Presentacion JGA 2013 - Ingles
Presentacion JGA 2013 - Ingles
Presentacion JGA 2013 - Ingles
www.enagas.es
24 April 2013
2013 General Shareholders' Meeting
2012 Results
Key results drivers
2
1 Correct execution of the investment
Strict control over Plan and of core business acquisitions
operating expenses
3
Average cost of debt
lowest among
comparable companies
4
Cost efficiency
€Mn
€Mn
1,200 1,200
+5.5%
1,000 1,000
800
800
-1.8%
600 600
400 400
200 200
0 0
2011 2012 2011 2012
5
Net profit growth
€Mn
+4.1%
400
350
300
250
200
150
100
50
2011 2012
+12,1%
€1.11/share
Payout
Payout 70%
65%
2011 2012
Martorell-Hostalric
Yela storage facility Quintero LNG plant (Chile)
gas pipeline
Key to ensure
Acquisition of core business assets Significant strengthening of the
the security of the Spanish
with stable and recurring cash flows north-east Spanish axis
gas system
€3.59 Bn
€3.44 Mn Fixed/Floating 82%/18%
Ratings
BBB/A-
(S&P/Fitch)
2011 2012
Liquidity €2.23 Mn
European leader
System for recovering energy
the heat recovery project in terms both
from the cooling process
of security and energy efficiency.
The energy efficiency projects allow Enagás to generate the equivalent of 10%
of the consumption needs. This figure will reach 35% in 2015. 11
Share price performance in 2012
20.0%
Enagás: +13%
10.0%
0.0%
Ibex 35: -5%
-10.0%
-20.0%
-30.0%
-40.0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
15%
Enagás: +12%
10%
5%
0%
€Mn
1,000
200
100
0
2005 2006 2007 2008 2009 2010 2011 2012
17
Financing
Before the crisis Current situation
(31 Dec 2006) (31 Dec 2012)
36% 22%
49%
40%
64%
51%
38%
5% of reduction in energy
auto-consumption
CAGR EBITDA
0
2006 2012
400
+10%
350
+9%
300
250
200
150
100
2007 2008 2009 2010 2011 2012 Target CAGR Actual CAGR
Target Actual 2007-2012 2007-2012
300 €1.2 Bn
X 2.4 1,200
250
1,000
200
800
150
600
100 400
50 200
0
0 2007 2008 2009 2010 2011 2012
2006 2012
Sepi 5% Sepi 5%
BBK 5% BBK 5%
Oman Oil 5% Oman Oil 5%
Sagane 5%
Bancaja 5%
Exit of
Larger presence of
institutional shareholders
institutional shareholders
due to the economic backdrop
23
Ownership structure: Location of shareholders
USA-Canada Continental
20% Europe 22%
United Kingdom
75% foreign share ownership
26%
This high free float means the stock is one of the most
liquid on the Ibex 35 24
Progress in Corporate Governance
Reduction to 15 in the number of Directors
and a majority of independent Directors
Assignment of Corporate Governance and Corporate
Responsibility duties to the Appointments and Remunerations Committee
9,000 X2 1,200
6,000
1,050
5,000
1,000
4,000
3,000 950
2,000
900
1,000
850
0
2007 2008 2009 2010 2011 2012
2006 2012
Enagás, S.A.
27
Commitment to Corporate Social Responsibility
28
Natural gas demand
20%
10%
Enagás: +3%
0%
-10%
-20%
-30%
-60%
Our share price performance reflects the sustainable and steady growth
in our results and dividends in the period, along with our debt profile
30
The outlook for 2013-2015
1st cornerstone: To prioritise the core business: Regulated assets in Spain
32
2nd cornerstone: Improvement of the shareholder remuneration policy
4th Improvement
30%
20%
34
3rd cornerstone: Strengthen the company through opportunities for international growth
Strengthening the
Current situation
Company
Maintenance of know-how
Increase, rejuvenate
and improve technical
20% Quintero LNG regasification plant (Chile) skills of workforce
Increased growth
and value creation
35
4th cornerstone: Sustainability as a business driver
Strengthening of know-how
Strict security and environmental and commitment to ethical Energy efficiency and reduction
standards business practices in emissions of CO2
36
Targets for 2013-2015
Capex: €650Mn
1. To examine and, if appropriate, approve the Annual Financial Statements for 2012
2. To approve, if applicable, the proposed distribution of Enagás, S.A’s profit for the financial year 2012
3. To approve, if appropriate, the performance of the Board of Directors of Enagás, S.A. in 2012
4. To re-appoint Deloitte S.L. as Auditor of Enagás, S.A. and its Consolidated Group for 2013
5. To ratify, appoint or re-elect members of the Board of Directors
6. To approve directors’ remuneration for 2013
7. To submit the annual report on directors' remuneration referred to in Article 61 ter of the Ley de Mercado de
Valores (Securities Market Act, "LMV") to advisory voting
8. Report not submitted to a vote concerning modifications to the "Rules and Regulations on the Organisation
and Functioning of the Board of Directors of Enagás, S.A." since the last General Shareholders' Meeting
9. To delegate powers to supplement, implement, perform, rectify and formalise the resolutions adopted at the
General Shareholders' Meeting
43
2013 General Shareholders' Meeting
www.enagas.es