Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q1 2018 Earnings Presentation
28 slides from Enel Americas's earnings presentation, 2018
Slide 1: Enel Américas 1Q 2018 results
Enel Américas 1Q 2018 results
Slide 2: Highlights of the period
1Q 2018 results Highlights of the period EBITDA of 820 mUSD, an increase of 26% vs 1Q 2017 Generation EBITDA increased by 17% due to better prices in Argentina and consolidation of Volta Grande Distribution EBITDA increased by 36% due to the full application of the tariff increase in Edesur and the
Slide 3: Market context in the period showing recovery
1Q 2018 results Market context in the period showing recovery Enel Américas Energy Local Currencies vs USD Annual GDP growth 1 (%) demand2 (%) (YoY%)3 2.9% -1.4% Argentina Argentina -8.4% 2.6% -0.2% Argentina -25.5% 1.0% -1.1% 19.5% Brazil Brazil Brazil 2.7% 1.7% -3.2% 1.8% -1.4% 10.3% Colombia Colo
Slide 4: Operating highlights
1Q 2018 results Operating highlights Net production (TWh) Energy sales (TWh) - 6.2% + 13.0% Generation 10.9 16.1 10.2 14.2 17.3 4.7 4.6 0.1 0.1 Hydro 6.1 5.6 Oil-Gas Coal 1Q 17 1Q 18 1Q 17 1Q 18 Energy Distributed (TWh) Number of customers (m) Distribution + 6.9 % + 1.5% 19.2 17.0 17.2 17.9 14.3 1Q
Slide 5: Financial highlights (US$ m)
1Q 2018 results Financial highlights (US$ m) Revenues EBITDA + 20.0% + 26.0% 2,800 820 2,334 651 1Q 17 1Q 18 1Q 17 1Q 18 2 Attributable Net Income Net Debt + 200.3% + 17.6% 221 3,939 3,349 74 1Q 17 1Q 18 Dec. 17 Mar. 18 5 1. Includes cash and cash equiv. + 90-day cash investments
Slide 6: Group EBITDA evolution by business and country
1Q 2018 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 17.0% + 36.3% + 85 429 + 10 +1 413 + 43 + 18 -1 - 13 353 + 69 - 13 315 - 25 1 1 1 1 1Q 17 Fx impact Argentina Brazil Colombia Peru 1Q 18 1Q 17 Fx impact Argentina Brazil Colombia Peru 1Q 18 1. Not includ
Slide 7: Gross Capex (US$ m)
1Q 2018 results Gross Capex (US$ m) 1 By activity By business By country - 8.3% - 8.3% - 8.3% 273 273 273 251 251 251 15% 10% 55% 36% 21% 19% 87% 90% 49% 55% 45% 64% 13% 9% 15% 16% 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 Maintenance Growth Generation Distribution Argentina Brazil Colombia Peru 1. Accrue
Slide 8: Focus on Argentina
1Q 2018 results Focus on Argentina (US$ m) Generation Distribution Total1 1Q 17 1Q 18 % 1Q 17 1Q 18 % 1Q 17 1Q 18 % Revenues 53 83 57% 336 448 33% 389 531 36% EBITDA 25 54 115% 46 91 100% 71 145 105% Dock Sud 846 MW Net Income -4 39 - -52 22 - -57 63 - Costanera Capex 3 8 174% 37 31 -15% 40 39 -2% 2
Slide 9: Focus on Brazil
1Q 2018 results Focus on Brazil (US$ m) Generation Distribution Total1 1Q 17 1Q 18 % 1Q 17 1Q 18 % 1Q 17 1Q 18 % Revenues 189 241 28% 918 1.076 17% 1.026 1.240 21% Fortaleza 319 MW EBITDA 91 106 16% 86 166 92% 167 255 53% Net Income 54 64 18% -41 48 -217% 13 91 623% Enel Dx Ceará Clients: 4.0 m Cape
Slide 10: Focus on Colombia
1Q 2018 results Focus on Colombia (US$ m) Generation Distribution Total1 1Q 17 1Q 18 % 1Q 17 1Q 18 % 1Q 17 1Q 18 % Revenues 272 307 13% 377 408 8% 578 647 12% EBITDA 163 176 8% 127 116 -8% 290 293 1% Codensa Emgesa Clients: 3.4 m Net Income 74 82 11% 54 45 -16% 128 127 -1% 411 MW Capex 13 8 -36% 45
Slide 11: Focus on Peru
1Q 2018 results Focus on Peru (US$ m) Generation Distribution Total1 1Q 17 1Q 18 % 1Q 17 1Q 18 % 1Q 17 1Q 18 % Revenues 172 198 16% 227 237 5% 341 382 12% Enel Dx Perú Clients: 1.4 m EBITDA 74 77 3% 56 56 0% 130 133 2% Net Income 39 41 6% 26 27 6% 65 68 5% Capex 16 4 -73% 24 21 -14% 40 25 -37% Enel
Slide 12: From EBITDA to Net income
1Q 2018 results From EBITDA to Net income (US$ m) 820 631 - 189 +1 - 127 333 - 170 221 - 112 EBITDA D&A EBIT Financial Non Income tax Net Income Minorities Attr. Net Result Operating Income Results 1Q 17 651 -174 476 -197 1 -137 143 - 70 74 12
Slide 13: Free cash flow
1Q 2018 results Free cash flow (US$ m) 820 - 541 - 153 - 137 - 12 913 1702 - 251 -263 - 98 - 361 - 94 - 135 - 590 EBITDA NWC Taxes paid Net financial FFO Capex 1 FCF Net NCF Financial FX Effect Change in expenses Dividend Receivables Net Debt paid 1. Capex accrued gross of contributions and connecti
Slide 14: Gross debt breakdown
1Q 2018 results Gross debt breakdown1 (US$ m) Gross and Net Debt Gross debt breakdown by currency Gross debt breakdown by country 7.9% 7.1% + 6.8% + 6.8% 4,988 5,327 5,327 5,327 4,988 4,988 9% 11% 1,388 9% 12% 1,639 14% 12% 16% 13% 36% 35% 37% 35% 3,939 3,349 47% 40% 39% 40% 39% Dec. 17 Mar. 18 Dec.
