Colbun Sa · BCS:COLBUN
Colbun Sa — 11th Credicorp Conference (September 2024)
47 slides from Colbun Sa's conference presentation, September 2024
Slide 1: Corporate Presentation
CORPORATE PRESENTATION 1 1 th C r e d i c o r p C o n f e r e n c e September 2024
Slide 2: Agenda
AGENDA Strategic Market Key Financial About us Agenda & Conditions Figures Update 2
Slide 3: Agenda
AGENDA Strategic Market Key Financial About us Agenda & Conditions Figures Update 3
Slide 4: About Us: Colbun at a Glance
ABOUT US COLBUN AT A GLANCE INSTALLED CAPACITY (%) 54% 34% 17% 5% 1 Thermoelectric Hydroelectric Wind Solar 3.7 746 53 TWh 2 MARKET SHARE Generated Suppliers* Clients* Kallpa Energy Enel 19% Enel 31% Colbun 33% 34% Aes Andes Engie 16% Electroperú Engie 5% 15% Others 6% Fenix 15% 11% 15% Others 12.5
Slide 5: About Us: Our Presence in Peru
ABOUT US OUR PRESENCE IN PERU THE COMPANY KEY FIGURES International Ratings LTM EBITDA1 BBB- Stable One of the most 572 MW Fitch 3.5 TWh/year US$111 mm efficient CCGTs Gross effective Average contracts BBB- Stable in Peru capacity S&P Based on Heat Rate DEBT/EBITDA1 Cash 3.1x US$50 mm OWNERSHIP LTM
Slide 6: Agenda
AGENDA Strategic Market Key Financial About us Agenda & Conditions Figures Update 6
Slide 7: Market Conditions Update
MARKET CONDITIONS UPDATE MARGINAL COST US$/MWh INSTALLED CAPACITY LTM GENERATION DEMAND GROWTH MARGINAL COST GW GWh 12 months average % US$/MWh 6% Alto Jahuel 4% 210 17% Hydro Cardones 38% 160 Puerto Montt Coal 4% Gas and LNG 2.5% 110 11% 78,416 2% Diesel 52 GWh 60 SEN Wind 36 0% 10 35 GW Solar 17%
Slide 8: Hydrological Conditions in Chile
MARKET CONDITIONS HYDROLOGICAL CONDITIONS IN CHILE ACCUMULATED RAINFALLS APR-AUG 2024 COMPARISON (mm) COLBUN RESERVOIR LEVEL (m.a.s.l) 2023 2024 Max Min Apr-Aug Apr-Aug 2023 Av.Year 436 +106 mm +49 mm 423 199 Aconcagua MW +41% +16% 662 -346 mm -925 mm Apr May Jun Jul Aug Maule MW -19% -38% HYDROELEC
Slide 9: Agenda
AGENDA Strategic About us Market Key Financial Agenda & Conditions Figures Update 9
Slide 10: Strategic Agenda & Update
STRATEGIC AGENDA & UPDATE WE TRANSFORM ENERGY, IN BALANCE WITH THE PLANET, TO BOOST YOUR PROJECTS AND DREAMS WE ADD VALUE Shareholders, Environment, Customers, Workers, Communities, Suppliers TO: Core business Expand our limits New businesses Asset 24/7 Renewable Customers Energy Solutions + Growth
Slide 11: Strategic Agenda & Update
STRATEGIC AGENDA & UPDATE WE TRANSFORM ENERGY, IN BALANCE WITH THE PLANET, TO BOOST YOUR PROJECTS AND DREAMS WE ADD VALUE Shareholders, Environment, Customers, Workers, Communities, Suppliers TO: Core business Expand our limits New businesses Asset 24/7 Renewable Customers Energy Solutions + Growth
Slide 12: Enhancing Our Core Business
STRATEGIC AGENDA & UPDATE ENHACING OUR CORE BUSINESS COLBUN’S PPAS BACKED BY ITS OWN LNG (ADP)1 – firm 1 supply contract GENERATION (TWh)2 For up to 1 combined cycle 11.6 11.9 Gas during the first half of the 10.9 10.9 year 10.3 9.8 Coal Wind FLEXIBLE GAS Argentine NG – firm CONTRACTS 2 supply contr
Slide 13: Commercial Strategy in Chile & Peru
STRATEGIC AGENDA & UPDATE COMMERCIAL STRATEGY IN CHILE & PERU PPAs PROFILE NEW ENERGY SIGNED DURING 2024 TWh 12 9 1,100 GWh per year 8 2026-2040 6 YEARS 2,074 3 + Others = GWh 0 Average life 1 2024 2025 2026 2027 2028 2029 2030 912 GWh per year 2024 Contracted 2025-2040 Energy Mining Forestry Othe
Slide 14: Pipeline of Projects in Chile
