Enel Américas Corporate Presentation March 2022 - Enel Américas
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Américas
Américas
Enel Américas
Corporate Presentation
March 2022
Enel Américas as part of Enel Group
Américas
Enel Group is leading the new energy world…
1st network 53 GW 37 GW 7.7 GW 69 mn
operator1 Renewable capacity2 Conventional Demand response Customers4
capacity3
373 GW
Renewable pipeline
New services enable
Leading decarbonization decarbonization and
World’s largest private Largest retail customer
process, phasing out of electrification of base in Europe
player in renewables
coal production consumption
1
(1) By number of end users. Publicly owned operators not included; (2) By installed capacity. Includes managed capacity; (3) It includes nuclear; (4) Includes customers of free and regulated power and gas markets
Enel Américas at a glance
Diversified investment vehicle with ESG principles integrated in our long-term strategy Américas
Strong presence in EBITDA (1) Net Income (1)
key countries in Latin US$ 4.1 bn US$ 0.7 bn
America
Company data
Staff (1)
16,461 people
Key KPIs
Installed Capacity (1)
One of the largest 15.9 GW
Part of Enel Group mkt cap in Chile
Total Clients (1)
26.2 mn
Charging stations (1)
Enel SpA’ stake: 82.3%
3.3 th
Latin America’s
69% renewable installed capacity
largest private Net Debt(1) US$ 5.9 bn
Liquidity & ratings
+4.7 GW vs PY
power company
Sustainability
Net Debt/EBITDA(1) 1.4x
Strong governance policies to support Baa2 / Stable (July 2021)
our long-term strategy
Commited to ESG goals and sustainability BBB- / Stable (March 2022)
A- / Stable (October 2021)
2
(1) 2021 figures
Corporate and ownership structure
Américas
Business structure1 Ownership structure3
Retail
Pension ADRs
0.9%
funds 1.8%
Other 7.6%
shareholders Institutional
investors
82.3% 17.7%
7.4%
# shares
Américas 107,281,698,561 Enel S.p.A
82.3%
Argentina Brazil Colombia2 Peru Cent. Am.2
Market Cap4: US$ 12.9 bn
3
(1) Simplified company structure; (2) Central America’s assets merged with Emgesa and Codensa to create Enel Colombia on March 2022; (3) As of February 28, 2022; (4) As of March 21, 2022
Key investment considerations Américas
Américas
Diversified investment vehicle in the region with ESG
principles integrated in our long-term strategy
Proven M&A track record with accretive results
Distribution: Regulated business with attractive returns
Generation: Renewable portfolio with growth through non-
conventional renewables sources
Supporting our efforts in energy transition through Enel X
and Retail businesses
Strong liquidity and sound financial policies with attractive
shareholders remuneration
4
Diversified investment vehicle in the region
Enel Américas is Latin America’s largest private power company Américas
Central
Argentina Brazil Colombia Peru
America
Installed
GENERATION
4,419 4,981 3,589 2,294 646
capacity (MW)
Energy sales
13.1 26.4 17.7 11.4 2.6
(TWh)
Market share1 11% 5% 25% 21% -
DISTRIBUTION
End users (mn) 2.5 18.4 3.7 1.5 n/a
Energy sales
16.3 80.8 14.5 8.1 n/a
(TWh)
Market share1 15% 16% 20% 27% n/a
4% 47% 33% 13% 4%
EBITDA contribution EBITDA contribution EBITDA contribution EBITDA contribution EBITDA contribution
5
2021 figures. (1) Market share figures for 2020
Proven M&A track record with accretive results
Expansion of operations in the region through inorganic growth Américas
Largest Private Inorganic growth trough M&A: Strong financial NEW GROWTH
