terpel 1q-15 results · growth (2,8%): vng, lubricants and aviation had lower gross margins...
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May 2014
TERPEL
1Q-15 Results
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1 REGIONAL PRESENCE
2 SS El Dorado (Bogotá D.C., Colombia)
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1 REGIONAL PRESENCE
3
(*) Source: Terpel mar-15. Colombia's Market Share Dec.14
(***) Market Share in Mexico City is 100%
(****) 1980 liquid fuel SS (200 owned) and 291 VNG SS, (164 SS sale both liquid fuels and VNG)
(****) No. SS mar-14: Colombia-> 2062, Panama-> 102, Ecuador-> 53, Mexico-> 6, Peru-> 22
No. No. Ranking% Market
Share*
Business
Lines
7 -- 1 92%** (VNG)
-- 4 2 35%
110 -- 2 21%
41% COMB
47% VNG
74% Aviation
56 -- 5 7%
29 -- 2 10% (VNG)
12.107*** 20
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2 CONSOLIDATED RESULTS
4
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VOLUME COUNTRY BREAKDOWN
EBITDA COUNTRY BREAKDOWN
VOLUME SALES
(Million Gallons)
EBITDA*
(COP$ Billion)
CONSOLIDATED RESULTS 2
5 * Colombia neither includes royalties income nor equity tax
for COP$10,7 billion
538,16 540,26 11,79 13,66 1,69 0,54 0,32 2,07
mar-14 Colombia Panamá Ecuador Perú México Rep. Dom mar-15
Var: +0,39%
+2,79% -22,18% +5,28% +11,5% -8,75% +15,69%
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COLOMBIA 3
6
Ziclos SS Autopista (Cali, Colombia)
Restrooms SS Báscula (Bogotá, Colombia)
Toque SS Compostela (Bogotá, Colombia) Deuna SS La América (Medellín, Colombia)
Altoque Convenience Store SS Báscula (Bogotá, Colombia)
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VOLUME SALES BREAKDOWN YTD GROSS PROFIT BREAKDOWN YTD
VOLUME = 434,93 Million Gallons
(+2,79% vs. Mar.14)
GROSS PROFIT = COP$ 196,03 Billion
(-12,40% vs. Mar.14)
COLOMBIA: OPERATIONAL RESULTS 3
+%: YTD growth %: Gross Margin %: Share in consolidated figure
7
Fuel SS 65,54%
VNG SS 6,30%
Lubricants 0,41%
Industry 9,87%
Aviation 17,46%
Marine 0,40%
+6,05%
-6,69%
+9,83%
-25,27%
+19,6%
-25,19%
Fuel SS 49,73%
GNC SS 25,79%
Non-Oil 0,84%
Lubs 7,60%
Industry 4,58%
Aviation 6,80%
Marine 0,33% Others
4,32%
34% 49%
37%
3%
3%
5%
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COLOMBIA: OPERATIONAL RESULTS 3
NET PROFIT** (COP$ Billion)
89,4% decrease in net profit: in 1Q14 (prior
to merger process) SIE’s cost of debt was not
part of Terpel financial expenses. Also, in
1T15 there was an equity tax charge for
about COP$10,7 billion.
32,1% EBITDA decrease despite the volume
growth (2,8%): VNG, lubricants and aviation
had lower gross margins compared to 2014 in
addition to lower volume in industry and VNG
business. Loss in inventories (fuel price
changes) amounted to COP$24.781 million.
EBITDA* (COP$ Billion)
8
** 1Q14 net profit prior to merger process (neither includes
Proenergía, Terpel Centro nor SIE financial results).
$ 126
$ 86
$ 298
$ 197
$ -
$ 20
$ 40
$ 60
$ 80
$ 100
$ 120
$ 140
$ -
$ 50
$ 100
$ 150
$ 200
$ 250
$ 300
$ 350
mar-14 mar-15
EBITDA $COP MMM EBITDA/Gln
* EBITDA neither includes royalties income nor equity tax
for COP$10,7 billion
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4 CONSOLIDATED BALANCE SHEET
9
Terpel Share listed in Colombian stock market
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Current Assets 35%
Permanent Investments
0%
PP&E 38%
Deferred & Intangibles
26%
Others 1%
4 CONSOLIDATED BALANCE SHEET
BALANCE SHEET
(COP$ Billion)
ASSETS
LIABILITIES
10
$ 3.688
$ 1.347
$ 0,47
$ 2.340
Assets Laiabilities & Equity
Assets Equity Minority Interest Liabilities
Current Liabilities
30%
Short Term Debt 4%
Bonds issued 47%
Long Term Debt 8% Others
11%
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4
FINANCIAL DEBT*
(COP$ Billion)
DEBT MATURITY BREAKDOWN TYPE OF INTEREST RATE BREAKDOWN
CONSOLIDATED FINANCIAL DEBT
11
OrganizaciónTerpel
Panamá PNSA México CEM Gazel Perú ConsolidatedDebt
$ 1.142
$ 1.402 $ 184 $ 58 $ 19
FIXED 19%
IPC 64%
LIBOR 13%
TIIE 4%
ST 3%
LT 97% Consolidated Cash balance $230.546 Million
(*) USD/COP $2.576,05 PEN/USD $3,1 MXN/USD $15,15
Mar-2014 debt including SIE: COP$ 1.326 Million. Debt exchange difference COP$47 billion
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DEBT / EBITDA=2,9x EBITDA / INTERESTS=6,1x
4
DEBT MATURITY PROFILE (COP$ Billion)
CONSOLIDATED DEBT MATURITY PROFILE
12
$ 115
$ 241
$ 151
$ 247 $ 249
$ 97
$ 58
$ 80
$ 104
$ 4
$ 4
$ 4 $ 4
$ 2
$ 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Colombia Mexico Panama Peru
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CAPEX BUSINESS LINE BREAKDOWN CAPEX COUNTRY BREAKDOWN
CAPEX COP$ 90.907 Million
4 CONSOLIDATED CAPEX
MAIN PROJECTS
Expansion and strengthening of the service
stations network.
Investments in upgrading service stations.
Development of complementary services
(non-oil business)
Plants and airports overhaul and increase in
storage capacity.
13
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(1) 317 53 53
https://www.terpel.com/Home/Shareholders/investor-
relations/Financial-statement/
CONTACT
14