+ All Categories
Home > Documents > ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51...

ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51...

Date post: 08-Aug-2020
Category:
Upload: others
View: 0 times
Download: 0 times
Share this document with a friend
20
ENGIE ENERGÍA PERU S.A. Results 4Q 2019
Transcript
Page 1: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

ENGIE ENERGÍA PERU S.A.

Results 4Q 2019

Page 2: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

Within the framework of COP25 held

in Madrid, in December, it was

announced an important step in our

zero carbon transition: the closure of

our coal power plan Ilo 21 (135 MW)

by 2022.

2

Page 3: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

KEY MESSAGES

Page 4: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

Improving results despite the still challenging environment

- Total energy generation (SEIN) grew 4.2% in 4Q 2019 compared to 4Q 2018. As of December, EEP

maintained a leading position in the sector, accounting for 19.8% of the total capacity.

- Number of free clients in 4Q 2019 increased by 17.6%, to a total of 79 free clients compared to 4Q 2018.

- 479MW of new contracts and existing expansions signed as of December 2019.

4

The market

Financial results

(1) FY = Full Year

(2) Total Net Debt = Financial Debt + IFRS16 - Cash

- The announcement of the closure of Ilo21 by 2022 implied an impairment of the assets by 25.7MUSD,

which is the main variation of our results.

- FY(1) 2019 EBITDA reached 250.5MUSD, a 10% decrease compared to FY 2018, while Net Result reached

104.2MUSD, a 4% decrease compared to FY 2018. Not considering non recurring events, EBITDA was

270.4 MUSD (+3% vs 2018) and Net Result was 119.1 MUSD (+27% vs 2018).

- 4Q 2019 EBITDA reached 33.3MUSD, a 53% decrease compared to 4Q 2018, while Net Result in this

quarter reached 9.3MUSD, a 65% decrease compared to 4Q 2018

- Financial debt decreased to 612MUSD a reduction of 16.2% versus December 2018

- Total Net Debt(2) / EBITDA (FY): 2.1x @ Dec/2019

Page 5: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

73 72 63 71 81 70 6633

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2018 2019

EBITDA 4Q Net Result 4Q Financial Debt

731612

4Q 4Q

2018 2019

-16%

30 30 22 26 36 30 299

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2018 2019

MUSDMUSD MUSD

Total Net Debt / EBITDA (FY)

2.4x 2.1x

4Q 4Q

2018 2019

-12%

-53%

-65%

279 251

FY FY

2018 2019

EBITDA FY Net Result FY

108 104

FY FY

2018 2019

MUSD MUSD

-10% -4%

5

Page 6: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

GWh∆ 4Q

2019 vs 20182019 vs 2018

Yuncán HPP 232 11% 239 11% -3% 891 10% 890 10% 0%

Quitaracsa HPP 140 6% 138 6% 2% 556 6% 519 6% 7%

Chilca1 CCGT 1,401 64% 1,208 56% 16% 4,593 53% 3,404 40% 35%

Chilca2 CCGT 95 4% 148 7% -36% 413 5% 370 4% 12%

Ilo21 (Coal) 9 0% 0 0% n.a. 36 0% 43 1% -16%

Ilo31 (Cold Reserve) 0 0% 0 0% 3% 6 0% 3 0% 78%

Ilo41 (Nodo) 1 0% 0 0% 125% 4 0% 18 0% -80%

Intipampa 33 0% 33 2% -1% 106 1% 87 1% 21%

Auxiliaries and losses -59 -3% -40 -2% 47% -136 -2% -144 -2% -5%

NET GENERATION 1,853 84% 1,726 81% 7% 6,468 75% 5,190 61% 25%

COES: NET 341 16% 414 19% -18% 2,133 25% 3,333 39% -36%

CLIENTS DEMAND 2,194 100% 2,140 100% 3% 8,600 100% 8,523 100% 1%

4Q 2019 20194Q 2018 2018

Higher Thermal generation in 4Q 2019 compared to 4Q 2018 and net buyer position in

the spot market

H Hydro T Thermal S Solar

6

H

H

T

T

T

T

T

S

Page 7: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

* Restatement by application of IFRS** Does not include commercial penalty fees and impairment of assets*** Total Debt = Financial Debt + IFRS16

