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 (CEO)
caguirre@gasco.cl
Rodrigo Baeza (Finance Manager)
rbaeza@gasco.cl
3. 1. Empresas Gasco S.A. at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
4. Businesssegments
4
89,2% 10,8%
Perez Cruz
Family
Others
Notes:
- Empresas Gasco S.A. (holding) is considered within the Energy Solutions Chile business segment
- Gasco Magallanes is a business unit of Empresas Gasco S.A.
- Vidagas y Unigas are commercial brands belonging to Inversiones GLP S.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
100%
Listed on the Santiago Stock Exchange
1,894 Employees
33,33% 28.33%
Empresas Gasco Colombia
5. 1,580 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
443 millions m3
m3 of NG combined sales in Chile
US$ 78 million
EBITDA LTM
US$ 63 million
CAPEX
US$ 19 million
Net Profit
US$ 88 million
Net Financial Debt
December 2021
494 thousand tons
tons of LPG combined sales in Chile and
Colombia
479 millions m3
m3 of NG combined sales in Chile
December 2022
US$ 78 million
EBITDA LTM
US$ 71 million
CAPEX
US$ 16 million
Net Profit
US$ 187 million
Net Financial Debt
490 thousand tons
tons of LPG combined sales in Chile and
Colombia
Operational Indicators
December 2022
30
distribution centers
22
owned 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 Gasmar ends its participation in this business activity
Notes:
1) Consolidated figures converted at CLP$800 per USD.
2) Does not consider the sale of Gasmar. Total Net Profit for 2021 was US$ 147 million
including Gasmar.
51 MW
Installed capacity
(1) (1)
(2) (1)
(1)
(1) (1)
(1)
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 18 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 34% 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 Magallanes Region (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 POLICIES WITH 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
$
KeyBusinessHighlights
7. Stake increase in Unig a s
reaching 100%
Established
Over160yearsofhistory
7
1865
1977
1981
1995 2004
2010
2014
2011
2016
2015
2018
2019
Constitution of Compañía de Gas de Santiago
Compañía General
de Electricidad
(CGE) becomes
Gascos’s controller
Gas
distribution in
Magallanes
Region
Metrogas
incorporation
with a 40% stake
owned by Gasco
Sale of 24% stake in
Gasmar to Abastible (51% -
Gasco)
Beginning of LPG operations
in Colombia with the
acquisition of 70% in
Inversiones GLP
Acquisition of 70% in
Unigas through
Inversiones GLP
Acquisition of CGE by
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 of Gasco
Established Irsa
Established asco Luz
Acquired the remaining
30% of Vidag as reaching
100% of the ownership
Established
Stake decrease in 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-off of Real Estate
assets into a separate
company to be listed
on the Santiago Stock
Exchange
Established
Established
Sale of 50%
stake in
2022
Acquisition 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. 86%
14%
74%
26%
Aleading energysolutionsconglomerateinChile&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 supply activities, 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
InnovaciónEnergía SA
Terminal Gas Caldera SA
III
Gasco Luz
Copiapo Solar
Gasco Magallanes
Both
Geographical footprint
Overview
Key financials
SALES VOLUME
2022
LPG tons
494k
EBITDA
2022
US$
78m
Notes:
1) Consolidated figures converted at CLP$800 per USD.
10. Subsidiariesandbusinessunits
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 1,580 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:
13 bottling plants
16 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 figures converted at CLP$800 per USD.
NG Physical Sales (MMm3) 469
Number of Natural Gas Customers 64,484
LPG Physical Sales (Ton) 4,261
Figures 2022
EBITDA (US$m) 54
Net Profit (US$m) 15
Distribuited Dividends (US$m) 13
Assets (US$m) 559
Equity (US$m) 263
LPG Physical Sales (Ton) 363,741
NG Physicials Salees (Ton eq.) 7,508
LPG Market Share (%) 26%
Figures 2022
EBITDA (US$m) 11
New Profit (US$m) 10
Assets (US$m) 140
Equity (US$m) 88
LPG Physical Sales (Ton) 126,562
LGP Market Share (%) 18%
Figures 2022
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
Subsidiariesandbusinessunits
EBITDA (US$m) 0.4
Net Profit (US$m) 1.2
Assets (US$m) 32
Equity (US$m) 31
Figures 2022
Assets (US$m) 6
Equity (US$m) 4
Figures 2022
EBITDA (US$m) 4
Net Profit (US$m) 2
Assets (US$m) 45
Equity (US$m) 21
Figures 2022
Notes:
1) Consolidated figures converted at CLP$800 per USD.
