Enel Americas S.A. · BCS:ENELAM
Enel Americas — Investor Day (June 2018)
19 slides from Enel Americas's investor day presentation, June 2018
Slide 1: Enel Américas' 2018 Analyst Update Meeting
Enel Américas Enel Américas’ 2018 Analyst Update Meeting Paolo Pallotti CFO Enel Américas
Slide 2: Enel Américas Overview
Enel Américas Overview
Slide 3: Enel Américas overview
Enel Américas overview1 Enel Américas is Latin America´s largest private power company Brazil Colombia Generation Generation 1,354 MW 3,467 MW 1% Market Share in Installed capacity 21% Market Share in Installed capacity Net Production 4,034 GWh Net Production 14,765 GWh Sales 8,553 GWh Sales 18,156
Slide 4: 1Q 2018 results
enel 1Q 2018 results
Slide 5: Consolidated EBITDA (US$ m)
1Q 2018 results Consolidated EBITDA (US$ m) + 169 (+ 26.0%) + 96 820 0 + 112 -4 651 +1 - 36 1Q 2017 Fx impact Holding Argentina Brazil Colombia Peru 1Q 18 5
Slide 6: Group EBITDA evolution by business and country
1Q 2018 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 60 + 114 (+ 17.0%) (+ 36.3%) + 85 + 10 +1 413 429 + 18 + 43 - 13 -1 353 + 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 1
Slide 7: 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 7
Slide 8: 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 9: Share Performance Consensus
Share Performance Consensus
Slide 10: Stock Performance
Stock Performance Prices and volumes 2) Rebalance of MSCI index. Incorporated new shares of Chinese companies, disvesting Share evolution1 Latin American companies 1) At the beginning of May, the 4) Political uncertainty in devaluation of the Argentine Brazil and historical fall of the 10.0% peso ag
Slide 11: Share performance vs peers
10.0% 20.0% 30.0% 40.0% -30.0% -20.0% -10.0% 0.0% 02/01/2018 09/01/2018 16/01/2018 23/01/2018 1. From January 2, 2018 to June 25, 2018. 30/01/2018 06/02/2018 13/02/2018 20/02/2018 Stock price evolution vs peers 1 Share performance 27/02/2018 06/03/2018 13/03/2018 20/03/2018 27/03/2018 03/04/2018 10/
Slide 12: Stock Performance and analyst target prices
Stock Performance CLP/Sh USD/ADR 160 Share price as of June 25, 2018 116.52 9.19 150 140 Average target price as of June 25, 2018 150.99 130 Current share price upside vs target price +29.58% 120 110 Rating Target Price 100 (CLP) 90 Inversiones Security Positive 165 80 02/Apr/18 25/Apr/18 07/Jun/17
Slide 13: Acquisition of Eletropaulo
Acquisition of Eletropaulo
Slide 14: Main Transaction Terms - Tender Offer for Eletropaulo
Acquisition of Eletropaulo Main Transaction Terms - Tender Offer for Eletropaulo Eletropaulo Enterprise Value Build-Up (US$ bn) Enel Américas has made the best offer to acquire Eletropaulo +0.2 4.6 +0.4 +0.8 Final price: 45.22 BRL per share + 1.0 2.1 Enterprise Value of US$ 4.6 bn Tender off
Slide 15: Acquisition Financing
Acquisition of Eletropaulo Acquisition Financing • Tender Offer: ~ 2.1 Cash Needs 1 • K Increase in Eletropaulo: ~ 0.4 (US$bn) • Total: ~2.5 • Bridge financing (Promissory notes) Instrument signed with 3 banks • Enel Brasil Bridge financing to be replaced by the Borrowers • Enel Sudeste most adequat
Slide 16: Leverage capacity
Acquisition of Eletropaulo Leverage capacity Enel Américas (US$ bn) 2018 Net Debt to EBITDA (*) (x) 3.7 3.8 1.7 2.0 1.4 -1.5 EBITDA Net Debt Acquisition Debt @80% Eletropaulo (US$ bn) 2018 2020 2018 Brazil EBITDA 2.1-2.3 contribution 32% 40% 0.6 1.0 0.25-0.30 0.8 EBITDA Net Debt & 16 Contingencies (
Slide 17: Feedback from the market
Acquisition of Eletropaulo Feedback from the market Sell Side reports Adjust TP to US$12.5 and upgrade to Buy post ELPL tender offer; Among our All in all, we continue positive on Enel We believe the company Eletropaulo has We will wait for management guidance on Chilean utilities coverage, we have
Slide 18: Thank you.
Corporate Presentation Contact us Rafael De La Haza Head of Investor Relations Enel Américas Jorge Velis Investor Relations Manager Enel Américas Itziar Letzkus Investor Relations Enel Américas Email ir.enelamericas@enel.com Javiera Rubio Investor Relations Enel Américas Phone +562 23534682 Gonzalo
Slide 19: CNC
CNC