Enel Americas S.a. · BCS:ENELAM
Enel Americas — Enersis Américas — 9M 2016 Earnings Presentation
29 slides from Enel Americas's earnings presentation, Nov 4, 2016
Slide 1: Enersis Américas 9M 2016 results
Enersis Américas 9M 2016 results November 04, 2016
Slide 2: Highlights of the period
9M 2016 results Highlights of the period EBITDA of US$ 1.8 bn, an increase of 2.7% Operating EBITDA excluding FX effects increased by 16% Net Income before discontinued operations of US$ 748 mn, an increase of 10.7% Update on structure simplification: completion of Merger activities in Colombia duri
Slide 3: Reorganization process update
Reorganization process update Results overview and precedent conditions Enersis Américas’ Withdrawal Rights Enersis Américas current Shareholders1 + Tender Offer Result Post merger2 Other Shareholders ENIA T.O. on EOCA: Other 3.2% tendered for 121 mnUSD Institutional 1.69% Other Shareholders Shareho
Slide 4: Relevant normative and legal updates during the period
9M 2016 results Relevant normative and legal updates during the period Application of the new tariff scheme established by the ENRE resolution no.1/2016 effective since February 1st. Argentina Integral Tariff Review Update: On September 6th Edesur presented the second report discussed on October
Slide 5: Market context in the period
9M 2016 results Market context in the period Expected Enersis Américas Average Local Currencies vs CLP annual GDP growth 1 (%) Energy demand2 (%) Spot Price (USD/MWh) (YoY%)4 2.2% Colombia Colombia -3.1% Colombia 114 Colombia -8.4% 2.8% 3.8% Peru Peru Peru 2.0% 32 Peru -1.1% 4.2% -3.2% 3 Brazil Braz
Slide 6: Operating highlights
9M 2016 results Operating highlights Installed capacity (GW) Net production (TWh) Electricity sales (TWh) + 4.0% - 2.5% + 5.5% Generation 31.6 30.8 36.2 38.2 10.3 10.7 4.8 4.8 Hydro 13.5 13.3 4.7 4.8 Oil-Gas 0.8 0.2 0.2 Coal 0.6 5.4 5.8 17.3 16.9 5.4 5.8 9M 15 9M 16 9M 15 9M 16 9M 15 9M 16 Electrici
Slide 7: Financial highlights
9M 2016 results Financial highlights (US$ mn) 1 Revenues EBITDA - 2.6% + 6.2% 5,771 5,620 + 2.7% 1,759 1,807 +62 1,869 9M 15 9M 16 2 9M 15 9M 16 One-Off EBITDA ex. EBITDA One-off Ex. One-off Net Income (before discontinued operations) Net Debt4 +29.9% - 4.7% + 10.7% 1,795 1,710 748 + 130 877 675 9M
Slide 8: Group EBITDA evolution by business and country
9M 2016 results Group EBITDA evolution by business and country (US$ mn) 1 Generation Distribution + 0.8% + 8.7% +57 +110 908 961 970 834 +18 +32 +71 +41 +35 -107 -54 -121 +11.9 % +23.3% Operating Performance Operating Performance 2 2 2 2 9M 15 FX Impact Colombia Peru Brazil Argentina 9M 16 9M 15 FX
Slide 9: Focus in Colombia
9M 2016 results Focus in Colombia (US$ mn) 1 Generation Distribution Total2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Revenues 772 906 17 968 988 2 1,636 1,710 4 Codensa Emgesa Clients: 2.9 mn 411 MW EBITDA 480 504 5 326 330 1 806 834 4 Bogota CAPEX 398 37 -91 98 138 40 496 175 -65 Emgesa 2,996 MW N
Slide 10: Focus in Brazil
9M 2016 results Focus in Brazil (US$ mn) 1 Generation Distribution Total2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Fortaleza 319 MW Revenues 343 415 21 2,091 1,717 -18 2,293 1,927 -16 Coelce EBITDA 171 201 18 260 276 6 406 448 10 Clients: 3.8 mn Cachoeira Brasilia Dourada CAPEX 25 13 -48 271 257 -5
Slide 11: Focus in Peru
9M 2016 results Focus in Peru (US$ mn) 1 Generation Distribution Total2 Edelnor 9M15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Clients: 1.4 mn Revenues 466 508 9 602 653 9 964 1,010 5 EBITDA 230 174 -24 147 162 10 376 336 -11 CAPEX 27 64 135 108 87 -19 136 152 12 Edegel 1,162 MW Net Production 6,601 6,563
Slide 12: Focus in Argentina
9M 2016 results Focus in Argentina (US$ mn) 1 Generation Distribution Total2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Revenues 218 231 6 660 734 11 877 963 10 Dock Sud 846 MW EBITDA 80 90 12 102 138 36 182 228 46 Costanera 2.210 MW Buenos Aires CAPEX 132 54 -59 157 113 -28 288 167 -42 El Chocón Ede
Slide 13: From EBITDA to Group net income
9M 2016 results From EBITDA to Group net income (US$ mn) 1 1,807 1,375 - 432 -682 +3 - 357 748 - 274 EBITDA D&A EBIT Financial Result Non Operating Income tax Net Income Results (before disc. oper.) 9M 15 1,759 -394 1,365 -142 7 -555 675 Change YoY +2.7% +9.6% +0.7% +151.2% -50.7% -50.6% +10.7% 1. C
