Transportadora De Gas Del Sur Sa Class B · BCBA:TGSU2
Transportadora De Gas Del Sur Sa Class B — Gas Transporter of the South — H1 2013 Earnings Presentation
52 slides from Transportadora De Gas Del Sur Sa Class B's earnings presentation, Aug 16, 2013
Slide 1: Overview
Overview For the six-month period ended June 30, 2013, the Company has reported a net income of Ps. 93.3 million, in comparison to the Ps. 98.6 million reported in the same period 2012. The decrease in the net income for the first half 2013 was mainly driven by the negative impact of the Ps. 95.2 mi
Slide 2: Income tax expense and Liquidity
This increase is mostly attributable to a higher foreign exchange loss of Ps. 110.2 million. Income tax expense For the first half 2013, TGS reported a Ps. 54.4 million income tax expense, compared to Ps. 53.6 million reported in the same period of 2012. 2. Liquidity The Company’s primary sources an
Slide 3: Second quarter 2013 results discussion
Total net revenues for the second quarter of 2013 decreased by 11.4% in comparison with the same period in 2012. Natural Gas transportation revenues for the second quarter of 2013 presented a Ps. 12.9 million mild increase over the same quarter of 2012. Higher revenues were explained by an increased
Slide 4: Consolidated Statements of Comprehensive Income Summary
5. Consolidated Statements of Comprehensive Income Summary Summary of the consolidated statements of comprehensive income information for the six-month periods ended June 30, 2013 and 2012 :
Slide 5: Statistical Data (Physical Units)
2.83 2.81 2.73 2.89 2.91 2.84 2.84 2.24 2.14 2.23 2.40 2.43 2.39 2.28 178,306 74,898 78,144 66,972 56,666 88,697 262,619 107,421 106,646 100,041 141,989 118,806 55,525 21,002 23,713 20,552 30,174 25,400 178,306 74,898 78,144 66,972 56,666 88,697 130,479 83,165 85,335 87,603 94,346 68,091 - - - - 440
Slide 6: Condensed Interim Consolidated Statements of Financial Position
Rigoberto O. Mejía Aravena Interim Board of Directors´ Chairman TRANSPORTADORA DE GAS DEL SUR S.A. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2013, DECEMBER 31, 2012 AND JANUARY 1, 2012 (Stated in thousands of pesos as described in Note 2)
Slide 7: Condensed Interim Consolidated Statements of Changes in Equity
Rigoberto O. Mejía Aravena Interim Board of Directors´ Chairman TRANSPORTADORA DE GAS DEL SUR S.A. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 (Stated in thousands of pesos as described in Note 2)
Slide 8: Condensed Interim Consolidated Statements of Cash Flows
Rigoberto O. Mejía Aravena Interim Board of Directors´ Chairman TRANSPORTADORA DE GAS DEL SUR S.A. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 (Stated in thousands of pesos)
Slide 9: Business Description
Rigoberto O. Mejía Aravena Interim Board of Directors´ Chairman TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________
Slide 10: Reconciliation of statement of financial position June 30, 2012
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 11: Reconciliation of statement of financial position December 31, 2012
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 12: Reconciliation of results six months ended June 30, 2012
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 13: Reconciliation of results year ended December 31, 2012
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 14: Recognition and measurement differences
Recognition and measurement differences Management has identified the following major identifiable differences in measurement: 1.1 In accordance with professional accounting standards effective at the date of transition to IFRS the Company has capitalized as part of the cost of major construction pr
Slide 15: Critical Accounting Estimates and Judgments
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the condensed interim consolidated financial statements in conformity with generally accepted accounting principles requires management to make accounting estimates and assumptions that affect the reported amounts of assets and liabil
Slide 16: Six-month period ended June 30, 2013
Six-month period ended June 30,2013 Production and ‘Natural Gas Comercialization of ‘Transportation Liquids Total Revenue from sales 3529 31055 130097 Cost ofsales (262.161) GOLSID (8.705) ‘Administrative expenses (46087) (5) my Selling expenses (11,636) (184.409, 05399) Other operating expenses Dea
Slide 17: Business segment information, three-month periods
Below is detailed information under IFRS on each business segment identified by the Company’s Management for the three-month periods ended June 30, 2013 and 2012.
