Calidda’s Q3 2016 Results · In Q3 2016, other Revenues represent 7% of the Adjusted Revenues,...
Transcript of Calidda’s Q3 2016 Results · In Q3 2016, other Revenues represent 7% of the Adjusted Revenues,...
Calidda’s Q3 2016 Results
November, 2016
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
4
Introduction and Perspectives
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
6
Significant Developments – Q3 2016
1/ Million cubic feet per day. 2/ Clients who are located in front of Calidda’s distribution network.
3/ Revenues exclude Pass-through and IFRIC 12 revenues. 4/ Last twelve months EBITDA. 5/ Last twelve months EBITDA & Adjusted Revenues.
Calidda’s client base has increased by 31% and the
invoiced volume has increased by 5% compared to
third quarter of 2015.
During the three first quarters of 2016, our network
length was enlarged by 1,168 km, whereby the
distribution system has reached a total of 7,157 km of
underground pipelines.
Total Revenues of Q3 YTD have increased 1%,
despite the reduction in natural gas prices. Total
Adjusted Revenues increased by 6% driven by higher
distribution services, mainly from Take-or-Pay
contracts and installations financing business.
The EBITDA and Adjusted EBITDA margin grew
mainly due to the higher income mentioned above
(higher demand of natural gas).
Financial Results ( YTD ) Q3 2016 Q3 2015 Var %
Total Revenues (USD MM): 398.8 394.8 1%
Total Adj. Revenues (USD MM) 3 : 155.2 146.6 6%
EBITDA (USD MM) 4 : 118.1 100.3 18%
Adjusted EBITDA Margin5 : 56.9% 52.0%
Interest Coverage (x) 7.5x 6.6x
Operational Results ( YTD ) Q3 2016 Q3 2015 Var %
Accumulated Clients: 416,954 317,387 31%
Invoiced Volume (MMCFD) 1 : 731 699 5%
Network Lenght (km): 7,157 5,557 29%
Potential Clients 2 : 725,845 563,021 29%
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
8
Commercial Performance Residential & Commercial Segment
Residential
Industrial
Natural gas pipeline
Main grid expansion
In the residential segment, Calidda has begun commercial operations in Lurín, attending household’s demand in 20 districts.
Until the third quarter of 2016, Calidda has connected 70,857 residential clients and 937 commercial clients.
On September, out of the 8,280 residential connections contracts signed, 6,286 were subsidized by the Bonogas program.
The Bonogas program was implemented by the government to further increase the use of natural gas, along with the Promotional Discount, and achieve the massification of Natural Gas service in Peru.
34,619 63,602
103,090
163,129
254,280
344,380
416,174
2010 2011 2012 2013 2014 2015 Q32016
9
Commercial Performance
Clients Segments Growth Highlights
Power Generation
Industrial
NGV Stations
16 new industrial plants were connected from 2015 to third quarter of 2016.
7 new NGV stations joined Calidda’s distribution system and 229,472 converted vehicles are attended in the cities of Lima and Callao.
A new cogeneration client was connected during Q3 2016.
11 13 13
16 16 17 18
2010 2011 2012 2013 2014 2015 Q32016
360 394
429 466 489 507 523
2010 2011 2012 2013 2014 2015 Q32016
143 172 192 206 220 232 239
103,712 126,586
151,781 171,541
197,154 212,252
229,472
0
50,000
100,000
150,000
200,000
250,000
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 Q32016
NGV Stations Converted Vehicles
63.9%
71.6% 71.6%
72.5%
74.2% 74.5% 74.7% 75.2%
25.0%
19.2% 18.1%
17.2%
16.0% 15.5% 15.5%
15.0%
10.6%
8.8%
9.7%
9.6%
9.0% 8.9% 8.8%
8.6%
303
457
508
577
679 699 699
731
2010 2011 2012 2013 2014 2015 Q3 2015 Q3 2016
Residential &Commercial
NGV Stations
Industrial
Power Generation
10
Commercial Performance Invoiced Volume MMCFD
At Q3, the invoiced volume increased by 5% compared to the same period of 2015, mostly explained by higher
amounts of Take-or-Pay contracts with Power Generators.
As of September 2016, Take-or-Pay contracts amounted 576 MMCFD (541 MMCFD Power Generation + 35
MMCFD Industrial), 79% of the total invoiced volume.
1.3 1.9 2.9
3.9
5.8 7.5 7.2
9.3
2010 2011 2012 2013 2014 2015 Q32015
Q32016
76 88 92
99 109 108 108 109
2010 2011 2012 2013 2014 2015 Q32015
Q32016
11
Commercial Performance Invoiced Volume by Client Segment (MMCFD)
Generación Eléctrica
Industrial
NGV Stations
Residential & Commercial
32 40
49 56
61 62 61 63
2010 2011 2012 2013 2014 2015 Q32015
Q32016
193
327 364
418
504 521 522 550
2010 2011 2012 2013 2014 2015 Q32015
Q32016
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
13
Operational Performance
Distribution System Infrastructure
Network Efficiency
Over the first nine months of 2016, we have
increased our network penetration rate by
0.8%.
Calidda’s distribution system consists of 7,157 km of underground pipelines.
As of the third quarter 2016, Calidda has built 1,168 km, out of which 29 km were steel high pressure network, while the remaining 1,139 km were low pressure polyethylene pipelines.
