AES GENER HIGHLIGHTS

Transcription

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2 AES GENER HIGHLIGHTS 2

3 Highlights 2013 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 2 nd Phase of Expansion Progress Making progress in 2 nd Phase of Expansion Projects under Construction Alto Maipo Cochrane Guacolda V Tunjita Retrofits Medium term Projects Andes Solar Angamos Desalinization Interconnection SING SADI Financing Sources Project Finance Capital Increase Corporate Debt 4

5 AES GENER AES GENER OVERVIEW 5

6 About AES Gener Markets: AES Gener at a Glance SIC and SING in Chile SIN in Colombia SADI in Argentina 5,081 MW in installed operating capacity Recent successful completion of construction projects Projects for 1,700 MW have been completed since 2006 New phase of expansion under construction Ownership Structure as of Jan 31, % Chilean Pension Funds 15.9% Consolidated Electricity Sales December 2013* US$2,122 million Gross Spot Sales 24% Unregulated Customers 39% * Guacolda Sales are not included Regulated Customers 37% Other 13.4% BBB Stable Outlook A+ (Local Scale) Stable Outlook BBB Stable Outlook Baa3 Stable Outlook A+ (Local Scale) Stable Outlook 6

7 AES Gener Installed Capacity Diversified Asset Portfolio Chivor 1 Eléctrica Ventanas 7 1 Norgener 2 Eléctrica Angamos 3 Installed Capacity by Market (As of December 31, 2013) Chile: 3,438 MW Argentina: 643 MW Colombia: 1,000 MW Gener Eléctrica Santiago TermoAndes Guacolda 5 Eléctrica Campiche 6 4 Installed Capacity by Technology (As of December 31, 2013) Diesel 9% Natural gas/ Diesel 20% Biomass 0,3% Hydro 25% Coal 46% 7

8 AES GENER MARKETS 8

9 Electricity System Overview As of December 31, 2012 SIC Main Players: Installed Capacity SING Main Players: Installed Capacity AES Gener Endesa Colbun Others 22% 21% 17% 40% Energy Sales: 70% Regulated Customers Generation by Type: 58% Hydro and 41% Thermo Source: CDEC-SIC AES Gener 10% 21% E-CL Endesa 24% Others 45% 13,585 MW 3,963 MW Energy Sales: 88% Unregulated Customers Generation by Type: 99% Thermo Source: CDEC-SING. TermoAndes is not included Colombia Main Players: Installed Capacity AES Chivor Celsia Endesa EPM Gecelca Isagen Others 15% 16% 8% 22% Energy Sales: 67% Regulated Generation by Type: 80% Hydro Source: XM 7% 12% 20% 14,533 MW Argentina Main Players: Installed Capacity TermoAndes S.A. 2% Pampa Energía S.A. 7% AES Argentina 40% 9% SADESA 12% ENDESA 15% Estado Nacional Argentina 15% Otros 31,138 MW Energy Sales: 46% Industrial and 39% Residential Generation by Type: 66% Thermo and 29% Hydro 9 Source: CAMESSA

10 Balanced Commercial Strategy Chile CHILE Electricity Revenue 2013 US$1,426 million Commercial strategy maximizes cash flow and minimizes uncertainty to generate stability Contract prices include indexation mechanisms which periodically adjust prices based on generation cost structure, specifically coal and U.S. CPI Contract customers include large creditworthy distribution and unregulated customers (mining and industrial) Unregulated Customers 51% Efficient generation Back-up Generació generation Generación n de de respaldo respaldo Firm capacity Gross Spot Sales 12% Regulated Customers 37% Long term contracts (up to 22 years) Spot sales Capacity charge revenue Guacolda sales not included 10

11 Balanced Commercial Strategy Colombia and Argentina COLOMBIA Electricity Revenue 2013 US$ 522 million ARGENTINA Electricity Revenue 2013 US$ 173 million Contract Sales 49% Gross Spot Sales 51% Contract Sales 57% Gross Spot Sales 43% ~75%-85% of expected generation Remaining generation Contracts (1-4 years) Spot and frequency regulation sales Energía Plus Sales to unregulated customers for ~ 251 MW Average term of contracts in SADI ~1 year Firm energy (~3,000 GWh) Reliability charge revenue Integrated risk management to optimize use of reservoir and determine level of contracts 11

