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First Quarter 2014 Results 1Q14 – Gas Natural Fenosa

Gas Natural Fenosa · May 6, 2014 · 45 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. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 1
    First Quarter 2014 Results (1Q14) Ma 6 May 6, 2014
  2. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 2
    Agenda 1. Highlights 2. Financials 3. Analysis y of operations 4. Conclusions 3
  3. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 3
    Highlights 4
  4. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 4
    - Highlights for 1Q14 New regulation on electricity in Spain (RDL 9/2013, in force since July 2013) Evolution of Latin American currencies Mild weather in southern Europe p during g first months of 2014 + Growth in gas…
  5. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 5
    Key financial indicators Net Income: 402 million (-2.3%)1 EBITDA: 1,224 million (-4.7%)1 Investments: 357 million2 (+84.0%) (+84 0%)1 Net Debt: 14,172 million3 (-0.6% vs 31/12/13)1 Notes: 1 Changes vs 1Q13 after…
  6. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 6
    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 1Q13 figures: 1Q13 Q…
  7. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 7
    EBITDA 1Q14 vs 1Q13 ( million) +4.6% -4.7% 1,285 59 1,344 1 224 1,224 (76) (44) EBITDA 1Q13 1 Activity growth EBITDA 1Q14 pro- RDL 9/2013 2 Currency EBITDA 1Q14 forma translation Operational improvements offset by…
  8. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 8
    2013-2015 Efficiency plan Cost savings on EBITDA1 ( million) Key initiatives in 2013-2014 300 - Reducing services and 2002 discretionary cost - Streamline commercial and 108 operational costs - Cost optimization in…
  9. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 9
    Net Debt evolution ( million) 395 -0.6% 0 6% 468 14,252 14,172 13,606 (943) (566) Net Debt 1 Investments Dividend FFO and other Net Debt Tariff deficit 2 Net Debt 31/12/13 31/03/14 31/03/14 adjusted Solid cash flow…
  10. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 10
    Shareholder remuneration Total dividend1 (( million)) +0.3% +8.7% 898 895 z 2013 dividend1 approved at +10.9% 7423 8233 Shareholders AGM on 11 April 2014 (0.897/share) resulting in a 504 505 payoutt off 62 62.1% 1% and d a…
  11. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 11
    Share price performance Until 15% 1Q14 5/5/14 13% +9.2% +11.5% 11% +13.4% +10.2% 9% 7% +4.3% +5.7% 5% 3% 1% -1% -3% -5% GNF IBEX-35 EUROSTOXX UTILITIES Market performance in 1Q14 (+9 2%) above IBEX (+9.2%) 35;…
  12. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 12
    Electricity sector reform (I) Current status of new legislation Approved Pending approval z RD-Law 9/2013 on urgent z RD on renewables, cogeneration and measures waste z Law 24/2013 on electricity sector z RD on capacity it…
  13. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 13
    Electricity sector reform (II) Balance for 2014E Regulated costs and revenues Change 1 ( million) 2014E 14/13 (%) Revenues 19,215 11.9 System y costs , 6,620 ((1.5)) z CNMC estimates a reduction in Transmission 1,563 (2.6)…
  14. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 14
    Gas sector reform Development of a gas hub in Spain z The administration has begun to hold a series of meetings with industry agents with the intention of developing an organized secondary gas market Review of remuneration of…
  15. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 15
    Financials 16
  16. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 16
    Consolidated income statement ( million) 1Q14 1Q131 Change % Net sales 6 284 6,284 6 649 6,649 (5 5) (5.5) Purchases (4,460) (4,712) (5.3) Gross Margin 1,824 1,937 (5.8) Personnel,, Net (211) (227) (7 0) (7.0) Taxes (115) (145)…
  17. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 17
