) to the revaluation of the Cop was

partially offset by the negative valuation of TGI´s and EEB´s hedging contracts..

Increase in other revenues reflects a profit of (Cop 9,000 mm) in the sale of TGI assets to Promigas. The

aforementioned refers to small trenches embedded in the Promigas system.

Increase in administrative expenses is due to actuarial calculation that is made every year. Differences between

actuarial calculation in 2008 and 2009 led the company to provision around Cop 15,000 mm.

Financial expenses are relatively stable because the company’s leverage did not change significantly in 2009.

The revaluation of the cop also had a positive impact on financial expenses.

In March 2010 EEB´s shareholders agreed to distribute dividends amounting to Cop 291,537 mm. They also

agreed to increase the company´s reserves in Cop 431,676 mm. Of this latter value: (▪) Cop 31,912 mm are

reserves made to recognized the accounting effect of the revaluation of the Cop, which in turn reflects a

conservative policy of the company; (▪) Cop 132,623 mm are reserves made to finance expansion projects; (▪)

Cop 261,130 mm correspond to occasional reserves made by equity method (non distributed profits from

controlled companies) and; the balance is a legal reserve.

Table N°28 - EEB financial indicators Mm COP MM USD

2008 2009 Var % 2008 2009 Consolidated Ebitda (1) 934,163 1,053,942 12.8 416.4 515.6 Consolidated and adjusted Ebitda (2) 934,163 1,053,942 12.8 416.4 515.6 Consolidated Ebitda margin (3) 84.3 70.9 (5.9) 84.3 70.9 Consolidated net debt (4) / Consolidated Ebitda (1) OM: < 4,5

2.9 2.4 2.9 2.4

Consolidated Ebitda (1) / Consolidated interests (5) OM: > 2,25

4.5 4.9 4.5 4.9



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Increase in consolidated EBITDA is the result of a higher operating income (+ 17%) and higher dividends

decreed (14%) from non controlled companies. Although administrative expenses grew by around 20%, it is

important to note that this variation is mainly due to line items which do not imply cash outflow (amortizations,

depreciations, provisions).

The lower leverage ratio is the result of result of higher consolidated EBITDA and a lower debt value in pesos

(most of which is contracted in USD). The lower interest coverage ratio shows the effect of a higher

consolidated EBITDA and a lower financial cost resulting from the revaluation of the peso.

Table N°29 - EEB Consolidated debt structure 2008 Part. 2009 Part. 2008 2009

COP Mm % COP Mm % Mm USD Mm USD

Financial debt in COP 101,318 3.0 150,002 4.8 45.2 73.4 Financial debt in USD 3,318,005 97.0 2,994,835 95.2 1,480 1,465.0 Total financial debt 3,419,322 100.0 3,144,837 100.0 1,524 1,538.4

The Cop revaluation affected positively the value of the company´s debt. The level of indebtedness in foreign

currency was maintained stable (marginally reduced due to the amortization of loans entered into in the past

with the Swiss Government and KFW), but when expressing the value in pesos a significant reduction was

obtained (8.9%) thanks to the cop appreciation. On the other hand, indebtedness in local currency is higher in

Cop 50,000 mm, because of new short term loans contracted to cover temporary cash needs.

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949.599934.163

1.053.942

2007 2008 2009

EBITDA

4,46 4,51

4,89

2007 2008 2009

EBITDA / Interests

2,79 2,88 2,42

2007 2008 2009

Net debt / EBITDA


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Annex 1: Legal notice

This document contains projections and estimates, using words such as “anticipate”, “believe”, “expect”,

“estimate,” and others having a similar meaning. Any information different from the historical data included in

this submittal, including but without limitation, that relative to the Company’s financial situation, its business

strategy, plans, and objectives from Management for future operations (including the development of plans and

objectives relative to Company products and services), corresponds to projections. Such projections involve

known and unknown risks, uncertainties and other important factors that may cause the Company’s results,

performance or actual achievements to be materially different from the results, performance or future

achievements that are expressed or implicit in the projections. Such projections are based on numerous

assumptions concerning the Company’s present and future business strategies, and the environment in which

the Company will operate in the future. These estimates pertain only to the date of this submittal. The Company

expressly declares itself to be exempt from any obligation or commitment to distribute updates or reviews of any

projection contained in this submittal, so as to reflect any change to the Company’s expectations regarding them

or any change in the events, conditions or circumstances on which these projections may be based.