12 AES GENER FINANCIAL REVIEW 12

13 US$ Million Financial Results 2013 EBITDA Variation ThUS$ 2013 vs EBITDA 12M 2012 SIC Colombia SING SADI EBITDA 12M 2013 EBITDA by Market Operating Revenue 2,244,790-4% Gross Margin 510,079-14% EBITDA 1 623,028-6% Colombia 33% SADI 10% SIC 33% SING 24% Net Income 201,321-1% Net Income per Share % 1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments 2 Earnings per Share in US$/share. 13

14 Consolidated Debt Profile Amortization Schedule 1 (US$ million) Total Debt US$2.9 billion Subordinated Notes 15.6% Gener US Notes 19.0% Gener Senior Notes Prepaid in January 2014 Project Finance 45.7%.Chivor US Notes 5.9% Chilean Bonds 12.6% 1, Tunjita Leasing 1.1% Syndicated Loan 0.1% a 2073 Project Finance Chilean Bonds Chivor US Notes (2014) Syndicated Loan Gener US Notes (2014) Gener US Notes (2021) Tunjita Leasing Subordinated Notes (1) Consolidated Debt as of December 31,

15 Solid Financial Indicators % 43% 36% 2.8x EBITDA* since 2008 EBITDA by market (US$ Million) % 3% 38% 32% 2.5x % 1% 39% 18% 737 Stable Net Debt/EBITDA* Net Debt/ EBITDA (times) 3.2x 30% 4% 32% 33% 2.3x % 33% 9% 10% 27% 24% 27% 33% SIN SADI SING SIC 2.8x 3.3x Debt increase associated with projects Total debt (US$ Million) 2,785 2,268 2,282 2,120 1,298 1,789 1,010 1,154 1,126 1, , ,049 1,110 1,114 1, Deuda Project Project Finance Finance Debt Deuda Corporate Corporativa Debt Total Capex CAPEX (US$ Million) * Note:: EBITDA means adjusted EBITDA. Adjusted; EBITDA = Gross Profit + Administrative Expenses + Depreciation + Minor Adjustments 15

16 AES GENER GROWTH PROJECTS 16

17 Continuing Expansion Successful 1 st Phase of Expansion ( ) 10 projects completed ~ 1,700 MW Installed Capacity* (MW) 5, % 6,316 Total Investment: US$ 3 billion Market presence and know-how Extensive experience in project execution Integrated approach to mitigate transition from construction to operation ,434 1, Coal Natural Gas Diesel Hydro Biomass * Includes Guacolda +48% 2 nd Expansion Phase in Process ( ) 4 projects under construction ~ 1,235 MW Other near - term projects in development Total Investment: US$ 4 billion Incorporation of recognized partners (Mitsubishi Corporation and Antofagasta Minerals) Project Finance debt of US$2.5 billion executed in

18 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$200 million AES Corp has indicated intention to participate Total Investment ~ US$ 4 billion 18

19 Attractive projects portfolio under construction 1 Tunjita 20MW Hydro (run-of-river) 2 Antofagasta Use of flows from Tunjita river deviation Investment: US$68 million 4 Guacolda V 152 MW Carbón 1 Bogotá 2 Cochrane MW Coal Estimated operation date: 2H % progress 4 3 Santiago Non-recourse project finance of US$318 million Investment: US$450 million Estimated operation date: % progress Non-recourse project finance of US$1,000 million 3 Mitsubishi Corp:40% partner Investment: US$ 1.35 billion Estimated operation date: % progress Alto Maipo 531 MW Hydro (run-of.river) Non-recourse project finance of US$ 1,217 million AMSA: 40% partner Investment: US$ 2.05 billion Estimated operation date: Emission Control Equipment Installation in Units I and II of Ventanas and Norgener plants Investment as of December 2013: ~ US$84 million Norgener ~ US$72 million Ventanas Installation in Units I, II and IV of Guacolda 19

20 Other Development Projects 6 Los Robles - SIC 750 MW coal (2 units) Antofagasta Located close to Constitución, VII region 7 Environmental approval obtained in Solar Project Andes - SING 220 MW (First stage of 20 MW) 6 Santiago Environmental approval obtained in 2012 Adjacent to Los Andes substation 8 Other Projects Angamos Desalinization Plant SING SADI Interconnection Existing water rights (hydro) Battery Energy Storage (BESS) 20

21 AES GENER KEY TAKEAWAYS 21

22 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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