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Q1 2015 Earnings Call – Enel

Enel · May 8, 2015 · 52 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 Earnings Call – Enel – slide 1
    1Q 2015 Results May 8, 2015
  2. Q1 2015 Earnings Call – Enel – slide 2
    1Q 2015 results Highlights of the period Enel Group Investor Relations Good operating results: recurring EBITDA +4% Latam: confirmed positive trends, EBITDA +33% yoy and reorganization kicked -off Renewables: +0.2 GW…
  3. Q1 2015 Earnings Call – Enel – slide 3
    1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations 1 Efficiency plan in progress, results in Operational efficiencies line with expected trend for the full year 2 Achievements in the period: + 0.2 GW…
  4. Q1 2015 Earnings Call – Enel – slide 4
    1Q 2015 results Operational efficiency: focus on opex Enel Group Investor Relations Conventional Networks /client -6% k/MW +1% Generation 44.6 58.4 58.8 42.1 FY14 LTM FY14 LTM Higher inflation in Argentina Closure of…
  5. Q1 2015 Earnings Call – Enel – slide 5
    1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations Industrial growth 1Q15 1Q14 YoY Growth capex by business Growth capex (bn) 0.7 0.6 +16.6% Renewables 61% Average spread over WACC for 0.7…
  6. Q1 2015 Earnings Call – Enel – slide 6
    1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations 1 440 m from sale of 49% of North America renewables 345 m disposal of hydropower assets 2 bn under execution in Italy1 Slovenske Elektrarne…
  7. Q1 2015 Earnings Call – Enel – slide 7
    1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations LATAM reorganization Current simplified structure Final structure ENEL SpA ENEL SpA 100% 100% Enel Enel Iberoamrica Iberoamrica 60,6% 50.0%…
  8. Q1 2015 Earnings Call – Enel – slide 8
    1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations LATAM reorganization 1 2 3 Creating a purely Chilean operator Corporate reorganization of Endesa Consolidating the international and a growth platform…
  9. Q1 2015 Earnings Call – Enel – slide 9
    1Q 2015 results Market context in the period Enel Group Investor Relations Electricity demand 1Q15 1Q14 3.7% 4.2% 2.3% 0.8% -0.1% -1.5% -1.9% -3.7% 1 2 Italy Spain Latam East Europe Spot power prices Italy /Mwh…
  10. Q1 2015 Earnings Call – Enel – slide 10
    1Q 2015 results Forward sales Enel Group Investor Relations Italy Spain Latam 100% 77% 77% 77% 36% 7% 2015 2016 2015 2016 2015 2016 55 47 57 56 69 75 Hedged Average price /MWh Unhedged 9
  11. Q1 2015 Earnings Call – Enel – slide 11
    1Q 2015 results Operational highlights Enel Group Investor Relations Generation capacity (GW) Net production (TWh) -6% +6% 96.1 90.3 72 68 Conventional 86.5 generation 80.5 Renewables 9.8 Load factor 33% 37% 9.6 EGP…
  12. Q1 2015 Earnings Call – Enel – slide 12
    1Q 2015 results Financial highlights (mn) Enel Group Investor Relations Revenues Recurring EBITDA +10% +4% 1 3,859 4,023 18,182 19,970 1Q 2014 1Q 2015 1Q 2014 1Q 2015 Group net ordinary income Net debt +7% +6% 810…
  13. Q1 2015 Earnings Call – Enel – slide 13
    1Q 2015 results Group recurring EBITDA (mn) Enel Group Investor Relations +4.2% 3,859 -88 +184 -49 +55 -9 4,023 +71 1 2 1Q 2014 Italy Iberia Latam East Renewables Other 1Q 2015 Europe 1. Net of extraordinary items…
  14. Q1 2015 Earnings Call – Enel – slide 14
    1Q 2015 results Group recurring EBITDA (mn) Enel Group Investor Relations +4.2% +55 -147 +109 +198 -51 4,023 3,859 2 1Q 2014 Global Global Global Retail Other 1Q 2015 Infrastructure Generation & Renewables & Networks…
  15. Q1 2015 Earnings Call – Enel – slide 15
    1Q 2015 results From EBITDA to Net Income(mn) Enel Group Investor Relations 4,023 1,398 2,625 743 703 369 810 EBITDA D&A EBIT Net financial Income taxes Minorities Group net expenses and Income other 1 +4.2% yoy…
  16. Q1 2015 Earnings Call – Enel – slide 16
    1Q 2015 results Debt and financial expenses Enel Group Investor Relations Gross and Net Debt (mn) Net Financial expenses on debt (mn) -1,391 6.6% 6.4% 6.0% 5.0% 4.8% 57,032 55,641 5.0% 13,088 10,349 664 4.0%…
  17. Q1 2015 Earnings Call – Enel – slide 17