Slide 18: Condensed Interim Notes
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 19: Summary of Significant Statement Items: Other receivable
6. SUMMARY OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME ITEMS a) Other receivable
Slide 20: Other receivable by currency
The breakdown of Other receivable according to the currency is the following:
Slide 21: Trade receivable by currency
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 22: Advances from customers by currency
(1) They are mainly related to the financing of TGS pipeline system expansion works for the rendering of firm transportation services contracted by such clients. The advance will be settled with the effective rendering of firm transportation service. The breakdown of Advances from customers accordin
Slide 23: Condensed Interim June 30, 2013 in Note 2)
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Slide 24: Financial income and expenses
For the three-month periods For the six-month periods ended June, 30 ended June, 30 2013 2012 2013, 2012 Financial income Tnterestincome 18204 360 30195 25296 Foren exchange gain 25814 21.216 44266 32076 Subtotal 44038 34,676 33,461 2372 Financial expenses ‘Interest expense G8.269) 23079) Foreien ex
Slide 25: Intangible Assets
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 26: Loans
9. LOANS Short-term and long-term loans as of June 30, 2013, December 31, 2012 and January 1, 2012 comprise the following:
Slide 27: Loans by currency
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 28: Deferred tax assets and income tax expense
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the years in which those temporary differences become recoverable. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax plannin
Slide 29: Financial instruments by category and hierarchy
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 30: Fair value measurement hierarchy and estimates
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 31: Related party transactions, six months 2013
The detail of significant transactions with related parties for the six-month periods ended June 30, 2013 and 2012 is as follows: Six-month period ended June 30,2013:
Slide 32: Related party transactions, six months 2012
TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Condensed Interim Consolidated Financial Statements as of June 30, 2013 and comparative information (Stated in thousands of pesos as described in Note 2) __________________________________________________________________________________________________
Slide 33: Subsidiary and Affiliates
SUBSIDIARY AND AFFILIATES Link: Link was created in February 2001, with the purpose of the operation of a natural gas transportation system, which links TGS’s natural gas transportation system with the Cruz del Sur S.A. pipeline. The connection pipeline extends from Buchanan, located in the high-pre
Slide 34: Consolidated Statement of Financial Position Dec 31, 2012
The accompanying notes are an integral part of these consolidated financial statements. Rigoberto O. Mejía Aravena Interim Board of Directors´Chairman Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2012 AND JANUARY 1, 2012 (Stated in thou
Slide 35: Consolidated Statements of Changes in Equity 2012
The accompanying notes are an integral part of these consolidated financial statements. Rigoberto O. Mejía Aravena Interim Board of Directors´Chairman Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2012 AND JANUARY 1, 2012 (S
Slide 36: Consolidated Statements of Cash Flows 2012
The accompanying notes are an integral part of these consolidated financial statements. Rigoberto O. Mejía Aravena Interim Board of Directors´Chairman Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2012 (Stated in thousands of pesos
Slide 37: Business Description
The accompanying notes are an integral part of these consolidated financial statements. For supplemental cash flow information, see Note 6. Rigoberto O. Mejía Aravena Interim Board of Directors´Chairman Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Consolidated Financial Statements as of
Slide 38: Reconciliation of results of operations December 31, 2012
Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Consolidated Financial Statements as of December 31, 2012 and comparative information (Stated in thousands of pesos as described in Note 2) · Reconciliation of results of operations as of December 31, 2012
Slide 39: Recognition and measurement differences
Recognition and measurement differences Management has identified the following major identifiable differences in measurement: 1.4 In accordance with professional accounting standards effective at the date of transition to IFRS the Company has capitalized as part of the cost of major construction pr
Slide 40: Other receivable by currency
The breakdown of Other receivable according to the currency is the following:
Slide 41: Trade receivable by currency
The breakdown of Trade receivable according to the currency is the following:
Slide 42: Advances from customers by currency
(1) They are mainly related to the financing of TGS pipeline system expansion works for the rendering of firm transportation services contracted by such clients. The advance will be settled with the effective rendering of firm transportation service. The breakdown of Advances from customers accordin
Slide 43: Financial results, net
Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the condensed consolidated financial Statements as of December 31, 2012 and comparative information (Stated in thousands of pesos as described in Note 2) ______________________________________________________________________________
Slide 44: Financial results, net detail
12312012 Generated hy assets Tnterest income 35,656 Foreign exchange gain 70,090) Subio tal 105,746 Generated by lab lites Trlerest expense (4,360) Foreign exchange 1oss (239,121) (Other financial charges (24,689) Subtotal (448,174) Total (G42, 428)
Slide 45: Property, Plant and Equipment
(1) Included in Other payable. Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Consolidated Financial Statements as of December 31, 2012 and comparative information (Stated in thousands of pesos as described in Note 2) _______________________________________________________________________
Slide 46: Intangible Assets
Exhibit I TRANSPORTADORA DE GAS DEL SUR S.A. Notes to the Consolidated Financial Statements as of December 31, 2012 and comparative information (Stated in thousands of pesos as described in Note 2) ______________________________________________________________________________________________________
Slide 47: Loans
12. LOANS Short-term and long-term loans as of December 31, 2012 and January 1, 2012 comprise the following:
Slide 48: Loans by currency
The breakdown of Loans according to the currency is the following:
Slide 49: Deferred tax assets and income tax expense
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the years in which those temporary differences become recoverable. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax plannin
Slide 50: Fair value measurement hierarchy and estimates
2.2 Fair value measurement hierarchy and estimates According to IFRS, the fair value hierarchy introduces three levels of inputs based on the lowest level of input significant to the overall fair value. These levels are: · Level 1 – inputs are based upon unadjusted quoted prices for identical instru
Slide 51: Related party transactions, year 2012
The detail of significant transactions with related parties for the years ended December 31, 2012 is as follows:
Slide 52: Subsidiary and Affiliates
20. SUBSIDIARY AND AFFILIATES Link: Link was created in February 2001, with the purpose of the operation of a natural gas transportation system, which links TGS’s natural gas transportation system with the Cruz del Sur S.A. pipeline. The connection pipeline extends from Buchanan, located in the high
Gas Transporter of the South — H1 2013 Earnings Presentation on 6ix