Madrileña Red de Gas. FY 2016 Annual Results
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1 Madrileña Red de Gas FY 2016 Annual Results October 2016
2 Table of Contents Executive Summary 3 Operating Overview 7 Financial Overview 10 Main takeaways 14
3 Executive Summary This presentation provides a summary of MRG s FY2016 financial results, with total revenues of 165.3MM; EBITDA of 134.2MM; and cash flow available for debt service at 102.1MM (YoY growth of 5%); FY16 results reflects the stability on the regulatory framework The company achieved a YoY net growth of 0.9% in its customer base, and currently serves c.853,056 connection points distributed over 59 municipalities in the Region of Madrid MRG has expanded its natural gas network in the municipality of Vellón and has started the operation of two satellite LNG plants to supply the municipalities of Valdetorres, and Zarzalejo Continuing our strategy to growth in Madrid territory, MRG entered into an agreement to purchase 42,000 piped Liquefied Petroleum Gas (LPG) connection points from Repsol to be converted into Natural Gas in the following years The company has completed the implementation of a fully operative SCADA system with full control of its network On March 15th, 2016, Lancashire County Pension Fund acquired 12.5% stake in MRG joining the consortium of long term infraestructure investors formed by Gingko Tree Investment Ltd, PGGM and EDF Invest MRG considers the financial strength as a essencial base to maintain strong solvency an liquidity ratios consistent with investment grade rating. In this context, MRG increased the working capital and capex credit facility up to 175MM and issued 75MM bond under its 2bn EMTN Program 3
4 MRG Corporate Overview Key Corporate events Key Figures On March 15 th Lancashire County Pension Fund entered into the consortium formed by Gingko Tree Investment Ltd, PGGM and EDF Invest with 12.5% stake, all of them joining the same investment philosophy: stability and long term view On June 9 th MRG entered into an agreement to purchase 42,000 piped Liquefied Petroleum Gas (LPG) connection points from Repsol to be converted into Natural Gas in the following years On first half of 2016 the company increased the working capital and capex credit facility up to 175MM and issued 75MM bond under its 2bn EMTN Program Legal Development Structure of Connection Points ( ) YE 30 June M % 83% 83% 82% 81% ,8 177,3 180,8 166,1 165, FY2012 FY2013 FY2014 FY2015 FY2016 Revenues EBITDA Margin Source: MRG Revenue Breakdown (FY2016) 100% 80% 60% 40% 20% YE 30 June ' YE 30 June M , ,5 4,5 165,3 300 Source: MRG Source: MRG Regulated Remuneration Other Regulated Revenues Non-Regulated Revenues Total FY2016 4
5 MRG Shareholders MRG is owned by a consortium of four experienced long-term infrastructure investors Created in July 2013 as the new investment arm of EDF investing in unlisted assets (primarily infrastructure along with real estate and private equity) Part of an existing portfolio of 23bn dedicated assets to cover EDF s nuclear plant decommissioning obligations Selected investments: RTE (French monopoly electricity operator), TIGF (leading gas transport and storage company in France), Porterbrook (major rolling stock leasing company in the UK), Géosel (oil storage in France) and Thyssengas (German gas transport company in Germany) JCSS Mike SARL is an entity managed by Gingko Tree on behave of their ultimate beneficial owner Gingko Tree was established in 2010 to invest in infrastructure and real estate investments PGGM is a cooperative Dutch pension fund service provider offering its institutional clients pension fund management, asset management, policy advice and management support, with over 200bn in assets under management as of September 2016 PGGM has been active in infrastructure sector for over 10 years and has invested approximately 7.5bn in infrastructure assets and companies worldwide as of September 2016 Selected investments: Globalvia (a portfolio of road and metropolitan rail concessions in Spain and Latin America) and Ennatuurlijk (one of the largest heating network portfolios in the Netherlands) Lancashire County Pension Fund is one of the largest funds in the Local Government Pension Scheme in the UK On 15 March 2016, it acquired a 12.5% stake in Elisandra IV, S.L which is the ultimate parent company of MRG Aligned Investment Philosophy Long term owners looking to match investment returns to long term obligations Growth capital available Prudent approach to capital structure Source: Company Information 5
6 Table of Contents Executive Summary 3 Operating Overview 7 Financial Overview 10 Main takeaways 14
7 Operating Overview Key Operating Data Units FY2015 FY2016 Change % Connection points # 845, , % < 4 bar 845, , % > 4 bar (8%) Gas distributed GWh 9,083 9,534 5% < 4 bar 8,378 8,879 6% > 4 bar (7%) Network length km 5,597 5, % Municipalities (total) # New municipalities with active CPs # 3 2 (33%) Source: MRG; Fiscal year ending on June 30 Commentary MRG operates over 853,056 connection points as of closing of FY2016, with a net growth of 0.9% versus past fiscal year Network length grew by 1.6% up to c. 5,691 km over the existing municipalities Higher volume of gas distributed during the fiscal year has been driven by more normalized temperatures and economic cycle recovery Liquefied natural gas (LNG) plants have been commissioned in two new municipalities within the MRG territory in order to efficiently expand its distribution network Aligned with its business expansion strategy, MRG has entered into a Sale Purchase Agreement with Repsol for the acquisition of the network and other related assets currently supplying c. 42,000 LPG connection points, with the intention to convert them into natural gas consumers within the following years 7
