2. Disclaimer
2
This presentation has been prepared by Empresas Gasco S.A. for the sole purpose of providing general information about the Company and does not constitute a
comprehensive analysis of its financial, commercial and competitive position. In all cases, interested parties should conduct their own independent investigation
and analysis of the Company.
Empresas Gasco S.A. assumes no responsibility for, or makes any representation or warranty, express or implied, with respect to the accuracy, adequacy or
completeness of the information contained herein.
This document contains certain performance measures that may not represent IFRS definitions, such as “EBITDA” and “Net financial debt”. These measures
cannot be compared with the same ones used by other companies.
All forward-looking statements are based on the beliefs and assumptions of Empresas Gasco S.A.’s management and on information currently available to the
Company. They may involve subjective judgement and analysis that may or may not prove to be accurate or correct. Investors should acknowledge that general
economic conditions, industry conditions and other operating factors could also affect the future results of Empresas Gasco S.A. and could cause results to differ
materially from those expressed in such forward-looking statements.
Contacts
Cristian Aguirre (CFO)
caguirre@gasco.cl
Rodrigo Baeza (Finance Manager)
rbaeza@gasco.cl
3. 1. EmpresasGascoS.A. at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
4. Business segments
4
89,2% 10,8%
Perez Cruz
Family
Others
Notes:
- Empresas Gasco S.A. (holding) is considered wihtin the Energy Solutions Chile business segment
- Gasco Magallanes is a businessunit of Empresas Gasco S.A.
- Vidagas y Unigas are commercial brands belonging to Inversiones GLPS.A.S. E.S.P.
- Copiapo Solar and HY2ALL SPA do not consolidate.
- In August 2022, the purchase of the remaining 50% of Inersa and TGC was concluded.
LPG PROCUREMENT ENERGY SOLUTIONS INTERNATIONAL
ENERGY SOLUTIONS CHILE
Divested in
2021
100%
Listedon the SantiagoStock Exchange
Market CapUS$ 267mm
1,911 Employees
33,33% 28.33%
JBG Inversiones S.A.S E.S.P
5. 1,560 km
of NG pipelines in
Magallanes
Overview
5
Founded in 1856, Empresas Gasco is a
leading Chilean conglomerate dedicated
to integrated energy solutions and gas
commercialization .
26%
LPG distribution
market share in
Chile
Financial Indicators
427 millions m3
m3ofNG combinedsales inChile
US$ 124 million
E
BITDA LTM
US$ 62 million
CAPE
X
US$ 49 million
Net Profit
US$ 274 million
Net Financial Debt
December 2020
490 thousand tons
tons ofLPG combinedsales inChile and
Colombia
443 millions m3
m3ofNG combinedsales inChile
December 2021
US$ 82 million
E
BITDA LTM
US$ 60 million
CAPE
X
US$ 155 million
Net Profit
US$ 83 million
Net Financial Debt
466 thousand tons
tons ofLPG combinedsales inChile and
Colombia
Operational Indicators
December 2021
26
distribution centers
21
ow ned bottling plants
18%
LPG distribution
market share in
Colombia
The seaborne international procurement of LPG will be undertaken directly by Gasco
GLP starting 2023 after Gasmarends its participation in this business activity
Notes:
1) Consolidated figur es like EBITD A and N et Pr ofit ar e converted from CLP to US$ at 792 for
2020 and at 759 for 2021 (average exchange rate of each year)
2) Consolidated figures li ke C APEX and N et Fi nanci al D ebt are converted from C LP to US$
