Company s Capital Structure. December 2015

Transcription

1 Company s Capital Structure December

2 AES Gener Strong Credit Profile Balanced Capital Structure Balanced financial policy aligned with investment grade rating Diversified presence in attractive and stable markets Successful Risk Management Policies Balanced financial policy aligned with investment grade rating Optimal commercial strategy to ensure cash flow stability Wide and Proven Access to Capital 1

3 Diversified Presence in attractive and Stable markets Credit Rating: AA- (S&P) Aa3 (Moody s) A+ (Fitch) Chile Developed and liquid domestic capital market Pioneer (1982), market-oriented and stable regulatory framework Historically resilient electricity sector Colombia Asset map 3 countries 21 operating plants 5 plants under construction 5 technologies Bogota Antofagasta Credit Rating: BBB (S&P) Baa3 (Moody s) BBB (Fitch) Rapidly growing and liquid capital market Established (1994), market-oriented and stable regulatory framework Low per capita electricity consumption Santiago Coal Hydro Natural Gas Diesel Biomass 2

4 Strong Financial Performance Adjusted EBITDA & EBITDA margin (US$ mm) 29% 29% 28% 28% Total debt and net debt / EBITDA (US$ mm) 3,3x 3,7x 2,8x 4,6x 3, ,282 1,156 2,785 2,734 1,487 1, ,126 1,298 1, LTM Q M15 Chile Colombia Argentina PF / Non Recourse Debt Corporate Debt Net Debt/EBITDA Total capex International and Local Investment Grade Rating (US$ mm) AES Gener BBB- (Fitch; S&P) Baa3 (Moody s) A+ (local, Feller; Fitch) 532 $ Angamos BBB- (Fitch) Baa3 (Moody s) Guacolda BBB- (Fitch; S&P) M15 Construction Maintenance & Other Environmental 3

5 Wide and proven access to capital Successful financing for US$7bn growth Confirmation of investment grade rating by 3 agencies through a diversified financing strategy Sources of Financing for the Expansions (1) Amount (US$ million) Cash from Operations 710 Equity Capital Increases 668 Partners 682 International 300 Debt Bonds Local 415 Banks Project Finance 4,225 (1) First and Second Phases: From

6 With strong shareholders and partners Current Shareholders Structure (1) AES Gener Strategic Partners AFP Free Float 66.7% 19.0% 14.3% AES Corp (2) Global power company with focus on growing markets Installed capacity (1) Capacity under construction (1) Distribution clients (1) Assets (1) Revenues (2) Presence 36GW 5.8GW +10 million US$37bn US$17bn 18 countries Employees 18,500 (1) (2) Ownership as of November 25, 2015 As of December 31,

7 Optimal Commercial Strategy Ensure Stability of Cash Flows AES Gener strategy Predictable cash flows EBITDA (US$mm) Efficient Generation Long Term Contracts (up to 20 years) Back-up Generation Spot Sales Firm Capacity Capacity Charge Revenue LTM Q % of Expected Generation Remaining Generation Firm Energy (~3,000 GWh) Medium Term Contracts (1-4 years) Spot and Frequency Regulation Sales Reliability Charge Revenue EBITDA Margin (%) 28% 28% 29% 29% Contract Energy Energía Plus Contracts (306MW) (1) LTM Q Spot Sales Paid by ISO Note: (1) Data LTM as of September 30, Currently contracted 220MW. 6

8 Active Risk Management US Dollar denominated business Consolidated Liquidity US$514 million Revenue US$1,665 million Costs of Sales US$1,273 million Debt Revenues Col$ 22% Ar$ 3% Debt by Currency Col$ 1% Cash and cash equivalent 58% Undrawn Committed Facilities 42% Cost of Sale USD 75% US$ 98% Interest Rate UF 1% US$ 88% Ch$ 8% Col$ 4% Fixed Rate 89% Variable Rate 11% Available liquid funds including cash and short term deposits totaled $296 million as of September 31, 2015 Undrawn committed facility for $218 million Functional currency is the USD FX forwards for (i) CLP revenue and for UF denominated capex in Cochrane and Alto Maipo and (ii) COP exposure Cross Currency Swaps executed for ~$170 million UF-denominated bonds Interest Rate Swaps for 70-80% of Cochrane and Alto Maipo project finance debt 7

9 Extended Debt Maturity US Dollar denominated debt 51% 49% 1,702 Recourse Debt Non Recourse Debt EBITDA LTM: US$648mm Credit Facilities Chilean Bonds 4,4% 7,2% Junior Subordinated Bonds 13,3% Angamos Senior Notes 23,5% Total debt Leasing 1,4% Project Finance 25,9% Gener Senior Notes 24,3% Average cost 5.3% Average life 14.5 years US$ denominated ~98% Fixed rate ~89% 8

10 Significant Value Creation for Shareholders The largest total return to shareholders since 2010 (1) AES Gener +103% Colbún +51% E-CL +32% Endesa +16% IPSA +8% with an attractive dividend yield (2) and the highest payout ratio among peers (3) 5,9% 4,5% 5,2% 5,9% 98% 50% 41% 30% LTM Q Endesa Colbun EC-L Source: (1) (2) (3) Bloomberg as of November 5, In Chilean pesos, including dividends. LTM dividends paid / market capitalization end of period. Last 3 years average. 9

11 Key Takeaways AES Gener is a successful growth and cash story as it offers the highest growth combined with highest dividend yield in the sector Total Shareholders Return higher than those of its peers. Strong Share Price Appreciation coupled with an attractive dividend yield and high payout ratio Company is committed to maintaining investment grade Business largely contracted in US dollar and with built in fuel and inflation protection, providing stable cash flows Wide access to capital for the $7 billion construction program since 2007 Extended debt maturity profile with low amortizations during construction period Clear deleveraging path after the completion of Cochrane and Alto Maipo projects Efficient risk management (financial, operating, commercial and construction) 10