Organizacion Terpel Sa · BVC:TERPEL
Organizacion Terpel Sa — Q1 2024 Earnings Presentation
49 slides from Organizacion Terpel Sa's earnings presentation, May 2024
Slide 1: Terpel Results 1Q24
Slide 2: EBITDA & Net Profit
EBITDA & Net Profit (Figures in COP $Bn) 461 333 133** 147 44 • Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24 • EBITDA Net Profit EBITDA* Net Profit** • • EBITDA 1Q24: COP $461 billion Δ 1Q24-1Q23: +38% • NET PROFIT 1Q24: COP $147 billion Δ 1Q24-1Q23: +231% • DEBT / EBITDA 2,1x 1
Slide 3: El Sol service station
él Sol service station WN inaugurated Terpel's new service station, ElSol, the first *,one with Drive Thru. It's located on the Autopista Norte at km 4.5, in Chia, Cundinamarca.
Slide 4: New LPG station in Medellín
E 2 Be De , por . a service stations augurated anew LPG station in llin - Colombia! uir@ierourcémmitment asaCountry Partnerand to help the different regions transition to low-carbon mobility, we have ugurated anew IPG distribution pointin Medellin, at theLa Raye stationin the Guayabal sector. ATS A
Slide 5: New Energies
New Energies Terpel Voltex arrived at El Dorado Airpor main airport! Terpel Voltex now serves the El Dorado Airport, charging the ne electric, / vehicle fleet operating on the inspection, maintenance, and security services platform, inline with our commitment to the energy transitiona ie adoption of
Slide 6: Sbarro and Mimos
Sbarro and Mimos : Partnerships with the best energy - We continue to expand our portfolio of convenience services with the arrival of Sbarro in Caliand anew locationin ~ Panama, as well as three Mimos points of sale. 3icecream shops - Mimos 20 pizzaships - Sbarro
Slide 7: New Plant in Cartagena
New PlantinCartagena Inconstant pursuit of excellence and as part of our expansion officially announced the opening of its new. co Inaddition to consolidating our productionca usto optimize product delivery to the marke formulations, and anew image, we bring exc that meet the needs of vehicles and m
Slide 8: ESG
A S G
Slide 9: Sustainability
TERPEL COLOMBIA, THE FUEL DISTRIBUTION COMPANY WITH THE BEST REPUTATION IN SUSTAINABILITY Sustainability
Slide 10: Leading indicators KPI Evolution
Leading indicators KPI Evolution Generated from renewable Plastic cups avoided in energies Altoque stores 665,5 718,2 659,0 557,0 461,8 GreenPass certified lubricant sales points 1 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Energy Generation 5 70% 4,5 60% 4 56% 3,5 50% Of the material from the plastic
Slide 11: Our new material issues
Our new material issues PORTFOLIO AND QUALITY CONTRIBUTION OF THE BUSINESS OPERATIONS UNITS TO FINANCIAL CLIMATE CHANGE AND SUSTAINABILITY ENERGY TRANSITION COMMUNITY RELATIONS ETHICS GOVERNANCE AND DEVELOPMENT OPERATIONAL ECO- EFFICIENCY RESPONSIBLE SUPPLY CHAIN DIVERSITY, EQUITY, MANAGEMENT AND HU
Slide 12: Climate change and energy transition
CLIMATE CHANGE AND ENERGY TRANSITION Sustainability • At Terpel we are committed to transparency, and the inclusion and disclosure of climate-related risks and opportunities and of the financial implications of climate change on our business. We published our first progress report on the implementat
Slide 13: Recharging service for electric vehicles arrives in Ibagué
CLIMATE CHANGE AND ENERGY TRANSITION Recharging service for electric vehicles Sustainability arrives in Ibagué with Terpel Voltex • 4 chargers (type 1 and type 2) with • 7 and 11 KW of charging power
