Calidda presentation Q1 2014 vf
23
Results and Significant Developments As of First Quarter of 2014 Strictly Private and Confidential
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Transcript of Calidda presentation Q1 2014 vf
Results and Significant Developments
As of First Quarter of 2014
Strictly Private and Confidential
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
1
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
2
3
In March Cálidda increased its firm transportation capacity with Transportadora de Gas del Perú (TGP) in 36MMCFD.
In March an agreement of transportation capacity redistribution was signed between Edegel and Cálidda, whereas Cálidda has the option to get 3 MMPCD additional capacity.
Our client base is already 186,000 customers.
Record high in monthly connections achieved in March, with 8,876 new clients (vs. 3,663 in March 2013).
Industry regulator OSINERGMIN published a draft resolution that sets Cálidda’s distribution tariff for the period between May 8th, 2014 and May 7th, 2018. Cálidda has sent its feedback and comments back and expects a final tariff Resolution by July.
In late March, Cálidda signed an agreement with power generator Kallpa (870MW), by which Kallpa increases its firm volume distribution contract by 11 MMCFD and its interruptible volume distribution contract by 33.5 MMCFD.
Significant Developments
3,284
3,838
3,663
3,984
2,811
3,430
4,609
5,574
6,231
7,479
8,417
6,779
6,084 7,164
8,876
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Connections Performance
2013 2014
Year-end Results Q1 2014 Q1 2013 2013 2012
Invoiced Volume (MMCFD): 648 503 577 508
Total Revenues (USD MM): 142.3 91.6 460.9 370.1
EBITDA (USD MM): 20.7 16.2 72.1 64.4
Adjusted EBITDA Margin 1 : 48.8% 52.8% 49.3% 51.6%
Network Lenght (km): 4,067 2,678 3,404 2,550
Accumulated Clients: 185,947 114,509 163,823 103,724
1) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues.
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
4
The Fénix Power (534MW) and Termochilca
(200MW) thermoelectric plants were connected
in the late 2013 and will be fully up and running
in 2014.
Kallpa thermoelectric plant increased its firm
volume contract by 11 MMCFD.
A total of 3 new industrial plants were connected
over Q1 2014. Cálidda is addressing demand for
this segment in more than 30 districts.
Among the 3 industries connected
stands out Quimpac S.A. (average consumption
1 MMCFD).
A total 3 new NGV service stations joined
Cálidda’s distribution system and almost
174,000 vehicles have been converted to
natural gas in the cities of Lima and Callao.
Further increases in natural gas consumption
are expected to come as public transportation
buses in Lima are being converted gradually
from diesel to natural gas.
Over Q1 2014, Cálidda added 22,118 clients to
the Residential & Commercial segment. As to
residential clients only, 21,856 were connected,
mainly by increasing connected clients in
existing districts. Therefore, Cálidda boasts a
total of 182,550 households.
Diverse Client Base
5
Power Generation
Industrial
NGV Stations
Clients Segments Growth Highlights
Residential & Commercial
8 11
13 13 15 15
0
5
10
15
20
2009 2010 2011 2012 2013 Q1 2014
321 360
394 429
469 472
0
100
200
300
400
500
2009 2010 2011 2012 2013 Q1 2014
18,756 34,619
63,602
103,090
163,133 185,251
0
50,000
100,000
150,000
200,000
2009 2010 2011 2012 2013 Q1 2014
103 143 172 192 206 209
81,029
103,712
126,586
151,768 170,526 173,913
0
50,000
100,000
150,000
200,000
0
100
200
300
400
2009 2010 2011 2012 2013 Q1 2014
NGV Stations Converted Vehicles*
(*) The information as of March 2014 has not yet been reported by Cofide.
Client’s Performance
6
Volume Sold by Client Segment (MMCFD)
Cálidda now sells more than 3.5x the volume sold in 2009.
Increased volume sold in Q1 2014 is mainly explained by new power generators in our distribution system: Fénix Power (82 MMCFD) and Termochilca (45 MMCFD).
52.2%
63.9%
71.6% 71.6%
72.5%
69.9%
74.2%
13.4%
10.6%
8.8%
9.7%
9.6%
10.6%
9.2%
34.0%
25.0%
19.2%
18.1%
17.2%
18.8%
15.8%
182
303
457
508
577
503
648
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
Residential &Commercial
Industrial
NGV Stations
PowerGenerators
Volume Sold by Client Segment
7
NGV Stations (MMCFD) Residential & Commercial (MMCFD)
Industrial (MMCFD) Power Generation (MMCFD)
0.8
1.3
1.9
2.9
3.9
3.2
4.6
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
95
193
327 364
418
352
481
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
62
76
88 92
99 94
103
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
24
32
40
49
56 53
60
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
8
9
Operational Performance
Distribution System
Network Efficiency
Infrastructure in kilometers
Penetration Rate
Over Q1 2014, Cálidda’s has built 4 km of steel high pressure network and 659 km of polyethylene secondary network, which is built in great extent to reach new household clients.
