Transportadora de Gas del Sur SA (TGS) 2023 Q1 法說會逐字稿

Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations. I would like to welcome everyone to tgs First Quarter 2023 Results Video Conference. tgs issued its earnings report yesterday. We would like to inform you that this event is being recorded. (Operator Instructions)

大家，早安。我是投資者關係主管 Carlos Almagro。歡迎大家參加 tgs 2023 年第一季度業績視頻會議。 tgs 昨天發布了收益報告。我們想通知您，正在記錄此事件。 （操作員說明）

Before we begin the call today, I would like to remind you that forward-looking statements made during today's video conference do not account for future economic circumstances, industry conditions and company performance and financial results. These statements are subject to a number of risks and uncertainties.

在我們開始今天的電話會議之前，我想提醒大家，在今天的視頻會議上所做的前瞻性陳述並未考慮未來的經濟狀況、行業狀況以及公司業績和財務業績。這些陳述受到許多風險和不確定性的影響。

All figures included herein were prepared in accordance with International Financial Reporting Standards, IFRS, and are stated in constant Argentine pesos as of March 31, 2023, unless otherwise noted.

除非另有說明，否則此處包含的所有數據均根據國際財務報告準則 IFRS 編制，並以截至 2023 年 3 月 31 日的固定阿根廷比索計算。

Joining us today from tgs, in Buenos Aires, Alejandro Basso, Chief Financial Officer. And now I will turn the conference, over to Mr. Basso. Alejandro, you may begin.

今天在布宜諾斯艾利斯的 tgs 加入我們，首席財務官 Alejandro Basso。現在我將會議轉交給 Basso 先生。亞歷杭德羅，你可以開始了。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss the 2023 first quarter earnings and highlights for Transportadora de Gas del Sur.

謝謝你，卡洛斯。大家早上好，感謝您今天加入我們，討論 Transportadora de Gas del Sur 的 2023 年第一季度收益和亮點。

During the call today, I would like to share with you some news that have taken place since our last quarterly earnings call in March as they are relevant to our operations. To start, I'm talking about our Natural Gas Transportation business. As we mentioned in our last call, the [integration] which should have ended in December 2022 was postponed by the Argentine government, and the transitional tariff increase that we had expected to receive in March was finally granted by the ENARGAS and resulted in a 95% increase which became effective from April 29.

在今天的電話會議上，我想與大家分享自 3 月份上一次季度財報電話會議以來發生的一些與我們的運營相關的新聞。首先，我說的是我們的天然氣運輸業務。正如我們在上次電話會議中提到的那樣，本應在 2022 年 12 月結束的 [整合] 被阿根廷政府推遲，我們預計在 3 月份收到的過渡性關稅增加最終得到了 ENARGAS 的批准，並導致 95 4 月 29 日起生效的增幅。

Now moving on to our midstream business at Vaca Muerta, with the CapEx amounted to $47 million. We continued to work on the 32-kilometers pipeline extension in the north tranche, which will allow us to connect (inaudible) field by July 2023, whose operator signed a long-term agreement with tgs to transport and condition its natural gas production.

現在轉向我們在 Vaca Muerta 的中游業務，資本支出達到 4700 萬美元。我們繼續致力於北段 32 公里的管道延伸，這將使我們能夠在 2023 年 7 月之前連接（聽不清）油田，該油田的運營商與 tgs 簽署了一項長期協議，以運輸和調節其天然氣生產。

It is worth highlighting that we have just commissioned the $32 million expansion of the conditioning plant, which will permit us to condition up to 15 million of cubic meters per day. On top, we continue working on the additional 2 expansions which will increase the conditioning capacity to 28 million of cubic meters per day by 2024 with a CapEx of $270 million.

值得強調的是，我們剛剛委託耗資 3200 萬美元的空調廠擴建工程，這將使我們每天能夠處理多達 1500 萬立方米的水。最重要的是，我們繼續進行額外的 2 次擴建，到 2024 年將調節能力提高到每天 2800 萬立方米，資本支出為 2.7 億美元。

It is worth mentioning these expansions will consist the installation of 2 new modules which could be converted to extract LPG, considering our intention to start providing processing services for the gas producers in (inaudible).

