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Cálidda´s Q1 2015 Results
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
Table of Contents
3
Introduction and Perspectives
4
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
Table of Contents
5
Cálidda has a client base of 278,028 customers. In the first quarter, 23,023 new clients have been connected . Now in the residential segment, we have presence in 17 districts of our concession area.
During the first quarter, 279 km of network were built, being mostly polyethylene (270 km), whereby the distribution system reached a total of 4,957 km of underground pipelines.
Even though Total Revenues from the first quarter decreased 9% (because of less investments – IFRIC 12), the Total Adjusted Revenues increased 23%.
In this quarter the EBITDA and adjusted EBITDA margin grew, mostly driven by an increase in the distribution tariff.
Significant Developments
2) Total Adjusted Revenues exclude Pass- through and IFRIC 12 revenues. 3) EBITDA Last twelve months. 4) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues. 5) Interest Coverage: EBITDA / Financial cost.
6
Significant Developments
1) Clients who are in front of Cálidda's distribution network.
Operational Results ( YTD ) Q1 2015 Q1 2014 Var %
Accumulated Clients: 278,028 185,941 50%
Invoiced Volume (MMCFD): 695.2 663.4 5%
Network Lenght (km): 4,957 3,779 31%
Potencial Clients 1 497,111 369,629 34%
Financial Results ( YTD ) Q1 2015 Q1 2014 Var %
Total Revenues (USD MM): 129.3 142.3 -9%
Total Adj. Revenues (USD MM) 2 : 52.1 42.3 23%
EBITDA (USD MM) 3 : 96.8 72.1 34%
Adjusted EBITDA Margin4 : 49.5% 48.8%
Interest Coverage (x) 5 6.6x 5.5x 21%
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
Table of Contents
7
Commercial Performance
8
Residential & Commercial
Cálidda has residential presence in 17 districts and industrial network in more than 34 districts within Lima & Callao (Metropolitan area).
Cálidda connected residential customers in the Province of Callao and in March began commercial activities in the district of Ate.
During Q1 2015, Cálidda added 22,706 clients in the Residential segment and 309 clients in the Commercial segment.
Residential
Industrial
Natural gas pipeline
Main grid expansion
Callao
18,756 34,619
63,602
103,090
163,129
254,280
277,295
0
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011 2012 2013 2014 Q1 2015
Commercial Performance
9
Clients Segments Growth Highlights
No new power generators where connected in Q1 2015.
3 new industrial plants were connected during Q1 2015.
In January, independent customers like Alicorp, Refineria La Pampilla and Andina de Cementos Unión, increased their Firm Distribution service in 2.0 MMCFD.
5 new NGV stations joined Cálidda’s distribution system and almost 200,000 converted vehicles are attended in the City of Lima.
Power Generation
Industrial
GNV Stations
8
11 13 13
16 16 16
0
5
10
15
20
2009 2010 2011 2012 2013 2014 Q1 2015
321 360
394 429
466 489 492
0
150
300
450
600
2009 2010 2011 2012 2013 2014 Q1 2015
103 143 172 192 206 220 225
81,029 103,712
126,586
151,781 171,541
197,154 200,173
0
50,000
100,000
150,000
200,000
250,000
0
100
200
300
400
2009 2010 2011 2012 2013 2014 Q1 2015
NGV Stations Converted Vehicles
Commercial Performance Volume Sold (Invoiced)
MMCFD
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
52.2%
63.9%
71.6% 71.6%
72.5%
74.2% 74.4% 75.0%
34.0%
25.0%
19.2%
18.1%
17.2%
16.0% 15.9%
15.1%
13.4%
10.6%
8.8%
9.7%
9.6%
9.0% 9.0%
9.0%
182
303
457
508
577
679 663
695
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
Residential &Commercial
NGV Stations
Industrial
Power Generation
Commercial Performance Volume Sold by Client Segment (MMCFD)
NGV Stations Residential & Commercial
Industrial Power Generation
11
95
193
327 364
418
504 494 521
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
62
76
88 92
99 109 106 105
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
24
32
40
49
56 61 59
63
0
10
20
30
40
50
60
70
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
0.8 1.3
1.9
2.9
3.9
5.8
4.6
6.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
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
Table of Contents
12
Operational Performance
Distribution System Infrastructure
Network Efficiency
In Q1 2015, Cálidda’s has built 279 km, out of which 9 km were steel high pressure network while the remaining 270 km were polyethylene pipelines.
