Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q1 2017 Earnings Presentation
27 slides from Enel Americas's earnings presentation, 2017
Slide 1: Enel Américas 1Q 2017 results
Enel Américas 1Q 2017 results
Slide 2: Highlights of the period and recent events
1Q 2017 results Highlights of the period and recent events EBITDA of USD 651 m, an increase of 7.1% vs 1Q 2016 Net Income of USD 143 m, a decrease of 42% vs 1Q 2016 Higher generation sales +1.9 TWh 17 m clients of which: +359k organic growth (+2.7%) + 3.2 m from the consolidation of CELG and EEC Add
Slide 3: Market context in the period
1Q 2017 results Market context in the period Enel Américas Energy Average Local Currencies vs USD Annual GDP growth 1 (%) demand2 (%) Spot Price (USD/MWh) (YoY%)4 Colombia -1.4% Colombia 45 Colombia Colombia 2.3% 10.3% Brazil 0.6% Brazil 34.5% Brazil 3 50 Brazil 19.5% Peru 3.2% Peru Peru 20 Peru 3.3
Slide 4: Operating highlights
1Q 2017 results Operating highlights Net Installed capacity (MW) Net production (TWh) Electricity sales (TWh) + 10.8% + 15.1% + 0.5% Generation 9.9 10.9 10,741 10,792 14.2 Hydro 18.8 17.3 4.7 12.4 4.7 4,763 4,750 Oil-Gas Coal 5,817 22.2 4.8 6.1 22.6 5,754 Mar. 16 Mar. 17 1Q 16 1Q 17 1Q 16 1Q 17 Elec
Slide 5: Financial highlights (US$ m)
1Q 2017 results Financial highlights (US$ m) Revenues EBITDA + 29.4% + 12.3% + 7.1% 2,334 1,804 +95 682 607 651 -64 1Q16 1Q17 FX effects One-Offs1 EBITDA ex. 1Q 16 1Q 17 One-offs and FX effects Net Income (without discontinued operations) Net Debt 2 - 41.7% + 90.2% 246 2,883 143 1,516 1Q 16 1Q 17 De
Slide 6: Group EBITDA evolution by business and country
1Q 2017 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 0.6% + 10.8% +36 +19 +8 +29 +17 310 -20 346 348 -32 -2 -18 280 -4 1 1 1 1 1Q 16 FX Impact Colombia Brazil Peru Argentina 1Q 17 1Q 16 FX Impact Colombia Brazil Peru Argentina 1Q 17 1. Not including Servic
Slide 7: Focus on Colombia
1Q 2017 results Focus on Colombia (US$ m) Generation Distribution Total1 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Revenues 339 272 -20% 312 377 21% 598 578 -3% Codensa Emgesa Clients: 3.3 m 411 MW EBITDA 166 163 -2% 95 127 34% 261 290 11% Bogota Net Income 67 74 10% 37 54 47% 104 128 23% Emgesa Cap
Slide 8: Focus on Brazil
1Q 2017 results Focus on Brazil (US$ m) Generation Distribution Total1 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Fortaleza Revenues 121 189 56% 489 918 88% 550 1,026 87% 319 MW EBITDA 60 91 52% 96 86 -10% 148 167 13% Enel Dx Ceará Net Income 35 54 56% 20 -41 -303% 55 13 -77% Clients: 3.9 m Cachoeira
Slide 9: Focus on Peru
1Q 2017 results Focus on Peru (US$ m) Generation Distribution Total1 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Edelnor Clients: 1.4 m Revenues 183 172 -6% 225 227 1% 357 341 -4% EBITDA 89 74 -16% 56 56 0% 144 130 -10% Net Income 50 39 -22% 28 26 -7% 78 65 -17% Capex 1 16 1,469% 24 24 0% 26 40 54% Ed
Slide 10: Focus on Argentina
1Q 2017 results Focus on Argentina (US$ m) Generation Distribution Total1 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Revenues 85 53 -37% 207 336 62% 291 389 34% Dock Sud EBITDA 31 25 -19% 33 46 39% 64 71 10% 846 MW Net Income 23 -4 -117% -63 -52 17% -40 -57 -43% Costanera 2.210 MW Buenos Aires CAPEX
Slide 11: Gross Capex
1Q 2017 results Gross Capex (US$ m) 1 By activity By business By country Maintenance Generation Argentina Colombia 13% 15% 21% 273 Peru 273 45% 15% 273 +39.5% yoy +39.5% yoy 55% +39.5% yoy 87% Distribution Brazil Growth 49% 1. Accrued capex during 2017, gross of contributions and connections fees, 1
Slide 12: EBITDA breakdown
1Q 2017 results EBITDA breakdown (US$ m) EBITDA by country EBITDA by business Brazil Distribution 25% 651 651 Colombia 44% 53% 47% +7.1% yoy +7.1% yoy 20% Generation Peru 11% Argentina 12
