Empresas Gasco Sa · BCS:GASCO
Empresas Gasco Sa — Gasco — Investor Presentation (December 2014)
31 slides from Empresas Gasco Sa's investor presentation, December 2014
Slide 1: Corporate Presentation
Corporate Presentation
Slide 2: Legal notice
Legal notice This presentation may contain forward-looking opinions including the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking opinions are not guarantee of future performance and involve a number of risks and uncerta
Slide 3: Agenda
Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives
Slide 4: Gasco S.A.
Gasco S.A. Gasco is one of the eldest companies in Chile, with over 155 years of experience in the Gas industry. CGE was acquired by Gas Natural Fenosa on November 2014, with a 96,7% participation (IPO). Ownership Structure 12/31/2014 LPG distribution in Chile and Colombia Others 21,6% Natur
Slide 5: Gasco's parent company
Gasco’s parent company Electricity Electricity Electricity Services & Distribution Distribution Gas Transmission Other Investments In Chile In Argentina EBITDA Assets Electricity Electricity & Others & Others 41% 61% Gas 39% Gas US$ 643 MM 59% US$ 7.188 MM Figures as of December 2014
Slide 6: Ownership structure
Ownership structure LPG NATURAL GAS INTERNATIONAL BUSINESS
Slide 7: Gasco's main companies
Gasco’s main companies NATURAL GAS LPG 50% 70% 52% 51% 100% 100% 100% 60% 56,7% 60% 100% 100%
Slide 8: Agenda
Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives
Slide 9: Natural Gas in Chile
Natural Gas in Chile • 1995: Chile signed NG Integration Protocol with Argentina LNG Mejillones 5,5 MMm3/day • 1999: first transnational pipes (4) started delivering NG • 2004: supply problems from Argentina LNG Quintero started arising; got worse by 2006 10 MMm3/day Demand Argentinean 17 MM m3/day
Slide 10: Natural Gas distribution in Santiago
Natural Gas distribution in Santiago • Ownership: 51,84% Gasco • Distribution to res-comm & industrial customers in Santiago and Rancagua. • 2005-2009: faced shortage of NG from Argentina • 2009: part of consortium to build LNG terminal in Quintero • 2014: 5.257 km pipe network, 578.941 customers, 7
Slide 11: LNG marine terminal
LNG marine terminal • Ownership: Endesa 20% Terminal Valparaíso* • Total investment: US$1.200 MM 40% • Start of operation: July 2009 • Storage capacity: 3 tanks, 335.000m3 Metrogas • Current Regasification Capacity: 10MMm3/day 20% • 2015 regasification Capacity: 15MMm3/day • Potential regasification
Slide 12: Natural Gas distribution in the VIII Region
Natural Gas distribution in the VIII Region • Ownership: 100% Gasco • Distribution to res-comm customers in VIII region • 2014: 29.221 customers, 25,14 MMm3 volume • 2014 EBITDA: US$8,4 MM • Ownership: Innergy: 60%; GPC: 60%; GPA: 56,7%. • Innergy: Distribution to industrial customers in VIII region
Slide 13: Natural Gas distribution in Magallanes
Natural Gas distribution in Magallanes • Ownership: 100% Gasco (Business Unit) • Regulated distribution business in XII region • 2014: 53.055 customers, 385 MMm3 volume • 2014 EBITDA: US$12 MM • Ownership: 85% Gasco • First Compressed Natural Gas bus concession in Chile • 61 buses in operation for p
Slide 14: NGV / Autogas
NGV / Autogas • Ownership: 100% Gasco • Distribution of NG and LPG for vehicles • Clean and Efficient fuel at a convenient cost (versus gasoline) • Currently focused in public transportation: taxis and buses • 2014: Autogas LPG volume 13,26 Tons. • 2014: NGV volume 14,4 MMm3 • 2014 EBITDA: US$0,2 MM
Slide 15: Natural Gas distribution in Argentina
Natural Gas distribution in Argentina • Ownership: 50% Gasco • Acquired in 1992, regional concession • Operation in Argentina allowed Gasco to learn about NG market, experience that would be used in the second half of the ’90s to establish NG companies in Chile • 2014: 1.618 MMm3 volume • NG prices
Slide 16: Agenda
Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives
Slide 17: LPG Industry
LPG Industry CHILE COLOMBIA • Industry size: 1.165.348 tons • Industry size: 556.000 tons • Per capita consumption is around • Per capita consumption is around 70kg/month 34kg/month • Imports account for 84% total • LPG surplus, 90% produced by consumed, mostly by private state owned company Ecopetr
Slide 18: LPG in Chile
LPG in Chile • Ownership: 100% Gasco • Distribution of LPG along Chile • 6 Plants and 15 Distribution Centers • Formats: Cylinders (2, 5,11,15 & 45kg) and Tanks • #1 Market Share in Metropolitan Region • 2014 EBITDA: US$41 MM Metropolitan Region National Gasco Gasco 38% 27% Others 62% Others 73% Fig
Slide 19: LPG marine terminal
LPG marine terminal • Ownership: 51% Gasco • Largest private LPG marine terminal in Chile • 5 storage tanks with 145.000m3 capacity (propane and butane) • Proven security in LPG supply from around the globe • Operated 64% of total LPG demand in 2014 • 2014 EBITDA: US$57 MM 19
Slide 20: LPG in Colombia
LPG in Colombia • Ownership: 70% Gasco • First international player to seize opportunity • Geographic Coverage: 22 of 32 departments throughout Colombia • 20 Plants and 13 Distribution Centers • 2014: Gasco´s market share achieved 21,3% • 2014 EBITDA: US$12 MM • 2014: 111.942 Tons sold.
