engie energía perú · 2016 industry highlights total installed 3 installed capacity grew 26% to...
TRANSCRIPT
ENGIE Energía Perú
Results as of December 2016
2016 HIGHLIGHTS
Total Installed Capacity grew 723MW reaching 2,673 MW
2
In December, Chilca 2 combined cycle project entered into commercial operation, reaching a total
installed capacity of 113 MW
In October, Nodo Energetico project entered into commercial operation, reaching a total installed
capacity of 610MW (dual fuel diesel / gas)
In June, EEP raised 250MPEN (~76MUSD) through a 10 year bond in the local capital markets at a
final fixed rate in dollars of 3.38%
In February, EEP won a bid to build and operate a 40 MW solar plant, planned to enter into
commercial operation during Q4 2017
Recurrent EBITDA reached a record of 330MUSD while Net Recurrent Result totalized 175MUSD.
After changes in the income tax rate and the impairment of assets, the final Net Result accounted for
132MUSD
2016 INDUSTRY HIGHLIGHTS
Total Installed
3
Installed capacity grew 26% to 12,135MW, among projects entering into operation:
+ Additional Hydro (+975MW), Cerro del Aguila (+514MW) & Chaglla (+461MW) in Q3 2016
+ New Cold reserves (+1,242MW) dual plant in Ilo & Moquegua (Q3-Q4 2016)
Demand grew 8.5%, mostly explained by the start of operations of two mining projects: Cerro Verde
(300MW) & Las Bambas (150MW)
Non renewable auction was awarded for 430MW (1,740 GWh), including mainly 160MW of wind,
180MW of solar, 80MW of mini-hydro. These projects should enter into operation before December
2018
Government of Peru cancelled the contract of the Gas to South pipe project because the consortium
did not meet the financing deadline
4* Does not include impairments of fixed assets
MAIN FINANCIAL RESULTS
Solid recurrent results. Net Result affected by extraordinary events
** Does not include impairments nor changes in income tax rates and their effect on the deferred tax liability
325 330
2015 2016
173 175
2015 2016
EBITDA Net Result Debt
954 1009
2015 2016
2.81 3.18
2015 2016
+1%+1% +6%
+13%
321 309
2015 2016
181
132
2015 2016
-4%
-28%
Recurrent EBITDA MUSD Net Recurrent Result MUSD Total Debt MUSD
EBITDA MUSD Net Result MUSD Net Debt / EBITDA x
2016 SNAPSHOT
5
Operations• Higher generation of Ilo plants (Ilo1, Ilo 21 & Ilo 31) due to transmission congestion in the south of the country
• Successful full year operation of Quitaracsa hydro power plant
• Maintenance optimization program
Commercial• New contracts with free & regulated clients for 440MW
• Net buyer position in the spot balance
• Low PPA prices due to oversupply and low prices in the spot market
Finance• Successful 10 year bond issuance in local capital market at a final rate of 3.38%
• Reduction of average cost of debt (4.9%)
• Focus on cost control and process optimization
Sustainability• 3,500 people benefited by infrastructure improvements in our areas of influence
• Training programs improved the technical and commercial capabilities of 900 entrepreneurs and small businesses
• High health & safety and environmental standards
AGENDA
6
Peruvian Electricity Market1
Company Overview2
2016 Financial Results3
Capital Structure4
PERUVIAN ELECTRICITY MARKET
7
46%
4%
47%
2%
Hydro Renewable
Natural Gas Coal & diesel
18%
21%
17%
14%
29%
Enel Government
ENGIE Kallpa
Others
54%46%
Regulated Clients Free Clients
• Main regulated clients are
Edelnor and Luz del Sur
(Distribution companies in
Lima)
• Main free clients are
