Enel Americas S.a. · BCS:ENELAM
Enel Americas — H1 2018 Earnings Presentation
29 slides from Enel Americas's earnings presentation, 2018
Slide 1: Enel Américas 1H 2018 results
Enel Américas 1H 2018 results
Slide 2: Highlights of the period
1H 2018 results Highlights of the period EBITDA of 1,652 mUSD, an increase of 19% vs 1H 2017 despite a negative fx scenario in Argentina and Brazil Generation EBITDA increased by 14% due to better prices in Argentina and consolidation of Volta Grande Distribution EBITDA increased by 25% due to the f
Slide 3: Market context evolution
1H 2018 results Market context evolution Enel Américas Energy Local Currencies vs USD Annual GDP growth 1 (%) demand2 (%) (YoY%)3 2.9% -9.6% Argentina Argentina-0.5% Argentina 0.3% -36.9% 1.0% 14.1% Brazil Brazil 0.0% Brazil 1.7% -7.6% 6.3% 1.8% Colombia Colombia Colombia 1.4% 2.5% 2.6% 3.1% 2.5% Pe
Slide 4: Regulation update
1H 2018 results Regulation update Argentina • On February, the final step of the tariff increase was implemented and the recovery of the deferred revenues in 48 installments begun • Contacts ongoing with the new minister to finalize the agreement on the Settlement of Regulatory Assets • The delay of
Slide 5: Operating highlights
1H 2018 results Operating highlights Net production (TWh) Energy sales (TWh) - 3.5% + 17.8% Generation 20.5 31.9 19.8 27.1 17.3 9.1 8.5 0.1 0.1 Hydro 11.3 11.2 Oil-Gas Coal 1H 17 1H 18 1H 17 1H 18 Energy Distributed (TWh) Number of customers (m) Distribution + 12.3 % + 43.7% 41.3 24.4 36.8 17.0 7.2
Slide 6: Financial highlights (US$ m)
1H 2018 results Financial highlights (US$ m) 1H 18 1H 17 ∆ yoy Net of Fx Revenues 5,948 4,820 23.4% Contribution Margin 2,465 2,192 12.5% EBITDA 1,652 1,385 19.3% 27.6% EBIT 1,249 984 26.9% Net Financial Results -217 -342 36.6% Others 2 5 -54.1% EBT 1,034 647 59.9% Taxes -374 -273 36.8% Total Net In
Slide 7: EBITDA evolution (US$ m)
1H 2018 results EBITDA evolution (US$ m) + 19.3% 368 25 1,652 (76) 1,385 65 (115) 1H 2017 EBITDA Fx impact Perimeter1 Margin growth Efficiency Opex Inflation 1H 2018 EBITDA 1. Enel Dx Goiás: USD 11 m, Eletropaulo: USD 22 m, Volta Grande: USD 45 m and others: - USD 12 m. 7
Slide 8: Group EBITDA evolution by business and country (US$ m)
1H 2018 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 14.4% + 24.9% 109 875 24 14 819 (12) (2) 21 154 90 701 716 (45) (74) 1 1 1 1 1H 17 Fx impact Argentina Brazil Colombia Peru 1H 18 1H 17 Fx impact Argentina Brazil Colombia Peru 1H 18 1. Not including Ser
Slide 9: Gross Capex (US$ m)
1H 2018 results Gross Capex (US$ m) 1 By activity By business By country + 3.3% + 3.3% + 3.3% 629 650 629 650 629 650 12% 11% 37% 22% 19% 63% 89% 88% 55% 52% 63% 41% 11% 22% 14% 16% 1H 17 1H 18 1H 17 1H 18 1H 17 1H 18 Maintenance Growth Generation Distribution Argentina Brazil Colombia Peru 1. Accru
Slide 10: Focus on Argentina (US$ m)
1H 2018 results Focus on Argentina (US$ m) Generation Distribution Total 1H 1H 18 1H 17 % 1H 18 1H 17 % 1H 18 1H 17 % Revenues 166 125 33% 800 577 39% 965 701 38% EBITDA 110 63 76% 144 43 232% 253 106 140% Dock Sud 846 MW Net Income 113 46 149% 28 -86 137% 147 -40 137% Costanera 26 11 130% 75 76 -2%
Slide 11: Focus on Brazil (US$ m)
1H 2018 results Focus on Brazil (US$ m) Generation Distribution Total 1H 1H 18 1H 17 % 1H 18 1H 17 % 1H 18 1H 17 % Revenues 460 370 24% 2,603 2,069 26% 2,914 2,283 28% Fortaleza 319 MW EBITDA 177 170 4% 364 283 29% 511 435 17% Net Income 115 104 10% 87 -30 -393% 130 65 101% Enel Dx Ceará Clients: 4.
