Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q1 2022 Earnings Presentation
38 slides from Enel Americas's earnings presentation, May 2, 2022
Slide 1: First Quarter Enel Américas Consolidated results
First Quarter Enel Américas Consolidated results May 2nd, 2022
Slide 2: First Quarter 2022 Consolidated results
First Quarter 2022 Consolidated results Aurelio Bustilho CFO
Slide 3: Key highlights of the period
Key highlights of the period Operational performance Financial results ESG highlights Push on renewables 36 MW RES built in Q1 2022 +48% EBITDA vs PY on Fonte dos Ventos II (99 MW) Gx performance boosted by strong Dx and Gx begins commercial EGPA consolidation Publishing of our 2021 first performanc
Slide 4: Current scenario
Current scenario Relevant BRL appreciation, inflation increases across the region Macroeconomic variables1 Electricity distributed Collection rate4 Local currencies Inflation3 vs USD ∆% Mar’ 22 ∆% Q13 March March ∆% Q1 ∆% Q1 vs Dec’ 212 ‘22 vs ‘21 2021 2022 ‘22 vs ‘21 ‘22 vs ‘21 Argentina -8% -21% 4
Slide 5: Industrial Growth: Gross CAPEX
Industrial Growth: Gross CAPEX Significant investment in Renewables and Networks; 98% SDG-linked CAPEX1 CAPEX by country CAPEX by business2 Asset development3 CAPEX by business 1% 5% 3% 2% 2% 6% 7% 10% Argentina Networks 24% Q1 2022 Brazil Renewables 31% Renewables US$ 563 mn Colombia US$ 563 mn Ret
Slide 6: Generation operational highlights
Generation operational highlights Strong growth in net production and energy sales due to EGPA consolidation Installed capacity (GW) Net production & energy sales (TWh) 1% +36 MW added in Q1 +35% 69% renewables 13.1 13% 0.1 Net production Hydro1 0.3 Hydro1 0.1 9.7 3.5 Wind & Solar 0.3 Wind & Solar 1
Slide 7: Projects in execution
Focus EGP Américas 36 MW of add. capacity in Q1 2022 in Colombia Main operational KPIs CAPEX breakdown Gross pipeline (GW) 14% ~56 GW Installed capacity 1.6 Same as Q4 2021 7% 2% 5% 2% 2.3 4% ~31 4.7 GW 0.8 77% US$ 0.1 bn ~59 ~25 2% 1.0 11% ~1 2.7 Projects in execution 89% 1.7 1 Gross Early Stage Ma
Slide 8: Focus EGP Américas
Focus EGP Américas Showcasing renewable delivery in Colombia and Brazil La Loma – Colombia (COD March 2022) Fonte dos Ventos II – Brazil (COD April 2022) Technology Solar Technology Wind Location Cesar, Colombia Location Pernambuco, Brazil Installed Capacity 36 MW Installed Capacity 99 MW ~19% compl
Slide 9: Networks operational highlights
Networks operational highlights Relevant organic growth of end users and solid volume growth ex. Brazil Electricity distributed (TWh) End users (mn) Quality indicators1 SAIDI (hours) SAIFI (times) Q1 2021 Q1 2022 Q1 2021 Q1 2022 +0.5% +570k Argentina 13.8 14.9 4.6 5.0 Brazil 11.3 10.0 5.4 4.7 30.2 2
Slide 10: Enel X and Retail operating highlights
Enel X and Retail operating highlights Strong growth in charging points and energy sold Enel X Retail2 Q1 2021 Q1 2022 Δ% Delivery points (#) Energy sold (TWh) Charging points (#) 1,543 4,725 >200% +19% +14% Street lighting (final light points, mn#) 842 850 +1% 5.7 4,877 5.0 4,107 PV (MWρ installed)
Slide 11: ESG highlights
ESG highlights Our commitment is part of our business model 1st Integrated Annual Report Sustainability Report & Form 20-F • Reflects how sustainability is fully • Our Sustainability Report reinforces integrated into our business model our commitment to report relevant as a driver of risk management
Slide 12: Financial highlights (US$ mn)
Financial highlights (US$ mn) Significant improvement in EBITDA and bottom line Q1 2021 Q1 2022 Δ% YoY Quarter highlights Reported EBITDA 789 1,166 47.7% EBITDA improvement mainly due to EGPA result (+116), tariff indexation in Brazil (+115), and higher sales in Gx business Adjusted EBITDA1 789 1,11
