Full Year 2013 Review March 3, 2014

Transcription

1 Full Year 2013 Review March 3,

2 Highlights Financial Review Development Projects Key Takeaways 2

3 Highlights VENTANAS IV Start-up of commercial operations in March 2013 COCHRANE PROJECT Financial close and start of construction in March 2013 CAPITAL INCREASE Shareholders approved capital increase of up to US$450 million ALTO MAIPO PROJECT Financial close and start of principal construction works in December 2013 Alto Maipo project awarded Latin America Power Deal of the Year by Project Finance International magazine ISSUE OF $450 MILLION CORPORATE BONDS Subordinated bond with 60 years tenor Prepayment of $147 million Senior Bond due in March 2014 Expect to issue between US$150 - $200 million in 1H

4 AES Gener FINANCIAL REVIEW 4

5 2013 Financial Results Th US$ 4Q 2013 vs 4Q M 2013 vs 12M 2012 Operating Revenue 521,582-16% 2,244,790-4% Gross Profit 128,762-23% 510,079-14% EBITDA 1 151,369-18% 623,028-6% Net Income 44,437-41% 201,321-1% Earnings per Share % 1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments 2 Earnings per Share in US$/share. 5

6 US$ Million EBITDA by Market 12M 2013 Consolidated EBITDA: US$ 623 million EBITDA Variation EBITDA Participation Colombia 33% SIC 33% SADI 10% SING 24% 0 EBITDA 12M 2012 SIC Colombia SING SADI EBITDA 12M

7 US$ million SIC Lower Fuel Costs Key Drivers Lower dispatch of Nueva Renca back-up facility and higher coal generation Gross Spot Sales 13% Unregulated Customers 29% 12M 2013 Electricity Revenue US$ 913 million Regulated customers 58% Lower Spot Sales Lower spot volumes and prices 12M 2013 EBITDA US$ 202 million Higher Spot Purchases Lower Net Contract Sales Lower availability of coal plants during Q3 Q principally due to maintenance Lower regulated sales partly offset by higher sales to unregulated customers % 12M M

8 US$ million Lower Spot Sales Key Drivers SING Decrease in marginal cost due to new regulation (Decree 130) Gross Spot Sales 8% 12M 2013 Electricity Revenue US$ 513 million Unregulated customers 92% Higher Spot Purchases Maintenance at Norgener Units 1 and 2 and higher system withdrawal costs 12M 2013 EBITDA US$ 152 million Higher Contract Sales Step-up in long term contract volumes supplied by Angamos plants % 72 Lower Fuel Costs Lower coal prices M M

9 US$ million Colombia Key Drivers 12M 2013 Electricity Revenue US$ 522 million Regulated customers 49% Higher Net Spot Purchases Lower generation resulting in higher purchase volumes and spot prices due to dry hydrological conditions Gross Spot Sales 51% 12M 2013 EBITDA US$ 209 million Higher Contract Sales Higher contract volumes % M M

10 US$ million SADI Key Drivers 12M 2013 Electricity Revenue US$ 173 million Unregulated customers 57% Higher Contract Sales Increase in Energía Plus contract sales Gross Spot Sales 43% Lower Spot Sales Lower spot prices associated with the depreciation of the Argentine peso 65 12M 2013 EBITDA US$ 60 million 52 Higher Fuel Costs Increase in fuel consumption due to higher generation by TermoAndes M M

11 US$ Million Consolidated Net Income

12 Manageable Debt Profile Amortization Schedule* (US$ Million) Total Debt US$ 2.89 Billion Junior Subordinated Notes 15.6% Gener Senior Notes 19.0% Chivor Senior Notes 5.9% 1, Gener Senior Notes prepaid in January 2014 Project Financings 45.7% Chilean Bonds 12.6% Tunjita Financial Lease 1.1% Syndicated Credit 0.1% a 2073 Project Finance Chilean Bonds Chivor Senior Notes Syndicated Credit Gener Senior Notes (2014) Gener Senior Notes (2021) Tunjita Financial Lease Junior Subordinated * Consolidated debt as of December 31,