7

Results for 2019 presented strong growth compared to 2018 if we don't consider non

recurrent events: +27% in terms of Net Results

(MUSD) 4Q 2019 4Q 2018* ∆ 4Q FY 2019 FY 2018* ∆ FY

Revenues 134.7 136.1 -1.0% 536.4 520.9 3.0%

EBITDA 33.3 70.6 -52.8% 250.5 278.7 -10.1%

Net Result 9.3 26.5 -64.7% 104.2 108.3 -3.7%

Recurrent EBITDA** 59.0 61.0 -3.2% 270.4 261.5 3.4%

Recurrent Net Result** 27.5 18.8 46.3% 119.1 93.5 27.4%

Financial Debt 612.4 730.6 -16.2% 612.4 730.6 -16.2%

Total Debt*** 629.6 751.8 -16.3% 629.6 751.8 -16.3%

Total Net Debt 537.7 677.2 -20.6% 537.7 677.2 -20.6%

Total Net Debt / EBITDA 12m 2.1x 2.4x -11.7% 2.1x 2.4x -11.7%

Page 8: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

EBITDA 2019 Net Result 2019

+5.8MUSD +3.3MUSD

-25.7MUSD -18.1MUSD

-19.9MUSD -14.8MUSD

As a result of these non-recurrent events, 2019 recurrent EBITDA reached 270.4MUSD

and Net recurrent Result attained 119.1MUSD

1. Non-core inventory and assets sale

8

Total non recurrent events

2. Impairment of inventory and assets

Ilo21

Page 9: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

FINANCIAL UPDATE

Page 10: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

EBITDA 2019 vs. 2018: -28.2 MUSD (+9.0 MUSD recurrent)

10

OPEX,

SG&A,

otherSufficiency

capacity

costsAverage

realized

monomic

prices (net)Renegotiations

fuel prices

other

Other

operating

income

Average

Energy

purchase

price

+278.7 -17.3

+261.5+8.6 +0.1 +0.3 +270.4 -19.9

+250.5

EBITDA

2018Recurrent

EBITDA

2019

EBITDA

2019

Recurrent

EBITDA

2018

- 10.1%

Marginal cost

reduction mainly by

Positive impact by

NG unavailability in

2018

By effectIn MUSD

Other Income/

ExpensesEnergy MarginNon-Recurrent

Events2018: i) negative

effect mainly due

to commercial

dispute resolution

and reversal of

provisions

(‐17.3MUSD)

+3.4%

Non-Recurrent

Events2019: i) negative

effect explained

by impairment of

Ilo21 and ii)

positive effect

mainly due to

sales of inventory

and non-core

assets

EBITDA decrease mainly explained by non-recurrent events in 2018 and 2019, including impairment

of Ilo21

EBITDA decreased mainly explained by non-recurrent events in 2018 and 2019,

including impairment of Ilo21

Page 11: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

NET RESULT 2019 vs. 2018: -4.1 MUSD (+25.6 MUSD recurrent)

11

OPEX,

SG&A,

otherSufficiency

capacity

costsAverage

realized

monomic

prices (net)Renegotiations

fuel prices

other

Other

operating

income

Average

Energy

purchase

price

+108.3 -14.8

+93.5

+9.0+7.3

+8.2+3.6 -2.5 +119.1 -14.8

+104.2

Net Result

2018

Recurrent

Net Result

2019

Net Result

2019Recurrent

Net Result

2018

- 3.7%

By effectIn MUSD

+27.4%

Taxeffect mainly

explained by

higher recurrent

EBT

Depreciation

&

Amortizationuseful life

change

Net Financial

ExpensesLower

outstanding debt

Foreign

Exchange

Non-

Recurrent

Events2018: i)

EBITDA

(‐17.3MUSD)

and ii) Tax

related to non

recurrent

events

(+2.4MUSD)

EBITDA

Non-

Recurrent

Events2019: i)

EBITDA

(‐19.9MUSD)

and ii) Tax

related to non

recurrent

events

(+5.1MUSD)

2019 Net Result with a strong increase compared to 2018 if we don’t consider non recurrent events

Page 12: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

EBITDA 4Q 2019 vs. 2018: -37.3 MUSD (-2.0 MUSD recurrent)

