Quarterly Results July-September 2013

Transcription

1 Quarterly Results July-September 2013

2 WELCOME

3 Promigas: An organization committed to energy and progress Develops energy markets in Colombia and Peru, both directly and through shareholdings in 14 companies. Natural gas transmission (4 companies) Distribution of natural gas (7 companies) Distribution of electrical energy (1 company) Integrated solutions for the industry (2 companies) Gas pipeline 2896 km Capacity: 766 MCFD Employees: 401 Connected users: 2.9 million Gas sales: 8872 Mm 3 Employees: 2050 Clients: Energy demand: 494 GWh Employees 231 Dehydration capacity: 520 MCFD Compression capacity: 13 Khp *Projected figures to December 2013

4 CORPORATE MILESTONES Regulatory aspects The CREG has defined essential issues including: The framework for the commercialization of natural gas which regulates the interaction between agents of the primary and secondary markets of supply and transport. The framework for the construction and operation of a regasification plant that will allow the import and supply of gas, which should be ready in Liberation of gas prices at the wellhead in the fields of La Guajira. The valuation of transmission assets due to expire: regulatory useful life. The approval of the construction of the 14-inch 122 km South Loop for USD 57.6 million.

5 CORPORATE MILESTONES Recognition IR Issuers Promigas is recognized as a member of the first group of issuers with IR - Investor Relations Recognition- from the Colombian Stock Exchange -BVC- for voluntarily complying with the criteria set out in the Circular Letter sent out by this entity. This involves the application of standards above and beyond those required by the stock market regulations, and promote the adoption of best practices in the disclosure of information and investor relations. Natural gas distribution project in northern Peru In July the Promigas-Surtigas consortium was awarded the concession for the distribution of natural gas in the north zone of Peru with a commitment of 150,137 connections for users. The contract is valid for 21 years and allows the company to strengthen its growth strategy. With this project Promigas continues its objective to support and promote economic and social development in different regions through the mass use of natural gas, a process in we are working decisively towards through our participation in the distributor company Cálidda (zone of Lima and Callao) in Peru.

6 CORPORATE MILESTONES Profit Distribution I 1 st semester 2013 At the Shareholders' meeting of September 26, 2013 dividends of COP 279,509mn were declared corresponding to 99.6% of the net profit for the first half of 2013, to be distributed as follows: Extraordinary dividends for shares: 1 share for every 30 in circulation at a value of COP 4,290 each (152,053mn). Cash dividends at a rate of COP per share on the shares in circulation, as follows: Ordinary: COP per share (COP 92,296mn) (payable in 6 monthly installments of COP per share as of October 2013). Extraordinary: COP per share (COP 35,160mn) (payable in January 2014). Recognition from Transparency for Colombia Promigas received a special recognition from the "Transparency for Colombia Corporation" (La Corporación Transparencia por Colombia) for its Internal Auditing and Risk Management processes as a best practice to emulate, which was announced at the "Fourth cycle of corporate transparency good practices" held in Medellin on September 19 th and 20 th, 2013.

7 CORPORATE MILESTONES New horizontal directional crossing opened Construction costs: COP 60,053 million. Construction technique: Horizontal Directional Drilling. Length: 2.8 Km (the largest in Latin America). Work completed on: November 11, Removal of the alternate pipeline on the Laureano Gómez bridge (Pumarejo Bridge): 100%

8 CORPORATE MILESTONES Advances in the construction of the Micro LNG plant Logistics Chain First natural gas liquefaction project in Colombia to develop the domestic market Operations start: Q Investment: USD 35.3 million. Capacity: 78,000 gallons of LNG / 5.9 MCFD PROMIGAS transmission system Gas Liquefaction Plant (Soledad, Atlántico) LNG LNG tanker truck NGV Service Station Regasification Station Heavy Duty Vehicles Residential and Commercial

9 INVESTMENT PORTFOLIO RELEVANT RESULTS Natural gas distribution Surtigas New communities connected as of September 2013: 12 Accumulated users to December 2013: 597,543. Gases de Occidente -GDO- Subsidies granted by the Special Development Fund -FECF- for COP 923 million to connect 7,553 users in housing levels 1 and 2. New communities connected as of September 2013: 28 Accumulated users to December 2013: ; making GDO the second largest distributor in the country in terms of connected users.

10 INVESTMENT PORTFOLIO RELEVANT RESULTS Natural gas distribution Cálidda Presentation to Osinergmin of their tariff proposal for the period understood between May 2014 and April Users connected to September 2013: 37,422 Accumulated users to December 2013: 163,849 Non-Bank Financing: Brilla Placement of COP 144,371 million to September 2013, with accumulated placements of COP 882,928 million and a portfolio of COP 296,522 million. Users benefitted to September 2013: 152,199 Accumulated users to September 2013: 986,788 This business represents 10.8% of the consolidated EBITDA of the natural gas distributors.