Slide 14: EBITDA and Net Income breakdown
9M 2016 results EBITDA and Net Income breakdown (US$ mn) 1 EBITDA by geography EBITDA by business Brazil 24% Distribution 1,807 1,807 Colombia 45% +2.7% yoy 13% Argentina 52% +2.7% yoy 48% 18% Generation Peru Net Income2 by geography Net Income2 by business Peru Distribution 23% 748 Colombia 49% +10
Slide 15: Gross Capex
9M 2016 results Gross Capex (US$ mn) 1 By activity By country Maintenance Brazil 35% 22% Argentina 763 56% 763 -37.2% yoy 44% -37.2% yoy 23% 20% Growth Colombia Peru Higher growth capex in distribution partially offset by the completion of El Quimbo in Colombia 1. Gross of contributions and connecti
Slide 16: Free cash flow
9M 2016 results Free cash flow (US$ mn) 1 1,807 - 93 -149 -473 1,092 662 -430 -333 -286 43 3 EBITDA NWC &2 Taxes paid Taxed paid Financial FFO Maintenance4 FCF Growth4 Net Dividens CF Others expenses Capex Capex paid 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 e
Slide 17: Gross debt breakdown
9M 2016 results Gross debt breakdown Gross and Net Debt (US$ mn) 1 Gross debt breakdown by currency Gross debt breakdown by country +17.4% 10.4% 9.5% 4,129 4,129 11% 4,129 3,517 3,517 11% 3,517 7% 11% 12% 11% 15% 2,418 11% 18% 1,722 8% 24% 24% 22% 22% 22% 1,795 1,710 47% 52% 47% 52% 47% FY 15 9M 16
Slide 18: Closing remarks: highlights
9M 2016 results Closing remarks: highlights Portfolio diversification and organic growth: 336,432 more new clients (+2.5%) Robust EBITDA and cash generation Reorganization process completed Results in line with 2016 targets 18
Slide 19: Exhibits
Exhibits 19
Slide 20: Financial Statements Pro-forma and reported to SVS
9M 2016 results Financial Statements Pro-forma and reported to SVS (US$ mn) 1 9M 2015 9M 2016 Δ YoY 9M 2015 9M 2016 Δ YoY Revenues 5,771 5,620 -2.6% Financial Statements reported to SVS Revenues 5,771 5,620 -2.6% Contribution Margin 2,777 2,805 1.0% Contribution Margin 2,777 2,805 1.0% EBITDA 1,759
Slide 21: Operating Exhibits 9M 2016: Business context
Operating Exhibits 9M 2016 Business context in 9M 2016 v/s 9M 2015 Electricity Demand Spot Price Gx Output Dx Sales Gx Ebitda Dx Ebitda (%) (US$/MWh) (TWh) (TWh) (US$ mn) (US$ mn) Colombia Brazil Peru Argentina 21
Slide 22: Net installed capacity and total net production
Operating Exhibits 9M 2016 Net installed capacity and Total net production : Breakdown by source and geography Net installed capacity (GW) GW Hydro Oil-Gas Coal Total Colombia 3.0 0.2 0.2 3.4 Peru 0.8 1.2 0.0 2.0 Brazil 0.7 0.3 0.0 1.0 Argentina 1.3 3.1 0.0 4.4 Total 5.8 4.8 0.2 10.7 Total net produ
Slide 23: Production mix (TWh)
Operating Exhibits 9M 2016 Production mix (TWh) LatAm Colombia - 2.5% + 5.6 % Hydro 10.8 11.4 31.6 30.8 7.0% 4.9% Oil-gas 2.4% 1.8% 1.1% 2.7% 42.8% 43.3% Coal 92.0% 92.4% 54.9% 54.8% 9M 15 9M 16 9M 15 9M 16 Peru Brazil Argentina - 0.6% - 13.0% - 8.6 % 6.6 6.6 3.0 2.6 7.4 6.7 45.6% 51.7% 54.5% 46.0%
Slide 24: Distribution companies
Operating Exhibits 9M 2016 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 2,930,661 10,105 7.3% Bogota, Colombia 14,456 20161 Ampla 3,035,422 8,410 19.6% Niteroi, Brazil 32,615 2019 Coelce 3,859,306 8,56
Slide 25: Liquidity and credit profile
Financial Exhibits 9M 2016 Liquidity and credit profile Liquidity (US$ mn) Amount Outstanding Available Committed credit lines 258 0 258 Cash and cash equivalents 1 2,418 n.a. 2,418 Uncommitted lines 381 0 381 Total liquidity 3,057 0 3,057 Credit Profile as of Sep. 2016 S&P Fitch Moody's LT internat
Slide 26: Debt maturity
Financial Exhibits 9M 2016 Debt maturity Debt profile (US$ Mn) Average residual maturity (years) 2,384 3.8 3.7 669 586 489 FY 15 9M 16 2016 2017 2018 2019 and beyond 26
Slide 27: Disclaimer
9M 2016 Results Disclaimer This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent
Slide 28: IR Team
9M 2016 Results IR Team • Pedro Cañamero, Head of IR +56 2 2353 4682 • Jorge Velis +56 2 2353 4552 • María Luz Muñoz +56 2 2353 4682 ir.enersis@enel.com For further information, visit our IR site at: www.enersis.cl 28
Slide 29: Enersis Américas, Grupo Enel
enersis americas Grupo Enel 29