12

OPEX,

SG&A,

otherSufficiency

capacity

costsAverage

realized

monomic

prices (net)Renegotiations

fuel prices

other

Other

operating

income

Average

Energy

purchase

price

+70.6 -9.6

+61.0 -1.7 -4.4 +4.1 +59.0 -25.7

+33.3

EBITDA

4Q 2018Recurrent

EBITDA

4Q 2019

EBITDA

4Q 2019

Recurrent

EBITDA

4Q 2018

-52.8%

By effectIn MUSD

Non-Recurrent

Events

4Q 2018: effect

mainly due to

commercial

dispute resolution

and reversal of

provisions

(‐9.6MUSD)

-3.2%

Marginal cost

reduction impact by NG

unavailability in

October 2019

Other Income/

ExpensesEnergy Margin

Non-Recurrent

Events4Q 2019:

negative effect

explained by

impairment of

Ilo21

(‐25.7MUSD)

EBITDA decrease mainly explained by Impairment of Ilo21 in 2019 and non-recurrent events of 2018

Page 13: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

NET RESULT 4Q 2019 vs. 2018: -17.2 MUSD (+8.7 MUSD recurrent)

13

By effectIn MUSD

OPEX,

SG&A,

otherSufficiency

capacity

costsAverage

realized

monomic

prices (net)Renegotiations

fuel prices

other

Other

operating

income

Average

Energy

purchase

price

+26.5 -7.7

+18.8 -2.0+3.2 -0.7

+4.0

+4.1 +27.5 -18.1

+9.3

Net Result

4Q 2018

Recurrent

Net Result

4Q 2019

Net Result

4Q 2019

Recurrent

Net Result

4Q 2018

-64.7%

+46.3%

Non-

Recurrent

Events2018: i)

EBITDA

(‐9.6MUSD)

and ii) Tax

related to non

recurrent

events

(+1.9MUSD)

EBITDA

Taxeffect mainly

explained by

adjustment of

previous yearDepreciation

&

Amortizationuseful life

change

Net Financial

Expenses

Foreign

Exchange

Non-

Recurrent

Events2019

impairment and

tax of Ilo21

Non-Recurrent events are the major variation for 4Q 2019 Net Result

Page 14: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

SOLID FINANCIAL DISCIPLINE

14

OPTIMIZING COSTS, DIVERSIFYING FINANCIAL SOURCES & LIMITING RISKS

612 MUSD

Financial Net Debt / EBITDA Financial Debt Breakdown - As of December 2019

Credit Rating – Nov 2019

AAA.pe

Stable25/11/2019

AAA.pe

Stable27/11/2019

Local capital market as an important partner

• First program for up to 400MUSD started in 2007 with total issuances of

~150MUSD (outstanding ~75MUSD)

• Third program for up to 500MUSD started in 2015:

• 2016 → 1st issuance of 250MPEN @ 7.125% (10 yr)

• 2017 → 2nd issuance of 79MPEN @ 6.0% (7 yr)

• 2017 → 3rd issuance of 251MPEN @ 6.53% (10 yr)

• 2018 → 4th issuance of 230MPEN @ 6.7188% (10 yr)

