Enel Americas S.a. · BCS:ENELAM
Enel Americas — 9M 2017 Earnings Presentation
29 slides from Enel Americas's earnings presentation, 2017
Slide 1: Enel Américas 9M 2017 results
Enel Américas 9M 2017 results
Slide 2: Highlights of the period and recent events
9M 2017 results Highlights of the period and recent events EBITDA of USD 2,135 m, an increase of 18.1% vs 9M 2016. Net of one-offs and fx effect EBITDA would have increased by 19.1% Net Income of USD 657 m, a decrease of 12.1% vs 9M 2016. Net of one-offs would have increased by 1.4% Efficiencies ann
Slide 3: Market context in the period
9M 2017 results Market context in the period Enel Américas Energy Local Currencies vs USD Annual GDP growth 1 (%) demand2 (%) (YoY%)3 Colombia 3.9% Colombia 1.7% Colombia 1.7% Brazil 0.8% Brazil -1.7% Brazil 10.5% Peru 2.6% Peru 2.8% Peru 3.1% Argentina 2.8% Argentina -4.0% Argentina -11.9% 1. GDP (
Slide 4: Operating highlights
9M 2017 results Operating highlights Net production (TWh) Electricity sales (TWh) + 1.0% + 8.1% Generation 31.1 41.3 30.8 38.2 17.3 13.3 14.0 0.6 0.1 Hydro 16.9 17.0 Oil-Gas Coal 9M 16 9M 17 9M 16 9M 17 Electricity Distributed (TWh) Number of customers (m) Distribution + 17.0 % + 25.1% 57.5 17.1 49.
Slide 5: Financial highlights (US$ m)
9M 2017 results Financial highlights (US$ m) Revenues EBITDA + 36.1% + 19.1% + 18.1% 7,651 5,623 1,074 CELG 2,135 +110 2,153 83 CELG 1,808 -92 2,052 1 9M16 9M 17 9M16 9M17 FX effects One-Off EBITDA ex. One-offs and Net Income (without discontinued operations) Net Debt 2 FX effects - 12.1% + 101.3% 7
Slide 6: Group EBITDA evolution by business and country
9M 2017 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 12.0% + 21.3% +122 1,100 +38 1,086 -1 +30 +44 74 2 -27 +38 +13 +56 970 907 -3 1 1 1 1 9M 16 FX Impact Colombia Brazil Peru Argentina 9M 17 9M 16 FX Impact Colombia Brazil Peru Argentina 9M 17 1. Not incl
Slide 7: Focus on Colombia
9M 2017 results Focus on Colombia (US$ m) Generation Distribution Total1 9M 16 9M 17 % 9M 16 9M 17 % 9M 16 9M 17 % Revenues 906 862 -5% 989 1,143 16% 1,711 1,771 4% Codensa EBITDA 504 521 3% 330 389 18% 834 911 9% Emgesa Clients: 3.3 m 411 MW Net Income 206 232 13% 136 158 16% 342 390 14% Bogota Cap
Slide 8: Focus on Brazil
9M 2017 results Focus on Brazil (US$ m) Generation Distribution Total1 9M 16 9M 17 % 9M 16 9M 17 % 9M 16 9M 17 % Fortaleza Revenues 416 603 45% 1,718 3,340 94% 1,928 3,709 92% 319 MW EBITDA 201 240 19% 277 446 61% 448 656 46% Enel Dx Ceará Net Income 116 142 22% 23 31 33% 169 155 -8% Clients: 4.0 m
Slide 9: Focus on Peru
9M 2017 results Focus on Peru (US$ m) Generation Distribution Total1 9M 16 9M 17 % 9M 16 9M 17 % 9M 16 9M 17 % Enel Dx Perú Clients: 1.4 m Revenues 508 516 2% 654 661 1% 1,010 1,017 1% EBITDA 174 211 21% 162 166 2% 336 376 12% Net Income 80 96 20% 76 74 -2% 156 171 9% Capex 64 32 -51% 86 75 -13% 152
Slide 10: Focus on Argentina
9M 2017 results Focus on Argentina (US$ m) Generation Distribution Total1 9M 16 9M 17 % 9M 16 9M 17 % 9M 16 9M 17 % Revenues 231 209 -9% 735 947 29% 963 1,154 20% Dock Sud EBITDA 90 114 26% 138 99 -28% 228 212 -7% 846 MW Net Income 46 70 52% -21 -93 - 25 -23 -191% Costanera 2.210 MW Capex 54 18 -66%
Slide 11: Gross Capex
9M 2017 results Gross Capex (US$ m) 1 By activity By business By country Maintenance Generation Argentina 10% Colombia 14% 18% 38% 10% 1,063 Peru 1,063 1,063 +39.3% yoy +39.3% yoy +39.3% yoy 62% Distribution 58% Growth 90% Brazil 1. Accrued capex during 2017, gross of contributions and connections f
Slide 12: EBITDA breakdown
9M 2017 results EBITDA breakdown (US$ m) EBITDA by country EBITDA by business Argentina 10% Generation Peru 17% 42% 2,135 Colombia 2,135 50% 50% +18.1% yoy +18.1% yoy 30% Distribution Brazil 12
Slide 13: From EBITDA to Net income
9M 2017 results From EBITDA to Net income (US$ m) 2,135 1,537 -598 +5 -493 657 -392 384 -273 EBITDA D&A EBIT Financial Non Income tax Net Income Minorities Attr. Net Result Operating Income Results 1 9M 16 1,808 -432 1,376 -357 3 -274 748 -384 533 1 1. Include Discontinued Operations (169 MUSD). 13
Slide 14: Free cash flow
