Transportadora de Gas del Sur S.A. (TGS or 'the company') is primarily a gas transportation company in Argentina. The controlling shareholder of TGS is Compania de Inversiones de Energia (CIESA), which holds 51% of TGS' common stock. Local and foreign investors hold the remaining of TGS' common stock. TGS is also one of the largest processors of natural gas and marketer of liquids in Argentina. The company offers midstream services, which consist of gas gathering, compression and treatment, as well as construction, operation and maintenance of pipelines, which are generally rendered to natural gas and oil producers at the wellhead. It also has interests in the telecommunications market. TGS primarily operates in Argentina. TGS' operations are divided into four business segments: Production and Commercialization of Liquids; Natural Gas Transportation; Telecommunications; and Other Services. The Production and Commercialization of Liquids segment is engaged in liquids production and commercialization activities, which are conducted at the Cerri Complex. It is located near the city of Bahia Blanca and is connected to each of the company's main pipelines. The Cerri Complex consists of an ethane extraction cryogenic plant to recover ethane, LPG and natural gasoline, together with a lean oil absorption plant to recover LPG and natural gasoline. The facility also includes compression, power generation and storage facilities. The Cerri Complex processing capacity is approximately 1.6 billion cubic feet per day (Bcf/d). As part of the Cerri Complex, the company also maintains at Puerto Galvan a storage and loading facility for the NGLs extracted at the Cerri Complex. The Cerri Complex, including the Puerto Galvan facility, is currently capable of storing 60,450 short tons of liquids. In FY2016, the Production and Commercialization of Liquids segment reported revenues of ARS4,768.3 million, which accounted for 64.4% of the company's total revenue. The Natural Gas Transportation segment provides natural gas transportation services. In addition, TGS provides operation and maintenance services of the natural gas transportation facilities, which belong to certain gas trusts (fideicomisos de gas) created by the Argentine Government to expand the capacity of the Argentine natural gas transportation pipeline system. As of December 31, 2016, the company's service area contains six million end-users, including four million customers in greater Buenos Aires. Direct service to residential, commercial, industrial and electric power generation end-users is mostly provided by four gas distribution companies in the area, all of which are connected to the company's pipeline system: MetroGAS, Gas Natural Ban (BAN), Camuzzi Gas Pampeana (Camuzzi Pampeana) and Camuzzi Gas del Sur (Camuzzi Sur). These natural gas distribution companies serve in the aggregate 63.1% of the natural gas distribution market in Argentina. The other five Argentine distribution companies are located in and serve northern Argentina and are not connected directly to the company's pipeline system. The company delivers 57.8% of the total gas transported in Argentina, through 5,706 miles of pipeline, of which it owns 4,745 miles. The company operates the remaining 961 miles, which are owned by the Gas Trusts, for a fee. In FY2016, approximately 80.2% of the company's average daily gas deliveries were made under long-term firm transportation contracts (those contracts under which capacity is reserved and paid for regardless of actual usage by the customer). In FY2016, the Natural Gas Transportation segment reported revenues of ARS2,087.2 million, which accounted for 28.2% of the company's total revenue. The Telecommunications segment provides telecommunication services, which are provided through Telcosur, a company controlled by TGS. Telcosur provides services as an independent carrier of carriers to leading telecommunication operators and corporate customers located in its service area. The company owns two interconnected networks beginning in the Buenos Aires Province which consist of a flexible and modern microwave digital network with SDH technology over more than 2,859 miles, which covers the routes: Buenos Aires - Bahia Blanca - Neuquen to the West, Buenos Aires - Bahia Blanca -Comodoro Rivadavia - Rio Grande to the South. The other network includes a dark fiber optic network of approximately 1,056 miles, which covers the route La Plata - Buenos Aires - Rosario - Cordoba - San Luis - Mendoza. There is also a network in the Patagonia region, which consists of a 'lit' fiber optic network of approximately 374 miles, which covers the route Puerto Madryn - Pico Truncado. In FY2016, the Telecommunications segment reported revenues of ARS60.8 million, which accounted for 0.8% of the company's total revenue. The Other Services segment provides midstream services. The company's midstream services include natural gas treatment, separation, and removal of impurities from the natural gas stream, as well as natural gas compression, rendered at the wellhead typically for natural gas producers. In addition, TGS provides services related to pipeline and compression plant construction, operation and maintenance of pipelines and compressor plants services, as well as steam generation for electricity production. The company provides these services with a total treatment capacity of 113 million cubic feet per day (MMcf/d) and a total compression capacity of 29,960 horse power (HP), respectively. In FY2016, the Other Services segment reported revenues of ARS485.9 million, which accounted for 6.6% of the company's total revenue.
