Enel Green Power 1Q 2014 consolidated results

Transcription

1 Enel Green Power Rome May 7, 2014

2 Agenda Highlights Analysis of results Closing remarks 1

3 Highlights Over 60% of plan addressed with 2.4GW in execution Good operating performance: +15% output at 8.4TWh Resilient economic performance despite persistent headwinds Sound capital structure 2

4 Capacity additions Installed capacity evolution (MW) 8,883 (70) 8, (45) 8,857 FY 2013 reported IFRS 11 FY 2013 restated COD 1Q 2014 Planned decommissioning 1Q 2014 Location: Brazil Complex: Cristal Capacity: 89 MW Technology: wind 2014 additional capacity target as scheduled 3

5 Focus on projects in execution additional capacity (GW) In execution breakdown (%) % 70% Additional capacity ENEOP COD 1Q 2014 Projects in execution Residual target 6% 22% 41% 6% 2% 3% 19% Over 60% of the plan already secured 1. Provisional data as of April, 2014 Europe North America New markets Latin America Geo Hydro Wind Biomass Solar 4

6 Agenda Highlights Analysis of results Closing remarks 5

7 Financial highlights 1 ( m) Revenues 2 EBITDA +3% % Q Q 2014 Group net income 1Q Q 2014 Net debt +15% +4% ,324 5,547 1Q Q 2014 Dec 31, 2013 Mar 31, figures restated following application of IFRS 11 starting from January 2014 and net of Enel.si for comparative purposes 2. Including the effect of hedging activities relating to commodity risk management 6

8 Net production analysis 1 (GWh) +15% Wind resource index 2 7, (98) 8, % North America 13% Emerging markets 8% Europe 1Q Q 2014 Hydro resource index 2 1Q 2013 Resource availability Additional capacity Technical availability Planned decommissioning 1Q % Load factor 45% 1Q Q numbers restated for the application of IFRS Ratio between actual values for 2014/2013 and historical values (10 years for hydro and 5 years for wind) Geo Hydro Wind Solar Biomass 7

9 Net production by technology 1 (GWh) Net production (GWh) Load factor +15% 1Q Q ,336 1, (99) 8,421 1, % 34% 50% 37% 3,153 4,042 81% 85% 2,664 2,835 11% 12% 1Q Q % 45% Top notch load factor numbers restated for the application of IFRS 11 Hydro Wind Geo Solar Other Geo Hydro Wind Solar Biomass 8

10 Group EBITDA analysis 1 ( m) % (1) (5) 481 1Q 2013 Energy margin Other revenues Opex Forex 1Q % EBITDA margin 68% numbers restated for the application of IFRS 11 and net of Enel.Si 9

11 Group energy margin analysis ( m) % (74) Q Additional capacity Resource availability Technical availability Price Other 1Q 2014 Volume = 72 m 1. Including forex negative effect of 7 m 10

12 Group opex analysis 1 ( m) % (4) 159 1Q Additional capacity Efficiency & other 1Q Opex (k /MW) Including forex positive effect of 2 m 2. Calculated on LTM opex 11

13 EBITDA analysis: Italy & Europe 1 ( m) +1% Italy Europe (5) (2) Q 2013 Energy margin Italy Energy margin Europe Other 1Q numbers restated for the application of IFRS 11 12

14 EBITDA analysis: Iberia & Latam 1 ( m) 16% Iberia Latam (29) 1 5 (3) Q 2013 Energy margin Iberia Energy margin Latam Other Forex 1Q numbers restated for the application of IFRS 11 13

15 EBITDA analysis: North America ( m) +63% (2) Q 2013 Energy margin Other Forex 1Q

16 From EBITDA to Group net income 1 ( m) 1Q Q 2013 Δ EBITDA D&A (160) (146) (14) +10% EBIT (13) 4% Net financial expense (64) (58) (6) +10% Income/(expense) from equity investment % EBT (15) 5% Income tax (80) (101) 21 21% Continuing operations % Discontinued operations (5) Net income % Minorities (11) 30% Group net income % numbers restated for the application of IFRS 11 and net of Enel.Si 15

17 Total operating capex ( m) By geography By technology By activity North America 79 25% Iberia & Latam % 230 Growth % 59% Italy & Europe 51 16% 31 10% 23 7% 8% 2% Other % Maintenance 26 Total operating capex for the period = 314 m Geo Hydro Wind Biomass Solar 16

18 Net debt evolution 1 ( m) +223 Dec 31, 2013 Cashflow from operations NWC Operating capex Interests & other Mar 31, ,839 5, , , x Net debt/ebitda 3.1x Tax partnership liabilities numbers restated for the application of IFRS 11. Ratio calculated on restated numbers 17

19 Agenda Highlights Analysis of results Closing remarks 18

20 Closing remarks Consistent execution of business plan objectives since IPO Impressive coverage of additional capacity targets Strong commitment to grow in new countries Preservation of financial strength and flexibility 19

21 Enel Green Power Annexes Rome May 7, 2014

22 Gross pipeline 1 (GW) By probability of success By technology Highly confident (90%) Likely (50%) Potential (20%) April 2014 Wind Hydro Geo Solar Biomass April 2014 By geography By COD Italy & Europe North America Emerging markets April >2018 April Provisional data as of April,

