Third Quarter 2014 Earnings Review November 6, 2014

Transcription

1 Third Quarter 2014 Earnings Review November 6,

2 Operational Performance Financial Review Development Projects Key Takeaways 2

3 OPERATIONAL PERFORMANCE

4 Operational Performance GENERATION BY MARKET: CHILE - SIC 100% Net Generation 90% ,891 +5% 6,208 Availability 80% 70% 60% GWh % Q1 Q2 Q Improve in plants availability during 2014 to 91.4% Higher generation of 317 GWh 0 9M 13 9M 14 Hydro Coal LNG Diesel Biomass The negative impact from plant maintenances in the 1Q vanishes in the nine month period 4

5 GENERATION BY MARKET: CHILE -SING Net Generation 100% % 4,415 90% ,755 Availability 80% 70% GWh % 50% Q1 Q2 Q M 13 9M 14 Coal LNG Improve in plants availability during 2014 to 83.7% Higher generation of 660 GWh The negative impact from plant maintenances in the 1Q vanishes in the nine month period Operational Performance 5

6 Operational Performance GENERATION BY MARKET: COLOMBIA - SIN 1200 ENERGY IN CHIVOR S RESERVOIR Net Generation GWh , % 3, GWh J F M A M J J A S O N D Significant Improvement in Chivor's availability during Q to 98.6% after tunneling maintenance during 1H 2014 Higher generation of 555 GWh due to higher hydrological conditions M 13 9M 14 Hydro 6 6

7 GENERATION BY MARKET: ARGENTINA - SADI Net Generation 100% ,465-4% 3,323 AVAILABILITY 90% 80% 70% GWh % % Q1 Q2 Q M 13 9M 14 LNG Slightly decrease in plants availability during 2014 to 98.1% Lower generation of 142 GWh Operational Performance 7

8 FINANCIAL REVIEW

9 Q Financial Results CONSOLIDATED FINANCIAL SUMMARY Th US$ Q vs Q M 2014 vs 9M 2013 Operating Revenue 609,482 13% 1,794,347 4% Gross Profit 194,738 76% 417,735 10% EBITDA 1 227,705 61% 513,762 9% Net Income 2 72,481 44% 141,686-10% 1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments 2 Net Income Attributable To Shareholders Of Parent AES Gener recorded EBITDA of ThUS$513,762 during the first nine months of 2014 Net income recorded as of September 30, 2014 was ThUS$141,686 9

10 EBITDA VARIATION BY MARKET 9M 2014 CONSOLIDATED EBITDA: US$514 million 42% SIN 31% SIC 22% SING 5% SADI EBITDA by Market 10

11 SIC 9M 2014 ELECTRICITY REVENUE US$ 733 MILLION Regulated Customers 54% Unregulated Customers 26% Spot Sales 20% Key Drivers 9M EBITDA Higher coal generation due to the start-up of Ventanas IV in March 2013 Higher spot sales volume due to higher generation at Nueva Renca Lower regulated sales in terms of volume and prices. FX depreciation and lower coal prices partly offset by foreign exchange forwards New tariff indexation from May 2014 US$ million % M M

12 9M 2014 ELECTRICITY REVENUE US$ 416 MILLION Unregulated Customers 87% Spot Sales 13% Key Drivers Lower contract Contribución prices at Norgener de Capital contracts (Equity) from Jan to May New tariff indexation from June 2014 Higher spot sales at Angamos plant due to higher dispatch LNG generation of 304 GWh associated to the lease of a gas fired plant System withdrawal costs still affecting gross profit Higher demand under Norgener s long term contracts US$ million M EBITDA 5% M M 2014 SING 12

13 SIN 9M 2014 ELECTRICITY REVENUE US$439 MILLION Regulated Customers 46% Spot Sales 54% Key Drivers 9M EBITDA Improvement in hydrological conditions in 3Q compared to historical average Higher net spot sales explained by higher energy generation and higher average spot prices % 215 Higher contract sales due to an increase of volume sales partly offset by lower contract prices Higher maintenance costs US$ million M M

