1Q-2018 Earnings Call. May 8th, 2018
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1 1Q-2018 Earnings Call May 8th, 2018
2 Disclaimer This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this material are subject to change without notice and neither the Company nor any other person is under obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is subject to qualifications and assumptions, and neither the Company nor any agent can give any representations as to the accuracy thereof. The Company and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. This presentation may contain statements that are forward-looking subject to risk and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect the Company s business. Investors are cautioned that any such forward looking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control. The successful execution and commencement of operation of the investment projects that we are developing or constructing depends on numerous external factors, including (i) delays in obtaining regulatory approvals, including environmental permits; (ii) court rulings against governmental approvals already granted, such as environmental permits; (iii) shortages or increases in the price of equipment reflected through change orders, materials or labor; (iv) the failure of contractors to complete or commission the facilities or auxiliary facilities by the agreed-upon date; (v) opposition by local and/or international political, environmental and ethnic groups; (vi) strikes; (vii) adverse changes in the political and regulatory environment in Chile; (viii) adverse weather conditions (ix) poor geological conditions; and (x) natural disasters, accidents or other unforeseen events. This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdiction. The information contained should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material. The Company is an issuer in Chile of securities registered with the Comisión para el Mercado Financiero, the Chilean Superintendency of Securities and Insurance, or CMF. Shares of our common stock are traded on the Bolsa de Comercio de Santiago Bolsa de Valores, or the Santiago Stock Exchange, the Bolsa Electrónica de Chile Bolsa de Valores, or Electronic Stock Exchange, and the Bolsa de Corredores Bolsa de Valores, or the Valparaiso Stock Exchange, which we jointly refer to as the Chilean Stock Exchanges, under the symbol AESGENER. Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges. All such reports are available at and
3 Agenda 2018 First Quarter Earnings Call 1. Highlights 2. Financial Review 3. Key Takeaways 4. Q&A
4 1 Highlights 2018 First Quarter
5 1 Highlights 2018 First Quarter Record 1Q-2018 EBITDA $208 mn, 10% increase LTM EBITDA $812 mn 70% Net Income growth boosted by improvement across all markets reaching $79 mn Annual Shareholders meeting on April 26th Approved dividends ~$185 mn for 2018 Energia Base tariff step up in Argentina 5
6 1 Highlights (cont d) 2018 First Quarter Commitment not to build new coal-fired power plants and develop renewables to reduce carbon intensity of our portfolio Continue securing PPAs with C&I customers Secured green tax pass-through with important customers Closing EPC contract for Chivor life extension Project Colombian regulator drafting framework for long term PPAs for renewables Submitted request for environmental approvals to develop desalination plants adjacent to our Ventanas and Guacolda Plants 6
7 1 Highlights (cont d) Largest Energy Producer In Chile AES Gener maintains leading position as largest energy producer in Chile providing 27% of gross generation during 1Q 2018 AES Gener 27% Chile SEN ~19 TWh 7
8 1 Highlights (cont d) We continue advancing with non-core assets sale process to strengthen the company s capital structure Electrica Santiago (ESSA) Assets Accepted an offer to sell 750MW for $300mn to Generadora Metropolitana Spa (JV between EDF and AME) Attractive valuation on assets that are not essential to the execution of our long term strategy Proceeds will be used to prepay debt, strengthen liquidity and growth Conditions precedent were met. Closing expected in May MW in gas/diesel fired assets Transmission Assets AES Gener owns ~1,500 kms of transmission lines, including the Interandes international line Launched a process to sell regulated transmission assets owned by AES Gener, not essential to the execution of the long term strategy Shortlisting binding offers, expected to close during 2H kms of transmission line assets to be sold Nueva Renca 379MW Renca 100MW Los Vientos 132MW Santa Lidia 139MW 132 kms under National Trunk System 154 kms under Zonal System 30 kms in Dedicated System 8
9 1 Highlights (cont d) Alto Maipo Construction Update Construction continues moving forward Project Works - Las Lajas Cavern More than 4,700 workers 12 active work fronts Overall project progress of 64% Total tunnel progress of 52% 39.4 km of 75.9 km Completion of Las Lajas Cavern and Headrace tunnel Note: Construction progress as of May 2 nd,