at 845 for 2020 and 2021, (closing exchange rate of 2021)
51 MW
Installed capacity
Gasmar
divestment
Gasmar
divestment
Gasmar
divestment
(1) (1)
(1) (1)
(2) (2)
(2) (2)
6. ▪ Stable and resilient business as demonstrated in particular during COVID-19
▪ Increasing volumes from the energy solutions approach with industrial clients demanding additional volumes
▪ Strong customer satisfaction from innovative solutions such as Gasconnect (60% reduction in the delivery time of gas)
▪ Experienced top management team with 17 years of experience on average in the Oil & Gas and Energy industries (both in the
private and public sectors), able to effectively execute the Company’s revised long term strategic plan
▪ Strong local shareholder, The Perez Cruz Group is present in the energy business, real estate, wine and fruits production
▪ First mover energy solutions provider (use of gas to provide value added products and services to its customers)
▪ Strong presence in the central area of Chile with a 35% market share in LPG distribution in the Metropolitan Region, where
~45% of the Chilean population lives, and 26% market share on a national basis
▪ #2 largest LPG distributor in Colombia with a 18% market share on a national basis
▪ Sole natural gas distributor in the MagallanesRegion (Chile)
▪ Attractive industry fundamentals: stable market with vast opportunities to replace crude oil refined products energy
sources with LPG
▪ Diversification opportunities in the power generation sector, leveraging on Empresas Gasco’s LPG positioning and
facilities
▪ Industrial segment development: primary energy displacement from refined products through LPG based energy
solutions including steam, heat, and refrigeration among others
▪ Strong competitor in geographic areas where the natural gas is less competitive due to larger capex requirements
6
▪ Both Chile and Colombia, OECD members, have market driven policies and friendly business environment, with focus on renewable energy
MARKET ORIENTED POLICIESWITH A FOCUS ON RENEWABLE ENERGIES
LEADING MARKET POSITION AS AN ENERGY SOLUTIONS PROVIDER
ATTRACTIVE GROWTH POTENTIAL
HIGHLY QUALIFIED MANAGEMENT TEAM
RESILIENT BUSINESS WITH INNOVATIVE SOLUTIONS
$
KeyBusiness Highlights
7. Stake increasein Unig a s
reaching 100%
Established
Over160yearsofhistory
7
1865
1977
1981
1995 2004
2010
2014
2011
2016
2015
2018
2019
ConstitutionofCompañía deGas deSantiago
Compañía General
de Electricidad
(CGE) becomes
Gascos’scontroller
Gas
distribution in
Magallanes
Region
Metrogas
incorporation
with a 40% stake
owned by Gasco
Sale of24% stake in
Gasmar to Abastible(51% -
Gasco)
Beginning ofLPG operations
in Colombia withthe
acquisition of70% in
Inversiones GLP
Acquisition of 70% in
Unigas through
InversionesGLP
Acquisition ofCGEby
Gas Natural Fenosa
Stake increase in
Gasmar up to 64%
Gasco’s spin-off
agreement between
GNF and PCG
Grupo Perez Cruz reached
a 94% stake after
launching a tender offer
for 78% stake ofGasco
Established Irsa
Established asco Luz
Acquired the remaining
30% of Vidag as reaching
100% ofthe ownership
Established
Stake decreasein Gasco
reaching 90%
Newly created companies as part of the
Energy Solutions strategy
Sale of the
participation of
64% in Gasmar
2017
2020
2021
Spin-offofReal Estate
assets into a separate
company to be listed
on the Santiago Stock
Exchange
Established
Established
Sale of 50%
stake in
2022
In August 2022, the
purchase of the
remaining 50% of
Inersa and TGC
was concluded.