Slide 14: Terpel Colombia expanded storage at the Leticia plant
PORTFOLIO AND QUALITY OPERATIONS Terpel Colombia expanded storage at the Leticia plant • • • •
Slide 15: Terpel Foundation Interactive Classrooms program
The Terpel Foundation reaffirms its commitment to quality education through its Interactive Classrooms program • At Terpel, we have a firm commitment to transforming educational environments and empowering children through innovation and technology. We began 2024 with the inauguration of new interac
Slide 16: Community relations and development
COMMUNITY RELATIONS AND DEVELOPMENT • Since 2012, the Terpel Foundation has been implementing the Design for Change program in Colombia to strengthen the innovation, leadership, and creativity of children, youth, and teachers in different areas of the country. • • • • • • • •
Slide 17: Evolution of our business lines
Slide 18: Service stations and business lines footprint
2.108 397 20 31 176 153 3 5 33 27 1 107 14 3 5 Service Convenience * Includes 27 Sbarro points in Colombia and Panama Airports Voltex Stations services
Slide 19: Market leaders
45% 69%1 19% 42%1 47% 6% 36% 15% 15% 8% 36% 6% 10% 13% 13% 38%1 Service Convenience Airports Voltex Lubricants Stations services Market leaders
Slide 20: Volume, EBITDA and EBITDA Evolution
Volume Volume, EBITDA* and EBITDA Evolution (Millons gallons) (Millions gallons & billion COP$) $ 537 $ 488 $ 383 $ 429 $ 406 $ 335 $ 358 $ 286 500 791 $ 272 1.0 00 513 461 800 383 429 380 300 335 333 849 829 813 811 272 799 798 262 791 787 764 -18 +2 10 0 600 -6 -1 -5 764 -100 40 0 -300 200 - -500
Slide 21: Volume per affiliate, line and gross profit
Volume per afilliate Volume per line (Share % 2024) (Share % 2024) 9% 9% 3% 17% 75% 73% 10% 2% 2% Gross Profit Volume (Billion pesos) (Million gallons) +15 +53 +2 791 +70 -3 882 -13 +4 +1 -5 -19 764 752 Q1-23 EDS Industry Av&Mar. Lubes CCSS Others Q1-24 Q1-23 EDS Industry Av&Mar. Lubes Q1-24 *Gross
Slide 22: Service stations by country
59% Cons. GP 2.108 Service 120 176 Service 50,1 Stations 49,5 101 Stations 451 390 vs. 2076 1Q23 vs. 172 1Q23 436 295 8% Gross Margin vs. 8% 1Q23 17% Gross Margin vs. 16% 1Q23 Volume Gross Profit Volume Gross Profit Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Dr. -3% Gr. 1% Dr. -16% Gr. 32% 107
Slide 23: Gross margin by business line
3% Cons. GP 47 16,2 16,3 26 40 4 6% Gross Margin vs.5% 1Q23 20 2 1% Gross Margin vs. 2% 1Q23 Volume Gross Profit Volume Gross Profit Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Dr. -16% Gr. 0% Dr. -22% Dr. -42% 1,8 0,2 9 9% 1% 10 Gross Margin Gross Margin vs. 3% 1Q23 vs. 1% 1Q23 5 0,1 5 0,7 Volu
Slide 24: Gross margin by business line
25% Cons. GP 72 5 6,33 6,30 131 4 68 83 37% Gross Margin vs.24% 1Q23 29% Gross Margin vs. 23% 1Q23 Volume Gross Profit Volume Gross Profit Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Dr. 0% Gr. 57% Gr. 11% Gr. 7% 10 1,06 0,17 0,18 3,28 0,71 9 20% Gross Margin vs. 19% 1Q23 2,61 27% Gross Margin v
Slide 25: Airports
9% Cons. GP 29 89 93 44 133 20 Airports 18 27 5 Airports. vs. 21 1Q23 15 vs. 5 1Q23 24 4% Gross Margin vs 1% 1Q23 11% Gross Margin vs. 10% 1Q23 Volume -47 -12 Gross Profit Volume Gross Profit Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Gr. 5% Gr. 85% Gr. 15% Dr. -7% 3 1 Airport 13 6 Airports vs.
