Enel Americas S.A. · BCS:ENELAM
Enel Americas — Investor Presentation (March 2018)
28 slides from Enel Americas's investor presentation, March 2018
Slide 1: Enel Américas Corporate Presentation, March 2018
Enel Américas Corporate Presentation, March 2018
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 1,354 MW Generation 1% Market Share in Installed capacity 3,467 MW Net Production 4,034 GWh 21% Market Share in Installed capacity Sales 8,553 GWh Net Production 14,765 GWh 3% Market Sha
Slide 4: Operating highlights FY 2017
Enel Américas overview Operating highlights FY 2017 Net production (TWh) Energy sales (TWh) + 1.5% + 10.8% Generation 40.4 41.1 56.1 Hydro 50.6 4,763 4,750 17.3 18.3 Oil-Gas Coal 22.6 5,754 5,817 22.6 FY 16 FY 17 FY 16 FY 17 5.5 Energy Distributed (TWh) Number of customers (m) Distribution + 18.5 %
Slide 5: Financial highlights FY 2017
Enel Américas overview Financial highlights (US$ mn) FY 2017 Revenues EBITDA + 37.1% + 21.3% 10,540 + 17.7% 7,686 1,536 Celg 2,945 + 94 2,947 83 145 Celg 9,004 2,430 + 73 2,503 - 92 2,052 FY16 2016 One-off1 FY16 EBITDA FY17 EBITDA FX effects 2017 One-offs2 FY17 FY 16 FY 17 ex. One-offs ex. One-offs
Slide 6: Gross Capex FY 2017
Enel Américas overview Gross Capex (US$ m) 1 FY 2017 By activity By business By country Maintenance Generation Argentina Colombia 15% 17% 21% 1,686 Peru 42% 1,686 12% 1,686 +38.3% yoy +38.3% yoy +38.3% yoy 58% Distribution 85% Growth 50% Brazil 1. Accrued capex during 2017, gross of contributions an
Slide 7: Gross debt and cash allocation as of December 31, 2017
Enel Américas overview Gross debt and cash allocation as of December 31, 2017 Gross Debt (MUSD) Cash allocation (MUSD) 4,988 4,988 4,988 4,988 Argentina 1% UF 1% Others 5% 9% Peru 12% PEN Holding; Fixed Cost 11% Colombia; Banks 32% Holding 13% USD 16% Fixed 46% ~5.8% 23% Argentina; 17% Brazil 35% BR
Slide 8: Ownership profile
Enel Américas overview Ownership profile1 51.80% 14.98% 21.74% CHILEAN PENSION OTHER INST. FUNDS SHAREHOLDERS 8.81% 2.67% ADR HOLDERS Américas OTHER SHAREHOLDERS Market Cap2: USD 13.27 Bn 8 1. As of December 31, 2017. 2. As of February 28, 2018.
Slide 9: Strategic Plan 2018-20
Strategic Plan 2018-20
Slide 10: Macro and energy scenario
Macro and energy scenario South America Region (%)1 Local currencies vs USD CPI2 GDP ARS 17.5 20.0 2.6 Argentina ARS 18.0 Argentina Argentina 17.0 2.9 ARS 18.4 14.0 3.0 BRL 3.4 4.9 1.9 Brazil BRL 3.5 Brazil 4.3 Brazil 2.0 BRL 3.6 4.2 2.3 COP 3,080 3.7 2.7 Colombia COP 3,134 Colombia 3.7 Colombia 2.9
Slide 11: Strategic Pillars
Strategic Plan 2018-20 Strategic Pillars Digitalization Customer focus Industrial growth: • Organic growth • Non organic growth Efficiencies for a data-driven for more shared value Company Sustainable long-term value creation 11
Slide 12: Strategic Pillars
Strategic Pillars
Slide 13: Organic growth - Capex plan 2018-20
Industrial growth: Organic growth Organic growth - Capex plan 2018-20 Total capex Growth capex by business Maintenance capex by business 5% 9% 32% 40% Generation Generation Maintenance 5.2 bnUSD 3.2 bnUSD Free m. + e-Solutions 2.1 bnUSD Free m. + e-Solutions Growth 60% I&N I&N 65% 4% 85% 6% Total ca
Slide 14: Infrastructure & Networks evolution
Industrial growth: Organic growth Infrastructure & Networks evolution Regulatory Next regulatory EBITDA (bnUSD) WACC2 cycle cycle RAB (bnUSD) +3.9 +93% 13.2 +0.3 3.8 +1.4 3.0 9.3 -0.4 12.5% 12.5% 2.4 2.0 Argentina 5 years 2022 1.6 1.4 Rio 11.4% 12.3% 5 years 2018 +0.1 1.0 1.5 Brazil Ceará 12.3% 12.3
Slide 15: Generation evolution
