Enel Americas S.a. · BCS:ENELAM
Enel Americas — FY2020 Earnings Presentation
36 slides from Enel Americas's earnings presentation, Feb 25, 2021
Slide 1: Full Year Consolidated results
Full Year Consolidated results February 25th, 2021 Américas
Slide 2: Full Year 2020 Consolidated results - CEO
Full Year 2020 Consolidated results Maurizio Bezzeccheri CEO Américas
Slide 3: Key highlights of the period
Key highlights of the period Américas Operational Financial impacts ESG EGP Américas Bronze Class in the Energy demand Net of FX impact, Q4 Sustainbility Yearbook continues recovery EBITDA improves vs Merger of EGP of S&P Global trend past year Américas’ assets approved with over Only utility includ
Slide 4: Guidance breakdown
Guidance breakdown Extraordinary context explains differences with our initial estimates… Américas EBITDA breakdown Group net income breakdown 1.6 4.7 3.7 (0.8) 3.2 (0.2) (0.1) (0.4) (0.3) (0.1) 0.1 0.8 (0.5) 4 Guidance 1 Δ FX COVID Updated Δ FX COVID Others3 FY 2020 Guidance Δ FX COVID Others FY 20
Slide 5: COVID-19: Main impacts
COVID-19: Main impacts Operational recovery continues, FX headwinds persist… Américas Currencies vs USD1 (YTD) Electricity distributed (TWh) Collection (%) ∆ yoy ∆ yoy Argentina -40% Brazil -29% 15.9 93.9 Argentina - 5% Argentina -1.9 pp 16.8 95.8 Colombia -6% 77.9 97.6 Peru -9% Brazil -4% Brazil -1
Slide 6: Industrial growth: Gross CAPEX
Industrial growth: Gross CAPEX (US$ mn) Net of Fx, FY CAPEX increased 8% vs PY; in line with 2020 Strategic Plan figures… Américas Total CAPEX by nature Total CAPEX by business1 Total CAPEX by country 5% 11% 11% 16% 12% 19% 7% Q4 2020 40% 442 442 442 (-22.4% YoY) (-22.4% YoY) (-22.4% YoY) 27% 45% Th
Slide 7: Reinforcing our commitment to ESG and SDGs
Reinforcing our commitment to ESG and SDGs Projects in Support of Local Communties… Américas Charitable activities in response to the Covid-19 crisis ENELAMERICAS OVERALL Dec 2020 TOTAL INITIATIVES 112 SDG Contribution PROJECTS 536 HEALTH (60) SOCIO ECONOMIC (52) 24 projects 215.5 K beneficiaries BE
Slide 8: ESG highlights
ESG highlights ESG focus resulting in yearly improvements in our scores… Américas MSCI Sustainalytics SAM ESG Rating FTSE Russell AA AA 83 3.8 A 81 3.5 3.1 76 28.9 27.4 35.9 De-risking 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 Scale from CCC to AAA Scale from 100 to 0 Scale from 0
Slide 9: Full Year 2020 Consolidated results - CFO
Full Year 2020 Consolidated results Aurelio Bustilho CFO Américas
Slide 10: Financial highlights (US$ mn)
Financial highlights (US$ mn) Negative Fx, COVID-19 and one-offs are the main factors for the lower result… Américas Q4 2019 Q4 2020 Δ% YoY FY 2019 FY 2020 Δ% YoY Quarter highlights Reported EBITDA 1,023 957 -6.4% 3,994 3,154 -21.0% Lower EBITDA mainly due to currency devaluation vs USD in all count
Slide 11: EBITDA breakdown (US$ mn)
EBITDA breakdown (US$ mn) Strong performance despite the pandemic and FX headwinds… Américas EBITDA by business line EBITDA by country - 6% + 16% - 6% 25 3 1,188 216 90 1,023 66 1,023 (0) 957 (23) 957 (19) (231) (10) (249) 2 Q4 2019 Thermal Large Hydro Networks Retail Enel X Q4 2020 FX & Others Q4 2
Slide 12: Generation highlights
Generation highlights Production in line with last year despite COVID context… Américas Installed capacity (GW) Net production & energy sales (TWh) EBITDA (US$ mn) + 0.0% - 3% 7% 18% 11.3 11.3 41.8 40.5 Q4 2020 Net production 2.7 2.7 388 34% 14.2 13.3 - 1% (-6% YoY) 2.1 2.1 1.4 1.4 0.2 0.2 10.3 10.2
Slide 13: Networks highlights
Networks highlights Electricity distributed in line with PY despite COVID; relevant improvement in quality indicators…Américas Electricity distributed (TWh)1 End users (mn) EBITDA (US$ mn) +2% 4% -4% 8% 25.2 25.6 120.6 115.2 Q4 2020 22% 589 -1% (-9% YoY) 30.5 30.3 66% Argentina Brazil Q4 20191.0 Q4
