This presentation may contain forward-looking opinions including the intent, belief or current expectations of the Company and its management.

Transcription

1 Andean Conference

2 Legal notice This presentation may contain forward-looking opinions including the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking opinions are not guarantee of future performance and involve a number of risks and uncertainties including, but not limited to, the risks detailed in the company s financial statements. Gasco S.A. does not undertake any obligation to update forward-looking statements. No part of this presentation constitutes, or shall be taken to constitute, an invitation to invest in Gasco S.A. or any other entity.

3 Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives

4 Gasco S.A. Gasco is one of the eldest companies in Chile, with over 155 years of experience in the Gas industry, operating: LPG distribution in Chile and Colombia Natural Gas distribution in Chile and Argentina Ownership Structure 31/12/2013 NGV distribution in Chile Through affiliates operates: LPG marine terminal LNG marine terminal Transnational NG Pipes (Chile/Argentina) CGE 56,6% Others 22,2% Almería Group* 3,5% Marín Family* 4,9% Pérez Cruz Family* 12,8% Free float 22% *CGE Holders

5 Gasco s parent company Electricity Distribution In Chile Electricity Distribution In Argentina Electricity Transmission Electricity Generation Services & Other Investments Gas EBITDA Assets Electricity & Others 43% US$ 835 MM Gas 57% Electricity & Others 60% US$ MM Gas 40% Figures as of December 2013

6 Ownership structure LPG NATURAL GAS INTERNATIONAL BUSINESS

7 Gasco s main companies LPG NATURAL GAS 70% 50% 51% 100% 100% 100% 51% 30% 30% 100% 100%

8 Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives

9 Natural Gas in Chile 1995: Chile signed NG Integration Protocol with Argentina LNG Mejillones 5,5 MMm3/day 1999: first transnational pipes (4) started delivering NG 2004: supply problems from Argentina started arising; got worse by : 2 LNG plants started operating (North and central regions) LNG Quintero 10 MMm3/day Argentinean Imports 0,1 MMm3/day Demand 17,5 MM m3/day 2014: LNG Quintero will increase it s regasification capacity during the first semester Chile is open to the world LNG suppliers Domestic Production 2 MMm3/day

10 Natural Gas distribution in Santiago Ownership: 51,83% Gasco Distribution to res-comm & industrial customers in Santiago : faced shortage of NG from Argentina 2009: part of consortium to build LNG terminal in Quintero 2013: km pipe network, customers, 766MMm3 2013: Sales for thermoelectric generation 246MMm EBITDA: US$305MM EBITDA US$ $ MMUS$

11 LNG marine terminal Ownership: Endesa 20% Metrogas 20% ENAP 20% Terminal Valparaíso* 40% Total Investment: US$1.200 MM Start of Operation: July 2009 Storage Capacity: 3 tanks, m 3 Current Regasification Capacity: 10MMm 3 /day 2014 Regasification Capacity: 15MMm 3 /day Potential regasification capacity: 20MMm 3 /day BG supplies LNG *Terminal Valparaíso: Enagás (51%) & Oman Oil (49%)

12 Natural Gas distribution in the VIII Region Ownership: 100% Gasco Distribution to res-comm customers in VIII region 2013: customers, 24MMm 3 volume 2013 EBITDA: US$4,6MM Ownership: 30% Gasco Innergy: Distribution to industrial customers in VIII region Gasoducto del Pacifico: Natural Gas transport through pipelines from Argentina to Chile Operation affected by Argentinean NG supply 2013: 53MMm 3 volume 2013 EBITDA: US$20MM (Includes Gasoducto del Pacífico)

13 Natural Gas distribution in Magallanes Ownership: 100% Gasco (Business Unit) Regulated distribution business in XII region 2013: customers, 368 MMm 3 volume 2013 EBITDA: US$11 MM Ownership: 85% Gasco First Compressed Natural Gas bus concession in Chile 61 buses in operation for public transportation Cleanest public transportation system in Chile 2013: 5,3 million passengers transported

14 NGV / Autogas Ownership: 100% Gasco Distribution of NG and LPG for vehicles Clean and Efficient fuel at a convenient cost (versus gasoline) Currently focused in public transportation: taxis and buses 54 gas station and corners throughout Chile 2013: Autogas LPG volume Tons 2013: NGV volume 9,3 MMm EBITDA: US$1,2 MM 14

15 Natural Gas distribution in Argentina Ownership: 50% Gasco Acquired in 1992, regional concession Operation in Argentina allowed Gasco to learn about NG market, experience that would be used in the second half of the 90s to establish NG companies in Chile 2013: MMm3 volume NG prices frozen since 2001 Natural Gas Customers Evolution Thousands of Costumer Argentina Chile

16 Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives

17 LPG Industry CHILE Industry size: tons Per capita consumption is around 70kg Imports account for 75% total consumed, mostly private companies Mature and very competitive market, 3 main actors Distribution Format: 70% cylinders (14 million) and 30% tanks (95 ths) COLOMBIA Industry size: tons Per capita consumption is around 34kg LPG surplus, 90% produced by state owned company Ecopetrol 40+ actors, Chilean companies represents 68% of the Marketshare 2009 Regulatory Changes: new Safety and Service standards Consolidation ahead