    EBITDA breakdown Change ( million) 1Q14 1Q131 m % Distribution Europe: 406 415 ((9)) ((2.2)) Electricity 153 159 (6) (3.8) Gas 253 256 (3) (1.2) y Electricity: 199 233 (34) (14.6) Spain Liberalized 185 190 (5) (2.6) Spain…
  18. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 18
    Investments Tangible and intangible ( million) -6.2% 194 1821 10 25 8 5 (13%) (4%)(5%) 16 (3%) 67 (9%) 73 (35%) 36 (40%) (18%) 75 61 (41%) (31%) 1Q132 1Q14 Distribution Europe LatAm Electricity Gas Other z In…
  19. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 19
    A comfortable Debt maturity profile A off M As March h 31 31, 2014 ( million) 1 Net Debt: 14.2 billion1 Gross Debt: 18.7 billion 6,961 3,311 6,954 2,515 2,101 2,144 , 1,629 2,104 2,514 265 1,754 581 2014 2015 2016…
  20. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 20
    An efficient Net Debt structure As of March 31 31, 2014 Majority of debt at fixed rate Conservative currency exposure with very competitive cost policy 6% 7% 18% Euro Fixed US Floating 82% 87% Other Diversified financing…
  21. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 21
    Ample liquidity available As of March 31, 2014 ( million) Limit Drawn Undrawn Committed lines of credit 7,246 246 7,000 Uncommitted lines of credit 171 85 86 Undrawn EIB loan 225 - 225 Cash - - 4,483 TOTAL 7,642 , 331…
  22. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 22
    A sound capital structure Solid cash flow and financial ratios (March 31, 2014) FFO/Net Debt Net Debt/EBITDA 25.9% 3.0x 2.9x 25.0% Pre-tariff Post-tariff Pre-tariff Post-tariff deficit deficit deficit deficit supported…
  23. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 23
    Analysis of operations 24
  24. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 24
    Distribution Europe El t i it (I) Electricity Sales TIEPI1 ((Spain) p ) (minutes) (GWh) -4.8% 9,560 9,105 1Q13 1Q14 694 711 14 19 8,866 8,394 +35.7% 1Q13 1Q14 Spain Moldova Lower electricity y sales after falling…
  25. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 25
    Distribution Europe El t i it (II) Electricity Investments ( million) illi ) 22 +10.0% 20 1 2 z 4.52 million connection points achieved at end of 1Q14 19 20 z Service quality in Spain remains within average for last years 1Q13…
  26. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 26
    Distribution Europe G (I) Gas Sales Connection p points (GWh) (000) 59,032 -10.3% 5,581 +1.0% 5,639 5 639 52,969 1,942 455 449 1,575 57,090 5,132 5,184 51,394 1Q13 1Q14 31/03/13 31/03/14 Spain Italy Lower g gas…
  27. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 27
    Distribution Europe G (II) Gas Investments ( million) 51 +8.5% +8 5% 47 3 3 z Lower gas sales in Spain due to a 44 48 very y mild winter 1Q13 1Q14 z Italy includes both regulated EBITDA distribution and liberalized retail (…
  28. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 28
    Energy Gas and electricity demand in Spain Conventional gas demand Electricity demand (GWh) (GWh) -9.1% -1.8% 64,314 63,161 85,055 77,326 1Q13 1Q14 1Q13 1Q14 Source: Enagas S Source: REE Gas demand depressed p byy…
  29. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 29
    Energy El t i it in Electricity i Spain S i GNFs total production (GWh) 8,224 -12.5% 726 7,198 +3.3% 750 1,903 +15.9% 2,205 1,120 +3.9% 730 -62.9% 1,164 271 3,745 -25.0% 2,808 1Q13 1Q14 CCGTs Coal Nuclear Hydro…
  30. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 30
    Energy El t i it Spain Electricity S i Production from ordinary regime 6,448 GWh -14.0% Sales of electricity 8 742 GWh 8,742 -1 1.5% 5% Weighted average pool price 24.9/MWh -38.9% EBITDA impact from new regulatory…
  31. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 31
    Energy R Regulated ti 1 l t d generation Total production (GWh) z Wind-powered production boosted by higher wind factor in the period +3.3% z Heavy rainfall in the period leads to a 750 726 significant growth in small hydro…
