COLBN 2Q16 Results Review July 29, 2016 A G E N D A C ON SO L ID - - PowerPoint PPT Presentation

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COLBN 2Q16 Results Review July 29, 2016 A G E N D A C ON SO L ID - - PowerPoint PPT Presentation

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COLBN 2Q16 Results Review July 29, 2016 A G E N D A C ON SO L ID ATED H IGH L IGH TS RECENT EVENTS FINANCIAL REVIEW G R O W T H O P P O R T U N I T I E S 2 C O N S O L I D AT E D H I G H L I G H T S 2Q 2016 REVENUES. (MMUS$) EBITDA.

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SLIDE 1

COLBÚN

2Q16 Results Review

July 29, 2016

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SLIDE 2

RECENT EVENTS FINANCIAL REVIEW G R O W T H O P P O R T U N I T I E S

C ON SO L ID ATED H IGH L IGH TS

A G E N D A

2

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SLIDE 3

2Q 2016

C O N S O L I D AT E D H I G H L I G H T S

3

359 370

2Q15 2Q16

136 151

2Q15 2Q16

1,358 1,338

2Q15 2Q16

965

2Q15 2Q16

50

2Q15 2Q16

100 100

2Q15 2Q16

3% 11% (2%) 20% 3% 51

1

  • REVENUES. (MMUS$)

2

  • EBITDA. (MMUS$)

3 HYDRO GENERATION CHILE. (GWh) 4 EFFICIENT CAPACITY OVER

  • COMMITMENTS. (%)

5 NET INCOME. (MMUS$) 6 NET DEBT. (MMUS$)

1,161

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SLIDE 4

R EC EN T EVEN TS

CONSOLIDATED HIGHLIGHTS

A G E N D A

4 FINANCIAL REVIEW G R O W T H O P T I O N S

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SLIDE 5

2Q 2016

R E C E N T E V E N T S

5

  • Colbún purchased part of SunEdison’s assets in Chile.
  • Colbún awarded a 15-year power purchase agreement to Total and

its affiliated SunPower for 500 GWh of PV energy per year.

  • Colbún prepaid debt for a total amount of US$240 million.
  • Nehuenco 2 (Unit 2) transformer affected by a fire.
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SLIDE 6

FIN A N C IA L R EVIEW

RECENT EVENTS

A G E N D A

6 CONSOLIDATED HIGHLIGHTS G R O W T H O P P O R T U N I T I E S

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SLIDE 7

CHILE: PHYSICAL SALES AND GENERATION BALANCE

F I N A N C I A L R E V I E W

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  • Lower energy demand from regulated and unregulated customers.
  • Spot market sales of 513 GWh.
  • Lower natural gas generation, offset by higher thermal coal-fired

generation and diesel generation.

  • Base load efficient generation accounted for 100% of

commitments.

Sales Volume GWh 2Q15 2Q16 QoQ Regulated Customers

1,699 1,622 (5%)

Unregulated Customers

1,125 1,109 (1%)

Total Commitments

2,823 2,731 (3)%

Spot Market Sales

484 513 6%

Total Energy Sales

3,307 3,244 (2%)

Spot Market GWh 2Q15 2Q16 QoQ

Sales 484 513 6% Purchases

  • Net Spot Market

484 513 6%

Generation GWh 2Q15 2Q16 QoQ

Hydroelectric 1,358 1,338 (1%) Thermal – Gas 1,202 1,028 (14%) Thermal – Diesel 102 205 101% Thermal - Coal 699 724 4% Eolic - Punta Palmeras 28 18 (33%) Total Generation 3,388 3,313 (2%)

KEY DRIVERS OF 2Q16.

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SLIDE 8
  • Lower Revenues, given by lower sales to customers under contract and

spot market sales, which were partially offset by higher revenues from transmission tolls and sales to unregulated clients.

  • Raw Materials and consumables used decreased mainly explained by

lower cost of fuels (-35%) and lower purchases in the spot market.

  • Given the above, EBITDA increased 4% (QoQ).

CHILE: EBITDA ANALYSIS

F I N A N C I A L R E V I E W

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US$ million 2Q15 2Q16 QoQ

Revenues 358.5 315.2 (12%) Raw Materials and Consumables Used (201.3) (150.2) (25%) Personnel and other

  • perating expenses

(20.8) (23.0) 11% EBITDA 136.4 142.0 4% EBITDA Margin (%) 38% 45%

KEY DRIVERS OF 2Q16.

