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H1 2015 Results – Gas Natural Fenosa

Gas Natural Fenosa · Jul 29, 2015 · 40 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. H1 2015 Results – Gas Natural Fenosa – slide 1
    First Half 2015 Results (1H15) J l 29 July 29, 2015
  2. H1 2015 Results – Gas Natural Fenosa – slide 2
    Agenda 1. 1H15 Highlights 2. Financials 3. Analysis y of operations 4. Conclusions 3
  3. H1 2015 Results – Gas Natural Fenosa – slide 3
    1H15 Highlights 4
  4. H1 2015 Results – Gas Natural Fenosa – slide 4
    Key financial indicators Net Income: 751 million (+1.2% adjusted)1 EBITDA: 2,674 million (+10.5%) Investments: 744 million (+7.4%) (+7 4%) Net Debt: 16,737 million (-1.2% vs 31/12/14) Note: 1 Actual Net Income -19.4%…
  5. H1 2015 Results – Gas Natural Fenosa – slide 5
    Optimization of asset portfolio 100 million capital reallocation Sale of Acquisition of Rationale 45% of Begasa 100% of Gecalsa 100 million capital reallocation Equity value 97.2 million 103 million Control 8 9 to an asset with a…
  6. H1 2015 Results – Gas Natural Fenosa – slide 6
    Other operating events z 50 MW Torito hydro plant in Costa Rica commissioned in April 2015 z Italy: lifting in May of temporary court intervention decreed in 2014 on gas distribution and supply activities in the country z Argentina:…
  7. H1 2015 Results – Gas Natural Fenosa – slide 7
    Other financial events z Issuance of a 9-year 500 million hybrid with a 3.375% coupon on 21 April z Repurchase in May of 85.3% of the Unin Fenosa Preferentes 750 million hybrid issue of 2005 z Final dividend of 512 million…
  8. H1 2015 Results – Gas Natural Fenosa – slide 8
    Strategic Plan 2013-2015 targets (billion) 2015E EBITDA 5 0 5.0 Net Income 1 1.5 5 Net Debt / EBITDA 3.0x Dividend 62% Payout1 GNF maintains its commitment to accomplish the financial targets set in the Strategic…
  9. H1 2015 Results – Gas Natural Fenosa – slide 9
    Advancing in the three lines of growth set in the Strategic Plan 2013-2015 2013 2015 Midstream Networks Generation gas Entry in gas distribution in Cheniere Bi-Hioxo (Mexico) Peru (Arequipa) New gas concessions in Shah Deniz…
  10. H1 2015 Results – Gas Natural Fenosa – slide 10
    Financials 11
  11. H1 2015 Results – Gas Natural Fenosa – slide 11
    Consolidated Income Statement ( million) 1H15 1H14 Change % Net sales 13,685 12,154 12.6 Purchases (9,531) (8,522) 11.8 Gross Margin 4,154 3,632 14.4 Personnel, Net (528) (422) 25.1 T Taxes (239) (233) 26 2.6 Other expenses,…
  12. H1 2015 Results – Gas Natural Fenosa – slide 12
    EBITDA breakdown Change ( million) 1H15 1H14 m % Gas Distribution: 798 785 13 1.7 Europe 469 486 -17 -3.5 Latin America 329 299 30 10.0 Electricity Distribution: 489 456 33 7.2 Europe 307 305 2 0.7 Latin America 182 151 31 20.5…
  13. H1 2015 Results – Gas Natural Fenosa – slide 13
    Investments Change ( million) 1H15 1H14 m % Gas Distribution: 255 200 55 27.5 Investments(1) +34.6% Europe 145 125 20 16.0 excluding the Latin America 110 75 35 46.7 177 million tanker lease reported in 1H14 Electricity Distribution:…
  14. H1 2015 Results – Gas Natural Fenosa – slide 14
    Net Debt evolution ( million) -1.2% 1 2% 469 970 16,942 16,737 178 (1,822) Net Debt 31/12/14 Investments Dividends FFO and other Currency y translation Net Debt 30/06/15 L Lower debt d bt despite d it strong t…
