Enel Americas S.a. · BCS:ENELAM
Enel Americas — Merger or Acquisition (November 2020)
29 slides from Enel Americas's merger presentation, Nov 13, 2020
Slide 1: Merger of EGP Américas’ Assets
Merger of EGP Américas’ Assets November 13th, 2020 Américas
Slide 2: Table of Contents
Table of Contents Américas 1 Transaction Summary 3 2 Process Overview 10 3 A Greener, Enhanced Equity Story 17 4 Closing Remarks 25 2 Enel Américas Investor Relations
Slide 3: Transaction Summary
1 Transaction Summary Enel Américas Investor Relations
Slide 4: Enel Américas Recent Solid Track-Record
Enel Américas Recent Solid Track-Record The Proposed Transaction paves the way for a new growth phase Américas Merger becomes Enel Dx Goiás Volta Grande acquisition effective 1. Price: US$ 720 mm 1. Price: US$ 445 mm 2. End Users: 2.9 mm 2. Installed capacity: 380 MW Accelerating the energy 3. Locat
Slide 5: Proposed Transaction
Proposed Transaction Merger of EGP assets in Central and South America ex Chile (“EGP Américas”) into Américas Enel Américas Current Situation Post Transaction Other Other Shareholders Shareholders 100% 65% 35% 75.5%(1) 24.5%(1) Américas Américas Américas Argentina Brazil Colombia Peru Brazil Colomb
Slide 6: Enel Green Power At-a-Glance
Enel Green Power At-a-Glance Leading player founded in 2008 with strong presence in Central and South America Américas Enel Green Power Worldwide(1) EGP Américas Evolution of EBITDA (US$ bn)(3) Evolution of Operating Capacity (GW) CAGR ’20E – ’23E: 24% CAGR ’20E – ’24E: 21% Growth ’20E – ’23E: +89%
Slide 7: Enel Américas Pre and Post Transaction
Enel Américas Pre and Post Transaction Greener generation mix and a more diversified geographical base Américas Installed Capacity (GW) By Country 4% 4% 12% 39% 30% 23% 25% Pro 38% Current (1) 2024E Forma(1) 11.3 GW 31% 19.1 GW 14.6 GW 12% 25% 18% 16% 24% By Technology (2) (2) (2) 35% 27% 44% Pro Cu
Slide 8: Acquisition of the Leading Renewables Platform in LatAm
Acquisition of the Leading Renewables Platform in LatAm Américas Selected Players’ Latam Renewables Capacity as of 2019 (GW)(1) Wind Solar Hydro In Execution Advanced Development Stage Wind / Solar Pipeline 36.2 Leading non conventional renewable energy platform as of today 22.1 30.0 13.9 2.4 22.1 M
Slide 9: Transaction Rationale
Transaction Rationale Américas Integrate with the largest non conventional renewable platform in LatAm with 3.3 GW in operation, 2.2 GW in execution 1 and 2.4 GW in advanced development stage as well as 22.1 GW pipeline as of September 2020 Boost Enel Américas’ energy transition increasing the repre
Slide 10: Process Overview
2 Process Overview Enel Américas Investor Relations
Slide 11: Independent and Transparent Process
Transparent Process Advisors were provided with identical information for their analyses Américas Advisor Appointed By Scope Activities Performed • Inform the shareholders: Enel Américas' Management Presentations Independent Evaluators o That the transaction is being covering business description, B
Slide 12: Summary of Independent Evaluators and Appraisers Results
Summary of Independent Evaluators and Appraisers Results Américas Enel Américas / EGPA Proforma Enel Américas Advisor Appointed By Equity Value (US$ mm) & Implied Share Price (CLP) Ratio Ownership (%)(2) Proposed Exchange Ratio(1) Americas Americas 0.43x 0.41x 0.45x Enel Américas' 12.9 15.8 6.0 6.8
Slide 13: Positive Market Reaction
Positive Market Reaction Américas Research Analysts Views Rating Agencies Views If concluded as so, it would be a net credit positive to Enel Américas as Our opinion is that the relative valuations We think the valuations are fair (our TP for it will add new dividend streams to support holding compa
Slide 14: Proposed Transaction Terms
Proposed Transaction Terms Enel Américas’ BoD proposal made on November 12th Américas Enel Américas The Proposed Transaction terms: Value Exchange Ratio Merger of Enel 0.43x(1) Américas and Enel Américas / EGP ✓• Provide a fair treatment of all parties EGP Américas involved (proposed terms within th
Slide 15: Sound Governance Principles
