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Adani Gas Ltd Investor Presentation Adani Gas Ltd Investor Presentation March 2019 Legal Disclaimer Certain statements made in this presentation may not be based on historical AGL assumes no responsibility to publicly amend, modify or revise any forward information or facts and may be “forward-looking statements,” including looking statements, on the basis of any subsequent development, information those relating to general business plans and strategy of Adani Gas Limited or events, or otherwise. Unless otherwise stated in this document, the (“AGL”), its future outlook and growth prospects, and future developments in information contained herein is based on management information and its businesses and competitive and regulatory environment, and statements estimates. The information contained herein is subject to change without which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar notice and past performance is not indicative of future results. AGL may alter, expressions or variations of such expressions. Actual results may differ modify or otherwise change in any manner the content of this presentation, materially from these forward-looking statements due to a number of factors, without obligation to notify any person of such revision or changes. including future changes or developments in its business, its competitive No person is authorized to give any information or to make any representation environment, its ability to implement its strategies and initiatives and not contained in and not consistent with this presentation and, if given or respond to technological changes and political, economic, regulatory and made, such information or representation must not be relied upon as having social conditions in India. This presentation does not constitute a been authorized by or on behalf of AGL. This presentation is strictly prospectus, offering circular or offering memorandum or an offer, or a confidential. solicitation of any offer, to purchase or sell, any shares and should not be This presentation does not constitute an offer or invitation to purchase or considered as a recommendation that any investor should subscribe for or subscribe for any securities in any jurisdiction, including the United States. No purchase any of AGL’s shares. Neither this presentation nor any other part of its should form the basis of or be relied upon in connection with any documentation or information (or any part thereof) delivered or supplied investment decision or any contract or commitment to purchase or subscribe under or in relation to the shares shall be deemed to constitute an offer of or for any securities. None of our securities may be offered or sold in the United an invitation by or on behalf of AGL. States, without registration under the U.S. Securities Act of 1933, as amended, AGL, as such, makes no representation or warranty, express or implied, as to, or pursuant to an exemption from registration therefrom. and does not accept any responsibility or liability with respect to, the This presentation is confidential and may not be copied or disseminated, in fairness, accuracy, completeness or correctness of any information or whole or in part, and in any manner. This presentation contains translations of opinions contained herein. The information contained in this presentation, certain Rupees amounts into U.S. dollar amounts at specified rates solely for unless otherwise specified is only current as of the date of this presentation. the convenience of the reader. 2 Index 1 Introduction to Adani Group and Adani Gas 2 Sector Dynamics 3 Regulatory Framework 4 Adani Gas – Operations and Financial Performance 5 Growth Strategy 3 Introduction to Adani Group and Adani Gas STRICTLY CONFIDENTIAL Adani Portfolio: Leading Developer, Owner, Operator in Infrastructure Promoters Portfolio Mkt Cap* ~USD 22 bn 74.9% 62.3% 75.0% 74.9% 86.5% 74.8% AEL APSEZ APL ATL AGEL AGL Energy Port & Logistics Thermal Power T&D Renewables Gas Distribution 25.00 13.42% 25.00% 43.32% 32.68% 25.00% % Public . Pan India presence with leadership position in each vertical . No 1 in Ports, T&D and Thermal Power, Leading position in Renewables & Gas Distribution Adani . Independent verticals with independent boards . Multiple touch points with regulators & public utilities . Nationwide enduring relationships with regional vendors across multiple sectors * Market Cap as on 31-Dec-18 & USD/INR = 70 5 Adani Group: Track Record of Delivering World Class Assets Leveraging Core Strengths Delivering World Class Assets . Only HDVC line in India to be executed by a private player Large scale businesses delivering Longest Private HDVC . Location: Mundra-Mohindergarh . Capacity: 1,980 Ckt Kms consistent growth Line in India . Mega project developed, constructed Unmatched