9M 2017 results Free cash flow (US$ m) 2,135 1 -336 1,204 -407 -188 4053 6594 141 -1,063 -468 -327 -1,131 -77 -1,535 EBITDA NWC Taxes paid Financial FFO Capex2 FCF Net NCF Extr. FX Effect Change in Expenses Dividend Operation Net Debt paid paid 1. CELG NWC contribution: USD 107 m. 2. Capex accrued g
Slide 15: Gross debt breakdown
9M 2017 results Gross debt breakdown (US$ m) Gross and Net Debt Gross debt breakdown by currency Gross debt breakdown by country 9.7% 8.0% +7.8% +7.8% 4,605 4,605 4,605 4,273 4,273 4,273 9% 12% 11% 15% 1,554 17% 14% 20% 15% 2,757 29% 29% 22% 22% 3,051 46% 46% 44% 47% 44% 1,516 Dec. 16 Sep. 17 Dec. 1
Slide 16: Operational efficiency
9M 2017 results % accomplished as of Operational efficiency1 2016 9M 20173 2019 20173 OPEX 122 212 234 91% S&S2 32 54 59 92% Cash Optimization 4 15 15 100% Tax 50 50 50 100% Total 208 331 358 92% Already accomplished more than 90% of total efficiencies announced 1. MUSD net of inflation and Fx chang
Slide 17: Dow Jones Sustainability Chile Index and FTSE4Good Index
9M 2017 results Dow Jones Sustainability Chile Index and FTSE4Good Index Dow Jones On September, 6th 2017 Enel Américas has been Sustainability selected as an index component of the Dow Jones Chile Index Sustainability Chile Index (DJSI). This index is a recognition of corporate sustainability leade
Slide 18: Closing remarks: highlights
9M 2017 results Closing remarks: highlights Almost 20% of EBITDA growth More than 90% of target efficiencies for 2019 already achieved We continue with our growth strategy by acquiring 380 MW Hydro power plant Volta Grande in Brazil and 7.5% of minorities in Enel Dx Perú Now Member of Dow Jones Sust
Slide 19: Exhibits
Exhibits 19
Slide 20: Financial Statements reported (US$ m)
9M 2017 results Financial Statements reported (US$ m) 9M 2016 9M 2017 ∆ YoY Revenues 5,623 7,651 36.1% Contribution Margin 2,807 3,342 19.1% EBITDA 1,808 2,135 18.1% EBIT 1,376 1,537 11.7% Net Financial Income -357 -493 43.0% Others 3 5 56.7% Taxes -274 -392 43.0% Group Net Income (before dis.) 748
Slide 21: Operating Exhibits 9M 2017
Operating Exhibits 9M 2017 Business context in 9M 2017 v/s 9M 2016 Dx Ebitda Spot Price Dx Sales Gx Ebitda (US$ mn) Electricity Demand1 Gx Output (US$/MWh) (TWh) (US$ mn) (%) (TWh) Colombia Brazil Peru N/A Argentina N/A 1. Enel Américas’ Cumulative Demand. Brazil: Enel Dx Rio, Enel Dx Ceará and Celg
Slide 22: Net installed capacity and total net production
Operating Exhibits 9M 2017 Net installed capacity and Total net production : Breakdown by source and geography Net installed capacity (MW) MW Hydro Oil-Gas Coal Total Colombia 3,056 187 224 3,467 Peru 778 1,201 0 1,979 Brazil 655 319 0 974 Argentina 1,328 3,091 0 4,419 Total 5,817 4,797 224 10,838 T
Slide 23: Production mix (TWh)
Operating Exhibits 9M 2017 Production mix (TWh) LatAm Colombia + 1.0% + 0.1 % Hydro 30.8 31.1 11.4 11.4 1.8% 0.3% 0.9% Oil-gas 0.4% 45.1% 4.9% 43.3% Coal 2.7% 98.7% 54.8% 54.6% 92.4% 9M 16 9M 17 9M 16 9M 17 Peru Brazil Argentina - 21.2% + 15.9% + 12.4 % 6.6 5.2 2.6 3.1 10.2 11.5 51.7% 40.8% 46.0% 56
Slide 24: Distribution companies
Operating Exhibits 9M 2017 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 3,314,587 10,276 7.8% Bogota, Colombia 14,456 20181 Enel Dx Rio 3,010,626 8,204 20.4% Niteroi, Brazil 32,615 2018 Enel Dx Ceará 3
Slide 25: Liquidity and credit profile
Financial Exhibits 9M 2017 Liquidity and credit profile Liquidity (US$ m) Amount Outstanding Available Committed credit lines 285 0 285 Cash and cash equivalents 1 1,554 0 1,554 Total liquidity 1,839 0 1,839 Credit Profile as of Oct. 2017 S&P Fitch Moody's LT international debt BBB BBB+ Baa3 LT loca
Slide 26: Debt maturity
Financial Exhibits 9M 2017 Debt maturity Average residual maturity (years) Debt profile (US$ m) 4.7 2,977 4.2 691 785 152 FY 2016 9M 17 2017 2018 2019 Balance 26
Slide 27: Disclaimer
9M 2017 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 28: IR Team
9M 2017 Results IR Team • Rafael De La Haza, Head of IR +56 2 2353 4682 • Jorge Velis – IR Santiago de Chile Office +56 2 2353 4552 • Itziar Letzkus – IR Santiago de Chile Office +56 2 2353 4681 • Gonzalo Juarez – IR New York Office +1 (212) 520-1025 • María Luz Muñoz - Executive Assistant +56 2 235
Slide 29: CNC
CNC