28%

48%

24%

By Source

Financial Lease Bonds

Corporate Loans

50%50%

By Currency

USD PEN + XCSY

2.4x 2.5x 2.6x2.8x 2.7x

2.4x2.1x 2.2x

1.9x 2.1x

792 800 763 729 711 656 612 617 551 521

327 325 290 256 258 279 287 285 288 251

0

0

0

0

0

0

0

0

0

0

-

1

2

3

4

5

6

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19

Net Debt/EBITDA Financial Net Debt EBITDA LTM

Page 15: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

DEBT PROFILE

15

90 80

1 24

76 76 69 50

99

13

25

10

103

80

51

99

24 25

76 76 79

-

50

100

150

200

2020 2021 2022 2023 2024 2025 2026 2027 2028

MUSD Outstanding debt repayment

Financial leases Bonds 3rd Program Corporate Loans Bonds 1st Program

Constantly reviewing optimization of current debt

Page 16: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

SHAREHOLDER RETURN

16

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

80859095

100105110115120125

Indice S&P_BGC Indice S&P_BVL EEP

SHARE PRICE EVOLUTION

13 12 15 20 20 24 31 33

18

11 13 16

18 22

30 19 16 46

24 2531

3842

5449 49

64

30%

30% 31% 30% 31% 30% 38%38%

59%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014 2015 2016 2017 2018

-

10

20

30

40

50

60

70

80

1st Half 2nd Half Payout

DIVIDENDS PAID

In MUSD

December 31, 2019

EEP: S/ 7,85

1,602

1,187

1,759

2,005 2,075

1,427 1,611

1,351

1,042

1,426

1.5%

2.1% 1.8% 1.9% 2.0%

3.8%

3.1%

3.6%

6.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

-

500

1,000

1,500

2,000

Market Cap Dividend Yield %

MARKET CAP & DIVIDEND YIELD

In MUSD

December 31, 2018

EEP: S/ 5,84

Source: Bloomberg

FINANCIAL MARKET DATA – DECEMBER 2019

Number of shares issued 601,307,011

Share price (PEN) – 31/12/2019 7.85

VWAP (3m) – (PEN) 7.62

52 week – high – (PEN) 8.10

52 week – low – (PEN) 5.47

Market Cap (MUSD) 1,426

Enterprise Value (EV) (MUSD) 1,946

EV / EBITDA 7.8x

Price to Book Value (P/B) 1.3x

Price / Earnings ratio (P/E) 13.7x

Daily avg. trading volume (Msh) 0.10

EV: Market Cap + Net Debt

P/B: Market Cap / Book Value of Equity

Page 17: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

Credicorp Larrain Kallpa Inteligo Seminario Consensus

Target price 8.1 8.1 8.7 8.5 7.8 8.2

Recommendation Maintain Maintain Buy Buy Buy

Date October

2019

January

2020

October

2019

October

2019

October

2019

EQUITY ANALYST VIEW

17

PE

N /

Sh

are

7.3

7.8

8.3

6.8

2019 Dec

Consensus

5.1%

Upside

BuySell Mantain

8.8

Price as of

December 31th

7.85

Page 18: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

18

22 years operating in the country & listed

since 2005

Low Co2 generation base

2nd largest player in the country

Diversified & decentralized portfolio of generation

sources

292.5 km of transmission lines

Natural Gas; 963;

39%

Hydro; 248; 10%

Dual fuel; 1110; 44%

Coal; 135; 5%

Solar; 40; 2%

2,496MW

Chilca Complex

• ChilcaUno – (2006 – 2012)

852MW - Natural Gas

• ChilcaDos – (2016)

111MW - Natural Gas

Ilo Complex

• Ilo41 (2016, Nodo)

610MW - Dual Fuel

• Ilo31 (2013, Cold Reserve)

500MW - Dual Fuel

• Ilo21 (2000)

135MW - Coal

Intipampa (2018)

• Solar 40MW

Yuncán (2005)

• Hydro 134MW

Quitaracsa

(2015)

• Hydro 114MW

Value added customer solutions

Sponsored by a global leader, ENGIE* S.A.

*www.engie.com

ENGIE Energia Peru Overview

Page 19: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

19

THANKSThis presentation may contain certain forward-looking statements and information relating to ENGIE Energía Perú S.A. (“Engie Energía Perú” or the “Company”) that reflect the

current views and/or expectations of the Company and its management with respect to its business plan. Forward-looking statements include, without limitation, any statement

that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisage”, “will likely

result”, or any other words or phrases of similar meaning. Such statements are subject to a number of significant risks, uncertainties and assumptions. We caution that a number

of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In any event,

neither the Company nor any of its affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business

decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. The Company

does not intend to provide eventual holders of shares with any revised forward-looking statements of analysis of the differences between any forward-looking statements and

actual results. There can be no assurance that the estimates or the underlying assumptions will be realized and that actual results of operations or future events will not be

materially different from such estimates.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without ENGIE

Energía Perú prior written consent.

FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERUTicker: ENGIEC1

+51 1 616 79 79 [email protected]

Marcelo Soares, Chief Financial Officer

Adriana Burneo, Head of Corporate Finance & Investor Relations

Av. República de Panamá 3490, Lima 27, Perú www.engie-energia.pe

Guillermo Diaz, Investor Relations

Page 20: ENGIE ENERGÍA PERU S.A.a … · FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU Ticker: ENGIEC1 +51 1 616 79 79 investorrelations.eep@engie.com Marcelo Soares, Chief Financial Officer

engie.com


Recommended