14 9M 2014 ELECTRICITY REVENUE US$ 115 MILLION Unregulated Customers 51% Spot Sales 49% Key Drivers 9M EBITDA Lower contract sales under Energía Plus program due to lower customers demand and lower contract prices 60 Lower spot sales associated to lower spot prices in US dollar % Spot price in Argentine pesos remained at 120 Ar$/MWh Depreciation of the Argentine peso US$ million M M 2014 SADI 14

15 Guacolda sale of Maitencillo- Cardones transmission line Guacolda s purchase-sale transaction costs and reversal in 2013 of an equity tax provision in Chivor Depreciation of the Argentine peso and to a lesser extent to the Chilean and Colombian peso Debt increase Net Income Attributable To Shareholders Of Parent Consolidated Net Income 15

16 Debt Profile 3Q 2014 TOTAL DEBT US$ 2,868 MILLION 1,376 Senior Notes Chivor under refinancing process of US$170 million 49.8% 15,9% 14,2% 7,2% 15.7% 14.0% 10.9% 5.9% 52.0% 12,9% 6,0% Project Finance Junior Subordinated Notes Senior Notes Gener Chilean Bonds Senior Notes Chivor 1.5% Leasing Tunjita a 2073 Project Finance Chilean Bonds Senior Notes Chivor Senior Notes Gener Leasing Tunjita Junior Subordinated Notes Amortization Schedule (US$ Million) 16

17 Higher proceeds from operations Lower tax expenses Investments in Alto Maipo, Cochrane and retrofits Project finance disbursements Capital Increase 144-A and Local Serie O Bonds prepayment CONSOLIDATED LIQUIDITY: US$737 MILLION Cash and Cash Equivalents Undrawn Committed Facilities Time deposits - short term 66% 33% 1% Liquidity 17

18 DEVELOPMENT PROJECTS

19 Projects under construction: Chile and Colombia PLATFORM EXPANSION First Half 2015 Second Half TUNJITA 20 MW HYDRO (RUN-OF-RIVER) CHIVOR Progress: 89% GUACOLDA V 152 MW COAL FIRED CHILE - SING Progress: 81% SOLAR ANDES 20 MW CHILE SING Progress: Engineering Stage (6%) ANGAMOS DESALINIZATION PLANT CHILE SING Agreement signed with Abengoa NTP: October

20 PLATFORM EXPANSION (Unit I) 2018 (Unit II) COCHRANE 532 COAL - FIRED SING Progress: 56% ALTO MAIPO 531 HYDRO (RUN-OF-RIVER SIC Progress: 7% Projects under construction: Chile 20

21 Other Projects: Chile PLATFORM EXPANSION EMISSION CONTROL EQUIPMENT (RETROFITS) As of September 30, 2014: ~ US$101 million at Norgener ~ US$94 million at Ventanas Installation in Units I, II and IV at Guacolda Complex ~ US$101 million SING SADI INTERCONNECTION Technical testing carried out in February and May 2014 OTHER DEVELOPMENT PROJECTS Andes Solar Project up to 200 MW Existing Water Rights (hydro), hydro run of river projects Battery Energy Storage (BESS) Los Robles Coal Project 21 21

22 KEY TAKEAWAYS

23 KEY TAKEAWAYS CONTINUING SOLID FUNDAMENTALS SOLID PROGRESS OF PROJECTS UNDER CONSTRUCTION SECOND PHASE OF EXPANSION PLAN FULLY FUNDED FOCUSING GROWTH ON EXPANDING CURRENT ASSETS FINANCIAL RESULTS DURING 3 RD QUARTER 2014 HIGHER ENERGY GENERATION IN OUR MAJOR MARKETS CONSOLIDATED AVAILABILITY: 92.8% SIC: HIGHER COAL EFFICIENT GENERATION RELATED TO THE START-UP OF VENTANAS IV IN MARCH 2013 AND HIGHER SPOT SALES DUE TO HIGHER GENERATION AT NUEVA RENCA SING: HIGHER DEMAND UNDER NORGENER CONTRACTS AND HIGHER SPOT SALES AT ANGAMOS SIN: BETTER HYDROLOGICAL CONDITIONS IN COLOMBIA IN 3Q LED TO AN INCREASE IN GENERATION HIGHER SALES TO THE SPOT MARKET AT HIGHER PRICES SADI: LOWER CONTRACT AND SPOT SALES IN ARGENTINA 23

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