Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Adani Transmission — Debt Investor Presentation (February 2020)
31 slides from Adani Energy Solutions's debt investor presentation, February 2020
Slide 1: Debt Presentation – JP Morgan Debt Conference
Transmission Adani Transmission Limited DEBT PRESENTATION JP MORGAN DEBT CONFERENCE, F E B R U R A Y, 2 0 2 0 MIAMI
Slide 2: Contents
CONTENTS Adani Group ATL – Profile and Capital 04-07 15-21 Management Program ADANI: World class infrastructure ATL: Largest Private T&D Company ATL’s Capital Management Program & utility portfolio 04 in India 15 brings diversity and elongated maturity to firm’s debt profile 20 ADANI: Repeatable, ro
Slide 3: Adani Group
Transmission Adani Group
Slide 4: Adani: World class infrastructure & utility portfolio
Adani Transmission Limited Debt Presentation | February 2020 Transmission Adani: World class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 62.5% 100% 75% 75% Philosophical shift from B2B to B2C businesses – APSEZ SRCPL ATL AGEL Port & Logis
Slide 5: Adani: Repeatable, robust & proven model to deliver RoE
Adani Transmission Limited Debt Presentation | February 2020 Transmission Adani: Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life
Slide 6: Adani: Repeatable, robust business model applied consistently to drive value
Adani Transmission Limited Debt Presentation | February 2020 Transmission Adani: Repeatable, robust business model applied consistently to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVD
Slide 7: Adani: World-class Credit Portfolio Attracting Global Investors
Adani Transmission Limited Debt Presentation | February 2020 Transmission Adani: World-class Credit Portfolio Attracting Global Investors Energy & Utility Portfolio Company Issue date Issue Size (USD Mn.) Coupon Price Current Yield** Average Maturity DTD Debt structure Ratings Transmission & Distrib
Slide 8: ESG
Adani Transmission Limited Debt Presentation | February 2020 Transmission Transmission ESG 08
Slide 9: ATL: Integrated ESG Framework for enhanced value creation
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Integrated ESG Framework for enhanced value creation Technological advancement for minimal downtime during maintenance better availability increased EBITDA TARGET BY SEP 2021 Renewable Power Procurement at below APPC tari
Slide 10: ATL: Key ESG Metrics and Initiatives
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Key ESG Metrics and Initiatives CO2 emissions Water Waste Land use (AEML - Dahanu) Environment Scope 1 (TCO2e): Fresh Water (KL): 19,37,800 ~80 KL Waste generated of used ~148 hectares of green belt 34,46,189.13 Water rec
Slide 11: ATL: Environment awareness and Initiatives
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Environment awareness and Initiatives ATL recognizes that below environment related factors matter to our business model Climate Awareness Carbon Emissions Resource Management Waste Management Reduction in Carbon Footprin
Slide 12: AEML: Initiatives towards reduction of carbon footprint
Adani Transmission Limited Debt Presentation | February 2020 Transmission AEML: Initiatives towards reduction of carbon footprint Renewable Power Climate Awareness Targeted 30% of consumption from Renewable sources Environmentally compliant generation at ADTPS Committed to increasing share of renewa
Slide 13: ATL: Governance – Journey so far and future glide path
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Governance – Journey so far and future glide path We have charted a glide path to internalise global best practices of governance by September 2021 Journey so Far Target by SEP 2021 Structure for 8 SPVs including AEML, wi
Slide 14: ATL – Profile and Capital Management Program
Adani Transmission Limited Debt Presentation | February 2020 Transmission Transmission ATL – Profile and Capital Management Program 14
Slide 15: ATL: Largest Private T&D Company in India
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Largest Private T&D Company in India Execution Strength and Pan 3 million+ AEML - One of the best-run 765 KV, 400 KV, 220 KV EHT AC India Presence Retail Electricity Households 93-year old integrated utility Pan-India net
Slide 16: AEML at a Glance
Adani Transmission Limited Debt Presentation | February 2020 Transmission AEML at a Glance ATL Operating in Gateway City of Mumbai Top 10 Centers of commerce in world 6% of India’s real GDP Other SPVs AEML 4x Per capita income of India Stable and Evolved Regulatory Regime Regulated Integrated Utilit
Slide 17: Global Benchmarking: Adani Utility Portfolio vs. Global Utility peers
