Enel Chile Sa · BCS:ENELCHILE
Enel Chile Sa — H1 2017 Earnings Presentation
15 slides from Enel Chile Sa's earnings presentation, Jul 25, 2017
Slide 1: Enel Chile 1H 2017 results
Enel Chile 1H 2017 results July 25th, 2017
Slide 2: Chilean highlights
1H 2017 results Chilean highlights Enel Chile EBITDA decreased 19%, amounting to US$ 464 mn, due to our generation business. Net Income attributable to shareholders decreased 4%, amounting to US$ 257 mn. Positive FCF before dividend payment. Generation Business EBITDA in Generation impacted
Slide 3: Market context in the period
1H 2017 results Market context in the period Chile Annual GDP Growth SIC Energy Sales SIC Average Spot Price Average Exchange Rate (%)1 (TWh) (USD/MWh) CLP vs US$2 2017 1.4% 1H17 26 1H17 84 1H17 660 2016 1.6% 1H16 25 1H16 78 1H16 689 Challenging market scenario 1. Expected GDP for 2017. Source: Lati
Slide 4: Generation business – Operating highlights
1H 2017 results Generation business – Operating highlights Installed capacity: 6.4 GW Net production: 8.3 TWh Energy Sales: 11.4 TWh +0.0% (6.4%) (5.9%) 6.4 6.4 8.9 8.3 12.1 11.4 0.1 0.1 0.6 0.6 0.0 Spot 0.1 0.7 0.2 1.4 Non regulated 1,9 2.2 2.2 1.7 2.6 2.9 2.9 9.6 8.6 3.5 3.5 4.5 3.6 Regulated 1H16
Slide 5: Distribution business - Operating highlights
1H 2017 results Distribution business - Operating highlights Electricity Distributed: 8.1 TWh Number of customers: 1.9 mn SAIDI1: 225 minutes +1.8% +2.9% 9.0% 7.9 8.1 225 Other 1,852 0.1 0.1 1,800 1.3 1.5 Tolls 207 0.2 0.2 Industrial 2.9 2.8 Commercial 3.4 3.4 Residential 1H16 1H17 1H16 1H17 1H16 1H
Slide 6: Financial highlights (constant US$ mn)
1H 2017 results Financial highlights (constant US$ mn1) 1H16 1H17 Var. Revenues 1,943 1,834 (5.6%) Operating Margin 747 632 (15.4%) 1H16 Financial Statements Proforma EBITDA 574 464 (19.1%) EBIT 448 344 (23.1%) Net Financial Result 1 (15) n.a. Related Company Results 8 165 n.a. Taxes (63) (120) 89.9
Slide 7: EBITDA by business (constant US$ mn)
1H 2017 results EBITDA by business (constant US$ mn1) (19.1%) 574 Dx 464 134 (125) 8 (27.4%) 5.6% 142 Dx Gx 455 330 Gx Ox 1H16 (15) Generation Distribution (8) 1H17 Ox 1 Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 659.98 CLP/
Slide 8: Distribution margin breakdown (constant US$ mn)
1H 2017 results Distribution margin breakdown (constant US$ mn1) Recurrent Margin VAS2 Gross Margin Free Market Energy Sales (GWh) +5.7% +16.9% +14.9% 207 17 1,121 196 7% 8% 4% 976 6% 7% 14 9% 24% 20% 57% 57% 1H16 1H17 1H16 1H17 1H16 1H17 Dx regulated Subtransmission Free Market Other businesses VAS
Slide 9: EBITDA to Net Income (constant US$ mn)
1H 2017 results EBITDA to Net Income (constant US$ mn1) 2 1H16 (US$ mn) 574 (126) 448 1 8 (63) 393 (127) 267 Change (19.1%) (4.8%) (23.1%) n.a. n.a. +89.9% (4.9%) (7.8%) (3.6%) 1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 6
Slide 10: Free cash flow (constant US$ mn)
1H 2017 results Free cash flow (constant US$ mn1) 464 (193) 167 (71) (33) (129) 179 1 (392) (354) (174) 1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 659.98 CLP/USD. 10
Slide 11: Gross Capex (constant US$ mn)
1H 2017 results Gross Capex1 (constant US$ mn2) Maintenance Growth Total 22% 29% 162 129 59 67 71 71% 78% 21 23 14 15 20 1H16 1H17 Dx Gx Dx Gx Generation Distribution 1H16 1H17 Progressive shift of Capex from Generation to Distribution business 1. Gross of contributions and connections fees, accrued
Slide 12: Financial situation (US$ mn)
1H 2017 results Financial situation (US$ mn) Gross and Net Debt Gross Debt1 by type Gross Debt by currency2 2% (0.2%) Others 8% UF + CLP Local 42% Bonds 1,273 1,269 Dollars 92% 367 194 International 56% Bonds 1.075 906 1H17 1H17 Liquidity breakdown; 2016 1H17 • Cash: US$ 194 mn Net Debt Cash • Commi
Slide 13: Closing remarks
1H 2017 results Closing remarks EBITDA in Generation affected by poor hydrology coming from 2016 Availability of energy generation in our reservoirs, as of June, is better than our expectation Stable EBITDA in Distribution due to organic growth Growing trend in free market volume sales Solid financi
Slide 14: IR Team
1H 2017 Results IR Team Susana Rey Catalina González Head of IR Enel Chile Head of IR Enel Generación Chile +56 2 2630 9606 +56 2 2630 9603 susana.rey@enel.com catalina.gonzalez@enel.com Guillermo Berguecio Francisco Basauri Analyst of IR Enel Generación Chile Analyst of IR Enel Generación Chile +56
Slide 15: Disclaimer
1H 2017 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