8. 1. Empresas Gasco S.A.at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
9. 25%
75%
86%
14%
Aleading energy solutions conglomerate inChile &Colombia
9
◼ Founded in 1856, Empresas Gasco is a leading Chilean energy solutions
conglomerate listed on the Santiago Stock Exchange
◼ The Company’s business model integrates supplyactivities, logistics
management, gas commercialization and integrated energy solutions
◼ Presence in both mid stream and down stream segments
◼ Current activities: imports of gas (LPG and NG), storage, bottling
plants, transportation, commercialization of both LPG and NG as
primary energy or energy solutions
◼ The company has set a long term strategic plan to evolve from a pure gas
player to an energy solutions company
◼ Ongoing and new projects include LPG based power generation plants,
solar plants, and LPG import terminals
I
XV
II
IV
VI
VII
VIII
IX
XIV
X
XI
XII
V
RM
Gasco GLP SA
Innovación Energía SA
Terminal Gas Caldera SA
III
Gasco Luz
Copiapo Solar
Gasco Magallanes
Both
Geographical footprint
Overview
Key financials
SALES VOLUME
2021
LPG tons
490k
EBITDA
2021
US$
82m
Notes:
Consolidated f igure EBITDA conv erted f rom CLP to US$ at 759 f or 2021 (av erage
Exchange rate)
10. Subsidiaries andbusinessunits
10
◼ Location: Chile, all regions except the XII
region
◼ Line of business: Import, storage,
operation, trading, distribution and
commercialization of LPG in Chile
◼ Capacity:
7 bottling plants
14 distribution centers
◼ The seaborne procurmente of LPG will be
undertaken directly by Gasco GLP
starting 2023 after Gasmar ends its
participation in this business activity
◼ Location: Chile, Magallanes Region
◼ Line of business: Distribution and
commercialization of LNG and LPG in
the XII Region
◼ Regulated market: Residential,
Commercial and Edelmag (Power
generation and distribution)
◼ Capacity:
2 bottling plants
Over 1,560 km of NG pipelines
◼ Location: Present in 28 of the 32
departments in Colombia
◼ Line of business: Import, storage,
operation, distribution and
commercialization of LPG in Colombia
◼ Capacity:
12 bottling plants
12 distribution centers
◼ The investment in the Puerto Bahía LPG
terminal ensures a stable and reliable
supply of LPG, reducing dependence on
Ecopetrol
Notes:
1) Consolidated f igures like EBITDA and Net Prof it are conv erted f rom CLP to US$ at 759 f or 2021, which are the av erage exchange rate of that year.
2) Consolidated f igures like CAPEX and Net Financial Debt are conv erted f rom CLP to US$ at 845 f or 2021, which is the closing exchange rate of 2021.
EBITDA (US$m) 64
Net Profit (US$m) 25
Distributed Dividends (US$m) 9
Assets (US$m) 478
Equity (US$m) 244
LPG Physical Sales (Ton) 362,792
NG Physical Sales (Ton eq.) 7,634
LPG Market Share (%) 26%
Figures 2021
NG Physical Sales (MMm3) 435
Number of Natural Gas Customers 63,080
LPG Physical Sales (Ton) 3,312
Figures 2021
EBITDA (US$m) 12
Net Profit (US$m) 4
Assets (US$m) 154
Equity (US$m) 91
LPG Physical Sales (Ton) 123,752
LPG Market Share (%) 18%
Figures 2021
11. 11
◼ Location: various locations throughout
Chile and Colombia
◼ Line of business: Power generation
through solar panels. Distributed
Generation under the Net Billing scheme
allows regulated customers to offset their
electricity expenses, using the production
of the photovoltaic system on site and
injecting the surplus into the national grid
◼ Generation Capacity:
>15 MW (2022) >50 MW (2026)
◼ Compensation structure:
◼ Income from the sale of energy,
leveraging its current and future
customer base (schools, wineries,
agricultural customers, among others)
◼ Location: one solar plant in the Atacama
region, one of the areas with the highest
solar radiation in the world
◼ Line of business: Energy generation,
the construction of solar assets in the
north of Chile will allow to sell energy at
competitive prices and participate in the
large-scale VRE market
◼ Capacity:
150 MW in 2023-2024
8.7km of transmission lines
◼ Compensation structure:
◼ Payments for the sale of energy to the
National Electric System (Spot,
regulated tenders, non-regulated
customers, among others)
◼ Location: LPG backup plant located in
in Teno (Maule Region) and Puerto
Willinas (Magallanes Region), Chile
◼ Line of business: The main objective is
to complement the intermittency of non-
conventional renewable energy with a
stable backup energy supply based on
LPG, complementing in this way the
traditional business of Empesas Gasco
◼ Capacity:
51 MW (since 2020)
26 operating engines each with 1.72MW
capacity
◼ Compensation structure:
◼ Payment for power for backup
capacity and Power Generation
Notes:
1) Consolidated f igures like EBITDA and Net Prof it are conv erted f rom CLP to US$ at 759 f or 2021, which are the av erage exchange rate of that year.
2) Consolidated f igures like CAPEX and Net Financial Debt are conv erted f rom CLP to US$ at 845 f or 2021, which is the closing exchange rate of 2021.