Slide 26: Convenience services
4% Cons. GP 61 23 397 CNV services 50 20 153 CNV services 31 15 vs. 390 1Q23 vs. 143 1Q23 42% 39% 22 Gross Margin Gross Margin 9 vs.39% 1Q23 vs. 38% 1Q23 Sales Gross Profit Sales Gross Profit Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Q1-23 Q1-24 Gr. 40% Gr. 55% Dr. -17% Dr. -14% 27 CNV services 14 CNV ser
Slide 27: Financial Results
A Financial | Results |
Slide 28: EBITDA vs. EBITDA w/o Inv. Adj.
EBITDA vs. EBITDA w/o Inv. Adj. (Billion pesos) 461 440 333 337 Q1-23 Q1-24 EBITDA EBITDA without Inv. Adj. EBITDA EBITDA*, EBITDA & Net Profit Evolution (Billion pesos) (Billion pesos) +140 +4 +1 153 167 147 131 -17 41 44 72 -0.4 461 8 2 333 537 513 488 461 429 429 406 383 383 380 358 335 335 333 2
Slide 29: Quarterly Financial Results: Colombia
Quarterly Financial Results Colombia
Slide 30: Colombia accrued net profit
73% EBITDA Cons. • Continued positive results in lubricants and CNG • Double-digit growth in margin for liquid fuel stations and convenience services • Lower volume of liquid service stations due to contraction of the market • Positive quarterly inventory adjustment due to higher gasoline and diesel
Slide 31: Quarterly Financial Results: Panama
Quarterly Financial Results Panama
Slide 32: Panama accrued net profit
14% EBITDA Cons. • Lower service stations sales due to fuel prices and market behavior • Industrial volume affected by the closure of the main mining operation • Positive quarterly inventory adjustment due to higher fuel prices • Increase in expenses due to biennial increase in personnel expenses Ac
Slide 33: Quarterly Financial Results: Peru
Quarterly Financial Results Peru
Slide 34: Peru accrued net profit
9% EBITDA Peru Cons. • Volume growth due to higher lubricant and service station (wholesale) sales • Increase in lubricant margin due to sales mix • Upward quarterly inventory adjustment due to higher fuel prices • Decrease in financing costs from debt repayment in December 2023 Accrued Net Profit (
Slide 35: Quarterly Financial Results: Ecuador
Quarterly Financial Results Ecuador
Slide 36: Ecuador accrued net profit
1% EBITDA Cons. • Volume affected by public order situation and lower cement sector purchases in Industry • Increased volume for lubricants related to new customers and the line of products for motorcycles • Higher financial expenses due to an increase in the tax on foreign currency outflows (ISD) a
Slide 37: Quarterly Financial Results: Dominican Republic
Quarterly Financial Results Dominican Republic
Slide 38: Dominican Republic accrued net profit
2% EBITDA Cons. • Increased volume due to airlines increasing frequencies and adding new destinations • Impact of USD/DOP exchange rate devaluation on DOP-denominated margin • Positive quarterly inventory adjustment due to higher Jet fuel prices Accrued Net Profit (Billion pesos) +5 +4 +2 -2 -2 -5,7
Slide 39: Financial Indicators Corporate
Slide 40: Consolidated Cash Flow
Consolidated Cash Flow (Billion pesos) Consolidated Cash Flow Evolution (Billion pesos) Initial Balance (Dec-23) 916 916 849 EBITDA NIIF 15 488 647 583 Leases IFRS 16 31 443 458 376 395 304 Working Capital 199 Taxes 57 Capex 66 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Free Cash Flow 135