  15. H1 2015 Results – Gas Natural Fenosa – slide 15
    A comfortable debt maturity profile A off J As June 30 30, 2015 ( million) 1 Net Debt: 16.7 billion 7,914 Gross Debt: 19.0 billion 2,595 2,798 2,246 2,368 1,095 2,520 221 916 2015 2016 2017 2018 2019 2020+ z Average…
  16. H1 2015 Results – Gas Natural Fenosa – slide 16
    An efficient Net Debt structure As of June 30 30, 2015 Majority of debt at fixed rates Conservative currency exposure with very competitive cost policy 22% 19% Euro Fixed 5% US Floating 76% 78% Other Diversified financing…
  17. H1 2015 Results – Gas Natural Fenosa – slide 17
    Ample liquidity available As of June 30, 2015 ( million) Limit Drawn Undrawn Committed lines of credit 7,721 586 7,135 Uncommitted lines of credit 606 165 441 EIB loan 53 - 53 Cash - - 2,161 TOTAL 8 380 8,380 751 9 790…
  18. H1 2015 Results – Gas Natural Fenosa – slide 18
    Analysis of Operations 19
  19. H1 2015 Results – Gas Natural Fenosa – slide 19
    Gas Distribution Europe (I) Sales Connection p points (GWh) (000) +4.6% 5,654 +0.9% 5,707 5 707 89,404 93,557 2,473 456 456 2,192 87,212 91,084 5,198 5,251 1H14 1H15 30/06/14 30/06/15 Spain Italy Colder weather in…
  20. H1 2015 Results – Gas Natural Fenosa – slide 20
    Gas Distribution Europe (II) Investments ( million) 145 +16 0% +16.0% 125 9 z Growth capex in Spain consistent 9 with new regulation that incentivises growth 136 116 z 6 new municipalities connected in 1H15 1H14 1H15 EBITDA z…
  21. H1 2015 Results – Gas Natural Fenosa – slide 21
    Gas Distribution Latin America (I) Gas sales (GWh) Connection points (000) 121,887 +0.4% 122,367 6,447 +4.4% 6,732 +6.7% +7 3% +7.3% 1,488 23,042 24,577 1,387 11,833 +7.3% 12,695 +4.3% 2,575 2,687 2 687 +5.1% 50,817…
  22. H1 2015 Results – Gas Natural Fenosa – slide 22
    Gas Distribution Latin America (II) Investments z Growth capex leads to 285,000 new ( million) 110 connection points vs end 1H14 75 z Brazil: higher sales to power generation; +46 7% +46.7% achieving customer base growth…
  23. H1 2015 Results – Gas Natural Fenosa – slide 23
    Electricity Distribution Europe (I) Sales TIEPI1 ((Spain) p ) (minutes) (GWh) +1.2% 17 343 17,343 17 546 17,546 1H14 1H15 1,305 1,358 27 20 16,038 16,188 -25.9% 25.9% 1H14 1H15 Spain Moldova Electricity y…
  24. H1 2015 Results – Gas Natural Fenosa – slide 24
    Electricity Distribution Europe (II) Investments ( million) +24.6% 81 z Over 4.5 million connection 65 3 points at end of 1H15 5 78 60 z 1H15 EBITDA in Spain reflects still low investments carried out in 2013 1H14 1H15…
  25. H1 2015 Results – Gas Natural Fenosa – slide 25
    Electricity Distribution Latin America (I) Electricity sales (GWh) Connection points (000) +4.6% 2,965 +4.4% 3,094 8,372 8,758 540 +5.2% 568 +6.7% 2,369 2,221 2,425 2,526 +3.9% +4.2% 6,151 6,389 1H14 1H15 30/06/14…
  26. H1 2015 Results – Gas Natural Fenosa – slide 26
    Electricity Distribution Latin America (II) Investments ( million) 56 49 35 z EBITDA in Colombia reflects a 11 28 +14.3% million non-recurring wealth tax impact 21 21 1H14 1H15 z Sustained customer base growth EBITDA…
  27. H1 2015 Results – Gas Natural Fenosa – slide 27
    Energy Gas and electricity demand in Spain Conventional gas demand Electricity demand (GWh) (GWh) +2.1% +1.9% 121,189 123,455 132,084 134,847 1H14 1H15 1H14 1H15 Source: Enagas S Source: REE Gas demand recovers after…