Slide 14: Enel X and Retail operating highlights
Enel X and Retail operating highlights Strong growth in charging and delivery points… Américas Enel X Retail1 FY 2019 FY 2020 Smart lighting +2% Delivery points (#) Energy sold (TWh) (final light points, mn#) 818 836 + 24% - 7% -3% Microinsurance (active contracts, k#) 1,307 1,261 3,480 16.6 15.4 +0
Slide 15: Cash flow (US$ mn)
Cash flow (US$ mn) Strong improvement in NWC mainly due to “Conta COVID” in Brazil… Américas 3,154 (94) (553) 2,329 (178) 916 (1,413) 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF FY 2020 expenses FY 19 3,994 (790) (592) (465) 2,147 (1,647) 500 Delta YoY -21.0% -88.1% -6.7% -61.7% 8.5% -
Slide 16: Debt (US$ mn)
Debt (US$ mn) Lower gross debt vs last year, at a significant lower cost… Américas Gross and net debt1 Net debt evolution Gross debt breakdown Dec. 20 193 1,084 4,426 10% - 5.3% 4,287 BRL (102) (120) Currency COP 6,289 20% 41% 5,955 US$ 5,955 mn USD 2,002 PEN 1,529 Others5 28% 4,287 4,426 (916) 1% 1
Slide 17: Merger of EGP Américas' assets
Merger of EGP Américas’ assets Enel Américas Proforma 2020 Américas Installed capacity (GW) Energy sales (TWh) EBITDA & CAPEX (US$ bn) 2% + 17% 6% 9% 10% of EBITDA from EGP Américas 24% 11.1 78.1 Net debt/EBITDA Additional capacity 67.0 US$ 3.5 bn proforma 37% 46% Argentina 1.3x Thermal Brazil gener
Slide 18: Merger of EGP Américas' assets
Merger of EGP Américas’ assets Growth driver for the coming years… Américas EBITDA evolution (US$ bn)(1) Pipeline (GW) Looking forward Merger’s final steps • Approval by Peruvian Tax Authority (SUNAT) • Merger completion (accounting, tax, legal effects…) • Registration of new shares at CMF in Chile
Slide 19: Closing remarks
Closing remarks Américas EGP Américas Management merger to be actively working on completed during Q2 Healthy cash flow mitigating the Demand continues 2021 generation despite impacts of a to improve in Q4 COVID effects Investment challenging environment framework agreement with GEB signed 19
Slide 20: Enel Américas FY 2020 Consolidated results Annexes
Enel Américas FY 2020 Consolidated results Annexes Américas
Slide 21: COVID-19: Main impacts
COVID-19: Main impacts Américas Electricity distributed(1) (TWh) Argentina Brazil Colombia Peru 0.95 7.39 7.09 6.85 1.38 1.26 1.26 0.72 1.33 1.33 1.20 0.68 0.66 7.04 7.11 1.37 6.70 1.23 1.23 1.17 1.20 1.19 0.62 0.43 Oct Nov Dec Oct Nov Dec Oct Nov Dec Oct Nov Dec Collection(2) (%) Argentina Brazil C
Slide 22: FX and COVID-19 impact on demand and bad debt
FX and COVID-19 impact on demand and bad debt (US$ mn) Américas Net of FY 2020 Ordinary Fx impact Demand Bad Debt COVID-19 & FX EBITDA 3,154 745 483 4,382 D&A (1,100) 89 Net Income 1,181 378 331 61 1,951 COVID-19 Impact 22
Slide 23: Regulation Update FY 2020
Regulation Update FY 2020 Américas Argentina • On December 27, 2020, the Government, the Province of Buenos Aires, the ENRE and the companies EDENOR and EDESUR signed an agreement to establish a mechanism to cancel the debts corresponding to the Framework Agreement, with the companies committing to
Slide 24: Operating exhibits
Operating exhibits Net installed capacity and Total net production: Breakdown by source and geography Américas Net installed capacity (MW) MW Hydro Oil-Gas CCGT Coal Total Argentina 1,328 1,169 1,922 0 4,419 Brazil 1,035 0 319 0 1,354 Colombia 3,097 184 0 225 3,506 Peru 793 737 460 0 1,989 Total 6,2
Slide 25: Operating exhibits
Operating exhibits Distribution companies Américas Energy sold SAIDI SAIFI Energy Concession Next tariff Distributor Clients City, Country (GWh) (hours) (times) losses (%) area (km2) review Edesur 2,507,652 15,888 14.0 4.5 18.9% Buenos Aires, Argentina 3,309 2022 Enel Dx Rio 2,948,145 11,228 10.5 6.