8 MRG Key Initiatives MRG Committed to the Development of Natural Gas MRG extended its network to the municipality of Vellón and started the operation of two LNG plants, Valdetorres de Jarama, and Zarzalejo MRG has strengthen its commercial focus in the high consumption segment of small and medium enterprises In order to incentive the replacement of old natural gas boilers and the access to natural gas potential consumers, MRG has extended its cooperation with Asefosam (regional association of gas installers) and Comunidad de Madrid MRG network currently serves three public and seven private compressed natural gas (CNG) stations, facilitating CNG supply to an increased number of vehicles in Madrid and enhancing the penetration of natural gas in this promising segment 8
9 Table of Contents Executive Summary 3 Operating Overview 7 Financial Overview 10 Main takeaways 14
10 Key Financials Income Statement - MM Commentary 12 month period ending on 30 June Remuneration Other regulated revenues Non-regulated revenues Variable costs (12.8) (13.9) Overhead costs (17.6) (17.2) EBITDA Margin 81.7% 81.2% EBIT Margin 61.4% 62.5% Interest expense (34.3) (34.9) Income tax expense (20.0) (18.9) Net Income EBITDA similar than FY15 as a reflection of stable regulatory framework, better EBIT and NIAT driven by lower non recurring expenses and lower CIT rate Interest expense of 34.9MM fully reflect the recurring costs of MRG s capital structure 500MM senior unsecured notes due Sep MM senior unsecured notes due Dec MM senior unsecured notes due March MM liquidity and capex revolving credit facility due Feb 2020 Source: MRG Cash Flow Statement - MM Commentary 12 month period ending 30 Jun EBITDA Income tax paid (18.3) (12.0) Working capital 0.8 (4.4) Capex (21.0) (15.7) Cash Flow Available for Debt Service Cash flow available for debt service is reported at 102,1MM, 5% higher versus FY2015 Lower income tax payments resulting from decrease in pretax results and from application of temporary tax measures in place until FY2017 Higher working capital, compensated by lower expansion capex has contributed to increase cash generation Source: MRG 10
11 Key Financials Balance Sheet - MM 12 month period ending on 30 June Gas distribution licences Net tangible fixed assets Total Network Fixed Assets 1, ,069.1 Goodwill Deferred Tax Asset Other Non-Current Assets Current Assets Commentary Other non current assets in FY2016 reflects the long term tariff deficit with Gas System which, in accordance with Law 18/2014, shall be settled along a period no longer than 15 years The long term debt balance of MRG captures the on-loan agreements with MRG Finance BV (issuer of outstanding unsecured notes): - 500m 3,779% due September m 4,500% due December m 3,500% due March 2031 Cash and cash equivalents Total Assets 1, ,342.3 Equity Long Term Debt Deferred Tax Liabilities Other Non-Current liabilities Current Liabilities Total Liabilities & Shareholders Equity 1, ,342.3 Source: MRG 11
12 Capital Structure September 2018 Bond December 2023 Bond March 2031 Bond Capex Facility Working Capital Facility Size 500 MM 275 MM 75 MM 125 MM 50 MM (undrawn) (undrawn) Coupon / Margin Maturity 3,779% 4,500% 3,500% Euribor + 100bps Euribor + 100bps 5 years 10 years 15 years 5 years 5 years (September 2018) (December 2023) (March 2031) (February 2020) (February 2020) BBB (S&P) BBB (S&P) BBB (S&P) Rating N/A N/A BBB (Fitch) BBB (Fitch) BBB (Fitch) 1 Investment grade bonds issued under MRG s 2bn EMTN Program with different tenors and size 2 Capex and working capital facility provides a committed back up liquidity 12
13 Table of Contents Executive Summary 3 Operating Overview 7 Financial Overview 10 Main takeaways 14
14 Main takeaways 1 Stability in the regulatory framework resulted in a well balanced Gas System behaviour (deficit below 1% on revenues) 2 EBITDA and Free Cash Flow in line with expectations 3 Efficient customer base growth, with lower capex requirements than expected 4 Inorganic growth opportunity through acquisition of LPG networks (c. 42k CPs) at an attractive price, to be converted into natural gas in coming years 5 Reaffirmed strong commitment of shareholders to a solid and efficient long term capital structure 14
15 Disclaimer This presentation has been prepared by Madrileña Red de Gas, S.A.U. (the Company ). Certain statements in this presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described in this presentation. Forward-looking statements contained in this presentation that refer to past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as at the date of this presentation. It should be noted that the Company s auditors have not reviewed the information in this presentation. This presentation (and its contents) are being made available on the basis that the information contained herein may not be reproduced, disclosed, redistributed or passed on, directly or indirectly, to any other person (unless he or she is affiliated with the recipient and has agreed to comply with these restrictions on redistribution) or published, in whole or in part, for any purpose without the prior written consent of the Company. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 15
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