Slide 21: Agenda
Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives
Slide 22: Consolidated EBITDA: Gasco S.A.
Consolidated EBITDA: Gasco S.A. Consolidated EBITDA Profit MMUS$ MMUS$ • Figures as December 2014 • CLP/USD: constant • EBITDA affected by Natural Gas shortages from Argentina (2007 - 2009) • With LNG terminal service, NG subsidiaries recover operation. • EBITDA composition changed significantly: NG
Slide 23: Financial profile: Gasco S.A.
Financial profile: Gasco S.A. IFRS Total Assets 31/12/2014 Others 3.000 1,45 1,60 Int. Bss. 3% 1,33 LPG 1,27 1,26 1,28 1,22 1,40 8% 2.500 1,20 1,14 1,15 22% 1,07 1,20 2.000 0,95 0,86 1,00 MMUS$ 1.500 0,80 0,60 1.000 US$ MM 0,40 500 0,20 2.806 0 0,00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 24: Local rating: Gasco S.A. – CGE – Metrogas
Local rating: Gasco S.A. – CGE – Metrogas Humphreys raised the long-term Gasco´s rating from AA- (outlook: positive) to AA (outlook: stable) on February, 2013. Fitch raised the long-term Gasco´s rating from A+ (outlook: positive) to AA- (outlook: stable) on June, 2013. Company Humphreys Fitch Ra
Slide 25: Debt profile: Gasco S.A.
Debt profile: Gasco S.A. Interest Rate Structure Rate Structure: aim to Currency Structure maintain over 83% fixed CLP Variable 16% 19% Well diversified debt COP 9% Debt currency aligned to USD businesses purpose 6% UF 69% Fixed 81% Long Term Debt Maturity Profile Term Structure Duration 5,2 years D
Slide 26: Debt structure & financial ratios: Gasco S.A.
Debt structure & financial ratios: Gasco S.A. 120 Financial Debt Structure at 12/31/2014 111 100 80 61 60 54 MMUS$ 47 40 36 20 25 20 13 12 12 12 12 12 12 6 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Gasco Metrogas Gasco GLP Gas Sur IGLP -UNIGAS Gasmar 10,00 Ratios G
Slide 27: Gasco S.A. share price and P/E
GASCO S.A. Precio Acción actualizado y Razón P/U Acción Gasco* v/s IPSA 7.000 120 140 Acción Gasco Relación P/U 6.000 100 120 117 14% 5.000 100 103 80 $/Acción 4.000 80 RPU 60 3.000 60 40 2.000 40 Gasco IPSA 1.000 20 20 0 0 0 Referencia: P/U IPSA = 19,06 *Acción Gasco considera reinversión de divide
Slide 28: Market cap & stock performance: Gasco S.A.
Market cap & stock performance: Gasco S.A. US$ = $ 606,75 Market Cap** 2.000 1.750 1.447 1.439 1.500 1.321 1.250 1.106 1.131 1.157 1.060 MMUS$ 945 1.000 916 902 1.000 771 828 892 703 750 454 500 250 0 ** Market Cap US$ 31.12.2014 and CLP/USD: constant Gasco’s Stock * v/s IPSA 140 120 118 5% 112 100
Slide 29: Agenda
Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives
Slide 30: Perspectives
Perspectives • Diversified: Industry and Geography. • Optimization and innovation in LPG Provides cash flow business. generation stability • Continue leveraging on natural gas business • Virtual NG • Colombia: LPG consolidation, Medium to long term propane pipelines, new uses growth opportunities •
Slide 31: Corporate Presentation
Corporate Presentation