Financial projections and other estimates included in this report are made under assumptions and considerations

inherent in uncertainties regarding the economic, competitive, regulatory and operating environment of the

business, as well as the conditions and risks that are beyond the Company’s control. Financial projections are

inevitably speculative, and one or several of the assumptions under which such projections and other estimates

contained in this report are made, can be expected to be invalid. Furthermore, unexpected events or

circumstances may be expected to occur. Actual results may vary from the financial projections and the

variations may be materially adverse. Consequently, this report must not be deemed as a registration by the

Company or by any other party, which indicates that the financial projections shall be achieved. Potential

investors must not rely on projections and estimates herein contained, and neither should they base their

investment decisions on them.

The company’s past performance cannot be considered a guide for its future performance.


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Clarifications to the Report

Only for information purposes, we have converted some of the figures in this report to their equivalent in

USD, using the TRM rate for the end of the period as published by the Colombian Financial Superintendency.

The exchange rates used are as follows:

− 2008: 2,243.6 COP/USD

− 2009: 2,044.2 COP/USD

In the figures submitted, a comma (,) is used to separate thousands and a point (.) to separate decimals.

EBITDA is not an acknowledged indicator under Colombian or US accounting standards and may show some

difficulties as an analytical tool. Therefore, it must not be taken on its own as an indicator of the company´s cash generation.

In accordance to the offer memorandum of the notes issued by EEB (Usd 610 m; 8.75%; 2014); the

company’s consolidated EBITDA for a specific period is calculated taking operating revenues for such period

and subtracting the cost of sales, administrative expenses and interests generated in pension funds. One

must add decreed dividends (irrespective of whether they have been paid or not), interests of temporary

investments, indirect taxes, amortization of intangibles, depreciation of fixed assets and provisions and

contributions made to pension funds.

Consolidated and adjusted EBITDA for a specific period is calculated taking the consolidated EBITDA for such

period and adding the cash coming from EEB attributable to capital reductions of those companies where

EEB has shares.

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Annex 2: Technical and regulatory terms

BLN: US billion (109)

CAC: Compound Annual Growth

COP: Colombian Peso.

CHB: Central Hidroeléctrica de Betania,

CTM: Consorcio Transmantaro,

CREG: Comisión de Regulación de Energía y Gas de Colombia. (Colombia’s Energy and Gas Regulating

Commission). Colombia’s state agency in charge of regulating electric power and natural gas residential

public utility services.

DANE: Departamento Administrativo Nacional de Estadística (National Administrative Statistics

Department). Agency responsible for planning, collecting, processing, analyzing, and disseminating

official statistics in Colombia.

Gwh: Gigawatt hour; unit of energy equivalent to 1,000,000 kwh,

GNV: Natural Gas for vehicles,

IPC: Colombian Consumer Price Index.

KM: Kilometers,

KWH: Unit of energy equivalent to the energy produced by a power of one kilowatt (kW) for one hour

MEM: Mercado de Energía Mayorista de Colombia; Wholesale Energy Market in Colombia

Mm: million

Ml: Miles,

MW: Megawatt, power unit or work which equals one million watts,

N.A. Not applicable.

PCD: Pies cúbicos día,

Proinversión: Agencia peruana encargada de la promoción de la inversión privada en el Perú,

SIN: Sistema Interconectado Nacional, National Interconnected System

STN: Sistema de Transmisión Nacional, National Transmission System

SF: Superintendencia Financiera – Financial Superintendence. State entity in charge of regulating,

overseeing and controlling the Colombian financial sector

TRM: Market Representative Exchange Rate; it is an average of the transactions carried out in peso–

dollar, and it is calculated daily by the SF.

UPME: State agency responsible for planning Colombia’s mining and energy sectors.

USD: US dollars.

