Enel Chile SA · BCS:ENELCHILE
Enel Chile SA — Q1 2021 Earnings Presentation
32 slides from Enel Chile SA's earnings presentation, May 5, 2021
Slide 1: First Quarter Consolidated results
First Quarter Consolidated results May 5, 2021 Chile
Slide 2: Key highlights and operational performance
First Quarter 2021 Key highlights and operational performance Paolo Pallotti CEO Chile
Slide 3: Key highlights of the period
Key highlights of the period Chile Reinforcing Factoring Gx Tackling Approved our leadership receivables diversity at dividend in the NCRE1 “PEC” closure Board level, 3.077 Market 2 women CLP/Sh +1.3 GW under appointed construction, with USD 180 mn (nominal) Payment date: 75 MW on PMGD2 in Q1 2021 M
Slide 4: Boosting Decarbonization with efficiency and innovation
Boosting Decarbonization with efficiency and innovation… Chile Joint Venture - PMGD Our innovation approach Boosting green hydrogen development First phase in Chile 10 Solar 75MW 2021-22 Total installed Expected to be fully The first full-scale wave Projects capacity operating energy converter in Lo
Slide 5: … and renewables expansion
… and renewables expansion Projects under construction Chile Installed Capacity Overall End of (MW) Progress Construction Azabache 61 69% Q3 21 Campos del Sol 382 69% Q4 21 Sol de Lila 163 59% Q3 21 Domeyko 204 56% Q3 21 . Santiago Finis Terrae 126 43% Q4 21 PMGD 75 18% 2021-2022 Cerro Pabellón III
Slide 6: Worst hydrology and shortage of Argentinean natural gas
Worst hydrology and shortage on Argentinean natural gas availability resulted in price volatility… Chile Natural gas availability Hydrology Status Enel Chile Management actions prevented National hydro production1 MMm3/d lack of gas to Enel Chile CCGTs GNL Mejillones 4.8 5 4.3 4 2.3 Enel Chile 3 2.1
Slide 7: Price volatility reduced with renewables growth and flexibility mechanisms
… that shall be reduced with country´s renewables growth and flexibility mechanisms as BESS Chile Marginal Cost (USD/MWh)1 Chilean System snapshot Enel Chile strengths 160 Diversificated generation with 140 long-term LNG contract up to 120 Renewable expansion 2030 100 shall reduce sector exposure to
Slide 8: Enel X business portfolio
Enel X business portfolio Scaling ecosystem by Enel X, providing new services to our clients Chile Enel X main highlights Enel X main KPIs Q1 2020 Q1 2021 yoy +51% Charging Points1-2 5705 858 (public and private) +68% Electric buses1-3 293 493 +12% Partnership with Sodimac, Sustainable sports center
Slide 9: Infrastructure & Networks portfolio
Infrastructure & Networks portfolio Resilient grids to anchor electrification Chile Energy distributed (TWh)1 Main KPIs -3% Q1 2020 Q1 2021 Tariff updates End users (million) 2.0 2.0 Distribution 2020-2023 Consultant final report on reference model Client App users Company to be issued by July/21. 4
Slide 10: Infrastructure & Networks portfolio: digitalization and collection
Infrastructure & Networks portfolio Digitalization improvements to mitigate impacts in collection Chile Collection (%) Number of digital payments (%) Current billing agreements (000’)1 -1.6 pp 99.9 98.3 26% 24% 39% 44% 73.5 56% 74% 76% 61% Q1 2020 Q1 2021 FY 2019 FY 2020 Q1 2021 On-Site Digital Volu
Slide 11: First Quarter 2021 Financial results