10 1 Highlights (cont d) Alto Maipo Summary of May 2018 Restructuring CHANGE IN RISK PROFILE PROJECT CAPITALIZATION AES GENER COMMITMENTS Lump sum fixed price contract with Strabag, including guaranteed completion dates backed by: $300mn Letters of Credit Corporate Guarantee from Strabag SE Transfer of Geological and construction risks Strong incentives for early completion COD Las Lajas & Alfalfal II expected in 2020 Fully funded plan, considering: $3,048mn construction cost Additional $392mn payable over 20- year after COD Lenders commitment for US$823 mn, including incremental funding of $135mn Incremental shares to Strabag if certain milestones are met AES Gener will contribute: $200mn based on progress and debt disbursements Up to $200mn towards completion and for project costs or to prepay debt No additional debt to be issued at AES Gener level 10
11 1 Highlights (cont d) Alto Maipo Project Capitalization as of Today Financial Debt Equity ,451 1, , , , Debt Commitments March 2017 Restructuring Debt Commitments May 2018 Budget Equity Contributed as of April, 2018 Equity Commitments, May 2018 Budget Disbursed Undrawn Commitment Incremental Commitment AES Gener MLP Strabag 11
12 1 Highlights (cont d) Alto Maipo Key Objectives Achieved COMPLETE RESET Significant risk reduction Project recourse to Strabag Guaranteed Completion Strong incentives for early completion CAPITAL STRUCTURE Committed to strengthen capital structure to maintain Investment Grade ratings No increase in Corporate Debt Equity Commitments funded with cash from operations STRATEGIC PROJECT Key for strengthening power supply for Santiago Zero emission capacity, greening our Portfolio Alto Maipo along with existing assets creates a 802 MW hydroelectric complex Lasts more than 100 years 12
13 2 Financial Review First Quarter 2018 Earnings Call
14 2 Consolidated Financials 2018 First Quarter Key Financials (US$ mn) 1Q Q Var. (%) Operating Revenue % Gross Profit % EBITDA % EBITDA Margin 32% 34% Net Income % EBITDA BY MARKET First Quarter 1Q Q % 76% 22% 22% 5% 208 2% 189 Chile Colombia Argentina 14
15 2 EBITDA Bridge 2018 First Quarter First Quarter EBITDA Increased 10%, $19 mn Q Q
16 2 Chile 1Q-2018 EBITDA Increased by $7 mn Main Drivers of 1Q-2018 Began the supply of additional PPAs Reached agreements for green tax pass-through, reducing its impact Nueva Renca maintenance activities EBITDA Variation (1Q-2018) +5% 151 Electricity Revenue Breakdown (1Q-2018) Unregulated Customers 67% Spot 7% 144 7,1 $438mn Q Var 2018 Regulated Customers 26% 16
17 2 Colombia 1Q-2018 EBITDA Increased by $5 mn Main Drivers of 1Q-2018 Higher contract revenue at higher prices, partially offset by lower physical sales Favorable impact from COP appreciation Lower Ancillary Services Sales EBITDA Variation (1Q-2018) +12% 46 Electricity Revenue Breakdown (1Q-2018) Spot 35% Contract Sales 65% $96mn Q Var
18 2 Argentina 1Q-2018 EBITDA Increased by $7 mn Main Drivers of 1Q-2018 Increase in capacity prices in the Energía Base Market (Resolution 19/2017) Higher prices and volume with Energía Plus customers Higher generation as a result of lower maintenance activities EBITDA Variation (1Q-2018) +163% 11 Electricity Revenue Breakdown (1Q-2018) Energía Base 54% Contract Sales 46% $41mn Q Var
19 Net Income 2 1Q-2018, Attributable to AES Gener (US$ mn) EBITDA Variance Depreciation Interest Expense Equity Earnings FX Gains/ Losses Income Tax Non- Controlling Interest Other Non- Operating Variances Q Q
20 Cash Flow and Liquidity 2 1Q-2018 (US$ mn) Quarterly Cash Flow Liquidity as of March 31, 2018 Operating CF Investing CF Financing CF FX Variation Cash and Cash Equivalents $235 mn Undrawn Committed Facilities $250 mn 84 48% 52% $485mn Dec-17 Mar-18 20
21 2 AES Gener Debt Profile Total Debt as of March 31, 2018 $3,749 mn Debt Overview AVERAGE COST 5.5% AVERAGE LIFE 14 years Debt by Type Recourse Debt $1,361 mn Non-Recourse Debt $2,388 mn NET DEBT/EBITDA CURRENCY RATE 4.3x (2.3x excluding non recourse debt) 96% denominated in USD 93% at fixed interest rate 36% $3,749mn 64% Amortization Schedule (US$ mn) 1, , /
22 3 Key Takeaways First Quarter 2018 Earnings Call
23 3 Key Takeaways First Quarter 2018 Earnings Call STRONG EBITDA GENERATION Record 1Q-2018 EBITDA of US$ 208 mn and LTM EBITDA of $812 mn Strong earnings growth across all markets ALTO MAIPO Closed restructuring, pending completion of closing procedures Complete reset of Project, significantly reducing AES Gener s risk exposure Incremental commitments are structured to preserve AES Gener s IG rating Restructuring ensures completion of project of national importance LEADING GENERATOR IN CHILE AES Gener produced 27% of the total energy generated in Chile during 1Q-2018 DIVERSIFIED PORTFOLIO Diversified by conventional and renewable technologies, customers and markets Long term dollarized PPAs with creditworthy off-takers ASSET SALES Sale of non-core assets to strengthen capital structure and growth STRONG CAPITAL STRUCTURE Strong Liquidity and extended debt maturity profile Competitive financing cost and at fixed rate 23
24 1Q-2018 EARNINGS CALL AES Gener
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