Cálidda ´ s Q1 2015 Results
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 (ii) Experienced and Proven Management Team & Board 2
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 (ii) Experienced and Proven Management Team & Board 3
Introduction and Perspectives 4
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 (ii) Experienced and Proven Management Team & Board 5
Significant Developments Significant Developments Operational Results ( YTD ) Q1 2015 Q1 2014 Var % Cálidda has a client base of 278,028 customers. In the first quarter, 23,023 Accumulated Clients: 278,028 185,941 50% new clients have been connected . Now in Invoiced Volume (MMCFD): 695.2 663.4 5% the residential segment, we have presence in 17 districts of our concession area. Network Lenght (km): 4,957 3,779 31% Potencial Clients 1 During the first quarter, 279 km of network 497,111 369,629 34% were built, being mostly polyethylene (270 1) Clients who are in front of Cálidda's distribution network . km), whereby the distribution system Financial Results ( YTD ) Q1 2015 Q1 2014 Var % reached a total of 4,957 km of underground pipelines. Total Revenues (USD MM): 129.3 142.3 -9% Total Adj. Revenues (USD MM) 2 : Even though Total Revenues from the first 52.1 42.3 23% quarter decreased 9% (because of less EBITDA (USD MM) 3 : 96.8 72.1 34% investments – IFRIC 12), the Total Adjusted EBITDA Margin 4 : 49.5% 48.8% Adjusted Revenues increased 23%. Interest Coverage (x) 5 6.6x 5.5x 21% In this quarter the EBITDA and adjusted EBITDA margin grew, mostly driven by 2) Total Adjusted Revenues exclude Pass- through and IFRIC 12 revenues. an increase in the distribution tariff. 3) EBITDA Last twelve months. Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues. 4) Interest Coverage: EBITDA / Financial cost. 5) 6
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 (ii) Experienced and Proven Management Team & Board 7
Commercial Performance Residential & Commercial 277,295 300,000 254,280 250,000 200,000 163,129 150,000 103,090 Callao 100,000 63,602 50,000 34,619 18,756 0 2009 2010 2011 2012 2013 2014 Q1 2015 Cálidda has residential presence in 17 districts and industrial network in more than 34 districts within Lima & Callao (Metropolitan area). Residential Cálidda connected residential customers in the Industrial Province of Callao and in March began commercial activities in the district of Ate. Natural gas pipeline During Q1 2015, Cálidda added 22,706 clients in Main grid expansion the Residential segment and 309 clients in the Commercial segment. 8
Commercial Performance Clients Segments Growth Highlights 20 16 16 16 No new power generators where 15 13 13 11 connected in Q1 2015. Power Generation 10 8 5 0 2009 2010 2011 2012 2013 2014 Q1 2015 600 3 new industrial plants were 492 489 466 connected during Q1 2015. 429 394 450 360 321 In January, independent customers Industrial 300 like Alicorp, Refineria La Pampilla and Andina de Cementos Unión, 150 increased their Firm Distribution service in 2.0 MMCFD. 0 2009 2010 2011 2012 2013 2014 Q1 2015 400 250,000 200,173 197,154 5 new NGV stations joined 171,541 200,000 300 Cálidda’s distribution system and 151,781 126,586 150,000 almost 200,000 converted vehicles GNV Stations 103,712 200 are attended in the City of Lima. 81,029 100,000 220 225 100 206 192 172 50,000 143 103 0 0 2009 2010 2011 2012 2013 2014 Q1 2015 9 NGV Stations Converted Vehicles
Commercial Performance Volume Sold (Invoiced) MMCFD 695 679 663 9.0% 9.0% 9.0% 577 Residential & 15.1% Commercial 16.0% 9.6% 15.9% 508 NGV Stations 457 9.7% 17.2% 8.8% 18.1% Industrial 19.2% 303 10.6% Power Generation 75.0% 74.2% 74.4% 25.0% 182 72.5% 71.6% 13.4% 71.6% 34.0% 63.9% 52.2% 2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015 As of March 2015, Take-or- Pay contracts amounted 541 MMCFD, 79% of total invoiced volume. In Q1 2015 the volume sold increased 5% compared to Q1 2014, due to an increase of volume mostly explained by the Power Generation segment. 10
