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Calidda’s Q2 2016 Results
August, 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
Annexes:
(i) Strong Sponsorship with Optimal Experience
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
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
Annexes:
(i) Strong Sponsorship with Optimal Experience
6
Significant Developments – Q2 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 32% and the
invoiced volume has increased by 7% compared to
second quarter of 2015.
During first half of 2016, our network length was
enlarged by 804 km, whereby the distribution system
has reached a total of 6,793 km of underground
pipelines.
Total Revenues from first semester decreased 1%,
explained by a reduction in natural gas prices. Total
Adjusted Revenues increased 3% driven by higher
distribution services, mainly from Take-or-Pay
contracts, and residential clients’ connection services.
The EBITDA and Adjusted EBITDA margin grew
mainly due to the higher income mentioned above
and lower operational expenses from services and
contracts agreed in Soles (beneficial exchange rate
effect).
Operational Results ( YTD ) Q2 2016 Q2 2015 Var %
Accumulated Clients: 395,717 299,790 32%
Invoiced Volume (MMCFD) 1 : 746 700 7%
Network Lenght (km): 6,793 5,246 29%
Potencial Clients 2 : 691,117 529,465 31%
Financial Results ( YTD ) Q2 2016 Q2 2015 Var %
Total Revenues (USD MM): 261.6 265.5 -1%
Total Adj. Revenues (USD MM) 3 : 103.9 101.1 3%
EBITDA (USD MM) 4 : 113.2 99.9 13%
Adjusted EBITDA Margin5 : 56.1% 51.4%
Interest Coverage (x) 7.1x 6.8x
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
8
Commercial Performance Residential & Commercial Segment
Residential
Industrial
Natural gas pipeline
Main grid expansion
34,619 63,602
103,090
163,129
254,280
344,380
394,947
2010 2011 2012 2013 2014 2015 Q22016
In the residential segment, Calidda has commercial operations in 19 districts.
During the first half of 2016, Calidda connected 49,987 residential clients and 580 commercial clients.
By the end of June, the promotion fund was reactivated, subsidizing the connection cost of the beneficiaries by approximately 180 dollars (30% of the total connection cost). Only people from socioeconomic sector C, D or E can access to this benefit.
Calidda serves the industrial & commercial network in more than 36 districts within Lima & Callao (Metropolitan area).
9
Commercial Performance
Clients Segments Growth Highlights
Power Generation
Industrial
NGV Stations
11 13 13
16 16 17 17
2010 2011 2012 2013 2014 2015 Q22016
360 394
429 466 489 507 517
2010 2011 2012 2013 2014 2015 Q22016
10 new industrial plants were connected during first half of 2016.
143 172 192 206 220 232 236
103,712 126,586
151,781 171,541
197,154 212,252
225,423
0
50,000
100,000
150,000
200,000
250,000
0
100
200
300
400
2010 2011 2012 2013 2014 2015 Q22016
NGV Stations Converted Vehicles
4 new NGV stations joined Calidda’s distribution system and 225,423 converted vehicles are attended in the cities of Lima and Callao.
No new power generators where connected during Q2 2016.
10
Commercial Performance Invoiced Volume MMCFD
In first half of 2016, the invoiced volume increased by 7% compared to the same period of 2015, mostly explained by
higher amounts of Take-or-Pay contracts with Power Generators.
As of June 2016, Take-or-Pay contracts amounted 601 MMCFD (565 MMCFD Power Generation + 36 MMCFD
Industrial), 81% of the total invoiced volume.
63.9%
71.6% 71.6% 72.5%
74.2% 74.5% 74.3% 75.3% 25.0%
19.2% 18.1%
17.2%
16.0% 15.5% 15.9% 14.9%
10.6%
8.8% 9.7%
9.6%
9.0% 8.9% 8.8% 8.6%
303
457 508
577
679 699 700 746
2010 2011 2012 2013 2014 2015 Q2 2015 Q2 2016
Residential &Commercial
NGV Stations
Industrial
Power Generation
11
Commercial Performance Invoiced Volume by Client Segment (MMCFD)
Generación Eléctrica
Industrial
NGV Stations
Residential & Commercial
76 88 92
99 109 108 111 111
2010 2011 2012 2013 2014 2015 Q22015
Q22016
32 40
49 56
61 62 62 64
2010 2011 2012 2013 2014 2015 Q22015
Q22016
1.3 1.9
2.9 3.9
5.8
7.5 7.0
9.4
2010 2011 2012 2013 2014 2015 Q22015
Q22016
193
327 364
418
504 521 520 562
2010 2011 2012 2013 2014 2015 Q22015
Q22016
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
13
Operational Performance
Distribution System Infrastructure
Network Efficiency
Over the first six months of 2016, we have
increased our network penetration rate by
0.7%, in line with the average penetration
rate increment achieved per quarter during
2015.
Calidda’s distribution system consists of 6,793 km of underground pipelines.
During the first half of 2016 , Calidda has built 805 km, out of which 21 km were steel high pressure network, while the remaining 784 km were low pressure polyethylene pipelines.
