Enel Américas Corporate Presentation - Américas
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INTERNAL
Américas
Américas
Enel Américas
Corporate Presentation
May 2021
Enel Américas as part of Enel Group
Américas
Enel Group is leading the new energy world…
1st network 49 GW 39 GW 6 GW 70 mn
operator1 Renewable capacity2 Conventional Demand response customers4
capacity3
New services enable
Leading decarbonization
World’s largest private decarbonization and Largest retail customer
process, phasing out of
player in renewables electrification of base in Europe
coal production
consumption
1. By number of end users. Publicly owned operators not included 1
2. By installed capacity. Includes managed capacity
3. It includes nuclear
4. Includes customers of free and regulated power and gas markets
INTERNAL
Enel Américas overview
Américas
Latin America’s largest private power company
Part of Enel Group Staff (1)
16,731 people
Operational data
Company data
Presence in key
countries in the region Installed Capacity (2)
Enel SpA’ stake: 82.3% 15.0 GW
Largest market cap in Commitment with ESG Total Clients (3)
Chile, publicly traded on: goals and sustainability 25.7 mn
Charging stations (3)
1,582
Net Debt(3) US$ 4,516 mn
Liquidity & ratings
Revenue (1) EBITDA (1)
Key financials(2)
US$ 12,193 mn US$ 3,154 mn Net Debt/EBITDA(3) 1.5x
(-14.8%) (-21.0%)
Baa3 / Positive
Net Income (1) (1)
Total Assets
BBB / Negative
US$ 825 mn US$ 26,934 mn
(-48.9%) (-9.5%)
A- / Stable
(1) Key financial figures as of December 31, 2020 (2) Proforma with EGP assets as of May 2020, (3) Figures as of March 31, 2021 2
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Corporate and ownership structure
Américas
Business structure1 Ownership structure2
Pension
Retail
funds
Institutional 6.4% 0.9%
Others investors
shareholders 8.1%
82.3% 17.7%
ADRs; 2.3%
# shares
Américas 107,281,698,561 Enel S.p.A
82.3%
Argentina Brazil Colombia Peru Cent. Am.
Market Cap3: US$ 14.8 bn
3
(1) Simplified company structure; (2) As of April 30, 2021; (3) As of May 25, 2021
COVID-19: Main impacts
Américas
Currencies vs USD1 (YTD) Electricity distributed (TWh) Collection (%)
∆ yoy ∆ yoy
Argentina -40%
Brazil -29% 15.9 93.9
Argentina - 5% Argentina -1.9 pp
16.8 95.8
Colombia -6%
77.9 97.6
Peru -9% Brazil -4% Brazil -1.5 pp
81.3 99.1
13.8 98.9
Colombia -4% Colombia -1.9 pp
14.4 100.9
7.6 95.1
Peru -8% Peru -4.7 pp
8.2 99.8
Sep-20
Dec-20
Oct-20
Oct-20
Dec-20
Feb-20
May-20
May-20
Jun-20
Aug-20
Jul-20
Jul-20
Mar-20
Mar-20
Jan-20
Jan-20
Nov-20
Apr-20
FY 2019 FY 2019
FY 2020 FY 2020
(1) Fx devaluation from January 1, 2020 to December 31, 2020. 4
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FY 2020 - Financial highlights (US$ mn)
Américas
Reported Adjusted
EBITDA1 Net Income1 EBITDA2 Net Income2
Lower EBITDA and Net income
mainly due to currency devaluation
3,154 825 4,293 1,210 vs USD in all countries, COVID-19
FY 2020
effects, and specific one-off effects
-21% -49% +13% +17% (Edesur’s past liabilities resolution and
tax credit in Sao Paulo)
FY 2019 3,994 1,614 3,791 1,032
(1) Ordinary figures; (2) Excludes FX effect, COVID-19 effect, Edesur’s past liabilities resolution in 2019, tax credit in Sao Paulo in 2019, and Enel Dx Sao Paulo’s lower expenses
5
FX and COVID-19 impact on demand and bad debt
(US$ mn) Américas
Net of
FY 2020 Ordinary Fx impact Demand Bad Debt COVID-19
& FX
EBITDA 3,154 745 483 4,382
D&A (1,100) 89
Net Income 1,181 378 331 61 1,951
COVID-19
Impact
6
ESG highlights
Américas
Engaging local communities (mn beneficiaries) Credit rating Board diversity
Cumulative
Mar 2021(1)
Rating upgrade to “AA” from “A” Incorporation of two women to
with Stable outlook our Board of Directors
High-quality, inclusive & fair education 0.6
Greener energy matrix positively
contributes to our credit rating and
operations
Access to affordable and clean energy 5.1
Employment and sustainable and
inclusive economic growth 1.0
Total beneficiaries from social projects 6.7
(1) Cumulative figures since 2015 7
ESG highlights
Américas
MSCI Sustainalytics SAM ESG Rating FTSE Russell
AA AA 83 3.8
A 81 3.5
3.1
76
28.9 27.4
35.9
De-risking
