Enel Americas S.a. · BCS:ENELAM
Enel Americas — Enersis Américas — H1 2016 Earnings Presentation
28 slides from Enel Americas's earnings presentation, Jul 27, 2016
Slide 1: Enersis Américas 1H 2016 results
Enersis Américas 1H 2016 results July 27, 2016
Slide 2: Highlights of the period
1H 2016 results Highlights of the period EBITDA of US$ 1.3 bn, an increase of 12% Operating EBITDA excluding FX effects increased by 28% Net Income of US$ 511 mn, a 3% decrease (results include a one-off penalty in Argentina for US$ 67 mn) 1.2 TWh Higher Generation sales (+5.2%) 343,000 more Distrib
Slide 3: Market context in the period
1H 2016 results Market context in the period Expected Enersis Américas Average Local Currencies vs CLP annual growth of GDP1 (%) Energy demand2 (%) Spot Price (USD/MWh) (YoY%)3 2.4% Colombia Colombia -11.7% 3.0% Colombia -0.7% Colombia 143 3.7% Peru Peru 1.6% 4.2% Peru 2.2% Peru 29 -3.3% 4 Brazil Br
Slide 4: Operating highlights
1H 2016 results Operating highlights Installed capacity (GW) Net production (TWh) Electricity sales (TWh) + 3.9% - 1.9% + 5.2% Generation 10.3 10.7 20.5 23.6 24.8 20.1 4.8 4.8 Hydro 0.2 Oil-Gas 9.0 8.6 0.2 0.5 0.5 Coal 5.4 5.8 11.0 11.0 1H 15 1H 16 1H 15 1H 16 1H 15 1H 16 1Q15 1Q16 Electricity Distr
Slide 5: Financial Statements Pro-forma and reported to SVS
1H 2016 results Financial Statements Pro-forma and reported to SVS (US$ mn) 1 1H 2015 1H 2016 Δ YoY 1H 2015 1H 2016 Δ YoY Revenues 3,772 3,722 -1.3% Revenues 3,772 3,722 -1.3% Financial Statements reported to SVS Contribution Margin 1,807 1,903 5.3% Contribution Margin 1,807 1,903 5.3% Financial Sta
Slide 6: Financial highlights
1H 2016 results Financial highlights (US$ mn) 1 Revenues EBITDA - 1.3% + 11.7% 1,266 3,772 3,722 322 1,266 618 647 1,133 -189 1Q 16 2Q 16 1H 16 1H 15 Operating Fx Impact 1H 16 1H 15 1H 16 (+1.3% YoY) (+23.9% YoY) (+11.7% YoY) Performance Net Income Net Debt2 + 9.5% Reported Net Income + 20.4% - 3.1%
Slide 7: Group EBITDA evolution by business and country
1H 2016 results Group EBITDA evolution by business and country (US$ mn) 1 Generation Distribution + 14.5% + 12.9% +109 618 +48 694 +15 +26 548 606 +86 +16 +19 +28 -87 -102 +28.8 % +31.6% Operating Performance Operating Performance 2 1H 15 FX Impact Colombia Peru Brazil Argentina 1H 16 2 1H 15 FX Imp
Slide 8: Focus in Colombia
1H 2016 results Focus in Colombia (US$ mn) 1 Generation Distribution Total2 1H 15 1H 16 % 1H 15 1H 16 % 1H 15 1H 16 % Revenues 477 628 32 644 644 0 1,057 1,159 10 Codensa Emgesa Clients: 2.9 bn 411 MW EBITDA 297 339 14 216 215 0 513 554 8 Bogota CAPEX 221 20 -91 54 93 73 275 113 -59 Emgesa 2,996 MW
Slide 9: Focus in Brazil
1H 2016 results Focus in Brazil (US$ mn) 1 Generation Distribution Total2 1H 15 1H 16 % 1H 15 1H 16 % 1H 15 1H 16 % Fortaleza 319 MW Revenues 238 257 8 1,412 1,066 -25 1,556 1,194 -23 Coelce EBITDA 122 131 7 180 177 -2 286 289 1 Clients: 3.8 bn Cachoeira Brasilia Dourada CAPEX 13 7 -45 160 161 0 174
Slide 10: Focus in Peru
1H 2016 results Focus in Peru (US$ mn) 1 Generation Distribution Total2 Edelnor 1H 15 1H 16 % 1H 15 1H 16 % 1H 15 1H 16 % Clients: 1.4 bn Revenues 285 350 23 381 449 18 601 697 16 EBITDA 146 164 12 94 112 20 240 275 15 CAPEX 23 45 101 64 56 -13 87 101 16 Edegel 1,162 MW Net Production 4,356 4,301 -1
Slide 11: Focus in Argentina
1H 2016 results Focus in Argentina (US$ mn) 1 Generation Distribution Total2 1H 15 1H 16 % 1H 15 1H 16 % 1H 15 1H 16 % Revenues 136 171 26 423 494 17 559 663 19 Dock Sud 846 MW EBITDA 41 60 47 58 114 97 99 174 76 Costanera 2.210 MW Buenos Aires CAPEX 107 40 -63 101 68 -33 208 108 -48 El Chocón Edesu
Slide 12: From EBITDA to Group net income
1H 2016 results From EBITDA to Group net income (US$ mn) 1 1,266 1,002 - 264 +3 -67(2) - 259 511 - 234 EBITDA D&A EBIT Financial Non Operating Income tax Group Net Result Results Income 1H 15 1,133 -260 873 -85 5 -265 528 Change YoY +11.7% +1.3% +14.8% +206.4% -46.2% -11.7% -3.1% 1. Comparisons betw