Mining and industrial
companies
• Clients with a consumption
above 0.2MW are able to
contract directly with
generation companies
(free clients)
• Natural Gas generation is
concentrated in Chilca
district (60km from Lima)
• Diesel plants dispatch in
case of emergency and
transmission congestion
• Market share in terms of
energy generation
• Others include: Fenix
Power, Duke, Statkraft,
Termochilca, among
others
Clients Generation Market shareMarket
Installed capacity
12,135 MW
Peak demand
6,492 MW
Energy
Generation
48,326 GWh
+8.5%
+3.5%
+26%
SUPPLY & DEMAND
8
System is based mainly on hydro and natural gas from Camisea Field
2 seasons: wet (from November to April) and dry (from May to October)
Electricity demand increased on average 7% annually between 2005 and 2016 (YTD) and is expected to have
an average annual growth of 4-5% between 2017 and 2019;
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2016
2017
2018
2019
2020
Reserve MWBalance Supply - Demand - Wet Season
Hydro Renewable
Natural Gas (CC) Natural Gas (OC)
Coal Oil and Fuel Oil
Max Demand Reserve Wet Season (%)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2016
2017
2018
2019
2020
Reserve MWBalance Supply - Demand - Dry Season
Hydro Dry Season Renewable
Natural Gas (CC) Natural Gas (OC)
Coal Oil and Fuel Oil
Max Demand Reserve Dry Season (%)
MARGINAL COST
New hydro (+975MW) supports low level of marginal cost
9
AGENDA
10
Company Overview2
2016 Financial Results3
Capital Structure4
Peruvian Electricity Market1
ENGIE ENERGIA PERU OVERVIEW
11Market data source: ENGIE as of December 2016
CCGT: Combined Cycle Gas Turbines | OCGT: Open Cycle Gas Turbines | HPP: Hydro Power Plant.
Valuable team & assets
Solid Financials
20 years operating in the
country
519 employees
8 Power Plants totalizing 2,673MW
1 Substation and +200km Transmission Lines
Our first solar power plant under construction
~750MUSD revenue
~300MUSD EBITDA
~1,600 -1,800 MUSD Market Cap
Sponsored by a global player
Natural Gas36%
Hydro9%
Dual fuel42%
Coal5%
Diesel8%
Quitaracsa
Yuncan
ChilcaUno
ChilcaDos
Ilo21
Ilo1
Ilo31 (Cold Reserve)
Nodo Energetico
Intipampa
2,673
OUR HISTORY
12
Proven track record in driving organic growth and integrating the developed projects.
Committed investments for approximately 1.6 BnUSD between 2010 and 2018
1997-2003 2004-2005 2006 2007-2008 2009 2010 2011 2012 2013 2014 2015
Acquisition Ilo1
261MW
Coal Plant Ilo21
135MW COD
Yuncán HPP
134MW COD
Chilca 1
OCGT11
180MW COD
Chilca 1
OCGT12
180MW COD
Chilca 1
OCGT12
180MW COD
1. Chilca 1 CCGT 292MW NTP
2. Quitaracsa HPP 112 NTP
3. Ilo31 500MW NTP
Chilca 1 292 MW
CCGT COD
(85MW CCGT)
Ilo31 500MW COD
Nodo Energetico
600MW Auction
Chilca 2
113MW CCGT
NTP
Intipampa
40 MW
Solar Auction
Private Placement 21%
Offering 17%
First Dividend Payment
OCGT 12
Financial
Lease
400 MUSD
Corporate
Bond Program
1st, 2nd & 3rd
issuances
Bond Program
4th & 5th
issuances
Chilca 1 CCGT
310 MUSD F. Lease
Bond Program
6th & 7th issuance
Cold Reserve
200 MUSD
Subordinated
Financial Lease
Capital Increase
150 MUSD @ 100%
Subscription
Quitaracsa HPP
60 MUSD
Financial Lease
100 MUSD
MTL
Chilca 2
125 MUSD
Financial Lease
MW: Nominal Capacity
2016
Nodo 610MW &
Chilca Dos 113MW
COD
Total Capacity MW 676 836 1,090 1,068 1,068 1,360 1,820 1,860 1,952 2,673
EBITDA* MUSD 84 185 134 163 168 188 270 287 325 330
Net Income* MUSD 42 94 66 81 86 101 127 138 173 175
Dividends MUSD 42 84 59 24 26 30 38 41 54 50