303 359 387 408 428 458 479 1,020 1,465
2,163 2,996
4,249
5,531
6,315
1,324 1,824
2,550
3,404
4,678
5,988
6,793
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2010 2011 2012 2013 2014 2015 Q2 2016
km
Steel Network Polyethylene Network Total
19 35 64 104 164
255 345 396
94 126 174 244
331
466 609
691
20% 28%
37% 42%
50% 55% 56.6% 57.3%
0%
10%
20%
30%
40%
50%
60%
0
200
400
600
800
1,000
2009 2010 2011 2012 2013 2014 2015 Q22016
Total Clients Potential Clients* Penetration Rate(*) Clients who are located in front of Calidda's distribution network.
14
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 + 136MMCFD =287 MMCFD
Independent Clients
(Power Generators)
= 355 MMCFD Thermal Plants
(Clients)
Conventions
0
150
300
450
sep-14 dic-14 mar-15 jun-15 sep-15 dic-15 mar-16 jun-16
Regulated Clients Independent Clients
Calidda’s Capacity: 420 MMCFD
As of June 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 287MMCFD, equivalent to 68% of our capacity.
0
150
300
450
sep-14 dic-14 mar-15 jun-15 sep-15 dic-15 mar-16 jun-16
Regulated Clients
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: 209 MMCFD
Gas: 178MMCFD
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
Even though residential & commercial segment only represents 1% of the invoiced volume, it explains 10% of the distribution revenues. If we add the revenues generated by our client connection business, this segment represents 36% of the Adjusted Revenues.
On the other hand, Power Generators represents 75% of the volume, 51% of the distribution revenues and 34% of the Adjusted Revenues.
In Q2 2016, other Revenues represent 6% of the Adjusted Revenues, mainly explained by extraordinary income from pipeline’s relocation services.
11%
6%
34% 29%
7%
14%
16
Even though volumes are concentrated, revenues are
diversified Q2 2016 Invoiced
volume (MMCFD) Q2 2016 Adjusted
Revenues1
Q2 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%
9% 1%
51%
22%
16%
10%
2 3
36%
17
Financial Performance Million US$
Total Revenues EBITDA* & Adj. EBITDA Margin (%)
Funds from Operations (FFO)1 Debt & Net Debt2 / EBITDA
64 103 125 146 186 199 101 104
125
201 245
315 326 342
164 158
188
304 370
461 512
541
265 262
2010 2011 2012 2013 2014 2015 Q22015
Q22016
Total Adjusted Revenues Pass-through & IFRIC 12
YoY: -1%
3.9x
2.8x 3.0x
4.4x
3.5x 3.2x 3.1x
3.1x
2.3x 2.3x
3.0x 2.6x 2.6x
2.8x
2010 2011 2012 2013 2014 2015 Q22016
Debt / EBITDA Net Debt / EBITDA(*) Last Twelve Months.
1/ FFO = Net Profit + Depreciation + Amortization 2/ Net Debt = Debt – Cash Balance.
29
59 64
72
91
104 113
46.1%
57.6% 51.6% 49.3%
49.1% 52.1% 56.1%
2010 2011 2012 2013 2014 2015 Q22016
EBITDA Adjusted EBITDA Margin(*) Last Twelve Months.
18
40 43
36
57 58
70
2010 2011 2012 2013 2014 2015 Q22016(*) Last Twelve Months.
18
Financial Performance
Million US$
Total Debt1 Debt / Capitalization2 (%)
Interest Coverage FFO / Net Debt
67 119 149
318 318 335 352
47
47 47 114
166 196
318 318 335
352
2010 2011 2012 2013 2014 2015 Q22016Senior Debt Shareholders' Subordinated Debt
1/ Total Debt : Debt net from financing costs.
49.8%
54.1%
49.2%
56.6%
53.2%
54.8%
56.6%
2010 2011 2012 2013 2014 2015 Q22016
3.8x
5.8x 5.5x 5.6x
6.3x 6.8x
7.1x
2010 2011 2012 2013 2014 2015 Q22016(*)Last twelve months.
20.2%
28.9% 28.3%
16.8%
23.9% 21.8% 22.4%
2010 2011 2012 2013 2014 2015 Q22016(*)Last twelve months.
19
Financial Performance
Million US$
Total Assets Equity
Net Income
CapEx
289
383
492
648 696
735 762
2010 2011 2012 2013 2014 2015 Q22016
115 141
202
244 280 276
260
2010 2011 2012 2013 2014 2015 Q22016
10
26 27
17
35 34
30
2010 2011 2012 2013 2014 2015 Q22016
50 32
63
92 83 85
41
53
33
5
50
85
96 98
83
85
41
2010 2011 2012 2013 2014 2015 Q22016
Secondary Network Main Network
Dividends +
Capital reduction:
$37MM
Dividends +
Capital reduction:
$36MM
Table of Contents
I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
21
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
Annexes:
(i) Strong Sponsorship with Optimal Experience
23
Strong Sponsorship with Optimal Experience
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.
Controlling Investments
Non Controlling Investments
Non Controlling Investments
Controlling Investments
Controlling Shareholder – 60% Ownership in Calidda
Shareholder – 40% Ownership in Calidda
Only vertically-integrated and 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.
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.
EEB has 15.6% stake in Promigas.
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.
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