Slide 13: From EBITDA to Net income
1Q 2017 results From EBITDA to Net income (US$ m) 651 476 -174 +1 -197 143 -137 EBITDA D&A EBIT Financial Result Non Operating Income tax Net Income Results 1Q 16 607 -125 482 -150 -3 -83 246 Change YoY +7.1% -39,0% -1.1% -31.4% -129.6% +64.9% -41.7% 13
Slide 14: Free cash flow
1Q 2017 results Free cash flow (US$ m) 651 -230 201 2 -167 123 -52 151 3 -273 -71 -142 -213 -1,069 -84 EBITDA NWC Taxes paid Financial FFO Capex1 FCF Net NCF Extr. FX Effect Change in Expenses Dividend Operation Net Debt paid paid 1. Capex accrued gross of contributions and connections fees. Differe
Slide 15: Gross debt breakdown
1Q 2017 results Gross debt breakdown (US$ m) Gross and Net Debt Gross debt breakdown by currency Gross debt breakdown by country 9.7% 8.5% +8.4% 4,632 4,632 4,273 4,632 4,273 13% 4,273 10% 15% 11% 14% 18% 15% 1,749 20% 2,757 28% 22% 22% 28% 22% 2,883 47% 46% 46% 46% 44% 1,516 Dec. 16 Mar. 17 Dec. 16
Slide 16: Closing remarks: highlights
FY 2016 results Closing remarks: highlights EBITDA in line with our expectations Positive operative performance in both Generation and Distribution businesses; +15.1% generation sales and +359k new organic clients Regulatory achievements in line with our Strategic Plan: New RTI in Argentina Addendum
Slide 17: Exhibits
Exhibits 17
Slide 18: Financial Statements Pro-forma and reported to SVS
1Q 2017 results Financial Statements Pro-forma and reported to SVS (US$ m) 1Q 2016 1Q 2017 Δ YoY 1Q 2016 1Q 2017 Δ YoY Revenues 1,804 2,334 29.4% Financial Statements reported to SVS Revenues 1,804 2,334 29.4% Contribution Margin 904 1,082 19.7% Contribution Margin 904 1,082 19.7% EBITDA 607 651 7.1
Slide 19: Operating Exhibits 1Q 2017: Business context
Operating Exhibits 1Q 2017 Business context in 1Q 2017 v/s 1Q 2016 Dx Ebitda Spot Price Dx Sales Gx Ebitda (US$ mn) Electricity Demand Gx Output (US$/MWh) (TWh) (US$ mn) (%) (TWh) Colombia Brazil Peru Argentina 19
Slide 20: Net installed capacity and total net production
Operating Exhibits 1Q 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 1,153 0 1,931 Brazil 655 319 0 974 Argentina 1,328 3,091 0 4,419 Total 5,817 4,750 224 10,791 T
Slide 21: Production mix (TWh)
Operating Exhibits 1Q 2017 Production mix (TWh) LatAm Colombia + 10.8% + 16.2 % Hydro 3.3 3.8 9.9 10.9 1.7% Oil-gas 4.1% 0.6% 12.4% 0.6% 43.4% 7.0% Coal 47.1% 97.7% 80.6% 48.8% 56.0% 1Q 16 1Q 17 1Q 16 1Q 17 Peru Brazil Argentina - 18.2% + 25.5% + 20.9 % 2.3 1.9 0.9 1.1 3.4 4.2 30.4% 45.2% 51.2% 63.5
Slide 22: Distribution companies
Operating Exhibits 1Q 2017 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 3,268,564 3,372 7.8% Bogota, Colombia 14,456 2017 Enel Dx Rio 3,063,304 3,122 19.5% Niteroi, Brazil 32,615 2018 Enel Dx Ceará 3,9
Slide 23: Liquidity and credit profile
Financial Exhibits 1Q 2017 Liquidity and credit profile Liquidity (US$ m) Amount Outstanding Available Committed credit lines 290 0 290 Cash and cash equivalents 1 1,749 0 1,749 Total liquidity 2,039 0 2,039 Credit Profile as of April. 2017 S&P Fitch Moody's LT international debt BBB BBB Baa3 LT loc
Slide 24: Debt maturity
Financial Exhibits 1Q 2017 Debt maturity Average residual maturity (years) Debt profile (US$ m) 2,615 4.7 4.5 695 788 534 FY 2016 1Q 2017 2017 2018 2019 Balance 24
Slide 25: Disclaimer
1Q 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 26: IR Team
1Q 2017 Results IR Team • Rafael De La Haza, Head of IR +56 2 2353 4682 • Jorge Velis +56 2 2353 4552 • Itziar Letzkus +56 2 2353 4681 • María Luz Muñoz +56 2 2353 4682 ir.enelamericas@enel.com For further information, visit our IR site at: www.enelamericas.com 26
Slide 27: CNC
CNC