Market Cap MUSD 645 870 877 1,600 1,200 1,759 2,005 2,075 1,427 1,611
*Recurrent Figures
ORGANIC GROWTH
In 2016, ENGIE Energía Perú reached 2,673MW…
13
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019 … 2022
MW
3065
MW
374
MW
Hydro
Natural Gas
Dual Fuel
Investment Plan1.6 BUSD
1068
MW
* In 2015, Ilo1 Steamed Turbine 1 was decommissioned (-22MW)
2673
MW
Yuncan
+134MW
Chilca 1
+180MW
Chilca 1
+180MW
Chilca 1
+200MW
Chilca 1
Combined
Cycle
+292MW
Ilo 31
+500MW
Quitaracsa
+112MW
Nodo Ilo &
Chilca Dos
+723MW
Intipampa
+40MW
CCGT
Nodo
+350MW
AVERAGE
GROWTH
18%
Growth options
Solar
under construction
NODO ENERGETICO - ILO, +610MW
14
On October 21st EEP announced the commercial operation of Nodo Energético project, 5 months
ahead of the scheduled contractual date and below budget
Key facts
• Location the project is located in the south of Peru, in Moquegua Region (adjacent to
existing operations)
• Description: dual fuel (diesel / gas) plant, expected to operate with diesel as a back up
plant for the system until the Gas Pipe to the South Project is completed. Besides the 3
turbines generators, the project includes a 75km transmission line (500kV) to Montalvo
Substation and 6 new fuel oil tanks
• Economics: the project is backed by a 20 year Investment Agreement with the Peruvian
State for 600 MW at 5.75 USD/kW-month
• Construction: construction contracts were performed by Técnicas Reunidas/JJC (power
plant) & Abengoa (transmission line)
• Financed through Financial Leases for 290 MUSD with BCP and BBVA
• Health & Safety: record of 3.4M man hours without disabling accidents
• Community and local impact during the project, Engie strengthened relations with the
local community, contributing with local employment, specialized trainings to increase
employability and working in partnership with the community to achieve the highest
environmental standards
CHILCA DOS, +113MW
15
On December 21st EEP announced the commercial operation of Chilca Dos combined cycle
project. The project started operations as planned and in line with budget
• Economics: the project is sold under EEP PPA portfolio, the
investment totalized 130MUSD
• Construction: construction was successfully completed in 22 months.
Main contractor was Duro Felguera
• Financed through Financial Lease for 125 MUSD with BBVA
• Health & Safety: 1.3M man hours without disabling accidents
• Community and local impact during the project, Engie benefited the
local community, improving infrastructure, contributing with local
employment, trainings curses to increase self-sustainability
Key facts
• Location the project is located in Chilca district, 60km south of Lima
(adjacent to existing operations ChilcaUno)
• Description the power plant consists in one gas turbine and one steam
turbine with a combined capacity of 113 MW
INTIPAMPA, +40MW (UNDER CONSTRUCTION)
16
On February 2016, ENGIE Energía Perú was awarded by Osinergmin as part of the 4th Renewables
Auction process the construction of a 40 MW solar plant which will be located in Moquegua
Status
Signature of Concession Contract
Pre-operational studies
Archeological permits
Environmental studies
Land
EPC signed with Solairedirect
Notice to Proceed
Construction
Financing structure inside Balance Sheet
COD expected in Q4 2017
The project will deliver 108.404 GWh/year to the system and is backed by an
investment agreement with the Ministry of Energy and Mines @48.5$/MWh
until 2038 (approx. 20 years). Total investment estimated in 55 MUSD.