11 INVESTMENT PORTFOLIO RELEVANT RESULTS Distribution of electrical energy Compañía Energética de Occidente -CEO- The losses in the period decreased to 16.90%, 5.04 percent less than in December 2012 (21.94%). New users benefited to September 2013: 10,401. Accumulated users to September 2013: 303,459. In March, for the first time, dividends were declared for shareholders for COP21,359mn (66% of the profit for the corresponding period).

12 INVESTMENT PORTFOLIO RELEVANT RESULTS Natural gas transmission Transoriente Consolidation of the operations of the Gibraltar gas pipeline represented by an increase of 39% in revenues and 42% in EBITDA compared to September Budget execution as of September 2013: Income 103%, EBITDA 111%. The tariff request was submitted to CREG for the new charges of the transmission system from Gibraltar-Bucaramanga due to the expiry of its tariff period.

13 INVESTMENT PORTFOLIO RELEVANT RESULTS Integrated solutions for the industry Promisol Purchase of 51% of the shares of Enercolsa S.A. for COP 4,200 million during the first semester of Signing of the contract with Promigas for the construction of a 15km gas pipeline from Palomino to La Mami, which is expected to enter into operation at the end of 2014.

14 PROMIGAS FINANCIAL STATEMENTS RESUMEN BALANCE GENERAL Cifras Millones de pesos Dic-12 Sep-13 Var % Caja e Inversiones % Otros Activos Corrientes % PP&E % Otros Activos % Total Activos % Pasivos Corrientes % Pasivos Largo Plazo % Total Pasivos % Patrimonio % Total Pasivos + Patrominio % Dic-12 Sep-13 Activos Pasivos Patrimonio Assets: increase in other assets due to disbursed loans to companies of the investment portfolio, with short-term surpluses available. Liabilities: the effect of the issuing of Promigas bonds changing the debt profile from short to long term.

15 PROMIGAS PROFIT AND LOSS STATEMENT Estado de Resultados (Enero - Septiembre) Cifras Millones de pesos Sep-12 Sep-13 Var % Ingresos Operacionales % Costos y Gastos % Utilidad Operacional % EBITDA % Dividendos % Metodo de Participación % Ingresos Financieros % Gastos Financieros % Otros, neto % Utilidad Antes de Impuesto % Impuesto de Renta % Utilidad Neta % Income: increase from 2012 due to the new gas transmission tariff (includes the South Loop tariff since August) and higher volumes transported. Costs and Expenses: decrease in depreciations due to change of useful life for gas pipelines from 20 to 50 years. Financial Income: in 2013 the profit from the sale of Promitel is recorded. Income tax: in 2013 the capital gains tax is registered for the sale of Promitel.

16 CONSOLIDATED PROFIT AND LOSS STATEMENT Estado de Resultados (Enero - Septiembre) Cifras Millones de pesos Sep-12 Sep-13 Var % Ingresos Operacionales % Costos y Gastos % Utilidad Operacional % EBITDA % Dividendos % Ingresos Financieros % Gastos Financieros % Otros, neto % Utilidad Antes de Impuesto % Impuesto de Renta % Interes Minoritario % Utilidad Neta % Income: increase compared to 2012 due to new gas transmission tariffs. Increased volumes in Promigas, Transoriente and GDO and more revenues for CEO. Financial Expenses: capitalization of interest for infrastructure projects in Promigas and CEO. Minority Participation: increase due to greater net profit of Transoriente due to higher volumes transported.

17 PROMIGAS PROFIT AND LOSS STATEMENT Estado de Resultados (Julio - Septiembre) Cifras Millones de pesos Sep-12 Sep-13 Var % Ingresos Operacionales % Costos y Gastos % Utilidad Operacional % EBITDA % Dividendos % Metodo de Participación % Ingresos Financieros % Gastos Financieros % Otros, neto % Utilidad Antes de Impuesto % Impuesto de Renta % Utilidad Neta % Income: increase compared to 2012 due to new gas transmission tariff (includes South Loop from August) and increased transmission volumes. Costs and Expenses: decrease in depreciation due to change of useful life for gas pipelines from 20 to 50 years. Financial expenses: lower rates of financing for the issuing of Promigas bonds and the capitalization of interest of infrastructure projects during 2013.

18 CONSOLIDATED PROFIT AND LOSS STATEMENT Estado de Resultados (Julio - Septiembre) Cifras Millones de pesos Sep-12 Sep-13 Var % Ingresos Operacionales % Costos y Gastos % Utilidad Operacional % EBITDA % Dividendos % Ingresos Financieros % Gastos Financieros % Otros, neto % Utilidad Antes de Impuesto % Impuesto de Renta % Interes Minoritario % Utilidad Neta % Income: increase compared to 2012 due to new gas transmission tariffs. Increased volumes in Promigas, Transoriente and GDO and more revenues for CEO. Financial Expenses: capitalization of interest for infrastructure projects in Promigas and CEO. Minority Participation: increase due to greater net profit of Transoriente due to higher transmission volumes.

19 THANK YOU