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Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa

Gas Natural Fenosa · Feb 17, 2015 · 46 slides

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Slides

  1. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 1
    Fourth Quarter 2014 Results (FY 2014) Febr ar 17, February 17 2015
  2. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 2
    Agenda 1. Highlights 2. Financials 3. Analysis y of operations 4. Conclusions 3
  3. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 3
    Highlights 4
  4. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 4
    Key financial indicators Net Income: 1,462 million (+1.2%)1 EBITDA: 4,853 million (+0.1%)1 1 799 million2 (+23.6%) Investments: 1,799 (+23 6%)1 Net Debt: 16,942 million (+18.9% vs 31/12/13)1 Notes: 1 Changes vs FY13…
  5. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 5
    Shareholder remuneration Total dividend1 (( million)) +1 2% +1.2% +0.3% 895 898 9094 z 2014 dividend1 resulting in a +8.7% 8233 payout of 62.1% and a yield of 4.4%2 504 505 511 z Interim dividend paid on 8 463 January…
  6. Fourth Quarter 2014 Results (FY 2014) – 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 FY13 figures: FY13 as…
  7. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 7
    Results of FY14 impairment analysis z Impairment of 485 million after the Egyptian gas provider failed to meet its gas supply commitments z Recorded at UF Gas level (Equity income) z Impairments of 47 million corresponding to…
  8. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 8
    Regulation in Spain Gas New regulation in effect as of 5 July 2014 brings both higher stability and predictability di t bilit Financial stability: rules set to prevent future tariff deficits from arising, and current tariff deficit…
  9. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 9
    Currency exchange translation Impact on EBITDA By country By quarter ( million) ( million) 70 44 Rest Mexico 8 32 3 Moldova 4 28 Brazil 4 (10) 27 Colombia 1Q14 2Q14 3Q14 4Q14 FY14 Negative g impact p limited to…
  10. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 10
    Tax reform in Spain z Law 27/2014 of 27 November reduces the corporate tax rate in Spain z 2015: from 30% to 28% in 2015 z 2016 onwards: from 28% to 25% z The subsequent restatement of deferred tax assets and liabilities…
  11. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 11
    Net Income analysis ( million) +1.2% 218 (61) 1,462 1,445 (532) 252 325 (141) (44) 2013 Impairments Regulatory Currency Deferred Capital gains3 Activity Tax effects 2014 impact in exchange taxes growth and other Spain 1…
  12. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 12
    2013-2015 Efficiency plan Key initiatives g on EBITDA1 (( million) Cost savings in 2013-2014 300 - Reducing services and 228 discretionary cost - Streamline commercial and operational 108 costs - Cost optimization in…
  13. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 13
    Acquisition of CGE Impact on the Strategic Plan 2013-2015 2013 2015 targets z Completing an investment initially not made explicit, but held as an option, as it fell within the targeted leverage range z Advancing the achievement of…
  14. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 14
    Other highlights for 2014 International power generation z Establishment of GPG z Commissioning in October 2014 of the 234 MW Bii Hioxo wind farm in Mexico z Completing the Torito 50 MW mini hydro plant (Costa Rica) expected to be in…
  15. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 15
    Financials 16
  16. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 16
    Consolidated Income Statement ( million) FY14 FY131 Change % Net sales 24 742 24,742 24,322 24 322 1.7 17 Purchases (17,368) (16,892) 2.8 Gross Margin 7,374 7,430 (0.8) Personnel Net Personnel, (832) (827) 0.6 Taxes (481)…
  17. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 17
    EBITDA breakdown Change ( million) FY14 FY131 m % Gas Distribution: 1,542 1,671 (129) (7.7) Europe 937 986 (49) (5.0) Latin America 605 685 (80) (11.7) Electricity Distribution: 970 950 20 2.1 Europe 622 610 12 2.0 Latin America…
  18. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 18
    Investments Tangible and intangible Change ( million) FY14 FY131 m % Gas Distribution: 708 488 220 45.1 Europe 360 307 53 17.3 Spain Latin America 348 181 167 92.2 Electricity Distribution: 356 357 (1) (0.3) +4.4% Europe 233 229 4…
  19. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 19
    Net Debt evolution ( million) +18.9% +17.6% 1 125 1,125 3 587 3,587 16 942 16,942 16 759 16,759 1,353 (183) 14,252 (3 375) (3,375) 2 Net Debt Investments Dividends FFO and other CGE Net Debt Provisional Adjusted Net…
  20. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 20
    A comfortable debt maturity profile A off D As December b 3131, 2014 ( million) 1 Net Debt: 16.9 billion Gross Debt: 20.5 billion 7,087 2 805 2,805 2 927 2,927 2 913 2,913 7 080 7,080 2,344 2,468 2,917 799 765 2015…
  21. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 21
    An efficient Net Debt structure As of December 31 31, 2014 Majority of debt at fixed rates Conservative currency exposure with very competitive cost policy 22% 20% Euro Fixed 5% US Floating 75% 78% Other Diversified…
  22. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 22
    Ample liquidity available As of December 31, 2014 ( million) Limit Drawn Undrawn Committed lines of credit 7,405 473 6,932 Uncommitted lines of credit 557 163 394 EIB loan 53 - 53 Cash - - 3,573 TOTAL 8 015 8,015 636 10…
  23. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 23
    A sound capital structure Achieving a strong capital structure z Positive structural free cash flow generation z Capital structure further strengthened by recent 1,000 million 8-year hybrid (4.125% coupon) z Acquisition of CGE…
  24. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 24
