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EEB Company Alert: 2013 preliminary financial results continue to show a sound financial performance

Company Alert: EEB – Hold
2013 preliminary financial results continue to show a sound financial performance
Price: COP 1,440; Target Price: COP 1,800

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March 4, 2014 ( newswire) The company issued a press release with a brief summary of 2013 key financial figures. Based on this information, and financial figures as of Sep-13 we inferred the 4Q13 results, thus these could differ from the official financial results that we expect to be released in coming weeks.

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Operating revenues in 4Q13 would have grown 21% y/y in line with our expectations. Meanwhile, the adjusted EBITDA (including dividends from non-controlled investments) would have increased 62% y/y, and stood 18% above our estimates for the quarter.

Non-operating results were positively affected by EEB's and TGI's debt restructuring in previous years, causing lower interest expense during the period. On the other hand, the devaluation of the COP caused FX losses coming from a higher value of USD-denominated financial debt.

Finally, 4Q13 net income showed an increase of 7.9% y/y, which was above our estimates as we expected a worst effect from FX losses in the quarter's net income. The BoD proposed to the shareholders meeting a dividend payment of COP 64.3 per share, equivalent to a 70% payout ratio.

Preliminary results continue to show the sound financial performance of the company. We will be waiting for more information about the full financial results; we expect the report to be released in the next two weeks.

Credicorp Capital


This report is property of IM Trust S.A. and/or Credicorp Capital Colombia S.A. Sociedad Comisionista de Bolsa and/or Credicorp Capital Perú S.A.A. and/or its subsidiaries (hereinafter jointly referred to as “Credicorp Capital”), therefore, no part of this the material or its content, nor any copy of it, may be altered in any way, transmitted, copied or distributed to any third party without prior and express written consent of Credicorp Capital.

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The information contained in this report is only for referential purposes. While reading it, you should consider that the information contained in this report may be oriented to a specific segment of clients or investors, with a certain risk profile that may not be yours.

Unless otherwise stated, this report does not contain investment recommendations or other suggestions that may be understood to be given under the stock market intermediaries' special duty to clients classified as investors. When recommendations are made, the report will clearly specify the investors risk profile to which the recommendation is intended. Credicorp Capital can seek and/or conduct business with companies that are mentioned in the report, and they can also execute buying and selling transactions of shares that are mentioned.

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Credicorp Capital recommends to their clients to ask for professional advice from financial, legal, accounting, tax experts before adopting an investment decision. Under no circumstances the information contained in this report may be considered as a financial, legal, accounting or taxation opinion, neither as a recommendation or investment advice.

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