Utility in LatAm Consolidation in Dx & Gx businesses position PHASE
Capital increase
Generation business Distribution business of US$ 3.0 bn
Volta Grande Enel Distribution Sao
acquisition Paulo acquisition 2020-21
(ex Eletropaulo)
Distribution business
Enel Distribution Goiás 2019 A fully integrated vehicle
acquisition (ex Celg) prepared to be a natural
leader in an Energy
Américas 2018 Transition scenario in Latin
Spin-off: America
Enel Américas
(former Enersis) 2017
2016 6
Regulated business with
Distribution attractive returns Américas
Main KPIs EBITDA (US$ bn)
2019 2020 2021 1% +14%
End users 10%
(mn)
25.2 25.6 26.2 2.2
2.0
Energy distributed 25% FY 2021
(TWh)
120.6 115.2 119.8
US$ 2.2 bn
64%
SAIDI
(hours)
12.4 10.8 9.8
SAIFI Argentina Brazil
(times)
5.8 5.2 4.7 FY 2020 FY 2021
Colombia Peru
Strategic actions
Energy Losses
(%)
12.1 13.0 12.7
Ensure the highest level of quality at the
Smart Meters lowest cost across all grids
(#)
87 th 95 th 137 th
Improving the digitalization channels in
2022 2023 2024 order to reach the clients needs
Keeping the support to our clients on
Peru Brazil Colombia critical periods
Argentina 7
With clear parameters for our
Distribution concessions Américas
Argentina Brazil Colombia Peru
Business model Price cap Price cap Revenue cap Price cap
WACC real pre tax 12.5% 10.8% 11.5% 12.0%2
Next Regulatory
20231 2023 2024 2022
Period
Regulatory Period 5 (Rio, Goias)
5 5 4
Length (years) 4 (Ceará, São Paulo)
Metering Owned by Owned by Owned by Owned by
Ownership DSO DSO users/DSO DSO
To be
Inclusion in RAB Yes Yes Yes
defined
Updated February 2022.(1) Next Regulatory Period 2023 - extended one year by pandemic. (2) Peru uses a Price Cap based on VNR (NRC New replacement
value) 8
Portfolio mainly represented by
Generation renewable technologies Américas
Installed Capacity1 EBITDA (US$ mn)
1% 8% 7% +42%
69% Renewable
13% +4.7 GW vs PY 16% 2.0
FY 2021 29%
1.4
Hydro US$ 2.0 bn
17% 44%
15.9 GW Wind & Solar
CCGT
Oil-gas 40%
Coal
24% Argentina Brazil FY 2020 FY 2021
Colombia Peru
C. America
Main KPIs Strategic actions
2019 2020 2021
Clear path to organic growth in
Net production renewable power generation
(TWh) 41.8 40.5 48.7
Energy Sales Solid pipeline to enable
(TWh) 72.61 59.2 71.3 continue value creation
Free Market sales 50 44 44 Accelerate positioning within the energy
(%) transition
(1) Includes intercompany sales, criteria changed in 2020. 964%
+2.7 GW of capacity already in execution, representing
77% of our 2024 renewable target Américas
Projects in execution By COD By technology
2% 7%
11%
23%
37%
2.7 GW 50% 2.7 GW 2.7 GW
37% 63%
70%
Brazil Colombia Panama Peru 2022 2023 2024 Wind Solar
New projects in execution
Brazil Colombia Peru Panama
Aroeira 348 MW Guayepo 487 MW
Rubi II (Clemesi) 123 MW Madre Vieja 31 MW
Lagoa dos Ventos III 396 MW La Loma 187 MW
Wayra II 177 MW Baco Solar 30 MW
Lagoa dos Ventos V 399 MW Fundación 132 MW
Pedra Pintada 194 MW Windpeshi 205 MW
10INTERNAL
Flexible portfolio of projects representing
~56 GW, enabling the path to decarbonization Américas
Gross Pipeline (GW)1
~56 ~31
~25
Gross Pipeline Early Stage Mature Stage
Gross Pipeline by country Gross Pipeline by technology
1%
15%
28%
17% 56 GW 56 GW 72%
67%
•
Brazil Colombia Peru C. America Solar Wind
(1) As of December 31th, 2021 11Enel X Developing a portfolio to reach the
Retail electrification process of each client….
