Calidda conference call 3T 13
18
Results and Key Developments 3Q 2013 Strictly Private and Confidential
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Transcript of Calidda conference call 3T 13
Results and Key Developments
3Q 2013
Strictly Private and Confidential
Results and Key Developments – 3Q 2013
32
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Results and Key Developments – 3Q 2013
33
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Key Developments
The construction of the Main Grid Expansion
project, which was concluded in May,
increased the capacity of Cálidda’s natural
gas distribution system from 255 MMCFD to
420 MMCFD. After commissioning and
permitting approved, the commercial
operation was initiated on August 4th.
Cálidda’s five-year investment plan proposal
for 2014 - 2018 was submitted to the
regulatory entity (OSINERGMIN) in July.
According to schedule, we expect to get the
approval by May 2014, along with the new
tariff scheme for 2014 - 2017. It is
noteworthy that Cálidda’s tariff proposal was
submitted to OSINERGMIN in October
2013.
In August, the Peruvian Government
published a Supreme Decree approving a
set of "Provisions to improve the mass
operation of natural gas“.
34
Results and Key Developments – Q3 2013
35
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Operational Performance
Network
Capital Expenditures
Infrastructure
Network Expansion
36
273 303 359 387 404
701 1,020
1,465
2,163
2,690
974
1,324
1,824
2,550
3,094
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2009 2010 2011 2012 Q3 2013
km
Steel Network Polyethylene Network Total
Over Q3 2013, Cálidda’s distribution network was
expanded by 237km, reaching a total of 3,094km of
underground pipelines.
As of Q3 2013, Cálidda has built 17km of steel high
pressure network and 527km of polyethylene
secondary network.
As of Q3 2013, Cálidda has invested USD 61 MM
in the expansion of its distribution network.
According to Cálidda’s five-year investment plan
proposal for 2014 - 2018, subject to approval by
OSINERGMIN, we expect capital expenditures for
the expansion of the distribution network to amount
up to USD 500 MM by the end of such period.
48 33 31
63 56
3 53
33
5 51
33
84
96
61
0
20
40
60
80
100
120
2009 2010 2011 2012 Q3 2013
MM
US
D
Secondary Network Main Network
Results and Key Developments – Q3 2013
37
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
In the power generation segment, the
Fénix Power thermoelectric plant
(534MW) was connected. This power
plant reached a contracted volume
consumption of 82 MMCFD on August
1st, 2013.
Over the first nine months of 2013, 21
new industrial plants were connected and
the segment average monthly volume
consumption has increased by 5%
compared to the same period of 2012.
As of Q3 2013, 10 new service stations
joined Cálidda’s distribution system. In
addition, more than 165,000 converted
vehicles to natural gas were attended in
the city of Lima and Callao.
On the other hand, there is an ongoing
project sponsored by the Municipality of
Lima to accelerate the migration of
Lima’s public bus transportation system
to natural gas.
In Q3 2013, Cálidda added 16,401
clients to the Residential & Commercial
segment. As to residential clients only,
36,972 households have been
connected over the current year, and
therefore a total of 138,257 households
are now Cálidda’s clients.
Diverse Client Base
Power Generators
Industrial
NGV Stations
Clients Segments Growth Main Clients / Shareholder
Residential & Commercial
8
11 13 13 14
0
5
10
15
2009 2010 2011 2012 Q3 2013
321 360
394 429 450
0
100
200
300
400
500
2009 2010 2011 2012 Q3 2013
103 143 172 192 202
81,029 103,712
126,586 151,768
165,850
0
50,000
100,000
150,000
200,000
0
100
200
300
400
2009 2010 2011 2012 Q3 2013
Industrial NGV Stations Converted Vehicles
18,756 34,619
63,602
103,090
140,480
0
50,000
100,000
150,000
2009 2010 2011 2012 Q3 2013
38
Commercial Performance
Network Efficiency
Penetration Rate
39
19,188
35,133
64,181
103,724
141,146
93,761
125,849
173,531
244,317
297,345
20%
28%
37%
42%
47%
0%
10%
20%
30%
40%
50%
0
100,000
200,000
300,000
400,000
2009 2010 2011 2012 Q3 2013
Total Clients Potential Clients* Penetration Rate
(*) Clients who are adjacent to Cálidda's distribution network.
