Colbun Sa · BCS:COLBUN
Colbun Sa — Fenix Power — Q2 2024 Earnings Presentation
12 slides from Colbun Sa's earnings presentation, September 2024
Slide 1: Corporate Presentation 2Q24 - September 2024
CORPORATE PRESENTATION 2Q24 - September 2024
Slide 2: Fenix Power: a relevant & efficient CCGT in Peru
COMPANY OVERVIEW Fenix Power: a relevant & efficient CCGT in Peru THE COMPANY KEY FIGURES International Ratings One of the most 3.1 TWh/year BBB- Stable efficient CCGT LTM EBITDA LTM Net Fitch in Peru generation US$111 mm Based on Heat Rate BBB- Stable S&P 572 MW 3.3 TWh/year CASH Gross effective Av
Slide 3: Power industry dynamics in Peru
MARKET OVERVIEW Power industry dynamics in Peru INSTALLED CAPACITY DEMAND GROWTH GENERATION LTM BY TECHNOLOGY (12-month average %) 4% 2% 1% 10% 7% 37% 8% 46% Hydro 6% Hydro Combined Cycle 6% Natural Gas Solar & Wind 59,123 Diesel 14,2581 4% 2.3% GWh Open Cycle 20% MW Coal & Others 2% 41% Solar & Win
Slide 4: Marginal cost & demand in Peru
MARKET OVERVIEW Marginal cost & demand in Peru ✓ Marginal costs are starting to increase due to the new “Variable costs calculation of generation units” US$/MWh 80 70% Reserve margin 73 (%) 1 70 56% 55% 54% 53% 52% 65 60% 48% 46% 50% 60 44% 40% 50 SEIN Demand 37 30% 40 growth (%) 20% 30 9.8% 3.7% 4.
Slide 5: Commercial policy
COMMERCIAL STRATEGY Commercial policy Contracting a relevant portion of capacity Fenix maintains a relevant base of long-term PPAs 1 Solid customers base Indexation formulas Creditworthy counterparties PPAs indexed to dollar and fuel Most of Fenix PPAs are signed 2 3 prices, in order to mitigate wit
Slide 6: Operational long-term contracts
COMMERCIAL STRATEGY Operational long-term contracts 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 ……... 2046 1 NATURAL GAS SUPPLY CAMISEA ✓ Counterparty: Camisea Consortium ✓ Expiration: December 2029 2 NATURAL GAS TRANSPORT TGP ✓ Counterparty: TGP ✓ Expiration: May 2032 3 GAS DISTRIBUTION & O&M
Slide 7: Stable cash flow profile supported by long-term PPAs
NEW CAPACITY SIGNED Stable cash flow profile supported by long-term PPAs 1 PPAs PROFILE 2 LTM ENERGY SALES 21% ✓ Average life of long-term PPAs of 6 years ✓ US$ indexation 3,641 PPAs sales GWh SPOT sales 79% 3 PPAs PORTFOLIO (TWh) 4 NEW ENERGY SIGNED DURING 20241 4.0 3.7 3.5 3.0 2.8 2.1 2.1 2.3 2.2
Slide 8: Power diversification matrix
PIPELINE OF PROJECTS Power diversification matrix BAYÓVAR 1.4 GW Wind 250 MW + 410 MW farms NAYLAMP 238 MW 0.4 GW PV plants PROGRESS STAGE 648 MW Preliminary studies PAMPA 1,188 MW 300 MW Target of new Feasibility 500 renewable capacity TRES QUEBRADAS MW installed by 2030 238 MW ALGARROBAL 250 MW +
Slide 9: Financial figures
FINANCIAL REVIEW Financial figures 1 OPERATING REVENUES (US$ million)1 2 EBITDA (US$ million)2 EBITDA EBITDA margin 312 293 105 111 253 120 98 100% 100 80% 159 172 80 65 70 60% 60 40 40% 41% 40% 42% 38% 20% 20 31% 0 0% 2020 2021 2022 2023 2Q24 2020 2021 2022 2023 2Q24 LTM LTM 3 DEBT/EBITDA (x)2 4 FI
Slide 10: Long-term debt profile
FINANCIAL REVIEW Long-term debt profile BOND AMORTIZATION STRUCTURE (US$ million) 168 12 16 18 2024 2025 2026 2027 1 DEBT PROFILE (US$ million)1 2 FENIX BOND ISSUANCE ✓ Amount outstanding: US$214 mm ✓ Average life: 2.8 years 214 91 11 ✓ Coupon: 4.3% ✓ Maturity: Sep-27 ✓ Format: 144A/Reg S Bond Calid
Slide 11: ESG Initiatives
SUSTAINABILITY ESG Initiatives 500 MW of renewable Carbon footprint Efficient water Waste energy by 2030 reduction: use: management: ENVIRONMENTAL ✓ 50% net reduction Operational ✓ 27% of waste by 2030 compared (m3/MWh): recycled by 2024. to 2023. ✓ Zero Direct Water ✓ 50 % waste ✓ H2V plant Footpri
Slide 12: Corporate Presentation 2Q24 – September 2024
CORPORATE PRESENTATION 2Q24 – September 2024