Américas
Assist customers in decarbonization and in a more efficient use of energy,
Mission through electrification and digitalization
Enel X
Create new value through the offer of new products and services
ELECTRIFICATION
Enel X B2C e-Home Retail
Membership Home services, Market development through new capacity
HVAC & Green Products, Smart available to reach better conditions to
Commodity Home solutions
free market clients
B2B e-Industries Focus on a customers-base model to
Strategic actions
e-Mobility
Flexibility services, Distributed seize opportunities during an energy
Energy, energy management transition scenario
Financial systems
Services
B2G e-City Capturing new clients in the transition
UBB Public lighting, Smart cities from a regulated market to free market
services, public e-Transport
12With continuous improvement in our
key KPIs Américas
Enel X Retail1
2019 2020 2021
Charging stations (k#) 0.6 1.8 3.3 Delivery points (#) Energy sold (TWh)
Smart lighting 4.6
0.8 0.8 0.8 20.3
(final light points, mn#)
3.5 16.6 15.4
2.8
e-Buses - 0.1 0.9
PV
(MWρ installed)
12 19 30
2019 2020 2021 2019 2020 2021
Credit cards
(Active credit cards k#) 857 858 902
13
(1) Only free market business. Figures do not include gasContributing to the Group reduction target in GHG
emissions, in line with the 1.5° scenario Américas
-80%
500 .000
450 .000
400 .000
350 .000
414
FULL
300 .000
250 .000
298 DECARBONIZATION
200 .000
Scope 11 150 .000
227
(gCO2eq/kWh) 100 .000
148
82
50. 000
0.0 00
2017 2019 2021 2023 2030 2040
Previous
SBTi target 125
Scope 32
(Mton CO2) 25.3 -16% 21.2
14
1. Scope 1 by 2030, consistent with the 1.5 pathway of the Science Based Target Initiative and the IEA 1.5 scenario
2. Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target InitiativeESG positioning
Yearly improvements in ESG scores Américas
MSCI S&P Dow Jones FTSE Russell Moody’s ESG Refinitiv CDP1
Solutions
AA AA AA 4.1 84
3.8 56 83 B
85 3.5 53 81
83
81 47
2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2021
Scale from CCC to AAA Scale from 0 to 100 Scale from 0 to 5 Scale from 0 to 100 Scale from 0 to 100 Scale from D- to A
Indexes and Ratings
1 Morningstar: Emerging Markets Sustainability Indexes 5 S&P IPSA ESG Tilted Index
2 DJSI Chile, DJSI Mila Pacific Alliance and DJSI Emerging Markets 6 MSCI: Universal and Focus ESG Indexes
3 FTSE Emerging Markets and Latin America Indexes 7 Refinitiv Diversity & Inclusion Index
4 Moody’s ESG: Rranking Best Emerging Markets Performers
15
(1) Carbon Disclosure Project; 2021 corresponds to the first score for the companyAméricas
Américas
2022-2024 Strategic Plan AméricasEBITDA growth with significant CAPEX
commitments… Américas
2021 2024 %
EBITDA (US$ bn) 4.1 4.9-5.4 +20%-30%
Group net income (US$ bn) 0.7 1.2-1.6 +68%-110%
Net debt (US$ bn) 5.9 9.1-10.4
Cumulative CAPEX 2022-24
(US$ bn) 8.9
Rounded figures. 17…with Networks and Renewables leading our
investment plans for future growth Américas
CAPEX (US$ bn) EBITDA (US$ bn)
By country +20% - 30%
4.9 - 5.4
1% 3%
12%
9% 8% 4.1
8% 9% 4% 13% 27%
20% 19% Argentina Brazil Colombia
2021 2024 33%
US$ 2.9 bn Peru C. America 51%
US$ 3.0 bn
47%
62% 65% 4% 7%
2021 2024
+20% - 30%
By business line1
4.9 - 5.4
3% 2% 4% 2% 2%2% 2%
8%
4.1
2%
6% 49%
2021 33% 47%
37% 2024 Thermal Renewables
US$ 3.0 bn US$ 2.9 bn generation
54% Networks Retail Enel X 34% 37%
61% 11% 4%
2021 2024
Rounded figures. (1) Thermal generation business’ includes trading business 18Generation EBITDA up driven by renewables
growth Américas
EBITDA evolution 2021-24 (US$ bn) Contracted energy (TWh) Financial KPIs
+8%-17% 2021 2024
TWh 17.2 19.0
2.0 - 2.2 Brazil 2021 2024
% 83% 100%
1.9
EBITDA/MWh
(US$/MWh)1 25.3 25.5-27.8
TWh 14.9 12.9
Colombia
% 100% 90%
91% OPEX/MW
75% 20 19
TWh 9.7 8.7 (th US$/MW)2-3
Peru
% 81% 72%
Emission free
generation (%) 72% 80%
25% TWh 0.5 0.4
9% Guatemala
% 73% 68%
2021 2024
TWh 1.0 1.6
Panama
Thermal generation Renewables % 61% 93%
Rounded figures. (1) Includes renewables and thermal generation; (2) Only renewables; (3) In real terms 19Networks EBITDA increase on higher asset
base, improved demand and lower OPEX Américas
EBITDA evolution 2021-24 (US$ bn) RAB1 (US$ bn)
Financial KPIs
+19%-36% 14.6
+26%
2.3 – 2.7
11.6
2021 2024
1.9
EBITDA/Grid customer
74 84 - 96
(US$/grid customer)
OPEX/Grid customer
37 27
(US$/grid customer)
RAB/Grid customer 441 528
2021 2024 (US$/grid customer)
2021 2024
Avg.