Slide 13: EBITDA breakdown: Q1 2022 results
EBITDA breakdown: Q1 2022 results Growth across all our business lines EBITDA evolution by business line (US$ mn) EBITDA by country (US$ mn) 2% 2% +48% +56% 14% 45 12 1,229 1,166 294 200 (63) 789 US$ 1,166 mn 21 (+48% YoY) 51% 31% Q1 2021 Thermal Renewables Networks Retail Enel X FY 2021 FX Q1 2022
Slide 14: Generation business results
Generation business results Solid performances across all countries Q1 EBITDA evolution (US$ mn) Q1 EBITDA by country (US$ mn) +55% Consolidation of continues to boost results EGPA 513 5% 5% 19% EGPA +214% EBITDA in Brazil due to 32% 332 513 consolidation of EGP Brasil (+55% YoY) and better hydro co
Slide 15: Networks business results
Networks business results Growth driven mainly by Brazil Q1 EBITDA evolution (US$ mn) Q1 EBITDA by country (US$ mn) +39% 666 Solid electricity distributed growth excluding Brazil 9% 480 24% 666 +61% EBITDA in Brazil due to tariff indexation and IFRIC121 (+39% YoY) on higher CPI 67% +16% EBITDA in Co
Slide 16: Cash flow (US$ mn)
Cash flow (US$ mn) FFO generation pressured by higher NWC 1,166 (414) Generation CAPEX (211) Networks CAPEX (201) Accounts receivables5 Gx (152) Bad debt related accounts US$ 0.1 bn EGPA CAPEX (978) (159) (72) (43) (563) (606) 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF Q1 2022 expense
Slide 17: Debt (US$ mn)
Debt (US$ mn) Net debt/EBITDA ratio up due to higher investments needs in line with Strategic Plan Gross and net debt1 Net debt evolution Gross debt breakdown Mar. 22 641 7,393 7 7% 181 +25% 606 87 20% BRL Currency 5,870 COP 9,238 US$ 9,238 mn USD 54% 7,401 1,846 PEN 1,531 19% Others5 7,393 5,870 1%
Slide 18: Financial position
Financial position Solid liquidity to support our Strategic Plan goals Liquidity position Debt maturities (US$ bn) 3.9 24% 2.2 Average maturity: US$ 2.4 bn 1.7 3.2 years 1.5 76% 2022 2023 2024 After 2024 Available committed credit lines Maturities / Gross debt 24% 16% 18% Cash and cash equivalents 1
Slide 19: Closing remarks
Closing remarks Solid operational Strong results at Affirming our ESG Strong ability to results in all EBITDA and Net business strategy as develop, deliver and businesses income level one of the main execute new sustainable renewable capacity in Sound financial companies line with our strategy posit
Slide 20: Annexes
First Quarter Annexes
Slide 21: Regulation Update Q1 2022
Regulation Update Q1 2022 • Resolution SE No. 238/2022: Updated the values of the remuneration to generators of Resolution SE No. 440/2021, by means of a linear increase of 30% retroactive to February 2022 and an additional 10% as from June 2022. • Resolution ENRE No. 75/22: Adjusted the values of t
Slide 22: Operating exhibits
Operating exhibits Net installed capacity and Total net production: Breakdown by source and geography Net installed capacity (MW) Large Hydro MW Wind Solar Oil-Gas CCGT Coal Total Hydro EGPA Argentina 1,328 0 0 0 1,169 1,922 0 4,419 Brazil 1,038 234 2,156 1,234 0 319 0 4,981 Colombia 3,097 0 0 122 1
Slide 23: Operating exhibits: Distribution companies
Operating exhibits Distribution companies Energy sold SAIDI SAIFI Energy Concession Next tariff Distributor Clients City, Country LTM (GWh) (hours) (times) losses (%) area (km2) review Edesur 2,560,126 16,873 14.9 5.0 17.7% Buenos Aires, Argentina 3,309 2023 Enel Dx Rio 3,060,678 11,379 9.4 4.5 20.6
Slide 24: Financial exhibits
Financial exhibits Q1 2022 Q1 2021 D YoY Revenues 3,794 3,275 +16% Gross Margin 1,604 1,199 +34% OPEX -438 -410 +7% Reported EBITDA 1,166 789 +48% D&A1 -364 -271 +34% EBIT 802 518 +55% Net financial results -107 -128 -16% Non operating results 0 0 >100% EBT 695 390 +78% Income taxes -223 -101 >100%