12. Ambitious transformationintoaenergysolutionscompany
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
competitiveLPG prices
Digitalization of the
energy supplyvalue
chain
Extend business model
to Colombia and
Magallanes
Development of an
effectiveorganization
Constructionof additional storage capacity and LPG terminals
Larger capacity allows greater imported volumes and flexible supply at a better
price
Digital technology to improveintegration with customers offering LPG at the
most competitive price and on a flexible way
Gasconnect is a tangible example of technology implementation to strengthen
and integrate each stage of the value
Corporate governance strengthening the engineering capabilities and energy
expertise
EmpresasGasco’sgoalistopositionitself asaleaderinthedevelopmentofenergysolutionssupported
bygasandincomplementaritywithotherrenewableenergies
Build new infrastructure to secure a stable and flexible LPG supply
Expand the products' offer and solutionsfor Empresas Gasco’s customers
Develop LPG power generation assets
Competitive advantages to develop VRE as a complement to LPG power
generation
Competitive import of LPG together with enhanced logistics capabilitiesallows
Empresas Gasco to offer competitiveVRE to the market
Target new industrial clients offering energy solutions rather than only gas (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 2022 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 2022 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 (2022)
Diesel
31%
Fuel oil &
Kerosene
6%
Gasoline
13%
Coal
1%
Biomass
13%
Electricity
24%
Natural Gas
7%
Secondary energy sources (2022)
LPG
6%
Diesel
20%
Electricity
17%
Biomass
8%
Natural Gas
15%
Gasoline
19%
LPG
2%
Others
19%
2marketswithattractive growthprospects
14
Source: National Energy Balance 2022, Ministry of Energy of Chile
Source: National Energy Balance 2022, Ministry of Energy of Colombia
Sales Volume (‘000 tons)
332 341 366 368
116 124
124 126
-
100
200
300
400
500
600
2019 2020 2021 2022
Chile Colombia
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’s Plant
DC Calama
DC Antofagasta
DC Copiapo
DC Coquimbo
DC Valparaíso
DC Rancagua
DC Chillán
DC Los Ángeles
DC P. Montt
DC Eyzaguirre
DC B. Mercado
DC Quilicura
Bello’s Plant
Cartagenas’s Plant
Chiquinquirá’s Plant
Manizales’s Plant
DC Valledupar
Villanueva’s Plant
Pitalito’s Plant
Cúcuta’s Plant
Bucaramanga’s Plant
Yumbo’s Plant
DC Caucasia
DC Santa Rosas de Osos
DC Barranquilla
DC Popayán
DC Armenia
DC Santa Rosa de Cabal
DC San Gil
DC Sincelejo
DC Jamundi
DC Buenaventura
Puerto Salgar’s Plants (2)
Fusagasuga’s DC
Siberia’s Plant
7 Plants (Gasco GLP S.A.)
2 Plants (Gasco Magallanes)
14 Distribution Centers
1,580 km of NG pipelines in Magallanes
13 Plants
16 Distribution Centers
Distribution Centers
Plant
Distribution Centers
Plant
Morelia Plant
DC Temuco
Cabo Negro’s Plant
Puerto Williams’ Plant
DC Guarne
DC Apartadó
DC Soata
DC Puerto Asís
18. 31%
33%
36%
2018
34%
42%
24%
2019
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
LPGBulkbusinessandenergysolutionsnewcontractsinChile
Gasco has been constantly attracting new volume through its value added sustainable energy solutions,
largely displacing the use of more contaminants fuels.
18
24%
33%
43%
2022
Ton: 22.170
20. LPGsourcingfor Chile starting 2023
20
Argentina
Distribution Centers
Plant
Terminal Quintero
Terminal Mejillones
Gasco GLP signed a 20 years
Terminal Use Agreement (TUA)
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
TUAwith Gasmar
Gasco GLP developed during 2021
and 2022 a strategy for the imports of
LPG, considering all relevant variables
and actors
On February 15th 2023 Gasco GLP
received the first 45,000 tons propane
vessel directly imported by the
company beginning a new stage in the
business model with Gasmar as a long
term partner providing terminal
operation services
LPG Purchase
13%
4%
83%
2022 LPG supply
360k
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. 33
49
62
11
26
74
71
60
67
52
107
120 122
78 78
2018 2019 2020 2021 2022
Rest of Empresas Gasco Group Gasco GLP
1.3x
Consolidated historical performance
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
Notes:
1) Consolidated figures converted at CLP$800 per USD.
0.91
0.72
0.92
0.19
0.41
2.92
2.25 2.36 1.13
2.40
2018 2019 2020 2021 2022
Net Debt/Equity Net Debt/Ebitda
268
224 250
44
143
45
47
39
44
44
313
270
289
88
187
2018 2019 2020 2021 2022
Rest of Empresas Gasco Group Gasco GLP
34
20
30
20
28
30
35
36
43
42
64
55
66 63
71
2018 2019 2020 2021 2022
Rest of Empresas Gasco Group Gasco GLP
24. 26 25
29
34
4 2
52
61
2023 2024 2025 2026 2027 2028 2029 2030-2039
Empresas Gasco Gasco GLP Colombia Inersa
Consolidated financialdebt
24
December2022
~US$236m ~US$236m ~US$236m ~US$236m ~US$236m
US
Dólar
7%
COP
5%
CLP
28%
UF
60%
Internacional Energy Solutions
5%
Chile Energy Solutions 95%
Leasing
7%
Bank Debt
33%
Bond
60%
Short Term
14%
Long Term
86%
Variable rate
31%
Fixed rate
69%
Credit risk profile
A+ (Stable)
A+ (Positive)
Debt amortization (US$m)
(1)
Notes:
1) Sum from 2030 to 2039, US$ ~6,1 million each year.
2) Consolidated figures converted at CLP$800 per USD.
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
BHP
Location: Antofagasta Region
Business line: Empresas Gasco will generate
renewable heat for the electrowinning stage within
the copper cathodes production process setting
an important milestone for the mining industry and
the company.
AMSA
Location: South regions of Chile
Business line: The project aims to heat the
heap leach within the copper obtention
process.
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 awarded by
Procalidad, Adolfo Ibañez University
and Praxis Costumer Engagement
First place in the National
Procalidad Customer Satisfaction
Award in the cylinder segment
awarded by Praxis Costumer
Engagement
Echo Latam awards 2018 for
marketing campaigns associated with
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
awarded 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" award given by the
Fundación Generación Empresarial
and Diario Financiero
Winner of the “Applications”
Category Award at the Global
Technology Awards for a project
applied to pontoons
First place in the National
Procalidad Customer Satisfaction
Award in the meter segment awarded
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