The pace of network expansion in polyethylene (rings) has increased considerably, reaching in Q1 2014 38,951 rings compared to 12,264 rings in Q1 2013 (33,295 in Q4 2013).
Cálidda´s distribution system reaches a total of 4,067 km of underground pipelines.
The network penetration rate has increased to 50% over the years.
The district El Agustino (new district) is the one with the highest level of penetration at 68%.
This year Cálidda has planned on entering into 6 new districts: Callao, Ate, Santa Anita, Puente Piedra, Imperial and Cañete.
273 303 359 387 408 412
701 1,020
1,465
2,163
2,996
3,655
974 1,324
1,824
2,550
3,404
4,067
2009 2010 2011 2012 2013 Q1 2014
Steel Network Polyethylene Network Total
19,188 35,133
64,181
103,724
163,823 185,947
93,761 125,849
173,531
244,317
330,678 369,629
20%
28%
37%
42% 50% 50%
0%
10%
20%
30%
40%
50%
60%
0
100,000
200,000
300,000
400,000
500,000
2009 2010 2011 2012 2013 Q1 2014
Total Clients Potential Clients*
(*) Clients who are adjacent to Cálidda's distribution network.
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
10
Financial Performance
11
FFO* (USD Millions) Net Income (USD Millions)
EBITDA (USD Millions) & Adj. EBITDA Margin (%) Total Revenues (USD Millions)
43 64 103 125 146
31 42
116 125
201
245
315
61 100
160 188
304
370
461
92
142
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
Distribution & Others Pass-through & IFRIC 12
7
10
26 27
17
8
2009 2010 2011 2012 2013 Q1 2014
19
29
59 64
72 77
44.5% 46.1% 57.6%
51.6% 49.3% 48.8%
2009 2010 2011 2012 2013 Q1 2014EBITDA Adjusted EBITDA Margin
(*) LTM: Last Twelve Months.
12
18
40 43
36 38
2009 2010 2011 2012 2013 Q1 2014
(*) LTM: Last Twelve Months.
5.8% 3.0% 2.4% 3.1% 5.4% 7.6% 5.2%
11.4% 15.8% 23.8% 25.9%
32.7% 28.1% 35.1% 12.4%
27.0%
36.0% 34.2% 27.0%
26.7% 28.5%
27.8%
19.2%
15.4% 15.1% 13.9% 15.3% 12.6% 39.2%
32.4%
20.0% 18.5% 16.6% 18.7% 14.7%
3.5% 2.6% 2.4% 3.2% 4.5% 3.7% 3.9%
2009 2010 2011 2012 2013 Q1 2013 Q1 2014
Residential &Commercial
Industrial
NGV Stations
PowerGeneration
InstallationServices
Others
Revenue participation by segment
12
(2)
(1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
(2) Installation Services include revenues from connection fees and facility’s financing.
(3) Others: mainly derived from network relocation and other non recurrent services.
Total Adjusted Revenues are represented by 60% of volume related revenues and 40% of installation services related revenues.
Over 63% of our Total Adjusted Revenues are not dependable on demand (volume) volatility: Firm contracts revenues account for 28%, and installation services revenues account for 35%.
Total Adjusted Revenues1 by Client Segment
(3)
Financial Performance (Cont’d)
13
(1) Total Debt: net of debt associated costs.
Total Debt1 (USD Millions) Capex (USD Millions)
Equity (USD Millions) Total Assets (USD Millions)
218
289
383
492
648 637
2009 2010 2011 2012 2013 Q1 2014
106 115
141
202
244 253
2009 2010 2011 2012 2013 Q1 2014
48 50 32
63
92
16
3 53
33
5
51 50
85
96 98
16
2009 2010 2011 2012 2013 Q1 2014
Secondary Network Main Network
28 67
119 149
318 318
47
47
47
47
75
114
166
196
318 318
2009 2010 2011 2012 2013 Q1 2014
Senior Debt Shareholders' Subordinated Debt
Financial Metrics
14
Interest Coverage1 FFO* / Net Debt
Debt and Net Debt / EBITDA LTM* Debt / Capitalization (%)
(1) Ratio does not include 2013’s debt prepayment penalties (USD 7.8 MM).
The metrics has EBITDA LTM.
41.4%
49.8% 54.1%
49.2%
56.6% 55.7%
2009 2010 2011 2012 2013 Q1 2014
3.9x 3.9x
2.8x 3.0x
4.4x 4.1x
3.1x 3.1x
2.3x 2.3x
3.0x
3.1x
2009 2010 2011 2012 2013 Q1 2014
Debt / EBITDA Net Debt / EBITDA
3.5x 3.8x
5.8x 5.5x 5.6x 5.5x
2009 2010 2011 2012 2013 Q1 2014
20.9% 20.2%
28.9% 28.3%
16.8% 16.2%
2009 2010 2011 2012 2013 Q1 2014
(*) LTM: Last Twelve Months.
(*) LTM: Last Twelve Months.