STRATEGIC AGENDA & UPDATE PIPELINE OF PROJECTS IN CHILE JARDÍN SOLAR CELDA SOLAR 422 MW PV 802 MW PV + 240 MW STORAGE + 200 MW STORAGE INTI PACHA 1, 2 & 3 925 MW PV + 400 MW STORAGE PAPOSO HORIZONTE 800 MW 816 MW + 180 MW DIEGO DE ALMAGRO 220 MW 200 MW STORAGE LLULLAILLACO 550 kv 220 MW PV + 120 MW
Slide 15: Horizonte Wind Farm
STRATEGIC AGENDA & UPDATE HORIZONTE WIND FARM 2Q24 87% total progress 816 MW Total installed capacity 94 turbines reached mechanical completion Out of 140 each with 5.83 MW of installed capacity 33 turbines energized Added 21 GWh of energy to the National Electrical System CAPEX (US$ million) 708 40
Slide 16: Pipeline of Projects in Peru
STRATEGIC AGENDA UPDATE PIPELINE OF PROJECTS IN PERU PROGRESS 648 MW Preliminary 1,188 MW Feasibility STAGE studies 1.4 GW 0.4 GW BAYÓVAR TARGET OF RENEWABLE 500 250 MW + 410 MW INSTALLED CAPACITY BY 2030 MW NAYLAMP 238 MW PAMPA 300 MW TRES QUEBRADAS ALGARROBAL 238 MW 400 MW PV Note: All figures as
Slide 17: Strategic Agenda & Update
STRATEGIC AGENDA & UPDATE WE TRANSFORM ENERGY, IN BALANCE WITH THE PLANET, TO BOOST YOUR PROJECTS AND DREAMS WE ADD VALUE Shareholders, Environment, Customers, Workers, Communities, Suppliers TO: Core business Expand our limits New businesses Asset 24/7 Renewable Customers Energy Solutions + Growth
Slide 18: ILAP Acquisition
STRATEGIC AGENDA & UPDATE ILAP ADQUISITION ✓. ACQUIRED ASSETS ✓. TRANSACTION ✓. CONTRACTED PPAs 239 MW + 64 MW US$401 mm 642 GWh Wind San Juan Transaction Price2 Annual Contracted Energy Farms1 Expansion Jun24 Sep24-Oct24 NEXT MILESTONES TRANSACTION EVALUATION BY THE NATIONAL TRANSACTION’S ANNOUNCEM
Slide 19: Strategic Agenda Update
STRATEGIC AGENDA UPDATE WE TRANSFORM ENERGY, IN BALANCE WITH THE PLANET, TO BOOST YOUR PROJECTS AND DREAMS WE ADD VALUE Shareholders, Environment, Customers, Workers, Communities, Suppliers TO: Core business Expand our limits New businesses Asset 24/7 Renewable Customers Energy Solutions + Growth an
Slide 20: Agenda
AGENDA Strategic Market Key Financial About us Agenda & Conditions Figures Update 20
Slide 21: Key Financial Figures: Overview
KEY FINANCIAL FIGURES OVERVIEW EBITDA LTM CAPEX LTM INTERNATIONAL RATINGS US$687 mm US$342 mm Baa2 BBB+ BBB US$575 mm US$110 mm US$264 mm corresponds to BBB- BBB- Horizonte Moodys Fitch S&P NET DEBT / EBITDA CASH DIVIDEND POLICY 1.8 X US$906 mm 50%1 Note: All figures as of Jun24. 1 Note: US$197 mm d
Slide 22: Key Financial Figures: Overview
KEY FINANCIAL FIGURES OVERVIEW AMORTIZATION STRUCTURE (US$ million) 700 600 600 Fenix 500 500 500 Colbun 400 300 200 168 160 100 12 16 18 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 FINANCIAL DEBT PROFILE US$1,974 mm 4 bonds and 1 bank loan 3.8% Interest Rate average US$1,760 million 100% USD 92%
Slide 23: EBITDA Comparison
KEY FINANCIAL FIGURES EBITDA COMPARISON CONSOLIDATED US$153 million EBITDA +13% Q/Q US$ million 250 200 150 135 (52) 17 132 15 100 (40) 28 47 50 (18) 0 2Q23 Regulated Unregulated Energy and Gas Coal Energy and Others 2Q24 Customers Sales Customers Sales Capacity Sales Consumption Consumption Capacit
Slide 24: Disclaimer & Contact Information
DISCLAIMER & CONTACT INFORMATION ✓ This document provides information about Colbun S.A. In no case this document constitutes a comprehensive INVESTOR RELATIONS analysis of the financial, production and sales situation of TEAM CONTACT the company ✓ To evaluate whether to purchase or sell securities o