Adani Transmission Limited Debt Presentation | February 2020 Transmission Global Benchmarking: Adani Utility Portfolio vs. Global Utility peers ATL and Adani Utility portfolio fares in line or better on various metrics with global peers Utility Consumers (mn) EBITDA margin % (FY19 / Fully-built)* EV
Slide 18: Global Benchmarking: Regulatory Framework
Adani Transmission Limited Debt Presentation | February 2020 Transmission Global Benchmarking: Regulatory Framework Regulatory return framework for transmission players across geographies Key Highlights 14.0% Equity portion 12.0% doesn’t depreciate ATL’s rate of return will WACC/Rate of return 10.5%
Slide 19: ATL: Emulating Group's Core Infra Philosophy
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Emulating Group’s Core Infra Philosophy Development Consumer-centric Operations Phase Origination Construction O&M and Technology Consumer Engagement Capital Mgmt Return based disciplined In-house tailor-made Remote opera
Slide 20: ATL's Capital Management Program brings diversity and elongated maturity to debt profile
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL’s Capital Management Program brings diversity and elongated maturity to firm’s debt profile As of Short-term refinancing risk minimised1 Current 31st Mar 16 ~US$ 53 mn of debt (<1 year) vs. FFO of US$ 228 mn (FY19) Consoli
Slide 21: ATL: Reduced Development and Capex risk with High Credit Discipline
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Reduced Development and Capex risk with High Credit Discipline and no Equity Dilution Self-funded growth model with low capital risk Key Highlights ATL adding EBITDA at a multiple of 5.2x during life cycle FY16 FY20 Incre
Slide 22: Annexure
Adani Transmission Limited Debt Presentation | February 2020 Transmission Transmission Annexure 22
Slide 23: ATL: Capital Management Program Demonstrating Global Excellence
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Capital Management Program Demonstrating Global Excellence Highlights Obligor 1 Obligor 2 USPP AEML ATIL MEGPTCL STL, ATRL, CWRTL, RRWTL, AEML Asset PPP-8,9,10 EBITDA (USD mn) 239 87 234 Tenor 10 year 16.5 year 30 year 10
Slide 24: ATL OG - Profit and Loss Summary
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL OG - Profit and Loss Summary Particulars (US$ mn) H1FY20 FY19 FY18 FY17 Revenue from Operations 135 264 451 311 Revenue from sale of traded 0 119 127 113 goods Other Income 11 32 21 12 Finance Costs 53 106 126 139 Deprecia
Slide 25: ATL OG - Balance Sheet
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL OG - Balance Sheet Particulars (US$ mn) H1FY20 FY19 FY18 FY17 Tangible Assets 1,117 1,158 1,341 1,371 Long-Term Loans and Advances 21 23 19 17 Other Non-current Assets 942 884 699 87 Cash and Bank Balances 111 29 88 56 Oth
Slide 26: ATL 9M FY20 - Recent Operational and Financial Highlights
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL 9M FY20 - Recent Operational and Financial Highlights Operational Operational Revenue Transmission: Avg. availability 99.7% in 9M US$ mn Transmission Distribution Distribution: AT&C loss down 38 bps in 9MFY20 at 7.89% driv
Slide 27: Credit Rating
Adani Transmission Limited Debt Presentation | February 2020 Transmission Credit Rating International- Obligor Group SPV Ratings - Domestic Rating Agency Facility Rating/Outlook Company Rating Agency Rating Outlook Fitch Dollar Bond, Masala Bond BBB-/Stable CARE, India AA+ Stable ATL Rating S&P Doll
Slide 28: ATL's Evolution and Operational Portfolio
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL’s Evolution and Operational Portfolio ATL’s Transmission Network (ckt km) has grown 2.7x Adani Transmission Limited in 3 years; and Distribution business acquired in FY19 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 1
Slide 29: ATL: Locked-in Growth from Under-construction TBCB Projects
Adani Transmission Limited Debt Presentation | February 2020 Transmission ATL: Locked-in Growth from Under-construction TBCB Projects Adani Transmission Limited 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ghatam- Obra-C WRSS – Bikaner - Lakadia Kharghar Jam Kham- NKTL FBTL Banas- pur Badaun XX
Slide 30: Legal Disclaimer
Adani Transmission Limited Debt Presentation | February 2020 Transmission Legal Disclaimer The information contained in this presentation is provided by Adani Transmission Limited (together with its subsidiaries, the “Company” or “ATL”) to you solely for your reference and for information purposes o
Slide 31: Thank You
adani Transmission Thank You
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