  32. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 32
    Energy G supply Gas l (I) Spain International1 (GWh) -11.2% 61,611 31,386 +13.9% -31.8% 54,728 27,568 4,845 3,302 14,269 -15.0% 12,126 -0.9% 16,958 17 106 17,106 -7.5% 42,497 39,300 +37.9% 3 9% 14 428 14,428 10,462…
  33. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 33
    Energy G supply Gas l (II) z International sales now represent 36% of total in 1Q14 z Consolidating presence in main international LNG markets in Asia and America z Expanding p g sales in Europe p with an aim to increase presence…
  34. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 34
    Energy UF Gas Gas supply1 (GWh) 9,115 -8.2% 8,365 z Lower sales in Spain after a 31 7% drop in industrial sales 31.7% 2,440 +20.4% due to lower demand from both 2,938 power generation and industrial customers -18.7% 6,675…
  35. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 35
    Latin America EBITDA breakdown ( million) 274 274 Rest 34 (12.3%) Generation 48 (17.5%) Brazil Electricity 69 (25.2%) 79 (28.8%) distribution 88% generated in Mexico 76 three large (27.8%) strategic Gas countries (53.7%)…
  36. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 36
    Latin America EBITDA evolution ( million) +3.0% -10.2% 305 302 9 311 Impact from 274 translation of currency (3) exchange g differences (37) Brazil (15) Colombia (15) Other (7) EBITDA1 Nicaragua EBITDA Activity EBITDA…
  37. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 37
    Latin America G distribution (I) Gas () Gas sales (GWh) Connection points (000) 55,641 +2.2% 56,863 6,138 +3.9% 6,379 -1.6% +4 6% +4.6% 11,748 11,556 1,366 1,306 4,423 +26.5% 5,594 +4.8% 2,428 2 545 2,545 +0.1% 23,204…
  38. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 38
    Latin America G distribution (II) Gas ( ) Investments z Continued investment in network p development addingg 241,000 , new ( million) connection points vs end 1Q13 32 31 -3 1% -3.1% z Brazil: regulatory review in Rio;…
  39. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 39
    Latin America Electricity distribution (I) () Electricity sales (GWh)1 Connection points (000)1 +6.3% 4,074 2,842 +3.4% 2,940 3,833 +3.9% 535 515 +5.1% 1,102 1,048 2,327 +3.4% 2,405 +6.7% 2,785 2,972 1Q13 1Q14…
  40. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 40
    Latin America Electricity distribution (II) ( ) Investments ( million) 22 19 10 14 +15.8% 9 8 z Performance helped by growth 1Q13 1Q14 in demand and customer figures EBITDA1 ( million) 89 79 z Reduction of energy losses…
  41. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 41
    Latin America G Generation (I) () Production (GWh) -11.1% 4,512 4,013 375 -51.5% 182 -7.4% 4,137 3,831 1Q13 1Q14 Mexico Rest Maintenance works in Mexico and lower rainfall in Central America lead to a drop in…
  42. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 42
    Latin America G Generation (II) ( ) Investments (( million)) 22 9 +144.4% z Higher investments corresponding to construction of Bii Hioxo wind farm (Mexico) 1Q13 1Q14 EBITDA1 z Activity- driven EBITDA drop ( million)…
  43. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 43
    Conclusions 44
  44. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 44
    Conclusions EBITDA -4.7% after impact from regulation and translation Disregarding the above, EBITDA +4.6%, evidencing a balanced business mix GNFs activities continue to be managed under an added value approach Excellent…
  45. First Quarter 2014 Results 1Q14 – Gas Natural Fenosa – slide 45
    Th k you Thank INVESTOR RELATIONS telf 34 934 025 897 telf. fax 34 934 025 896 e-mail: relinversorgasnaturalfenosa.com website: www www.gasnaturalfenosa.com gasnaturalfenosa com

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