Slide 25: Slide 25
Slide 26: Annexes
ANEXXES
Slide 27: Chile's Projects Under Construction or Environmental Assessment
MARKET CONDITIONS CHILE´S PROJECTS UNDER CONSTRUCTION OR UNDER ENVIRONMENTAL STUDIES ASSESSMENT North Zone Central Zone South Zone Austral Zone (Arica to Maitencillo) (Maitencillo to Curicó) (Curicó to Puerto Montt) (Puerto Montt to the South) 33,092 MW 21,527 MW 9,062 MW 2,503 MW 420 MW 14,250 MW 5
Slide 28: Peru's Projects Under Construction or Environmental Assessment
MARKET CONDITIONS PERU´S PROJECTS UNDER CONSTRUCTION OR UNDER ENVIRONMENTAL STUDIES ASSESSMENT North Zone 400 MW Piura 3,968 MW Lambayeque Cajamarca Central Zone La Libertad Ancash 1,045 MW 4,121 MW Lima 9,267 MW South Zone Ica 8,437 MW 7,822 MW 348 MW Arequipa TOTAL: 17,704 MW Note: All figures as
Slide 29: Fossil Fuels
MARKET CONDITIONS FOSSIL FUELS BRENT: OIL (USD/bbl) 120 HISTORICAL AND FORWARD 86 100 CURVE 80 60 Brent Brent fwd API4 API4 fwd 40 350 20 300 0 250 Jun Jun Jun Jun Jun Jun Dec Dec Dec Dec Dec 200 2019 2020 2021 2022 2023 2024 150 100 API4: COAL 50 (USD/ton) 0 Jun Jun Dec Jun Dec Jun Dec Dec Jun Dec
Slide 30: System's Decoupling
MARKET CONDITIONS SYSTEM´S DECOUPLING Colbun’s power CONGESTED TRANSMISSION INFRASTRUCTURE CONGESTED TRANSMISSION injection and INFRASTRUCTURE withdrawal by zone Crucero Average hourly marginal cost 2024 USD/MWh Alto Jahuel Cardones Polpaico Puerto Montt 120 Diego de Almagro 100 Surplus 80 Pan de Az
Slide 31: Regulations Update
MARKET CONDITIONS REGULATIONS UPDATE New Electricity Bill Lower than 350 kWh/month Higher than 350 kWh/month 1S24: + IPC 1S24: + IPC CONTEXT 2S24: + IPC + Energy Costs + Transmission Costs + 2S24: + IPC + Energy Costs + Transmission Costs July Distribution Costs July + Distribution Costs + MCP1 2S24
Slide 32: Our Hydrological Conditions 2024
MARKET CONDITIONS OUR HYDROLOGICAL CONDITIONS 2024 COLBUN RESERVOIR LEVEL AND ACCUMULATED ENERGY (m.a.s.l & GWh) 2023 2024 Max Min 2023 2024 Colbun Reservoir 440 674 Accumulated Energy GWh 437 m.a.s.l level 436 649 423 335 397 390 HISTORICAL COLBUN S.A HYDRO GENERATION (GWh/day) 35 30 25 25 22 22 20
Slide 33: About Us: Board Members
ABOUT US Members Members Juan Carlos Marcela Angulo Vivianne Blanlot Franco Bozzalla Rodrigo Donoso Altmann Martín González Soza Trabucco Munita Independent Bernardo Larraín Andrés Kuhlmann Francisco Matte Hernán Rodríguez Matte Jahn Izquierdo Wilson Vice-Chairman Chairman Number of years at Colbun’
Slide 34: Asset Optimization
STRATEGIC AGENDA & UPDATE ASSET OPTIMIZATION Thermal (capacity) 2.134 MW ASSETS IN Solar (capacity) 230 MW OPERATION Hydro (capacity) 1.627 MW CHILE PERU 1 Hydro Power Plants 2 Thermal Power Plants 3 Others ✓ Plans associated with the Reservoir ✓ Nehuenco U1 LTE 2023 ✓ SCADA (1) and GCC (2) Law main
Slide 35: International Investment Thesis
STRATEGIC AGENDA & UPDATE INTERNATIONAL INVESTMENT THESIS Incorporating new geographies would allow Colbun to expand its growth potential and diversify its portfolio SCALE DIVERSIFICATION SELECTION CRITERIA The electricity industry is a New geographies would allow ✓ Regulatory framework business tha
Slide 36: ILAP Acquisition
STRATEGIC AGENDA & UPDATE ILAP ADQUISITION SAN JUAN TOTORAL SAN JUAN TOTORAL Installed Capacity 193.2 MW Installed Capacity 46 MW Historic Annual Generation 518 GWh Historic Annual Generation 78 GWh Location III Region, Freirina Location IV Region, Canela COD Mar-2017 COD Jan-2010 REVENUES 2023 EBIT
