Enel Americas S.a. · BCS:ENELAM

Enel Americas — Enersis Américas — Q1 2016 Earnings Presentation

30 slides from Enel Americas's earnings presentation, May 9, 2016

  1. Slide 1: Enersis Américas 1Q 2016 results

    Enersis Américas 1Q 2016 results May 9th, 2016

  2. Slide 2: Highlights of the period

    1Q 2016 results Highlights of the period EBITDA of 607 mnUSD increased by 1.3%. Operating EBITDA excluding FX effect increased by 19.5% Net Income of 246 mnUSD decreased by 33 mnUSD including a one- off revaluation of past penalties in Argentina for 74 mnUSD Higher sales in Gx for 0.7 (+5.3%) TWh an

  3. Slide 3: Market context in the period

    1Q 2016 results Market context in the period Expected Average Enersis’ Energy demand2 (%) Spot Price (USD/MWh) Local Currencies vs CLP (%)3 annual growth of GDP1 (%) Colombia -14.9% Colombia 2.4% Colombia Colombia 213 0,8% 0.8% Peru Peru Peru -0.5% 3.6% Peru 4.2% 23 4,2% 4 Brazil -3.8% Brazil-2,6% -

  4. Slide 4: Regulation – relevant updates during the period

    1Q 2016 results Regulation – relevant updates during the period • Distribution: On January 27th/ / 29th MEyM and ENRE approved resolutions 6-7/16 and 1-2/16, implementing: • Mandate to ENRE to implement RTI in the last quarter to 2016. Process approved on April 5th. • The end of State subsidies in D

  5. Slide 5: Operating highlights

    1Q 2016 results Operating highlights Installed capacity (GW) Net production (TWh) Electricity sales (TWh) + 3.9% - 6.9% + 5.3% Generation 10.3 10.7 10.6 9.9 12.4 11.7 4.8 4.8 Hydro 0.2 Oil-Gas 4.9 4.7 0.2 0.3 Coal 0.4 5.4 5.8 5.4 4.8 1Q 15 1Q 16 1Q 15 1Q 16 1Q15 1Q16 1Q15 1Q16 1Q15 1Q16 Electricity

  6. Slide 6: Financial Statements reported to SVS

    1Q 2016 results Financial Statements reported to SVS (US$ mn1) 1Q 2015 1Q 2016 Δ YoY 1Q 2015 1Q 2016 Δ YoY Revenues 1,859 1,804 -2.9% Revenues 1,859 1,804 -2.9% Financial Statements reported to SVS Contribution Margin 941 904 -3.9% Contribution Margin 941 904 -3.9% Financial Statements (pro-forma) E

  7. Slide 7: Financial highlights (US$ mn)

    1Q 2016 results Financial highlights (US$ mn1) Revenues EBITDA - 2.9% + 1.3% 1,859 1,804 600 +117 607 -110 1Q15 Operating Fx impact 1Q16 1Q 15 1Q 16 Performance Net Income Net Debt2 + 14.6% Reported Net Income + 1.2% - 11.9% Excluding one-off effect EPS 1,795 1,816 +74 320 1Q 16 2.0 CLP/Share 279 0.

  8. Slide 8: Group EBITDA evolution by business and country

    1Q 2016 results Group EBITDA evolution by business and country (US$ mn1) Generation Distribution + 13.3% - 6.6% +21 346 300 +19 +3 +7 +6 280 305 +56 +10 +10 -57 -53 +11.0 % +32.2 % Operating Performance Operating Performance 2 2 1Q15 FX Impact Colombia Peru Brazil Argentina 1Q16 1Q15 FX Impact Colom

  9. Slide 9: Focus in Colombia

    1Q 2016 results Focus in Colombia (US$ mn1) Generation Distribution Total2 1Q 15 1Q 16 % 1Q 15 1Q 16 % 1Q 15 1Q 16 % Revenues 224 339 51 314 312 -1 508 599 18 Codensa Emgesa Clients: 2.9 mn Thermal 444 MW EBITDA 139 166 19 101 95 -6 240 261 9 Bogota CAPEX 79 7 -93 19 39 107 98 46 -53 Emgesa Hydro 3,

