aes gener gener... · ownership structure as of jan 31, 2014 aes gener at a glance a+ (local scale)...
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Highlights 2013
3
• Subordinated bond with 60 years tenor
• Prepayment of $147 million Senior Bond
due in March 2014
VENTANAS IV
• Start-up of commercial
operations in March 2013
COCHRANE PROJECT
• Financial close and start of
construction in March 2013
CAPITAL INCREASE
ALTO MAIPO PROJECT
• Financial close and start of principal
construction works in December 2013
• Alto Maipo project awarded Latin
America Power Deal of the Year by
Project Finance International magazine
ISSUE OF $450 MILLION
CORPORATE BONDS
• Shareholders approved capital
increase of up to US$450 million
• Expect to issue between US$150 -
$200 million in 1H 2014
2nd Phase of Expansion Progress
Making progress in 2nd Phase of Expansion
Projects under Construction Medium term Projects
Alto Maipo Cochrane
Guacolda V Tunjita
Retrofits
Andes Solar Angamos Desalinization
Interconnection SING – SADI
Financing Sources
Project Finance Capital Increase Corporate Debt
4
Ownership Structure as of Jan 31, 2014
AES Gener at a Glance
A+ (Local Scale) Stable
Outlook
BBB– Stable Outlook
A+ (Local Scale) Stable
Outlook
70.7%
Chilean
Pension
Funds
15.9%
Other
13.4%
BBB– Stable Outlook Baa3 Stable Outlook
Consolidated Electricity Sales
December 2013*
US$2,122 million
Gross Spot Sales
24%
Unregulated
Customers
39%
Regulated Customers
37%
* Guacolda Sales are not included
6
About AES Gener
• Markets:
SIC and SING in Chile
SIN in Colombia
SADI in Argentina
• 5,081 MW in installed operating capacity
• Recent successful completion of construction projects
Projects for 1,700 MW have been completed since
2006
• New phase of expansion under construction
AES Gener Installed Capacity
1
2 3
4
5
6 7 8
9 10
11 12 13
Chivor
1
Norgener
2
TermoAndes
4
Eléctrica Angamos
3
Guacolda
5
Eléctrica Campiche
6
Eléctrica Ventanas
7
Gener
8 11 12 13
Eléctrica Santiago
9 10
(As of December 31, 2013)
Hydro
25%
Coal
46%
Diesel
9%
Biomass 0,3%
Natural
gas/
Diesel
20%
• Chile: 3,438 MW
• Argentina: 643 MW
• Colombia: 1,000 MW
Diversified Asset Portfolio
Installed Capacity by Market
Installed Capacity by Technology
7
(As of December 31, 2013)
2%
7%
9%
12%
15% 15%
40%
TermoAndes S.A.
Pampa Energía S.A.
AES Argentina
SADESA
ENDESA
Estado Nacional Argentina
Otros
Electricity System Overview
21%
45%
24%
10% AES Gener
E-CL
Endesa
Others
SIC SING
Colombia Argentina
17%
40%21%
22%AES Gener
Endesa
Colbun
Others
• Energy Sales: 70% Regulated Customers
• Generation by Type: 58% Hydro and 41% Thermo
Main Players: Installed Capacity Main Players: Installed Capacity
13,585 MW 3,963 MW
• Energy Sales: 88% Unregulated Customers
• Generation by Type: 99% Thermo
Main Players: Installed Capacity Main Players: Installed Capacity
7%12%
20%
22%8%
15%
16%AES Chivor
Celsia
Endesa
EPM
Gecelca
Isagen
Others 14,533 MW
• Energy Sales: 67% Regulated
• Generation by Type: 80% Hydro
31,138 MW
• Energy Sales: 46% Industrial and 39% Residential
• Generation by Type: 66% Thermo and 29% Hydro
Source: CDEC-SIC Source: CDEC-SING. TermoAndes is not included
Source: XM Source: CAMESSA 9
As of December 31, 2012
Balanced Commercial Strategy
Chile
Gross Spot Sales
12%
Regulated
Customers
37%
CHILE
Electricity Revenue 2013