Site mobilization in order to start construction was launched on February
22nd, 2017.
STRATEGY
17
Balanced portfolio of assets under
development
Geographic diversification and
proximity to our clients
Renewable pipeline
Continue with hydro mapping
and studies
Studies for gas options
M&A opportunities
Focus on improving
operational efficiency of
existing assets
A. Development
Optimum contracting level
Balanced portfolio between
Regulated Clients (Distribution
Companies) and Free Clients
Power Purchase Agreements
under “pass-through” scheme
Minimize non-manageable risks
Maintain a strong position for
unexpected events and
opportunities
B. Commercial C. Financial
PROJECTS UNDER DEVELOPMENT: GAS TO SOUTH OPTION
18
A. Phase 1: up to 1,110MW of installed capacity serving as emergency plants but able to generate with
natural gas once available in the south of Peru
Cold Reserve: option granted under the
existing concession contract after 2018
Nodo Energético: once Natural Gas arrives
to the South (~2022)
Similar operation to Chilca 1 plant before it
was converted to Combined Cycle
No significant investments required
Similar operation and economic impact of Chilca 1 Combined Cycle
Project
Approximately 700MUSD additional investments to convert to
combined cycle and 48 months for development and construction
B. Phase 2: up to an additional 550MW in steam
turbines with the conversion to Combined Cycle
Delays in the GSP postpone these options and potential upsides
COMMERCIAL PORTFOLIO
19
• 44 clients
• Consuming 8,976 GWh & 1,527 MW in peak hours
• 60% free clients / 40% regulated clients
• Indexation 58% of portfolio to Natural Gas prices
• New PPAs in 2016 for +400MW
Challenging market conditionsHighly contracted portfolio with creditworthy clients Diversified portfolio with medium/long term contracts
• Oversupply pushing PPA market prices down
• Market conditions pushing new and existing contractual terms
• Most of EEP contracts do not include termination clauses
• Las Bambas (150MW) has the option to terminate the contract in
August 2017 by paying a termination fee
Challenging market conditions
Regulated Clients
Free Clients
ENERGY PRODUCTION AND BALANCE 2016
20
Growth in net generation and contracted level in line with commercial operation of
new efficient generation plants and commercial efforts
GWh2016 /
2015
4Q'16 /
4Q'15
Yuncán HPP 898 14% 948 13% 921 12% 901 10% 760 8% -16% 211 9% 173 8% -18%
Quitaracsa HPP 0 0% 0 0% 0 0% 88 1% 484 5% 448% 88 4% 112 5% 27%
Chilca1 CCGT 4,222 68% 5,771 78% 5,979 80% 5,838 66% 5,617 63% -4% 1,499 65% 1,516 71% 1%
Chilca2 0 0% 0 0% 0 0% 0 0% 220 2% n.a 0 0% 88 4% 0%
Ilo21 (Coal) 556 9% 837 11% 163 2% 248 3% 773 9% 212% 202 9% 191 9% -5%
Ilo1 (Diesel) 106 2% 130 2% 30 0% 62 1% 210 2% 240% 35 2% 17 1% -53%
Ilo31 (Cold Reserve) 0 0% 5 0% 5 0% 35 0% 100 1% 184% 11 0% 9 0% -20%
NEPI 0 0% 0 0% 0 0% 0 0% 18 0% n.a. 0 0% 4 0% 0%
Importaciones (Ecuador) 0 0% 0 0% 0 0% 0 0% 21 0% n.a 0 0% 0 0% 0%
Auxiliaries -255 -4% -188 -3% -212 -3% -100 -1% -289 -3% 188% -52 -2% -82 -4% 58%
NET GENERATION 5,528 89% 7,502 101% 6,887 92% 7,072 81% 7,914 88% 12% 1,994 86% 2,028 95% 2%
COES: NET 691 11% -109 -1% 609 8% 1,711 19% 1,061 12% -38% 326 14% 117 5% -64%
CLIENTS DEMAND 6,219 100% 7,393 100% 7,496 100% 8,783 100% 8,976 100% 2% 2,320 100% 2,145 100% -8%
2012 4Q 20164Q 20152013 2014 2015 2016
AGENDA
21
Company Overview
2016 Financial Results
2
3
Peruvian Electricity Market1
Capital Structure4
