Empresas Gasco Sa · BCS:GASCO
Empresas Gasco Sa — Gasco — Andean Conference (Larraín Vial) 2011
29 slides from Empresas Gasco Sa's conference presentation, March 2011
Slide 1: Andean Conference Larraín Vial
ANDEAN CONFERENCE Larraín Vial March 2011
Slide 2: I. Company Profile II.
I. Company Profile II. Snapshot: Chile´s Gas Industry III III. Company Operation IV. Financial Profile V. Perspectives 2
Slide 3: Company Profile
I. Company Profile Gasco S.A. is one of the eldest companies in Chile, with over 154 years of experience in the Gas industry, operating: LPG: distribution in Chile and Colombia NG: distribution in Chile and NW of Argentina Auto A t Gasco: G di t ib ti in distribution i Chile Chil Ownership S
Slide 4: Company Profile: CGE
I. Company Profile CGE is a main player in the electrical Electricity distribution business with over 3 million Distribution In Chile customers Electricity Electricity & Others Gas Distribution 57% 43% In Argentina EBITDA Electricity 619 US$ million T Transmission i i Electricity Gas Electricity G
Slide 5: Gasco - Main Business Units
I. Company Profile G Gasco - Main M i Business B i Units U it RAL ER LPG OTHE GAS S NATUR Gasco GLP: 100% Metrogas: g 52% Campanario:20% Gasmar: 51% Gas Sur: 70% El Raulí:10% Inv. GLP (Colombia): 70% AutoGasco: 100% Polpaico:41% Gasco Magallanes (B.U.) Gasnor (Arg.): 50% Innergy: 30% Divestiture: Ga
Slide 6: Chilean Gas Industry: LPG
II. Chilean Gas Industry LPG • Chile is the 6th largest LPG market in S.America:1,2Mtons aprox. • Per capita consumption is around 70kg, above region average of 50kg* • Demand: 80% from res res-comm comm • Imports account for aprox. 70% total consumed Purvin & Gertz Ths Tonnes per Year • Mature and
Slide 7: Chilean Gas Industry: NG
II. Chilean Gas Industry NG GNL Mejillones • 1995: Chile signs NG Integration 5,5 MMm3/day Protocol with Argentina • 1999: first transnational pipes (4) start delivering NG GNL Quintero 10 MMm3/day • 2004: supply problems from Argentinean 19,3MM Imports m3/day Argentina start arising; get worse 500M
Slide 8: Chilean Energy Matrix
II. Chilean Gas Industry Chilean Energy Matrix Y Year 1998 Year 2009 15% 15% 43% 11% Year 2006 14% 47% 12% 12% 17% 34% 14% 15% 9% 30% Consumption: 264.754 Teracal. Consumption: 345.048 Teracal. 12% Consumption: 338.278 Teracal. • Energy consumption increases 30% in the latest 11 years • Petroleum de
Slide 9: LPG Business in Chile
III. Company Operation LPG Business in Chile • GASCO GLP: • Distribution of LPG in 13 of 15 regions of Chile • 5 Plants and 20 Distribution Centers • Formats: Cylinders (5,11,15 (5 11 15 & 45kg) and Tanks • #1 Market Share in Metropolitan Region • 293.000 tons commercialized in 2010 • 2010: EBITDA U
Slide 10: LPG Business in Chile: Gasmar
III. Company Operation LPG Business in Chile • GASMAR: • Ownership: 51% Gasco, 29% Abastible, 20% Navieras Ultragas • Largest private LPG marine terminal in Chile • 4 storage tanks with 85.000m3 85 000m3 capacity (propane and butane) • Proven security in LPG supply from around the globe • Operated 5
Slide 11: LPG Business in Colombia
III. Company Operation LPG Business in Colombia • Industry: • LPGG industry dust y size: s e 600.000 600 000 tons to s ap aprox. o • Many small players, atomized market share • 2009 Regulatory Changes: new Safety and Service standards • Investments and consolidation ahead: alliances appear as option
Slide 12: Natural Gas
III. Company Operation Natural Gas Natural Gas customers Natural Gas sales (thousands) (million m3) 765 807 857 909 941 964 2.618 2.594 2.577 2.638 2.631 2.809 2.561 2.444 2.497 2.792 634 661 696 729 1.016 1.036 544 57% 537 031 520 038 127 063 776 487 997 651 774 52 21 37% 1.0 5 394 4 1.0 1.1 45 1.0
Slide 13: Natural Gas: Gasco Magallanes, Gas Sur, Innergy
III. Company Operation Natural Gas • GASCO MAGALLANES: • Regulated distribution business in XII region • 2010: 1.300km pipe network, 50.000 customers, 360 MMm3 volume • Movigas incorporated in 2010: 61 NG buses for public transport • GAS SUR: • Ownership: O hi 70% Gasco, G 30% Sask S k Energy E (C (
Slide 14: Natural Gas: Metrogas
III. Company Operation Natural Gas • METROGAS: • Ownership: O hi 51,84% 51 84% Gasco, G 39 83% Copec, 39,83% C 8 33% Trigas 8,33% Ti • Distribution to res-comm & industrial customers in RM and VI region • 2005-2009: faced shortage of NG from Argentina • 2009: part of consortium to build LNG terminal
Slide 15: LNG Quintero Terminal