US$1,426 million
Unregulated
Customers
51% • Commercial strategy maximizes cash flow
and minimizes uncertainty to generate
stability
• Contract prices include indexation
mechanisms which periodically adjust
prices based on generation cost structure,
specifically coal and U.S. CPI
• Contract customers include large
creditworthy distribution and unregulated
customers (mining and industrial)
• Guacolda sales not included 10
Efficient
generation Long term contracts
(up to 22 years)
Generació
n de
respaldo Generación de
respaldo
Spot sales
Firm capacity Capacity charge
revenue
Back-up
generation
Balanced Commercial Strategy
Colombia and Argentina
~75%-85% of
expected generation
Spot and frequency
regulation sales
Firm energy
(~3,000 GWh)
Remaining
generation
Reliability charge
revenue
Gross Spot Sales
51% Contract Sales
49%
COLOMBIA
Electricity Revenue 2013
US$ 522 million
ARGENTINA
Electricity Revenue 2013
US$ 173 million
• Energía Plus Sales to unregulated
customers for ~ 251 MW
• Average term of contracts in SADI ~1 year
Gross Spot Sales
43%
Contract Sales
57%
Contracts
(1-4 years)
• Integrated risk management to optimize use of
reservoir and determine level of contracts 11
Financial Results 2013
ThUS$ 2013 vs 2012
Operating Revenue 2,244,790 -4%
Gross Margin 510,079 -14%
EBITDA1 623,028 -6%
Net Income 201,321 -1%
Net Income per
Share 0.025 -1%
1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments 2 Earnings per Share in US$/share.
EBITDA Variation
661
623
24
36 25 1
0
140
280
420
560
700
EBITDA12M2012
SIC Colombia SING SADI EBITDA12M2013
US
$ M
illio
n
EBITDA by Market
SIC 33%
SING 24% SADI 10%
Colombia 33%
13
2014 2015 2016 2017 2018 2019 2020 2021 2022 a 2073
Project Finance Chilean Bonds Chivor US Notes (2014) Syndicated Loan
Gener US Notes (2014) Gener US Notes (2021) Tunjita Leasing Subordinated Notes
Consolidated Debt Profile
Amortization Schedule1 (US$ million)
Total Debt US$2.9 billion
Project
Finance
45.7%
Gener US Notes
19.0%
.Chivor US
Notes
5.9%
Tunjita Leasing
1.1%
Chilean
Bonds
12.6%
Syndicated Loan
0.1%
Subordinated
Notes
15.6%
Gener Senior
Notes Prepaid in
January 2014
1,231
380
113 64 89 120
230
136
527
147
170
(1) Consolidated Debt as of December 31, 2013 14
847 1,049 1,110 1,114 1,156 1,487
309
740 1,010 1,154 1,126
1,298
2008 2009 2010 2011 2012 2013
Deuda Project Finance Deuda CorporativaCorporate Debt Project Finance Debt
EBITDA* since 2008 Debt increase associated with projects
EBITDA by market (US$ Million) Total debt (US$ Million)
Stable Net Debt/EBITDA* Total Capex
Net Debt/ EBITDA (times) CAPEX (US$ Million)
2008 2009 2010 2011 2012 2013
Solid Financial Indicators
2008 2009 2010 2011 2012 2013
2,268 2,282
1,156
1,789
2,120 528
472
737 661 623
2,785
2.8x 2.5x
3.2x
2.3x
2.8x
3.3x
657
865
511
395 419
532
397
36% 32%
18%
33% 27% 33%
43%
38%
39%
32%
27% 24%
3%
1%
4%
9% 10% 20%
27%
27%
30%
37% 33%
2008 2009 2010 2011 2012 2013
SIN SADI SING SIC
* Note:: EBITDA means adjusted EBITDA. Adjusted; EBITDA = Gross Profit + Administrative Expenses + Depreciation + Minor Adjustments
15
1,022
17
Continuing Expansion
Installed Capacity* (MW)
0
1000
2000
3000
4000
5000
6000
2006 2013 2018
Coal Natural Gas Diesel Hydro Biomass
3,434
5,081
* Includes Guacolda
+48%
6,316
+24%
2nd Expansion Phase in Process (2012-2018)