  10. Slide 10: Focus in Peru

    1Q 2016 results Focus in Peru (US$ mn1) Generation Distribution Total2 Edelnor 1Q 15 1Q 16 % 1Q 15 1Q 16 % 1Q 15 1Q 16 % Clients: 1.3 mn Revenues 138 183 33 185 225 21 291 357 23 EBITDA 71 89 25 46 56 20 117 144 23 CAPEX 17 2 -88 29 24 -15 45 26 -42 Edegel Thermal 1,200MW Net Production 2,248 2,266

  11. Slide 11: Focus in Brazil

    1Q 2016 results Focus in Brazil (US$ mn1) Generation Distribution Total2 1Q 15 1Q 16 % 1Q 15 1Q 16 % 1Q 15 1Q 16 % Fortaleza Thermal 327 MW Revenues 119 121 1 680 489 -28 754 550 -27 Coelce EBITDA 70 60 -14 110 96 -12 176 148 -16 Clients: 3.8 mn Cachoeira Brasilia Dourada CAPEX 15 4 -75 55 75 36 70

  12. Slide 12: Focus in Argentina

    1Q 2016 results Focus in Argentina (US$ mn1) Generation Distribution Total2 1Q 15 1Q 16 % 1Q 15 1Q 16 % 1Q 15 1Q 16 % Revenues 78 85 9 228 207 -9 306 292 -5 Dock Sud Thermal 870 MW EBITDA 25 31 24 43 33 -23 68 64 -5 Costanera Thermal Buenos Aires 2.304 MW CAPEX 62 17 -72 44 27 -37 106 45 -58 El Choc

  13. Slide 13: From EBITDA to Group net income

    1Q 2016 results From EBITDA to Group net income (US$ mn1) 607 482 -125 -74(2) +3 -150 246 -83 142 -104 EBITDA D&A EBIT Financial Non Operating Income tax Group Net Minorities Attributable Result Results Income Shareholders Net Income 1Q 15 600 -130 470 -73 0 -118 279 -102 178 Change YoY +1.3% -3.2%

  14. Slide 14: EBITDA and Net Income breakdown

    1Q 2016 results EBITDA and Net Income breakdown (US$ mn1) EBITDA by geography EBITDA by business Brazil 24% Distribution 607 11% Argentina 55% 607 +1.3% yoy +1.3% yoy 45% 42% Colombia 23% Peru Generation Net Income3 by geography Net Income3 by business 29% Peru Generation 55% 320 Colombia 320 45% 20

  15. Slide 15: Gross Capex

    1Q 2016 results Gross Capex1 (US$ mn) By activity By country Brazil Maintenance 40% 60% 196 196 -38.7% yoy 23% Argentina 40% -38.7% yoy 24% Growth 13% Colombia Peru Higher growth capex in Brazil compensates El Quimbo finalization in Colombia 1. Gross of contributions and connections fees, accrued ca

  16. Slide 16: Free cash flow

    1Q 2016 results Free cash flow (US$ mn1) 607 -274 148 -116 -69 +113 65 31 -118 -78 2 Net EBITDA NWC & Taxed paid Financial FFO Maintenance FCF Growth Net Dividends Dividens CF Others expenses Capex 3 Capex3 received paid 1. Comparisons between periods are made using the average USD Fx rate for 1Q 20

  17. Slide 17: Gross debt breakdown

    1Q 2016 results Gross debt breakdown Gross and Net Debt (US$ mn) Gross debt breakdown by currency 10.2% +7.6% 9.5% 3,783 3,783 3,517 3,517 11% 12% 11% 13% 1,722 1,967 8% 24% 22% 1,795 1,816 47% 49% FY 15 1Q 16 FY 15 1Q 16 Net Debt Cash COP BRL USD PEN CLP ARS Cost of gross debt 17