Slide 13: EBITDA and Net Income breakdown
1H 2016 results EBITDA and Net Income breakdown (US$ mn) 1 EBITDA by geography EBITDA by business Brazil 22% Distribution 1,266 14% Argentina 1,266 53% 43% +11.7% yoy +11.7% yoy 47% Colombia 21% Generation Peru Net Income3 by geography Net Income3 by business Peru 24% Distribution and others2 578 22
Slide 14: Gross Capex
1H 2016 results Gross Capex (US$ mn) 1 By activity By country Maintenance Brazil 34% 22% Argentina 59% 491 491 -34.1% yoy -34.1% yoy 41% 23% 21% Growth Colombia Peru Higher growth capex in Brazil partially offsets finalization of El Quimbo in Colombia 1. Gross of contributions and connections fees,
Slide 15: Free cash flow
1H 2016 results Free cash flow (US$ mn) 1 1,266 -128 -383 -143 612 321 -290 -200 -278 -157 2 3 3 EBITDA NWC & Taxed paid Financial FFO Maintenance FCF Growth Net Dividens CF Others expenses Capex Capex paid 1. Comparisons between periods are made using the average USD FX rate for 1H 2016 equal to 68
Slide 16: Gross debt breakdown
1H 2016 results Gross debt breakdown Gross and Net Debt (US$ mn) 1 Gross debt breakdown by currency 10.4% 9.5% +13.7% 4,000 4,000 3,517 11% 3,517 11% 13% 11% 1,839 8% 25% 1,722 22% 1,795 2,161 47% 49% FY 15 1H 16 FY 15 1H 16 Net Debt Cash COP BRL USD PEN CLP ARS Cost of gross debt 16 1. Exchange rat
Slide 17: Relevant information regarding the Reorganization
Relevant information regarding the Reorganization Complete Process Overview • ESMs of ENI, EOC and CHI Americas to approve Merger. Merger is effective EOC, CHI and ENI spin-off •Launching of Tender Offer for subject to precedent are effective. Endesa Américas. conditions verification. Dec. 18th, 201
Slide 18: Closing remarks: highlights
1H 2016 results Closing remarks: highlights Solid operating performance despite the FX and one-time impact Diversified portfolio with different opportunities in the region Results in line with 2016 targets ESM1 to vote on the Merger to be held in 3Q16 and expect transaction to be completed during 4Q
Slide 19: Exhibits
Exhibits 19
Slide 20: Operating Exhibits 1H 2016: Business context
Operating Exhibits 1H 2016 Business context in 1H 2016 v/s 1H 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 20
Slide 21: Net installed capacity and total net production
Operating Exhibits 1H 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 22: Production mix
Operating Exhibits 1H 2016 Production mix (TWh) LatAm Colombia - 1.9% + 8.0 % 1 7.2 Hydro 20.5 20.1 6.6 2.6% 2.5% 7.9% 6.9% 3.9% Oil-gas 43.8% 42.9% Coal 91.4% 89.2% 53.7% 54.6% 1H 15 1H 16 1H 15 1H 16 Peru Brazil Argentina - 1.3% - 9.7% - 8.9 % 4.4 4.3 2.1 1.9 7.4 6.7 39.6% 47.3% 51.6% 53.0% 82.6%
Slide 23: Distribution companies
Operating Exhibits 1H 2016 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 2,909,069 6,744 7.1% Bogota, Colombia 14,456 20161 Ampla 3,011,465 5,876 19.9% Niteroi, Brazil 32,615 2019 Coelce 3,821,629 5,698
Slide 24: Liquidity and credit profile
Financial Exhibits 1H 2016 Liquidity and credit profile Liquidity (US$ mn) Amount Outstanding Available Committed credit lines 288 0 288 Cash and cash equivalents 1 1.839 n.a. 1.839 Uncommitted lines 383 0 383 Total liquidity 2.510 0 2.510 Credit Profile as of June 2016 S&P Fitch Moody's LT internat
Slide 25: Debt maturity
Financial Exhibits 1H 2016 Debt maturity Debt profile (US$ Mn) Average residual maturity (years) 2,208 3.8 3.8 661 584 547 FY 15 1H 16 2016 2017 2018 2019 and beyond 25
Slide 26: Disclaimer
1H 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 27: IR Team
1H 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 27
Slide 28: Enersis Américas, Grupo Enel
enersis americas Grupo Enel 28