Colbun Sa · BCS:COLBUN
Colbun Sa — Fenix Power — Q1 2024 Earnings Presentation
13 slides from Colbun Sa's earnings presentation, July 2024
Slide 1: Corporate Presentation 1Q24 - July 2024
CORPORATE PRESENTATION 1Q24 - July 2024
Slide 2: Fenix Power: a relevant & efficient CCGT in Peru
COMPANY OVERVIEW Fenix Power: a relevant & efficient CCGT in Peru THE COMPANY KEY FIGURES International Ratings One of the most 3.1 TWh/year BBB- Stable efficient CCGT LTM EBITDA LTM Net Fitch in Peru generation US$91 mm Based on Heat Rate BBB- Stable S&P 40 miles south of Lima 3.3 TWh/year Cash Cap
Slide 3: Updated Shareholder's Structure
COMPANY OVERVIEW Updated Shareholder’s Structure 13% 51% 59% Dec Apr 2015 36% 2023 41% 59% Colbun 41% Blue Bolt1 ✓ Chilean power generation company ✓ Established by the Government of the Emirate of Abu Dhabi (Aa2/AA/AA) ✓ 2nd largest player in the SEN (Chile’s main grid), with 15% of market share in
Slide 4: Power industry dynamics in Peru
MARKET OVERVIEW Power industry dynamics in Peru INSTALLED CAPACITY DEMAND GROWTH GENERATION LTM BY TECHNOLOGY (12-month average %) Coal & Others 4% Diesel 1% Solar & Wind 8% Coal & Others 1% Solar & Wind 6% Thermal - Open Cycle 6% 8% 6% 3.6% 58,920 Hydro 45% Diesel 20% 13,8471 Hydro 38% 3.6% GWh MW
Slide 5: Marginal cost & demand in Peru
MARKET OVERVIEW Marginal cost & demand in Peru ✓ Marginal costs are starting to increase due to the new “Calculation of variable costs of generation units” US$/MWh 80 70% Reserve margin 73 73 (%) 1 70 56% 55% 54% 53% 52% 60% 48% 45% 60 44% 50% 40% 50 SEIN Demand 37 30% growth (%) 40 20% 30 9.8% 3.7%
Slide 6: Commercial policy
COMMERCIAL STRATEGY Commercial policy Contracting a relevant portion of capacity Fenix maintains a relevant base of long-term PPAs 1 Solid customers base Indexation formulas Creditworthy counterparties PPAs indexed to dollar and fuel Most of Fenix PPAs are signed 2 3 prices, in order to mitigate wit
Slide 7: Operational long-term contracts
COMMERCIAL STRATEGY Operational long-term contracts 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 ……... 2046 1 NATURAL GAS SUPPLY ECL88 ✓ Counterparty: Camisea Consortium ✓ Expiration: December 2029 2 NATURAL GAS TRANSPORT TGP ✓ Counterparty: TGP ✓ Expiration: May 2032 3 GAS DISTRIBUTION & O&M C
Slide 8: Stable cash flow profile supported by long-term PPAs
NEW CAPACITY SIGNED Stable cash flow profile supported by long-term PPAs 1 PPAs PROFILE 2 LTM ENERGY SALES 1% ✓ Average life of long-term PPAs of 6 years ✓ US$ indexation PPAs sales 3,124 GWh SPOT sales 99% 3 PPAs PORTFOLIO (TWh) 4 NEW CONTRACTED CAPACITY 2024 4.0 New 3.5 3.7 3.0 2.8 134 capacity 2.
Slide 9: Power diversification matrix
PIPELINE OF PROJECTS Power diversification matrix BAYÓVAR 1.4 GW Wind 250/410MW farms NAYLAMP 238 MW 0.4 GW PV plants PROGRESS STAGE Preliminary studies Feasibility Target of new PAMPA 500 renewable capacity 300 MW MW installed by 2030 TRES QUEBRADAS 238 MW ALGARROBAL 250/150 MW Note: All figures as
Slide 10: Financial figures
FINANCIAL REVIEW Financial figures 1 OPERATING REVENUES (US$ million)1 2 EBITDA (US$ million)2 312 304 105 98 91 253 65 70 159 172 2020 2021 2022 2023 LTM 2020 2021 2022 2023 LTM 3 GROSS DEBT/EBITDA (x)2 4 FINANCIAL EXPENSES COVERAGE (x) 7.1x 4.4x 6.2x 4.3x 4.0x 3.8x 2.7x 3.8x 3.7x 2.4x 2020 2021 20
Slide 11: Long-term debt profile
FINANCIAL REVIEW Long-term debt profile BOND AMORTIZATION STRUCTURE (US$ million) 168 24 16 18 2024 2025 2026 2027 1 DEBT PROFILE (US$ million)1 2 FENIX BOND ISSUANCE ✓ Amount outstanding: US$214 mm ✓ Average life: 3.0 years 214 93 11 ✓ Coupon: 4.3% ✓ Maturity: Sep-27 ✓ Format: 144A/Reg S Bond Calid
Slide 12: ESG Initiatives
SUSTAINABILITY ESG Initiatives Lower CO2 Add 500 MW emission factor Efficient water Waste Biodiversity of renewable (ton CO2e/MWh) use management management ENVIRONMENTAL energy • 50% net Operational • 27% of waste (Internal goals) by 2030 reduction by (m3/MWh): recycled by 2030 • Zero Direct Water
Slide 13: Corporate Presentation 1Q24 - July 2024
CORPORATE PRESENTATION 1Q24 - July 2024