Financial Performance

Financial Performance

We create value for our shareholders

The efficient and timely financial management of GEB and its affiliates is essential to guarantee the continuity of operations and the achievement of its strategic plans, by providing the financial resources required to fulfill its objectives and goals.
View of Bogotá at night with lights on.

The Bogotá Capital District is the main shareholder of GEB, with 65.7 % of shareholdings

In 2020, we created value for our shareholders and investors and enabled the development and implementation of the strategy of searching for resources and financing to continue expanding our operations in Colombia and Latin America. One of our main deals was the acquisition in Brazil of Argo Energía, which was 100 % jointly acquired in equal proportions with the Spanish company Red Eléctrica Internacional. This acquisition implied taking on credit for USD 300 million, and enabled us to add 1,470 kilometers of transmission lines and 11 substations in Brazil, where we were already present with Gebbras, which operates 1,094 kilometers of lines.

In a complex year due to the COVID-19 pandemic, which had a strong impact on the economic performance of the Latin American countries where we are present, we successfully made two bond issuances that were well received by the markets. The first was for USD 400 million, 11 times oversubscribed, which demonstrates great confidence and backing by investors for the performance of our organization, which has a diversified portfolio of controlled and non-controlled companies. Through this issuance we returned to the international debt markets for the first time in ten years. In the local market, we issued bonds for COP 950 billion, and the issue was 2.5 times oversubscribed.

(102-7) The Group’s consolidated revenues increased by 5 % from COP 4.89 trillion in 2019 to COP 5.13 trillion in 2020; net income attributable to GEB increased by 36 % from COP 1.85 trillion to COP 2.51 trillion. Adjusted consolidated EBITDA increased by 17 % to COP 3.66 trillion.

Based on these favorable results, we will submit to the consideration of the General Meeting of Shareholders a distribution of COP 1.63 trillion. The proposed dividend per share is COP 178, up 27 % compared to the COP 140 dividend declared on 2019 profits, equivalent to a dividend yield of 6.7 % based on the share price at December 30, 2020.

trillion in revenues
trillion in net income
trillion in consolidated EBITDA
trillion in consolidated assets
trillion in liabilities
trillion in equity

The dividend per share includes an ordinary dividend for COP 147, and an extraordinary dividend for COP 31.

(102-7) Consolidated assets totaled COP 31.15 trillion, liabilities totaled COP 16.42 trillion, and equity totaled COP 14.73 trillion.

Additionally, in 2020 we made a substantial effort in view of the difficult situation, and brought forward the dividend payment, which benefited the Capital District, our main shareholder, as well as nearly 5,000 private shareholders.

Our management has fulfilled our commitment to shareholders and stakeholders by preparing and communicating its results and relevant information, and by responding to their inquiries and requests in a timely manner, always taking into consideration their needs and expectations.

This financial performance reflects the profitability and sustainability of our operating activities, as a result of a business portfolio that is diversified by activities, countries and currencies, on the basis of solid social, environmental and governance pillars. We additionally assured 100 % of our operations, maintaining the continuity of delivery of our electric power and natural gas services, and we actively managed our sales, costs and expenses so as to mitigate the effects of the pandemic in terms of revenues, margins and receivables. Lastly, our consistent capital discipline and ongoing relations with investors enabled us to obtain the funding required for our operations and growth, and to optimize our debt profile and cost.

Mountain top, cloudy sky and electricity tower.

Linemen of our project Tesalia – Alférez 230 kV

Our achievements in 2020

  • We obtained financing to acquire 50 % of the Brazilian company Argo Energia Empreendimentos e Participações S.A.: USD 300 million.

  • We made an international bond issue for USD 400 million, which was 11 times oversubscribed, and a local bond issue for COP 950 billion, which was 2.15 times oversubscribed.

  • We obtained treasury loans for COP 403,854 million.

  • Interest rate hedge (interest rate swap) on USD 500 million of a GEB syndicated loan at a fixed annual rate of 2.056 %.

  • Interest rate hedge (interest rate swap) on USD 300 million of a foreign loan at a fixed annual rate of 3.3514 %.

  • Reimplementation of SAP4HANA.

  • GEB’s stock was included in the FTSE Russell index, and during 2020 its value increased by 19.4 %.

  • The BVC IR Award was extended for the seventh consecutive year, with 98 % compliance with the standard.

  • Fielded over 500 inquiries from stakeholders; participation in and organization of events for investors.

  • Coordination of the financial strategy between the Group and its affiliates.

  • Fitch Ratings confirmed the rating at BBB, with stable outlook, above the Colombian sovereign rating.


  • Fitch Ratings confirmed the rating at BBB, with stable outlook, to reflect its strong links with the parent company.

  • Moody’s confirmed the Bond rating at Baa3, with stable outlook.


  • We negotiated and signed a loan agreement with a multilateral organization, IDB Invest, for USD 100 million, to fund the Company’s investment plan, which ratifies local and international confidence in our performance.

  • Moody’s confirmed the rating at Baa2.

  • Fitch Ratings confirmed the rating of Cálidda at BBB, with stable outlook.


  • Loan payment to BCP for USD 12.4 mm.

  • Interest payments on new syndicated loan for USD 6.8 million.


  • Received new short-term disbursements with guarantees from GEB.

Our challenges for 2021

  • To continue moving forward in the digital transformation and implementation of technological tools to improve operating efficiency.

  • Strengthen the captive Energy Re: an important role in transferring risks.

  • Democratization: Sale of a 9.4 % equity stake of the Capital District in Grupo Energía Bogotá, out of current total shareholdings of 65.7 %.

  • Obtain resources to leverage the Company’s growth strategy.

  • Develop human talent.