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9M 2014 Results – Endesa Generacion Sa

Endesa Generacion Sa · Oct 31, 2014 · 31 slides

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Slides

  1. 9M 2014 Results – Endesa Generacion Sa – slide 1
    Endesa 9M 2014 Results Madrid, 31 October 2014
  2. 9M 2014 Results – Endesa Generacion Sa – slide 2
    Agenda 1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 3 Madrid, 31…
  3. 9M 2014 Results – Endesa Generacion Sa – slide 3
    1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 4 Madrid, 31 October 2014
  4. 9M 2014 Results – Endesa Generacion Sa – slide 4
    Completion of Endesas corporate re-organization process Structure until 23rd October From 23rd October 2014 - New 2014 structure Enel Enel 100% 100% 100% Enel Energy Enel Energy Endesa Europe Europe Latam 92.06% 92.06%…
  5. 9M 2014 Results – Endesa Generacion Sa – slide 5
    Completion of Endesas corporate re-organization process Main decisions approved at Decisions taken by Endesas BoD Endesas EGM held on 21st held on 7th October October Payment of an interim extraordinary Sale of 20.3% Enersis…
  6. 9M 2014 Results – Endesa Generacion Sa – slide 6
    1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 7 Madrid, 31 October 2014
  7. 9M 2014 Results – Endesa Generacion Sa – slide 7
    Market context in 9M 2014 Demand Electricity wholesale prices Weighted average pool prices Spain(3) (/MWh) Spain(1) Endesa distribution area(2) (Not adjusted) Industry +2.4% 41.0 +0.3% +0.1% 39.1 -1.4% 1Q 14 24.3 Services…
  8. 9M 2014 Results – Endesa Generacion Sa – slide 8
    Regulatory update (I) Pending chapters of the electricity regulatory reform Topic Latest news Open questions / next steps Government to approve physical units Distribution CNMC released proposal with and unitary investment and O&M…
  9. 9M 2014 Results – Endesa Generacion Sa – slide 9
    Regulatory update (II) Tariff deficit related issues Draft released in August pointing to a reasonable mechanism Draft RD on 2013 Access tariffs will recognize 8Y Gvment. Bonds + spread of interest rate tariff deficit To be…
  10. 9M 2014 Results – Endesa Generacion Sa – slide 10
    1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 11 Madrid, 31 October 2014
  11. 9M 2014 Results – Endesa Generacion Sa – slide 11
    Financial results 9M 2014(1) 9M 2013(1) Change Like-for-like(2) M Revenues 15,542 16,234 -4% Gross margin 3,965 4,252 -7% EBITDA 2,484 2,654 -6% 0% EBIT(3) 1,317 1,427 -8% Net finance expenses 114 92 +24% Share of profit from…
  12. 9M 2014 Results – Endesa Generacion Sa – slide 12
    Pro-forma Income Statement for 9M 2014 Impacts Reported 9M 2014 m Spain & Portugal Pro Forma LatAm Extr. Change 9M 2014 Endesa restructuring dividend Revenues 15,542 15,542 - EBITDA 2,484 2,486 +2 D&A (1,167) (1,167) - EBIT…
  13. 9M 2014 Results – Endesa Generacion Sa – slide 13
    Net debt analysis (I) Net debt adjusted by reorganization process 6,353 7,646 2013 TD (1.4 bn) 2,502 M 4,725 3,432 Debt net of 5,144 regulatory assets 1,293 Total net Discontinued Spain and Extraordinary Net debt…
  14. 9M 2014 Results – Endesa Generacion Sa – slide 14
    Net debt analysis (II) New perimeter net debt evolution Net debt(1)/ 0.4x 0.4x 2.5x EBITDA(2) ratio 2013: +577 M cashed in from settlement 11-14/2013 6,353 7,646 and +1,282 M from non-mainland compensation Mainly made up of the…
  15. 9M 2014 Results – Endesa Generacion Sa – slide 15
    1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 16 Madrid, 31 October 2014
  16. 9M 2014 Results – Endesa Generacion Sa – slide 16
    Highlights Flat EBITDA excluding retroactive measures on non-mainland generation Regulated business impacted by RDL 9/2013 and by draft RD on non mainland generation Normalization of the liberalized business performance in…
  17. 9M 2014 Results – Endesa Generacion Sa – slide 17
