Inversiones Aguas Metropolitanas S.A. June, 2008
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1 Inversiones Aguas Metropolitanas S.A. June, 2008
2 Disclaimer IAM This Presentation contains statements that constitute forward-looking statements, which appear in a number of places herein, and include statements regarding the intent, belief or current expectations of Inversiones Aguas Metropolitanas S,A, (IAM) and its management with respect to, among other things, its: (1) Investment plan; (2) Growth prospects; (3) Business strategy; (4) Payments to shareholders (5) Trends affecting the company s financial position or operating results, including industry market trends; and (6) The future effect of any amendment to the laws and regulations applicable to IAM or its affiliates, Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, Actual results may materially differ from those included in the forward-looking statements due to different factors, IAM undertakes no obligation to publicly disclose the result of any revisions to these forwardlooking statements,
3 Content 1. Overview 2. Business Description 3. Financial Aspects 4. Growth Prospects 5. Investment Highlights
4 Overview
5 Antecedentes Históricos Overview / IAM IAM was incorporated by Agbar (50%) and Suez (50%). The Company acquired 51.2% of the share capital of Aguas Andinas (formerly EMOS) Construction of the El Trebal Sewage Treatment Plant is begun. Aguas Andinas acquires 100% of Aguas Cordillera and 50% of Aguas Manquehue The operation of the El Trebal Sewage Treatment Plant begins and work starts on building the La Farfana Sewage Treatment Plant. The subsidiaries Anam and EcoRiles are incorporated The remaining 50% of Aguas Manquehue is acquired. New sewage treatment plants are inaugurated at San José de Maipo and Paine La Farfana Sewage Treatment Plant starts operating, the largest of its kind in Latin America. The ISO 9000 certification for customer attention is obtained The Valdivia de Paine and El Monte Sewage Treatment Plants start operating Initial Public Offer of IAM. Agbar remained as the only controlling shareholder with 56.6% of the share capital The Aguas de Ramón Nature Park is inaugurated and construction begins of the Melipilla sewage treatment plant Work starts on the construction of the Mapocho Urban Cleaning Project with the approval of its environmental impact assessment. An ADR Level I program was established. The development of a project for the supply of bio-gas from the La Farfana Plant to Metrogas started.
6 Ownership Structure (1) Overview / IAM 1 Ownership 56.6% International Investors 22.7% 14.1% Local Institutional Investors Others 6.6% CORFO Chilean Pension Funds 50.1% 35.0% 10.4% 4.5% Others Main Subsidiaries 100% 100% 100% 100% 100% 100% (1) As of March 31, (2) Chilean Government Development Agency.
7 Business Description
8 Market Leadership in Chile Business Description / IAM 2 The Company operates in the largest market in Chile, and has exclusive non-expiring concession rights IAM MARKET SHARE (2007E) Revenues 41% ThCh$ 254 million Drinking Water Volume 50% 479 million m 3 Number of Customers 38% 1,597,537 customers Note: As of December 31, 2007.
9 Integral Management of the Water Cycle IAM engages in every stage of the water cycle Business Description / IAM 2 Concession Area: Santiago Employees: 1,484 Customers: 1,6 million DRINKING WATER PRODUCTION DRINKING WATER DISTRIBUTION SEWAGE COLLECTION SEWAGE TREATMENT AND DISPOSAL Drinking Water Volume: Network: 12,596 km, Network: 10,180 km, 2000 coverage: 4.2% million m 3 100% coverage in the concession 2006 coverage: 98.4% 2006: 72.0% area 2010E: 100% Note: As of December 31, 2007.