Subsidiaries andbusinessunits
EBITDA (US$m) 0.5
Net Profit (US$m) 0.5
Assets (US$m) 12
Equity (US$m) 11
Figures 2021
Assets (US$m) 5
Equity (US$m) 4
Figures 2021
EBITDA (US$m) 3
Net Profit (US$m) 1
Assets (US$m) 40
Equity (US$m) 22
Figures 2021
12. A
mbitious transformationinto aenergy solutions company
12
Strategic targets
Extend the LPG
business model to an
energy solutions
supply
Sustainable energy
supply through VRE as
a complement to LPG
Access to
competitive LPG prices
Digitalization of the
energy supply value
chain
Extend business model
to Colombia and
Magallanes
Development of an
effective organization
◼ Construction ofadditional storagecapacityand LPGterminals
◼ Larger capacity allows greater imported volumes and flexible supplyat a better
price
◼ Digital technologyto improve integration with customers offering LPGatthe
mostcompetitive price and on a flexible way
◼ Gasconnectis a tangible example oftechnologyimplementation to strengthen
and integrate each stage ofthe value
◼ Corporate governance strengthening the engineering capabilities and energy
expertise
EmpresasGasco’sgoalis to position itselfasaleader in the developmentofenergysolutions supported
bygasandin complementaritywith otherrenewable energies
◼ Build new infrastructure to secure a stable and flexible LPGsupply
◼ Expand the products'offer and solutions for Empresas Gasco’s customers
◼ Develop LPG power generation assets
◼ Competitive advantages to develop VRE as a complementto LPG power
generation
◼ Competitive importofLPG together with enhanced logistics capabilities allows
Empresas Gasco to offer competitive VRE to the market
◼ Target new industrial clients offering energysolutions rather than onlygas (ex:
heat, steam,electrons)
13. 1. Empresas Gasco S.A.at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
14. WhyChile &Colombia?
Colombia
Chile
1,358
Tbtu
Favorable market context in a country
highly dependent on imports of energy
resources
✓6% of the secondary energy consumption
in 2021 was fulfilled with LPG. High
opportunity to displace biomass,
kerosene, diesel, and fuel oil use
✓High intermittence due to large
pipeline of photovoltaic and wind
projects present an attractive
opportunity for LPG back-up power
generation
Relatively small LPG participation in
the energy matrix: opportunities to
displace highly polluting fuels
✓Only 2% of the secondary energy
consumption in 2021 was fulfilled with
LPG
✓Gasco purchases most of its LPG from
Ecopetroll’s Cusiana gas field and
refineries
✓Direct imports from the US Gulf Coast
and unloading at the Okianus Terminal
in Cartagena in which the company has
a 20% stake
1,916
Tbtu
Secondary energy sources (2021)
Diesel
31%
Fuel oil &
Kerosene
6%
Gasoline
13%
Coal
1%
Biomass
13%
Electricity
24%
Natural Gas
7%
Secondary energy sources (2021)
LPG
6%
Diesel
20%
Electricity
17%
Biomass
8%
Natural Gas
15%
Gasoline
19%
LPG
2%
Others
19%
2 marketswith attractive growth prospects
14
Source: National Energy Balance 2021, Ministry of Energy of Chile
Source: National Energy Balance 2021, Ministry of Energy of Colombia
331 332 341 366
115 116 124
124
0
100
200
300
400
500
600
2018 2019 2020 2021
Chile Colombia
Sales Volume (‘000 tons)
15. Gas value chain
15
>
>
> > >
>
>
>
>
>
>
>
>
>
Maritime LPG
Import
Onshore LPG
Import
Domestic
LPG supply
Wholesale
storage
Truck
Pipeline
Storage and
distribution
plant
Bulk Cylinder
City gate