execution and commissioned in 9 months . Location: Kamuthi,, Tamilnadu capabilities – timely and cost 648 MW Ultra Mega . Solar Irradiation: 1,900 kWh / m2 / year effective Solar Power Plant . Capacity: 1.25 BU / year . Largest commercial port of India . Location: Gulf of Kutch with access Three decades of regulator and India’s Largest stakeholder relationship to northern and western parts of Commercial Port India . Capacity: 100 MMT cargo / year . Fastest implementation ever by any Diverse financing sources – only power developer in India - record Indian infrastructure Largest Private completion of inception to conglomerate with two Thermal Power synchronization within 36 months Investment Grade (IG) issuers Station in India . Location: Mundra, Gujarat . Capacity: 4,620 MW 6 Adani Gas – India’s Largest City Gas Distribution Company Ownership Structure Business Model Exclusive authorisation to develop infrastructure, operate and Adani Family Public market gas in Geographical Areas (GA) 75% 25% Piped gas supply (PNG) to residences, commercial, industrial units and CNG to automobiles Preferential domestic gas supply (CNG, Residential PNG) and AGL Mkt Cap* tie ups for Imported gas ~USD 1.6 bn Adani Gas Centralized Operations, monitoring and Technology support to deliver safe and efficient operations 100% 50% Business Unit AGL Licenses JV with IOC High Focus on ROEs and Growth (Existing:4, (Govt. of India Co.) New:13) (9 existing; 9 new) Strategic Bidding for new authorisations Long term exclusivity coupled with Business Model delivers best in class margins, returns & growth * Market Cap as on 31-Dec-18 & USD/INR = 70 7 Adani Gas – Replicating Adani’s Infrastructure Success in Gas Distribution Adani CNG 1,300+ 1.5 Industrial 325,000 mmscmd gas supply 4 70+ 6,000+ Residential AGL Operational CNG stations Kms pipeline 2,300+ customers 12% Cities * network Commercial 3 yrs CAGR Largest private player in India’s City Gas space with over a decade of experience 250+ ~Rs 1,200 cr ~Rs 1,300 cr 20%+ A+ Human Capital Asset base Revenue RoE Domestic Rating Balanced growth across customer segment and geography * 4 Operational at AGL, 15 licenses won, 9 operational at IOC Joint Venture and 10 licenses won 8 Sector Dynamics STRICTLY CONFIDENTIAL India’s Natural Gas Demand on a multi-year growth cycle Lower Gas Consumption per Capita (Cbm/person) Consistent increase in Indian Natural Gas Demand (in MMSCMD) 30,630 21,449 252 219 2,367 190 1,678 167 144 253 130 139 152 116 183 194 80 168 144 152 130 139 116 UAE Qatar United Thailand Bangladesh China India FY 15 FY 16 FY 17 FY 18 FY 19e FY 20e FY 21e FY 22e States Normalised Bull 2017 2025 Gas expected to be Other 20% of the India Other Sources, energy mix Gas, 6% Sources, 94% 80% India has lagged, but given the global glut, this might be a advantage with significant uncontracted demand. Gas and Renewables together serves the twin purpose of climate and growth Source: PNGRB, PPAC, MS Research 10 Natural Gas – A Low Cost, Clean & Efficient Source of Energy Acceptability Abundance Availability Affordability Gas Value Less polluting, Increasing Expanding Imports / commoditized, Proposition clean and green Liquefaction infrastructure competitive Poor air quality in cities supporting gas adoption (# of cities) Global Gas export capacity increasing 50% between 2016-20 In MMTPA Iran 3 398 401 407 374 Nigeria 5 328 Pakistan 5 299 B'desh 6 265 World’s 100 cities with worst Air Quality Saudi… 6 China 16 India 31 2016 2017 2018e 2019e 2020e 2021e 2022e Supply constraints easing as domestic production is growing Natural Gas has cost advantages than oil linked fuels In MMSCMD In $/ MMBTU In INR / liter* 123 107 Oil Linked Gas Price 88 86 89 86 93 33.4 13.1 14.8 9.5 9.1 8.4 11.8 3.2 29.2 22.6 Propane Fuel Oil LNG Domestic Petrol CNG FY 16 FY 17 FY 18 FY 19e FY 20e FY 21e FY 22e RasGas Gas Brent/ Gas S&D Cost Taxes Domestic Production From a fragmented regional market, natural gas now a global commodity. Supply is driven by new discoveries and demand by rapid infrastructure development. * On an energy equalized basis Source: PNGRB, PPAC, MS Research 11 Infrastructure Boost To Propel Gas Demand and Consumption Carrier first - Commodity latter. Infrastructure to unlock latent demand Focus on Infrastructure Development LNG terminals: 10 under construction Pipeline network to be extended by 13,000 kms Incentives to explore and extract gas City Gas Distribution from 78 to 280 cities LNG approved as fuel for highways Infrastructure for natural gas ecosystem is accelerating FY18 FY22e 2x increase in LNG 50% increase 2x increase in Import capacity In Pipeline Capacity Retail Outlets In MTPA 53 (‘000 Km) # Pumps 27 28 2424 17 1424 Import Terminal Capacity Pipelines CNG + LNG Pumps About $23bn will be spent in
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