Sound Governance Principles Enel Américas will maintain the highest governance standards among listed companies Américas Enel Américas' Corporate Governance Principles IPSA Market Capitalization by Ownership(1) Controlling • As part of Enel Group, Enel Américas is committed to the Shareholder highes
Slide 16: Merger Timetable
Merger Timetable Process structured to strictly follow the Regulator’s guidelines Américas Indicative Timetable & Next Steps 22 September 12 November 18 December By Mid January By the end of 2020 2020 2020 2021 Q2 2021 CLP 109.79 / ✓ Transaction ✓ Board calls for ESM votes on the merger Withdrawal r
Slide 17: A Greener, Enhanced Equity Story
3 A Greener, Enhanced Equity Story Enel Américas Investor Relations
Slide 18: An Acquisition of EGP Américas Greens and Enhances Enel Américas’ Equity Story
An Acquisition of EGP Américas Greens and Enhances Enel Américas’ Equity Story Américas + Américas Américas Américas Distribution: Relevant end users’ customer base Reinforced Leadership Position in Chosen Markets 1 With Integration of #1 LatAm Renewables Platform Proven M&A track record 2 Accelerat
Slide 19: Reinforced Leadership Position in Chosen Markets With Integration of #1 LatAm Renewables Platform
1 Reinforced Leadership Position in Chosen Markets With Integration of #1 LatAm Renewables Platform Américas Merger closes portfolio gap in fast growing wind and solar segments Networks Thermal Gen Hydro Wind / Solar Retail Enel X E-mobility, E-city, 26mn end E-home, E-industry, E- users Finance Acc
Slide 20: Accelerated Energy Transition and Growth
2 Accelerated Energy Transition and Growth Américas Pro forma capacity (GW) Significant generation footprint expansion Included in business plan 22.1 through 2024 (7.9 GW) 30.0 Visible advanced development growth delivery by 2024 2.4 2.2 A large pipeline 3.3 will fuel future Significant pipeline to
Slide 21: Accelerated Energy Transition and Growth (Cont’d)
2 Accelerated Energy Transition and Growth (Cont’d) Américas Ready-to-build advanced development (GW) EGP Américas pipeline by stage of maturity (GW) Advanced Development Stage Early Stage Late Stage Mature Total Pipeline Brazil 1.8 3.1 7.2 6.4 16.7 Colombia 0.5 1.6 0.4 0.8 2.8 Peru 0.0 1.0 1.0 0.4
Slide 22: Accelerated Energy Transition and Growth (Cont’d)
2 Accelerated Energy Transition and Growth (Cont’d) Américas Pipeline positioned to benefit from significant renewables demand… …Underpinned by unprecedented government support Installed Capacity Evolution in LatAm (2017-50)(1) GW • Currently, c.10% of Brazilian energy mix comes from renewable sourc
Slide 23: Future-proof, Non-replicable Competitive Advantages and Delivery Track Record
3 Future-proof, Non-replicable Competitive Advantages and Delivery Track Record of EGP’s Global Organization Américas Global Track Record of Continuous Pipeline Replenishment and New Asset Delivery (GW) Sources of Efficiency & Competitiveness 2017 2018 2019 Global sourcing scale allow best in class
Slide 24: Adequate Balance Sheet Capacity to Pursue Strategic Initiatives and Fund Renewables Pipeline
4 Adequate Balance Sheet Capacity to Continue Pursuing Strategic Initiatives and to Fund Renewables Pipeline Américas Net Debt / EBITDA 1.1x 1.1x Credit neutral transaction from day one Expected deleveraging as EGP Américas’ assets in construction come online Financial flexibility for pursuing M&A o
Slide 25: Closing Remarks
4 Closing Remarks Enel Américas Investor Relations
Slide 26: Closing Remarks
Closing Remarks Américas Starts a new growth phase for Enel Américas, as a leading 1 renewables player in LatAm 2 Accelerates energy transition 3 Greater operational and geographical diversification Strengthens balance sheet by adding cash flows 4 from diverse generation sources Creates a single and
Slide 27: Disclaimer
Merger of EGP Américas’Assets Disclaimer Américas Important Legal Information This presentation does not constitute an offer to sell securities and is not soliciting an offer to buy any securities in any jurisdiction. This presentation should in no way be deemed to be an offer or an invitation to pa
Slide 28: Thank you.
Merger of EGP Américas’ Assets 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 29: Américas
Américas 29 Enel Américas Investor Relations
Enel Américas — Merger or Acquisition (November 2020) on 6ix