值得一提的是，考慮到我們打算開始為（聽不清）的天然氣生產商提供加工服務，這些擴建將包括安裝 2 個新模塊，這些模塊可以轉換為提取液化石油氣。

Our midstream investment plan in Vaca Muerta, together with the construction of the (inaudible) pipeline and the extension of terms and increasing volumes of the [planned gas form will] be essential for our continuous growth at the midstream business in Vaca Muerta as well as for other challenging projects which are currently under evaluation.

我們在 Vaca Muerta 的中游投資計劃，連同（聽不清）管道的建設以及期限的延長和[計劃的天然氣形式的增加量將]對於我們在 Vaca Muerta 的中游業務的持續增長以及對於目前正在評估的其他具有挑戰性的項目。

Turning now to Slide 4. I will briefly address some of our 2023 first quarter results highlights. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarters are expressed in constant pesos as of March 31, 2023, following the provisions established by the IFRS for the financial reporting in hyperinflationary economies.

現在轉到幻燈片 4。我將簡要介紹我們 2023 年第一季度的一些業績要點。請記住，根據 IFRS 針對惡性通貨膨脹經濟體的財務報告製定的規定，本季度的所有數據以及與前幾個季度的比較均以截至 2023 年 3 月 31 日的不變比索表示。

As seen on the slide, we reported net income totaling ARS 5.7 billion during the first quarter of 2023, which compares to ARS 16.7 billion reported from the same quarter of 2022. The decline in net income was mostly explained by lower EBITDA at the Liquids and the Natural Gas Transportation business segments, which decreased by ARS 7.5 billion and ARS 4.4 billion, respectively, mostly impacted by the lower reference international prices of LPG and the natural gasoline as well as the lack of transportation tariff adjustment.

如幻燈片所示，我們報告 2023 年第一季度的淨收入總計為 57 億阿根廷比索，而 2022 年同期為 167 億阿根廷比索。淨收入下降的主要原因是 Liquids 和 EBITDA 的降低天然氣運輸業務部門分別減少了 75 億和 44 億阿根廷比索，主要是受到 LPG 和天然汽油國際參考價格較低以及運輸關稅調整不足的影響。

Moving on to Slide 5. EBITDA for the Natural Gas Transportation business decreased by ARS 4.4 billion and was mostly affected by the (inaudible) inflation rate of 104%, which negatively impacted our revenues in ARS 6 billion. However, this effect was partially offset by 60% tariff increase, which became effective last year in March and contributed to increasing our revenues by ARS 2.4 billion. In addition, higher property, plant and equipment maintenance expenses of ARS 405 million and higher other operating expenses of ARS 466 million explained, to a lower extent, the EBITDA reduction.

轉到幻燈片 5。天然氣運輸業務的 EBITDA 減少了 44 億阿根廷比索，主要受到 104%（聽不清）通貨膨脹率的影響，這對我們 60 億阿根廷比索的收入產生了負面影響。然而，這一影響被去年 3 月生效的 60% 的關稅增加部分抵消，並為我們的收入增加了 24 億阿根廷比索。此外，4.05 億阿根廷比索的不動產、廠房和設備維護費用增加以及 4.66 億阿根廷比索的其他運營費用增加在較低程度上解釋了 EBITDA 的減少。

On Slide 6, you can see that EBITDA from the liquids business decreased by almost 37% in the first quarter of 2023 to ARS 12.6 billion from ARS 20.1 billion reported in the same quarter of 2022. The main negative variation was related to lower revenues in the amount of ARS 7.8 billion due to the decline in reference international prices, with LPG average price decreasing by more than 30% while natural gasoline price dropped by almost 20%.

在幻燈片 6 中，您可以看到液體業務的 EBITDA 在 2023 年第一季度下降了近 37%，從 2022 年同一季度報告的 201 億阿根廷比索降至 126 億比索。主要的負面變化與收入下降有關由於國際參考價格下降，LPG 平均價格下降超過 30%，而天然汽油價格下降近 20%，造成 78 億阿根廷比索的損失。

In addition, the monetary effects negatively impacted the liquids EBITDA in ARS 1.1 billion as inflation increased by 104% in the last 12 months compared to 81% increase in the foreign exchange rate. Such conditions negatively affected this segment considering that most of the liquids revenues and variable costs are dollar-denominated. In addition, the average natural gas price rose from $2.7 to $3 per million BTU, resulting in a natural gas cost increase of ARS 1 billion.