MAIN RESULTS 2016 & Q4´16
Solid Recurrent Results
22
Solid recurrent EBITDA and Net Result, positively impacted by start of operations of new projects and full year
operation of Quitaracsa hydro power plant
Net Result after non-recurrent events totalized 132MUSD, 28% below 2015. The decrease was explained by two
extraordinary effects: i) change in income tax rate (22.5MUSD) & ii) impairment of Ilo1 and development capex
(20.9MUSD)
Total debt increased by 6% and totalized 1,009MUSD due to capex related with projects such as Nodo Energético and
Chilca 2 that started operations in Q4 2016
(MUSD) 2016 2015 2016 / 2015 4Q16 4Q15 4Q16 / 4Q15
Income 748 714 5% 184 187 -2%
Recurrent EBITDA* 330 325 1% 73 73 -1%
EBITDA 309 321 -4% 53 69 -24%
Net Recurrent Result** 175 173 1% 38 31 20%
Net Result 132 181 -28% -6 40 -115%
Total Debt 1,009 954 6% - - -
Net Debt 981 902 9% - - -
Net Generation GWh 7,914 7,072 12% 2,028 1,994 2%
Clients Demand GWh 8,976 8,783 2% 2,145 2,320 -8%
Net Debt / EBITDA 3.18 2.81 13% - - -
Main Financial Results
* Does not include impairments of fixed assets
** Does not include impairments nor changes in income tax rates and their effect on the deferred tax liability
NON RECURRENT EVENTS
Income Tax changes & Impairments
23
Total Net Result impact of -43MUSD, EBITDA impact of -21MUSD
2. Impairment of assets
+ Ilo 1 (12.7MUSD) Generation assets operating with diesel acquired in 1997 from Southern Peru Copper
Corporation (SPCC). The plant is currently operating under emergency circumstances only and it is foreseen to
be withdrawn from the interconnected system when the new 500kv Montalvo Transmission Line enters into
operation; which is expected mid 2017
+ Development capex (8.2MUSD) related with projects which are not longer feasible under current circumstances
In 2015, EEP recorded a non-
recurrent gain of 13.2MUSD
In 2016, EEP recorded a non-
recurrent loss of 22.5MUSD
Given the deferred income tax liability….1. Changes in Income Tax rates
+ In 2015, the Government announced a progressive decrease of
the income tax rate from 30% to 26% in 2019 and a progressive
increase of the withholding tax on dividends from 4.1% to 9.3%
+ In 2016, the new Government changed the tax rules, setting a
flat income tax rate of 29.5% and a withholding tax on dividends
of 5%
+287.2
+325.5 -6.3-14.8
+23.0 +2.4 +329.9
EBITDA2014
EBITDA2015
∆ CMg Regulated Clients COD effect Others EBITDA2016
RECURRENT EBITDA: 2016 vs. 2015 +4.4 MUSD
24
• End of contracts
• Migration from
regulated clients
to free clients
• Higher marginal
cost due to:
• New mining
projects entering
into operation
• Delay in rainy
season 2017
• Quitaracsa
(+9.5MUSD)
• Chilca2
(+5.3MUSD)
• Nodo (+8.2MUSD)
+ 1%
+137.6
+173.0 +4.4 -13.5
-5.1+8.8
+7.4 +175.0
Recurrent NetResult 2014
Recurrent NetResult 2015
EBITDA growth D&A Financial expenses FX Others Recurrent NetResult 2016
NET RECURRENT RESULT: 2016 vs. 2015 +2.0 MUSD
25
+ 1%
- 16.3
- 6.3 - 14.8
23.0 2.5
287.2
320.8
309.0
EBITDA2014
EBITDA2015
Ch. Impairment ofassets
∆ CMg Regulated Clients COD effect Others EBITDA2016
EBITDA: 2016 vs. 2015 -11.8 MUSD
26
- 4%
Additional non-
recurrent effect
+131.5+137.6
+181.5 -13.2
-22.5
+4.7 -12.7
-8.2+1.9
R. Neto2014
R. Neto2015
Change in incometax rate 2015
Change in incometax rate 2016
Impairment 2015 Impairment Ilo 1 Impairment ofdevelopment capex
Others R. Neto 2016
NET RESULT: 2016 vs. 2015 -50.0 MUSD
27
• Change in
income tax rate