Slide 12: Focus on Colombia (US$ m)
1H 2018 results Focus on Colombia (US$ m) Generation Distribution Total 1H 1H 18 1H 17 % 1H 18 1H 17 % 1H 18 1H 17 % Revenues 620 550 13% 847 757 12% 1,327 1,156 15% EBITDA 368 335 10% 254 260 -2% 622 595 5% Codensa Emgesa Clients: 3.4 m 411 MW Net Income 177 144 23% 102 106 -4% 279 250 12% Bogota C
Slide 13: Focus on Peru (US$ m)
1H 2018 results Focus on Peru (US$ m) Generation Distribution Total 1H 1H 18 1H 17 % 1H 18 1H 17 % 1H 18 1H 17 % Revenues 379 345 10% 463 447 4% 741 680 9% Enel Dx Perú Clients: 1.4 m EBITDA 165 149 10% 113 114 -1% 278 263 5% Net Income 90 66 36% 52 52 -1% 141 119 18% Capex 17 24 -28% 54 52 5% 71 76
Slide 14: From EBITDA to Net income (US$ m)
1H 2018 results From EBITDA to Net income (US$ m) 1,652 1,249 (404) 2 1,034 (217) 660 (374) 403 (258) EBITDA D&A EBIT Net Non EBT Income tax Net Income Minorities Attr. Net financial operating Income result results 1H 17 1,385 - 401 984 - 342 5 647 - 273 374 - 168 206 ∆ yoy 19.3% 0.6% 26.9% 36.6% -5
Slide 15: Free cash flow (US$ m)
1H 2018 results Free cash flow (US$ m) 1,652 (417) 627 (428) 406 2 (180) 2433 (650) (23) (501) (524) 913 (253) 1702 (2,354) (88) (3,219) EBITDA NWC Taxes paid Net financial FFO Capex1 FCF Net dividend NCF Financial Extraordinary FX Effect Change in Net expenses paid receivables operations Debt 1. Ca
Slide 16: Gross debt breakdown (US$ m)
1H 2018 results Gross debt breakdown1 (US$ m) Gross and Net Debt Gross debt breakdown by currency Gross debt breakdown by country 7.9% 7.3% + 81.6% + 81.6% 9,059 9,059 9,059 5% 7% 12% 11% New cash2: 2,492 US$ 1.0 bn 23% 23% 4,988 4,988 4,988 9% 12% 1,639 New Net Debt2: 16% 13% 6,568 US$ 3.6 bn 59% 5
Slide 17: Focus Eletropaulo
1H 2018 results Focus Eletropaulo Last milestones Rating agencies BBB / Stable International Baa3 / Negative International BBB+/Stable International AA(cl)/Stable Local AA- / Stable Local Rating agencies kept outlook and rating 17
Slide 18: Closing remarks: highlights
1H 2018 results Closing remarks: highlights Significant better results than in the first half of the previous year Consolidation of Volta Grande and higher prices mainly in Argentina allowed better results in Generation business Good performance in Distribution business due to full consolidation of
Slide 19: Exhibits
Exhibits 19
Slide 20: EBITDA breakdown (US$ m)
1H 2018 results EBITDA breakdown (US$ m) EBITDA by country EBITDA by business Argentina Generation 15% Peru 17% 1,652 37% Colombia 1,652 52% 48% +19.3% yoy +19.3% yoy 31% Distribution Brazil Net Income by country Net Income by business Argentina Generation 21% 65% 40% Colombia 660 660 +76.7% yoy +76
Slide 21: Operating Exhibits 1H 2018
Operating Exhibits 1H 2018 Business context in 1H 2018 v/s 1H 2017 Dx EBITDA Spot Price Dx Sales Gx EBITDA (US$ mn) Electricity Demand1 Gx Output (US$/MWh) (TWh) (US$ mn) (%) (TWh) N/A Argentina N/A Brazil Colombia Peru 1. Enel Américas’ Cumulative Demand. Brazil: Enel Dx Rio, Enel Dx Ceará, Enel Dx
Slide 22: Net installed capacity and total net production
Operating Exhibits 1H 2018 Net installed capacity and Total net production: Breakdown by source and geography Net installed capacity (MW) MW Hydro Oil-Gas Coal Total Argentina 1,328 3,091 0 4,419 Brazil 1,035 319 0 1,354 Colombia 3,093 187 224 3,504 Peru 792 1,194 0 1,986 Total 6,249 4,791 224 11,26
Slide 23: Production mix (TWh)
Operating Exhibits 1H 2018 Production mix (TWh) LatAm Argentina - 3.5% - 6.2 % Hydro 20.5 19.8 7.8 7.3 Oil-gas 0.4% 0.4% 44% 43% Coal 87% 81% 55% 57% 13% 19% 1H 17 1H 18 1H 17 1H 18 Brazil Colombia Peru - 10.2% - 9.6% + 19.8 % 4.1 1.9 1.2% 7.4 3.4 1.7 0.4% 6.7 1.2% 0.8% 33% 34% 48% 61% 98% 98% 67% 6
Slide 24: Distribution companies
Operating Exhibits 1H 2018 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Edesur 2,542,702 9,042 12.9% Buenos Aires, Argentina 3,309 2022 Enel Dx Rio 2,983,183 5,635 20.8% Niteroi, Brazil 32,615 2023 Enel Dx Cea
Slide 25: Liquidity and credit profile
Financial Exhibits 1H 2018 Liquidity and credit profile Liquidity (US$ m) Total Used Available Committed credit lines 1,307 350 957 Cash and cash equivalents 1 2,492 0 2,492 Total liquidity 3,798 0 3,448 Credit Profile as of July 2018 S&P Fitch Moody's LT international debt BBB BBB+ Baa3 LT local de
Slide 26: Debt maturity
Financial Exhibits 1H 2018 Debt maturity Average residual maturity (years) Debt profile (US$ m) 4.3 2.8 Eletropaulo 2,412 acquisition debt 3,240 1,174 1,260 974 FY 2017 1H 18 2018 2019 2020 Balance 26
Slide 27: Disclaimer
1H 2018 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 regarding the intent
Slide 28: Thank you. Contact us
1H 2018 Results Contact us Rafael De La Haza Head of Investor Relations Enel Américas Jorge Velis Investor Relations Manager Enel Américas Itziar Letzkus Investor Relations Enel Américas Javiera Rubio Email Investor Relations Enel Américas ir.enelamericas@enel.com Phone Gonzalo Juárez +562 23534682
Slide 29: CNC
CNC