303 359 387 408 428 458 487
1,020 1,465
2,163 2,996
4,249
5,531
6,670
1,324 1,824
2,550
3,404
4,678
5,988
7,157
-500
500
1,500
2,500
3,500
4,500
5,500
6,500
7,500
2010 2011 2012 2013 2014 2015 Q3 2016
km
Steel Network Polyethylene Network Total
35 64 104
164
255
345 417
126 174
244
331
466
609
726
28%
37% 42%
50%
55% 56.6%
57.4%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
700
2010 2011 2012 2013 2014 2015 Q32016Total Clients Potential Clients* Penetration Rate
(*) Clients who are adjacent to Cálidda's distribution network.
0
150
300
450
dic-14 mar-15 jun-15 sep-15 dic-15 mar-16 jun-16 sep-16
Regulated Clients
0
150
300
450
dic-14 mar-15 jun-15 sep-15 dic-15 mar-16 jun-16 sep-16
Regulated Clients Independent Clients
Calidda has enough Transport & Supply Capacity for
attending its Customers
Regulated clients: Calidda provides them with NG, transportation and distribution
services.
Independent clients: Customers who contract their own gas and transportation
services. Calidda only provides the distribution service.
Calidda's
City Gate
Calidda’s Capacity = 420MMCFD
Regulated Clients + Independent Clients
151MMCFD + 150MMCFD =301 MMCFD
Independent Clients
(Power Generators)
= 340 MMCFD
Calidda’s Capacity: 420 MMCFD
As of September 2016, Calidda’s distribution system capacity is 420MMCFD (from City Gate Lurín to Lima). Independent and regulated customers located down flow Lurin have nearly taken 301MMCFD, equivalent to 72% of our capacity.
Our Regulated Clients have consumed 151 MMCFD, equivalent to 72% of our Gas Transportation capacity (TGP) and 85% of our Gas Supply capacity (Pluspetrol).
Transport: 210 MMCFD
Gas: 178MMCFD
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Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Even though residential & commercial segment represents only 1% of the invoiced volume, it explains 11% of the distribution revenues. If we add the revenues generated by our client connection business, this segment represents 35% of the Adjusted Revenues.
On the other hand, Power Generators represents 75% of the volume, 51% of the distribution revenues and 33% of the Adjusted Revenues.
In Q3 2016, other Revenues represent 7% of the Adjusted Revenues, mainly explained by income from pipeline’s relocation services.
11%
7%
33% 28%
7%
14%
16
Even though volumes are concentrated, revenues are
diversified Q3 2016 Invoiced
volume (MMCFD) Q3 2016 Adjusted
Revenues1
Q3 2016 Distribution
Revenues
1/ Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
2/ Installation Services Revenues include revenues from connection fees and financing.
3/ Others: mainly derived from network relocation and other non recurrent services.
75%
15%
8% 1%
51%
22%
16%
11%
2 3
35%
29
59 64
72
91
104
118
46.1%
57.6% 51.6% 49.3%
49.1% 52.1% 56.9%
2010 2011 2012 2013 2014 2015 Q32016EBITDA Adjusted EBITDA Margin
(*) Last Twelve Months.
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Financial Performance Million US$
Total Revenues EBITDA* & Adj. EBITDA Margin (%)
Funds from Operations * (FFO)1 Debt & Net Debt2 / EBITDA *
1/ FFO = Net Profit + Depreciation + Amortization 2/ Net Debt = Debt – Cash Balance.
(*) Last Twelve Months.
64 103 125 146 186 199 147 155
125
201 245
315 326 342
248 244 188
304
370
461 512
541
395 399
2010 2011 2012 2013 2014 2015 Q32015
Q32016
Total Adjusted Revenues Pass-through & IFRIC 12
18
40 43
36
57 58
74
2010 2011 2012 2013 2014 2015 Q32016
3.9x
2.8x 3.0x
4.4x
3.5x 3.2x
2.9x
3.1x
2.3x 2.3x
3.0x
2.6x 2.6x 2.8x
2010 2011 2012 2013 2014 2015 Q32016Debt / EBITDA Net Debt / EBITDA
(*) Last Twelve Months.
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Financial Performance
Million US$
Total Debt1 Debt / Capitalization2 (%)
Interest Coverage* FFO
* / Net Debt
1/ Total Debt : Debt net from financing costs.
67 119
149
318 318 335 346
47
47 47
114
166 196
318 318 335 346
2010 2011 2012 2013 2014 2015 Q32016Senior Debt Shareholders' Subordinated Debt
49.8%
54.1%
49.2%
56.6%
53.2%
54.8% 55.0%
2010 2011 2012 2013 2014 2015 Q32016
(*) Last twelve months. (*) Last twelve months.
2/ Capitalization: Debt + Equity.
20.2%
28.9% 28.3%
16.8%
23.9% 21.8%
22.8%
2010 2011 2012 2013 2014 2015 Q32016
3.8x
5.8x 5.5x 5.6x
6.3x 6.8x
7.5x
2010 2011 2012 2013 2014 2015 Q32016
115 141
202
244
280 276 283
2010 2011 2012 2013 2014 2015 Q32016
19
Financial Performance
Million US$
Total Assets Equity
Net Income
CapEx
Dividends +
Capital reduction:
$37MM
Dividends +
Capital reduction:
$36MM
289
383
492
648 696
735 742
2010 2011 2012 2013 2014 2015 Q32016
10
26 27
17
35 34
43
2010 2011 2012 2013 2014 2015 Q32016
50 32
63
92 83 85
65
53
33
5
50
85
96 98
83 85
2010 2011 2012 2013 2014 2015 Q32016
Secondary Network Main Network
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Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
21
Conclusions
22
Q&A
Para uso restringido Calidda S.A. ESP. Todos los derechos reservados. Ninguna parte de esta presentación puede ser reproducida o utilizada
en ninguna forma o por ningún medio sin permiso explícito de Cálida S.A ESP.