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4Q 2018 TGI Results Presentation 1 March 13, 2019 Disclaimer - - PowerPoint PPT Presentation
4Q 2018 TGI Results Presentation 1 March 13, 2019 Disclaimer - - PowerPoint PPT Presentation
4Q 2018 TGI Results Presentation 1 March 13, 2019 Disclaimer This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E
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This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as
- amended. Such forward-looking statements are only predictions and are not guarantees of future performance. All
statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of TGI, its consolidated subsidiaries and related companies to market risks and statements expressing management’ expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these
- statements. Although TGI believes that the expectations and assumptions reflected in such forward-looking
statements are reasonable based on information currently available to TGI’s management, such expectations and assumptions are necessarily speculative and subject to substantial uncertainty, and as a result, TGI cannot guarantee future results or events. TGI does not undertake any obligation to update any forward-looking statement or other information to reflect events or circumstances occurring after the date of this presentation or to reflect the occurrence
- f unanticipated events.
Disclaimer
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Agenda
01
Key Updates
02
Financial and Operational Performance
03
Investment Projects
04
Questions and Answers
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Key Updates
01
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Key Updates
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December: Exit points Floresta (Boyacá) and Paratebueno (Cundinamarca) were delivered October 17: Pricing of TGI´s Bond with maturity on 2028, closing at a rate of 5,55% and reaching a Bid to offer of 3,5 times November 1: Replacement of the 2022 bond for the 2028 bond Operational Performance Financial Performance October 24: Dividend payment (remaining balance) to GEB for COP$150.038 million December 3: Capitalization of Contugas for USD$1,8 million End of December: Entry into operations of the realignment for the Gualanday Dina gas pipeline Award of Transmilenio tender: 481 of 1.383 articulated and biarticulated, with an estimated volume of 2,9 Mpcd Satisfactory results of the TGI 2018 Forum, with an attendance of more than 270 guests, participation of different agents of the chain, guilds, government and the country’s productive sector Commercial Performance Increase in the capacity of the Morichal - Yopal gas pipeline, from 5 Mpcd to 11,8 Mpcd
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Financial and Operational Performance
02
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Revenue Breakdown
Stable andpredictable generation of cash flow
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TGI presents an important stability in its revenue
Revenue by Industry Revenue by Customers
USD$ Million
Quarterly Revenue
- TGI’s revenue is highly regulated
- The Company has excellent quality of contracts:
97% of firm contracts, with an average remaining life
- f 7 years
Firm contracts - 90% of fixed charges In 4Q 2018, the main clients of TGI represented
approximately 88% of the total operational revenue and the most representative sectors represented 98% of such entry
64,5% 13,1% 10,3% 2,3% 8,3% 1,5% 63,9% 12,9% 12,9% 2,3% 7,2% 0,8% Distributor Refinery Thermal Commercial Vehicular Others 4Q 2018 4Q 2017 31,3% 18,3% 14,7% 9,1% 5,1% 5,0% 4,9% 11,6% 28,5% 19,3% 13,0% 10,3% 6,1% 4,9% 4,2% 13,7% Gas Natural Gases de Occidente Ecopetrol EPM Isagen Alcanos Efigas Others 4Q 2018 4Q 2017 104,7 109,9 108,1 112,7 111,0 4Q 2017 1Q 2018 2Q2018 3Q 2018 4Q 2018
2018 USD$441,7 6,9% YoY
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EBITDA & EBITDA Margin Costs| Operational Expenses Operational income Net Income
3 months figures / USD$ Million
2018 USD$198,27 13,7% YoY 2018 USD$249,33 3,9% YoY 2018 USD$136,01
- 3,0% YoY
2018 USD$328,98 3,9% YoY Margin: 74,5%
2 TGI Financial Performance
53,08 39,27 51,37 52,61 55,02 4Q 2017 1Q 2018 2Q2018 3Q 2018 4Q 2018 52,12 70,71 58,67 63,82 56,13 4Q 2017 1Q 2018 2Q2018 3Q 2018 4Q 2018 72,67 91,65 77,91 82,13 77,29 69,4% 83,4% 72,1% 72,9% 69,6% 4Q 2017 1Q 2018 2Q2018 3Q 2018 4Q 2018 43,14 22,69 37,66 12,50 63,16 4Q 2017 1Q 2018 2Q2018 3Q 2018 4Q 2018
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(USD$ Million) (USD$ Billion) (USD$ Billion)
Liabilities | Equity PPE Cash and Equivalents Total Assets
(USD$ Billion) 3,24 2,81 2,60 2,49 2015 2016 2017 2018 258,00 229,00 79,50 46,82 2015 2016 2017 2018 1,97 2,04 1,79 1,65 1,27 0,77 0,81 0,84 2015 2016 2017 2018 Liabilities Equity 2,28 2,22 2,20 2,18 2015 2016 2017 2018
2 TGI Financial Performance
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3,4 4,0 3,7 3,5 2015 2016 2017 2018
Gross Total Debt / EBITDA Net Total Debt / EBITDA EBITDA / Financial Expenses Debt profile
LTM LTM LTM
Total USD$1,2 billion TGI Bond 64.0% Subordinated Debt 31.6% IELAH 3.4% Leasing & Renting 1.0% 2,7 3,2 3,5 3,4 2015 2016 2017 2018 4.0(1) 5,0 4,4 3,8 3,8 2015 2016 2017 2018
(1) Reasonable indebtedness limit
2 TGI Financial Performance
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Gas pipeline length
(km)
Transported Volume
Average – mpcd
The total length
- f
the TGI pipeline system is approximately 3.994 km, of which 3.844 km are owned and
- perated by TGI; the remaining 150 km, even though they
are under the control and supervision of TGI, are operated by the contractor. Of the total transported volume in the gas pipeline network at a national level, TGI continues to be the main actor with 460 Mpcd, the second is Promigas with 358,2 Mpcd.