Commercial Performance Volume Sold by Client Segment ( MMCFD) Power Generation Industrial 600 120 109 521 106 105 504 494 99 500 92 100 88 418 76 364 400 80 327 62 300 60 193 40 200 95 20 100 0 0 2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015 2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015 NGV Stations Residential & Commercial 7.0 6.4 70 63 61 5.8 59 6.0 56 60 49 4.6 5.0 50 3.9 40 4.0 40 32 2.9 3.0 30 24 1.9 2.0 20 1.3 0.8 1.0 10 0 0.0 2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015 2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015 11
Table of Contents I. Introduction and Perspective II. Significant Developments III. Commercial Performance IV. Operational Performance V. Financial Performance and Key Metrics VI. Conclusions Annexes: (i) Strong Sponsorship with Optimal Experience (ii) Experienced and Proven Management Team & Board 12
Operational Performance Distribution System Infrastructure 6,000 4,957 4,678 In Q1 2015, Cálidda’s has built 279 km, out of 5,000 which 9 km were steel high pressure network 4,520 4,000 3,404 km 4,249 while the remaining 270 km were polyethylene 2,550 3,000 pipelines. 2,996 1,824 2,000 1,324 2,163 The total network now reaches 4,957 km of 974 1,465 428 437 1,000 408 underground pipelines. 1,020 387 303 359 273 701 0 2009 2010 2011 2012 2013 2014 Q1 2015 Steel Network Polyethylene Network Total Network Efficiency 56% 600 60% 55% The network penetration rate has increased 497 50% 466 500 50% 42% to 56% due to Cálidda’s commercial Clients (‘000) 37% 400 40% strategy to focus in low income districts 331 28% 278 where the savings produced by the use of 300 255 30% 244 20% natural gas against other alternative fuels 174 164 200 20% 126 are more appreciated. 104 94 64 100 10% 35 19 0 0% 2009 2010 2011 2012 2013 2014 Q1 2015 Total Clients Potential Clients* 13 (*) Clients who are in front of Cálidda's distribution network.
Operational Performance (Cont’d ) Calidda ´ s pipeline current capacity is 420MMCFD (from City Gate Lurín to Lima). Independent and regulated customers located down flow Lurín use nearly 295MMCFD, equivalent to 70% of our capacity. Calidda Capacity 450 420 MMCFD 300 Cálidda Capacity = 420MMCFD Regulated Clients + Independent Clients Edegel Ventanilla 150 (149MMCFD) (146MMCFD) Edegel Santa Rosa 0 Mar-15 ene-14 abr-14 jul-14 oct-14 ene-15 Regulated Clients Independent Clients Cálidda has enough Gas Supply (Pluspetrol) and Gas Transportation service (TGP) to attend its regulated customers. Cálidda' s City 240 Gate Transport 204 MMCFD Enersur Independent Clients 200 Gas Kallpa Conventions (Power Generators) 178MMCFD Kallpa – Thermal Plants = 400MMCFD Las Flores (Clients) 160 * Based on 2014 Figures Termochilca Fénix 120 80 Mar-15 ene-14 abr-14 jul-14 oct-14 ene-15 Regulated Clients 14
Table of Contents I. Introduction and Perspective II. Significant Developments III. Commercial Performance IV. Operational Performance V. Financial Performance and Key Metrics VI. Conclusions Annexes: (i) Strong Sponsorship with Optimal Experience (ii) Experienced and Proven Management Team & Board 15
Financial Performance Total Adjusted Revenues by Segment Q1 2015 Total Adjusted Revenues 1 Q1 2015 Total Volume (MMCFD) 1% 4% 8% 14% 15% 9% 30% 10% 75% 34% Residential & Commercial Industrial NGV Stations 2 3 Power Generation Installation Services Others As of March 2015, 62% of Adjusted Revenues are volume related and 38% comes from installation services revenues and other revenues. In this quarter, other revenues have increased substantially compared to previous periods because of extraordinary revenues that came from relocation services. 1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues. 2) Installation Services Revenues include revenues from connection fees and financing. 16 3) Others: mainly derived from network relocation and other non recurrent services.
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