in 2015:
i) from 30% to
28% in 2015
ii) to 26%
expected in
2019 (impact
on deferred
tax)
• Change in
income tax
rate from 28%
to 29.5%
(impact on
deferred tax)
• Higher EBITDA
• Positive FX effect
compared to
2015, among
others
Net Result decreased significantly mainly due to change in income tax rate and impairment of assets
- 28%
AGENDA
28
Peruvian Electricity Market
Capital Structure
Company Overview & Strategy2
4
Peruvian Electricity Market1
Company Results3
FINANCIAL PRIORITIES
36
1. Maintain financial flexibility and access to capital markets to optimize capital structure
Monitoring and compliance of Financial Covenant (Debt to EBITDA < 3.5x)
Increasing duration of debt
Protecting local rating to maintain best conditions in the local capital market (acceding to the lowest rates for corporate names)
Minimum dividend pay-out ratio of 30% during expansion phase
2. Optimize cost structure to maximize value
Minimizing cost, following closely market conditions to assess products and time to market
Maintaining short debt up to a limit of 125MUSD, in line with working capital needs
Minimizing cost of carry
3. Minimize risks
Minimizing exposure to FX risks by contracting debt in USD or PEN + swap
Keep an adequate balance between fixed and variable interest rates taking advantage of historic low interest rates for LT debt
DEBT STRUCTURE
36
808%
61061%
18418%
13513%
Debt Composition by Product (MUSD)
Short Term Debt
Financial Lease
Bondholders
Corporate Loans
EEP started an aggressive expansion plan in 2011.
Total investments between 2011 and 2017 for the
execution of 6 projects adding 1,657MW will reach 1.6
BnUSD.
After Nodo Energetico Ilo and Chilca2 projects COD in
Q4 2016, Engie Energía Peru´s gross debt totalized
1,009 MUSD as of December 2016
1,009
18018%
82982%
Debt Composition by Interest Rate (MUSD)
Floating Rate Fixed Rate
19419%
81581%
Debt Composition by Currency (MUSD)
PEN + XCSY USD
LIMITED EXPOSURE TO FX AND INTEREST RATE VARIATIONS…
31
• FX: ENGIE Energía Perú’s functional currency is
the US Dollar and only a limited portion of its G&A
and OPEX are in local currency (PEN). Revenues
are either in US Dollars or in PEN indexed to the
USD.
• Interest Rate: minimize the uncertainty of the cost of
debt.
1,009 1,009
STOCK PRICE PERFORMANCE
32
Sound financial results and value creation due to its financial, commercial and development
strategy, generating 4x increase in market value since IPO
Financial Market Data – December 2016
Number of shares issued 601,307,011
Share price (PEN) – 31/12/2016 9.00
VWAP (3m) – (PEN) 9.20
52 week – high – (PEN) 10.15
52 week – low – (PEN) 6.85
Market Cap (MUSD) 1,611
Enterprise Value (EV) (MUSD) 2,594
EV / EBITDA 8.0x
Price to Book Value (P/B) 1.6x
Price / Earnings ratio (P/E) 12.2x
Daily avg. trading volume (mm sh) 0.12
EV: Market Cap + Net Debt
P/B: Market Cap / Book Value of Equity
Source: SMV, Lima Stock Exchange, estimated Financial Statements as of December 31st 2016
• Market Cap changes in USD is affected by share price movements and FX changes
• In 2016, the share price increase from 8.0 to 9.0 S/./sh; (+12.5%); at the same time the
exchange rate decreased from 3.41 to 3.36, which contributed to the Market Cap
increase (+13.0%)
• Market Cap variation in 2015 is mainly explained by portfolio rebalance of an
institutional investor and subsequent potential reclassification of Peru from Emerging
Markets (“EM”) to Frontier market due to its low liquidity.