    9M 2014 EBITDA breakdown 9M 2014 9M 2013 % M Change (%) M % Generation & 45% 1,113 +14% 976 37% Generation & Supply Supply Non-mainland 2%(1) 56(1) -84% 348 Non-mainland generation 13% generation Distribution 53%…
  18. 9M 2014 Results – Endesa Generacion Sa – slide 18
    Regulated business Gross margin evolution of Dx and non-mainland Gx -14% -7% M 2,361 -132 -40 2,189 -162 2,027 550 418 Non-mainland 256 generation 1,811 1,771 1,771 Distribution Non-mainland Gx 9M 2013 (mainly…
  19. 9M 2014 Results – Endesa Generacion Sa – slide 19
    Liberalized business Gross margin evolution +2% M 1,891 1,938 9M 2013 9M 2014 Margin(1) Margin(1) Energy purchase cost Lower underlying selling price Gas business Social Bonus and Domestic Coal Normalization of the…
  20. 9M 2014 Results – Endesa Generacion Sa – slide 20
    Fixed costs evolution By cost type By business line M -6% 1,671 -6% M 1,671 1,565 1,565 756 920 Distribution 728 O&M Costs 870 and non- mainland 915 837 Personnel 751 Costs 695 Liberalized(1) 9M 2013 9M 2014 9M…
  21. 9M 2014 Results – Endesa Generacion Sa – slide 21
    Liberalized business Energy management Mainland output 9M 2014 energy management Electricity sources Electricity sales GWh 42,653 42,570 82 TWh 82 TWh 847 1,020 CCGT 9,285 -0.2% 9,563 SCVP purchases(1) 14 14 SCVP sales(1)…
  22. 9M 2014 Results – Endesa Generacion Sa – slide 22
    1. Completion of Endesas corporate re-organization process 2. Market context and regulatory update 3. Financial results and net debt analysis 4. Business analysis 5. Final remarks 9M 2014 Results 23 Madrid, 31 October 2014
  23. 9M 2014 Results – Endesa Generacion Sa – slide 23
    Final remarks Efficient capital structure post releveraging and dividend distribution ( 6/share (1)) Attractive dividend policy 9M 2014 Results (1) Distributed on 29th October 2014 24 Madrid, 31 October 2014
  24. 9M 2014 Results – Endesa Generacion Sa – slide 24
    Appendix Endesa 9M 2014 Results 9M 2014 Results Madrid, 31 October 2014
  25. 9M 2014 Results – Endesa Generacion Sa – slide 25
    Net installed capacity and output(1) Latin Spain&Portugal America Total GW at 30/09/14 Total 21.7 0% 16.5 +4.7% 38.1 +2% Hydro 4.7 0% 8.8 +1% 13.4 +1% Installed Nuclear 3.3 0% - - 3.3 0% net Coal 5.3 0% 0.8 0% 6.1 0% capacity…
  26. 9M 2014 Results – Endesa Generacion Sa – slide 26
    Endesa (excl. Enersis): financial debt maturity calendar Gross balance of maturities outstanding at 30 September 2014: 2,406 M(1) Bonds Bank debt and others ECPs and domestic commercial paper (2) Endesa's 880 liquidity 649…
  27. 9M 2014 Results – Endesa Generacion Sa – slide 27
    Net debt structure as of September 30th 2014 Structure of Endesa's net debt new perimeter M 1,293 1,293 Floating 57% Euro 100% Fixed 43% US 40% By interest rate By currency Average cost of debt 3.0% 9M 2014…
  28. 9M 2014 Results – Endesa Generacion Sa – slide 28
    Pro-forma Balance Sheet as of September 30, 2014 A Consolidated B Pro-Forma Adjustment for Pro-Forma C D:A+B+C Pro-Forma Consolidated Statement of financial Adjustment for Statement of financial Divestment of position at…
  29. 9M 2014 Results – Endesa Generacion Sa – slide 29
    Pro-forma Income Statement for 9M 2014 A B C D: A+B+C Consolidated Income Pro-Forma Pro-Forma Statement for Pro-Forma Adjustment for Consolidated Income the nine-month Adjustment for Divestment of Statement for the nine- period…
  30. 9M 2014 Results – Endesa Generacion Sa – slide 30
    This document is the property of ENDESA and therefore must not be disseminated or published without ENDESA's prior written consent. The content of this document is provided for information purposes only and therefore has no contractual…
  31. 9M 2014 Results – Endesa Generacion Sa – slide 31
    Endesa Mobile Get full information of the company on Endesa Mobile, the Endesa App for iPhone, iPad and Android devices. Download from Download from App Store Google Play 9M 2014 Results 32 Madrid, 31 October 2014

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