Slide 25: Financial exhibits: EBITDA breakdown
Financial exhibits EBITDA breakdown EBITDA by country EBITDA by business line Q1 2022 Q1 2022 2% 2% 2% 8% 8% 14% 1,166 1,166 (+48% yoy) (+48% yoy) 34% 51% 31% 48% Thermal Brazil Colombia Peru Argentina C. America Renewables Networks Retail Enel X generation 25
Slide 26: Argentina (US$ mn)
Argentina (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Revenues 43 47 10% 157 189 20% 199 236 18% OPEX -17 -18 5% -48 -63 32% -65 -81 25% Dock Sud EBITDA 22 27 21% 3 -4 -240% 24 22 -9% 846 MW* Net Income 3 -9 -412% -6 5 -173% -6 -7 15
Slide 27: Brazil (US$ mn)
Brazil (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Revenues 406 323 -20% 1,795 2,125 18% 2,138 2,375 11% Fortaleza 319 MW* OPEX -7 -26 270% -235 -209 -11% -257 -252 -2% EBITDA 53 165 214% 279 448 61% 318 602 89% Enel Dx Ceará Net Inc
Slide 28: Colombia (US$ mn)
Colombia (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Revenues 290 336 16% 413 463 12% 611 745 22% OPEX -16 -21 36% -34 -30 -10% -50 -52 5% Enel Codensa EBITDA 180 199 10% 137 159 16% 318 362 14% Emgesa Clients: 3.6 m 409 MW* Net Inco
Slide 29: Peru (US$ mn)
Peru (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Q1 2021 Q1 2022 % Revenues 128 169 32% 233 251 8% 327 372 14% Enel Gx Piura OPEX -16 -20 27% -17 -19 10% -33 -38 15% 336 MW* EBITDA 77 96 25% 61 63 4% 135 160 18% Net Income 44 63 43% 23 29 26% 63 91 45
Slide 30: Central America (US$ mn)
Central America (US$ mn) Quarter results Central America Q1 2021 Q1 2022 % Revenues - 66 - OPEX - -8 - EBITDA - 26 - Net Income - 12 - Gross Capex - 6 - Net Production - 433 - (GWh) Energy Sales - 676 - (GWh) Av. Spot Price - - - Hydro plant ($US/MWh) Solar plant Energy losses - - - (%) Customers (T
Slide 31: Financial exhibits: Liquidity and credit profile
Financial exhibits Liquidity and credit profile Liquidity (US$ m) Total Used Available Committed credit lines 1,538 961 577 Cash and cash equivalents 1 1,846 0 1,846 Total liquidity 3,383 961 2,422 Credit Profile S&P Fitch Moody's as of March 2022 LT international debt BBB- A- Baa2 LT local debt - -
Slide 32: ESG positioning
ESG positioning ESG scores and indices MSCI S&P Dow Jones FTSE Russell Moody’s ESG Refinitiv CDP1 Solutions AA AA AA 4.1 84 3.8 56 83 B 85 3.5 53 81 83 81 47 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2021 Scale from CCC to AAA Scale from 0 to 100 Scale from 0 to 5 Sc
Slide 33: Corporate governance structure
Corporate governance structure Shareholders’ meeting Audit firm 43% BoD’s composition Board of Directors (7 members) 57% Executive Independent Functions: Directors Committee Audit committe Sustainability committe Related parties transactions 33
Slide 34: Board composition
Board composition Board of Directors Board of Directors’ diversity1 Borja Acha Besga Chair 43% 29% Francesca Gostinelli Director 14% Age Gender diversity 14% diversity Giulia Genuardi Director 29% 71% 41-50 51-60 Male Female José Antonio Vargas Director 61-70 over 70 14% 14% Directors’ Committee (C)
Slide 35: CEO's short-term variable remuneration
CEO’s short-term variable remuneration Type of Target Objective Weight Range Profit Net Income 25% Maximum 120% Economic Latin America FFO Financial 15% Maximum 120% Latin America Business Customer's operations 20% Maximum 120% Claims Business 20% Maximum 120% (Commercial operations) Safety Safety i
Slide 36: Disclaimer
Q1 2022 Consolidated 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 presentation and include statements regardi
Slide 37: Thank you. Contact us
Q1 2022 Consolidated results Contact us 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 Francisco
Slide 38: CNC
CNC