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Third Quarter 2014 Results – Gas Natural Fenosa

Gas Natural Fenosa · Nov 4, 2014 · 43 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Third Quarter 2014 Results – Gas Natural Fenosa – slide 1
    Third Quarter 2014 Results No ember 4 November 4, 2014
  2. Third Quarter 2014 Results – Gas Natural Fenosa – slide 2
    Agenda 1. Highlights 2. Financials 3. Analysis y of operations 4. Conclusions 3
  3. Third Quarter 2014 Results – Gas Natural Fenosa – slide 3
    Highlights 4
  4. Third Quarter 2014 Results – Gas Natural Fenosa – slide 4
    Key financial indicators Net Income: 1,239 million (+10.6%)1 EBITDA: 3,606 million (-2.3%)1 1 015 million2 (+15.2%) Investments: 1,015 (+15 2%)1 Net Debt: 13,843 million3 (-2.9% vs 31/12/13)1 Notes: 1 Changes vs 9M13…
  5. Third Quarter 2014 Results – Gas Natural Fenosa – slide 5
    IFRS 11 As from 1 Januaryy 2014,, IFRS 11 is mandatory, y, so the equity q y method is now used for the accounting of joint ventures The following table shows the restatement to IFRS 11 of GNF GNFs s 9M13 figures: 9M13 as…
  6. Third Quarter 2014 Results – Gas Natural Fenosa – slide 6
    Regulation in Spain G Gas Measures included in Royal Decree-Law Decree Law 8/2014 8/2014, in effect as of 5 July 2014 New regulation brings both higher stability and predictability Fi Financial i l stability: bili rules l set…
  7. Third Quarter 2014 Results – Gas Natural Fenosa – slide 7
    Regulation in Spain Electricity Proposals Status Pending to define 6.5% allowed return on assets, based on standard Networks values, with a limit and ex ante definition of the maximum annual investment amount for the system 9…
  8. Third Quarter 2014 Results – Gas Natural Fenosa – slide 8
    Acquisition of CGE (I) Strategic fit 1 Entry into a key new market in Latam with an immediate access to a leading market position 2 Transaction increases GNFs geographic diversification together with a contribution of a more…
  9. Third Quarter 2014 Results – Gas Natural Fenosa – slide 9
    Acquisition of CGE (II) Reinforces GNFs leadership in Latam gas distribution Population of main urban areas customers of top gas distribution (in million) companies in LatAm 17% (in million) 7,4 63 6,3 36 3,6 22 19 2,2…
  10. Third Quarter 2014 Results – Gas Natural Fenosa – slide 10
    Acquisition of CGE (III) Improves GNFs GNF s business risk profile % 2013A EBITDA + Liberalised Liberalised 34% 33% Regulated 1 66% Regulated 67% Global Country and % EBITDA Latam2 Country and % EBITDA Latam2 Latam…
  11. Third Quarter 2014 Results – Gas Natural Fenosa – slide 11
    Acquisition of CGE (IV) E ti t d impact Estimated i t Under IFRS 11 (bn) 2012A 2015E CGE 2013 EBITDA 4.7 5.0 0.6 Maintains GNFs Net Income 1.4 1.5 0.1 commitment to meet its 2013-2015E inorganic ambitions without Net…
  12. Third Quarter 2014 Results – Gas Natural Fenosa – slide 12
    Acquisition of CGE (V) Transaction calendar 12th Oct Announcement of takeover bid for 100% of CGE 13th Oct First day of acceptance period 11th Nov End of acceptance period 14th Nov Announcement of result of takeover bid…
  13. Third Quarter 2014 Results – Gas Natural Fenosa – slide 13
    2013-2015 Efficiency plan Key initiatives g on EBITDA1 (( million) Cost savings in 2013-2014 300 - Reducing services and 2002 discretionary cost - Streamline commercial and 108 operational costs - Cost optimization in…
  14. Third Quarter 2014 Results – Gas Natural Fenosa – slide 14
    EBITDA 9M14 vs 9M13 (I) ( million) +4.0% -2.3% 3,690 147 3,837 3,606 (151) (80) EBITDA 9M13 1 Activity growth EBITDA 9M14 pro- Regulatory impact 2 Currency EBITDA 9M14 forma translation Operational improvements offset…
  15. Third Quarter 2014 Results – Gas Natural Fenosa – slide 15