Distribution
grid
Residential,
commercial,
Real Estate
Industrial
Agro-industrial
Electric
generation
Forklifts
Institutional
Truck
Refinery
Natural gas
extraction and
separation
Mid stream Down Stream
Gasconnect
+
Credit to customers
+
Direct sale
(call center)
+
Sub retailers
Domestic NG
supply
Energy
Solutions
>
Pipeline
>
Storage and
distribution
plant
Domestic
LPG supply
>
>
>
>
>
>
Truck
Pipeline Bulk Cylinder
>
>
Divested
16. 21plantsand25distributioncentersinChileandColombia
16
Chile Colombia
El Belloto’s Plant
DC Iquique
Maipú’s Plant
Talca’s Plant
Osorno’s Plant
Coyhaique’s Plant
Mejillones’ Plant
Bio Bio’sPlant
DC Calama
DC Antofagasta
DC Copiapo
DC Coquimbo
DC Valparaíso
DC Rancagua
DC Chillán
DC LosÁngeles
DC P. Montt
DC Eyzaguirre
DC B. Mercado
DC Quilicura
Bello’sPlant
Cartagenas’s Plant
Chiquinquirá’s Plant
Manizales’sPlant
DC Valledupar
Villanueva’sPlant
Pitalito’s Plant
Cúcuta’sPlant
Bucaramanga’s Plant
Yumbo’s Plant
DC Caucasia
DC SantaRosas de Osos
DC Barranquilla
DC Popayán
DC Armenia
DC SantaRosa de Cabal
DC San Gil
DC Sincelejo
DC Jamundi
DC Buenaventura
Puerto Salgar’s Plant
Fusagasuga’s DC
Siberia’sPlant
◼ 7 Plants (Gasco GLP S.A.)
◼ 2 Plants (Gasco Magallanes)
◼ 14 Distribution Centers
◼ 1,560 km of NG pipelines in Magallanes
◼ 12 Plants
◼ 12 Distribution Centers
Distribution Centers
Plant
Distribution Centers
Plant
MoreliaPlant
DC Temuco
Cabo Negro’sPlant
Puerto Williams’ Plant
18. 14%
51%
35%
2017
31%
33%
36%
2018
34%
42%
24%
2019
Ton: 20.535 Ton: 20.142
Ton: 22.924 42%
40%
18%
2020
Ton: 25.025
40%
33%
27%
2021
Ton: 26.219
Fuel replacement
New assets
Captured from competitors
LPGBulkbusiness andenergysolutionsnewcontractsinChile
Gasco has been constantly attracting new volume through its value added sustainable energy solutions,
largely displacing the use of more contaminants fuels.
18
20. LPGsourcingfor Chilestarting2023
20
Argentina
Distribution Centers
Plant
Terminal Quintero
Terminal Mejillones
◼ Gasco GLP signed a 20 years
TUAs with Gasmar for the use of
both the Quintero and the
Mejillones terminals
◼ This TUA will include:
◼ A variable rate per ton
◼ A fixed rate per annum
◼ A fixed storage rate per
annum
TUA with Gasmar
◼ Gasco GLP developed during 2021
and 2022 a strategy for the imports of
LPG, considering all relevant variables
and actors
◼ The trading of LPG will be performed
directly by Gasco GLP starting 2023
after Gasmar ends its participation in
this business activity
LPG Purchase
16%
5%
79%
2021 LPG supply
362k
tons
Gasmar
Argentina
ENAP
TUA
TUA
22. 1. Empresas Gasco S.A.at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
23. 204 228 210 225
38
76
68
46
48
45
280
296
256
274
83
2017 2018 2019 2020 2021
Rest of Empresas Gasco Group Gasco GLP
63 60 65 63
15
73 74 71
60
67
135 134 137
124
82
2017 2018 2019 2020 2021
Rest of Empresas Gasco Group Gasco GLP
0.92 0.91
0.72
0.92
0.19
2.69
2.92
2.25 2.36
1.13
2017 2018 2019 2020 2021
Net Debt/Equity Net Debt/Ebitda
1.3x
Consolidatedhistoricalperformance
23
EBITDA(US$m) Net Debt (US$m)
Net Debt to Ebitda & Equity
CAPEX (US$m)
3.25x
Covenant
Net debt / EBITDA
Covenant
Net debt /Equity
Gasmar
divestment Gasmar
divestment
20
31
17
27
17
29
30
35
36
43
49
60
52
62 60
2017 2018 2019 2020 2021
Rest of Empresas Gasco Group Gasco GLP
Notes:
1) Consolidated f igures of EBITDA are conv erted f rom CLP to US$ at the av erage exchange rate of each y ear.