• Dividends distributed between 2005 and 2016 reached 597 MUSD (50MUSD in 2016)
467
663
1,020
793839
1,602
1,187
1,759
2,0052,075
1,427
1,611
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MU
SD
MU
SD
STOCK EVOLUTION AND COMPARABLE TRADING COMPANIES
33
• Correlation with BVL Index although with
certain lag
• In October, EEP share price increased as
a result of pension funds increasing their
exposure to the stock
• In November / December the share Price
decreased as some smaller investors
realized gains
Sources: Larrain handbook 2017, Credicorp - Perú Perspectivas y Estrategia 2017
Underperform
Outperform
Return ENGIE
S&P_BVL
Index
YTD 0% 3%
3M -6% 7%
6M 5% 4%
Company
Market Cap -
Dec 16
(USDMM)
EV /MW -
installed
Revenue
/GWh -
generation
EPS
(Earnings in
USD per
share)
EV/EBITDA
2016eP/E 2016e P/BV 20016e ROE (%)
Net Debt
/EBITDA
Credit Rating
(int)
Engie Energia Peru 1,611 0.65 104,587 0.28 7.5 9.7 1.6 16.04% 2.60 n/a
Kallpa n/a n/a 72,571 n/a n/a n/a n/a n/a 2.71 BBB -
Enel Generación –PE 2,200 2.36 329,821 0.03 12.2 25.6 2.7 11.00% 0.60 n/a
Engie Energia Chile 1,665 1.85 112,641 0.26 7.7 6.0 0.8 14.20% 1.90 BBB
Colbun - Chile 3,448 3.53 127,127 0.01 8.0 17.8 1.0 5.50% 2.00 BBB -
Enel GX - Chile 5,408 n/a 145,737 0.08 7.1 8.0 2.0 11.00% 1.40 n/a
Average 2,866 2.10 148,747 0.13 8.5 13.4 1.6 11.55% 1.87 BBB/BBB -
ANALYSTS: 4Q´16
3434
Sell - Underperfom Neutral - Market Perform Buy - Outperform
PE
N /
Sh
are
9
8
10
11
12
7
+12.5%
in 2016
ACTUAL Price 9.0
Inteligo Credicorp Larrain Consensus
Target price 10.87 10.70 8.8 10.1
Recommendation Buy Underperform Sell
2015
2016
Consensus
DIVIDEND PAYMENTS: 622 MUSD since 2004
35
Change in Dividend Policy since 2010: Minimum 30%
34 3642
32
42
28
13 1215
20 2024
31
24
43
31
11 13
16
1822
30
9
41
15
10
34
77
42
71
85
59
24 25
31
3842
5450
0
10
20
30
40
50
60
70
80
90
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Extraordinary 2nd Half
1rst Half Annual
Extraordinary dividend of 10MUSD to avoid a negative impact to our shareholders given the non-recurrent
events in 2016. Total dividends from 2016 will totalize 49.5MUSD
THANKS
36
This 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.
ENGIE Energía Perú
www.engie-energia.pe
Av. República de Panamá 3490 San Isidro, Lima, Peru
(511) 616 79 79
Investor relations contacts:
Rocío Vásquez
Head of Corporate Finance & Investor Relations
Eduardo Milligan
CFO