III. Company Operation LNG Quintero Terminal Shareholders BG Group (40%) Metrogas (20%) ENAP (20%) Endesa (20%) Total Investment: US$1.300 million Start of Operation: July 2009 Storage Capacity: 3 tanks, 335.000m3 Current Regasification g Capacity: p y 10MMm3/day y Potential Rega
Slide 16: AutoGasco
III. Company Operation AutoGasco • Distribution of NG and LPG for vehicles • Re-launched in 2009 after Argentinean NG supply shortage • Clean and Efficient fuel at a convenient cost (versus gasoline) • C Currently tl ffocused d in i public bli transportation: t t ti taxis t i and d buses b • Chile´s
Slide 17: Supply and Demand: LPG and NG
III. Company Operation Supply Demand • Chile • #1 supplier Gasmar, mainly through imports • Geographic diversification: Argentina, UK, Norway, Saudi Arabia, etc. • Chile & Colombia LPG • Hedge Program in place to mitigate price • Basic Need Product: very stable consumption fluctuations • Diversified
Slide 18: Financial Profile: EBITDA
IV. Financial Profile EBITDA December 2009 Consolidated EBITDA 167 US$ million 300 LPG 247 NG 50% 250 50% 200 188 195 182 167 USDMM 154 150 129 121 111 U EBITDA December 2010 95 99 100 247 US$ million 43 50 NG 0 64% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LPG 36% Figures as Decem
Slide 19: Financial Profile: EBIT, Net Income, Ratios
IV. Financial Profile EBIT Net Income 200 120 177 180 100 160 100 137 134 140 75 117 80 USDMM USDMM 120 109 62 96 97 100 60 51 74 79 46 48 80 69 55 37 60 40 30 27 23 40 28 20 13 20 5 0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 200
Slide 20: Financial Profile: Assets and Financial Debt
IV. Financial Profile 2.500 IFRS 1,60 Total Assets December 2010 1,40 2 000 2.000 1 22 1,22 2.340 US$ $ million 1,20 1,14 1.500 1,00 NG LPG 0,80 64% 29% 1.000 1 000 0,60 0,40 500 0,20 0 - Other 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 7% Liabilities Minority Interest Equity Levera
Slide 21: Financial Profile: Capex
IV. Financial Profile Capex US$ million as of 31 December 2010 250 232 200 150 118 99 94 100 90 76 85 80 70 66 63 50 ‐ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LPG Natural Gas Other Investments 21
Slide 22: Financial Debt Profile
IV. Financial Profile Financial Debt Profile CLP/UF Fixed 87% Rate Structure: aim to 94% maintain 80-90% fixed Well diversified debt Variable 13% USD Debt currency aligned 6% Interest Rate Structure Currency Structure to businesses purpose Holding 37% Bonds 64% Long Term Debt Banks 36% Maturity Prof
Slide 23: Financial Debt Structure
IV. Financial Profile 250 Financial Debt Structure 200 Duration: 6 y years Long Debt Maturity Gasmar IAC‐IGLP 150 Gas Sur G Gasco GLP Metrogas 100 Gasco 50 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Domestic Equivalent International Rating Rating
Slide 24: Market Cap (US$mm)
IV. Financial Profile Market Cap (US$mm) 1 800 1.800 1.643 1.600 1.439 1.407 1.376 3 6 1 400 1.400 1.244 1.176 1.200 1.139 1.109 1.031 1 000 1.000 960 875 800 598 600 565 400 200 - Dec 1998 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 CL
Slide 25: Financial Strengths
IV. Financial Profile Financial Strengths Steady cash flows from LPG Business Enough to cover all financial obligations of the company Very Strong cash flow projections from NG Business Strong commercial basis / supply from all over the world Facility to access domestic financial markets
Slide 26: Perspectives
V. Perspectives….. NG business has overcome Argentinean supply shortages and has a strong outlook with LNG terminal LPG Chile business has provided a steady cash flow to the company. Promissory P i future f t off LPG Colombia C l bi Company p y focused in core business. Divestiture of non-core
Slide 27: Perspectives: Next Steps
V. Perspectives…..next steps LPG • GASCO GLP: improve market share, strengthen operations in regions. Lead industry by y coverage, g service and innovation • INV. GLP: become the leading LPG distributor in Colombia aiming 35-40% market share • GASMAR: maintain leadership in LPG import through high l
Slide 28: For further information, please contact
For further information, information please contact: Pablo Sobarzo Alejandro Espinosa CFO Mngt. Control & Account. [email protected] [email protected] 56 2 6944350 56 2 6944350 Sebastian Moraga g Paulina Ugarte Deputy CFO Management Control [email protected] [email protected] 56 2 6944350 56 2 694435
Slide 29: Forward-looking disclaimer
This presentation contains forward-looking opinions including the intent, belief or current expectations of the Company and its management management. Investors are cautioned that any such forward-looking opinions are not guarantee of future performance and involve a number of risks and uncertaintie