USUARIO NO REGULADO DE ELECTRICIDAD – NON REGULATED ELECTRICITY USER: electricity

consumers who have a peak demand greater than 0,10 MW or a mínimum monthly consumption above

55,0 MWh,

NATURAL GAS NON REGULATED USER: user with consumption above 100 kpcd,

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Annex 3: Consolidated financial statements 2009 EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES 2.19030 2.23879

CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2009

(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) - see Note 2)

ASSETS Note

CURRENT ASSETS:

Cash and cash equivalents 3 Col$ 270.038 Col$ 233.316 U.S.$ 114.134

Restricted cash 9.029 11.417 5.585

Temporary investments 4 422.903 353.742 173.044

Accounts receivable, net 5 106.254 238.814 116.824

Inventories 6 43.771 38.288 18.730

Prepaid expenses and other assets 9 31.303 92.273 45.138

Total current assets 883.298 967.850 473.455

LONG-TERM ACCOUNTS RECEIVABLE 5 237.368 428.922 209.821

PROPERTY, PLANT AND EQUIPMENT, NET 7 1.313.122 1.660.338 812.207

PERMANENT INVESTMENTS 8 1.731.524 1.719.016 840.911

OTHER ASSETS, NET 9 2.301.582 2,101,470 1.028.001

REVALUATION OF ASSETS 19 3,652,650 4.178.914 2.044.248

Total assets Col$ 10,119,544 Col$ 11,056,510 U.S.$ 5.408.643

MEMORANDUM ACCOUNTS 24 Col$ 5.188.242 Col$ 5.581.845 U.S.$ 2.730.537

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Financial debt 10 Col$ 164.150 Col$ 208.070 U.S.$ 101.784

Accounts payable 12 40.389 106.328 52.014

Labor obligations 1.065 8.911 4.359

Collections on behalf of third parties 14 8.251 17.178 8.403

Provisions 15 21.386 52.162 25.517

Retirement and pension obligations 16 27.461 31.854 15.582

Benefits supplementary to retirement pensions 16 4.986 6.446 3.153

Other liabilities 17 145 1.012 495

Total current liabilities 267.833 431.961 211.307

LONG-TERM LIABILITIES:

Financial debt 10 3.286.562 2.991.708 1.463.489

Hedging instruments 11 7.251 121.856 59.610

Retirement and pension obligations 16 193.087 237.809 116.332

Benefits supplementary to retirement pensions 16 53.421 69.851 34.170

Provisions 15 39.885 42.804 20.939

Other liabilities 17 55.301 75.791 37.075

Total long-term liabilities 3.635.507 3.539.819 1.731.615

Minority interest 18.436 188.467 92.195

Total liabilities 3.921.776 4.160.247 2.035.117

SHAREHOLDERS' EQUITY: 19

Capital stock 664.993 664.993 325.302

Additional paid-in capital 97.412 97.412 47.652

Reserves 935.308 912.606 446.430

Accumulated results 286.581 723.213 353.783

Donations-in-kind surplus 6.655 6.655 3.256

Surplus from revaluation of assets 3.651.440 3.945.911 1.930.268

Equity revaluation 555.379 545.473 266.835

Total shareholders' equity 6.197.768 6.896.263 3.373.526

Total liabilities and shareholders' equity Col$ 10.119.544 Col$ 11,056,510 U.S.$ 5.408.643

MEMORANDUM ACCOUNTS 24 Col$ 5.188.242 Col$ 5.581.845 U.S.$ 2.730.537

The accompanying notes are an integral part of these consolidated financial statements.

20092008

As of December 31,


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EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009

(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) except for net income per share - see Note 2)

Note

OPERATING REVENUES:

Electricity transmission services Col$ 91.152 Col$ 92.695 U.S.$ 45.345

Electricity distribution services - 262.486 128.403

Natural gas transportation services 500.139 575.638 281.592

591.291 930.819 455.340

COST OF SALES: 20

Electricity transmission services (44.701) (43.434) (21.247)

Electricity distribution services - (245.749) (120.216)

Gain on sale of investments (192.139) (225.355) (110.240)

(236.840) (514.538) (251.703)

Gross margin 354.451 416.281 203.637

Dividends and interest earned 8 527.068 581.423 284.422

Exchange differences (277.483) 255.226 124.852

Other income 21 27.937 43.555 21.306

277.522 880.204 430.580

Administrative expenses 22 (83.680) (100.747) (49.284)

