Cia De Transporte De Energia Electrica Class B · BCBA:TRAN
Cia De Transporte De Energia Electrica Class B — Transener — Investor Presentation (September 2024)
27 slides from Cia De Transporte De Energia Electrica Class B's investor presentation, September 2024
Slide 1: Compañía de Transporte de Energía Eléctrica en Alta Tensión TRANSENER S.A.
Compañía de Transporte de Energía Eléctrica en Alta Tensión TRANSENER S.A. September 2024
Slide 2: Legal Disclaimer
Legal Disclaimer The material that follows is a presentation of general information about TRANSENER as of the date indicated herein and is based on publicly available information. It is in summary form, does not purport to be complete, is not intended to be relied upon as advice to potential investo
Slide 3: Industry Overview
gy Transener = ) Industry Overview
Slide 4: Industry Drivers
Industry Overview Industry Drivers Promote private ownership and market-based economic incentives Reward efficiency and penalize non-availability Regulate natural monopolies for transmission and distribution Guarantee open access and safety of the grid Protect rights of users and monitor quality of
Slide 5: Argentine Electricity Market Players
Industry Overview Argentine Electricity Market Players CAMMESA is responsible for, among other things, billing and collecting charges from WEM agents and making payments for transmission services. Market Clearing House & Supply Dispatch Center Demand (CAMMESA) Independent Generators Transmission Dis
Slide 6: Company Overview
erg Transener Company Overview
Slide 7: Transener concession: operation and maintenance of the extra high voltage network
Company Overview Privatized in July 1993 with an exclusive 95-year concession to operate and maintain the extra high voltage network in Argentina, under the rights and obligations established in the Concession Agreement. Transener directly operates and maintains 13,245 km (86.2%) of 500 kV and 220 k
Slide 8: Company Overview
| \ @ Company Overview \ \ \ 7 A OFERTA PUBLICA (evma) (pxenuseetm Ra \ ZN bo so > ANSES: 19,57% | 50% 1 51% Clase A 49% Clase B _| >INVERSORES:27,78% \ i \ | i A o } Transener —_ > TRANSENER: 99,9999995216% 99,9%——- > CITELEC: 0,0000004784% hs Transba ENERGIA WS nee
Slide 9: Transba concession: transmission lines in Buenos Aires Province
Company Overview Privatized in August 1997 with an exclusive 95-year concession to operate and maintain the transmission lines in the Province of Buenos Aires (~38% of Argentina’s population), under the rights and obligations established in the Concession Agreement. One of seven regional transmissio
Slide 10: Business Overview
Company Overview Business Overview Unique business in Argentina Operates 85% of the 500 kV extra high voltage network in Argentina. Transener Operation of approximately 13,245 km of lines and 53 substations. Network Grid expansion projects supervision. Regulated Business Operates and maintains the t
Slide 11: Business Operations
erg Transener Business Operations
Slide 12: Significant improvement in Operating Performance
Business Operations Significant improvement in Operating Performance 4.0 3.66 3.5 ( 72%) 3.0 Failures per 100km / year 2.5 2.0 ( 74%) 1.48 1.5 1.0 1.03 0.5 0.38 0.0 Transener Transba Beginning of Concession Agreement 12-month period ended June 30th, 2024 Maximum amount as per concession agreement Tr
Slide 13: Financial Overview
erg Transener Financial Overview
Slide 14: Current Annual Regulated Revenues
Financial Overview Current Annual Regulated Revenues Reactive power Special eq. equipments $ 262,7 $ 2.417,9 0% 1% Reactive power eq. Connections $ 29.867,8 $ 24.165,6 16% 26% Lines $ 76.952,1 Lines 40% Connections $ 51.483,5 $ 46.235,1 56% 24% Transformers $ 16.159,8 18% Transformers $ 34.991,7 18%
Slide 15: Penalty System