    EBITDA 9M14 vs 9M13 (II) Impact from f LatAm currency exchange differences ff By country By quarter ( million) ( million) 69 Rest 37 8 Brazil Mexico 29 12 26 23 3 Colombia 1Q14 2Q14 3Q14 9M14 LatAm currencies achieve…
  16. Third Quarter 2014 Results – Gas Natural Fenosa – slide 16
    Net Debt evolution ( million) 1 047 1,047 -2.9% 2 9% 1,056 14,252 13,843 13,221 (2 512) (2,512) (622) Net Debt 1 Investments Dividends FFO and other Net Debt Electricity tariff Net Debt 31/12/13 30/09/14 deficit 2…
  17. Third Quarter 2014 Results – Gas Natural Fenosa – slide 17
    Financials 18
  18. Third Quarter 2014 Results – Gas Natural Fenosa – slide 18
    Consolidated Income Statement ( million) 9M14 9M131 Change % Net sales 18 223 18,223 18 273 18,273 (0 3) (0.3) Purchases (12,803) (12,654) 1.2 Gross Margin 5,420 5,619 (3.5) Personnel,, Net (617) (633) (2 5) (2.5) Taxes (359)…
  19. Third Quarter 2014 Results – Gas Natural Fenosa – slide 19
    EBITDA breakdown Change ( million) 9M14 9M131 m % Gas Distribution: 1,185 1,282 (97) (7.6) Europe 726 754 (28) (3.7) Latin America 459 528 (69) (13.1) Electricity Distribution: 715 721 (6) (0.8) Europe 465 469 (4) (0.9) Latin…
  20. Third Quarter 2014 Results – Gas Natural Fenosa – slide 20
    Investments Tangible and intangible ( million) -4.9% 881 8381 20 59 68 26 (7%) (2%) (3%) (8%) 300 342 261 (34%) 195 (41%) (30%) (23%) 241 207 (27%) (25%) 9M132 9M14 Gas Distribution Electricity Distribution…
  21. Third Quarter 2014 Results – Gas Natural Fenosa – slide 21
    A comfortable debt maturity profile A off S As September t b 30,30 2014 ( million) 1 Net Debt: 13.8 billion1 Gross Debt: 17.7 billion 7,691 7,472 2,370 2,565 2,204 2,049 778 921 1,818 2,210 1,381 41 2014 2015 2016…
  22. Third Quarter 2014 Results – Gas Natural Fenosa – slide 22
    An efficient Net Debt structure As of September 30 30, 2014 Majority of debt at fixed rate Conservative currency exposure with very competitive cost policy 7% 5% 18% Euro Fixed US Floating 82% 87% Other Diversified…
  23. Third Quarter 2014 Results – Gas Natural Fenosa – slide 23
    Ample liquidity available As of September 30, 2014 ( million) Limit Drawn Undrawn Committed lines of credit 7,208 400 6,808 Uncommitted lines of credit 191 102 89 Cash - - 3,905 TOTAL , 7,398 502 10,802 , z Additional…
  24. Third Quarter 2014 Results – Gas Natural Fenosa – slide 24
    A sound capital structure Solid cash flow and financial ratios (September 30, 2014) FFO/Net Debt Net Debt/EBITDA 23.9% 25.0% 2.9x 2.8x Pre-tariff Post-tariff Pre-tariff Post-tariff deficit deficit deficit deficit…
  25. Third Quarter 2014 Results – Gas Natural Fenosa – slide 25
    Analysis of operations 26
  26. Third Quarter 2014 Results – Gas Natural Fenosa – slide 26
    Gas Distribution E Europe (I) Sales Connection p points (GWh) (000) -13.5% 5,604 +1.1% 5,664 5 664 143 573 143,573 2,726 124,212 452 456 2,542 140,847 5,152 5,208 121,670 9M13 9M14 30/09/13 30/09/14 Spain Italy…
  27. Third Quarter 2014 Results – Gas Natural Fenosa – slide 27
    Gas Distribution E Europe (II) Investments ( million) 206 +13 2% +13.2% 182 15 13 191 z Lower gas sales in both Spain 169 and Italy due to very mild temperatures 9M13 9M14 EBITDA ( million) z 3Q EBITDA in i Spain S i…
  28. Third Quarter 2014 Results – Gas Natural Fenosa – slide 28
    Gas Distribution Latin America (I) () Gas sales (GWh) Connection points (000) 172,213 +8.5% 186,775 6,253 +4.3% 6,521 -1.9% +5 8% +5.8% 34,630 1,409 1,332 35,315 +31.0% 18,142 13,846 +4.8% 2,486 2,605 +13.5% 78,201…
  29. Third Quarter 2014 Results – Gas Natural Fenosa – slide 29
    Gas Distribution Latin America (II) ( ) Investments ( million) z Growth capex leads to 268 000 new 268,000 136 connection points vs end 9M13 118 z Argentina: higher margins after new tariff +15 3% +15.3% framework z Brazil:…