此外，貨幣效應對 11 億阿根廷比索的流動性 EBITDA 產生了負面影響，因為過去 12 個月通貨膨脹率上升了 104%，而外匯匯率上升了 81%。考慮到大部分液體收入和可變成本都是以美元計價的，這種情況對該部門產生了負面影響。此外，天然氣平均價格從每百萬 BTU 2.7 美元上漲至 3 美元，導致天然氣成本增加 10 億阿根廷比索。

The negative effects were partially offset by higher ethane revenues amounting to ARS 1.6 billion, which are attributable to the higher average price as it rose by almost 30%. Furthermore, tax on exports decreased by ARS 636 million due to the fact mentioned before of having lower international prices.

乙烷收入增加（達 16 億阿根廷比索）部分抵消了負面影響，這歸因於平均價格上漲近 30%。此外，由於之前提到的國際價格較低，出口稅減少了 6.36 億阿根廷比索。

Total liquids sales volume for the first quarter of 2023 declined by almost 3% or 9,000 tons when we compare with the first quarter of 2022 of 323,000 tons versus 314,000 tons recorded this quarter mostly in the domestic market. However, the effect on revenues was positive due to a positive effect of the average price (inaudible) sales.

與 2022 年第一季度的 323,000 噸相比，2023 年第一季度的液體總銷量下降了近 3% 或 9,000 噸，而本季度主要在國內市場錄得 314,000 噸。然而，由於平均價格（聽不清）銷售的積極影響，對收入的影響是積極的。

Total production volume increased by 6% or 18,000 tons, rising from 293,000 to 311,000 tons. The first quarter production was the highest in the last 10 years.

總產量增加了 6% 或 18,000 噸，從 293,000 噸增加到 311,000 噸。第一季度的產量是過去 10 年來最高的。

Turning to Slide 7. EBITDA from services increased 18% to ARS 3.9 billion from ARS 3.3 billion. Higher revenues generated incremental volume of natural gas transported and conditioned in Vaca Muerta amounted to ARS 1.7 billion. Transported natural gas volume increased from an average of 7 million of cubic meters per day in the first quarter of 2022 to 13 million cubic meters per day in 2023 quarter.

轉到幻燈片 7。服務的 EBITDA 從 33 億阿根廷比索增長 18% 至 39 億比索。更高的收入產生了在巴卡穆爾塔運輸和調節的天然氣增量，達到 17 億阿根廷比索。天然氣運輸量從 2022 年第一季度的平均每天 700 萬立方米增加到 2023 年第一季度的每天 1300 萬立方米。

Meanwhile, natural gas conditioning volume increased from 6 million of cubic meters per day to 9 million of cubic meters per day. We expect the natural gas volume to be transported and conditioned in Vaca Muerta will continue increasing during 2023 and 2024.

同時，天然氣調理量從每天600萬立方米增加到每天900萬立方米。我們預計在 2023 年和 2024 年，巴卡穆爾塔的天然氣運輸量和調節量將繼續增加。

However, we incurred in higher operating expenses for ARS 669 million. And given that the annual inflationary rate was above the annual foreign exchange rate increase, the monetary effect resulted in a loss of ARS 493 million.

但是，我們產生了 6.69 億阿根廷比索的更高運營費用。鑑於年度通貨膨脹率高於年度外匯匯率增幅，貨幣效應導致損失 4.93 億阿根廷比索。

On Slide 8, we can see that financial results recorded a negative variation of ARS 1.9 billion. This variation was mainly explained by a negative inflation exposure result variation of ARS 4.8 billion. In addition, there was a higher foreign exchange rate loss of ARS 4.6 billion which was attributable to higher depreciation of the Argentine peso. These 2 negative effects were partially offset by a higher financial asset income totaling ARS 6.1 billion, resulting from higher yields of our peso-denominated financial investment.

在幻燈片 8 中，我們可以看到財務結果錄得 19 億阿根廷比索的負變化。這種變化主要是由 48 億阿根廷比索的負通貨膨脹結果變化解釋的。此外，由於阿根廷比索大幅貶值，匯率損失增加了 46 億阿根廷比索。這 2 個負面影響被更高的金融資產收入部分抵消，總計 61 億阿根廷比索，這是由於我們以比索計價的金融投資的收益率更高。

Finally, turning to cash flow on Slide 9. Our cash position in real terms increased by 12% to ARS 112.1 billion which is roughly equivalent to $537 million.

最後，轉向幻燈片 9 的現金流。我們的實際現金頭寸增加了 12%，達到 1121 億阿根廷比索，大約相當於 5.37 億美元。

EBITDA generation in the first quarter amounted to ARS 19.8 billion, of which 83% was generated by the nonregulated business, while the additional 17% came from the transportation business.

