Enel Américas 1Q 2017 results
1Q 2017 results Highlights of the period and recent events EBITDA of USD 651 m, an increase of 7.1% vs 1Q 2016 Net Income of USD 143 m, a decrease of 42% vs 1Q 2016 Higher generation sales +1.9 TWh 17 m clients of which: +359k organic growth (+2.7%) + 3.2 m from the consolidation of CELG and EEC Addendum to the concession agreement in Enel Dx Rio signed on march, 13 th Change of the functional currency from CLP to USD Cancellation of the Company’s treasury stock 2
1Q 2017 results Market context in the period Local Currencies vs USD Enel Américas Energy Average Annual GDP growth 1 (%) demand 2 (%) (YoY%) 4 Spot Price (USD/MWh) Colombia 45 Colombia Colombia -1.4% Colombia 2.3% 10.3% 3 Brazil 50 Brazil Brazil 0.6% Brazil 34.5% 19.5% Peru 3.2% Peru Peru 20 Peru 3.3% 4.7% Argentina 2.8% Argentina Argentina N/A Argentina -1,4% -8.4% 3 1. GDP (e) for 2017. Source: Latin America Consensus Forecast as of April 2017; 2. Cumulative Demand. Brazil: Ampla and Coelce, Colombia: Codensa, Perù: Edelnor, Argentina: Edesur. 3. Southeast / Central-West region. 4. YoY. Source: Internal.
1Q 2017 results Operating highlights Net Installed capacity (MW) Net production (TWh) Electricity sales (TWh) + 10.8% + 15.1% + 0.5% Generation 9.9 10.9 14.2 10,741 10,792 12.4 18.8 Hydro 4.7 17.3 4.7 4,763 4,750 Oil-Gas Coal 6.1 22.2 22.6 4.8 5,817 5,754 1Q 16 1Q 17 Mar. 16 Mar. 17 1Q 16 1Q 17 Electricity Distributed (TWh) 1 Number of customers (m) 1 Distribution + 12.3% + 25.8% 17.0 17.9 13.5 16.0 Mar. 16 Mar. 17 1Q 16 1Q 17 4 1. Includes EEC and Celg-D
1Q 2017 results Financial highlights (US$ m) Revenues EBITDA + 12.3% + 29.4% + 7.1% 2,334 1,804 682 +95 651 607 -64 1 1Q16 1Q17 FX effects One-Offs EBITDA ex. 1Q 16 1Q 17 One-offs and FX effects 2 Net Income (without discontinued operations) Net Debt + 90.2% - 41.7% 246 2,883 143 1,516 1Q 16 1Q 17 Dec. 16 Mar. 17 5 1. Related to voluntary retirement plan provisions in Celg-D for an amount of USD 60 m and fines in Edesur for an amount of USD 35 m. 2. Includes cash and cash equiv. + 90-day cash investments
1Q 2017 results Group EBITDA evolution by business and country (US$ m) Generation Distribution + 0.6% + 10.8% +36 +19 +8 310 +29 +17 -20 348 346 -32 -2 -18 280 -4 1 1 1 1 1Q 16 FX Impact Colombia Brazil Peru Argentina 1Q 17 1Q 16 FX Impact Colombia Brazil Peru Argentina 1Q 17 6 1. Not including Services & Holding (USD 7 m).
1Q 2017 results Focus on Colombia (US$ m) Total 1 Generation Distribution 1Q 16 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 17 Revenues 312 377 21% 339 272 -20% 598 578 -3% Codensa Emgesa Clients: 3.3 m 411 MW EBITDA -2% 95 127 34% 166 163 261 290 11% Bogota Net Income 10% 37 54 47% 67 74 104 128 23% Emgesa Capex 97% 39 45 15% 7 13 46 58 27% 3,056 MW - - 3,252 3,780 16% - 3,252 3,780 16% Net Production (GWh) Hydro plant Energy Sales 3,421 3,372 -1% 4,113 4,243 3% - - - (GWh) Thermal plant 2 2 Distribution clients Clients (Th) - - - 2,890 3,269 13% 2,890 3,269 13% “Total” including Holding and Services adjustments. 1. 7 2. On October 1, 2016, Empresa de Energía de Cundinamarca (EEC) merged with Codensa, adding clients to Codensa.
1Q 2017 results Focus on Brazil (US$ m) Generation Total 1 Distribution 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Fortaleza Revenues 121 489 87% 189 56% 918 88% 550 1,026 319 MW EBITDA 60 91 52% 96 86 -10% 13% 148 167 Enel Dx Ceará Net Income -77% Clients: 3.9 m 35 54 56% 20 -41 -303% 55 13 Cachoeira Brasilia Dourada CAPEX 655 MW -16% 71% 4 3 74 131 77% 79 135 Enel Dx Rio Clients: 3.1 m 26% Net Production 901 1,132 901 1,132 26% - - - Rio de Janeiro Cien (GWh) 2,000 MW - - - Energy Sales 2,157 3,201 48% 5,843 7,858 34% Celg-D Clients: 2.8 mn (GWh) 6,777 9,818 2 45% - - - 6,777 9,818 2 45% Hydro plant Clients (Th) Thermal plant Distribution clients “Total” including Holding and Services adjustments. 1. 8 2. Includes Celg-D.