The network penetration rate is measured
as the number of connected clients over
the number of potential clients.
As of Q3 2013, Cálidda estimates that
there are over 297,000 potential clients,
out of which 141,146 are currently
connected. This results in a network
penetration rate of 47%.
The network penetration rate has
increased over the years due to Cálidda’s
commercial strategy main focus: districts
characterized by medium and low income
families, where the savings produced by
the use of natural gas against other
alternative fuels are more appreciated,
and, therefore, there is a greater
acceptance to the service provided.
8,896
11,757
14,738
18,052
13,266 14,943
2009 2010 2011 2012 Q3 2012 Q3 2013
28,377
52,146
103,897
116,346
88,658 81,319
2009 2010 2011 2012 Q3 2012 Q3 2013
305
464
694
1,068
773
1,005
2009 2010 2011 2012 Q3 2012 Q3 2013
22,152
26,856
31,659 32,735
24,613 25,935
2009 2010 2011 2012 Q3 2012 Q3 2013
Accumulated Volume Consumption by Client Segment
NGV Stations (MMCF) Residential & Commercial (MMCF)
Industrial (MMCF) Power Generators (MMCF)
40
Results and Key Developments – Q3 2013
41
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Financial Performance
(1) LTM: Last Twelve Months.
(2) Financial Debt is net of amortized costs.
(3) Interests do not include debt prepayment penalties (USD8MM). 42
Revenues
In US$ MM
5.8% 3.0% 2.4% 3.1% 2.3% 5.2%
11.4% 15.8% 23.8% 25.9% 26.2%
30.2% 12.4%
27.0%
36.0% 34.2% 35.5% 28.2%
27.8%
19.2%
15.4% 15.1% 14.8% 14.5% 39.2%
32.4% 20.0% 18.5% 18.1% 17.1%
3.5% 2.6% 2.4% 3.2% 3.0% 4.7%
2009 2010 2011 2012 Q3 2012 Q3 2013
Residential &CommercialIndustrial
NGVStationsPowerGeneratorsInstallationServicesOthers
Total Adjusted Revenues1 By Client Segment
43 64 103 125
90 103
116 125
201
245
176 194 160
188
304
370
266 297
2009 2010 2011 2012 Q3 2012 Q3 2013
Distribution & Others Pass-through & IFRIC 12
2
(1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
(2) Installation services include revenues from connection fees and facility’s financing.
2009 2010 2011 2012 Q3 2012 Q3 2013 LTM1 Set-13
Total Revenues 160 188 304 370 266 297 401
Pass-through & IFRIC 12 116 125 201 245 176 194 263
Distribution & Others 43 64 103 125 90 103 137
EBITDA 19 29 59 64 48 51 67
Adjusted EBITDA Margin 44.5% 46.5% 57.6% 51.6% 53.6% 49.3% 48.5%
Financial Debt2 75 114 166 196 196 318 318
Cash 16 24 27 45 42 122 122
Interests3 5 8 10 12 9 8 12
(MM USD)
Key Metrics
Interest Coverage1 Debt and Net Debt / EBITDA
EBITDA (MM USD) & Adj. EBITDA Margin (%) FFO / Net Debt
43
20.9% 20.2%
28.9% 28.3%
11.5%
2009 2010 2011 2012 Q3 2013
19
29
59 64 67
44.5% 46.1% 57.6%
51.6% 48.5%
2009 2010 2011 2012 Q3 2013
EBITDA Adjusted EBITDA Margin
3.5x 3.8x
5.8x 5.5x 5.6x
2009 2010 2011 2012 Q3 2013
3.9x 3.9x
2.8x 3.0x
4.8x
3.1x 3.1x
2.3x 2.3x
2.9x
2009 2010 2011 2012 Q3 2013
Debt / EBITDA Net Debt / EBITDA
(1) Ratio does not include debt prepayment penalties (USD8MM).
Results and Significant Developments – Q3 2013
44
I. Key Developments
II. Operational Performance
III. Commercial Performance
IV. Financial Performance and Key Metrics
V. Questions and answers session
VI. Disclaimer
VII. Annexes
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Disclaimer
45
The information provided here is for informational and illustrative purposes only and is not, and does
not seek to be, a source of legal or financial advice on any subject. This information does not constitute
an offer of any sort and is subject to change without notice.