2) Consolidated f igures like CAPEX and Net Financial Debt are conv erted f rom CLP to US$ at 845, which is
the closing exchange rate of 2021.
24. Consolidatedfinancial debt
24
December2021
~US$200m ~US$200m ~US$200m ~US$200m ~US$200m
US
Dólar
1%
COP
7%
CLP
28%
UF
64%
Internacional Energy Solutions
8%
Chile Energy Solutions 92%
Leasing
0%
Bank Debt
36%
Bond
64%
Short Term
12%
Long Term
88%
Variable rate
33%
Fixed rate
33%
50
60
34
25
22 23 23
2022 2023 2024 2025 2026 2027 2028 2029 2030-39
Empresas Gasco Gasco GLP Colombia
Creditrisk profile
A+ (Stable)
A+ (Positive)
Debt amortization (US$m)
(1)
Notes:
1) Sum f rom 2030 to 2039, US$ 6 million each y ear.
2) Consolidated f igures like Financial Debt and Debt amortizat ion are conv erted f rom CLP to US$ at 845 each
y ear, which is the closing exchange rate of 2021.
◼ Current ratings equivalent to international BBB-
25. 1. Empresas Gasco S.A.at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
26. Innovationsprojects
26
HIF (Highly Innovative Fuels)
◼ Location: Magallanes Region and Chilean
Antarctica
◼ Business line: Empresas Gasco will contribute
US$3.0m to HIF so that it can develop
Renewable Liquefied Gas (RLG)
Gasconnect
◼ Location: Several Regions Chilean regions
◼ Objective: The fastest way to deliver
cylinders, based on mobile technologies,
integration with the distribution network
◼ Winner of the global technology
conference 2020 innovation award
Gasco Marine: Salmon Aysen project
◼ Location: South regions of Chile
◼ Business line: The project aims to replace
diesel with liquefied gas for the power
generation on the mobile platforms used to
feed and control.
◼ Gasco wins AI - Oil & Gas award at the Middle
East Technology Excellence Awards 2021
HY2All SpA
◼ Gasco, HyNewGen, Linde, Vopak and the Port of
Rotterdam are concluding a feasibility study for
the development of a 200 to 500 MW green
hydrogen Project in Chile (MOU signed in 2021)
◼ The next steps involve conceptual studies on
the production and logistics capabilities to
export to Europe
27. Awards &Distinctions
27
Best digital solution award granted
to Gasconnect by the C3 Creativity
and Innovation Ranking of Brinca
Consultants and the Universidad del
Desarrollo
National Customer Satisfaction
Award in the gas sector aw arded by
Procalidad, Adolfo Ibañez University
and Praxis Costumer Engagement
First place in the National
Procalidad Customer Satisfaction
Award in the cylinder segment
aw arded by Praxis Costumer
Engagement
Echo Latam awards 2018 for
marketing campaigns associated w ith
Gasconnect and “Terraza Gasco”
Winner of the Global Technology
Conference 2020 innovation award
for the “Gas Connect” application
First place in the National
Procalidad Customer Satisfaction
Award in the cylinder segment
aw arded by Praxis Costumer
Engagement
First place in the Most Innovative
Companies Chile Ranking awarded
by the ESE Business School of the
Universidad de los Andes
Winner of the "Commitment to
Integrity" awardgiven by the
Fundación Generación Empresarial
and Diario Financiero
Winner of the “Applications”
Category Award at the Global
Technology Aw ardsfor a project
applied to pontoons
First place in the National
Procalidad Customer Satisfaction
Award in the meter segment aw arded
by Praxis Costumer Engagement
Winner of the "Best Chilean
Companies" award given by Deloitte,
Banco Santander and the Adolfo
Ibáñez University Business School.
Winner of the “KAIZEN™ Award
Chile” for its maturity in Operational
Excellence under the KAIZEN™ and
Lean® Philosophy