Scope of the Report
-- About the Company - Historical Details, Current Ownership Structure and basic overview of Transportadora de Gas del Sur S.A. in terms of revenue, net income, and operating income.
-- Financials - Details about Transportadora de Gas del Sur S.A. listing status, annual financial reports (for the past 5 years), key financial highlights and region wise and category wise breakdown of their net revenue.
-- Products / Services - Listing of the company’s entire portfolio along with description of individual products / services providing a clear picture of their target audience.
-- Company SWOT Analysis - Outlines Transportadora de Gas del Sur S.A.’s strengths, weaknesses, and opportunities and threats facing the company.
-- Recent Developments - Showcases Transportadora de Gas del Sur S.A.’s recent developments including mergers, acquisitions, partnerships, collaborations, new product launches, investment and divestment plans.
-- Strategic Evaluation - Provides an overview of Transportadora de Gas del Sur S.A.’s corporate goals and strategic initiatives and evaluates their outcomes along with outlining any persisting legal issues and outlook of our in-house analyst panel on the particular company.
-- Technology Landscape - Details how the company allocates its IT budget across the core areas of its business, CIO/CTO Profile, Key IT Initiatives and Deals undertaken buy the company at present along with outlook.
Key Questions Answered
-- What domain does Transportadora de Gas del Sur S.A. operate and what are key points about it?
-- What is the product / service portfolio of Transportadora de Gas del Sur S.A.?
-- How has Transportadora de Gas del Sur S.A. performed financially from the 2013?
-- How does Transportadora de Gas del Sur S.A. rank among its peers in terms of revenue and market share?
-- What are Transportadora de Gas del Sur S.A. strengths and weaknesses and what opportunities and threats does it face?
-- What are Transportadora de Gas del Sur S.A.’s main growth strategies and how successful has the company been at implementing them?
-- What is the in-house technical capability of Transportadora de Gas del Sur S.A.? Where does it procure / outsource it?
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1. About the Company
1.1 History and Basic Facts
1.2 Ownership Structure and Key Executives
1.3 Head Office
1.4 Other Locations & Subsidiaries
1.5 List of Competitors
1.6 Employee Count & Distribution
2.1 Company Type (Listed / Unlisted)
2.2 Annual Statements
2.3 Key Financial Highlights
2.4 Region-wise Breakdown
3. Product / Services
4. SWOT Analysis
4.1 SWOT Overview
5. Recent Developments
5.1 Mergers & Acquisitions
5.2 Partnerships, Collaborations & Joint Ventures
5.3 New Product Launches
5.4 Business Expansion / Divestment
6. Strategic Evaluation
6.1 Corporate Strategy
6.2 Legal Issues
6.3 Analyst Outlook
7. Technology Landscape
-- 7.1.1 Industry Snapshot
-- 7.1.2 IT Spend
-- 7.1.3 Key Information Technology Trends
-- 7.2.1 IT Overview
-- 7.2.2 Key IT Technologies
-- 7.2.3 Recent IT Initiatives
-- 7.2.4 IT Outsourcing Engagements
-- 7.2.5 Key IT Management
-- 7.2.6 CIO/CTO Profile
-- About Us
-- Contact Us
Fig.1: Company Snapshot
Fig.2: Locations Listing on Map
Table.1: Ownership Structure
Table.2: List of Competitors
Table.3: Annual Statements
Table.4: Key Financial Highlights
Table.5: Region-wise Breakdown
Table.6: Product/Services Overview
Table.7: Mergers & Acquisitions
Table.8: Partnerships, Collaborations & Joint Ventures
Table.9: New Product Launches
Table.10: Business Expansion / Divestment
Table 11: IT Budgets
Table 12: Key IT Management (CIO / CTO)
Table 13: IT Deals undertaken in the past years