Slide 26: Relevant figures
Relevant figures Américas Av. Spot Price ($US/MWh) FX vs USD Q4 2019 Q4 2020 FY 2019 FY 2020 FY 2019 FY 2020 Argentina N/A N/A N/A N/A Argentina 59.9 84.1 Brazil 67 65 58 36 Brazil 3.9 5.2 Colombia 88 50 69 68 Colombia 3,281 3,281 Peru 10.5 14.3 8.9 9.4 Peru 3.3 3.5 26
Slide 27: Financial exhibits
Financial exhibits Américas Q4 2020 Q4 2019 D yoy FY 2020 FY 2019 D yoy Revenues 3,672 3,738 -2% 12,193 14,314 -15% Gross Margin 1,259 1,482 -15% 4,637 5,773 -20% OPEX (302) (459) -34% (1,483) (1,779) -17% Reported EBITDA 957 1,023 -6% 3,154 3,994 -21% D&A1 (287) (414) -31% (1,100) (1,225) -10% EBIT
Slide 28: Financial exhibits
Financial exhibits EBITDA and Net Income breakdown Américas EBITDA by country Net Income by country Q4 2020 FY 2020 Q4 2020 FY 2020 1% 5% 6% 10% 12% 20% 30% 15% 30% 37% 957 3,154 339 825 50% (-6% yoy) (-21% yoy) (-57% yoy) (-49% yoy) 29% 42% 60% 53% Brazil Colombia Peru Argentina 28
Slide 29: Argentina (US$ mn)
Argentina (US$ mn) Américas Generation 1 Networks 1 Total 2 Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Revenues 153 50 -67% 319 192 -40% 472 242 -49% OPEX -17 -22 25% -78 -61 -22% -95 -82 -14% Dock Sud EBITDA 84 26 -69% 36 23 -36% 121 48 -61% 846 MW* Net Income 55 11 -79% 21 -22 -207% 83
Slide 30: Brazil (US$ mn)
Brazil (US$ mn) Américas Generation 1 Networks 1 Total 2 Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Revenues 204 664 225% 2,138 1,895 -11% 2,263 2,495 10% Fortaleza 319 MW* OPEX -9 -8 -14% -229 -87 -62% -257 -105 -59% EBITDA 71 131 85% 397 387 -3% 452 510 13% Enel Dx Ceará Net Income 21 9
Slide 31: Colombia (US$ mn)
Colombia (US$ mn) Américas Generation 1 Networks 1 Total 2 Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Revenues 301 288 -4% 436 413 -5% 643 603 -6% OPEX -21 -22 2% -38 -47 24% -59 -69 16% Enel Codensa EBITDA 155 160 3% 153 129 -16% 308 289 -6% Emgesa Clients: 3.6 m 409 MW* Net Income 80 89
Slide 32: Peru (US$ mn)
Peru (US$ mn) Américas Generation 1 Networks 1 Total 2 Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Q4 2019 Q4 2020 % Revenues 170 139 -18% 242 232 -4% 360 332 -8% Enel Gx Piura OPEX -18 -19 4% -20 -20 -2% -39 -39 -1% 336 MW* EBITDA 102 72 -30% 62 51 -18% 150 118 -21% Net Income 61 35 -42% 37 16 -57% 88 47 -
Slide 33: Financial exhibits: Liquidity and credit profile
Financial exhibits Liquidity and credit profile Américas Liquidity (US$ m) Total Used Available Committed credit lines 1,693 475 1,218 Cash and cash equivalents 1 1,529 0 1,529 Total liquidity 3,222 475 2,747 Credit Profile as of Dec. 2020 S&P Fitch Moody's LT international debt BBB A- Baa3 LT local
Slide 34: Disclaimer
FY 2020 Consolidated results Disclaimer Américas 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 presentation and include statement
Slide 35: Thank you.
FY 2020 Consolidated results Contact us Américas Contacts Email - ir.enelamericas@enel.com Channels Website Mobile App www.enelamericas.com Enel Américas Investors Rafael de la Haza Head of Investor Relations Download App iOS Android Investor Relations team Jorge Velis Javiera Rubio Nicolás Gracia F
Slide 36: Américas
Américas Américas Américas