    1Q 2015 results Net free cash flow (mn) Enel Group Investor Relations 4,023 -390 - 1,822 - 35 - 1,066 710 -1,340 -630 -278 -908 2 3 Recurring Provisions 1 Working Income Financial FFO Capex Free Net dividend Net…
  18. Q1 2015 Earnings Call – Enel – slide 18
    1Q 2015 results Net debt evolution (mn) Enel Group Investor Relations +2,1312 Mar 31, 2015 on Dec 31, Extraordinary Mar 31, Asset held continuing 2014 Net free cash flow activities FX effect 2015 for sale operations…
  19. Q1 2015 Earnings Call – Enel – slide 19
    Financial and operational annexes
  20. Q1 2015 Earnings Call – Enel – slide 20
    1Q 2015 results Market context in the period Enel Group Investor Relations Brent /bbl Coal /ton CO2 /ton 108 79 7.1 61 63 6.8 54 55 6.2 1Q14 1Q15 FY15E 1Q14 1Q15 FY15E 1Q14 1Q15 FY15E Average FX USD/ Average FX CLP/…
  21. Q1 2015 Earnings Call – Enel – slide 21
    1Q 2015 results Capex1 (mn) Enel Group Investor Relations By activity By business By region Growth Networks 714 483 Iberia 36% Latam 44% 53% 12% 1.340 1.340 1.340 47% 36% Generation2 25% 23% 9% 339 Renewables Italy2…
  22. Q1 2015 Earnings Call – Enel – slide 22
    1Q 2015 results Group recurring EBITDA analysis (mn) Enel Group Investor Relations By responsibility By business East Europe Latam Networks 233 736 18% 44% 6% Italy2 4,0231 24% Iberia 4,0231 1,541 39% 977 29% 13%…
  23. Q1 2015 Earnings Call – Enel – slide 23
    1Q 2015 results EBITDA Global Infrastructure & Networks (mn) Enel Group Investor Relations +6.6% +147 -1 1,768 1,659 -43 +6 Italy 897 mn Italy 940 mn Iberia Iberia 442 mn 436 mn Latam Latam 374 mn 227 mn East…
  24. Q1 2015 Earnings Call – Enel – slide 24
    1Q 2015 results EBITDA Global Generation & Trading (mn) Enel Group Investor Relations +20.6% +60 -51 1,157 +324 959 -135 Italy Italy 210 mn 345 mn1 Iberia Iberia 69 mn 393 mn Latam Latam 324 mn 384 mn East…
  25. Q1 2015 Earnings Call – Enel – slide 25
    1Q 2015 results EBITDA Renewables (mn) Enel Group Investor Relations +11.4% 481 +1 +25 +29 536 65 94 62 87 North America Latin America 354 Europe 355 1Q14 Europe Latin North America 1Q15 America 24
  26. Q1 2015 Earnings Call – Enel – slide 26
    1Q 2015 results EBITDA Italy (mn) Enel Group Investor Relations -5.3% 1,639 -135 -43 +84 +6 1,551 Generation Generation 345 mn1 210 mn Networks Networks 940 mn 897 mn Retail Retail 330 mn 414 mn Other Other…
  27. Q1 2015 Earnings Call – Enel – slide 27
    1Q 2015 results EBITDA Latam (mn) Enel Group Investor Relations +33.3% +147 -23 736 Peru 115 mn +60 552 Peru Colombia 99 mn 236 mn Colombia 235 mn Chile 146 mn Chile 91mn Brazil 172 mn Brazil 186 mn Argentina…
  28. Q1 2015 Earnings Call – Enel – slide 28
    1Q 2015 results EBITDA Iberia(mn) Enel Group Investor Relations +7.8% +324 +6 -232 -27 977 906 Generation Generation 69 mn 393 mn Distribution 436 mn Distribution 442 mn Retail 385 mn Retail Other 153 mn 16 mn Other…
  29. Q1 2015 Earnings Call – Enel – slide 29
    1Q 2015 results EBITDA East Europe (mn) Enel Group Investor Relations -17.4% 282 -362 -1 -17 +5 233 Russia 102 mn Russia 66 mn2 Romania 65 mn Romania 64 mn Slovakia 120 mn Slovakia 103 mn Other -5mn 1Q14…
  30. Q1 2015 Earnings Call – Enel – slide 30
    1Q 2015 results EBITDA matrix (mn) Enel Group Investor Relations Global Global Services & Generation & Infrastructure & Renewables Retail TOT Other Trading Networks 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Italy…
  31. Q1 2015 Earnings Call – Enel – slide 31
    Financial annexes: 1Q 2015 Gross debt maturity profile and structure (bn) Enel Group Investor Relations Debt maturity Interest rate composition Floating Maturity < 2017 23% 29% 55.6 55.6 71% 77% Fixed + Maturity Hedged…
  32. Q1 2015 Earnings Call – Enel – slide 32
    Financial annexes: 1Q 2015 Debt Structure by Instrument Enel Group Investor Relations Third Parties view Eastern Debt by instrument Enel Spa EFI Italy Iberia Latam Renewables Europe Total & Other Bonds 17.66 20.64 - 0.15 3.95 -…
  33. Q1 2015 Earnings Call – Enel – slide 33
    Financial annexes: 1Q 2015 Debt maturity coverage Enel Group Investor Relations 27.6 23.5 Long term committed credit lines1 13.2 4.9 7.0 5.1 5.4 5.6 Cash 10.3 Short term 2.8 Long term 2.6 IQ 2015 2015 2016 2017 2018…