2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020
Scale from CCC to AAA Scale from 100 to 0 Scale from 0 to 100 Scale from 0 to 5
8
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Américas
Key investment considerations AméricasINTERNAL
Key investment considerations Américas
Américas
Diversified investment vehicle in the region
Proven M&A track record
Distribution: Regulated business with attractive returns
Generation: Renewable portfolio with non-conventional
renewables sources
Enel X and Retail businesses
Solid financial growth, strong liquidity and sound financial
policies
10INTERNAL
Diversified investment vehicle in the region
Enel Américas is Latin America’s largest private power company Américas
Argentina Brazil Colombia Peru
Installed Installed Installed Installed
4,419 1,354 3,506 1,989
Generation
capacity (MW) capacity (MW) capacity (MW) capacity (MW)
Energy sales Energy sales Energy sales Energy sales
13.9 25.3 17.5 10.3
(TWh) (TWh) (TWh) (TWh)
Market share 11% Market share 5% Market share 25% Market share 21%
End users (mn) 2.5 End users (mn) 18.1 End users (mn) 3.6 End users (mn) 1.5
Distribution
Energy sales Energy sales Energy sales Energy sales
15.9 77.9 13.8 7.6
(TWh) (TWh) (TWh) (TWh)
Market share 15% Market share 16% Market share 20% Market share 27%
6% 42% 37% 15%
EBITDA contribution EBITDA contribution EBITDA contribution EBITDA contribution
Figures as of December 31, 2020. 11INTERNAL
Proven M&A track record
Expansion of operations in the region through inorganic growth… Américas
Américas
Largest Private Strong
Inorganic growth trough M&A: NEW GROWTH
Utility Company financial
Consolidation in Dx & Gx businesses PHASE
in LatAm position
Capital increase
Generation business Distribution business of US$ 3.0 bn
Volta Grande Enel Distribution Sao
acquisition Paulo acquisition 2020
(ex Eletropaulo)
Distribution business
Enel Distribution Goiás 2019 A fully integrated vehicle
acquisition (ex Celg)
prepared to be a natural
leader in an Energy
Américas 2018 Transition scenario in Latin
Spin-off: America
Enel Américas
(former Enersis) 2017
2016
12INTERNAL
Regulated business with
Distribution attractive returns Américas
End users evolution (mn)
Enel Dx Sao
Paulo
Enel Dx
Goiás 24.5 25.2 25.6 25.7
No pending tariffs reviews
17.2 for our Dx companies until
14.1
2022
(1)
2016 2017 2018 2019 2020 2021
EBITDA (Dx business) Energy sales
3%
12% 7% 14%
Argentina 12%
Brazil
Colombia
27% US$ 1,858 Peru 115 TWh
59%
68%
2020 figures.
(1): End users as of March 31, 2021. 13INTERNAL
Portfolio mainly represented by
Generation renewable technologies Américas
Installed Capacity1 Net Production1 EBITDA2 (Gx business)
15.0 GW 12.3 TWh US$ 1,383
21% 10%
25% 20%
27%
19%
42% 21%
2% 17%
55% 8%
14%
24%
18% 27%
49%
Large Hydro CCGT Argentina Brazil Argentina Brazil
Oil-Gas Coal Colombia Peru Colombia Peru
EGP Américas
EGP Américas
Stable business with growth potential in NCRE
(1): Figures as of March 31, 2021. Installed capacity: 11.3 GW (As of December 30, 2020). Net Production: 40.5 TWh (As of December 30, 2020).
(2): EBITDA figure does not include EGP. As of December 30, 2020. 14Enel X and Retail operating highlights
Américas
Enel X Retail1
FY 2019 FY 2020
Smart lighting +2% Delivery points (#) Energy sold (TWh)
(final light points, mn#) 818 836
+ 24% - 7%
-3%
Microinsurance
(active contracts, k#)
1,307 1,261
3,480 16.6 15.4
+0% 2,800
Credit cards
(Active credit cards k#)
857 858
+97%
PV
(MWρ installed in the year)
3.5 7.0 Dec. 2019 Dec. 2020 FY 2019 FY 2020
+213%
Charging stations (#) 564 1,766
15
(1) Retail includes free market business. The figures do not include gas.Industrial growth: Gross CAPEX (US$ mn)
~95% of total CAPEX SDGs related Américas
Total CAPEX by nature Total CAPEX by business1 Total CAPEX by country
5%
4% 5%
7% 11% 11%
20%
1,423 42% 1,423 24% 1,423
(-13.6% YoY) (-13.6% YoY) (-13.6% YoY)
54%
38% 79%
Thermal generation Renewables Argentina Brazil Colombia Peru
Asset management Asset development Customers
Distribution Retail
Enel X
EGP Américas CAPEX during 1Q 2021: US$ 187 mn
Américas
(1) Thermal generation business’ includes trading business.