The total network now reaches 4,957 km of underground pipelines.
The network penetration rate has increased to 56% due to Cálidda’s commercial strategy to focus in low income districts where the savings produced by the use of natural gas against other alternative fuels are more appreciated.
13
Clie
nts
(‘0
00
)
273 303 359 387 408 428 437
701 1,020
1,465
2,163
2,996
4,249 4,520
974 1,324
1,824
2,550
3,404
4,678 4,957
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 Q1 2015
km
Steel Network Polyethylene Network Total
19 35 64
104
164
255 278
94 126
174
244
331
466 497
20%
28%
37%
42% 50%
55% 56%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014 Q1 2015
Total Clients Potential Clients*
(*) Clients who are in front of Cálidda's distribution network.
Operational Performance (Cont’d)
14
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.
Cálidda has enough Gas Supply (Pluspetrol) and Gas
Transportation service (TGP) to attend its regulated
customers.
Calidda Capacity
420 MMCFD
Gas
178MMCFD
Transport
204 MMCFD
Edegel Ventanilla
Enersur
Edegel Santa
Rosa
Kallpa
Kallpa –
Las Flores
Cálidda'
s City
Gate
Thermal Plants
(Clients)
Conventions
Cálidda Capacity = 420MMCFD
Regulated Clients + Independent Clients
(149MMCFD) (146MMCFD)
Termochilca
Fénix
Independent Clients
(Power Generators)
= 400MMCFD
Mar-15
* Based on 2014 Figures
Mar-15
0
150
300
450
ene-14 abr-14 jul-14 oct-14 ene-15
Regulated Clients Independent Clients
80
120
160
200
240
ene-14 abr-14 jul-14 oct-14 ene-15
Regulated Clients
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
Table of Contents
15
Financial Performance Total Adjusted Revenues by Segment
2
1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
2) Installation Services Revenues include revenues from connection fees and financing.
3) Others: mainly derived from network relocation and other non recurrent services.
3
16
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.
4%
14%
10%
34%
30%
8%
Residential & Commercial Industrial NGV Stations
Power Generation Installation Services Others
Q1 2015 Total Adjusted Revenues1 Q1 2015 Total Volume (MMCFD)
1%
15%
9%
75%
Financial Performance Million US$
Funds from Operations (FFO)1
EBITDA & Adj. EBITDA Margin (%) Total Revenues
17
Debt & Net Debt / EBITDA
2) Net Debt = Debt - Cash Balance. 1) FFO = Net Profit + Depreciation + Amortization
2
43 64 103 125 146
186
42 52
116 125
201 245
315 326
100 77
160 188
304
370
461 512
142 129
2009 2010 2011 2012 2013 2014 Q1 2014 Q1 2015
Total Adjusted Revenues Pass-through & IFRIC 12
19
29
59 64
72
91 97
44.5% 46.1%
57.6% 51.6% 49.3%
49.1% 49.5%
2009 2010 2011 2012 2013 2014 LTM Q12015
EBITDA Adjusted EBITDA Margin
12
18
40 43
36
57 57
2009 2010 2011 2012 2013 2014 LTM Q12015
3.9x 3.9x
2.8x 3.0x
4.4x
3.5x 3.3x
3.1x 3.1x
2.3x 2.3x
3.0x 2.6x 2.5x
2009 2010 2011 2012 2013 2014 LTM Q12015
Debt / EBITDA Net Debt / EBITDA
Financial Metrics Million US$
Interest Coverage3 FFO / Net Debt
Debt / Capitalization2 (%) Total Debt1
3) In 2013 ratio does not include 2013’s debt prepayment penalties (USD 7.8 MM)
1) Total Debt: net of debt associated costs.
