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Daily Colombian Equities Bulletin and Fundamentals - February 27, 2014

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February 28, 2014 ( newswire) Latam markets were positive as Bovespa in Brazil increased 2.16% and Chilean IPSA index increased 0.37%. The local COLCAP index closed at 1495.01 pts., equivalent to a 0.44% increase; the total traded volume reached COP 128,019 million (~62 USD MM). The best performers were Canacol (+5.83%), Odinsa (+2.90%) and PfBancolombia (+1.89%). On the other hand, the worst performers were Mineros (-3.01%), PFGrupoArgos (-2.98%) and Exito (-1.72%). The most traded shares today were PfBancolombia, Ecopetrol and Pacific Rubiales.

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Ecopetrol's 4Q13 conference call highlights: i) 2014's capex will be USD 10.595 mn, which will be founded from: cash flow, sell of non-strategic assets, 2013's debt issuance and financial markets. It is important to mention that Ecopetrol will not have a nequity issuance in 2014; ii) 2015 production target remains in 1 MMboed, with an important contribution from Castilla (200 kboed), Chichimene (100 kboed), Caño Sur and Acacias; iii) the expected oil sell price for 2014 is USD ~80/barrel.

Grupo Argos' 2013 revenues were COP 7.6 trillion, +14% YoY. Consolidated EBITDA was COP 1,9 trillion, +18% YoY. EBITDA margin stood at 25%. Consolidated net income was COP 295 billion, which is not comparable with 2012's, amid non-recurring extraordinary profits generated by asset sales made by Grupo Argos (COP 53 billion) and Cementos Argos (COP 277 billion pesos) in 2012. However, 2013's net income was positively affected by a non-recurring non operating income in Celsia of 115 billion pesos from a legal process with DIAN (Tax Regulatory Agency in Colombia). Excluding these effects, Grupo Argos' net income increase by 95%.

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