Financial Overview Penalty System The Concession Agreements establish a system of penalties that we may incur if defined parts of the Networks are not available to transmit electricity. Non-availability is divided into two types: ○ Scheduled (which typically result from planned maintenance, incur a
Slide 16: Cumulated penalty
Financial Overview Penalty System Forced Unavailability of transmission lines Cumulated penalty [$] A B C TRANSENER=5 hs Period of unavailability [hs] TRANSBA=3hs
Slide 17: Penalty System - Cap
Financial Overview Penalty System - Cap The penalties which Transener or Transba may be required to pay in respect of any calendar month cannot exceed: ○ 50% of Transener or Transba's non-consolidated monthly regulated revenue related to electricity transmission revenue, transmission capacity revenu
Slide 18: Transener Concession Agreement
Financial Overview Transener Concession Agreement The Transener Concession Agreement may only be terminated: ○ by the Government if Transener becomes bankrupt or ○ by Transener if the Government breaches the Transener Concession Agreement On the Transener Transfer Date, Citelec created a pledge in f
Slide 19: Current regulatory situation
Financial Overview Current regulatory situation On January 2nd, 2024, under Resolution No. 3/2024, the ENRE scheduled a public hearing which was held on January 29th, 2024, in order to inform and listen to opinions regarding the proposals of the concessionaires of the public electric energy transmis
Slide 20: Current regulatory situation – recent events
Financial Overview Current regulatory situation – recent events On May 9th, 2024, the ENRE informed Transener and Transba that, following instructions from the Ministry of Economy, the updating of the tariff adjustment settled in Resolutions No. 104/2024 and 105/2024 for May, 2024, would be suspende
Slide 21: Full Tariff Review (FTR)
Financial Overview Full Tariff Review (FTR) On December 16th, 2023, aforementioned Decree No. 55/2023 that declared the emergency of the National Energy Sector, Art.3 determined the beginning of the Full Tariff Review according to art. 43 Law No. 24,065 regarding the generation, transmission and dis
Slide 22: Revenue Breakdown
Financial Overview Revenue Breakdown 300.000 250.000 31.955 25.443 Net Non Regulated 200.000 Revenues 24.257 In AR$ millions 21.887 Net Regulated Revenues 150.000 16.812 236.166 100.000 209.073 164.775 154.713 119.126 50.000 ---------- 0 FY 2020 FY 2021 FY 2022 FY 2023 2Q2024 Values expressed in AR$
Slide 23: Leverage Profile
Financial Overview Leverage Profile EBITDA Total Financial Debt 120 100 94,4* 101,9 90 100 80 70 80 US$ Millions US$ Millions 60 60,3 60 53,6 50 40,9 40 37,7 40 30 20 20 ---------- ---------- 8,5 10 3,5 0,3 0 0 0 FY 2020 FY 2021 FY 2022 FY 2023 2Q2024 2020 2021 2022 2023 2Q2024 Financial Debt to EBI
Slide 24: Annual cash flow in US$ MM
Financial Overview Annual cash flow in US$ MM Source: Transener
Slide 25: Consolidated cash position - evolution
Financial Overview Consolidated cash position - evolution Consolidated cash position US$ millions 48 44 44 40 39 36 35 36 32 31 30 27 27 24 20 15 16 16 8 5 -1 Source: Transener
Slide 26: Transition period
Financial Overview Transition period Total Revenues Total Ebitda 350 160 300 140 250 120 143 100 200 80 41 150 151 243 60 100 194 102 169 178 161 153 40 54 60 50 20 41 38 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Real Revenues Projected Revenues Real EBITDA Projected EBITDA Sou
Slide 27: Financial debt evolution
Financial Overview Financial debt evolution 600,0 500,0 400,0 US$ millions 300,0 569 200,0 295 242 237 236 100,0 159 148 156 156 143 130 116 ----------- 99 99 99 91 91 0,0 9 3 0,3 0,0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net of note