First Quarter 2021 Financial results Giuseppe Turchiarelli CFO Chile
Slide 12: Q1 2021 Adjusted Financial highlights (USD mn)
Q1 2021 Adjusted Financial highlights (USD mn)1 Chile EBITDA2 Net Income2 Capex FFO Net Debt Q1 2021 220 71 272 213 3,604 (-18% yoy) (-28% yoy) (+2.1x yoy) (+3.7x yoy) (+2% yoy) Q1 2020 270 98 130 57 3,5253 1. Reported figures. Average exchange rate for the period of 724.33 CLP/USD. Spot exchange ra
Slide 13: Business continuity: sustainable capex plan
Sustainable capex plan Business continuity: sustainable capex plan Execution of our sustainable capex plan, 97% linked to SDGs Chile Q1 2021 Capex by business and by nature1 Q1 2021 Capex asset development by business1 3% 9% 5% 6% Capex allocation by 15% Quarter (2021) 272 272 235 Q1 26% USD mn USD
Slide 14: Q1 2021 Adjusted EBITDA evolution
Q1 2021 Adjusted EBITDA evolution Results mainly driven by PPAs margin Chile Adjusted EBITDA evolution (USD mn)1 Main KPIs -18% Q1 2020 Q1 2021 yoy 270 Hydrology 2.3 2.1 -11% (TWh) (14) 29 8 8 220 (15) Gx Sales 5.8 6.4 +10% (8) (6) (TWh) (52) Energy distributed 4.1 3.9 -3% Dx (TWh) Marginal Cost4 (U
Slide 15: Generation Business portfolio: Main KPIs performance
Generation Business portfolio Main KPIs performance – Q1 2021 Chile Net Installed Capacity Production (TWh) Energy balance (TWh) +10% -6% 0.3 67% 5.8 6.4 0.6 Renewable 0.9 (0.3) (+1% YoY) 4.0 4.8 3.1 4.5 0.8 2.7 2.4 0.8 1.5 7.2 0.1 0.3 0.6 3.6 0.1 Q1 2020 Delta Delta Q1 2021 1.1 Regulated Free marke
Slide 16: Main business breakdown: EBITDA performance
Main business breakdown EBITDA performance Chile EBITDA Q1 2021 evolution (USD mn)1 -14%2 -40% 222 Lower hydrology generation and Lower demand (USD 8mn) availability in the system of LNG 192 61 Indexation in PPAs to lower 19 New tariff provision in commodity prices 37 Dx (USD 6mn) 21 42 One-off agre
Slide 17: Adjusted Net Income
Adjusted Net Income Chile Net Income evolution (USD mn)1 -38% Lower EBITDA due to higher spot prices mainly due to 98 lower availability of gas in system and PPA´s indexation 20 2 71 16 Higher financial expenses due to the stabilization mechanism account factoring (50) (16) Lower Income taxes and Mi
Slide 18: FFO
FFO USD bn Chile 350 86 300 250 (31) 220 213 200 (62) 150 100 50 0 Adjusted ∆Working Income Financial FFO EBITDA 1 capital taxes expenses & other Q1 20202 243 (155) (19) (12) 57 Delta YoY -9% +273% 1. Adjusted figures by decarbonization effect on Q1 2021 (15 USD mn). Average exchange rate for the pe
Slide 19: Debt (USD mn)
Debt (USD mn) Steady cost of debt Chile Gross debt1 Liquidity Position1 Debt maturities (USD bn)1 -0.1% Maturities/Gross Debt 3,993 3,991 2.5 467 387 5% 12% 6% 15% 0.9 44% 91% 96% 56% USD bn 2.2 3,525 3,604 0.6 0.5 0.2 0.3 Cash 0.3 Dec 31, 2020 Mar 31, 2021 2021 2022 2023 2024 After Available commit
Slide 20: Closing remarks
Closing remarks Chile Clients will Execution of Liquidity to continue to be our renewables support current at the center of plan as a priority sector our strategy, to strive our headwinds, supported by decarbonization targeting SDG- enhanced linked digitization instruments 19
Slide 21: Annexes
First Quarter 2021 Annexes Chile
Slide 22: FY Profit & loss (USD mn)
