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 (CFO)
rbaeza@gasco.cl
3. 1. Empresas GASCO S.A. at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
4. 90%
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.
- HY2ALL SPA do not consolidate.
- In October 2023 the purchase of the remaining 50% of Copiapo Solar was concluded.
- 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
1,839 Employees
33,33% 28.33%
Empresas Gasco Colombia
5. 1,603 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
27%
LPG distribution
market share in
Chile
Financial Indicators
479 millions m3
m3 of NG combinedsales in Chile
US$ 74 million
EBITDA
US$ 67 million
CAPEX
US$ 16 million
Net Profit
US$ 178 million
Net Financial Debt
December 2022
511 thousand tons
tons of LPG combinedsales in Chileand
Colombia
487 millions m3
m3 of NG combinedsales in Chile
December 2023
US$ 91 million
EBITDA
US$ 56 million
CAPEX
US$ 21 million
Net Profit
US$ 163 million
Net Financial Debt
494 thousand tons
tons of LPG combinedsales in Chileand
Colombia
Operational Indicators
December 2023
26
distribution centers
22
owned bottling plants
19%
LPG distribution
market share in
Colombia
The seaborne international procurement of LPG is carried out directly by Gasco GLP
since 2023 once Gasmar was divested
Notes:
1) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
2) Balance Sheet consolidated figures converted at CLP $877,12 per USD (as of Dec 2023).
51 MW
Installed capacity
(1) (1)
(1) (1)
(1)
(2) (2)
(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 27% market share on a national basis
#2 largest LPG distributor in Colombia with a 19% 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. Gasco was awarded
to provide heat from
solar source to the
mining company
BHP.
Acquisition of the
remaining 50% of
Copiapó Solar .
Establishment of the
brand
Stake increase in
Gasmar up to
64%
Gasco’s spin-off
agreement
between GNF and
PCG
Stake increase in Unig a
s reaching 100%
Established
Over168yearsofhistory
7
1856
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
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.
2023
8. 1. Empresas GASCO S.A. at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
9. AleadingenergysolutionsconglomerateinChile&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
Innovación Energía SA
Terminal Gas Caldera SA
III
GASCO Luz
Copiapo Solar
GASCO Magallanes
Both
Geographical footprint
Overview
Key financials
SALES VOLUME 2023
LPG tons
511k
EBITDA 2023
US$
91m
75%
25%
85%
15%
Notes:
1) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
2) Balance Sheet consolidated figures converted at CLP $877,12 per USD (as of Dec 2023).
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
12 distribution centers
On February 15th 2023 GASCO GLP
received the first 45,000 tons propane
vessel directly imported by the company
with Gasmar as a long term partner
providing terminal operation services.
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 1,603 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
14 distribution centers
The investment in the Puerto Bahía LPG
terminal ensures a stable and reliable
supply of LPG, reducing dependence on
Ecopetrol
Notes:
1) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
2) Balance Sheet consolidated figures converted at CLP $ per USD (as of Dec 2023).
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:
>32 MW (2023) >90 MW (2028)
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 2025-2026
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
Williams (Magallanes Region), Chile
Line of business: Complement the
intermittency of non-conventional
renewable energy with a stable backup
energy supply based on LPG and
provide Off Grid energy to customers
complementing in this way the traditional
business of Empesas Gasco
Capacity:
45 MW in Teno (since 2020)
6 MW in Puerto Williams (Since 2022)
26 operating engines each with 1.72MW
capacity in Teno, and 2 operating
engines each with 6MW in Puerto
Williams
Compensation structure:
Payment for power for backup
capacity and Power Generation
Subsidiariesandbusinessunits
Notes:
1) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
2) Balance Sheet consolidated figures converted at CLP $ per USD (as of Dec 2023).