  34. Q1 2015 Earnings Call – Enel – slide 34
    1Q 2015 Balance sheet Enel Group Investor Relations mn 1Q15 FY 14 % Net financial debt 39,514 37,383 +5.7 Shareholders equity 53,498 51,145 +4.6 Net capital employed 93,012 88,528 +5.1 33
  35. Q1 2015 Earnings Call – Enel – slide 35
    1Q 2015 Italy Enel Group Investor Relations Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated…
  36. Q1 2015 Earnings Call – Enel – slide 36
    1Q 2015 Iberia Enel Group Investor Relations Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated…
  37. Q1 2015 Earnings Call – Enel – slide 37
    1Q 2015 Latam Enel Group Investor Relations 1Q15 1Q14 mn restated % Revenues 2,670 2,085 +28.1 EBITDA 736 552 +33.3 EBIT 491 334 +47.0 Capex 320 207 +54.6 Headcount 12,198 12,3011 -0.8 1. Data refers to FY2014 36
  38. Q1 2015 Earnings Call – Enel – slide 38
    1Q 2015 - Focus on Latam Chile Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 519 348…
  39. Q1 2015 Earnings Call – Enel – slide 39
    1Q 2015 - Focus on Latam Brazil Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 95 136…
  40. Q1 2015 Earnings Call – Enel – slide 40
    1Q 2015 - Focus on Latam Colombia Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 214 191…
  41. Q1 2015 Earnings Call – Enel – slide 41
    1Q 2015 - Focus on Latam Peru Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 137 121…
  42. Q1 2015 Earnings Call – Enel – slide 42
    1Q 2015 - Focus on Latam Argentina Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 77 60…
  43. Q1 2015 Earnings Call – Enel – slide 43
    1Q 2015 Renewables Enel Group Investor Relations 1Q14 mn 1Q15 % restated Revenues 812 702 +15.7 EBITDA 536 481 +11.4 EBIT 370 346 +6.9 Capex 475 314 +51.3 Headcount 4,034 3,6091 +11.8 1. Data refers to FY2014 42
  44. Q1 2015 Earnings Call – Enel – slide 44
    1Q 2015 East Europe Enel Group Investor Relations Slovakia Russia Romania Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated restated Revenues 611 620…
  45. Q1 2015 Earnings Call – Enel – slide 45
    1Q 2015 Other Enel Group Investor Relations Holding Upstream Total 1Q14 1Q14 1Q14 mn 1Q15 % 1Q15 % 1Q15 % restated restated restated Revenues 145 149 -2.7 2 82 -97.6 147 231 -36.4 EBITDA -8 4 n.s. -2 77 n.s. -10 81 n.s.…
  46. Q1 2015 Earnings Call – Enel – slide 46
    1Q 2015 Capex by business area (mn)1 Enel Group Investor Relations +15.7% 1,253 11 1,083 n.s. 2 475 +51.3% S&H 314 Renewables Latam +54.6% 207 Iberia 320 East Europe 126 +22.2% Italy 154 203 36 -82.3% 231 257…
  47. Q1 2015 Earnings Call – Enel – slide 47
    1Q 2015 results: operational annexes Production mix (TWh) -3.4% Enel Group Investor Relations 17.9 17.3 0.7% 0.3% 7.1% 8.8% Group production mix 49.0% 53.8% Italy +5.7% 9.9% 11.0% 68.0 71.9 33.3% 26.1% 11.4% 10.2%…
  48. Q1 2015 Earnings Call – Enel – slide 48
    1Q 2015 Group total net installed capacity1 Breakdown by source and location Enel Group Investor Relations Large Hydro Other Nuclear Coal CCGT Oil&Gas TOTAL MW Hydro EGP renewables ST/OCGT 11,141 1,512 1,662 - 6,478 6,356 3,909…
  49. Q1 2015 Earnings Call – Enel – slide 49
    1Q 2015 Group total net production1 Breakdown by source and location Enel Group Investor Relations Large Hydro Other Nuclear Coal CCGT Oil&Gas TOTAL GWh Hydro EGP renewables ST/OCGT Italy 3,044 1,475 1,900 - 9,295 1,513 56…
  50. Q1 2015 Earnings Call – Enel – slide 50
    1Q 2015 Enel Green Power net installed capacity: Breakdown by source and location Enel Group Investor Relations Hydro Geothermal Wind Other TOTAL MW Italy 1,512 761 720 140 3,133 Iberia 43 - 1,741 52 1,836 Latam 732 - 992…
  51. Q1 2015 Earnings Call – Enel – slide 51
    1Q 2015 Enel Green Power net production Breakdown by source and location Enel Group Investor Relations Hydro Geothermal Wind Other TOTAL GWh Italy 1,475 1,439 430 29 3,373 Iberia 32 - 1,200 59 1,291 Latam 943 - 599 62…
  52. Q1 2015 Earnings Call – Enel – slide 52
    Contact us Enel Group Investor Relations Investor Relations Team (investor.relationsenel.com) Tel. +39 06 8305 7975 Visit our website at: www.enel.com (Investor Relations) 51

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