    Analysis of operations 25
  25. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 25
    Gas Distribution E Europe (I) Sales Connection p points (GWh) (000) -10.1% 5,627 +1.0% 5,683 5 683 194 975 194,975 3,786 175,223 455 457 3,407 191,189 5,172 5,226 171,816 FY13 FY14 31/12/13 31/12/14 Spain Italy…
  26. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 26
    Gas Distribution E Europe (II) Investments ( million) 360 +17 3% +17.3% 307 25 z Capex in network expansion in 28 Spain consistent with new 335 regulation that incentivises 279 growth z 48 new municipalities FY13 FY14…
  27. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 27
    Gas Distribution Latin America (I) () Gas sales (GWh) Connection points (000) 227,377 +9.5% 249,067 6,321 +4.3% 6,593 +0.9% +6 4% +6.4% 46,912 1,434 1,348 46,516 +30.9% 24,522 18,736 +4.6% 2,518 2 635 2,635 +18.8% 88,961…
  28. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 28
    Gas Distribution Latin America (II) ( ) z Growth capex leads to 272,000 new Investments connection points vs end FY13 ( million) 348 z Brazil: recording in 2014 of part of commitments for 2014-2016 brings 181 rise in capex growth…
  29. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 29
    Electricity Distribution E Europe (I) Sales TIEPI1 ((Spain) p ) (minutes) (GWh) -1.6% 34,804 34,262 FY13 FY14 2,541 2,621 47 48 32,263 31,641 +2.1% FY13 FY14 Spain Moldova Lower electricity y sales after falling…
  30. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 30
    Electricity Distribution E Europe (II) Investments ( million) 229 233 +1.7% 14 15 z Over 4.5 million connection points at end of FY14 215 218 z Recent regulatory measures in FY13 FY14 Spain lead to lower opex and a EBITDA…
  31. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 31
    Electricity Distribution Latin America (I) () Electricity sales (GWh)1 Connection points (000)1 +5.8% 2,925 +3.7% 3,032 16,204 17,150 529 +4.3% 552 +5.1% 4,495 4,275 2,396 2,480 +6.1% +3.5% 11,929 12,655 FY13 FY14…
  32. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 32
    Electricity Distribution Latin America (II) ( ) Investments1 ( million) 126 123 50 59 z Temporary slowdown of investments -2.4% in Colombia while waiting for the 76 64 consolidation of efforts made in the reduction of losses and…
  33. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 33
    Energy Gas and electricity demand in Spain Conventional gas demand Electricity demand (GWh) (GWh) -9.8% -1.2% 246,372 243,431 276,718 249,658 FY13 FY14 FY13 FY14 Source: Enagas S Source: REE Gas demand reduced by y…
  34. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 34
    Energy G supply Gas l (I) Spain International (GWh) -5.9% 210,506 198,117 +23.6% -12.5% 120,560 19,336 97,504 16,910 30,786 -16.0% 25,851 +16.6% 74,453 63,840 -3.1% 160,384 155,356 +37.0% 3 0% 46,107 33,664 FY13…
  35. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 35
    Energy G supply Gas l (II) Wholesale Retail z International sales represent 38% z Expanding in retail liberalized markets of total in FY14 (vs 32% in FY13) in Europe (Spain (Spain, Italy) z Consolidating presence in z Over 12…
  36. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 36
    Energy A iintegrated An t t d and d flexible fl ibl gas business b i model d l P Procurement t I f t Infrastructures t S Supply l Domesttic market Retail Piped gins NG Industrial Op & third party Diverse…
  37. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 37
    Energy I t on the Impact th short h t term t GNFs Business model hedge z Most of GNF gas sales are to end customers and sales margins are fixed z International LNG sales in 2015: z Hedged with procurement - same index index- and…
  38. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 38
    Energy L Long t term i i vision LNG demand/supply growth GNFs business model flexibility z Emerging countries economic z Diversified and flexible supply, growth relies on LNG demand strong market position and own growth LNG fleet…
  39. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 39
    Energy El t i it Spain Electricity S i (I) GNFs total production (GWh) -7.2% 32 897 32,897 30,542 -11.7% 2,352 -3.6% 2,077 4,434 , 4,275 +3.2% 4,287 4,425 5,430 +3.5% 5,622 -13.7% 16,394 14,143 FY13 FY14 CCGTs…
  40. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 40
    Energy Electricity Spain (II) Electricity sales Average pool price EBITDA (GWh) (/MWh) ( million) +5.4% -5.1% +2.6% 32,941 34,718 44.25 782 41.99 762 FY13 FY14 FY13 FY14 FY13 FY14 Source: REE EBITDA impact from new…
  41. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 41
    Energy C Cogeneration ti and bl 1 d renewables Total production (GWh) -11.7% z Commissioning of new small hydro plants leads to a significant growth 2,352 2 352 -75.0% 2,077 i output in t t 348 87 362 +19.9% 434 z…
  42. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 42
    GPG International power generation Production z GPG includes electricity generation assets ((formerly y Latin America and (GWh) 18,183 17,740 other) -2.4% 2.4% z Lower generation activity in Central America and Caribbean FY13…
  43. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 43
    CGE Main magnitudes for f 2014 FY14 FY13 Change % Gas Distribution: Gas sales (GWh) 43,668 39,314 11.1 Distribution network (km) 8,192 8,068 1.5 Connection points (000s) 593 573 3.5 Electricity Distribution: Electricity sales…
  44. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 44
    Conclusions 45
  45. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 45
    Conclusions EBITDA +0.1% 0.1% and Net income +1.2% 1.2% showing a resilient business model Recent regulatory developments in electricity and gas in Spain help dispel uncertainty CGE acquisition enhances GNFs international growth…
  46. Fourth Quarter 2014 Results (FY 2014) – Gas Natural Fenosa – slide 46
    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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