Enersis Américas 9M 2016 results November 04, 2016
9M 2016 results Highlights of the period EBITDA of US$ 1.8 bn, an increase of 2.7% Operating EBITDA excluding FX effects increased by 16% Net Income before discontinued operations of US$ 748 mn, an increase of 10.7% Update on structure simplification: completion of Merger activities in Colombia during October Highly successful 600 mnUSD, 10-year SEC-registered Yankee bond with 4% coupon Reorganization process completed 2
Reorganization process update Results overview and precedent conditions Enersis Américas’ Withdrawal Rights Enersis Américas + Tender Offer Result current Shareholders 1 Post merger 2 Other ENIA T.O. on EOCA: Shareholders Other 3.2% tendered for 121 mnUSD 1.69% Other Institutional Shareholders Shareholders Enersis Américas W.R.: 15.79% 0.24% executed for 20 mn USD 48.20% Chilean Endesa Américas W.R.: 11.60% 49,093 mn 57,455 mn Pension 0.04% executed for 1.5 mn USD shares shares Funds 60.62% 10.30% 51.80% Chilectra Américas W.R.: ADR’s Enel 0.005% equivalent to 0.04 mn USD holders Enel TOTAL CASH OUT: 143 mn USD 3 Exchange of shares effective on December 1 st 1. Data as of October 28, 2016 3 2. Expected data as of December 1 2016. Pending to receive final shareholder composition ; 3. USD/CLP exchange ratio of 655.80 on November 2, 2016
9M 2016 results Relevant normative and legal updates during the period Application of the new tariff scheme established by the ENRE resolution no.1/2016 effective since February 1st. Argentina Integral Tariff Review Update: On September 6 th Edesur presented the second report discussed on October 28 th under Public Hearing with the Regulatory Authorities. Public hearing on possible 4 th Tariff cycle anticipation for distribution companies. Brazil Provision Measure 735 could add a premium over WACC on Grids improvement. Final resolution on the new regulatory framework expected by year end. Colombia Tax reform proposal gradually reduces corporate taxes to 32% in 2019. 4
9M 2016 results Market context in the period Local Currencies vs CLP Enersis Américas Average Expected (YoY%) 4 Energy demand 2 (%) Spot Price (USD/MWh) annual GDP growth 1 (%) 2.2% Colombia Colombia Colombia -3.1% Colombia -8.4% 114 2.8% 3.8% Peru 32 Peru Peru 2.0% Peru -1.1% 4.2% -3.2% 3 Brazil 20 Brazil Brazil Brazil -5.3% 2.5% 1.2% -1.6% Argentina 8 Argentina Argentina Argentina -34.6% 2.1% 1.4% 2016 2017 (expected) 1. Expected GDP for 2016 and 2017. Source: Latin America Concensus Forecast as of October 2016; 2. Cumulative Demand. Brazil: Ampla and Coelce, Colombia: Codensa, Peru: Edelnor, Argentina: Edesur. Source: Internal 5 3. Southeast / Central-West region. 4. Source: Internal
9M 2016 results Operating highlights Installed capacity (GW) Net production (TWh) Electricity sales (TWh) - 2.5% + 5.5% Generation + 4.0% 38.2 31.6 30.8 36.2 10.7 10.3 4.8 Hydro 4.8 13.5 13.3 4.8 Oil-Gas 4.7 0.8 0.2 0.6 0.2 Coal 5.8 5.4 17.3 16.9 5.8 5.4 9M 15 9M 16 9M 15 9M 16 9M 15 9M 16 Electricity Distributed (TWh) Number of customers (mn) Distribution + 0.9% + 2.5% 13.7 46.7 47.1 13.3 9M 15 9M 16 9M 15 9M 16 6
9M 2016 results Financial highlights (US$ mn) 1 Revenues EBITDA + 6.2% - 2.6% 5,771 5,620 + 2.7% 1,869 +62 1,759 1,807 9M 15 9M 16 2 9M 15 9M 16 One-Off EBITDA ex. EBITDA One-off Ex. One-off Net Debt 4 Net Income (before discontinued operations) +29.9% - 4.7% + 10.7% 1,795 1,710 + 130 877 748 675 3 Net Income 9M 15 9M 16 One - off Net Income ex. FY 15 9M 16 Ex. One-off One-off 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 7 2. Related to write-off of Curibamba proyect and clients-related provisions in Peru . 3. Fines in Argentina for an amount of US$68 mn and provisions in Peru for US$ 62 mn. 4. Exchange rate USD/CLP for the Debt as of Dec. 31 2015 was 710.16 CLP and for the Debt as of Sep. 30 2016 was 658.02 CLP.