23 Total projects in execution 1 (MW) Business unit Wind Hydro Geo Solar Other Total Italy France Italy & Europe Brazil Chile Costa Rica Mexico Latin America USA North America South Africa New countries Total EGP 1, , Provisional data as of April,

24 Projects under construction 1 (MW) Business unit Wind Hydro Geo Solar Other Total Italy France Italy & Europe Brazil Chile Costa Rica Mexico Latin America USA North America South Africa New countries Total EGP , Provisional data as of April,

25 Projects ready to build 1 (MW) Business unit Wind Hydro Geo Solar Other Total Italy France Italy & Europe Brazil Chile Costa Rica Mexico Latin America USA North America South Africa New countries Total EGP , Provisional data as of April,

26 Net installed capacity (MW) Business unit Wind Hydro Geo Solar Other Total Italy Rest of Europe Bulgaria France Greece Romania Italy & Europe ,638 1, , ,057 1, ,101 Iberia Spain Portugal Latin America Brazil Chile Costa Rica Mexico Panama Guatemala Iberia & Latam 1,741 1, , ,820 1, , ,073 USA Canada North America 1, , , ,683 Total EGP 5,166 2, ,857 25

27 Additional capacity (MW) Business unit Wind Hydro Geo Solar Other Total Italy Rest of Europe Bulgaria France Greece Romania Italy & Europe Iberia Spain Portugal Latin America Brazil Chile Costa Rica Mexico Panama Guatemala Iberia & Latam USA Canada North America Total EGP

28 Net production (GWh) Business unit Wind Hydro Geo Solar Other Total Italy Rest of Europe Bulgaria France Greece Romania Italy & Europe ,101 1, ,816 1,339 1, , ,199 Iberia Spain Portugal Latin America Brazil Chile Costa Rica Mexico Panama Guatemala Iberia & Latam 1,439 1, , ,529 1, , ,538 USA Canada North America 1, , , ,684 Total EGP 4,042 2,835 1, ,421 27

29 Net production by geography 1 (GWh) Net production (GWh) Load factor +15% 1Q Q ,336 1,156 2, ,421 1,684 2,538 43% 41% 47% 41% 3,740 4,199 43% 46% 1Q 2013 Italy& Europe Iberia& Latam North America 1Q % 45% numbers restated for the application of IFRS 11 28

30 Forward sales Italy Latin America North America 91% 50% 96% 93% 91% 91% Hedged volumes Unhedged volumes Structural longterm hedging at 70% 29

31 Financials by geography ( m) Revenues 1 % EBITDA % Italy&Europe Iberia&Latam North America Total Net of adjustments and eliminations 30

32 From revenues to costs ( m) 1Q Q 2014 Δ Energy revenues Revenues from incentives Other revenues (2) % +114% Total revenues % Direct costs energy & fuel purchases transmission costs other (3) 1 +27% +46% 21% +14% Personnel costs Operation & maintenance (4) 5% G&A and other % Total costs % 31

33 Debt structure ( bn) % % Net debt as of Mar 31, 2014 Cash & equivalent Financial receivables Gross debt as of Mar 31, 2014 Dev. institutions and ECAs Tax partnership liabilities Structured finance Bank loans & other Total third party Third party Parent company 32

34 Gross debt structure Gross debt by currency Gross debt by interest rate Gross debt maturity 83% 71% 85% 6.5 bn 6.5 bn 6.5 bn 14% 3% 29% 15% Euro US Dollar Other Floating Fixed + hedged S/T L/T Average maturity = 6.9yrs Average cost of debt = 4.8% Current availability = 3 bn 33

35 Longterm debt maturity ( m) >2018 Total Third party ,510 3,070 Parent company ,472 2,481 Total ,982 5,551 34

36 Consolidated balance sheet 1 ( m) 1Q 2014 FY 2013 Δ Net fixed assets 14,561 14, Net working capital 55 (292) 347 Gross capital employed 14,616 14, Sundry provisions (582) (558) (24) Assets held for sale 25 (25) Net capital employed 14,034 13, Total shareholders equity 8,487 8, Net financial debt 5,547 5, FY 2013 have been restated following the IFRS 11 application 35

37 Capital structure ( m) Net fixed assets 14,561 12,150 1, (582) 14,034 8,487 5,547 Assets WIP Equity Investments NWC Other provisions Net invested capital Total equity Net debt 60% 40% 36

38 Disclaimer This presentation contains certain forwardlooking statements that reflect the Company s management s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward looking statements are based on Enel Green Power S.p.A. s current expectations and projections about future events. Because these forwardlooking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel Green Power S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and other risks. You are cautioned not to place undue reliance on the forwardlooking statements contained herein, which are made only as of the date of this presentation. Enel Green Power S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. Pursuant to article 154bis, par 2, of the Consolidated Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel Green Power S.p.A., Giulio Antonio Carone, declares that the accounting information contained herein correspond to document results, books and accounting records. 37

39 Contact us Donatella Izzo, IR manager Elena Accorinti Alessandro Marchi Etienne Martoïa T: F: Web site: 38