1Q 2017 results Focus on Peru (US$ m) Total 1 Generation Distribution 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Edelnor Clients: 1.4 m Revenues 225 1% 183 172 -6% 227 357 341 -4% EBITDA 56 56 0% 89 74 -16% 144 130 -10% Net Income 28 26 -7% 50 39 78 65 -17% -22% Capex 1 16 24 24 0% 26 40 54% Edegel 1,469% 1,153 MW Net Production 2,266 -18% - - - 2,266 -18% 1,853 1,853 Edegel (GWh) 778 MW Lima Energy Sales 2,008 2,074 3% 2,514 2,607 4% - - - (GWh) Hydro plant 1,344 1,379 3% Clients (Th) - - - 1,344 1,379 3% Thermal plant Distribution clients 9 “Total” including Holding and Services adjustments. 1.
1Q 2017 results Focus on Argentina (US$ m) Total 1 Generation Distribution 1Q 16 1Q 17 % 1Q 16 1Q 17 % 1Q 16 1Q 17 % Revenues 207 291 389 34% 85 53 -37% 336 62% Dock Sud EBITDA 33 46 39% 64 71 10% 31 25 -19% 846 MW Net Income -63 -52 17% -40 -57 -43% 23 -4 -117% Costanera 2.210 MW Buenos Aires CAPEX 27 37 35% 45 40 -12% 18 3 -84% Edesur El Chocón Clients: 2.5 m Net Production - - - 3,438 4,155 21% 3,438 4,155 21% 1,363 MW (GWh) 4,701 4,635 -1% - - - Energy Sales 3,575 4,172 17% Hydro plant (GWh) Thermal plant Distribution clients 2,483 2,513 1% 2,483 2,513 1% - - - Clients (Th) “Total” included Holding and Services adjustments. 1. 10
1Q 2017 results Gross Capex (US$ m) 1 By business By country By activity Generation Maintenance Argentina Colombia 13% 15% 21% Peru 273 273 273 45% 15% +39.5% yoy +39.5% yoy 55% +39.5% yoy 87% Distribution Brazil Growth 49% 11 1. Accrued capex during 2017, gross of contributions and connections fees,
1Q 2017 results EBITDA breakdown (US$ m) EBITDA by business EBITDA by country Brazil Distribution 25% 651 651 44% 47% Colombia 53% +7.1% yoy +7.1% yoy 20% Generation Peru 11% Argentina 12
1Q 2017 results From EBITDA to Net income (US$ m) 651 476 -174 +1 -197 143 -137 EBITDA D&A EBIT Financial Result Non Operating Income tax Net Income Results -125 482 -150 -3 246 1Q 16 607 -83 -129.6% Change YoY -39,0% -1.1% -31.4% -41.7% +7.1% +64.9% 13
1Q 2017 results Free cash flow (US$ m) 651 -230 201 2 -167 123 -52 3 151 -273 -71 -213 -142 -1,069 -84 1 EBITDA NWC Taxes paid Financial FFO Capex FCF Net NCF Extr. FX Effect Change in Expenses Dividend Operation Net Debt paid paid 1. Capex accrued gross of contributions and connections fees. Differences between Capex accrued and Capex paid are included in the NWC. 2. Maintenance Capex. 14 3. Growth Capex.
1Q 2017 results Gross debt breakdown (US$ m) Gross and Net Debt Gross debt breakdown by currency Gross debt breakdown by country 9.7% 8.5% +8.4% 4,632 4,632 4,273 4,632 4,273 13% 4,273 10% 15% 11% 14% 18% 15% 1,749 20% 22% 28% 2,757 28% 22% 22% 2,883 47% 46% 46% 44% 46% 1,516 Dec. 16 Mar. 17 Dec. 16 Mar. 17 Dec. 16 Mar. 17 COP BRL USD 1 CLP ARS Peru PEN Colombia Brazil Chile Net Debt Cash Argentina Cost of gross debt 15 1. Cash and cash equiv. + 90-day cash investments
FY 2016 results Closing remarks: highlights EBITDA in line with our expectations Positive operative performance in both Generation and Distribution businesses; +15.1% generation sales and +359k new organic clients Regulatory achievements in line with our Strategic Plan: New RTI in Argentina Addendum to the concession agreement of Enel Dx Rio signed Restructuring of CELG-D on track USD is the new functional currency of the Company 16
Exhibits 17
1Q 2017 results Financial Statements Pro-forma and reported to SVS (US$ m) 1Q 2016 1Q 2017 Δ YoY 1Q 2016 1Q 2017 Δ YoY Revenues 1,804 2,334 29.4% Financial Statements reported to SVS Revenues 1,804 2,334 29.4% Contribution Margin 904 1,082 19.7% Contribution Margin 904 1,082 19.7% EBITDA 607 651 7.1% Financial Statements (pro-forma) EBITDA 607 651 7.1% EBIT 482 476 -1.1% EBIT 482 476 -1.1% Net Financial Income -150 -197 -31.4% Net Financial Income -150 -197 -31.4% Others -3 1 129.6% Others -3 1 129.6% Taxes -83 -137 64.9% Taxes -83 -137 64.9% Profit after taxes 246 143 -41.7% Group Net Income (before dis.) 246 143 -41.7% Discontinued operations 162 0 -100.0% 39.5% Gross Capex 196 273 Américas Group Net Income 408 143 -64.9% 1,516 2,883 90.2% Net Debt (FY 2016 VS 1Q 2017) Attributable to Shareholders 251 74 -70.7% 18
Operating Exhibits 1Q 2017 Business context in 1Q 2017 v/s 1Q 2016 Dx Ebitda Spot Price Dx Sales Gx Ebitda (US$ mn) Electricity Demand Gx Output (US$/MWh) (TWh) (US$ mn) (%) (TWh) Colombia Brazil Peru Argentina 19
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