  28. H1 2015 Results – Gas Natural Fenosa – slide 28
    Energy Gas Supply (I) Spain International (GWh) -2.4% 100,021 97,600 +12.9% 67,131 +28.0% 59,445 6,840 8,754 15,441 +14.6% 17,700 +5.7% 37,961 35,898 -8.5% 77,740 71,146 +23.9% 3 9% 29 170 29,170 23,547 1H14 1H15…
  29. H1 2015 Results – Gas Natural Fenosa – slide 29
    Energy Gas Supply (II) Wholesale Retail z International wholesales represent z Continued expansion into retail 45% of total in 1H15 (vs 41% in liberalized markets in Europe (Spain, (Spain 1H14) Italy) z Consolidating presence in…
  30. H1 2015 Results – Gas Natural Fenosa – slide 30
    Energy Gas Supply (III) Changes 1H15 vs 1H14 Brent Henry Hub (USD/bbl) 8 (USD/MMbtu) 130 120 7 110 100 6 z Total gas supply volumes 90 80 -46.7 46 7% 5 +3.3% vs 1H14 70 4 60 3 -42.4% 50 40 2 z Gas margins in 1H15 E F M…
  31. H1 2015 Results – Gas Natural Fenosa – slide 31
    Energy Gas Supply (IV) GNFs Gas Sales Medium term expected p evolution for GNF (GWh) Volume Margin Spain = = Europe = International 1H15 LNG = Spain S i E Europe International LNG GNF s recent developments in LNG GNFs…
  32. H1 2015 Results – Gas Natural Fenosa – slide 32
    Energy Electricity Spain (I) GNFs total production (GWh) +6.9% 14,663 13,716 -10.4% 1,082 1,207 -38.9% 38.9% 1 824 1,824 2,984 +1.5% 2,119 2 088 2,088 +98.5% 2,971 1,497 +12.2% 5,940 6,667 1H14 1H15 CCGTs Coal…
  33. H1 2015 Results – Gas Natural Fenosa – slide 33
    Energy Electricity Spain (II) Electricity sales Average pool price EBITDA (GWh) (/MWh) ( million) +3.0% +51.3% -7.8% 16,884 17,394 48.48 387 357 32.03 1H14 1H15 1H14 1H15 1H14 1H15 Source: REE Drop in margins fall…
  34. H1 2015 Results – Gas Natural Fenosa – slide 34
    Energy Cogeneration and renewables1 Total production (GWh) -10.4% z Lower rainfall and wind levels lead to a drop in output from both mini- 1,207 1,082 hydro and wind farms -66.7% 63 21 -4 3% -4.3% 254 z Cogeneration C ti…
  35. H1 2015 Results – Gas Natural Fenosa – slide 35
    GPG International power generation Production (GWh) 8,861 8,425 z Lower production figures mainly due -4.9% 4.9% tto planned l d outages t off CCGTs CCGT in i Mexico 1H14 1H15 z Torito hydro plant (50 MW) already…
  36. H1 2015 Results – Gas Natural Fenosa – slide 36
    CGE Electricity distribution and transmission Electricity sales, sales Connection points (000) Electricity distribution (GWh) transported (GWh) +3.3% +2.5% +3.6% 2,817 2,888 7,820 8,080 7,189 7,446 1H14 1H15 30/06/14…
  37. H1 2015 Results – Gas Natural Fenosa – slide 37
    CGE Gas distribution and LPG Sales Connection points (GWh) (000) Gas distribution 22,991 583 608 22,064 +4.2% +4.3% 1H14 1H15 30/06/14 30/06/15 Third party wholesales1 Sales to end customers (GWh) (GWh) LPG 2,702 2,646…
  38. H1 2015 Results – Gas Natural Fenosa – slide 38
    Conclusions 39
  39. H1 2015 Results – Gas Natural Fenosa – slide 39
    An integrated and diversified business model EBITDA +10.5% and Net Income +1.2% (adjusted) showing a resilient business model Business model strengthened by continuous efforts towards optimization of asset portfolio Proven…
  40. H1 2015 Results – Gas Natural Fenosa – slide 40
    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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