  18. Slide 18: Closing remarks: Current Results vs. Targets 2016

    1Q 2016 results Closing remarks: Current Results vs. Targets 2016 2016 EBITDA 2016 Net Income Achieved Achieved 24% 25% Target FY 16 Target FY 16 US$2.4 bn US$0.6 bn Results in line with 2016 targets 18

  19. Slide 19: May 6th Relevant information regarding the Merger

    May 6th Relevant information regarding the Merger Definition of merger transaction within related party framework by BoDs of Enersis Américas, Endesa América and Chilectra Américas Appointment of independent appraisers and evaluators Starting of analysis in order to comply the expected timeline 19

  20. Slide 20: Closing remarks: highlights

    1Q 2016 results Closing remarks: highlights Solid operating performance despite the FX and one-off impact Significant cost reduction, increase in customer base and country diversification Results in line with 2016 targets BoDs started the merger evaluation process within related party transaction fr

  21. Slide 21: Exhibits

    Exhibits 21

  22. Slide 22: Operating Exhibits 1Q 2016: Business context

    Operating Exhibits 1Q 2016 Business context in 1Q 2016 v/s 1Q 2015 Electricity Demand Spot Price Gx Output Dx Sales Gx Ebitda Dx Ebitda (%) (US$/MWh) (TWh) (TWh) (US$ mn) (US$ mn) Colombia Peru Brazil Argentina 22

  23. Slide 23: Net installed capacity and total net production

    Operating Exhibits 1Q 2016 Net installed capacity and Total net production : Breakdown by source and geography Net installed capacity (GW) GW Hydro Oil-Gas Coal Total Colombia 3.0 0.2 0.2 3.4 Peru 0.8 1.2 0.0 2.0 Brazil 0.7 0.3 0.0 1.0 Argentina 1.3 3.2 0.0 4.4 Total 5.8 4.8 0.2 10.7 Total net produ

  24. Slide 24: Production mix (TWh)

    Operating Exhibits 1Q 2016 Production mix (TWh) LatAm Colombia - 6.9% + 1.8 % 1 10.6 9.9 3.2 3.3 Hydro 2,7% 4,1% 9,0% 12,4% Oil-gas 46,2% 47,3% 7,0% 90,9% 80,6% Coal 51,0% 48,6% 1Q 15 1Q 16 1Q 15 1Q 16 Peru Brazil Argentina + 0.8% -25.3% -12.8 % 2.2 2.3 1.2 0.9 3.9 3.4 40,0% 45,2% 51,2% 63,5% 85,7%

  25. Slide 25: Distribution companies

    Operating Exhibits 1Q 2016 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 2,889,596 3,421 7.0% Bogota, Colombia 14,456 20161 Ampla 2,998,365 3,045 20.0% Niteroi, Brazil 32,615 2019 Coelce 3,788,306 2,799

  26. Slide 26: Debt structure, liquidity and credit profile

    Financial Exhibits 1Q 2016 Debt structure, liquidity and credit profile Liquidity (US$ mn) Amount Outstanding Available Committed credit lines 293 9 284 Cash and cash equivalents 1 1,967 n.a. 2,028 Uncommitted lines 473 0 473 Total liquidity 2,794 9 2,785 Credit Profile as of Mar. 2016 S&P Fitch Moo

  27. Slide 27: Debt maturity

    Financial Exhibits 1Q 2016 Debt maturity Debt profile (US$ Mn) Average residual maturity (years) 2,023 3.8 2.9 648 581 532 FY 15 1Q 16 2016 2017 2018 2019 and beyond 27

  28. Slide 28: Disclaimer

    1Q 2016 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

  29. Slide 29: IR Team

    1Q 2016 Results IR Team • Pedro Cañamero, Head of IR +56 2 2353 4682 • Denisse Labarca +56 2 2353 4576 • Jorge Velis +56 2 2353 4552 • María Luz Muñoz +56 2 2353 4682 ir.enersis@enel.com For further information, visit our IR site at: www.enersis.cl 29

  30. Slide 30: Enersis Américas Grupo Enel

    enersis americas Grupo Enel 30

Enersis Américas — Q1 2016 Earnings Presentation on 6ix