Slide 15: Non organic growth: Eletropaulo highlights and geographical fit
1Q 2018 results Non organic growth Eletropaulo - highlights and geographical fit 35. 0% Current competitive positioning (1) 30. 0% 23.0% 7.0 m Clients 25. 0% 20. 0% 16.3% 15.5% 43TWh Energy Sold 15. 0% 11.9% 11.0% 8.4% 8.0% 1.5k/km2 Density 10. 0% 5.9% 5.0 % State of 6.1 MWh Avg. Consumption 0.0 % P
Slide 16: Closing remarks: highlights
1Q 2018 results Closing remarks: highlights Significant better results than first quarter of the previous year Regulatory improvements in Argentina, Brazil and Colombia will allow Enel Américas to continue growing Consolidation of Volta Grande and higher prices mainly in Argentina allowed better res
Slide 17: Exhibits
Exhibits 17
Slide 18: Financial Statements reported
FY 2017 results Financial Statements reported (US$ m) 1Q 17 1Q 18 ∆ YoY Revenues 2.334 2.800 20.0% Contribution Margin 1.082 1.230 13.7% EBITDA 651 820 26.0% EBIT 476 631 32.4% Net Financial Income -197 -127 -35.3% Others 1 1 -17.1% Taxes -137 -170 24.6% Group Net Income 143 333 132.5% Américas Grou
Slide 19: EBITDA breakdown
1Q 2018 results EBITDA breakdown (US$ m) EBITDA by country EBITDA by business Argentina 18% Generation 35% Colombia 820 820 Peru 16% +26.0% yoy 51% +26.0% yoy 49% 31% Distribution Brazil Net Income by country Net Income by business Argentina Generation 18% 61% 36% Peru 333 Colombia 333 20% +132.5% y
Slide 20: Operating Exhibits 1Q 2018: Business context
Operating Exhibits 1Q 2018 Business context in 1Q 2018 v/s 1Q 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 and Enel
Slide 21: 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 789 1,194 0 1,983 Brazil 1,036 319 0 1,355 Argentina 1,328 0 0 4,419 Total 6,209 4,791 224 11,224 T
Slide 22: Production mix (TWh)
Operating Exhibits 1Q 2018 Production mix (TWh) LatAm Argentina - 6.2% - 9.5 % Hydro 10.9 10.2 4.2 3.8 Oil-gas 0.6% 0.7% 43% 45% Coal 86% 84% 56% 54% 14% 16% 1Q 17 1Q 18 1Q 17 1Q 18 Brazil Colombia Peru - 4.4% - 13.3% + 14.5 % 1.1 1.1 3.8 3.3 1.9 2.1 1.7% 30% 37% 2.1% 47% 51% 0.6% 0.7% 63% 70% 49% 9
Slide 23: Distribution companies
Operating Exhibits 1Q 2018 Distribution companies Energy sold Energy losses Concession Next tariff Distributor Clients City, Country (GWh) (%) area (km2) revision Codensa 3,363,948 3,409 7.9% Bogota, Colombia 14,456 20181 Enel Dx Rio 2,992,407 3,008 20.5% Niteroi, Brazil 32,615 2018 Enel Dx Ceará 3,
Slide 24: Liquidity and credit profile
Financial Exhibits 1Q 2018 Liquidity and credit profile Liquidity (US$ m) Amount Outstanding Available Committed credit lines 808 0 808 Cash and cash equivalents 1 1,388 0 1,388 Total liquidity 2,196 0 2,196 Credit Profile as of May 2018 S&P Fitch Moody's LT international debt BBB BBB+ Baa3 LT local
Slide 25: Debt maturity
Financial Exhibits 1Q 2018 Debt maturity Average residual maturity (years) Debt profile (US$ m) 2,868 4.3 4.0 1,096 804 559 2018 2019 2020 Balance FY 2017 1Q 18 25
Slide 26: Disclaimer
1Q 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 announcement and include statements regarding the intent
Slide 27: IR Team
1Q 2018 Results IR Team • Rafael De La Haza, Head of IR +56 2 2353 4682 • Jorge Velis – IR Santiago de Chile Office +56 2 2353 4552 • Itziar Letzkus – IR Santiago de Chile Office +56 2 2353 4681 • Javiera Rubio – IR Santiago de Chile Office +56 2 2353 4576 • Gonzalo Juarez – IR New York Office +1 (2
Slide 28: CNC
CNC