• PRESENTATION OF INCOGAS • INCOGAS’S POSITION • INCOGAS’S CURRENT MARKETS • MARKET AND SUPPLY STRATEGIES • RESULTS IN 2010 AND 2011 • INCOGAS’S OBJECTIVES • COMMERCIAL PROJECTIONS • NG CONTRACTS BUILD UP • SINERGIES • FINANCIAL STRENGTHS • ANNEX: LIST OF SHAREHOLDERS OF INCOGAS April 2012
Presentation of Incogas
• Incogás was created in 2001. It is registered and authorised, under number S2-‐018, by the Ministry for Industry and Energy.
Presentation of Incogas
• Incogás is a private company, present throughout the whole gas commercialisation chain.
Presentation of Incogas
• Incogás has long-‐term (20 years) and short-‐term (2 years) access contracts with ENAGAS. The current total capacity of Incogás is 4,700 GWh/year. (1.1 Mm3(N)/day).
Presentation of Incogas • 100% of shareholders are gas consumers and power generators. • The main shareholder of Incogás is the company Energía Cerámica, S.L., (ENCERSA), wholly owned by 24 industrial groups, with 51 big gas consumer companies.
Incogas´s position in the Spanish Market • Incogás is one of the 9 ACTIVE gas commercialisation companies in Spain. • Incogás was awarded capacity to enter the system from January 2004. • Incogás imports 1,000 GWh/year through the Enagás plant in Huelva and Sagunto and manages 4,500 GWh/year within the Spanish gas system.
Incogas´s Current Markets
A) Large electricity generation clients Incogás has access to the consumption of a number of cogeneration plants, promoted by its own shareholders.
B) Industrial clients for supply to boilers or small cogenerations. Incogás ful:ils this objective through trading with other marketers and with its own clients.
C) Domestic customers In this sector, Incogás has an alliance with TELECOR (El Corte Inglés)
Incogas´s Market Strategy A) The current shareholders of Incogás have internal consumption of 1.2 bcm/year B) Incogás will meet its internal consumption through long-‐term and short term contracts C) Incogás will generate at least 30% of turnover through other markets in addition to the internal consumption of its shareholders D) It will maintain its presence in the residential market E) The market share target is set at 4% of Spanish gas consumption
Incogas´s LNG Supply Strategy A) International Market • North and West Africa • Gulf countries • Mix Ex Ship LNG -‐ PIPE GAS • Participation in MEDGAZ B) Domestic Market Purchases in the Spanish secondary market Logistics management agreements with other marketers to improve costs and for risk diversi:ication
Results in 2010 and 2011 € 70.000.000
2010 Sales of € 31,000,000 Pro^it of € 487,000
2011 Sales of € 67,500,000 Pro^it of € 752,000
2010 € 0
• To sign long-‐term gas purchase contracts • To increase the volume of gas sold to 4% of the Spanish market • To participate in Africa-‐ Europe gas transport projects
Commercial Projections • 24 companies representing 51 gas end users joined Incogás in 2006, as new shareholders. • Their NG consumption is almost 1.2 bcm/year. • Their Industry Sectors: Ceramic, Cogeneration, Metallurgy, and Paper. • 10 more companies are willing to join Encersa-‐Incogás. They would add 0.8 bcm/year.
Commercial Projections • NG consumptions of new clients are very stable along the year • Today’s portfolio reach 1,8 bcm/year in 2008 • Trading activities will be develop within the Spanish market
NG Contracts Build up
• Incogas will build their supply contracts smoothly and from 2006, through several short term and long term contracts within the Spanish market and from Ex-‐ship imports • Different options are considered, depending on the suppliers availability
Sinergies INCOGAS’S shareholders control:
• 370 MW of cogeneration power plants
• 1.050 MW of wind farm power plants
• 24.000.000 m3 of water resources from desalination in the south of Spain
Financial Strengths Shareholders of INCOGAS account for • Domestic sales of € 840 MM • Export sales of € 1,120 MM • Average Operating Results: 9.5% • Average Net Pro:it: 4.3% • Debt to Equity ratio: 1.08
Annex: List of Shareholders • PAMESA CERÁMICA, S.L.(GRUPO) • TIERRAS ATOMIZADAS, S.A. (GRUPO) • ROIG CERÁMICA,SA (GRUPO) • CERAMICA NULENSE, S.L. (GRUPO) • NAVARTI CERÁMICAS, S.L. (GRUPO) • CERÁMICA VIVES, S.A. (GRUPO) • ATOMIZACIONES MINERALES,S.A • ESMALGLASS, S.A. • ARCE CERÁMICAS, S.L. • VERNIS, S.A. • MUELLES Y BALLESTAS HISPANO ALEMANAS, S.L.
• EUROATOMIZADO, S.A. • CERÁMICA TRES ESTILOS, S.L. • ATOMIZADORA, S.A. • MERCURY CERÁMICA, S.L. • ESTUDIO CERÁMICO, S.L. • AZULEJO ESPAÑOL, S.L. • CARTONAJES BERTOMEU, S.A. • FERRO SPAIN, S.A. • ESMALTES, S.A. • UNDEFASA, S.A. • VIDREPUR, S.A. • QUIMICER, S.A.
Desalination Plant at Cartagena (Hydro Management, S.L.)
Baked clay plant
Tile factory (PAMESA)
Spanish Premiere Leage and European Champions Leage “Villareal Football Club” (Owned and Sponsored by PAMESA)