Financial expenses 23 (288.404) (413.147) (202.104)

Other expenses (2.931) (11.123) (5.441)

(375.015) (525.017) (256.829)

Income before income tax and

minority interest 256.958 771.468 377.388

Income tax 18 (41.612) (25.995) (12.716)

Income before minority interest 215.346 745.473 364.672

Minority interest 3,769 (22.260) (10.889)

NET INCOME Col$ 219.115 Col$ 723.213 U.S.$ 353.783

NET INCOME PER SHARE Col$ 2.552 Col$ 8.422 U.S.$ 4.120


2008 2009

Year Ended December 31,


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CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2009

(Expressed in millions of Colombian pesos (Col$) and thousands of U.S. dollars (U.S.$) - see Note 2)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income Col$ 219.115 Col$ 723.213 U.S.$ 353.783

Reconciliation between net income and net cash provided by operating

activities:

Depreciation and amortization 110.425 114.526 56.024

Exchange loss (gain) 279.081 (267.661) (130.935)

Recoveries and provisions 5.475 3.006 1.470

Retirement pension expense (6.224) - -

Gain on sale of assets (273) (9,403) (4.600)

Valuation of investments at market value (24.899) (34.229) (16.744)

Gain on sale of investments (9.842) - -

Deferred tax 29.688 16.847 8.241

Hedging instruments loss 7.251 114.605 56.063

Minority interest 3.769 - -

613.566 660.904 323.302

Changes in assets and liabilities of operation, net:

Restricted cash 1.032 (2,388) (1.168)

Accounts receivable 119.746 (291.982) (142.832)

Inventories (13.338) 5.507 2.694

Prepaid expenses 296 (60.970) (29.825)

Accounts payable (61.339) 67.122 32.835

Labor obligations (12) 74.851 36.615

Collections on behalf of third parties 92 8.927 4.367

Provisions (4.780) 44.683 21.858

Other liabilities 20.941 (7.824) (3,827)

Minority interest (18,883) (61.762) (30,213)

Net cash provided by operating activities 657.321 437.068 213.806

CASH FLOWS FROM INVESTING ACTIVITIES:

Increase in property, plant and equipment (23.721) (385.189) (188.427)

Decrease (increase) in temporary investments (39.395) 69.160 33.832

Decrease (increase) in permanent investments 13.168 (11,723) (5,735)

Decrease (increase) in other assets (24.333) 133.010 65.066

Net cash used in investing activities (74.281) (194.742) (95.264)

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid (299.134) (309.283) (151.296)

Tax on equity (9.906) (9,906) (4.846)

Increase (decrease) of Financial obligations (174.861) 40.141 19.636

Net cash used in financing activities (483.901) (279.048) (136.506)

NET INCREASE (DECREASE) IN CASH 99.139 (36.722) (17.964)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 170.899 270.038 132.098

CASH AND CASH EQUIVALENTS AT END OF YEAR Col$ 270.038 Col$ 233.316 U.S.$ 114.134


EMPRESA DE ENERGÍA DE BOGOTÁ S.A. E.S.P. AND ITS SUBSIDIARIES

20092008

Year Ended December 31,

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Annex 4: Ebitda reconciliation

M COP Variation M USD

2008 2009 COP % 2008 2009

Operational Profit 354,404 416,283 61,879 17.5 158.0 203.6 Operational depreciation 41,091 46,747 5,656 13.8 18.3 22.9 Operational amortization 60,301 60,900 599 1.0 26.9 29.8 Operating taxes 5,308 5,778 470 8.9 2.4 2.8 Dividends & interests earned 527,068 581,423 54,355 10.3 234.9 284.4 Interests in autonomous equity (24,899) (25,688) (789) 3.2 -11.1 -12.6 Administration expenses (83,680) (100,747) (17,067) 20.4 -37.3 -49.3 Retirement pensions 26,448 26,609 161 0.6 11.8 13.0 Amortizations 10,706 22,070 11,364 106.1 4.8 10.8 Depreciations 658 675 17 2.6 0.3 0.3 Provisions 5,475 7,520 2,045 37.4 2.4 3.7 Taxes 11,283 12,373 1,090 9.7 5.0 6.1

EBITDA 934,163 1,053,942 119,779 12.8% 416.4 515.6

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Annex 5: Footnotes and tables

Table N°10 - EEB Transmission indicators; Pag 7

(1) Percentage of the infrastructure available in a period of time.