  30. Third Quarter 2014 Results – Gas Natural Fenosa – slide 30
    Electricity Distribution E Europe (I) Sales TIEPI1 ((Spain) p ) (minutes) (GWh) -2.2% 26,448 25,857 9M13 9M14 1,858 1,919 33 37 24,590 23,938 +12.1% 9M13 9M14 Spain Moldova Lower electricity y sales after falling…
  31. Third Quarter 2014 Results – Gas Natural Fenosa – slide 31
    Electricity Distribution E Europe (II) Investments ( million) illi ) 152 -17.1% 7 126 z Over 4.52 million connection 9 points at end of 9M14 145 117 z Recent regulatory measures in Spain lead to lower opex and 9M13 9M14 sharp…
  32. Third Quarter 2014 Results – Gas Natural Fenosa – slide 32
    Electricity Distribution Latin America (I) () Electricity sales (GWh)1 Connection points (000)1 +6.3% 2,900 +3.5% 3,002 12,035 12,792 +4.2% 547 525 +5.4% 3,365 3,194 2,375 +3.4% 2,455 +6.6% 9,427 8,841 9M13 9M14…
  33. Third Quarter 2014 Results – Gas Natural Fenosa – slide 33
    Electricity Distribution Latin America (II) ( ) Investments1 ( million) 88 81 38 38 -8.0% 50 43 z Performance helped by growth 9M13 9M14 in demand and customer figures EBITDA2 ( million) 249 265 z Reduction of energy…
  34. Third Quarter 2014 Results – Gas Natural Fenosa – slide 34
    Energy Gas and electricity demand in Spain Conventional gas demand Electricity demand (GWh) (GWh) -9.2% -0.9% 184,339 182,669 242,189 219,935 9M13 9M14 9M13 9M14 Source: Enagas S Source: REE Gas demand depressed p…
  35. Third Quarter 2014 Results – Gas Natural Fenosa – slide 35
    Energy G supply Gas l (I) Spain International1 (GWh) -4.7% 153,029 145,826 +23.2% 87,401 13,872 -12.5% 12,140 70,955 20,519 17,208 -16.1% +13.5% 54,793 48,263 118,638 -1.8% 116,478 +43.7% 3 % 32 608 32,608 22,692…
  36. Third Quarter 2014 Results – Gas Natural Fenosa – slide 36
    Energy G supply Gas l (II) z International sales represent 37% of total in EBITDA 9M14 ( million)) 669 680 z Consolidating presence in main international LNG markets in Asia and America (new contract in Chile from +1.6% % 2016) z…
  37. Third Quarter 2014 Results – Gas Natural Fenosa – slide 37
    Energy El t i it Spain Electricity S i (I) GNFs total production (GWh) -4.2% 23 817 23,817 22,815 -5.6% 1,666 1,572 -6.8% 3,659 , 3 410 3,410 -0.4% 3,181 3,169 3 552 3,552 +17.5% 4,174 -10.8% 11,759 10,490…
  38. Third Quarter 2014 Results – Gas Natural Fenosa – slide 38
    Energy Electricity Spain (II) Electricity sales Average pool price EBITDA (GWh) (/MWh) ( million) +3.6% -4.9% -2.9% 24,892 25,788 41.10 581 39.10 564 9M13 9M14 9M13 9M14 9M13 9M14 Source: REE EBITDA impact from new…
  39. Third Quarter 2014 Results – Gas Natural Fenosa – slide 39
    Energy C Cogeneration ti and bl 1 d renewables Total production (GWh) -5.6% z Commissioning of new small hydro plants leads to a significant growth 1 666 1,666 1,572 in output -70.7% 259 76 +23.6% 271 335 z Temporary halt of…
  40. Third Quarter 2014 Results – Gas Natural Fenosa – slide 40
    Global Power Generation (GPG) International generation Production z GPG includes electricity generation (GWh) assets formerly under LatAm and 13,778 13,492 other -2.1% 2.1% z Lower g generation activity y in Central America…
  41. Third Quarter 2014 Results – Gas Natural Fenosa – slide 41
    Conclusions 42
  42. Third Quarter 2014 Results – Gas Natural Fenosa – slide 42
    Conclusions EBITDA -2.3% 2 3% after impact from regulation and translation translation, +4 +4.0% 0% disregarding the above impacts Net income +10.6% after disposal of telecoms assets Recent regulatory developments in…
  43. Third Quarter 2014 Results – Gas Natural Fenosa – slide 43
    Th k you Thank INVESTOR RELATIONS telf 34 934 025 897 telf. 34 912 107 815 e-mail: relinversorgasnaturalfenosa.com website: www www.gasnaturalfenosa.com gasnaturalfenosa com

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