Cálidda and its Shareholders expressly disclaim any responsibility for actions taken or not taken based
on this information. Neither Cálidda nor its Shareholders accept any responsibility for losses that might
result from the execution of the proposals or recommendations herein presented. Neither Cálidda nor
its Shareholders are responsible for any content that may originate with third parties. Cálidda or its
Shareholders may have provided, or might provide in the future, information that is inconsistent with the
information herein presented.
Strong Sponsorship with Optimal Experience
Controlling Shareholder – 60% Ownership in Cálidda
Shareholder – 40% Ownership in Cálidda
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
– International presence: Colombia, Peru and Guatemala
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
– Only vertically-integrated natural gas company in Colombia
– 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 and telecommunications sector in
Panama and Costa Rica
– International Presence: Panama, Peru and Costa Rica
– EEB has 15.6% stake in Promigas
Controlling Investments
Non Controlling Investments
Controlling Investments
Non Controlling Investments
Strong Shareholder Commitment to Cálidda
– Injected USD 35 MM in November 2012 and another USD 25 MM in February 2013 as equity.
– Provided a USD 47 MM intercompany subordinated loan to Cálidda.
– In May 2013, capital was increased through the capitalization of retained earnings (USD 62.2 MM).
46
Experienced and Proven Management Team & Board
Cálidda’s management team and board have a successful track record in the oil and gas sector
Board of Directors
Management Team
47
ChiefOperating
Officer
JorgeMonterroza
Years in industry:16 years
Years at Cálidda:2 years
Chief Executive OfficerAdolfo Heeren
Years in Industry: 16 YearsYears at Cálidda: 2 years
ChiefCommercial
Officer
CarlosCerón
Years in industry:16 years
Years at Cálidda:2 years
ChiefProcurement
Officer
PatriciaPazos
Years in industry:16 years
Years at Cálidda:8 years
ChiefFinancialOfficer
JaimeQuintana
Years in industry:7 years
Years at Cálidda:2 years
Chief Human Resources
Officer
RosarioJiménez
Years in industry:4 years
Years at Cálidda:4 years
ChiefExternal Affairs Officer
TaniaSilva
Years in industry:2 years
Years at Cálidda:1 years
ChiefLegal and Regulatory
Officer
AmadeoArrarte
Years in industry:11 years
Years at Cálidda:9 years
ChiefStrategy Officer
TatianaRivas
Years in industry:5 years
Years at Cálidda:5 years
ChiefInternal Auditor
CarolinaHernández
Years in industry:7 years
Years at Cálidda:5 years
PresidentSandra Stella
Fonseca Arenas
18 years of working experience in the
energy sector
Former Executive Director of the Energy and Gas Regulation
Commission in Colombia
Luis BetancurEscobar
Served as Director of Fondo Financiero Desarrollo Urbano
President of Colombia's
restructuring of the Energy and Gas
Regulatory Commission
Jose Elias Melo Acosta
President of Corporación Financiera
Colombiana S.A
Minister of Colombia's Treasury and Public Credit and Labor and
Social Security departments.
Antonio CeliaMartínez-Aparicio
President ofPromigas
Served on the board of directors of various companies in the
natural gas sector.
Manuel GuillermoCamargo Vega
Management positions in distribution and
transportation utilities of natural gas and
project experience in transportation of crude
oil and natural gas.
José MiguelAcosta Suárez
CIA and CCSA
Former Comptrollerof Consorcio
Transmantaro. Over 30 years of experience
in technical, administrative,
financial and internal audit departments.
Luis ErnestoMejía Castro
Director ofPromigas
Minister of Mines and Energy and Vice
Minister of Hydrocarbons and
Mines.
48
For more information about Cálidda, please contact our Investor Relations team:
http://calida.com.pe/inversionistas/
http://www.grupoenergiadebogota.com.co
Jaime Quintana
CFO
+51 1 625 7310
jaime.quintana@Cálidda.com.pe
Rafael Andrés Salamanca Rodriguez
Investor Relations Advisor
+57 1 326 8000 – ext. 1675
Antonio Angarita
Investor Relations Officer
+57 1 326 8000 – ext. 1546
Mathius Sersen
Finance Director
+51 1 625 7390
mathius.sersen@Cálidda.com.pe
Investor Relations
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