Slide 41: Financial Liability Composition and Debt Maturity Profile
Financial Liability Composition Term Breakdown Rate Breakdown 8% 4% 0% 15% 73% 4.194 21% 3.254 3.254 COP 60% COP COP 13% Billions Billions Billions 67% 27% 12% Colombia Panama Ecuador ST LT FIXED CPI SOFR IBR Peru Leases Debt Maturity Profile (COP$ billions) Peru $316 Ecuador Panama Colombia $811 $1
Slide 42: EBITDA vs. Interests Evolution
EBITDA vs. Interests Evolution 6,8x 6,4x 4,9x 4,2x 3,0x 3,0x 3,4x 140 3,3x 2,6x 10,0x 120 0,0x 100 -10,0x 80 -20,0x 60 40 -30,0x 122 103 123 101 121 118 53 70 87 20 -40,0x - -50,0x Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Interest (Billions) EBITDA/Interest Debt/EBITDA and Net Debt/EBIT
Slide 43: CAPEX COP$ 65.907 million
New New Maintenance Service Convenience Capex 68% stations services 13 8 62% 65% 29% 7% points points of the total 8% 5% CAPEX COP$ 65.907 million 0% 2% 6% 3% 4% 1% 2% Accrued Capex o During the quarter, $20,685MM were invested in the (Billion pesos) opening of 12 new EDS and 8 TDCs at the regional
Slide 44: Carolina Ferro Bernal, Financial Planning Manager
Carolina Ferro Bernal Financial Planning Manager e-mail: inversionistasIR@terpel.com Phone: +(571) 326-7878 Ext. 1529 https://www.terpel.com/Accionistas/Relacion-con- Inversionistas/Resultados-Financieros/
Slide 45: EBITDA and Net Profit
EBITDA (COP $MM) 631,2 603,5 528,4 486,6 421,5 476,0 403,7 320,4 328,3 454 464 429 406 340 468 329 488 286 339 335 336 272 358 383 537 291 361 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 EBITDA* EBITDA* w/o Inv. Adj EBITDA/Gln Figures in billion Colombian pesos Net Profit(COP $MM) 167.114
Slide 46: Market share
Market share Fuel*** CNG*** 42% 41% 41% 41% 42% 41% 41% 48% 40% 40% 46% 47% 47% 47% 47% 47% 47% 45% 39% 36% 35% 36% 34% 32% 32% 31% 31% 12% 13% 13% 13% 12% 12% 12% 11% 11% 12% 10% 10% 7% 7% 6% 6% 7% 6% 1% 1% 1% 2% 2% 1% 1% 1% 1% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 47: EBITDA by country and quarter
Colombia Panama Peru 277.927 71.085 16.357 Q1 198.548 Q1 81.741 Q1 38.307 338.475 64.623 42.635 312.742 75.747 23.804 Q2 138.184 Q2 68.890 Q2 40.791 - 178.430 43.218 31.483 Q3 369.034 Q3 82.692 Q3 43.526 - 227.996 61.152 29.340 Q4 268.081 Q4 44.272 Q4 55.715 - Ecuador Dominican Republic 7.433 10.189
Slide 48: Assets, Liabilities, Equity and Market Capitalization
CONSOLIDATED LIABILITIES CONSOLIDATED MARKET ASSETS CONSOLIDATED EQUITY CAPITALIZATION 9,5 COP trillion 6,7 trillion COP 2,8 COP trillion 1,4 COP trillion* Assets Liabilities 34% 31% Current assets 3% Current Liabilities 14% Permanent Investments 13% Short Term Fin Obligations 0% PP&E Bonds Deferred
Slide 49: EBITDA definition note
To enhance comparability of historical information in the presentation of quarterly results, EBITDA (Adjusted EBITDA) is presented net of rights-of-use finance leases in accordance with IFRS 16 and net of equity premiums in accordance with IFRS 15. From 2021 onwards, reference will be made to EBITDA