• 4 projects under construction ~ 1,235 MW
• Other near - term projects in development
• Total Investment: US$ 4 billion
• Incorporation of recognized partners (Mitsubishi
Corporation and Antofagasta Minerals)
• Project Finance debt of US$2.5 billion executed in
2013
Successful 1st Phase of Expansion (2007-2013)
• 10 projects completed ~ 1,700 MW
• Total Investment: US$ 3 billion
• Market presence and know-how
• Extensive experience in project execution
• Integrated approach to mitigate transition from construction to operation
Financing Plan:
2nd Expansion Phase
18
Project Level Debt (Project Finance)
• Cochrane Project: US$ 1,000 million
• Alto Maipo Project: US$ 1,217 million
• Guacolda V Project: US$ 318 million
• Tunjita Project: US$ 63 million
Equity Contribution
• Partners (Mitsubishi Corporation & Antofagasta Minerals)
• Junior Subordinated Notes: US$ 300 million
• Capital Increase:
• Approximately US$150 – US$200 million
• AES Corp has indicated intention to participate
Total Investment
~ US$ 4 billion
Attractive projects portfolio under
construction
Cochrane - 532 MW Coal
Non-recourse project
finance of US$1,000 million
Mitsubishi Corp:40% partner
Investment: US$ 1.35 billion
Estimated operation date:
2016
27% progress
2
2
4
Use of flows from Tunjita
river deviation
Investment: US$68 million
Estimated operation date:
2H 2014
71% progress
Tunjita – 20MW Hydro (run-of-river) 1
1 Santiago
Bogotá
Non-recourse project
finance of US$318 million
Investment: US$450
million
Estimated operation date:
2015
50% progress
Guacolda V – 152 MW Carbón 4
3
Non-recourse project
finance of US$ 1,217
million
AMSA: 40% partner
Investment: US$ 2.05
billion
Estimated operation date:
2018
Alto Maipo – 531 MW Hydro (run-of.river) 3
Installation in Units I and
II of Ventanas and
Norgener plants
Investment as of
December 2013:
~ US$84 million Norgener
~ US$72 million Ventanas
Installation in Units I, II
and IV of Guacolda
Emission Control Equipment 5
Antofagasta
19
220 MW – (First stage of 20
MW)
Environmental approval
obtained in 2012
Adjacent to Los Andes
substation
Santiago
Antofagasta
6
7
Solar Project Andes - SING
750 MW – coal (2 units)
Located close to Constitución,
VII region
Environmental approval
obtained in 2008
Los Robles - SIC 6
Other Projects
Angamos Desalinization Plant
SING – SADI Interconnection
Existing water rights (hydro)
Battery Energy Storage (BESS)
8
7
20
Other Development Projects
Key Takeaways
• Dry and variable hydrology in Colombia
• Lower spot prices and higher withdrawal costs in SING
• Maintenance at Ventanas Complex (Units I and III) and Norgener Complex (Units I and II) in Q3 and Q4
• Major maintenance at Nueva Renca from May-September
• Higher coal generation due to start-up of Ventanas IV in March
• Partnerships executed for Cochrane and Alto Maipo projects
• Execution of project finance debt for ~ US$2.5 billion
• Issue of Subordinated Bond for $450 million
• Capital Increase of approximately US$150 - US$200 million in 2Q 2014
Balanced Financial Structure
Achievement of Important Milestones
Challenging 2013 But Same Solid Fundamentals
• Completion of construction and start-up of commercial operations of Ventanas IV
• Initiation of construction of Cochrane and Alto Maipo projects
22
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