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SLIDE 9

PERU: PHYSICAL SALES AND GENERATION BALANCE

F I N A N C I A L R E V I E W

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  • Higher physical withdrawals from customers under contract,

mainly explained by a new short-term power purchase agreement with Distriluz.

  • Total generation decreased (QoQ) given mainly by lower generation

in June due to the major annual maintenance of the power-plant in that month.

  • Spot market net purchases of 78 GWh.

Sales Volumes GWh 2Q15 2Q16 QoQ

Customers Under Contract 763 855 12% Spot Market Sales 910 640 (30%) Total Energy Sales 1,673 1,495 (11%)

Spot Market GWh 2Q15 2Q16 QoQ

Sales 910 640 (30%) Purchases 596 718 21% Net Spot Market 314 (78)

  • Generation GWh

2Q15 2Q16 QoQ

Thermal – Gas 1,105 800 (28%) Total Own Generation 1,105 800 (28%)

KEY DRIVERS OF 2Q16.

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SLIDE 10

PERU: EBITDA ANALYSIS

F I N A N C I A L R E V I E W

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  • Lower Revenues from ordinary activities due to: major annual

maintenance of the power-plant in June 2016, and the expiration of the contract with Termochilca in April 2016. Offset by higher income from transmission tolls.

  • Raw materials and consumables increased given by higher

purchases in the spot market and higher transmission tolls cost.

  • Lower EBITDA given by lower generation due to the major annual

maintenance of the power-plant in June 2016. US$ million 2Q15 2Q16 QoQ

Revenues 56.7 55.0 (3%) Raw Materials and Consumables Used (36.8) (41.8) 14% Personnel and other operating expenses (1.2) (1.0) (19%) EBITDA 18.4 9.1 (50%) EBITDA Margin (%) 32% 17%

KEY DRIVERS OF 2Q16.

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SLIDE 11

CONSOLIDATED NON-OPERATING INCOME ANALYSIS

F I N A N C I A L R E V I E W

11 KEY DRIVERS OF 2Q16.

  • Higher financial income from favorable investment rates.
  • Lower non-operating income given by:
  • Higher financial expenses due to the consolidation of Fenix

Power’s debt.

  • Impact of debt prepayment in Chile.

US$ million 2Q15 2Q16 QoQ

Financial Income 1.1 2.7 146% Financial Expenses (22.7) (32.0) 41% Results of Indexation Units 1.2 (0.1)

  • Exchange Rate Differences

0.1 1.9

  • Share of profit (loss) from equity-

accounted associates 1.7 1.7

  • Other non-operating

income/expense (3.9) (4.2) 8% NON-OPERATING INCOME (22.4) (29.9) 34%

US$ million 2Q15 2Q16 QoQ

NET INCOME 50.1 51.4 3%

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GR O W TH OPPOR TU N ITIES

FINANCIAL REVIEW

A G E N D A

12 RECENT EVENTS HIGHLIGHTS

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SLIDE 13

GROWTH OPPORTUNITIES IN CHILE AND THE REGION

P R O J E C T S

SPECIAL FOCUS ON COLOMBIA AND PERU.

  • Growing Electricity Consumption
  • Well established regulatory framework
  • Diversification:
  • Hydrological Conditions
  • Generation Technology
  • Fuel Access
  • Regulation

1 350 MW

Santa María II

Coal 170 MW

San Pedro

Reservoir 34 MW

La Mina (Under Construction)

Run-of-the-river / NCRE GROWTH OPPORTUNITIES IN CHILE: BASE LOAD CAPACITY AND RENEWABLES.

  • Hydro
  • Coal
  • Water rights owned by Colbún mainly in

the Maule Region (430 MW) and Biobío Region (170 MW).

  • NCRE projects under study

2 13

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SLIDE 14

DISCLAIMER AND CONTACT INFORMATION

This document provides information about Colbún S.A. In no case this document constitutes a comprehensive analysis of the financial, production and sales situation of the company. To evaluate whether to purchase or sell securities of the company, the investor must conduct its own independent analysis. This presentation may contain forward-looking statements concerning Colbún's future performance and should be considered as good faith estimates by Colbún S.A. In compliance with the applicable rules, Colbún S.A. publishes on its Web Site (www.colbun.cl) and sends the financial statements of the Company and its corresponding notes to the Superintendencia de Valores y Seguros, those documents should be read as a complement to this presentation.

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INVESTOR RELATIONS

TEAM CONTACT Miguel Alarcón

malarcon@colbun.cl + 56 2 2460 4394

Verónica Pubill

vpubill@colbun.cl + 56 2 2460 4308

Soledad Errázuriz

serrazuriz@colbun.cl + 56 2 2460 4450