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
15
Questions and Answers Session
Conference Dial-In Numbers:
Conference ID 42428398
Participant Toll-Free Dial-In Number: +1 (844) 825-0510
Participant International Dial-In Number: +1 (315) 625-6879
Participant ITFS Dial-In Numbers:
Chile: 12300206168
Colombia: 018005180165
Perú: 080052957
United Kingdom: 08000288438
16
18
For more information about Cálidda, please contact our Investor Relations team:
http://calidda.com.pe/inversionistas/
http://www.grupoenergiadebogota.com.co
Jaime Quintana
CFO
+51 1 625 7310
jaime.quintana@Cálidda.com.pe
Rafael Andrés Salamanca Rodriguez
Investor Relations Advisor GEB
+57 1 326 8000 – ext. 1675
Antonio Angarita
Investor Relations Officer GEB
+57 1 326 8000 – ext. 1546
Mathius Sersen
Finance Director
+51 1 625 7390
mathius.sersen@Cálidda.com.pe
Investor Relations
Results and Significant Developments – Q1 2014
I. Significant Developments
II. Commercial Performance
III. Operational Performance
IV. Financial Performance and Key Metrics
V. Questions and Answers Session
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
19
Strong Sponsorship with Optimal Experience
Controlling Shareholder – 60% Ownership in Cálidda
Shareholder – 40% Ownership in Cálidda
Leading energy holding company with interests across the electricity and
natural gas sectors in Colombia, Peru and Guatemala
– Founded in 1896, controlled by the Distrito de Bogotá since 1956 with a 76.2%
ownership stake
– Leader in the Energy Sector: major player in the transmission and distribution of
electricity and natural gas
– International presence: Colombia, Peru and Guatemala
One of the largest natural gas distribution and transportation companies in
Colombia
– Founded in 1974 by the government of Colombia. Currently controlled by Grupo Aval
– Only vertically-integrated natural gas company in Colombia
– Major player in the gas distribution sector in Colombia through Gases de Occidente,
Surtigas and Gases del Caribe
– Participation in the power distribution in Colombia and telecommunications sector in
Panama and Costa Rica
– International Presence: Panama, Peru and Costa Rica
– EEB has 15.6% stake in Promigas
Controlling Investments
Non Controlling Investments
Controlling Investments
Non Controlling Investments
20
Experienced and Proven Management Team & Board
Cálidda’s management team and board have a successful track record in the oil and gas sector
Board of Directors
Management Team
21
ChiefOperating
Officer
JorgeMonterroza
Years in industry:16 years
Years at Cálidda:2 years
Chief Executive OfficerAdolfo Heeren
Years in Industry: 16 YearsYears at Cálidda: 2 years
ChiefCommercial
Officer
CarlosCerón
Years in industry:16 years
Years at Cálidda:2 years
ChiefProcurement
Officer
PatriciaPazos
Years in industry:16 years
Years at Cálidda:8 years
ChiefFinancialOfficer
JaimeQuintana
Years in industry:7 years
Years at Cálidda:2 years
Chief Human Resources
Officer
RosarioJiménez
Years in industry:4 years
Years at Cálidda:4 years
ChiefExternal Affairs Officer
TaniaSilva
Years in industry:2 years
Years at Cálidda:1 years
ChiefLegal and Regulatory
Officer
AmadeoArrarte
Years in industry:11 years
Years at Cálidda:9 years
ChiefStrategy Officer
TatianaRivas
Years in industry:5 years
Years at Cálidda:5 years
ChiefInternal Auditor
CarolinaHernández
Years in industry:7 years
Years at Cálidda:5 years
PresidentSandra Stella
Fonseca Arenas
18 years of working experience in the
energy sector
Former Executive
Director of the Energy and Gas Regulation
Commission in
Colombia
Luis BetancurEscobar
Served as Director of Fondo Financiero Desarrollo Urbano
President of Colombia's
restructuring of the
Energy and Gas Regulatory
Commission
Jose Elias Melo Acosta
President of Corporación Financiera
Colombiana S.A
Minister of Colombia's Treasury and Public
Credit and Labor and Social Security departments.
Antonio CeliaMartínez-Aparicio
President ofPromigas
Served on the board of directors of various companies in the
natural gas sector.
Manuel GuillermoCamargo Vega
Management positions in distribution and
transportation utilities
of natural gas and project experience in
transportation of crude
oil and natural gas.
Felipe Castilla Canales
CFO in EEB
Previously CFO in ContourGlobal
Latinoamerica. He also held the position of CFO in REFICAR -
Refinería de Cartagena.
Luis ErnestoMejía Castro
Director of
Promigas
Minister of Mines and
Energy and Vice Minister of
Hydrocarbons and
Mines.
Disclaimer
22
The information provided here is for informational and illustrative purposes only and is not, and does
not seek to be, a source of legal or financial advice on any subject. This information does not constitute
an offer of any sort and is subject to change without notice.
Cálidda and its Shareholders expressly disclaim any responsibility for actions taken or not taken based
on this information. Neither Cálidda nor its Shareholders accept any responsibility for losses that might
result from the execution of the proposals or recommendations herein presented. Neither Cálidda nor
its Shareholders are responsible for any content that may originate with third parties. Cálidda or its
Shareholders may have provided, or might provide in the future, information that is inconsistent with the
information herein presented.