10 Ample and Exclusive Resources of High Quality High level of security in the supply, even in years of low hydrology. Business Description / IAM 2 Access to high quality, unpolluted water sources and use of gravitational distribution system that allow us to obtain low operational costs. Production capacity and water rights that widely exceed the demand of the system. Water rights of ~43.4m 3 /sec, Production capacity in plants of 23.4m3/sec, plus 10 m 3 /s from groundwater sources. Ample reservoir capacity in unpolluted water sources: - El Yeso Reservoir: 232 million m 3, - Laguna Negra: 600 million m 3, - Laguna Lo Encañado: 10 million m 3, 6
11 Well-Designed and Time-Tested Regulatory Framework Business Description / IAM 2 Objective and technical mechanism for tariff-setting, Regulatory framework established almost 20 years ago, Indefinite life concession: - Full asset ownership, - Ability to sell non-core assets, Ability to disconnect customers results in very low delinquency levels, Tariffs reset every five years: - Minimum return on capital of 7% - Automatic interim adjustments linked to inflation - Next tariff period begin in March 2010 Government subsidies to low-income customers
12 Financial Aspects
13 Growth Track Record Financial Aspects / IAM 3 Revenues (billion Ch$) Net Income + Goodwill Amortization (billion Ch$) 300 CAGR : 6.7% 60 CAGR : 8.4%
14 Strong and Stable Cash Flows Financial Aspects / IAM 3 EBITDA Evolution (billion Ch$) IAM Financial Ratios 180 CAGR : 7.5% 100% Total Debt / Equity : 0.58x % 80% 70% Total Debt / EBITDA: 2.56x EBITDA / Financial Expenses: 8.93x 60% 90 50% Local Credit Risk Rating 40% % 20% 10% IAM: Aguas Andinas: AA AA % EBITDA Mg. EBITDA
15 Income Statement as of March 31, Financial Aspects / IAM 3 IAM (million Ch$) March 2007 March 2008 REVENUES 72,859 75, % 4.6% increase in Operating Income: Operating & SGA Expenses (21,786) (22,887) Volume increase: 2.9% in drinking water EBITDA 51,073 52, % and 3.1% in sewage collection, Depreciation + Amortization (9,640) (9,650) Average tariff increase, Operating Income 41,433 43, % Non-Operating Income (8,613) (7,857) 8.8% higher Non-Operating Income: Income before Taxes and Minority Interest 32,820 35,485 Higher Other Non-operating Income, Income Taxes (6,784) (7,211) Minority Interest (15,973) (17,136) NET INCOME 10,062 11, %
16 Distribution to Shareholders Financial Aspects / IAM 3 Distributions to IAM from Aguas Andinas (CLP$/share of IAM) Distributions of IAM since IPO (CLP$/share of IAM) 71,7 Type Payment Day Amount Final Dividend May 29, ,3 27,8 30,6 32,0 38,3 42,5 48,5 Capital Reduction Interim Dividend Final Dividend Capital Reduction June 15, 2006 October 27, 2006 May 23, 2007 July 25, Interim Dividend October 25, Final Dividend May 29, Capital Reduction Dividends Capital Reduction Dividend Yield 07: 8,2%
17 Growth Prospects
18 Attractive Growth Prospects Growth Prospects / IAM 4 Existing Initiatives New Developments Expansion of Sewage Treatment Coverage: - Mapocho Urban Cleaning Project, - Mapocho Sewage Treatment Plant, Take advantage of growth opportunities : - Acquisition of ESSAL, Development of non-regulated subsidiaries: - Increase in the participation in revenue breakdown (from 4.7% in 2004 to 9.4% in 2007), - Ecoriles: Provides advisory and management services on the handling of liquid industrial waste. - ANAM: Water and environmental laboratory. - Gestión & Servicios: Sells materials for sanitation services construction works. - Recently began a phase of development of new businesses. Potential use of byproducts of Sewage Treatment Plants: - Integral Management of Bio-solids, Rain Water Collection System, Other, SUSTAIN HIGHER THAN ORGANIC PROFITABILITY GROWTH
19 Expansion of Sewage Treatment Coverage Main Investment Projects Growth Prospects / IAM 4 Mapocho Urban Cleaning Project: Total Investment: ~MMUS$ 113, Sewage Treatment Coverage: 84%, Take advantage of the existing spare capacity at both La Farfana and El Trebal Plants. Mapocho Sewage Treatment Plant: Total Investment: ~MMUS$ 240, Sewage Treatment Coverage: 100%, Treatment Capacity: 4.4 m3/s,
20 Oportunidades de Crecimiento Growth Prospects / IAM 4 ESSAL Main info Customers (thousand) Revenues (Billion Ch$) +10.7% +11.4% Concession Area: 11,829 Has, Main cities covered: Puerto Montt and Osorno (26% and 21% of total demand, respectively), Current Future Current Future 167,429 clients (1), EBITDA (Billion Ch$) PP&E (Billion Ch$) +10.6% +17.3% Average annual clients growth rate: 4.3%, Investments highlights Current Future Current Future To contribute with the technical and operational knowhow of the Agbar Group, Growth opportunities in the sanitation and nonregulated businesses. (1) Nota: A diciembre de 2006,
21 Capital Expenditures Growth Prospects / IAM 4 US$ million invested since privatization in US$ 490 million Capex for the period US$ 606 million Capex for the period High cash flow generation capacity to sustain Capex plan. COMPOSICIÓN DEL PLAN DE INVERSIONES CAPEX BREAKDOWN CAPEX BREAKDOWN % 46% 9% 9% 17% 8% 7% 18% 23% 21% Sewage treatment Sewage collection Water distribution Water production Other
22 Investment Highlights
23 Investment Highlights / IAM 5 Active controlling shareholder Market leadership in Chile Stable regulatory framework Strong and stable cash flows and shareholders distributions Solid track record and growth prospects
24 Inversiones Aguas Metropolitanas S.A. June, 2008
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