13 AES Gener DEVELOPMENT PROJECTS 13

14 Continuing Expansion Successful 1 st Phase of Expansion ( ) 10 projects completed ~ MW Total Investment: US$ 3 billion Market presence and know-how Extensive experience in project execution Integrated approach to mitigate transition from construction to operation Installed Capacity* (MW) 5, % 6,316 2 nd Expansion Phase in Process ( ) 4 projects under construction ~ 1,235 MW Total Investment: US$ 4 billion Incorporation of recognized partners (Mitsubishi Corporation and Antofagasta Minerals) Project Finance debt of US$2.5 billion executed in 2013 Other near - term projects in development , % Coal Natural Gas Diesel Hydro Biomass * Includes Guacolda 14

15 Financing Plan: 2 nd Expansion Phase Project Level Debt (Project Finance) Cochrane Project: US$ 1,000 million Alto Maipo Project: US$ 1,217 million Guacolda V Project: US$ 318 million Tunjita Project: US$ 63 million Equity Contribution Partners (Mitsubishi Corporation & Antofagasta Minerals) Junior Subordinated Notes: US$ 300 million Capital Increase: Approximately US$150 US$200 million in 2Q st half 2014 AES Corp has indicated intention to participate Total Investment ~ $US 4 billion 15

16 Construction Projects in the SING Platform Expansion 2 1 Cochrane 532 MW Coal - Fired 1 Non-recourse project finance of US$1,000 million Mitsubishi Corporation is 40% partner Long-term power sales agreements with mining companies 2 Emissions Control Equipment (Retrofits) Norgener Installation of new emission control equipment ( retrofits ) in: Units I and II of Norgener Complex Investment as of December 2013: ~ US$84 million Total investment: US$ 1.35 billion Estimated operation date: % progress 16

17 Construction Projects in the SIC Platform Expansion 3 Alto Maipo 531 MW Hydro (run-of-river) Non-recourse project finance of US$ 1,217 million Antofagasta Minerals is 40% partner Total Investment: US$ 2.05 billion Long term purchase power agreement with Antofagasta Minerals Guacolda V 152 MW Coal - Fired Non-recourse project finance of US$318 million Total Investment: ~US$450 million Estimated operation date: % progress 110 MW for 20 years Estimated operation date: Emissions Control Equipment (Retrofits) Ventanas Installation of new emission control equipment ( retrofits ) in: Units I and II of Ventanas Complex Investment as of December 2013: ~ US$72 million 17

18 Construction Project in Colombia Platform Expansion 6 Tunjita 20 MW Hydro (run-of-river) AES Chivor s Esmeralda Reservoir Use of flows from Tunjita river deviation Total investment: US$68 million Estimated operation date: 2H % progress 18

19 Other Development Projects Solar Project Andes - SING 220 MW (First stage of 20 MW) Environmental approval obtained in 2012 Adjacent to Los Andes substation 8 Los Robles - SIC 750 MW coal (2 units) Located close to Constitución, VII region Environmental approval obtained in 2008 Other Projects Angamos Desalinization Plant SING SADI Interconnection Existing water rights (hydro) Battery Energy Storage (BESS) 19

20 AES Gener KEY TAKEAWAYS 20

21 Key Takeaways Challenging 2013 But Same Solid Fundamentals Dry and variable hydrology in Colombia Lower spot prices and higher withdrawal costs in SING Maintenance at Ventanas Complex (Units I and III) and Norgener Complex (Units I and II) in Q3 and Q4 Major maintenance at Nueva Renca from May-September Higher coal generation due to start-up of Ventanas IV in March Achievement of Important Milestones Completion of construction and start-up of commercial operations of Ventanas IV Initiation of construction of Cochrane and Alto Maipo projects Balanced Financial Structure Partnerships executed for Cochrane and Alto Maipo projects Execution of project finance debt for ~ US$2.5 billion Issue of Subordinated Bond for $450 million Capital Increase of approximately US$150 - US$200 million in 2Q

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