18
28 67
119 149
318 318 318
47
47
47 47
$75
114
166 196
318 318 318
2009 2010 2011 2012 2013 2014 LTM Q12015Senior Debt Shareholders' Subordinated Debt
41.4%
49.8% 54.1%
49.2%
56.6% 53.2% 52.6%
2009 2010 2011 2012 2013 2014 LTM Q12015
3.5x 3.8x
5.8x 5.5x 5.6x
6.3x 6.6x
2009 2010 2011 2012 2013 2014 LTM Q12015
20.9% 20.2%
28.9% 28.3%
16.8%
23.9% 23.7%
2009 2010 2011 2012 2013 2014 LTM Q12015
2) Capitalization: Equity + Debt
CapEx Net Income
Equity Total Assets
19
Financial Metrics (Cont’d) Million US$
$106 $115
$141
$202
$244
$280 $287
2009 2010 2011 2012 2013 2014 LTM Q12015
$7 $10
$26 $27
$17
$35 $34
2009 2010 2011 2012 2013 2014 LTM Q12015
48 50 32
63
92 83
16
3 53
33
5
51 50
85
96 98
83
2009 2010 2011 2012 2013 2014 Q1 2015
Secondary Network Main Network
$218
$289
$383
$492
$648 $696 $704
2009 2010 2011 2012 2013 2014 LTM Q12015
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
Table of Contents
20
Conclusions
21
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
Table of Contents
22
For more information about Cálidda, please contact our Investor Relations team:
http://calidda.com.pe/inversionistas/
http://www.grupoenergiadebogota.com.co
Adolfo Heeren
CEO
Rafael Andrés Salamanca Rodriguez
Investor Relations Advisor GEB
+57 1 326 8000 – ext. 1675
Isaac Finger
CFO
+51 1 625 7310
Investor Relations
23
Gabriela Vasquez - Mejía
Finance Management
+51 1 625 7390
Strong Sponsorship with
Optimal Experience
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.
– Only vertically-integrated and 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.
– 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.
– EEB has 15.6% stake in Promigas.
Controlling Investments
Non Controlling Investments
Non Controlling Investments
Controlling Shareholder – 60% Ownership in Cálidda
Shareholder – 40% Ownership in Cálidda
Controlling Investments
24
Experienced and Proven Management Team & Board
Board of Directors
Management Team
25
Chief Operating
Officer
JorgeMonterroza
Years in industry:18 years
Years at Cálidda:4 years
Chief Executive OfficerAdolfo Heeren
Years in Industry: 17 yearsYears at Cálidda: 3 years
Chief Commercial
Officer
CarlosCerón
Years in industry:17 years
Years at Cálidda:3 years
ChiefProcurement
Officer
PatriciaPazos
Years in industry:18 years
Years at Cálidda:10 years
Chief FinancialOfficer
IsaacFinger
Months in industry:
8 months
Months at Cálidda:
8 months
Chief Human Resources
Officer
RosarioJiménez
Years in industry:6 years
Years at Cálidda:6 years
Chief External Affairs Officer
TaniaSilva
Years in industry:3 years
Years at Cálidda:2 years
Chief Legal and
Regulatory Officer
AmadeoArrarte
Years in industry:13 years
Years at Cálidda:11 years
Chief Strategy Officer
TatianaRivas
Years in industry:7 years
Years at Cálidda:7 years
Chief Internal Auditor
CarolinaHernández
Years in industry:9 years
Years at Cálidda:7 years
PresidentRicardo Roa
Barragán
Participation in the Boards of Codensa,
Emgesa, Gas Natural, REP Perú, Cálidda,
Contugas, Trecsa and
President of Transportadora de
Gas Internacional TGI.
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.
Mauricio MontoyaBozzi
Over thirteen years of professional
experience in Project
Management, New Business Structuring
and Strategic
Planning.
David Alfredo Riaño Alarcón
President of
Transportadora de Gas Internacional
TGI.
19 years of experience in the energy sector
and utilities.
Luis ErnestoMejía Castro
Director of
Promigas.
Minister of
Mines and Energy and
Vice Minister of
Hydrocarbons and Mines.
Disclaimer
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.
26