2 TGI Operational Performance
3.957 3.957 3.994 3.994 3.994 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Q4 2018 438 426 440 460 460 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Q4 2018
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Total Capacity Firm contracted capacity(1) Use factor
(mpcd) Average – mpcd
(1) The trend line refers to the ratio: Firm contracted capacity/available capacity. The Available capacity differs from the Total Capacity because TGI requires a percentage of the capacity for its own use.
2 TGI Operational Performance
754 785 785 785 792 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Q4 2018 689 704 716 719 713 91% 90% 91% 92% 90% 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Q4 2018 52,1% 50,0% 50,8% 52,3% 51,9% 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Q4 2018
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Investment Projects
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TGI Outlook
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New opportunities in evaluation
Gas pipeline network(1)
The following IPAT projects are subject to being executed by TGI, according to the following resolutions in force:
- Loop Marquita – Gualanday
- Barrancabermeja – Ballena Bidirectionality
- Yumbo – Mariquita Bidirectionality
- Compressor Project. Jamundi Branch -
Downstream (Pradera Node) TGI is waiting for the release of the final terms of reference for the following project, to decide on its participation:
- Regasification
Plant
- Buenaventura
and Buenaventura – Yumbo Gas pipeline New expected date for start of operations: September 2023
Cartagena Refinery Barrancabermeja Refinery
Bucaramanga Bogotá Neiva Cali Medellin
2.27 tcf
0,49 tcf
Estern Producers: Ecopetrol Equion High Magdalena Valley Middle Magdalena Lower Magdalena Northen Producers: Chevron Ecopetrol
0,71 tcf
Guajira
Cusiana-Cupiagua
References TGI Gas pipelines Natural Gas Reserves City Field Refinery Third-party Gas pipelines
Reserves in other regions 0.4 2tcf
Total reserves 3.89 tcf
Pacific Ocean Caribbean Sea
VENEZUELA
(1) has access to the three main gas production fields, Guajira and Cusiana-Cupiagua Source: National Mining and Energy Planing Unit - National Hydrocarbons Agency
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Project Description Total project investment Status
Increase the natural gas transportation capacity in 58 Mpcd between Cusiana and Vasconia, with the construction of 39,6 Km of 30" diameter loops
- Expansion of the Gas Compression
Station of Puente Guillermo
- Modifications
to the Gas Compression Stations of Miraflores and Vasconia ~$ 70,7 mm
- Total Capex executed to date – USD$27,8 million
- Total Capex executed 4Q 2018 – USD$8,4 million
- Execution – 52,4%
- Start of Operations – 1T 2020
Cusiana Phase IV Replacement of Branches
Replacement of 4 branches for reaching their regulatory useful lifespan in accordance with resolution CREG 126 of 2016 ~$ 11,6mm
- Total Capex executed to date – USD$2 million
- Total Capex executed 4Q 2018 – USD$0,7 million
- Execution – 23,9%
- Start of Operations – 3Q 2019
Branch Yarigüíes - Puerto Wilches Branch Z. Industrial Cantagallo – Cantagallo Branch Cantagallo – San Pablo Total Galán – Casabe – Yondó
3 Investment Projects in Execution
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Questions and Answers
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Investor Relations
For more information about TGI contact any of the members of the Investor Relations team
Julio Alarcón
Finance Vice President (E) TGI jalarcon@geb.com.co +57 (1) 3138400
Valeria Marconi
Investor Relations Manager GEB +57 (1) 326 8000 Ext 1536
Sandra Jiménez
Investor Relations Adviser GEB +57 (1) 326 8000 Ext 1827 vmarconi@geb.com.co sjimenezv@geb.com.co
www.tgi.com.co www.grupoenergiabogota.com/en/investors
Sergio Gomez
Planning and Financial Control Director TGI sergio.gomez@tgi.com.co +57 (1) 3138400 Ext 2111
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For restricted use by GRUPO ENERGÍA BOGOTÁ S.A. ESP. All rights
- reserved. No part of this presentation may be reproduced or used in any
manner or by any means without the express authorization of GRUPO ENERGÍA BOGOTÁ S.A ESP.