9M 2016 results Group EBITDA evolution by business and country (US$ mn) 1 Generation Distribution + 0.8% + 8.7% +110 908 +57 961 970 834 +18 +32 +71 +41 +35 -54 -107 -121 +11.9 % +23.3% Operating Performance Operating Performance 2 2 2 2 9M 15 FX Impact Colombia Peru Brazil Argentina 9M 16 9M 15 FX Impact Colombia Peru Brazil Argentina 9M 16 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.02 CLP only for information purposes. Original data is in Chilean pesos. 8 2. Not including Services & Holding
9M 2016 results Focus in Colombia (US$ mn) 1 Generation Distribution Total 2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Revenues 17 968 988 2 772 906 1,636 1,710 4 Codensa Emgesa Clients: 2.9 mn 411 MW EBITDA 5 326 330 1 480 504 806 834 4 Bogota CAPEX 98 138 40 398 37 -91 496 175 -65 Emgesa 2,996 MW Net Production - - - 10,750 11,355 6 10,750 11,355 6 (GWh) 10,430 10,105 -3 Energy Sales 12,845 13,825 8 - - - Hydro plant (GWh) Thermal plant Distribution clients 2,844 2,931 3 Clients (Th) - - - 2,844 2,931 3 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 9 “Total” includes Holding and Service adjustment. 2.
9M 2016 results Focus in Brazil (US$ mn) 1 Generation Distribution Total 2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Fortaleza 319 MW Revenues 21 2,091 1,717 -18 343 415 2,293 1,927 -16 Coelce EBITDA 18 260 276 6 171 201 406 448 10 Clients: 3.8 mn Cachoeira Brasilia Dourada CAPEX 655 MW 271 257 -5 25 13 -48 295 269 -9 Ampla Clients: 3.0 mn Rio de Janeiro Net Production - - - 3,037 2,641 -13 3,037 2,641 -13 Cien (GWh) 2,000 MW 16,568 16,980 2 Energy Sales 4,782 6,687 40 - - - Hydro plant (GWh) Thermal plant Distribution clients 6,694 6,895 3 Clients (Th) - - - 6,694 6,895 3 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 10 “Total” includes Holding and Service adjustment. 2.
9M 2016 results Focus in Peru (US$ mn) 1 Generation Total 2 Distribution Edelnor 9M 15 9M 16 % 9M15 9M 16 % 9M 15 9M 16 % Clients: 1.4 mn Revenues 602 9 466 508 9 653 964 1,010 5 EBITDA 147 162 10 230 174 -24 376 336 -11 CAPEX 108 87 -19 27 64 135 136 152 12 Edegel 1,162 MW Net Production - - - 6,601 6,563 -1 6,601 6,563 -1 Edegel (GWh) 778 MW Lima Energy Sales 6,979 7,280 4 5,710 5,824 2 - - - (GWh) Hydro plant 1,330 1,360 2 Clients (Th) - - - 1,330 1,360 2 Thermal plant Distribution clients 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 11 “Total” includes Holding and Service adjustment. 2.
9M 2016 results Focus in Argentina (US$ mn) 1 Generation Distribution Total 2 9M 15 9M 16 % 9M 15 9M 16 % 9M 15 9M 16 % Revenues 6 660 734 11 218 231 877 963 10 Dock Sud 846 MW EBITDA 12 102 138 36 80 90 182 228 46 Costanera 2.210 MW Buenos Aires CAPEX 157 113 -28 132 54 -59 288 167 -42 Edesur El Chocón Clients: 2.5 mn Net Production 1,363 MW - - - 11,174 10,218 -9 11,174 10,218 -9 (GWh) 14,004 14,203 1 Energy Sales 11,609 10,403 -10 - - - Hydro plant (GWh) Thermal plant Distribution clients 2,477 2,495 1 Clients (Th) - - - 2,477 2,495 1 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 12 “Total” includes Holding and Service adjustment. 2.
9M 2016 results From EBITDA to Group net income (US$ mn) 1 1,807 1,375 - 432 + 3 -68 2 748 - 357 - 274 EBITDA D&A EBIT Financial Result Non Operating Income tax Net Income Results (before disc. oper.) 9M 15 -394 1,365 -142 7 675 1,759 -555 +151.2% Change YoY +2.7% +9.6% +0.7% -50.7% -50.6% +10.7% 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 13 2. One-time revaluation effect of past fines in Argentina for 68 mnUSD.
9M 2016 results EBITDA and Net Income breakdown (US$ mn) 1 EBITDA by geography EBITDA by business Brazil Distribution 24% 1,807 1,807 45% 13% Argentina 52% Colombia +2.7% yoy 48% +2.7% yoy Generation 18% Peru Net Income 2 by geography Net Income 2 by business Peru Distribution 23% 748 60% 748 Colombia 49% +10.7% yoy +10.7% yoy 24% 40% Brazil Generation 4% Argentina 1. Comparisons between periods are made using the average USD FX rate for 9M 2016 equal to 680.08 CLP only for information purposes. Original data is in chilean pesos. 14 2. Net Income before discontinued operations.
9M 2016 results Gross Capex (US$ mn) 1 By country By activity Brazil Maintenance 35% Argentina 22% 763 56% 763 -37.2% yoy -37.2% yoy 44% 23% 20% Growth Colombia Peru Higher growth capex in distribution partially offset by the completion of El Quimbo in Colombia 15 1. Gross of contributions and connections fees, accrued capex during 2016.
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