第一季度的 EBITDA 產生達 198 億阿根廷比索，其中 83% 來自不受監管的業務，另外 17% 來自運輸業務。

CapEx amounted to ARS 9.4 billion, and our working capital decreased by approximately ARS 3.8 billion. Income tax advanced payments totaling ARS 1.4 billion. As you can see, we maintain a comfortable level of cash position, which gives us enough liquidity to continue investing in our Vaca Muerta midstream business.

資本支出達到 94 億阿根廷比索，我們的營運資金減少了約 38 億阿根廷比索。所得稅預付款總額為 14 億阿根廷比索。如您所見，我們保持了一個舒適的現金頭寸水平，這使我們有足夠的流動性來繼續投資我們的 Vaca Muerta 中游業務。

This concludes our presentation. I will now turn it over to Carlos, who will open the floor for questions. Thank you.

我們的介紹到此結束。現在我將把它交給卡洛斯，他將開始提問。謝謝。

Thank you, Alejandro. The floor is now open for questions. (Operator Instructions) Please hold while we poll for questions. The first question is from (inaudible). He asked for some kind of insight (inaudible) this year.

謝謝你，亞歷杭德羅。現在可以提問了。 （操作員說明）請在我們投票提問時稍等。第一個問題來自（聽不清）。他今年要求提供某種見解（聽不清）。

Okay. Regarding our expansion plans, as we said in the call, we are investing $270 million for expanding our conditioning plant in 13.2 cubic meters per day. This expansion has already started a couple of months ago, and we are expecting to finish them in 2024, before the winter of 2024.

好的。關於我們的擴建計劃，正如我們在電話中所說，我們將投資 2.7 億美元用於擴建每天 13.2 立方米的調節設備。此次擴建已經在幾個月前開始，我們預計將在 2024 年冬季之前完成。

Our cash -- I would say that our cash generation of this year is allocated -- our cash generation expectations for this year are going to be allocated to these projects. Our -- as mentioned that we are -- we don't need to use our cash position this year. Obviously, it may happen in for 2024, '25 for the projects that we are (inaudible) come true.

我們的現金——我想說我們今年的現金產生是分配的——我們今年的現金產生預期將分配給這些項目。我們 - 如前所述 - 我們今年不需要使用我們的現金頭寸。顯然，它可能發生在 2024 年，25 年我們正在（聽不清）的項目成真。

(inaudible) Florencia talking about the (inaudible) pipeline status, how is the construction going?

（聽不清）Florencia 談論（聽不清）管道狀態，施工進展如何？

Okay. Florencia, we are expecting (inaudible) pipeline to start operations next July. And the additional hike in tariffs are not expected for this year. We should like to have an addition, but no, they are not expected.

好的。 Florencia，我們預計（聽不清）管道將於明年 7 月開始運營。預計今年不會進一步提高關稅。我們希望有一個補充，但不，他們不期望。

Another question from Florencia is about the CapEx (inaudible) during the first quarter.

Florencia 提出的另一個問題是關於第一季度的資本支出（聽不清）。

It was around $30 million. And the other question you have, we were expecting to pay dividends? No, it's not the case. We are not allowed to pay dividends under the transition agreement, which have just signed with the government, with ENARGAS. We could require permission from them, but it's not our decision, given all the projects that we have in progress.

大約是3000萬美元。還有另一個問題，我們期望支付股息？不，不是這樣的。根據剛剛與政府與 ENARGAS 簽署的過渡協議，我們不得支付股息。我們可以要求他們的許可，但這不是我們的決定，因為我們正在進行的所有項目。

Christian (inaudible). First question is regard if we have received any enhancement in the price of the propane during the first quarter of 2023.

基督徒（聽不清）。第一個問題是我們是否在 2023 年第一季度收到丙烷價格的任何上漲。

Christian, well, the propane domestic prices are adjusted monthly by the Secretary of Energy considering the export parity. So every month, we receive an adjustment in the pesos per ton price in this -- in the propane. Okay?

克里斯蒂安，考慮到出口平價，丙烷國內價格每月由能源部長調整。所以每個月，我們都會收到丙烷每噸比索價格的調整。好的？

The next question from Christian. Regarding the -- about the LNG project and the other project of the (inaudible) status of both in terms of revenues.