12. Ambitioustransformationintoaenergysolutionscompany
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 of additional storage capacity and LPG terminals
Larger capacity allows greater imported volumes and flexible supply at a better
price
Digital technology to improve integration 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’s goalis to positionitselfasaleaderinthedevelopmentofenergysolutions
supportedbygasandincomplementaritywithotherrenewableenergies
Build new infrastructure to secure a stable and flexible LPG supply
Expand the products' offer and solutions for 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 capabilities allows
Empresas GASCO to offer competitive VRE 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)
345 366 368 382
107
124 126 129
0
100
200
300
400
500
600
2020 2021 2022 2023
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. 22plantsand26distributioncentersinChileandColombia
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 Copiapó
DC Coquimbo
DC Valparaíso
DC Rancagua
DC Chillán
DC P. Montt
DC Eyzaguirre
DC B. Mercado
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 Buenaventura
Puerto Salgar’s Plants (2)
Fusagasuga’s DC
Siberia’s Plant
7 Plants (GASCO GLP S.A.)
2 Plants (GASCO Magallanes)
12 Distribution Centers
1,603 km of NG pipelines in Magallanes
13 Plants
14 Distribution Centers
Distribution Centers
Plant
Distribution Centers
Plant
Morelia Plant
DC Temuco
Cabo Negro’s Plant
Puerto Williams’ Plant
DC Guarne
DC Apartadó
DC Puerto Asís
18. 34%
42%
24%
2019
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
29%
32%
38%
2023
Ton: 16,574
20. 13%
4%
83%
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 includes:
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
During 2023 GASCO GLP received
six propane vessels (45,000 Tons
each) 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
December 2023
374k
tons
Argentina
ENAP
TUA
TUA
GASCO GLP direct imports
(since 2023)
22. 1. Empresas GASCO S.A. at a glance
2. Business Overview
3. LPG Business
4. Financial Results
5. Innovation
23. 1.3x
Consolidatedhistorical 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) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
2) Balance Sheet consolidated figures converted at CLP $877,12 per USD (as of Dec 2023).
0,72
0.92
0.19
0.41
0.36
2.25 2.36
1.13
2.40
1.87
2019 2020 2021 2022 2023
Net Debt/Equity Net Debt/Ebitda
55 60
14 20 31
60 57
60 55
60
114 117
74 74
91
2019 2020 2021 2022 2023
Rest of Empresas GASCO Group GASCO GLP
211 227
38
117 111
46 48
45
62 52
258 275
84
178 163
2019 2020 2021 2022 2023
Rest of Empresas GASCO Group GASCO GLP
19
28
18
26 27
33
34
42
41
29
52
63 60
67
56
2019 2020 2021 2022 2023
Rest of Empresas GASCO Group GASCO GLP
24. Consolidatedfinancial debt
24
December2023
~US$203m ~US$203m ~US$203m ~US$203m ~US$203m
US
Dólar
7%
COP
4%
CLP
27%
UF
62%
Internacional
Energy
Solutions
4%
Chile Energy Solutions 89%
Leasing
7%
Bank Debt
31%
Bond
62%
Short Term
15%
Long Term
85%
Variable rate
30%
Fixed rate
70%
Credit risk profile
Debt amortization (US$m)
(1)
Notes:
1) Sum from 2030 to 2039, US$ ~5,7 million each year.
2) P&L consolidated figures converted at CLP$839,79 per USD (AVG 2023).
3) Balance Sheet consolidated figures converted at CLP $877,12 per USD (as of Dec 2023).
Electrical
Bussines 7%
A+ (Stable) – Local Rating
BBB- (Stable) – International
Rating
AA- (Stable) – Local Rating
25 27
32
5
2
49
58
2024 2025 2026 2027 2028 2029 2030-2039
Empresas Gasco Gasco GLP Colombia Inersa
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: North 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
Recognition for "Commitment to
Integrity" and promting good
practices given by the Fundación
Generación Empresarial
Distinction as one of the best
paying companies in the energy
sector awarded by Bolsa de
Productos and the Asociación de
Emprendedores
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.