(2) Percentage of the revenue discounted due to accumulated unavailability of specific assets above the

regulatory target.

(3) Ratio between the number of maintenance operations carried out and number of scheduled maintenance

operations to be executed as part of the semi-annual Maintenance Plan.

(4) Ratio of the number of transmission assets owned by EEB and the total number of transmission assets in

Colombia.

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Table N°13 - Contributions to EEB’s Consolidated EBITDA; Pag 9

(1) Includes dividends and capital reserves and reductions

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Table N°15 - Emgesa selected financial indicators; Pag 10

(1) Ebitda for the period under analysis was calculated by taking the operating profit and adding the

amortizations of intangibles and depreciations of fixed assets for such period.

(2) It is the result of the financial debt in force at the end of the period under analysis, less cash and

temporary investments in the same period.

(3) Accrued interest on financial debts for the previous twelve months.

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Table N°18 - Quality of accounts receivable; Pag 12

(1) Accounts receivable with a delinquency level in excess of 30 days.

(2) Monthly invoicing average: Monthly average of invoicing in the past twelve months.

(3) Delinquency level index: (1)/(2)

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Table N°19 - Codensa selected financial indicators; Pag 13






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Return to table

Table N°22 - Gas Natural selected financial indicators; Pag 15






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Table N°25 - REP selected financial indicators; Pag 16






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Table N°26 – CTM selected financial indicators; Pag 16






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Table N°27 - EEB Consolidated results; Pag 17

(1) Operating revenue for transmission services rendered directly by EEB, the electricity distribution business in

Cundinamarca by EEC and natural gas transportation services of its controlled companies, TGI and

Transcogas.


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(2) Cost of sales of the transmission services rendered directly by EEB, distribution by EEC and natural gas

transportation services of its controlled companies TGI and Transcogas. It includes personnel, materials,

operation and maintenance costs, depreciation, amortization and insurances related to those activities.

(3) Partners in operations.

(4) Dividends decreed by non-controlled companies and temporary investors and pension funds autonomous

equity.

(5) Refers to net losses or earnings due to Exchange rate variation and its impact on assets and liabilities

denominated in foreign currency.

(6) Income from recovery of investments, leases and expenses.

(7) Proportion of net income corresponding to minority investors in the company’s consolidated by EEB.

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Table N°28 - EEB financial indicators; Pag 18

(1) Consolidation of EEB income less cost of sales, administrative expenses, interest on pension funds

autonomous equity, plus dividends of participated companies, interest of Accounts receivable investments,

indirect taxes, amortization of intangibles, depreciation of fixed assets, pension payments and provisions for

the last 12 months. It is consolidated Ebitda plus capital reeducations of participated companies.

(2) Consolidated EBITDA plus capital reductions of participated companies.

(3) Is the result obtained when dividing consolidated EBITDA by operating income, added by dividends and

accrued interests (without including interests received from investments made to autonomous equity of

pension funds) of the last 12 months.

(4) Consolidated debt less free cash.

(5) Consolidated financial expenses of the past 12 months

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Graph N°2 - Availability of infrastructure; Pag 9 (1) Plants or generation units with installed capacity below 20 MW which are not centrally dispatched.

(2) Plants or generation units with installed capacity above 20 MW who conduct energy transactions in the

MEM.

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Graph N°3 - Sales; Pag 10

(1) The sum of purchases and production is lower than sales because a small portion is destined to internal

consumption.

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Graph N°7 - Energy looses; Pag 12

(1) Losses acknowledged by the regulator in the tariff, which are transferred to the end consumer.

(2) Technical losses correspond to the balance between the power going in and out of the distribution system.

(3) Commercial losses correspond to the balance between the power purchased and the power invoiced; they

include technical and non-technical losses.

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annual investors report 1 2009€¦ · operates in an area close to codensa, therefore there is a...

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