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First Quarter 2015 Earnings Review
May 11, 2015
1
Highlights
Financial Review
Development Projects
Key Takeaways
2
Highlights3
Highlights
44
� AES Gener was the largest energy producer in Chile during the firstquarter of 2015, providing 27.4% of the total generation
� Record first quarter EBITDA in the SIC of US$87 million
� The company has made good progress on its projects
� Interconnection SING-SADI to export energy to Argentina announcedby the Chilean government and in the process of being approved
� Guacolda Refinancing successfully executed
� $500M 144A / Reg S bond due in 2025 priced @ 4.567% (US T+ 262.5bps)
� $330M 5 year amortizing syndicated loan (3.5 average life)
� Successful maintenances performed
� 2 units at Termoandes
� 4 units at AES Chivor
� Unit 1 of Ventanas Complex
Financial Review 5
CONSOLIDATED FINANCIAL SUMMARY
US$ Million Q1 2015 Q1 2014 Var.
Operating Revenues 532.5 559.0 -5%
Gross Profit 131.1 95.3 38%
EBITDA1 159.8 128.2 25%
Net Income 51.3 23.3 120%
1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments
Q1 2015 Financial Results
6
EBITDA by Market
EBITDA VARIATION BY MARKET
Q1 2015 CONSOLIDATED EBITDA: US$159.8 million
SIC
54% 20%
SIN
26%
SING
0%
SADI
7
128
160
4515 20
10
0
40
80
120
160
200
EBITDA Q1-14 SIC SING SIN SADI EBITDA Q1-15
US
$ M
illio
n
41
87
0
20
40
60
80
100
Q1-14 Q1-15
US$ million
Key Drivers
Higher efficient generation associated to higher availability of efficient plants
• Scheduled maintenance at Ventanas Complex in Q1 2014
Higher income associated to Nueva Rencaleasing
SIC EBITDA
Regulated Customers
53%
Q1 2015 ELECTRICITY REVENUES US$ 236 MILLION
30%
Unregulated Customers
Spot Sales
17%
110%
SIC
8
SING
Contribución de Capital (Equity)
Q1 2015 ELECTRICITY REVENUES US$ 146 MILLION
93%Unregulated Customers
Spot Sales7%
Key Drivers
Higher contract sales due to higher demand from unregulated customers under Norgener’s long term contracts
System technical minimum still affecting EBITDA
• Lower diesel prices and the connection of one Angamos Unit to the Cochrane transmission line, helps to mitigate this risk
58%
SING EBITDA
9
26
42
0
10
20
30
40
50
Q1-14 Q1-15
US
$ m
illio
n
51
31
0
12
24
36
48
60
Q1-14 Q1-15
US
$ m
illio
n
Q1 2015 ELECTRICITY REVENUES US$94 MILLION
Regulated Customers 58%
Spot Sales and Ancillary Services
42%
39%
SIN EBITDA
SIN
Key Drivers
Lower net spot sales explained by lower energy generation at lower average spot prices
Higher maintenance costs
Higher contract sales
10
SADI
Q1 2015 ELECTRICITY REVENUES US$ 28 MILLION
63%
Unregulated Customers
Spot Sales
37%
Key Drivers
• Lower spot sales due to lower volumesales and lower spot prices in US dollarand
• Lower generation due to maintenance
• Depreciation of the Argentine pesoaffecting spot prices
• Lower contract sales under Energía Plusprogram due to lower customers demandand lower contract prices
102%
SADI EBITDA
11
0
9
0
4
8
12
16
20
Q1-14 Q1-15U
S$
mill
ion
23
51
32
18
6
0.3
13
14
0
20
40
60
80
100
US$ Million
Consolidated Net Income
Lower devaluation of the Argentine peso and to a lesser extent of the Chilean peso
Lower bonds outstanding due to Chivor’s Bonds
payment and Local Bonds prepayment
Higher deferred tax due to an increase in the Chilean tax rate and higher income
before taxes
12
Guacolda sale of Maitencillo-Cardones transmission line in
2014
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25-73
Project Finance Chilean Bonds Senior Notes Angamos Senior Notes Gener Leasing Junior Subordinated Notes
1,218
2766
175
284
184
582
32
Amortization Schedule (US$ Million)
LeasingProject Finance
Junior Subordinated Notes
Senior Notes Angamos
Senior Notes Gener
Chilean Bonds
34.7% 26.0% 14.6% 13.0% 10.1% 1.6%
TOTAL DEBT US$ 3,084 MILLION
• 97.5% denominated in US$ • 89.4% at fixed interest rate
Debt Profile
13
207151 158
229
286
79
357 375
4
0
140
280
420
560
700
Dec 2014 Cash provided byOperating Activities
Cash provided byFinancing Activities
Cash provided byInvesting Activities
Foreign ExchangeImpact
March 2015
US
$ M
illi
on
Liquidity
• Investments in Alto Maipo, Cochrane and retrofits
• Project finance disbursements• Equity contributions from partners• Working capital needs
• Proceeds from operations
Cash and Cash Equivalents
Undrawn Committed Facilities
CONSOLIDATED LIQUIDITY: US$528 MILLION
54% 45% 1%
14
1%Time Deposits 1%
Growth Projects15
5,082
6,339
2014 2015 2016 2018 2019
Capacity under construction: 1,256 (+25%)
+173 MW
Guacolda V – 152 MWSolar – Andes - 21 MWAngamos desalinization plant
+552 MW
Cochrane(1) – 532 MW
+531 MW
Alto Maipo – 531 MW
Total Capex : US$4 billion
16
Projects Under Construction
Tunjita – 20 MW
(1) Cochrane project includes Battery Energy Storage System for 20 MW
Other projects17
� EMISSION CONTROL EQUIPMENT (RETROFITS)
As of March, 2015:� ~ US$110 million at Norgener� ~ US$103 million at Ventanas
Installation in Units I, II and IV at Guacolda Complex � ~ US$166 million
� SING – SADI INTERCONNECTION
� Technical testing successfully performed� AES Gener requested an exportation permit to the Ministry of Energy in July 2014� Chilean government announced authorization to export energy in February 2015,
however final approval has not been granted yet
� OTHER PROJECTS
� The Company continues to evaluate opportunities in Chile and Colombia� Renewable projects: Solar to reach to 220 MW� Desalinization plants
KEY TAKEAWAYS CONTINUING SOLID FUNDAMENTALS
18
� COMPANY Q1 2015 EBITDA HIGHER THAN Q1 2014
� US$160 million, 25% increase compared to last year� Historical record first quarter EBITDA in SIC of US$87 million
� LEADER IN GENERATION IN CHILE
� Contributed with 27.4% of country generation� Operational excellence proven by high availability
� DIVERSIFIED ASSET PORTFOLIO
� Geographical, technological, customers base and fuel sources� Important presence in Chile and Colombia
� MOVING FORWARD WITH SECOND EXPANSION PHASE
� Generator with more projects under construction in Chile� Expansion plan fully funded� World class partners: GIP, Mitsubishi, Antofagasta Minerals
� STRONG AND ENHANCED CAPITAL STRUCTURE
� Investment grade rating� Strong liquidity � Extended debt maturity profile
19
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