Note: EGP Américas consolidation from April 1st, 2021. 16INTERNAL
1.6
Financial position
Solid liquidity and debt metrics Américas
Current liquidity1 Debt amortization1 (US$ mn) Net debt/EBITDA
Net debt/EBITDA: 1.5x
4,516
1.6
40% 4.5
4.4
Total liquidity
US$ 2,569 mn 1,488 1,409 3.0
3.0
60%
766 852
2021 2022 2023 > 2023 TOTAL EBITDA 12M Net debt
Committed credit lines EBITDA (Last 12 months)
Cash and cash equivalents Net debt as of March 31, 2021
Leverage capacity2
(1) As of March 31, 2021 17
(2) Assumes Net debt/EBITDA = 2.0xINTERNAL
Américas
Merger of EGP Américas’ Assets
AméricasINTERNAL
Enel Américas recent history
The Proposed Transaction paves the way for a new growth phase Américas
On April 1st, the merger
Enel Dx Goiás Volta Grande acquisition
becomes effective
1. Price: US$ 720 mn 1. Price: US$ 445 mn
2. Clients: 2.9 mn 2. Installed capacity: 380 MW
Accelerating the energy
3. Location: State of Goiás 3. Location: State of Minas Gerais
transition
2016 2017 2018 2019 Q4 Q2
2020 2021
Business US$ 3bn Capital
Enel Dx Sao Paulo On December 17th,
reorganization in Purchase of 7.5% Increase: Financial
1. Price: US$ 2.4 bn Shareholders' Meeting
Latam stake in Enel Dx flexibility
2. Clients: 7.2 mn approved the merger of
Perú from minorities improvement
3. Location: Sao Paulo EGP Américas into
Price: US$ 80 mn
Enel Américas with an
Américas exchange ratio of 0.41x
Consolidation of distribution business New Growth phase
19Proposed Transaction
Merger of EGP assets in Central and South America ex Chile (“EGP Américas”) into Américas
Enel Américas
Previous structure Current structure
Other Other
100% Shareholders Shareholders
65% 35% 82.3% 17.7%
Américas
Américas Américas
Argentina Brazil Colombia Peru Brazil Colombia Argentina Peru Cent. Am
Distribution Conventional Hydro
Enel X NCRE
Generation
20Transaction Rationale
Américas
Starts a new growth phase for Enel Américas, as a leading
1
renewables player in LatAm
2 Accelerates energy transition
3 Greater operational and geographical diversification
Strengthens balance sheet by adding cash flows
4
from diverse generation sources
Creates a single and fully integrated development vehicle in
5
LatAm
21Completion of EGP Américas’ merger
The start of a new growth phase starting on Q2 2021 Américas
Installed Capacity Evolution (GW)
Adding 3.7 GW of installed
capacity and 3 new countries to
Pre-transaction Post-transaction(1) our perimeter
Clear path to organic growth in
renewable power generation
33%
45% 47%
11.3 GW 15.0 GW Accelerate positioning within the
55%
energy transition
9%
11%
Diversify the asset portfolio by
generation technology
Capacity
0 3.1
in execution (GW)
(1) As of April 1, 2021
22Completion of EGP Américas’ merger
Enel Américas Proforma Q1 2021 Américas
Operational figures (TWh) EBITDA & CAPEX (US$ bn)
3% 1% 4%2%
18.1 95 836
741
12.3 3.9
2.6
CAPEX
14.2 US$ 478 mn 40%
50%
9.7
Net Production Energy sales EBITDA EBITDA Enel Américas
Enel Américas EGP Américas + EGP Américas
Net debt/ Thermal
1.5x 1.5x Networks
EBITDA2 generation
Large Hydro Retail
Enel Américas EGP Américas EGP Américas Enel X
23INTERNAL
Growth profile going forward
Future growth strongly supported by EGP Américas’ asset base and capabilities to build a large pipeline Américas
GW of Installed Capacity
Enel Américas’
+60%
Strategic Plan 2020-22
3.1 18.1
+0%
3.7
11.3 11.3
EAM 2019 EAM 2022 EGP EGP EAM
In Operation In Execution Post Transaction
24Contact us
Américas
Contacts
Email - ir.enelamericas@enel.com
Channels
Website Mobile App
www.enelamericas.com Enel Américas Investors
Rafael de la Haza
Head of Investor Relations Download App
iOS Android
Investor Relations team
Jorge Velis
Javiera Rubio
Nicolás Gracia
Francisco Basauri
Monica De Martino
Catalina Soffia
Thank you. 25INTERNAL
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