12.0% 11.5%
Tariff reviews WACC2
2022 2023 2024
Brazil
Peru Colombia
Argentina
20
Rounded figures. (1) Regulatory Asset Base; (2) Calculated as a weighted average of WACC of our Dx companiesSignificant growth for Retail and Enel X mainly
coming from Brazil Américas
EBITDA evolution 2021-24 (US$ bn) EBITDA evolution 2021-24 (US$ bn)
+53-75% +61-81%
5% 10% 4%
16% 0.39 - 0.45 26% 0.11 – 0.13
26%
2024 2024
0.39 – 0.45 0.11 – 0.13 0.08
US$ bn 0.26 US$ bn
69% 44%
Argentina Brazil Argentina Brazil
Colombia Peru 2021 2024 Colombia Peru 2021 2024
21
Rounded figures.OPEX savings by ~US$ 0.2 bn mainly coming from
initiatives in Networks and Retail in Brazil Américas
OPEX evolution (US$ bn)
+13%
Efficiencies mostly
related to network
digitalization &
platformization
0.1
0.3 1.8
1.6 (0.2)
2021 Fx & CPI ∆ Perimeter Efficiencies 2024
22
Rounded figures.Incremental debt expands at a lower pace than our
CAPEX commitments Américas
FFO / Net debt evolution Financial expenses on debt (US$ bn)
0.84
0.76
40%
33%
Net debt / EBITDA 1.4x 1.7x1
2021 2024 2021 2024
Net debt (US$
5.9 9.1 – 10.4
bn)
Gross debt (US$ bn) 7.4 11.2 – 12.7
23
Rounded figures. (1) Excludes Enel Sao Paulo pension fund effect(~US$ 1.1 bn). Full Net debt/EBITDA ratio: 1.9xSolid liquidity position and smooth maturities,
with an average life of 3.6 years Américas
Liquidity and debt maturity by year (US$ bn) Credit profile
Gross debt 2021:
US$ 7.4 bn Baa2
Stable
Maturities/Gross debt 19% 16% 20%
3.1
BBB-
1.5 Stable
4.1
3.3
A-
1.5 1.4 1.2 1.5 Stable
Available 2022 2023 2024 2022-2024 > 2024
AA
Liquidity Stable
Available committed credit lines Cash Maturities
24
Rounded figures.Contact us
Américas
Contacts
Email - ir.enelamericas@enel.com
Channels
Website Mobile App
www.enelamericas.com Enel Américas Investors
Rafael de la Haza
Head of Investor Relations Download App
iOS Android
Investor Relations team
Jorge Velis
Javiera Rubio
Nicolás Gracia
Francisco Basauri
Monica De Martino – NY Office
Thank you.
25Américas
Américas
Américas
Enel Américas
Annexes
March 2022Corporate governance structure
Américas
Shareholders’ meeting Audit firm
43%
BoD’s
composition Board of Directors
(7 members)
57%
Executive Independent
Functions:
Directors Committee
Audit committe
Sustainability committe
Related parties transactions
27Board composition
Américas
Board of Directors Board of Directors’ diversity1
Borja Acha Besga Chair
43%
29%
Francesca Gostinelli Director 14%
Age Gender
diversity 14% diversity
Giulia Genuardi Director 29% 71%
41-50 51-60
Male Female
José Antonio Vargas Director 61-70 over 70
14% 14%
Directors’ Committee (C)
Hernán Somerville Senn 14% 14%
Director 29% 29%
Tenure Nationality
diversity diversity 14%
Directors’ Committee
Patricio Gómez Sabaini Director 43% 29%
Directors’ Committee 0-3 years 3-6 years Chilean Italian
Domingo Cruzat Director 6-9 years Over 12 years
Colombian Spanish
Argentinean
28
Executive IndependentCEO’s short-term variable remuneration
Américas
Type of Target Objective
Weight Range
Profit Net Income
25% Maximum 120%
Economic Latin America
FFO
Financial 15% Maximum 120%
Latin America
Business Customer's operations 20% Maximum 120%
Claims
Business 20% Maximum 120%
(Commercial operations)
Safety Safety in the workplace 20% Maximum 120%
29Américas Américas
You can also read