Slide 37: Water and Green Hydrogen
STRATEGIC AGENDA & UPDATE INTERNATIONAL INVESTMENT THESIS WATER GREEN HYDROGEN 1 Context Pilot programs FenixH2 Generator High water demand for industrial processes Developing The continental water supply will be increasingly limited Ammonia North of Chile export projects Need for solutions in water
Slide 38: Milestones
STRATEGIC AGENDA & UPDATE MILESTONES 4,000 MW of renewable Carbon footprint Efficient Waste energy reduction: water use: management: ENVIRONMENTAL ✓ 816 under ✓ 20% reduction of ✓ 36% reduction ✓ 81% of ash construction ton CO2e/MWh operational water recovery ✓ 7,4 TW in the compared to intensity co
Slide 39: Key Financial Figures: Overview
KEY FINANCIAL FIGURES OVERVIEW 1. EBITDA EBITDA MG (US$ million %) 1. EBITDA & EBITDA MG (US$ million & %) 2. NET INCOME (US$ million) EBITDA EBITDA Mg 540 404 311 301 683 520 763 714 687 89 2020 2021 2022 2023 2Q24 LTM 2020 2021 2022 2023 2Q24 LTM 3. DEBT NET DEBT (US$ million) 3. DEBT & NET DEBT (
Slide 40: Key Financial Figures: Overview
KEY FINANCIAL FIGURES OVERVIEW 1. CASH POSITION (US$ million) 2. CAPEX (US$ million) 1. CASH POSITION (US$ million) 2. CAPEX (US$ million) 522 1,419 1,115 342 967 1,031 906 274 254 113 2020 2021 2022 2023 2Q24 2020 2021 2022 2023 2Q24 LTM 3. DIVIDENDS1 (US$ million) 4. DEBT/EBITDA NET DEBT/EBITDA (x
Slide 41: Celda Solar
OUR STRATEGY OUR PIPELINE OF PROJECTS Celda Solar Location: Celda Solar Arica Region K E Y I N D I C AT O R S Maximum estimated capacity 422 MW Estimated capacity factor 33% Maximum estimated net 1,220 GWh (first year) annual generation Storage System 240 MW x 5 hours Land surface 8 ha Connection po
Slide 42: Diego de Almagro BESS
OUR STRATEGY OUR PIPELINE OF PROJECTS Diego de Almagro BESS Diego de Almagro BESS K E Y I N D I C AT O R S Storage System 200 MW x 5 hours Location: Atacama Land surface 4 ha Region S/S Illapa 220 kV Connection point (2.6 km) Env. Impact Study Approved Note: All figures as of Jun24. 42
Slide 43: Jardín Solar
OUR STRATEGY OUR PIPELINE OF PROJECTS Jardín Solar Jardín Solar Location: Tarapacá Region K E Y I N D I C AT O R S Maximum estimated capacity 802 MW Estimated capacity factor 35% Maximum estimated net 2,460 GWh annual generation Storage System 200 MW x 5 hours Land surface 1,000 ha Connection point
Slide 44: Intipacha
OUR STRATEGY OUR PIPELINE OF PROJECTS Intipacha Intipacha Location: K E Y I N D I C AT O R S Antofagasta Region Maximum estimated capacity 925 MW Estimated capacity factor 35% Maximum estimated net 2,836 GWh annual generation Storage System 400 MW x 5 hours Land surface 736 ha Connection point SE Cr
Slide 45: Junquillos
OUR STRATEGY OUR PIPELINE OF PROJECTS Junquillos Junquillos K E Y I N D I C AT O R S Maximum estimated capacity 473 MW Estimated capacity factor 30% Maximum estimated net 1,243 GWh annual generation Land surface 6,200 ha Connection point S/E Mulchén 220 kV (Colbun) Env. Impact Study Under environmen
Slide 46: Cuatro Vientos
OUR STRATEGY OUR PIPELINE OF PROJECTS Cuatro Vientos Cuatro Vientos K E Y I N D I C AT O R S Maximum estimated capacity 360 MW Estimated capacity factor 25% Maximum estimated net 800 GWh annual generation Land surface 5,200 ha Connection point S/E Tineo 220 kV Env. Impact Study Under environmental a
Slide 47: Slide 47