FY Profit & loss (USD mn) Q1 2021 Q1 2020 ∆ yoy Chile Adjusted EBITDA2 220 270 -18% Reported EBITDA 205 270 -24% D&A and Bad Debt (76) (92) -17% Reported EBIT 129 178 -28% Financial expenses (53) (36) -48% Results from equity investments 1 (1) -155% Reported EBT 77 141 -46% Income taxes (11) (36) -6
Slide 23: Commodities and Fx outlook
Commodities and Fx outlook Volatility on commodity prices and FX depreciation Chile Henry Hub (USD/mmbtu) Brent (USD/bbl) 63.8 65.6 64.7 62.2 2.9 3.0 2.8 2.9 45.8 2.6 2.6 42.5 43.6 42.2 42.8 44.1 2.5 2.4 56.5 41.1 2.3 54.8 36.8 35.0 2.0 1.9 1.9 1.9 1.9 2.0 30.0 2.2 Oct Jan Jun Jul Nov Dec Feb Mar Ma
Slide 24: Corporate governance structure
Corporate governance structure Chile Shareholders’ meeting Audit firm 14% 43% BoD’s composition Board of Directors (7 members) 43% Non executive Executive Independent Functions: Directors Committee Audit committe Sustainability committe Related parties transactions 23
Slide 25: Board composition
Board composition Chile Board of Directors Board of Directors’ diversity Herman Chadwick Chair 29% Monica Girardi Director 57% Age Gender diversity diversity Isabella Alessio Director 43% 71% 41-50 Over 50 Male Female Salvatore Bernabei Director Directors’ Committee (C) Fernán Gazmuri 43% Director.
Slide 26: Credit Rating
Credit Rating Enel Chile and Enel Generación Chile Chile International market Chilean market Enel Chile Enel Chile Standard & Poor’s Moody’s Fitch Ratings Fitch Ratings Feller Rate Affirmed Apr/21 Affirmed Jun/20 Affirmed Jan/21 Affirmed Jan/21 Affirmed Jul/20 Enel Generación Enel Generación Standar
Slide 27: Organization structure
Organization structure Chile Enel Chile shareholders1 ADR's 64.9% 3.1% Institutional Investors 16.3% Chile Pension Market Cap2 Funds 4.7 $ bn 14.3% Enel SpA 64.9% 100.0% 93.5% 99.1% 99.1% 100.0% Others 1.3% Green Power Generación Chile Transmisión Chile Distribución Chile Enel X 1. As of March 31, 2
Slide 28: Enel Chile
Enel Chile Largest Utility player in Chile in installed capacity and number of clients Chile Thermal generation Renewables generation Distribution area Tarapacá TG Azabache Finis Terrae Empresa Eléctrica Atacama Cerro Pabellón Pampa Norte Enel Colina Valle de los Vientos D. Almagro Lalackama I Talta
Slide 29: Hydrology outlook
Hydrology outlook Pacific temperatures confirm La Niña effect Chile Rainfall in our most relevant basins1 600 Rapel 2500 Maule (9% of consolidated Gx) (34% of consolidated Gx) Cumulated rainfall (mm) 500 2000 Cumulated rainfall (mm) 400 1500 300 1000 200 100 500 0 0 Jul Oct Nov Dec Jun Jan May Mar F
Slide 30: Management of the company
Management of the company Chile Management Team P. Pallotti Chief Executive Officer A. Pellegrini Sustainability & Community Relations G. Turchiarelli Chief Financial Officer R. Puentes Procurement L. Schnaidt People and Organization A. Barrios Digital Solutions D. Gomez Regulation A. Dunsmore Servi
Slide 31: Disclaimer
Q1 2021 Results Disclaimer Chile 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
Slide 32: Contact us
Q1 2021 consolidated results Contact us Chile Contacts Email [email protected] Phone +56 2 2630 9606 Channels Follow us Website Isabela Klemes Enel.cl Head of Investor Relations Enel Chile Investor Relations team Mobile App Catalina González Enel Investors Claudio Ortiz Pablo Contreras Download