Industrial growth: Organic growth Generation evolution EBITDA (bnUSD) Contracted Energy (TWh) Brazil Colombia +4% 14.9 13.3 13.3 15.7 14.6 11.9 13.0 > > 94% > > 10.1 100% > 100% 85% 100% 100% +0.2 100% 89% 1.4 1.4 -0.2 2017 2018 2019 2020 2017 2018 2019 2020 Peru 10.9 11.4 11.1 10.0 Average duration
Slide 16: Free market + e-Solutions evolution
Industrial growth: Organic growth Free market + e-Solutions evolution EBITDA (bnUSD) Enel Américas Free energy sold (TWh) From 2017E Market share To 2020E Market share Argentina 0.2 5% 5.0 15% +164% Brazil 3.2 3% 9.7 7% Colombia 4.3 20% 5.2 23% 4 128 Peru 5.9 24% 7.5 25% + 0.09 0.25 13.6 27.4 -0.01
Slide 17: Efficiencies vs 2015
Efficiencies Accomplished % accomplished Operational efficiency1 Previous Plan 20193 20173 as of 2017 New Plan 20204 OPEX 234 244 104% 90 S&S2 59 55 93% 12 Cash Optimization 15 15 100% - Tax 50 50 100% - New Perimeter - - 100% 97 Total 358 364 102% 199 Efficiencies vs 2015 1,152 1,059 1. MUSD net of
Slide 18: A sustainable strategy
Sustainable long-term value creation A sustainable strategy Sustainability Indices Main projects in SDGs1 framework Pachacutec Electrotechnical Institute Access to education for low-income students training in the industrial electrotechnical career. The project is implemented in the Pachacutec Insti
Slide 19: Financial Targets
enel Financial Targets
Slide 20: Targets - EBITDA by country and by business
Financial Targets Targets - EBITDA by country and by business EBITDA by Country EBITDA by Business 2018 2020 2018 2020 3% 5% 15% 13% 23% 25% 32% 38% 3.7 bnUSD 4.6 bnUSD 3.7 bnUSD 4.6 bnUSD 30% 33% 59% 29% 63% 32% +24% +24% Brazil Argentina Networks Free market + Colombia Peru Generation e-Solutions
Slide 21: EBITDA: Guidance vs previous Strategic Plan
Financial targets EBITDA (bnUSD): Guidance vs previous Strategic Plan +57% + 0.2 bnUSD: Celg + 0.3 bnUSD: Celg + 0.06 bnUSD: Volta Grande + 0.06 bnUSD: Volta Grande + 0.2 bnUSD In Argentina Dx: New + 0.2 bnUSD in Argentina Dx: New regulatory framework regulatory framework +12% 4.6 +11% 4.2 3.7 3.7 3
Slide 22: Focus on Argentina: Edesur EBITDA 2017
Financial targets Focus on Argentina: Edesur EBITDA 2017 (US$ m) 436 + 41 + 27 + 210 158 2017 EBITDA Deferred revenues November tariff Past fines update Recurrent EBITDA increase delay 22
Slide 23: FFO, Capex and Cash flow 2018-20
Financial targets FFO1, Capex and Cash flow 2018-20 FFO and CAPEX (bnUSD) 2018-20 Cash flow generation (bnUSD)2 +64% 7.7 2.9 2.5 5.6 2.3 - 2.1 1.8 1.7 1.9 1.8 1.6 2.4 - 3.2 - 2.4 0.0 2017 2018 2019 2020 FFO 1 Maintenance FFO after Growth FCF Dividends Net FCF capex maint. capex capex paid FFO Capex
Slide 24: Guidance 2018-20
Financial targets Guidance 2018-20 (bnUSD) Previous Plan New Plan New Plan vs Previous Plan 2018 2019 2018 2019 2020 2018-19 EBITDA 3.3 3.7 3.7 4.2 4.6 +12.9% Capex 1.5 1.4 1.9 1.8 1.6 +27.6% Net Income1 1.1 1.3 1.4 1.4 1.6 +16.7% Substantial Net Income growth ensures remuneration to our shareholder
Slide 25: New Dividend Policy
Financial targets New Dividend Policy Attributable Net Income (US$ bn) and paid dividends +99% 1.4 +25% 0.7 0.6 Dividends paid 2016 2017 2018E Dividend Payout 50% 50% 40% 25
Slide 26: Net debt evolution
Financial targets Net debt evolution (bnUSD) 1.3x 1.0x 0.9x 0.8x 4.6 4.2 3.8 3.9 3.7 3.7 3.5 2.9 3.7 4.2 3.5 2017E 2018 2019 2020 EBITDA Net Debt Net debt to EBITDA ratio Low ratio net debt to EBITDA leaves room to additional growth 26
Slide 27: 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 [email protected] Javiera Rubio Investor Relations Enel Américas Phone +562 23534682 Gonzalo
Slide 28: Disclaimer
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, belief or curr