Enel Chile 1Q 2018 results May 4, 2018
1Q 2018 results Chilean highlights EBITDA increased 3%, amounting to US$ 290 mn. Enel Net Income attributable to shareholders, excluding the effect of the sale of Electrogas in February Chile 2017, maintained stable. Simplification: Elqui restructuring process completed. Generation Business EBITDA maintained stable, amounting to US$ 212 mn, driven by a better generation mix. Hydro generation increasing of 0.4 TWh vs previous quarter, totaling an amount of 2.5 TWh. Higher sales to non regulated customers by 430 GWh. Distribution Business EBITDA increased 13%, amounting to US$ 79 mn, driven by the regulated business. Customers increased by 3% to 1.9 mn. Energy sales maintained stable, amounting to 4.1 TWh with an increase in free market of 17%. 2
1Q 2018 results Market context in the period Chile Annual GDP Growth System Energy Sales SIC Average Spot Price Average Exchange Rate (%) 1 (TWh) (USD/MWh) CLP vs US$ 3.5% 2018 17.7 76.6 1Q18 1Q18 601.9 1Q18 1.5% 2017 16.9 1Q17 655.5 1Q17 79.7 1Q17 3 1. Expected GDP for 2018. Source: Latin America Concensus Forecast as of April 2018.
1Q 2018 results Generation business – Operating highlights Net production: 4.3 TWh Installed capacity: 6.4 GW Energy Sales: 5.6 TWh (2.5%) (2.6%) +0.0% 4.4 4.3 5.8 5.6 6.4 6.4 0.1 0.1 Spot 0.0 0.1 0,0 0,0 0.6 0.6 0.8 1.2 0.8 Non regulated 1.7 2.2 2.2 0.9 1.4 4.4 4.0 2.5 3.5 3.5 2.1 Regulated 1Q17 1Q18 1Q17 1Q18 1Q17 1Q18 Hydro Oil-Gas Coal NCRE 4
1Q 2018 results Distribution business - Operating highlights Electricity Distributed: 4.1 TWh Number of customers: 1.9 mn SAIDI 1 : 246 minutes +1.6% +2.7% +7.1% 4.0 4.1 246 1,889 230 0.3 0.3 Other 1,840 0.7 0.8 Tolls 0.6 0.6 Industrial Commercial 1.4 1.4 1.0 1.1 Residential 1Q17 1Q18 1Q17 1Q18 1Q17 1Q18 5 1. SAIDI: System Average Interruption Duration Index during the last twelve months.
1Q 2018 results Distribution margin breakdown (constant US$ mn 1 ) VAS 2 Gross Margin Recurrent Margin Free Market Energy Sales (GWh) +5.9% +16.8% (20.7%) 115 665 109 11 569 9 11 5 6 30 9 28 72 64 1Q17 1Q18 1Q17 1Q18 1Q17 1Q18 Dx regulated Subtransmission Free Market VAS 1 Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 601.90 CLP/USD. 6 2 Value added services.
1Q 2018 results EBITDA by business (constant US$ mn 1 ) +3.3% 281 290 9 (2) 79 Dx 70 Dx Gx 214 Gx 213 HolCo HolCo (3) (1) 1Q17 Generation Distribution 1Q18 7 1 Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 601.90 CLP/USD.
1Q 2018 results From EBITDA to Net Income (constant US$ mn 1 ) 290 227 4 165 (64) (12) 117 (54) 48 EBITDA D&A EBIT Financial Non Operating Income tax Group Net Minorities Attributable Result Results Income Shareholders Net Income 1Q17 281 (66) 215 (7) 173 (84) 297 104 194 (US$ mn) Change 3.3% (3.6%) 5.5% 72.0% (97.9%) (35.7%) (44.6%) (53.5%) (39.9%) 1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 601.90 CLP/USD. 8 2. Consider Depreciation, Amortization and Impairment profit (impairment’s reversal).
1Q 2018 results Free cash flow (constant US$ mn 1 ) 290 (48) 153 (82) (8) (66) 5 1 (91) (4) EBITDA Taxes NWC Financial FFO Capex Dividends FCF FX Effect Change in Net Expenses Debt 1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 601.90 CLP/USD. 9
1Q 2018 results Financial situation (US$ mn) Gross Debt 1 by type Gross and Net Debt Gross Debt by currency 2 Others 1% +122.4% CLP 19% Local bonds 30% International bonds 25% 4% UF 1,272 2,829 Dollars 66% Bank loans 55% 1.555 1Q18 682 683 1Q18 590 591 Liquidity breakdown; 2017 1Q18 • Cash: US$ 683 mn • Committed Credit Lines: US$ 327 mn Net Debt Cash Bridge loan (Elqui) • Average life of debt: 12 years 1. Financial debt includes financial expenses, derivatives and other consolidation adjustments. 2. Debt in UF and CLP its converted to US Dollars using the 1Q 2018 closing exchange rate 603.39 CLP/USD. 10
1Q 2018 results Gross Capex (constant US$ mn 1 ) Maintenance Growth Total 15 14 23 34 66 59 43 9 44 17 29 6 5 10 1Q 2017 1Q 2018 Dx Gx Dx Gx Generation Distribution 1Q 2017 1Q 2018 11 1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 601.90 CLP/USD.
1Q 2018 results Closing remarks 1Q18 results in line with expectations Elqui completed. 94% stake in Enel Generation Chile Generation, characterized by better hydrology in 1Q18 Distribution, characterized by greater margin in regulated business Higher dividend payout ratio, 60% for 2018, in line with our guidance 12
1Q 2018 Results IR Team Susana Rey Catalina González Head of IR Enel Chile Head of IR Enel Generación Chile +56 2 2630 9606 +56 2 2630 9603 susana.rey@enel.com catalina.gonzalez@enel.com Gonzalo Juarez Francisco Basauri IR New York Office Investor Relations Associate +1 (212) 520 1025 +56 2 2630 9585 gonzalo.juarezdelarasilla@enel.com francisco.basauri@enel.com ir.enelchile@enel.com For further information, visit our IR site at: www.enelchile.cl 13
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, belief or current expectations of Enel Chile and its management with respect to, among other things: (1) Enel Chile's business plans; (2) Enel Chile's cost-reduction plans; (3) trends affecting Enel Chile's financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enel or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enel Chile's Annual Report and Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enel Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements. 14
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