克里斯蒂安的下一個問題。關於 - 關於液化天然氣項目和其他項目的（聽不清）收入狀態。

Okay. Well, given the market conditions, we decided to go ahead with some additional studies for both projects. We are -- for the LNG, we have already contracted 3 engineering and consulting firms. And they are working on the calculations of the cost of the LNG project and the different kind of alternatives. And for the liquid separation plant also, we are already going ahead with this project, analyzing the costs and certain other conditions.

好的。嗯，鑑於市場條件，我們決定繼續對這兩個項目進行一些額外的研究。我們 - 對於液化天然氣，我們已經與 3 家工程和諮詢公司簽約。他們正在計算液化天然氣項目的成本和不同種類的替代方案。對於液體分離廠，我們已經在推進這個項目，分析成本和某些其他條件。

[Paula Ladrica] talking about the cash flow statement (inaudible) account, about the construct liability, cash inflow. What is it about?

[Paula Ladrica] 談論現金流量表（聽不清）賬戶，關於構建負債，現金流入。它是關於什麼的？

Paula, well, this account (inaudible), as you name them, are advances that we are -- we have received from clients. The increase in this quarter is due to the advances that we received from the client that we -- for whom we are building the extension in (inaudible) as I mentioned in the call.

寶拉，好吧，這個帳戶（聽不清），正如你所說的那樣，是我們從客戶那裡收到的預付款。本季度的增長是由於我們從客戶那裡收到的預付款，正如我在電話中提到的那樣，我們正在為（聽不清）構建擴展。

(inaudible) is talking about the impact of the (inaudible) increase in the transportation EBITDA 2023?

（聽不清）是在談論 2023 年運輸 EBITDA 增加（聽不清）的影響？

Valeria, well, we are expecting a decrease in our transportation EBITDA for 2023 as we have received a 95% increase. And our expectations for inflation are much higher than that, maybe around [120]. And also this increase came 2 months later than the previous one. So this delay also impacted EBITDA. We may have a reduction of around $30 million in our EBITDA for transportation.

Valeria，好吧，我們預計 2023 年我們的運輸 EBITDA 會下降，因為我們已經獲得了 95% 的增長。而我們對通貨膨脹的預期遠高於此，可能在[120]左右。而且這次增加比上一次晚了兩個月。因此，這種延遲也影響了 EBITDA。我們的運輸業務 EBITDA 可能會減少約 3000 萬美元。

Luciano (inaudible). He's talking about that we announced that we will extend the global program in the CMD. Is there any reason made regarding new investment (inaudible) liquid separation or (inaudible) Alejandro explained. I don't know if you want to (inaudible) decrease the amount of the program just to be prepared to finance the investment (inaudible) in fact, what he was talking was about the price of the butane, if there was an adjustment in the first quarter.

盧西亞諾（聽不清）。他說的是我們宣布將擴展 CMD 中的全球計劃。是否有關於新投資（聽不清）液體分離或（聽不清）Alejandro 解釋的任何理由。我不知道你是否想（聽不清）減少計劃的數量只是為了準備投資（聽不清）事實上，他所說的是丁烷的價格，如果有調整的話第一季度。

Okay, Christian. Yes, it was adjusted in the first quarter. I don't remember the total increase in pesos. It was around 35% or something. There was 2 hikes this year. Unfortunately, I think that all the increase that we're going to have in the year will be below inflation. But as you know, the butane amounts to a very small quantity of our income in the liquids business.

好的，克里斯蒂安。是的，一季度調整了。我不記得比索的總漲幅。大約是 35% 左右。今年有2次加息。不幸的是，我認為我們今年的所有增長都將低於通貨膨脹。但如您所知，丁烷僅占我們液體業務收入的一小部分。

We don't have more questions related to (inaudible). This concludes the question-and-answer section. Now I will [turn] to Alejandro for final remarks.

我們沒有更多與（聽不清）相關的問題。問答部分到此結束。現在我將 [轉向] Alejandro 作最後的發言。

Okay. Thank you, Carlos. Well, thank you all for participating in tgs first quarter 2023 conference call. We look forward to speaking with you again when we release our second quarter 2023 results. If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department, and have a good day.

好的。謝謝你，卡洛斯。好吧，感謝大家參加 tgs 2023 年第一季度電話會議。我們期待在發布 2023 年第二季度業績時再次與您交談。如果您在此期間有任何疑問，請隨時聯繫我們的投資者關係部門，祝您愉快。