18 LPG in Chile Ownership: 100% Gasco Distribution of LPG along Chile 5 Plants and 19 Distribution Centers Formats: Cylinders (2, 5,11,15 & 45kg) and Tanks #1 Market Share in Metropolitan Region 2013: Tons sold 2013 EBITDA: US$58MM Metropolitan Region National Gasco 39% Gasco 27% Others 61% Others 73% Figures as of Dec 2013

19 LPG marine terminal Ownership: 51% Gasco Largest private LPG marine terminal in Chile 4 storage tanks with m3 capacity (propane and butane) 5th storage tank under construction. Proven security in LPG supply from around the globe Operated 70% of total LPG demand in EBITDA: US$80MM 19

20 LPG in Colombia Ownership: 70% Gasco First international player to seize opportunity 2010: Acquisition of 3 distribution companies Geographic Coverage: 22 of 32 departments throughout Colombia. VIDAGAS brand launched: consolidate all operations US$20mm investment: cylinders and 81 distribution trucks tons commercialized, 11% market share 2011: Acquisition (70%) of UNIGAS, adding 7% market share 2013: Gasco s market share achieved 23% 2013 EBITDA: US$21MM

21 Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives

22 Consolidated EBITDA: Gasco S.A. MMUS$ Consolidated EBITDA % 68% 28% MMUS$ Profit LPG NG International Bs. Others Fiscal Year Profit Polpaico Sale Figures as December 2013 CLP/USD: constant EBITDA affected by Natural Gas shortages from Argentina ( ) With LNG terminal service, NG subsidiaries recover operation. EBITDA composition changed significantly: NG recovers importance.

23 Financial profile: Gasco S.A. MMUS$ ,45 1,33 1,27 1,20 1,26 1,28 1,22 IFRS 1,14 1,15 0,95 0,86 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 Total Assets 31/12/2013 Int. Bss. 7% Others 5% MMUS$ LPG 21% ,00 NG 67% Liabilities Minority Interest Equity Leverage MMUS$ Financial Debt IFRS MMUS$ Consolidated Incomes IFRS Figures as of December 2013 CLP/USD: constant

24 Local rating: Gasco S.A. CGE Metrogas Humphreys raised the long-term Gasco s rating from AA- (outlook: positive) to AA (outlook: stable) on February, 2013 Fitch raised the long-term Gasco s rating from A+ (outlook: positive) to AA- (outlook: stable) on June, 2013 Company Humphreys Fitch Ratings Feller Gasco S.A. AA Stable AA- Stable CGE S.A. - A+ Stable Metrogas S.A. AA- Positive - AA- Stable - AA- Stable Local Rating International Rating * Fitch Ratings AA- Outlook Stable* BBB Humphreys AA Outlook Stable BBB+/BBB * Private rating

25 Debt profile: Gasco S.A. Interest Rate Structure Variable 12% Rate Structure: aim to maintain 80-90% fixed Well diversified debt Debt currency aligned to businesses purpose USD 4% COP 10% Currency Structure CLP 10% Fixed 88% Long Term Debt Maturity Profile UF 76% Term Structure Short Term 19% Banks 25% Duration 6 years Debt by instrument Leasing 4% Holding 27% Debt by Business Int. Bus. 10% NG 45% Long Term 81% Bonds 71% LPG 18% * Figures as of December 2013

26 Debt structure & financial ratios: Gasco S.A Financial Debt Structure at 31/12/2013 MMM$ Gasco Metrogas Gasco GLP Gas Sur IGLP -UNIGAS Gasmar 10,00 9,00 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 - Ratios Gasco S.A. 7,71 5,68 5,54 5,25 4,63 4,46 4,62 4,16 4,30 5,23 5,11 7,25 8,67 3,30 3,03 3,37 3,63 3,42 2,85 3,46 3,79 3,79 2,26 3,16 2,07 1,74 1,40 1,43 1,45 1,33 1,27 1,20 1,26 1,33 1,22 1,14 1,15 0,95 0, Financial Debt / EBITDA EBITDA / Financial Expenses Leverage

27 Market cap & stock performance: Gasco S.A. MMUS$ Market Cap** US$ = $ 524, Dic-99 Dic-00 Dic-01 Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Dic-08 Dic-09 Dic-10 Dic-11 dic-12 dic-13 Figures as of December 2013 CLP/USD: constant Gasco s Stock * v/s IPSA Gasco IPSA ene-13 feb-13 mar-13 abr-13 may-13 jun-13 jul-13 ago-13 sep-13 oct-13 nov-13 dic-13 **Considers reinvestment of dividens

28 Agenda I. Company Profile II. Natural Gas Operation III. LPG Operation IV. Financial Profile V. Perspectives

29 Perspectives Diversified: Industry and Geography. Optimization and innovation in LPG business. Continue leveraging on natural gas business Provides cash flow generation stability Position vehicular gas as an alternative source of energy Consolidation in Colombia Medium to long term growth opportunities

30 Andean Conference